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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2022
☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ___________ to ___________
Commission File Number 001-03761
TEXAS INSTRUMENTS INCORPORATED
(Exact Name of Registrant as Specified in Its Charter)
Delaware75-0289970
(State of Incorporation)(I.R.S. Employer Identification No.)
12500 TI Boulevard, Dallas, Texas
75243
(Address of principal executive offices)(Zip Code)
Registrant’s telephone number, including area code 214-479-3773

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, par value $1.00TXNThe Nasdaq Global Select Market
Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant was required to submit such files). Yes ☒ No ☐
Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer☒Accelerated filer☐
Non-accelerated filer☐Smaller reporting company☐
Emerging growth company☐ 
If an emerging growth company, indicate by check mark if the Registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act☐
Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
913,707,365
Number of shares of Registrant’s common stock outstanding as of
July 19, 2022

TEXAS INSTRUMENTS INCORPORATED AND SUBSIDIARIES
PART I - FINANCIAL INFORMATION
ITEM 1. Financial statements
 For Three Months EndedFor Six Months Ended
Consolidated Statements of IncomeJune 30,June 30,
(In millions, except per-share amounts)2022202120222021
Revenue$5,212 $4,580 $10,117 $8,869 
Cost of revenue (COR)1,587 1,503 3,050 2,995 
Gross profit3,625 3,077 7,067 5,874 
Research and development (R&D)414 391 805 777 
Selling, general and administrative (SG&A)422 425 844 850 
Acquisition charges— 48 — 95 
Restructuring charges/other66 — 132 — 
Operating profit2,723 2,213 5,286 4,152 
Other income (expense), net (OI&E)7 73 22 119 
Interest and debt expense49 44 101 90 
Income before income taxes2,681 2,242 5,207 4,181 
Provision for income taxes390 311 715 497 
Net income$2,291 $1,931 $4,492 $3,684 
Earnings per common share (EPS):    
Basic$2.48 $2.08 $4.85 $3.98 
Diluted$2.45 $2.05 $4.80 $3.92 
Average shares outstanding:    
Basic920 923 922 923 
Diluted930 937 932 936 
A portion of net income is allocated to unvested restricted stock units (RSUs) on which we pay dividend equivalents. Diluted EPS is calculated using the following:
Net income$2,291 $1,931 $4,492 $3,684 
Income allocated to RSUs(10)(7)(19)(15)
Income allocated to common stock for diluted EPS$2,281 $1,924 $4,473 $3,669 
See accompanying notes.    

2
TEXAS INSTRUMENTS INCORPORATED AND SUBSIDIARIES
 For Three Months EndedFor Six Months Ended
Consolidated Statements of Comprehensive IncomeJune 30,June 30,
(In millions)2022202120222021
Net income$2,291 $1,931 $4,492 $3,684 
Other comprehensive income (loss)    
Net actuarial losses of defined benefit plans:    
Adjustments, net of tax effect of $8 and ($5); $6 and ($7)
(40)16 (34)21 
Recognized within net income, net of tax effect of ($4) and ($2); ($5) and ($5)
16 8 18 16 
Available-for-sale investments:
Unrealized losses, net of tax effect of $1 and $0; $2 and $0
(3)— (7)— 
Other comprehensive income (loss), net of taxes(27)24 (23)37 
Total comprehensive income$2,264 $1,955 $4,469 $3,721 
See accompanying notes.    

3
TEXAS INSTRUMENTS INCORPORATED AND SUBSIDIARIES
June 30,December 31,
Consolidated Balance Sheets20222021
(In millions, except par value)  
Assets  
Current assets:  
Cash and cash equivalents$3,802 $4,631 
Short-term investments4,585 5,108 
Accounts receivable, net of allowances of ($12) and ($8)
2,190 1,701 
Raw materials305 245 
Work in process1,258 1,067 
Finished goods636 598 
Inventories2,199 1,910 
Prepaid expenses and other current assets267 335 
Total current assets13,043 13,685 
Property, plant and equipment at cost8,825 7,858 
Accumulated depreciation(2,894)(2,717)
Property, plant and equipment5,931 5,141 
Goodwill4,362 4,362 
Deferred tax assets293 263 
Capitalized software licenses82 85 
Overfunded retirement plans296 392 
Other long-term assets716 748 
Total assets$24,723 $24,676 
Liabilities and stockholders’ equity  
Current liabilities:  
Current portion of long-term debt$499 $500 
Accounts payable712 571 
Accrued compensation520 775 
Income taxes payable115 121 
Accrued expenses and other liabilities714 602 
Total current liabilities2,560 2,569 
Long-term debt6,745 7,241 
Underfunded retirement plans71 79 
Deferred tax liabilities90 87 
Other long-term liabilities1,165 1,367 
Total liabilities10,631 11,343 
Stockholders’ equity:  
Preferred stock, $25 par value. Shares authorized – 10; none issued
— — 
Common stock, $1 par value. Shares authorized – 2,400; shares issued – 1,741
1,741 1,741 
Paid-in capital2,783 2,630 
Retained earnings48,280 45,919 
Treasury common stock at cost  
Shares: June 30, 2022 – 826; December 31, 2021 – 817
(38,532)(36,800)
Accumulated other comprehensive income (loss), net of taxes (AOCI)(180)(157)
Total stockholders’ equity14,092 13,333 
Total liabilities and stockholders’ equity$24,723 $24,676 
  
