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Stock repurchase history

Chart

In the latter part of 2004, TI initiated a stock repurchase program to significantly reduce the number of shares that are outstanding. Since this program was implemented, we've reduced our share count by 37 percent from the beginning of 2005 through the first quarter of 2014.

Today, stock repurchases are an essential part of our capital management strategy through which the company both generates cash and returns it to our shareholders. Our intent is to return 100 percent of our free cash flow*, less any debt repayment, plus proceeds from exercises of equity compensation to shareholders in the form of dividends and stock repurchases. We target our dividend level by taking about 50 percent of the average of the previous four years' free cash flow. The remaining amount, once adjusted for debt and exercises, is targeted toward repurchases.

*Free cash flow = cash flow from operations minus capital expenditures

TI Stock Repurchases

Shares (M) 2005 2006 2007 2008 2009 2010 2011 2012 2013
Average Basic 1641 1528 1417 1308 1260 1199 1151 1132 1098
Average Diluted 1668 1558 1444 1321 1269 1213 1171 1146 1113
Repurchased 153 173 147 80 45 94 59 60 78
Repurchased $M $4,151 $5,302 $4,886 $2,122 $954 $2,454 $1,973 $1,800 $2,868