As of December 31, 2015, we elected to early adopt and retrospectively apply two new accounting standards that require reclassification on our Consolidated Balance Sheets of: (1) deferred income taxes from current to noncurrent accounts, and (2) debt issuance costs from Other assets to Long-term debt. We have reclassified these amounts in the prior periods' financial statements to conform to the 2015 presentation.
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TEXAS INSTRUMENTS INCORPORATED AND SUBSIDIARIES | ||||||||||||
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Consolidated Statements of Cash Flows | ||||||||||||
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(Millions of dollars) | ||||||||||||
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For Three Months Ended |
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For Years Ended | ||||||||
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December 31, |
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December 31, | ||||||||
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2015 |
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2014 |
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2015 |
|
2014 | ||||
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Cash flows from operating activities |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
836 |
|
$ |
825 |
|
$ |
2,986 |
|
$ |
2,821 |
|
Adjustments to Net income: |
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|
|
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
|
172 |
|
|
211 |
|
|
766 |
|
|
850 |
|
Amortization of acquisition-related intangibles |
|
|
79 |
|
|
80 |
|
|
319 |
|
|
321 |
|
Amortization of capitalized software |
|
|
10 |
|
|
14 |
|
|
48 |
|
|
59 |
|
Stock-based compensation |
|
|
58 |
|
|
60 |
|
|
286 |
|
|
277 |
|
Gains on sales of assets |
|
|
(82) |
|
|
(29) |
|
|
(85) |
|
|
(73) |
|
Deferred income taxes |
|
|
51 |
|
|
23 |
|
|
(55) |
|
|
(61) |
|
Increase (decrease) from changes in: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Accounts receivable |
|
|
318 |
|
|
223 |
|
|
77 |
|
|
(49) |
|
Inventories |
|
|
80 |
|
|
(33) |
|
|
93 |
|
|
(53) |
|
Prepaid expenses and other current assets |
|
|
5 |
|
|
(16) |
|
|
94 |
|
|
65 |
|
Accounts payable and accrued expenses |
|
|
2 |
|
|
30 |
|
|
(188) |
|
|
(194) |
|
Accrued compensation |
|
|
44 |
|
|
38 |
|
|
7 |
|
|
89 |
|
Income taxes payable |
|
|
(10) |
|
|
9 |
|
|
11 |
|
|
(81) |
|
Changes in funded status of retirement plans |
|
|
(88) |
|
|
(131) |
|
|
(23) |
|
|
(58) |
|
Other |
|
|
(45) |
|
|
(32) |
|
|
(68) |
|
|
(21) |
|
Cash flows from operating activities |
|
|
1,430 |
|
|
1,272 |
|
|
4,268 |
|
|
3,892 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from investing activities |
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital expenditures |
|
|
(164) |
|
|
(125) |
|
|
(551) |
|
|
(385) |
|
Proceeds from asset sales |
|
|
100 |
|
|
96 |
|
|
110 |
|
|
142 |
|
Purchases of short-term investments |
|
|
(1,054) |
|
|
(937) |
|
|
(2,767) |
|
|
(3,107) |
|
Proceeds from short-term investments |
|
|
437 |
|
|
475 |
|
|
2,892 |
|
|
2,966 |
|
Other |
|
|
6 |
|
|
— |
|
|
14 |
|
|
7 |
|
Cash flows from investing activities |
|
|
(675) |
|
|
(491) |
|
|
(302) |
|
|
(377) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from financing activities |
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from issuance of debt |
|
|
— |
|
|
— |
|
|
498 |
|
|
498 |
|
Repayment of debt |
|
|
— |
|
|
— |
|
|
(1,000) |
|
|
(1,000) |
|
Dividends paid |
|
|
(386) |
|
|
(356) |
|
|
(1,444) |
|
|
(1,323) |
|
Stock repurchases |
|
|
(627) |
|
|
(698) |
|
|
(2,741) |
|
|
(2,831) |
|
Proceeds from common stock transactions |
|
|
110 |
|
|
140 |
|
|
442 |
|
|
616 |
|
Excess tax benefit from share-based payments |
|
|
15 |
|
|
25 |
|
|
83 |
|
|
100 |
|
Other |
|
|
— |
|
|
1 |
|
|
(3) |
|
|
(3) |
|
Cash flows from financing activities |
|
|
(888) |
|
|
(888) |
|
|
(4,165) |
|
|
(3,943) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net change in Cash and cash equivalents |
|
|
(133) |
|
|
(107) |
|
|
(199) |
|
|
(428) |
|
Cash and cash equivalents at beginning of period |
|
|
1,133 |
|
|
1,306 |
|
|
1,199 |
|
|
1,627 |
|
Cash and cash equivalents at end of period |
|
$ |
1,000 |
|
$ |
1,199 |
|
$ |
1,000 |
|
$ |
1,199 |