See accompanying notes.  
4
TEXAS INSTRUMENTS INCORPORATED AND SUBSIDIARIES
 For Six Months Ended
Consolidated Statements of Cash FlowsJune 30,
(In millions)20222021
Cash flows from operating activities  
Net income$4,492 $3,684 
Adjustments to net income:
Depreciation427 363 
Amortization of acquisition-related intangibles— 95 
Amortization of capitalized software27 30 
Stock compensation159 130 
Gains on sales of assets(3)(4)
Deferred taxes(15)7 
Increase (decrease) from changes in:
Accounts receivable(489)(177)
Inventories(289)105 
Prepaid expenses and other current assets20 23 
Accounts payable and accrued expenses30 52 
Accrued compensation(254)(238)
Income taxes payable5 (44)
Changes in funded status of retirement plans70 35 
Other(268)(90)
Cash flows from operating activities3,912 3,971 
Cash flows from investing activities  
Capital expenditures(1,040)(694)
Proceeds from asset sales3 4 
Purchases of short-term investments(6,449)(4,734)
Proceeds from short-term investments6,974 4,455 
Other69 (13)
Cash flows from investing activities(443)(982)
Cash flows from financing activities  
Repayment of debt(500)(550)
Dividends paid(2,123)(1,882)
Stock repurchases(1,771)(246)
Proceeds from common stock transactions113 250 
Other(17)(19)
Cash flows from financing activities(4,298)(2,447)
Net change in cash and cash equivalents(829)542 
Cash and cash equivalents at beginning of period4,631 3,107 
Cash and cash equivalents at end of period$3,802 $3,649 
See accompanying notes.  

