$TXN
Texas Instruments Inc

2021 Q2 Form 10-Q Financial Statement

#000009747621000020 Filed on July 22, 2021

View on sec.gov

Income Statement

Concept 2021 Q2 2020 Q2
Revenue $4.580B $3.239B
YoY Change 41.4% -11.7%
Cost Of Revenue $1.503B $1.157B
YoY Change 29.9% -11.54%
Gross Profit $3.077B $2.082B
YoY Change 47.79% -11.78%
Gross Profit Margin 67.18% 64.28%
Selling, General & Admin $425.0M $401.0M
YoY Change 5.99% -4.52%
% of Gross Profit 13.81% 19.26%
Research & Development $391.0M $379.0M
YoY Change 3.17% -2.82%
% of Gross Profit 12.71% 18.2%
Depreciation & Amortization $247.0M $249.0M
YoY Change -0.8% -6.74%
% of Gross Profit 8.03% 11.96%
Operating Expenses $816.0M $780.0M
YoY Change 4.62% -3.7%
Operating Profit $2.213B $1.228B
YoY Change 80.21% -18.46%
Interest Expense -$44.00M -$48.00M
YoY Change -8.33% 9.09%
% of Operating Profit -1.99% -3.91%
Other Income/Expense, Net $73.00M $99.00M
YoY Change -26.26% 90.38%
Pretax Income $2.242B $1.279B
YoY Change 75.29% -15.52%
Income Tax $311.0M -$101.0M
% Of Pretax Income 13.87% -7.9%
Net Earnings $1.931B $1.380B
YoY Change 39.93% 5.75%
Net Earnings / Revenue 42.16% 42.61%
Basic Earnings Per Share $2.08 $1.50
Diluted Earnings Per Share $2.05 $1.48
COMMON SHARES
Basic Shares Outstanding 923.0M shares 916.0M shares
Diluted Shares Outstanding 937.0M shares 927.0M shares

Balance Sheet

Concept 2021 Q2 2020 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $7.390B $4.960B
YoY Change 48.99% 17.59%
Cash & Equivalents $3.649B $4.294B
Short-Term Investments $3.741B $666.0M
Other Short-Term Assets $340.0M $216.0M
YoY Change 57.41% -10.0%
Inventory $1.856B $2.136B
Prepaid Expenses
Receivables $1.591B $1.176B
Other Receivables $0.00 $0.00
Total Short-Term Assets $11.18B $8.488B
YoY Change 31.68% 6.69%
LONG-TERM ASSETS
Property, Plant & Equipment $3.678B $3.201B
YoY Change 14.9% -4.87%
Goodwill $4.362B $4.360B
YoY Change 0.05% 0.0%
Intangibles
YoY Change
Long-Term Investments $52.00M $36.00M
YoY Change 44.44% -89.32%
Other Assets $650.0M $518.0M
YoY Change 25.48% 8.14%
Total Long-Term Assets $9.426B $8.957B
YoY Change 5.24% -5.0%
TOTAL ASSETS
Total Short-Term Assets $11.18B $8.488B
Total Long-Term Assets $9.426B $8.957B
Total Assets $20.60B $17.45B
YoY Change 18.1% 0.35%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $587.0M $409.0M
YoY Change 43.52% -0.73%
Accrued Expenses $1.008B $1.024B
YoY Change -1.56% 14.03%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $499.0M $551.0M
YoY Change -9.44% -55.88%
Total Short-Term Liabilities $2.201B $2.163B
YoY Change 1.76% -18.25%
LONG-TERM LIABILITIES
Long-Term Debt $5.752B $6.245B
YoY Change -7.89% 37.01%
Other Long-Term Liabilities $1.279B $1.234B
YoY Change 3.65% -19.03%
Total Long-Term Liabilities $7.031B $7.479B
YoY Change -5.99% 22.97%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.201B $2.163B
Total Long-Term Liabilities $7.031B $7.479B
Total Liabilities $9.450B $9.801B
YoY Change -3.58% 10.15%
SHAREHOLDERS EQUITY
Retained Earnings $43.85B $40.78B
YoY Change 7.52% 4.63%
Common Stock $4.226B $3.923B
YoY Change 7.72% 4.78%
Preferred Stock
YoY Change
Treasury Stock (at cost) $36.60B $36.73B
YoY Change -0.35% 8.73%
Treasury Stock Shares 817.7M shares 825.2M shares
Shareholders Equity $11.15B $7.644B
YoY Change
Total Liabilities & Shareholders Equity $20.60B $17.45B
YoY Change 18.1% 0.35%

