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Stock repurchase history

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In the latter part of 2004, TI initiated a stock repurchase program to significantly reduce the number of shares that were outstanding. Since this program was implemented, we've reduced our share count by 39 percent.

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* plus proceeds from exercises of equity compensation minus net debt retirement 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)
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Shares Outstanding as of the Period Ending 1718 1597 1450 1343 1278 1240 1167 1139 1108 1083 1047
Repurchased 30 153 172 147 80 45 94 59 60 78 62
Repurchased ($M) $753 $4151 $5302 $4886 $2122 $954 $2454 $1973 $1800 $2868 $2831
Note: repurchased shares are on a settlement date basis.