5
TEXAS INSTRUMENTS INCORPORATED AND SUBSIDIARIES
Notes to financial statements
1. Description of business, including segment and geographic area information
We design, make and sell semiconductors to electronics designers and manufacturers all over the world. We have two reportable segments, Analog and Embedded Processing, each of which represents groups of similar products that are combined on the basis of similar design and development requirements, product characteristics, manufacturing processes and distribution channels.
•Analog semiconductors change real-world signals, such as sound, temperature, pressure or images, by conditioning them, amplifying them and often converting them to a stream of digital data that can be processed by other semiconductors, such as embedded processors. Analog semiconductors are also used to manage power in all electronic equipment by converting, distributing, storing, discharging, isolating and measuring electrical energy, whether the equipment is plugged into a wall or using a battery. Our Analog segment consists of two major product lines: Power and Signal Chain.
•Embedded Processing products are the digital “brains” of many types of electronic equipment. They are designed to handle specific tasks and can be optimized for various combinations of performance, power and cost, depending on the application.
We report the results of our remaining business activities in Other. Other includes operating segments that do not meet the quantitative thresholds for individually reportable segments and cannot be aggregated with other operating segments. Other includes DLP® products, calculators and custom ASIC products.
Our centralized manufacturing and support organizations, such as facilities, procurement and logistics, provide support to our operating segments, including those in Other. Costs incurred by these organizations, including depreciation, are charged to the segments on a per-unit basis. Consequently, depreciation expense is not an independently identifiable component within the segments’ results and, therefore, is not provided.
Segment information
For Three Months EndedFor Six Months Ended
June 30,June 30,
 2022202120222021
Revenue:    
Analog$3,992 $3,464 $7,808 $6,744 
Embedded Processing821 780 1,603 1,547 
Other399 336 706 578 
Total revenue$5,212 $4,580 $10,117 $8,869 
Operating profit:
Analog$2,226 $1,778 $4,376 $3,424 
Embedded Processing324 312 639 599 
Other (a)173 123 271 129 
Total operating profit$2,723 $2,213 $5,286 $4,152 
(a)Includes acquisition charges and restructuring charges/other
6
TEXAS INSTRUMENTS INCORPORATED AND SUBSIDIARIES
Geographic area information
The following geographic area information includes revenue, based on product shipment destination. The geographic revenue information does not necessarily reflect end demand by geography because our products tend to be shipped to the locations where our customers manufacture their products.
For Three Months EndedFor Six Months Ended
June 30,June 30,
2022202120222021
Revenue:
United States$577 $529 $1,071 $922 
Asia (a)3,395 2,993 6,598 5,851 
Europe, Middle East and Africa822 696 1,636 1,378 
Japan276 235 539 474 
Rest of world142 127 273 244 
Total revenue$5,212 $4,580 $10,117 $8,869 
(a)Revenue from products shipped into China was $2.8 billion and $2.5 billion in the second quarters of 2022 and 2021, respectively, and $5.3 billion and $4.8 billion in the first six months of 2022 and 2021, respectively, which includes shipments to customers that manufacture in China and then export end products to their customers around the world, as well as distributors that transship inventory through China to service other countries.
2. Basis of presentation and significant accounting policies and practices
Basis of presentation
The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (GAAP) and on the same basis as the audited financial statements included in our annual report on Form 10-K for the year ended December 31, 2021. The Consolidated Statements of Income, Comprehensive Income and Cash Flows for the periods ended June 30, 2022 and 2021, and the Consolidated Balance Sheet as of June 30, 2022, are not audited but reflect all adjustments that are of a normal recurring nature and are necessary for a fair statement of the results of the periods shown. Certain information and note disclosures normally included in annual consolidated financial statements have been omitted pursuant to the rules and regulations of the U.S. Securities and Exchange Commission. Because the consolidated interim financial statements do not include all of the information and notes required by GAAP for a complete set of financial statements, they should be read in conjunction with the audited consolidated financial statements and notes included in our annual report on Form 10-K for the year ended December 31, 2021. Certain amounts in prior periods' financial statements have been reclassified to conform to the current presentation. The results for the three- and six-month periods are not necessarily indicative of a full year’s results.
Significant accounting policies and practices
Earnings per share (EPS)
We use the two-class method for calculating EPS because the restricted stock units (RSUs) we grant are participating securities containing non-forfeitable rights to receive dividend equivalents. Under the two-class method, a portion of net income is allocated to RSUs and excluded from the calculation of income allocated to common stock.
7
TEXAS INSTRUMENTS INCORPORATED AND SUBSIDIARIES
Computation and reconciliation of earnings per common share are as follows:
 For Three Months Ended June 30,
 20222021
Net IncomeSharesEPSNet IncomeSharesEPS
Basic EPS:      
Net income$2,291   $1,931   
Income allocated to RSUs(10)  (7)  
Income allocated to common stock$2,281 920 $2.48 $1,924 923 $2.08 
Dilutive effect of stock compensation plans10  14 
Diluted EPS: 
Net income$2,291  $1,931 
Income allocated to RSUs(10) (7)
Income allocated to common stock$2,281 930 $2.45 $1,924 937 $2.05 
For Six Months Ended June 30,
20222021
Net IncomeSharesEPSNet IncomeSharesEPS
Basic EPS:
Net income$4,492 $3,684 
Income allocated to RSUs(19)(15)
Income allocated to common stock$4,473 922 $4.85 $3,669 923 $3.98 
Dilutive effect of stock compensation plans10 13 
Diluted EPS:
Net income$4,492 $3,684 
Income allocated to RSUs(19)(15)
Income allocated to common stock$4,473 932 $4.80 $3,669 936 $3.92 
Potentially dilutive securities representing 6 million and 2 million shares of common stock that were outstanding during the second quarters of 2022 and 2021, respectively, and 5 million and 3 million shares outstanding during the first six months of 2022 and 2021, respectively, were excluded from the computation of diluted earnings per common share during these periods because their effect would have been anti-dilutive.
Derivatives and hedging
We use derivative financial instruments to manage exposure to foreign exchange risk. These instruments are primarily forward foreign currency exchange contracts, which are used as economic hedges to reduce the earnings impact that exchange rate fluctuations may have on our non-U.S. dollar net balance sheet exposures. Gains and losses from changes in the fair value of these forward foreign currency exchange contracts are credited or charged to OI&E. We do not apply hedge accounting to our foreign currency derivative instruments.
We are exposed to variability in compensation charges related to certain deferred compensation obligations to employees. We use total return swaps to economically hedge this exposure and offset the related compensation expense, recognizing changes in the value of the swaps and the related deferred compensation liabilities in SG&A.
In connection with the issuance of long-term debt, we may use financial derivatives such as treasury-rate lock agreements that are recognized in AOCI and amortized over the life of the related debt.
The results of these derivative transactions have not been material. We do not use derivatives for speculative or trading purposes.
8
TEXAS INSTRUMENTS INCORPORATED AND SUBSIDIARIES
Fair values of financial instruments
The fair values of our derivative financial instruments were not material as of June 30, 2022. Our investments in cash equivalents, short-term investments and certain long-term investments, as well as our deferred compensation liabilities, are carried at fair value. The carrying values for other current financial assets and liabilities, such as accounts receivable and accounts payable, approximate fair value due to the short maturity of such instruments. As of June 30, 2022, the carrying value of long-term debt, including the current portion, was $7.24 billion, and the estimated fair value was $6.72 billion. The estimated fair value is measured using broker-dealer quotes, which are Level 2 inputs. See Note 4 for a description of fair value and the definition of Level 2 inputs.
3. Income taxes
Provision for income taxes is based on the following:
For Three Months EndedFor Six Months Ended
June 30,June 30,
 2022202120222021
Taxes calculated using the estimated annual effective tax rate$395 $322 $756 $597 
Discrete tax items(5)(11)(41)(100)
Provision for income taxes$390 $311 $715 $497 
Effective tax rate15 %14 %14 %12 %
The effective tax rate differs from the 21% U.S. statutory corporate tax rate due to the effect of U.S. tax benefits.
4. Valuation of debt and equity investments and certain liabilities
Investments measured at fair value
Money market funds, available-for-sale debt investments and mutual funds are stated at fair value, which is generally based on market prices or broker quotes. See Fair-value considerations. Unrealized gains and losses from available-for-sale debt securities are recorded as an increase or decrease, net of taxes, in AOCI on our Consolidated Balance Sheets, and any credit losses on available-for-sale debt securities are recorded as an allowance for credit losses with an offset recognized in OI&E in our Consolidated Statements of Income.
Our mutual funds hold a variety of debt and equity investments intended to generate returns that offset changes in certain deferred compensation liabilities. We record changes in the fair value of these mutual funds and the related deferred compensation liabilities in SG&A.
Other investments
Our other investments include equity-method investments and non-marketable equity investments, which are not measured at fair value. These investments consist of interests in venture capital funds and other non-marketable equity securities. Gains and losses from equity-method investments are recognized in OI&E based on our ownership share of the investee’s financial results.
Non-marketable equity securities are measured at cost with adjustments for observable changes in price or impairments. Gains and losses on non-marketable equity investments are recognized in OI&E.
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TEXAS INSTRUMENTS INCORPORATED AND SUBSIDIARIES
Details of our investments are as follows:
 June 30, 2022December 31, 2021
Cash and Cash EquivalentsShort-Term InvestmentsLong-Term InvestmentsCash and Cash EquivalentsShort-Term InvestmentsLong-Term Investments
Measured at fair value:      
Money market funds$2,333 $— $— $1,824 $— $— 
Corporate obligations309 1,266 — 1,060 1,070 — 
U.S. government and agency securities438 2,971 — 642 3,388 — 
Non-U.S. government and agency securities— 348 — 300 650 — 
Mutual funds— — 11 — — 16 
Total3,080 4,585 11 3,826 5,108 16 
Other measurement basis:
Equity-method investments— — 23 — — 42 
Non-marketable investments— — 5 — — 4 
Cash on hand722 — — 805 — — 
Total$3,802 $4,585 $39 $4,631 $5,108 $62 
As of June 30, 2022, and December 31, 2021, unrealized gains and losses associated with our available-for-sale investments were not material. We did not recognize any credit losses related to available-for-sale investments for the first six months of 2022 and 2021.
Proceeds from sales, redemptions and maturities of short-term available-for-sale investments were $4.20 billion and $2.46 billion for the second quarters of 2022 and 2021, respectively, and $6.97 billion and $4.46 billion for the first six months of 2022 and 2021, respectively. Gross realized gains and losses from these sales were not material.
The following table presents the aggregate maturities of our available-for-sale debt investments as of June 30, 2022:
Fair Value
One year or less$5,258 
One to two years74 
Fair-value considerations
We measure and report certain financial assets and liabilities at fair value on a recurring basis. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date.
The three-level hierarchy described below indicates the extent and level of judgment used to estimate fair-value measurements.
•Level 1 – Uses unadjusted quoted prices that are available in active markets for identical assets or liabilities as of the reporting date.
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TEXAS INSTRUMENTS INCORPORATED AND SUBSIDIARIES
•Level 2 – Uses inputs other than Level 1 that are either directly or indirectly observable as of the reporting date through correlation with market data, including quoted prices for similar assets and liabilities in active markets and quoted prices in markets that are not active. Level 2 also includes assets and liabilities that are valued using models or other pricing methodologies that do not require significant judgment since the input assumptions used in the models, such as interest rates and volatility factors, are corroborated by readily observable data. We utilize a third-party data service to provide Level 2 valuations. We verify these valuations for reasonableness relative to unadjusted quotes obtained from brokers or dealers based on observable prices for similar assets in active markets.
•Level 3 – Uses inputs that are unobservable, supported by little or no market activity and reflect the use of significant management judgment. These values are generally determined using pricing models that utilize management estimates of market participant assumptions. As of June 30, 2022, our Level 3 assets and liabilities were not material. As of December 31, 2021, we had no Level 3 assets or liabilities.
The following are our assets and liabilities that were accounted for at fair value on a recurring basis. These tables do not include cash on hand, assets held by our postretirement plans, or assets and liabilities that are measured at historical cost or any basis other than fair value.
 June 30, 2022December 31, 2021
 Level 1Level 2TotalLevel 1Level 2Total
Assets:      
Money market funds$2,333 $— $2,333 $1,824 $— $1,824 
Corporate obligations— 1,575 1,575 — 2,130 2,130 
U.S. government and agency securities3,309 100 3,409 3,629 401 4,030 
Non-U.S. government and agency securities— 348 348 — 950 950 
Mutual funds11 — 11 16 — 16 
Total assets$5,653 $2,023 $7,676 $5,469 $3,481 $8,950 
Liabilities:
Deferred compensation$313 $— $313 $395 $— $395 
Total liabilities$313 $— $313 $395 $— $395 
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TEXAS INSTRUMENTS INCORPORATED AND SUBSIDIARIES
5. Postretirement benefit plans
Expenses related to defined benefit and retiree health care benefit plans are as follows:
U.S. Defined BenefitU.S. Retiree Health CareNon-U.S. Defined Benefit
For Three Months Ended June 30,202220212022202120222021
Service cost$4 $6 $— $1 $6 $9 
Interest cost6 7 2 2 9 10 
Expected return on plan assets(8)(9)(2)(3)(17)(21)
Recognized net actuarial loss1 4 — — — 2 
Net periodic benefit costs3 8 — — (2)— 
Settlement losses11 4 — — 8 — 
Total, including other postretirement losses$14 $12 $— $— $6 $— 
U.S. Defined BenefitU.S. Retiree Health CareNon-U.S. Defined Benefit
For Six Months Ended June 30,202220212022202120222021
Service cost$8 $11 $1 $2 $13 $18 
Interest cost12 15 5 5 19 19 
Expected return on plan assets(16)(17)(6)(6)(35)(41)
Recognized net actuarial loss1 8 — — — 4 
Net periodic benefit costs5 17 — 1 (3)— 
Settlement losses13 8 — — 9 1 
Total, including other postretirement losses$18 $25 $— $1 $6 $1 
6. Debt and lines of credit
Short-term borrowings
We maintain a line of credit to support commercial paper borrowings, if any, and to provide additional liquidity through bank loans. As of June 30, 2022, we had a variable-rate revolving credit facility from a consortium of investment-grade banks that allows us to borrow up to $1 billion until March 2023. The interest rate on borrowings under this credit facility, if drawn, is indexed to the applicable Term Secured Overnight Financing Rate (Term SOFR). As of June 30, 2022, our credit facility was undrawn, and we had no commercial paper outstanding.
Long-term debt
In April 2022, we retired $500 million of maturing debt.
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TEXAS INSTRUMENTS INCORPORATED AND SUBSIDIARIES
Long-term debt outstanding is as follows:
June 30,December 31,
20222021
Notes due 2022 at 1.85%
$— $500 
Notes due 2023 at 2.25%
500 500 
Notes due 2024 at 2.625%
300 300 
Notes due 2025 at 1.375%
750 750 
Notes due 2026 at 1.125%
500 500 
Notes due 2027 at 2.90%
500 500 
Notes due 2029 at 2.25%
750 750 
Notes due 2030 at 1.75%
750 750 
Notes due 2031 at 1.90%
500 500 
Notes due 2039 at 3.875%
750 750 
Notes due 2048 at 4.15%
1,500 1,500 
Notes due 2051 at 2.70%
500 500 
Total debt7,300 7,800 
Net unamortized discounts, premiums and issuance costs(56)(59)
Total debt, including net unamortized discounts, premiums and issuance costs7,244 7,741 
Current portion of long-term debt(499)(500)
Long-term debt$6,745 $7,241 
Interest and debt expense was $49 million and $44 million for the second quarters of 2022 and 2021, respectively, and $101 million and $90 million for the first six months of 2022 and 2021, respectively. This was net of the amortized discounts, premiums and issuance costs. Capitalized interest was not material.
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TEXAS INSTRUMENTS INCORPORATED AND SUBSIDIARIES
7. Stockholders’ equity
Changes in equity are as follows:
Common StockPaid-in CapitalRetained EarningsTreasury Common StockAOCI
Balance, December 31, 2021$1,741 $2,630 $45,919 $(36,800)$(157)
2022
Net income— — 2,201 — — 
Dividends declared and paid ($1.15 per share)
— — (1,063)— — 
Common stock issued for stock-based awards— (36)— 93 — 
Stock repurchases— — — (584)— 
Stock compensation— 74 — — — 
Other comprehensive income (loss), net of taxes— — — — 4 
Dividend equivalents on RSUs— — (5)— — 
Other— (1)1 — — 
Balance, March 31, 20221,741 2,667 47,053 (37,291)(153)
Net income— — 2,291 — — 
Dividends declared and paid ($1.15 per share)
— — (1,060)— — 
Common stock issued for stock-based awards— 31 — 25 — 
Stock repurchases— — — (1,266)— 
Stock compensation— 85 — — — 
Other comprehensive income (loss), net of taxes— — — — (27)
Dividend equivalents on RSUs— — (4)— — 
Balance, June 30, 2022$1,741 $2,783 $48,280 $(38,532)$(180)
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TEXAS INSTRUMENTS INCORPORATED AND SUBSIDIARIES
Common StockPaid-in CapitalRetained EarningsTreasury Common StockAOCI
Balance, December 31, 2020$1,741 $2,333 $42,051 $(36,578)$(360)
2021
Net income— — 1,753 — — 
Dividends declared and paid ($1.02 per share)
— — (940)— — 
Common stock issued for stock-based awards— (3)— 199 — 
Stock repurchases— — — (100)— 
Stock compensation— 61 — — — 
Other comprehensive income (loss), net of taxes— — — — 13 
Dividend equivalents on RSUs— — (4)— — 
Balance, March 31, 20211,741 2,391 42,860 (36,479)(347)
Net income— — 1,931 — — 
Dividends declared and paid ($1.02 per share)
— — (942)— — 
Common stock issued for stock-based awards— 25 — 29 — 
Stock repurchases— — — (146)— 
Stock compensation— 69 — — — 
Other comprehensive income (loss), net of taxes— — — — 24 
Dividend equivalents on RSUs— — (4)— — 
Other— — 1 — — 
Balance, June 30, 2021$1,741 $2,485 $43,846 $(36,596)$(323)
8. Contingencies
Indemnification guarantees
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.
Warranty costs/product liabilities
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.
General
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.
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TEXAS INSTRUMENTS INCORPORATED AND SUBSIDIARIES
9. Supplemental financial information
Restructuring charges/other
During the second quarter and first six months of 2022, restructuring charges/other included $66 million and $132 million, respectively, related to integration charges at our Lehi, Utah, manufacturing facility. These costs are included in Other for segment reporting purposes.
Details on amounts reclassified out of accumulated other comprehensive income (loss), net of taxes, to net income
Our Consolidated Statements of Comprehensive Income include items that have been recognized within net income during the second quarters and first six months of 2022 and 2021. The table below details where these transactions are recorded in our Consolidated Statements of Income.
For Three Months EndedFor Six Months EndedImpact to Related Statement of Income Lines
June 30,June 30,
 2022202120222021
Net actuarial losses of defined benefit plans:     
Recognized net actuarial loss and settlement losses (a)$20 $10 $23 $21 Decrease to OI&E
Tax effect(4)(2)(5)(5)Decrease to provision for income taxes
Recognized within net income, net of taxes$16 $8 $18 $16 Decrease to net income
(a)Detailed in Note 5
Stock compensation
During the second quarter and first six months of 2022, 1 million and 2 million shares, respectively, were issued from treasury related to stock compensation.
16

