TI reports financial results for 4Q12 and 2012
EPS includes
"We continue to operate in a weak demand environment," said
"Even in the current economy, our strategy is yielding high free cash flow and strong returns to our shareholders. For the full year, free cash flow of almost
4Q12 financial summary
Amounts are in millions of dollars, except per-share amounts.
4Q12 |
4Q11 |
Change |
3Q12 |
Change |
|||
Revenue |
|
$ 3,420 |
-13% |
|
-12% |
||
Operating profit |
$ 139 |
$ 365 |
-62% |
$ 840 |
-83% |
||
Net income |
$ 264 |
$ 298 |
-11% |
$ 784 |
-66% |
||
Earnings per share |
$ .23 |
$ .25 |
-8% |
$ .67 |
-66% |
||
Cash flow from operations |
|
$ 970 |
12% |
|
-10% |
||
Capital expenditures |
$ 96 |
$ 152 |
-37% |
$ 149 |
-36% |
||
Free cash flow*
|
$ 989
|
$ 818
|
21%
|
|
-6%
|
* Non-GAAP; Cash flow from operations minus Capital expenditures.
Acquisition charges associated with TI's acquisition of National Semiconductor in 2011 were
Compared with a year ago, gross profit declined due to lower revenue and the costs associated with lower levels of factory utilization. These were partially offset by lower manufacturing costs and the non-recurrence of the
Operating profit decreased from a year ago as the combination of higher restructuring charges and lower gross profit more than offset lower acquisition charges and operating expenses. Compared with the prior quarter, operating profit declined primarily due to higher Restructuring charges/other, including the Wireless restructuring charge and the non-recurrence of a
Other income (expense) included
4Q12 segment results
4Q12 |
4Q11 |
Change |
3Q12 |
Change |
|||
Analog: |
|||||||
Revenue |
|
|
-2% |
|
-9% |
||
Operating profit |
$ 419 |
$ 414 |
1% |
$ 460 |
-9% |
||
Embedded Processing: |
|||||||
Revenue |
$ 469 |
$ 442 |
6% |
$ 520 |
-10% |
||
Operating profit |
$ 16 |
$ 12 |
33% |
$ 63 |
-75% |
||
Wireless: |
|||||||
Revenue |
$ 317 |
$ 722 |
-56% |
$ 325 |
-2% |
||
Operating profit (loss)* |
$ (396) |
$ 112 |
n/a |
$ (53) |
-647% |
||
Other: |
|||||||
Revenue |
$ 524 |
$ 561 |
-7% |
$ 702 |
-25% |
||
Operating profit (loss)* |
$ 100 |
$ (173) |
n/a |
$ 370 |
-73% |
* Includes Restructuring charges/other and/or Acquisition charges.
Analog: (includes High Volume Analog & Logic, Power Management, High Performance Analog and Silicon Valley Analog)
- Compared with the year-ago quarter, revenue decreased due to lower Silicon Valley Analog and High Performance Analog revenue. Power Management revenue increased while High Volume Analog & Logic was about even.
- Compared with the prior quarter, revenue decreased across all product lines.
- Operating profit increased from the year-ago quarter as lower operating expenses more than offset lower gross profit. Operating profit declined from the prior quarter due to lower gross profit, which more than offset lower operating expenses.
Embedded Processing: (includes digital signal processor and microcontroller catalog products that are sold across a wide variety of markets as well as application-specific products that are used in communications infrastructure and automotive electronics)
- Compared with the year-ago quarter, the increase in revenue was primarily due to higher revenue from products sold into communications infrastructure applications. Revenue from catalog products and products sold into automotive applications also increased.
- Compared with the prior quarter, revenue declined across all product lines.
- Operating profit increased from a year ago primarily due to lower operating expenses, as well as higher gross profit. Operating profit decreased from the prior quarter due to lower gross profit.
Wireless: (includes OMAP™ applications processors, connectivity products and baseband products)
- Compared with the year-ago quarter, revenue declined primarily due to lower baseband revenue. Revenue from OMAP applications processors and connectivity products also declined.
- Compared with the prior quarter, revenue declined due to lower connectivity product revenue, which more than offset an increase in baseband revenue. Revenue from OMAP applications processors was even.
- Operating profit in the year-ago quarter became an operating loss due to higher Restructuring charges/other and lower revenue. Compared with the prior quarter, the operating loss increased due to higher Restructuring charges/other.
