Cash Flow Statement
The cash flow statement provides information about a company cash receipts and cash payments during an accounting period, showing how these cash flows link the ending cash balance to the beginning balance shown on the company balance sheet.
The cash flow statement consists of three parts: cash flows provided by (used in) operating activities, cash flows provided by (used in) investing activities, and cash flows provided by (used in) financing activities.
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Texas Instruments Inc., consolidated cash flow statement
US$ in millions
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).
- Net Income
- Net income demonstrated a rising trend from 5,595 million US$ in 2020 to a peak of 8,749 million US$ in 2022, followed by a decline to 4,799 million US$ by 2024. This indicates a strong performance up to 2022, with subsequent challenges impacting profitability.
- Depreciation
- Depreciation expenses steadily increased throughout the five-year period, from 733 million US$ in 2020 to 1,508 million US$ in 2024. This growth reflects increasing capital asset base or accelerated asset usage.
- Amortization
- Amortization of acquisition-related intangibles was present in 2020 and 2021 but ceased from 2022 onward. Amortization of capitalized software remained relatively stable with a slight increase towards 72 million US$ in 2024, indicating consistent investment in software development or capitalization.
- Stock Compensation
- Stock compensation expenses progressively grew, rising from 224 million US$ in 2020 to 387 million US$ in 2024, suggesting increased usage of equity incentives.
- Gains and Losses on Asset Sales
- Gains on sales of assets fluctuated, with minor losses or gains until 2023, followed by a significant loss of 127 million US$ in 2024, signaling possible unfavorable asset dispositions.
- Deferred Taxes
- Deferred taxes fluctuated, with negative values in 2020, 2022, 2023, and 2024, and a small positive value in 2021. These variations suggest shifting tax timing differences or changes in tax liability recognition over the years.
- Working Capital Components
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Accounts receivable showed improvement, moving from negative changes to positive in 2023 and 2024, indicating improved collections or sales terms.
Inventories experienced sharp negative changes in 2022 and 2023, recovering slightly by 2024 but remaining negative, implying stock accumulation or write-downs in those years.
Prepaid expenses and other current assets displayed irregular minor changes, remaining mostly positive after 2020.
Accounts payable and accrued expenses fluctuated, with positive values in 2022 and 2024 but negative in 2023, reflecting variability in supplier payments and accrued liabilities.
Accrued compensation remained positive until 2023 but turned negative in 2024, potentially indicating lower accrued employee expenses or payments exceeding expenses.
Income taxes payable shifted from negative or minor values in earlier years to a large positive value in 2024, representing increased taxes due or provisions.
Overall changes in operating capital were negative from 2020 through 2023, turning positive in 2024, indicating easing working capital absorption and potential liquidity improvement. - Adjustments to Net Income
- Adjustments exhibited significant volatility, positive in 2020, 2021, and sharply positive in 2024, but negative in 2022 and 2023. This suggests variability in non-cash charges or other reconciling items affecting operating cash flow.
- Cash Flows from Operating Activities
- Operating cash flow rose from 6,139 million US$ in 2020 to a peak of 8,756 million US$ in 2021, remained strong in 2022, but then declined to approximately 6,318 million US$ by 2024, paralleling the net income trend.
- Capital Expenditures
- Capital expenditures expanded substantially, increasing from 649 million US$ in 2020 to over 5,000 million US$ in 2023 and slightly reduced but still high in 2024, reflecting aggressive investment spending.
- Proceeds from Asset Sales
- Proceeds were generally low except for a spike in 2024 with 195 million US$, indicating asset liquidation or divestitures that year.
- Investments in Short-Term Securities
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Purchases of short-term investments markedly increased from 5,786 million US$ in 2020 to a peak in 2022, then decreased but remained substantial.
Proceeds from these investments followed a similar upward trend, peaking around 2022-2023 and slightly declining in 2024.
The data suggests active management of liquid investments with sizable transactions each year. - Cash Flows from Investing Activities
- Cash used for investing activities rose sharply in 2021 and remained elevated through 2024, reflecting increased capital expenditures and investment transactions.
- Long-Term Debt Activity
- Issuance of long-term debt remained steady near 1,500 million US$ from 2020 to 2022, then increased to around 3,000 million US$ in 2023 and 2024. Repayments were consistent at approximately 500-600 million US$, showing a strategy of incremental leverage increase.
- Dividends and Stock Transactions
- Dividends paid increased consistently from 3,426 million US$ in 2020 to 4,795 million US$ in 2024, indicating commitment to shareholder returns.
Stock repurchases were large in 2020 and 2022 but reduced substantially in 2023 and 2024.
Proceeds from common stock issuance fluctuated but showed a notable increase in 2024. - Cash Flows from Financing Activities
- Outflows from financing were considerable each year, peaking negatively in 2022, then decreasing substantially in 2023 and 2024, reflecting lower net financing cash outflows.
- Net Cash Change and Cash Balances
- Net cash flow was positive in 2020 and 2021, turned negative in 2022, then stabilized with minor changes in 2023 and a moderate positive inflow in 2024.
Cash and cash equivalents correspondingly increased to 4,631 million US$ in 2021, declined to around 3,050 million US$ in 2022 and 2,964 million US$ in 2023, then rose again to 3,200 million US$ in 2024.