ITEM 2. Management’s discussion and analysis of financial condition and results of operations
Overview
We design, make and sell semiconductors to electronics designers and manufacturers all over the world. Technology is the foundation of our company, but ultimately, our objective and the best metric to measure progress and generate long-term value for owners is the growth of free cash flow per share.
Our strategy to maximize free cash flow per share growth has three elements:
1.A great business model that is focused on analog and embedded processing products and built around four sustainable competitive advantages. The four sustainable competitive advantages are powerful in combination and provide tangible benefits:
i.A strong foundation of manufacturing and technology that provides lower costs and greater control of our supply chain.
ii.A broad portfolio of analog and embedded processing products that offers more opportunity per customer and more value for our investments.
iii.The reach of our market channels that gives access to more customers and more of their design projects, leading to the opportunity to sell more of our products into each design and gives us better insight and knowledge of customer needs.
iv.Diversity and longevity of our products, markets and customer positions that provide less single point dependency and longer returns on our investments.
Together, these competitive advantages help position TI in a unique class of companies capable of generating and returning significant amounts of cash for our owners. We make our investments with an eye towards long-term strengthening and leveraging of these advantages.
2.Discipline in allocating capital to the best opportunities. This spans how we select R&D projects, develop new capabilities like TI.com, invest in new manufacturing capacity or how we think about acquisitions and returning cash to our owners.
3.Efficiency, which means constantly striving for more output for every dollar spent.
We believe that our business model with the combined effect of our four competitive advantages sets TI apart from our peers and will for a long time to come. We will invest to strengthen our competitive advantages, be disciplined in capital allocation and stay diligent in our pursuit of efficiencies. Finally, we will remain focused on the belief that long-term growth of free cash flow per share is the ultimate measure to generate value.
Management’s discussion and analysis of financial condition and results of operations (MD&A) should be read in conjunction with the financial statements and the related notes that appear elsewhere in this document. In the following discussion of our results of operations:
•Our segments represent groups of similar products that are combined on the basis of similar design and development requirements, product characteristics, manufacturing processes and distribution channels, and how management allocates resources and measures results. See Note 1 to the financial statements for more information regarding our segments.
•When we discuss our results:
◦Unless otherwise noted, changes in our revenue are attributable to changes in customer demand, which are evidenced by fluctuations in shipment volumes.
◦New products do not tend to have a significant impact on our revenue in any given period because we sell such a large number of products.
◦From time to time, our revenue and gross profit are affected by changes in demand for higher-priced or lower-priced products, which we refer to as changes in the “mix” of products shipped.
17