Other: (includes DLP® products, custom ASIC products, calculators and royalties)
- Compared with the year-ago quarter, revenue was down primarily due to the expiration of transitional supply agreements associated with previously acquired factories. Revenue from DLP products declined while revenue from custom ASIC products and royalties increased. Revenue from calculators was about even.
- Compared with the prior quarter, revenue declined primarily due to the seasonal decline in calculators. Revenue from DLP products and custom ASIC products also declined, while royalties increased. The prior quarter also included proceeds that did not recur from business interruption insurance associated with the
Japan earthquake. - Operating profit increased from a year ago primarily due to lower total acquisition-related charges, as well as lower Restructuring charges/other. Operating profit decreased from the prior quarter primarily due to lower gross profit resulting from lower revenue, including lower business interruption insurance proceeds. In addition, the prior quarter included the
$144 million benefit from aJapan pension program change.
Beginning with the first-quarter 2013 financial report, TI will transition its segment reporting to align with the company's strategic focus and new organizational structure. The Wireless segment will be eliminated, as the company has announced that it is winding down investment in Wireless products for the smartphone and consumer tablet markets. Financial results for these products will be included in the Other segment for the remainder of their lives. Financial results for Wireless products that address embedded applications, a strategic focus for the company, will be reported in the Embedded Processing segment.
4Q12 additional financial information
- Orders were
$2.72 billion , down 5 percent from the year-ago quarter and down 16 percent from the prior quarter. - Inventory was
$1.76 billion at the end of the quarter, down$31 million from a year ago and down$91 million from the prior quarter. - The company used
$600 million in the quarter to repurchase 20.6 million shares of its common stock and paid dividends of$235 million . - The financial results for 4Q12 and 2012 are based on tax law in effect at the end of the reporting period and, therefore, do not include the impact of the retroactive reinstatement of the federal R&D tax credit, which was signed into law in
January 2013 .
Year 2012 financial summary
2012 |
2011 |
Change |
||||
Revenue |
|
|
-7% |
|||
Operating profit |
$ 1,973 |
$ 2,992 |
-34% |
|||
Net income |
$ 1,759 |
$ 2,236 |
-21% |
|||
Earnings per share |
$ 1.51 |
$ 1.88 |
-20% |
|||
Cash flow from operations |
$ 3,414 |
$ 3,256 |
5% |
|||
Capital expenditures |
$ 495 |
$ 816 |
-39% |
|||
Free cash flow* |
$ 2,919 |
$ 2,440 |
20% |
* Non-GAAP; Cash flow from operations minus Capital expenditures.
Results include total acquisition-related charges of
TI's operating profit declined in 2012 primarily due to the combination of lower gross profit and higher operating expenses. Gross profit declined as a result of lower revenue. Operating expenses were higher as a result of the acquisition of National Semiconductor.
Year 2012 segment results
2012 |
2011 |
Change |
Note |
|||
Analog: |
||||||
Revenue |
$ 6,998 |
$ 6,375 |
10% |
(1) |
||
Operating profit |
$ 1,650 |
$ 1,693 |
-3% |
|||
Embedded Processing: |
||||||
Revenue |
$ 1,971 |
$ 2,110 |
-7% |
(2) |
||
Operating profit |
$ 166 |
$ 368 |
-55% |
|||
Wireless: |
||||||
Revenue |
$ 1,357 |
$ 2,518 |
-46% |
(3) |
||
Operating profit (loss) |
$ (525) |
$ 412 |
n/a |
|||
Other: |
||||||
Revenue |
$ 2,499 |
$ 2,732 |
-9% |
(4) |
||
Operating profit |
$ 682 |
$ 519 |
31% |
(1) Analog revenue increased primarily due to the inclusion of Silicon Valley Analog revenue, as well as growth in Power Management. High Performance Analog revenue declined and High Volume Analog & Logic revenue was about even.
(2) Embedded Processing revenue declined primarily due to lower revenue from products sold into communications infrastructure applications, as well as lower revenue from catalog products. Revenue was higher from products sold into automotive applications.
(3) Wireless revenue declined primarily due to the company's exit from baseband products. Revenue from connectivity products and, to a lesser extent, OMAP applications processors also declined.
