$TXN
Texas Instruments Inc

2015 Q1 Form 10-Q Financial Statement

#000156459015003271 Filed on May 05, 2015

View on sec.gov

Income Statement

Concept 2015 Q1 2014 Q1
Revenue $3.150B $2.983B
YoY Change 5.6% 3.4%
Cost Of Revenue $1.334B $1.376B
YoY Change -3.05% -8.93%
Gross Profit $1.816B $1.607B
YoY Change 13.01% 16.96%
Gross Profit Margin 57.65% 53.87%
Selling, General & Admin $439.0M $479.0M
YoY Change -8.35% 4.36%
% of Gross Profit 24.17% 29.81%
Research & Development $338.0M $366.0M
YoY Change -7.65% -12.65%
% of Gross Profit 18.61% 22.78%
Depreciation & Amortization $203.0M $213.0M
YoY Change -4.69% -6.58%
% of Gross Profit 11.18% 13.25%
Operating Expenses $777.0M $845.0M
YoY Change -8.05% -3.76%
Operating Profit $958.0M $690.0M
YoY Change 38.84% 74.68%
Interest Expense -$22.00M -$25.00M
YoY Change -12.0% 8.7%
% of Operating Profit -2.3% -3.62%
Other Income/Expense, Net $4.000M $6.000M
YoY Change -33.33% 200.0%
Pretax Income $940.0M $671.0M
YoY Change 40.09% 79.41%
Income Tax $284.0M $184.0M
% Of Pretax Income 30.21% 27.42%
Net Earnings $656.0M $487.0M
YoY Change 34.7% 34.53%
Net Earnings / Revenue 20.83% 16.33%
Basic Earnings Per Share $0.62 $0.44
Diluted Earnings Per Share $0.61 $0.44
COMMON SHARES
Basic Shares Outstanding 1.046B 1.081B
Diluted Shares Outstanding 1.061B 1.096B

Balance Sheet

Concept 2015 Q1 2014 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $3.304B $4.032B
YoY Change -18.06% 4.4%
Cash & Equivalents $1.242B $1.565B
Short-Term Investments $2.062B $2.467B
Other Short-Term Assets $1.150B $1.259B
YoY Change -8.66% -3.89%
Inventory $1.844B $1.714B
Prepaid Expenses
Receivables $1.394B $1.355B
Other Receivables $0.00 $0.00
Total Short-Term Assets $7.692B $8.360B
YoY Change -7.99% 1.89%
LONG-TERM ASSETS
Property, Plant & Equipment $2.758B $3.179B
YoY Change -13.24% -14.98%
Goodwill $4.362B $4.362B
YoY Change 0.0% 0.0%
Intangibles $2.142B
YoY Change -13.38%
Long-Term Investments $232.0M $212.0M
YoY Change 9.43% 3.92%
Other Assets $105.0M $240.0M
YoY Change -56.25% 7.62%
Total Long-Term Assets $9.654B $10.58B
YoY Change -8.71% -8.01%
TOTAL ASSETS
Total Short-Term Assets $7.692B $8.360B
Total Long-Term Assets $9.654B $10.58B
Total Assets $17.35B $18.94B
YoY Change -8.39% -3.89%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $432.0M $405.0M
YoY Change 6.67% -7.95%
Accrued Expenses $775.0M $600.0M
YoY Change 29.17% -13.54%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $1.000B $1.000B
YoY Change 0.0% -33.33%
Total Short-Term Liabilities $2.286B $2.471B
YoY Change -7.49% -20.55%
LONG-TERM LIABILITIES
Long-Term Debt $3.638B $4.652B
YoY Change -21.8% 11.21%
Other Long-Term Liabilities $650.0M $656.0M
YoY Change -0.91% -23.54%
Total Long-Term Liabilities $3.638B $4.652B
YoY Change -21.8% 11.21%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.286B $2.471B
Total Long-Term Liabilities $3.638B $4.652B
Total Liabilities $6.977B $8.315B
YoY Change -16.09% -4.96%
SHAREHOLDERS EQUITY
Retained Earnings $29.95B $28.33B
YoY Change 5.71% 3.66%
Common Stock $3.151B $2.922B
YoY Change 7.84% 4.73%
Preferred Stock
YoY Change
Treasury Stock (at cost) $22.20B $20.11B
YoY Change 10.37% 8.61%
Treasury Stock Shares $696.4M 661.5M shares
Shareholders Equity $10.37B $10.62B
YoY Change
Total Liabilities & Shareholders Equity $17.35B $18.94B
YoY Change -8.39% -3.89%