◦Because we own much of our manufacturing capacity, a significant portion of our operating cost is fixed. When factory loadings decrease, our fixed costs are spread over reduced output and, absent other circumstances, our profit margins decrease. Conversely, as factory loadings increase, our fixed costs are spread over increased output and, absent other circumstances, our profit margins increase.
•For an explanation of free cash flow, see the Non-GAAP financial information section.
•All dollar amounts in the tables are stated in millions of U.S. dollars.
The coronavirus (COVID-19) pandemic and its effects are impacting and will likely continue to impact market conditions and business operations across industries worldwide, including at TI. Therefore, we remain cautious about how the economy might behave for the next few years and continue to monitor potential impact on our operations.
Performance summary
Our second quarter revenue was $5.21 billion, net income was $2.29 billion and earnings per share (EPS) were $2.45.
Revenue increased 14% from the same quarter a year ago due to growth across markets.
Our cash flow from operations of $8.7 billion for the trailing 12 months again underscored the strength of our business model. Free cash flow for the same period was $5.9 billion and 30% of revenue. This reflects the quality of our product portfolio, as well as the efficiency of our manufacturing strategy, including the benefit of 300-millimeter production.
Over the past 12 months we invested $3.2 billion in R&D and SG&A, invested $2.8 billion in capital expenditures and returned $6.2 billion to shareholders.
Results of operations – second quarter 2022 compared with second quarter 2021
Revenue of $5.21 billion increased $632 million, or 14%, due to higher revenue from Analog and, to a lesser extent, Embedded Processing. This increase benefited from higher prices and the mix of products shipped.
Gross profit of $3.63 billion was up $548 million, or 18%, primarily due to higher revenue. As a percentage of revenue, gross profit increased to 69.6% from 67.2%.
Operating expenses (R&D and SG&A) were $836 million compared with $816 million.
Restructuring charges/other was $66 million due to integration charges at our Lehi, Utah, manufacturing facility.
Operating profit was $2.72 billion, or 52.2% of revenue, compared with $2.21 billion, or 48.3% of revenue.
OI&E was $7 million of income compared with $73 million of income.
Our provision for income taxes was $390 million compared with $311 million. This increase was primarily due to higher income before income taxes.
Net income was $2.29 billion compared with $1.93 billion. EPS was $2.45 compared with $2.05.
18