(4) Other revenue declined primarily due to the expiration of transitional supply agreements and lower revenue from DLP products. Revenue from calculators and royalties also declined. Revenue from custom ASIC products increased.
2012 additional financial information
- The company used
$1.80 billion to repurchase 59.8 million shares of its common stock and paid dividends of$819 million .
Outlook
For the first quarter of 2013, TI expects:
- Revenue:
$2.69 — 2.91 billion - Earnings per share:
$0.24 — 0.32
At the middle of this range, revenue is expected to be down
The first quarter's EPS will be negatively affected by about
TI will update its first-quarter outlook on
For the full year of 2013, TI expects approximately the following:
- R&D expense:
$1.6 billion - Capital expenditures:
$0.5 billion - Depreciation:
$0.9 billion - Annual effective tax rate: 22%
The tax rate estimate is based on current law and includes the reinstatement of the federal R&D tax credit for 2013.
Consolidated Statements of Income (Millions of dollars, except share and per-share amounts) |
|||||||||||
For Three Months Ended |
For Years Ended |
||||||||||
2012 |
Dec. 31, 2011 |
Sept. 30, 2012 |
2012 |
2011 |
|||||||
Revenue |
$ 2,979 |
$ 3,420 |
$ 3,390 |
$ 12,825 |
$ 13,735 |
||||||
Cost of revenue |
1,534 |
1,872 |
1,650 |
6,457 |
6,963 |
||||||
Gross profit |
1,445 |
1,548 |
1,740 |
6,368 |
6,772 |
||||||
Research and development (R&D) |
425 |
475 |
463 |
1,877 |
1,715 |
||||||
Selling, general and administrative (SG&A) |
430 |
443 |
453 |
1,804 |
1,638 |
||||||
Acquisition charges |
88 |
153 |
106 |
450 |
315 |
||||||
Restructuring charges/other |
363 |
112 |
(122) |
264 |
112 |
||||||
Operating profit |
139 |
365 |
840 |
1,973 |
2,992 |
||||||
Other income (expense), net |
39 |
5 |
24 |
47 |
5 |
||||||
Interest and debt expense |
23 |
21 |
21 |
85 |
42 |
||||||
Income before income taxes |
155 |
349 |
843 |
1,935 |
2,955 |
||||||
Provision (benefit) for income taxes |
(109) |
51 |
59 |
176 |
719 |
||||||
Net income |
$ 264 |
$ 298 |
$ 784 |
$ 1,759 |
$ 2,236 |
||||||
Earnings per common share: |
|||||||||||
Basic |
$ .23 |
$ .26 |
$ .68 |
$ 1.53 |
$ 1.91 |
||||||
Diluted |
$ .23 |
$ .25 |
$ .67 |
$ 1.51 |
$ 1.88 |
||||||
Average shares outstanding (millions): |
|||||||||||
Basic |
1,113 |
1,138 |
1,130 |
1,132 |
1,151 |
||||||
Diluted |
1,124 |
1,155 |
1,141 |
1,146 |
1,171 |
||||||
Cash dividends declared per share of common stock |
$ .21 |
$ .17 |
$ .17 |
$ .72 |
$ .56 |
||||||
Percentage of revenue: |
|||||||||||
Gross profit |
48.5% |
45.3% |
51.3% |
49.6% |
49.3% |
||||||
R&D |
14.3% |
13.9% |
13.6% |
14.6% |
12.5% |
||||||
SG&A |
14.4% |
13.0% |
13.4% |
14.1% |
11.9% |
||||||
Operating profit |
4.7% |
10.7% |
24.8% |
15.4% |
21.8% |
As required by accounting rule ASC 260, net income allocated to unvested restricted stock units (RSUs), on which we pay dividend equivalents, is excluded from the calculation of EPS. The amount excluded is
Consolidated Balance Sheets (Millions of dollars, except share amounts) |
||||||
Dec. 31, 2012 |
Dec. 31, 2011 |
Sept. 30, 2012 |
||||
Assets |
||||||
Current assets: |
||||||
Cash and cash equivalents |
$ 1,416 |
$ 992 |
$ 1,210 |
|||
Short-term investments |
2,549 |
1,943 |
2,451 |
|||
Accounts receivable, net of allowances of |