Cashflow Statement

Concept 2015 Q1 2014 Q1
OPERATING ACTIVITIES
Net Income $656.0M $487.0M
YoY Change 34.7% 34.53%
Depreciation, Depletion And Amortization $203.0M $213.0M
YoY Change -4.69% -6.58%
Cash From Operating Activities $609.0M $462.0M
YoY Change 31.82% 28.33%
INVESTING ACTIVITIES
Capital Expenditures $123.0M $77.00M
YoY Change 59.74% -8.33%
Acquisitions
YoY Change
Other Investing Activities $0.00 -$1.000M
YoY Change -100.0% -88.89%
Cash From Investing Activities $158.0M -$305.0M
YoY Change -151.8% -1486.36%
FINANCING ACTIVITIES
Cash Dividend Paid $356.0M $325.0M
YoY Change 9.54% 40.09%
Common Stock Issuance & Retirement, Net $670.0M $720.0M
YoY Change -6.94% 6.04%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -724.0M -219.0M
YoY Change 230.59% -45.93%
NET CHANGE
Cash From Operating Activities 609.0M 462.0M
Cash From Investing Activities 158.0M -305.0M
Cash From Financing Activities -724.0M -219.0M
Net Change In Cash 43.00M -62.00M
YoY Change -169.35% 169.57%
FREE CASH FLOW
Cash From Operating Activities $609.0M $462.0M
Capital Expenditures $123.0M $77.00M
Free Cash Flow $486.0M $385.0M
YoY Change 26.23% 39.49%