Second quarter 2022 segment results
Our segment results compared with the year-ago quarter are as follows:
Analog (includes Power and Signal Chain product lines)
Q2 2022Q2 2021Change
Revenue$3,992 $3,464 15 %
Operating profit2,226 1,778 25 %
Operating profit % of revenue55.8 %51.3 %
Analog revenue increased in both product lines, led by Signal Chain. Operating profit increased primarily due to higher revenue and associated gross profit.
Embedded Processing (includes microcontrollers and processors)
Q2 2022Q2 2021Change
Revenue$821 $780 5 %
Operating profit324 312 4 %
Operating profit % of revenue39.5 %40.0 %
Embedded Processing revenue increased. Operating profit increased primarily due to higher revenue and associated gross profit.
Other (includes DLP® products, calculators and custom ASIC products)
Q2 2022Q2 2021Change
Revenue$399 $336 19 %
Operating profit*173 123 41 %
Operating profit % of revenue43.4 %36.6 %
* Includes acquisition charges and restructuring charges/other
Other revenue increased $63 million, and operating profit increased $50 million.
Results of operations – first six months of 2022 compared with first six months of 2021
Revenue of $10.12 billion increased $1.25 billion, or 14%, due to higher revenue from Analog and, to a lesser extent, Embedded Processing. This increase benefited from higher prices and the mix of products shipped.
Gross profit of $7.07 billion was up $1.19 billion, or 20%, primarily due to higher revenue. As a percentage of revenue, gross profit increased to 69.9% from 66.2%.
Operating expenses were $1.65 billion compared with $1.63 billion.
Restructuring charges/other was $132 million due to integration charges at our Lehi, Utah, manufacturing facility.
Operating profit was $5.29 billion, or 52.2% of revenue, compared with $4.15 billion, or 46.8% of revenue.
OI&E was $22 million of income compared with $119 million of income.
Our provision for income taxes was $715 million compared with $497 million. This increase was due to higher income before income taxes and lower discrete tax benefits.
Net income was $4.49 billion compared with $3.68 billion. EPS was $4.80 compared with $3.92.
19