1,230 |
1,545 |
1,623 |
|||
Raw materials |
116 |
115 |
124 |
|||
Work in process |
935 |
1,004 |
988 |
|||
Finished goods |
706 |
669 |
736 |
|||
Inventories |
1,757 |
1,788 |
1,848 |
|||
Deferred income taxes |
1,044 |
1,174 |
1,043 |
|||
Prepaid expenses and other current assets |
* 234 |
386 |
409 |
|||
Total current assets |
* 8,230 |
7,828 |
8,584 |
|||
Property, plant and equipment at cost |
6,891 |
7,133 |
6,806 |
|||
Less accumulated depreciation |
(2,979) |
(2,705) |
(2,751) |
|||
Property, plant and equipment, net |
3,912 |
4,428 |
4,055 |
|||
Long-term investments |
215 |
265 |
225 |
|||
Goodwill |
4,362 |
4,452 |
4,452 |
|||
Acquisition-related intangibles, net |
2,558 |
2,900 |
2,643 |
|||
Deferred income taxes |
280 |
321 |
199 |
|||
Capitalized software licenses, net |
142 |
206 |
166 |
|||
Overfunded retirement plans |
68 |
40 |
29 |
|||
Other assets |
254 |
57 |
161 |
|||
Total assets |
|
|
|
|||
Liabilities and Stockholders' Equity |
||||||
Current liabilities: |
||||||
Commercial paper borrowings |
$ -- |
$ 999 |
$ -- |
|||
Current portion of long-term debt |
1,500 |
382 |
1,500 |
|||
Accounts payable |
444 |
625 |
501 |
|||
Accrued compensation |
524 |
597 |
552 |
|||
Income taxes payable |
* 79 |
101 |
106 |
|||
Deferred income taxes |
2 |
-- |
-- |
|||
Accrued expenses and other liabilities |
881 |
795 |
766 |
|||
Total current liabilities |
* 3,430 |
3,499 |
3,425 |
|||
Long-term debt |
4,186 |
4,211 |
4,190 |
|||
Underfunded retirement plans |
269 |
701 |
350 |
|||
Deferred income taxes |
572 |
607 |
596 |
|||
Deferred credits and other liabilities |
603 |
527 |
550 |
|||
Total liabilities |
* 9,060 |
9,545 |
9,111 |
|||
Stockholders' equity: |
||||||
Preferred stock, |
-- |
-- |
-- |
|||
Common stock, |
1,741 |
1,741 |
1,741 |
|||
Paid-in capital |
1,176 |
1,194 |
1,193 |
|||
Retained earnings |
27,205 |
26,278 |
27,179 |
|||
Less treasury common stock at cost: Shares: 601,131,631; |
(18,462) |
(17,485) |
(18,093) |
|||
Accumulated other comprehensive income (loss), net of taxes |
(699) |
(776) |
(617) |
|||
Total stockholders' equity |
10,961 |
10,952 |
11,403 |
|||
Total liabilities and stockholders' equity |
|
|
|
|||
* Reclassifications have been made to the unaudited December 31, 2012, balance sheet as included in our January 22, 2013, press release to conform to the audited December 31, 2012, balance sheet.
Consolidated Statements of Cash Flows (Millions of dollars)
|
|||||||||||
For Three Months Ended |
For Years Ended |
||||||||||
Dec. 31, 2012 |
Dec. 31, 2011 |
2012 |
Dec. 31, 2012 |
Dec. 31, 2011 |
|||||||
Cash flows from operating activities: |
|||||||||||
Net income |
$ 264 |
$ 298 |
$ 784 |
$ 1,759 |
$ 2,236 |
||||||
Adjustments to net income: |
|||||||||||
Depreciation |
232 |
247 |
241 |
957 |
904 |
||||||
Amortization of acquisition-related intangibles |
85 |
86 |
86 |
342 |
111 |
||||||
Stock-based compensation |
64 |
66 |
66 |
263 |
269 |
||||||
Gains on sales of assets |
-- |
-- |
-- |
-- |
(5) |
||||||
Deferred income taxes |
(72) |
(110) |
119 |
65 |
(119) |
||||||
Gain on transfer of |
-- |
-- |
(144) |
(144) |
-- |
||||||
Increase (decrease) from changes in: |
|||||||||||
Accounts receivable |
381 |
236 |
18 |
311 |
112 |
||||||
Inventories |
91 |
203 |
37 |
5 |
(17) |