Cashflow Statement

Concept 2021 Q2 2020 Q2
OPERATING ACTIVITIES
Net Income $1.931B $1.380B
YoY Change 39.93% 5.75%
Depreciation, Depletion And Amortization $247.0M $249.0M
YoY Change -0.8% -6.74%
Cash From Operating Activities $2.121B $1.720B
YoY Change 23.31% -4.23%
INVESTING ACTIVITIES
Capital Expenditures -$386.0M -$130.0M
YoY Change 196.92% -54.23%
Acquisitions
YoY Change
Other Investing Activities $513.0M $1.567B
YoY Change -67.26% 5926.92%
Cash From Investing Activities $127.0M $1.437B
YoY Change -91.16% -656.98%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -1.041B -1.381B
YoY Change -24.62% -4.43%
NET CHANGE
Cash From Operating Activities 2.121B 1.720B
Cash From Investing Activities 127.0M 1.437B
Cash From Financing Activities -1.041B -1.381B
Net Change In Cash 1.207B 1.776B
YoY Change -32.04% 1809.68%
FREE CASH FLOW
Cash From Operating Activities $2.121B $1.720B
Capital Expenditures -$386.0M -$130.0M
Free Cash Flow $2.507B $1.850B
YoY Change 35.51% -11.06%

Facts In Submission

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CY2020Q1 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.90
CY2020Q1 us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
0.90
CY2020Q2 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.90
CY2020Q2 us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
0.90
us-gaap Loss Contingency Disclosures
LossContingencyDisclosures
Contingencies<div style="margin-top:12pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Indemnification guarantees</span></div><div style="margin-bottom:12pt;margin-top:12pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">We routinely sell products with an intellectual property indemnification included in the terms of sale. Historically, we have had only minimal, infrequent losses associated with these indemnities. Consequently, we cannot reasonably estimate any future liabilities that may result.</span></div><div style="margin-top:12pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Warranty costs/product liabilities</span></div><div style="margin-bottom:12pt;margin-top:12pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">We accrue for known product-related claims if a loss is probable and can be reasonably estimated. During the periods presented, there have been no material accruals or payments regarding product warranty or product liability. Historically, we have experienced a low rate of payments on product claims. Although we cannot predict the likelihood or amount of any future claims, we do not believe they will have a material adverse effect on our financial condition, results of operations or liquidity. Our stated warranties for semiconductor products obligate us to repair, replace or credit the purchase price of a covered product back to the buyer. Product claim consideration may exceed the price of our products.</span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">General</span></div><div style="margin-bottom:12pt;margin-top:12pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">We are subject to various legal and administrative proceedings. Although it is not possible to predict the outcome of these matters, we believe that the results of these proceedings will not have a material adverse effect on our financial condition, results of operations or liquidity.</span></div>
us-gaap Guarantees Indemnifications And Warranties Policies
GuaranteesIndemnificationsAndWarrantiesPolicies
<div style="margin-top:12pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Indemnification guarantees</span></div><div style="margin-bottom:12pt;margin-top:12pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">We routinely sell products with an intellectual property indemnification included in the terms of sale. Historically, we have had only minimal, infrequent losses associated with these indemnities. Consequently, we cannot reasonably estimate any future liabilities that may result.</span></div><div style="margin-top:12pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Warranty costs/product liabilities</span></div><div style="margin-bottom:12pt;margin-top:12pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">We accrue for known product-related claims if a loss is probable and can be reasonably estimated. During the periods presented, there have been no material accruals or payments regarding product warranty or product liability. Historically, we have experienced a low rate of payments on product claims. Although we cannot predict the likelihood or amount of any future claims, we do not believe they will have a material adverse effect on our financial condition, results of operations or liquidity. Our stated warranties for semiconductor products obligate us to repair, replace or credit the purchase price of a covered product back to the buyer. Product claim consideration may exceed the price of our products.</span></div>
CY2021Q2 us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
900000000 USD
CY2021Q2 us-gaap Stock Issued During Period Shares Share Based Compensation
StockIssuedDuringPeriodSharesShareBasedCompensation
633845 shares
us-gaap Stock Issued During Period Shares Share Based Compensation
StockIssuedDuringPeriodSharesShareBasedCompensation
5099397 shares

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