Year-to-date segment results
Our segment results compared with the year-ago period are as follows:
Analog
YTD 2022YTD 2021Change
Revenue$7,808 $6,744 16 %
Operating profit4,376 3,424 28 %
Operating profit % of revenue56.0 %50.8 %
Analog revenue increased in both product lines, led by Signal Chain. Operating profit increased primarily due to higher revenue and associated gross profit.
Embedded Processing
YTD 2022YTD 2021Change
Revenue$1,603 $1,547 4 %
Operating profit639 599 7 %
Operating profit % of revenue39.9 %38.7 %
Embedded Processing revenue increased. Operating profit increased primarily due to higher revenue and associated gross profit.
Other
 YTD 2022YTD 2021Change
Revenue$706 $578 22 %
Operating profit*271 129 110 %
Operating profit % of revenue38.4 %22.3 %
* Includes acquisition charges and restructuring charges/other
Other revenue increased $128 million, and operating profit increased $142 million.
Financial condition
At the end of the second quarter of 2022, total cash (cash and cash equivalents plus short-term investments) was $8.39 billion, a decrease of $1.35 billion from the end of 2021.
Accounts receivable were $2.19 billion, an increase of $489 million compared with the end of 2021. Days sales outstanding for the second quarter of 2022 were 38 compared with 32 at the end of 2021.
Inventory was $2.20 billion, an increase of $289 million from the end of 2021. Days of inventory for the second quarter of 2022 were 125 compared with 116 at the end of 2021.
Liquidity and capital resources
Our primary source of liquidity is cash flow from operations. Additional sources of liquidity are cash and cash equivalents, short-term investments and access to debt markets. We also have a variable rate, revolving credit facility. As of June 30, 2022, our credit facility was undrawn, and we had no commercial paper outstanding. Cash flows from operating activities for the first six months of 2022 were $3.91 billion, a decrease of $59 million from the year-ago period due to higher cash used for working capital, partially offset by higher net income.
20

Investing activities for the first six months of 2022 used $443 million compared with $982 million in the year-ago period. Capital expenditures were $1.04 billion compared with $694 million in the year-ago period and were primarily for semiconductor manufacturing equipment and facilities in both periods. As we continue to invest to strengthen our competitive advantage in manufacturing and technology as part of our long-term capacity planning, we expect our capital expenditures to be higher than historical levels. Short-term investments provided cash of $525 million compared with using cash of $279 million in the year-ago period.
Financing activities for the first six months of 2022 used $4.30 billion compared with $2.45 billion in the year-ago period. In 2022, we retired maturing debt of $500 million compared with $550 million in the year-ago period. Dividends paid were $2.12 billion compared with $1.88 billion in the year-ago period, reflecting an increased dividend rate. We used $1.77 billion to repurchase 10.7 million shares of our common stock compared with $246 million used in the year-ago period to repurchase 1.4 million shares. Employee exercises of stock options provided cash proceeds of $113 million compared with $250 million in the year-ago period.
We had $3.80 billion of cash and cash equivalents and $4.59 billion of short-term investments as of June 30, 2022. We believe we have the necessary financial resources and operating plans to fund our working capital needs, capital expenditures, dividend and debt-related payments, and other business requirements for at least the next 12 months.
Non-GAAP financial information
This MD&A includes references to free cash flow and ratios based on that measure. These are financial measures that were not prepared in accordance with generally accepted accounting principles in the United States (GAAP). Free cash flow was calculated by subtracting capital expenditures from the most directly comparable GAAP measure, cash flows from operating activities (also referred to as cash flow from operations).
We believe that free cash flow and the associated ratios provide insight into our liquidity, our cash-generating capability and the amount of cash potentially available to return to shareholders, as well as insight into our financial performance. These non-GAAP measures are supplemental to the comparable GAAP measures.
Reconciliation to the most directly comparable GAAP measures is provided in the table below.
For 12 Months Ended
June 30,
20222021Change
Cash flow from operations (GAAP)$8,697 $7,539 15 %
Capital expenditures(2,808)(1,052)
Free cash flow (non-GAAP)$5,889 $6,487 (9)%
Revenue$19,592 $16,762 
Cash flow from operations as a percentage of revenue (GAAP)44.4 %45.0 %
Free cash flow as a percentage of revenue (non-GAAP)30.1 %38.7 %
21

ITEM 4. Controls and procedures
An evaluation as of the end of the period covered by this report was carried out under the supervision and with the participation of management, including our Chief Executive Officer and Chief Financial Officer, of the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934). Based upon that evaluation, the Chief Executive Officer and Chief Financial Officer concluded that those disclosure controls and procedures were effective. In addition, there has been no change in our internal control over financial reporting (as defined in Rule 13a-15(f) and 15d-15(f) under the Securities Exchange Act of 1934) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.
22

PART II – OTHER INFORMATION
ITEM 1A. Risk factors
Information concerning our risk factors is contained in Item 1A of our Form 10-K for the year ended December 31, 2021, and is incorporated by reference herein.
ITEM 2. Unregistered sales of equity securities and use of proceeds
The following table contains information regarding our purchases of our common stock during the quarter.
ISSUER PURCHASES OF EQUITY SECURITIES
PeriodTotal Number of Shares PurchasedAverage Price Paid per Share
Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (a)
Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs (a)
April 1, 2022 through April 30, 2022321,257 $171.86  321,257 $9.46 billion
May 1, 2022 through May 31, 20222,769,034 169.57  2,764,737 8.99 billion
June 1, 2022 through June 30, 20224,723,935 157.07  4,723,935 8.25 billion
Total7,814,226 (b)$162.11 (b)7,809,929 $8.25 billion (c)

(a)All open-market purchases during the quarter were made under the authorization from our board of directors to purchase up to $12.0 billion of additional shares of TI common stock announced September 20, 2018.

(b)In addition to open-market purchases, 4,297 shares of common stock were surrendered by employees to satisfy tax withholding obligations in connection with the vesting of restricted stock units.