||||||
Prepaid expenses and other current assets |
147 |
(18) |
25 |
227 |
(29) |
||||||
Accounts payable and accrued expenses |
222 |
(68) |
(9) |
99 |
2 |
||||||
Accrued compensation |
(41) |
65 |
95 |
(82) |
(77) |
||||||
Income taxes payable |
(52) |
4 |
(141) |
(229) |
(85) |
||||||
Changes in funded status of retirement plans |
(257) |
(63) |
6 |
(198) |
(7) |
||||||
Other |
21 |
24 |
21 |
39 |
(39) |
||||||
Cash flows from operating activities |
1,085 |
970 |
1,204 |
3,414 |
3,256 |
||||||
Cash flows from investing activities: |
|||||||||||
Additions to property, plant and equipment |
(96) |
(152) |
(149) |
(495) |
(816) |
||||||
Proceeds from asset sales and insurance recovery |
-- |
-- |
-- |
-- |
16 |
||||||
Purchases of short-term investments |
(661) |
(1,190) |
(1,484) |
(2,802) |
(3,653) |
||||||
Proceeds from short-term investments |
559 |
301 |
173 |
2,198 |
3,555 |
||||||
Purchases of long-term investments |
-- |
(2) |
-- |
(1) |
(6) |
||||||
Proceeds from long-term investments |
9 |
82 |
20 |
61 |
157 |
||||||
Business acquisitions, net of cash acquired |
-- |
(35) |
-- |
-- |
(5,425) |
||||||
Cash flows from investing activities |
(189) |
(996) |
(1,440) |
(1,039) |
(6,172) |
||||||
Cash flows from financing activities: |
|||||||||||
Proceeds from issuance of debt |
-- |
-- |
1,492 |
1,492 |
4,697 |
||||||
Repayment of debt and commercial paper borrowings |
-- |
(200) |
(500) |
(1,375) |
(200) |
||||||
Dividends paid |
(235) |
(193) |
(194) |
(819) |
(644) |
||||||
Stock repurchases |
(600) |
(300) |
(600) |
(1,800) |
(1,973) |
||||||
Proceeds from common stock transactions |
133 |
127 |
63 |
523 |
690 |
||||||
Excess tax benefit from share-based payments |
12 |
3 |
3 |
38 |
31 |
||||||
Other |
-- |
-- |
(10) |
(10) |
(12) |
||||||
Cash flows from financing activities |
(690) |
(563) |
254 |
(1,951) |
2,589 |
||||||
Net change in cash and cash equivalents |
206 |
(589) |
18 |
424 |
(327) |
||||||
Cash and cash equivalents, beginning of period |
1,210 |
1,581 |
1,192 |
992 |
1,319 |
||||||
Cash and cash equivalents, end of period |
$ 1,416 |
$ 992 |
$ 1,210 |
$ 1,416 |
$ 992 |
||||||
Certain amounts in prior periods' financial statements have been reclassified to conform to the current presentation.
Non-GAAP financial information
This earnings release includes two measures that were not prepared in accordance with generally accepted accounting principles in
Free cash flow was calculated as noted in the body of the release by subtracting capital expenditures (Additions to property, plant and equipment) from the GAAP-based Cash flows from operating activities. The components of this calculation are included in the tables in the body of the release. We provide this non-GAAP measure of free cash flow to give investors insight into the company's liquidity, cash-generating capability and the amount of cash available to return to investors.
Results for the fourth quarter of 2012 include charges for the 2011 acquisition of National Semiconductor and various restructuring actions, as well as a discrete tax benefit. A non-GAAP measure of EPS excluding these items provides investors insight into TI's underlying business results. The table below reconciles this non-GAAP measure to results prepared in accordance with GAAP.