Facts In Submission

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1051000000
CY2015Q1 us-gaap Proceeds From Sale Maturity And Collection Of Shortterm Investments
ProceedsFromSaleMaturityAndCollectionOfShorttermInvestments
615000000
CY2014Q1 us-gaap Proceeds From Sale Maturity And Collection Of Shortterm Investments
ProceedsFromSaleMaturityAndCollectionOfShorttermInvestments
785000000
CY2015Q1 us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
0
CY2014Q1 us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
-1000000
CY2015Q1 us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
158000000
CY2014Q1 us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-305000000
CY2015Q1 us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
0
CY2014Q1 us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
498000000
CY2015Q1 us-gaap Payments Of Dividends
PaymentsOfDividends
356000000
CY2014Q1 us-gaap Payments Of Dividends
PaymentsOfDividends
325000000
CY2015Q1 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
670000000
CY2014Q1 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
720000000
CY2015Q1 us-gaap Proceeds From Issuance Or Sale Of Equity
ProceedsFromIssuanceOrSaleOfEquity
246000000
CY2014Q1 us-gaap Proceeds From Issuance Or Sale Of Equity
ProceedsFromIssuanceOrSaleOfEquity
283000000
CY2015Q1 us-gaap Excess Tax Benefit From Share Based Compensation Financing Activities
ExcessTaxBenefitFromShareBasedCompensationFinancingActivities
56000000
CY2014Q1 us-gaap Excess Tax Benefit From Share Based Compensation Financing Activities
ExcessTaxBenefitFromShareBasedCompensationFinancingActivities
49000000
CY2015Q1 us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
0
CY2014Q1 us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
-4000000
CY2015Q1 us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
-724000000
CY2014Q1 us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
-219000000
CY2015Q1 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
43000000
CY2014Q1 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-62000000
CY2013Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
1627000000
CY2014Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
1565000000
CY2015Q1 us-gaap Loss Contingency Disclosures
LossContingencyDisclosures
<div> <p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">10. Contingencies</p> <p style="margin-top:6pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="text-decoration:underline;">Indemnification guarantees</font></p> <p style="margin-top:6pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">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.</p> <p style="margin-top:18pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="text-decoration:underline;">Warranty costs/product liabilities</font></p> <p style="margin-top:6pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">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&#160;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. Consistent with general industry practice, we enter into formal contracts with certain customers that include negotiated warranty remedies. Typically, under these agreements our warranty for semiconductor products includes three years of coverage; an obligation to repair, replace or refund; and a maximum payment obligation tied to the price paid for our products. In some cases, product claims may exceed the price of our products.</p> <p style="margin-top:18pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="text-decoration:underline;">General</font></p> <p style="margin-top:6pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">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. </p> <p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-weight:bold;;font-size:9pt;">&nbsp;</p></div>
CY2015Q1 us-gaap Description Of New Accounting Pronouncements Not Yet Adopted
DescriptionOfNewAccountingPronouncementsNotYetAdopted
<div> <p style="margin-top:18pt;margin-bottom:0pt;text-indent:0%;font-style:italic;font-family:Times New Roman;font-size:10pt;font-weight:normal;text-transform:none;font-variant: normal;">Changes in accounting standards</p> <p style="margin-top:6pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2014-09, <font style="font-style:italic;">Revenue from Contracts with Customers (Topic 606)</font>. This standard provides a single set of guidelines for revenue recognition to be used across all industries and requires additional disclosures. On April 1, 2015, the FASB proposed deferring the effective date by one year to December 15, 2017, for annual and interim reporting periods beginning after that date.&#160;The FASB also proposed permitting early adoption of the standard, but not before the original effective date of December 15, 2016.&#160;We are currently evaluating the potential impact of this standard on our financial position and results of operations.</p> <p style="margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In February 2015, the FASB issued ASU 2015-02, <font style="font-style:italic;">Consolidation (Topic 810) &#8211; Amendments to the Consolidation Analysis</font>, which changes the way reporting entities evaluate certain investment holdings for possible consolidation and also includes possible changes in disclosures resulting from that evaluation.&#160;This standard is effective for annual and interim reporting periods beginning as of January 1, 2016. We are currently evaluating the potential impact of this standard and expect it will have no material impact on our financial position and results of operations.</p></div>
CY2015Q1 us-gaap Guarantees Indemnifications And Warranties Policies
GuaranteesIndemnificationsAndWarrantiesPolicies
<div> <p style="margin-top:6pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="text-decoration:underline;">Indemnification guarantees</font></p> <p style="margin-top:6pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">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.</p> <p style="margin-top:18pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="text-decoration:underline;">Warranty costs/product liabilities</font></p> <p style="margin-top:6pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">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&#160;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. Consistent with general industry practice, we enter into formal contracts with certain customers that include negotiated warranty remedies. Typically, under these agreements our warranty for semiconductor products includes three years of coverage; an obligation to repair, replace or refund; and a maximum payment obligation tied to the price paid for our products. In some cases, product claims may exceed the price of our products.</p></div>
CY2015Q1 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
9000000
CY2014Q1 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
7000000
CY2015Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
647000000
CY2014Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
480000000
CY2015Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
15000000
CY2014Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
15000000
CY2015Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
12000000
CY2014Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
10000000
CY2015Q1 us-gaap Restructuring Charges
RestructuringCharges
-1000000
CY2014Q1 us-gaap Restructuring Charges
RestructuringCharges
26000000
CY2015Q1 us-gaap Gain Loss On Sale Of Other Assets
GainLossOnSaleOfOtherAssets
0
CY2014Q1 us-gaap Gain Loss On Sale Of Other Assets
GainLossOnSaleOfOtherAssets
37000000
CY2015Q1 us-gaap Other Nonrecurring Income Expense
OtherNonrecurringIncomeExpense
-1000000
CY2014Q1 us-gaap Other Nonrecurring Income Expense
OtherNonrecurringIncomeExpense
0
CY2014Q4 us-gaap Restructuring Reserve
RestructuringReserve
57000000
CY2015Q1 us-gaap Payments For Restructuring
PaymentsForRestructuring
12000000
CY2015Q1 us-gaap Restructuring Reserve
RestructuringReserve
44000000
CY2015Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.30
CY2015Q1 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.35
CY2015Q1 us-gaap Cash And Cash Equivalents Fair Value Disclosure
CashAndCashEquivalentsFairValueDisclosure
1242000000
CY2014Q4 us-gaap Cash And Cash Equivalents Fair Value Disclosure
CashAndCashEquivalentsFairValueDisclosure
1199000000
CY2015Q1 us-gaap Available For Sale Securities Gross Realized Gain Loss Net
AvailableForSaleSecuritiesGrossRealizedGainLossNet
0
CY2014Q1 us-gaap Available For Sale Securities Gross Realized Gain Loss Net
AvailableForSaleSecuritiesGrossRealizedGainLossNet
0
CY2015Q1 us-gaap Available For Sale Securities Debt Maturities Within One Year Fair Value
AvailableForSaleSecuritiesDebtMaturitiesWithinOneYearFairValue
2919000000
CY2015Q1 txn Availableforsale Securities Debt Maturities After One Through Two Years Fair Value
AvailableforsaleSecuritiesDebtMaturitiesAfterOneThroughTwoYearsFairValue
135000000
CY2015Q1 us-gaap Goodwill Impaired Accumulated Impairment Loss
GoodwillImpairedAccumulatedImpairmentLoss
90000000
CY2014Q4 us-gaap Goodwill Impaired Accumulated Impairment Loss
GoodwillImpairedAccumulatedImpairmentLoss
90000000
CY2015Q1 us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
0
CY2014Q1 us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
0
CY2015Q1 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
2945000000
CY2015Q1 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
1123000000
CY2014Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
2948000000
CY2014Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
1046000000
CY2015Q1 us-gaap Line Of Credit Facility Maximum Borrowing Capacity
LineOfCreditFacilityMaximumBorrowingCapacity
2000000000
CY2015Q1 us-gaap Commercial Paper
CommercialPaper
0
CY2015Q1 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
4625000000
CY2014Q4 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
4625000000
CY2015Q1 us-gaap Debt Instrument Unamortized Discount Premium Net
DebtInstrumentUnamortizedDiscountPremiumNet
-13000000
CY2014Q4 us-gaap Debt Instrument Unamortized Discount Premium Net
DebtInstrumentUnamortizedDiscountPremiumNet
-17000000
CY2015Q1 us-gaap Standard Product Warranty Description
StandardProductWarrantyDescription
three years of coverage; an obligation to repair, replace or refund; and a maximum payment obligation tied to the price paid for our products
CY2015Q1 txn Standard Product Warranty Coverage
StandardProductWarrantyCoverage
P3Y

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