(c)As of June 30, 2022, this amount consisted of the remaining portion of the $12.0 billion authorized in September 2018. No expiration date has been specified for this authorization.
23

ITEM 6. Exhibits
 
Designation of Exhibits in This ReportDescription of Exhibit
3(a)
3(b)
31(a)
31(b)
32(a)
32(b)
101.insXBRL Instance Document – the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.†
101.defXBRL Taxonomy Extension Definition Linkbase Document.†
101.schXBRL Taxonomy Extension Schema Document.†
101.calXBRL Taxonomy Extension Calculation Linkbase Document.†
101.labXBRL Taxonomy Extension Label Linkbase Document.†
101.preXBRL Taxonomy Extension Presentation Linkbase Document.†
104Cover Page Interactive Data File (embedded within the Inline XBRL document).†
† Filed or furnished herewith.

24

Notice regarding forward-looking statements
This report 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 our management:
•The duration and scope of the COVID-19 pandemic, government and other third-party responses to it and the consequences for the global economy, including to our business and the businesses of our suppliers, customers and distributors;
•Economic, social and political conditions, and natural events in the countries in which we, our customers or our suppliers operate, including global trade policies;
•Market demand for semiconductors, particularly in the industrial and automotive markets, and customer demand that differs from forecasts;
•Our ability to compete in products and prices in an intensely competitive industry;
•Evolving cybersecurity and other threats relating to our information technology systems or those of our customers, vendors and other third parties;
•Our ability to successfully implement and realize opportunities from strategic, business and organizational changes, or our ability to realize our expectations regarding the amount and timing of associated restructuring charges and cost savings;
•Our ability to develop, manufacture and market innovative products in a rapidly changing technological environment, our timely implementation of new manufacturing technologies and installation of manufacturing equipment, and our ability to realize expected returns on significant investments in manufacturing capacity;
•Availability and cost of raw materials, utilities, manufacturing equipment, third-party manufacturing services and manufacturing technology;
•Product liability, warranty or other claims relating to our products, software, manufacturing, delivery, services, design or communications, or recalls by our customers for a product containing one of our parts;
•Compliance with or changes in the complex laws, rules and regulations to which we are or may become subject, or actions of enforcement authorities, that restrict our ability to operate our business or subject us to fines, penalties or other legal liability;
•Changes in tax law and accounting standards that impact the tax rate applicable to us, the jurisdictions in which profits are determined to be earned and taxed, adverse resolution of tax audits, increases in tariff rates, and the ability to realize deferred tax assets;
•Financial difficulties of our distributors or semiconductor distributors’ promotion of competing product lines to our detriment; or disputes with current or former distributors;
•Losses or curtailments of purchases from key customers or the timing and amount of customer inventory adjustments;
•Our ability to maintain or improve profit margins, including our ability to utilize our manufacturing facilities at sufficient levels to cover our fixed operating costs, in an intensely competitive and cyclical industry and changing regulatory environment;
•Our ability to maintain and enforce a strong intellectual property portfolio and maintain freedom of operation in all jurisdictions where we conduct business; or our exposure to infringement claims;
•Instability in the global credit and financial markets;
•Our ability to recruit and retain skilled personnel, and effectively manage key employee succession; and
25

•Impairments of our non-financial assets.
For a more detailed discussion of these factors, see the Risk factors discussion in Item 1A of our most recent Form 10-K. The forward-looking statements included in this report are made only as of the date of this report, and we undertake no obligation to update the forward-looking statements to reflect subsequent events or circumstances. If we do update any forward-looking statement, you should not infer that we will make additional updates with respect to that statement or any other forward-looking statement.
26

SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
TEXAS INSTRUMENTS INCORPORATED
By:/s/Rafael R. Lizardi
Rafael R. Lizardi, Senior Vice President and Chief Financial Officer
Date: July 27, 2022
Document

Exhibit 31(a)
CERTIFICATIONS
I, Richard K. Templeton, certify that:
1.I have reviewed this report on Form 10-Q of Texas Instruments Incorporated;
2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
(d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5.The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
Date: July 27, 2022
 
 /s/ Richard K. Templeton
 Richard K. Templeton
Chairman, President
and Chief Executive Officer


Document

Exhibit 31(b)
CERTIFICATIONS
I, Rafael R. Lizardi, certify that:
1.I have reviewed this report on Form 10-Q of Texas Instruments Incorporated;
2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
(d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
5.The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
Date: July 27, 2022
 
 /s/ Rafael R. Lizardi
 Rafael R. Lizardi
Senior Vice President and
Chief Financial Officer


Document

Exhibit 32(a)
Certification of Periodic Report
Pursuant to 18 U.S.C. Section 1350 
For purposes of 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, the undersigned, Richard K. Templeton, the Chairman, President and Chief Executive Officer of Texas Instruments Incorporated (the “Company”), hereby certifies that, to his knowledge:
(i) the Quarterly Report on Form 10-Q of the Company for the quarter ended June 30, 2022, as filed with the Securities and Exchange Commission on the date hereof (the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
(ii) the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
Dated:  July 27, 2022
 
/s/ Richard K. Templeton
Richard K. Templeton
Chairman, President
and Chief Executive Officer


Document

Exhibit 32(b)
Certification of Periodic Report
Pursuant to 18 U.S.C. Section 1350
For purposes of 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, the undersigned, Rafael R. Lizardi, Senior Vice President and Chief Financial Officer of Texas Instruments Incorporated (the “Company”), hereby certifies that, to his knowledge:
(i) the Quarterly Report on Form 10-Q of the Company for the quarter ended June 30, 2022, as filed with the Securities and Exchange Commission on the date hereof (the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
(ii) the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
Dated: July 27, 2022
 
/s/ Rafael R. Lizardi
Rafael R. Lizardi
Senior Vice President and
Chief Financial Officer