(Millions of dollars, except per-share amounts) |
||||||||||||
For Three Months Ended |
||||||||||||
TI as Reported (GAAP) |
Acquisition/ Restructuring Charges * |
Wireless Restructuring Charges |
Discrete Tax Benefit and Interest |
TI as Adjusted (Non-GAAP) |
||||||||
Net income (GAAP basis) |
$ 264 |
$ -- |
$ -- |
$ -- |
$ 264 |
|||||||
Adjustments to net income for charges/(benefits): |
||||||||||||
Taxable: |
||||||||||||
Acquisition charges |
-- |
88 |
-- |
-- |
88 |
|||||||
Restructuring charges |
-- |
12 |
261 |
-- |
273 |
# |
||||||
Tax interest (in OI&E) |
-- |
-- |
-- |
(38) |
(38) |
|||||||
Total taxable adjustments |
-- |
100 |
261 |
(38) |
323 |
|||||||
Total taxable adjustments tax-effected at 35% |
-- |
65 |
170 |
(25) |
210 |
|||||||
Non-taxable: |
||||||||||||
Goodwill impairment |
-- |
-- |
90 |
-- |
90 |
# |
||||||
Discrete tax benefit |
-- |
-- |
-- |
(147) |
(147) |
|||||||
Adjusted Net income (non-GAAP) |
264 |
65 |
260 |
(172) |
417 |
|||||||
ASC 260 Net income allocated to unvested RSUs |
(4) |
(1) |
(5) |
3 |
(7) |
|||||||
Adjusted Net income less amount allocated to unvested RSUs (non-GAAP) |
260 |
64 |
255 |
(169) |
410 |
|||||||
Average shares outstanding (millions) - Diluted |
1,124 |
1,124 |
1,124 |
1,124 |
1,124 |
|||||||
Earnings per common share |
$ .23 |
$ .06 |
$ .23 |
$ (.15) |
$ .36 |
The reported EPS and the adjustments provided in the above chart will not sum to the adjusted (non-GAAP) EPS due to rounding.
* Includes
# Restructuring charges of
Safe Harbor Statement
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995:
This release includes forward-looking statements intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. These forward-looking statements generally can be identified by phrases such as TI or its management "believes," "expects," "anticipates," "foresees," "forecasts," "estimates" or other words or phrases of similar import. Similarly, statements herein that describe TI's business strategy, outlook, objectives, plans, intentions or goals also are forward-looking statements. All such forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those in forward-looking statements.
We urge you to carefully consider the following important factors that could cause actual results to differ materially from the expectations of TI or its management:
- Market demand for semiconductors, particularly in key markets such as communications, computing, industrial and consumer electronics;
- TI's ability to maintain or improve profit margins, including its ability to utilize its manufacturing facilities at sufficient levels to cover its fixed operating costs, in an intensely competitive and cyclical industry;
- TI's ability to develop, manufacture and market innovative products in a rapidly changing technological environment;
- TI's ability to compete in products and prices in an intensely competitive industry;
- TI's ability to maintain and enforce a strong intellectual property portfolio and obtain needed licenses from third parties;
- Expiration of license agreements between TI and its patent licensees, and market conditions reducing royalty payments to TI;
- Economic, social and political conditions in the countries in which TI, its customers or its suppliers operate, including security risks, health conditions, possible disruptions in transportation, communications and information technology networks and fluctuations in foreign currency exchange rates;
- Natural events such as severe weather and earthquakes in the locations in which TI, its customers or its suppliers operate;
- Availability and cost of raw materials, utilities, manufacturing equipment, third-party manufacturing services and manufacturing technology;
- Changes in the tax rate applicable to TI as the result of changes in tax law, the jurisdictions in which profits are determined to be earned and taxed, the outcome of tax audits and the ability to realize deferred tax assets;
- Changes in laws and regulations to which TI or its suppliers are or may become subject, such as those imposing fees or reporting or substitution costs relating to the discharge of emissions into the environment or the use of certain raw materials in our manufacturing processes;
- Losses or curtailments of purchases from key customers and the timing and amount of distributor and other customer inventory adjustments;
- Customer demand that differs from our forecasts;
- The financial impact of inadequate or excess TI inventory that results from demand that differs from projections;
- Impairments of our non-financial assets;
- Product liability or warranty claims, claims based on epidemic or delivery failure or recalls by TI customers for a product containing a TI part;
- TI's ability to recruit and retain skilled personnel;
- Timely implementation of new manufacturing technologies, installation of manufacturing equipment and the ability to obtain needed third-party foundry and assembly/test subcontract services;
- TI's obligation to make principal and interest payments on its debt;
- TI's ability to realize opportunities for growth from our acquisition of National Semiconductor;
- Restructuring charges and associated cost savings that differ in amount or timing from our estimates; and
- Breaches of our information technology systems.
For a more detailed discussion of these factors, see the Risk Factors discussion in Item 1A of TI's Form 10-Q for the quarter ended
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