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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 September 30, 2024
☐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 ☒
912,216,614
Number of shares of Registrant’s common stock outstanding as of
October 15, 2024

TEXAS INSTRUMENTS INCORPORATED AND SUBSIDIARIES
PART I - FINANCIAL INFORMATION
ITEM 1. Financial statements
 For Three Months EndedFor Nine Months Ended
Consolidated Statements of IncomeSeptember 30,September 30,
(In millions, except per-share amounts)2024202320242023
Revenue$4,151 $4,532 $11,634 $13,442 
Cost of revenue (COR)1,677 1,717 4,854 4,854 
Gross profit2,474 2,815 6,780 8,588 
Research and development (R&D)492 471 1,468 1,403 
Selling, general and administrative (SG&A)428 452 1,348 1,387 
Restructuring charges/other— — (124)— 
Operating profit1,554 1,892 4,088 5,798 
Other income (expense), net (OI&E)131 128 384 327 
Interest and debt expense131 98 378 255 
Income before income taxes1,554 1,922 4,094 5,870 
Provision for income taxes192 213 500 731 
Net income$1,362 $1,709 $3,594 $5,139 
Earnings per common share (EPS):    
Basic$1.48 $1.87 $3.92 $5.63 
Diluted$1.47 $1.85 $3.89 $5.58 
Average shares outstanding:    
Basic913 908 912 908 
Diluted920 916 919 916 
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$1,362 $1,709 $3,594 $5,139 
Income allocated to RSUs(7)(10)(18)(26)
Income allocated to common stock for diluted EPS$1,355 $1,699 $3,576 $5,113 
See accompanying notes.    

2

 For Three Months EndedFor Nine Months Ended
Consolidated Statements of Comprehensive IncomeSeptember 30,September 30,
(In millions)2024202320242023
Net income$1,362 $1,709 $3,594 $5,139 
Other comprehensive income (loss)    
Net actuarial losses of defined benefit plans:    
Adjustments, net of tax effect of $5 and ($3); $2 and ($4)
(11)6 (5)6 
Recognized within net income, net of tax effect of ($1) and ($1); ($3) and ($3)
2 3 7 9 
Prior service cost (credit) of defined benefit plans:    
Recognized within net income, net of tax effect of $0 and $0; $0 and $0
1 1 1 1 
Derivative instruments:    
Change in fair value, net of tax effect of $0 and $0; $0 and $0
— — 1 1 
Available-for-sale investments:
Unrealized gains (losses), net of tax effect of ($4) and $0; ($2) and $0
13 1 6 2 
Other comprehensive income (loss), net of taxes5 11 10 19 
Total comprehensive income$1,367 $1,720 $3,604 $5,158 
See accompanying notes.    

3

September 30,December 31,
Consolidated Balance Sheets20242023
(In millions, except par value)  
Assets  
Current assets:  
Cash and cash equivalents$2,589 $2,964 
Short-term investments6,163 5,611 
Accounts receivable, net of allowances of ($23) and ($16)
1,862 1,787 
Raw materials393 420 
Work in process2,081 2,109 
Finished goods1,822 1,470 
Inventories4,296 3,999 
Prepaid expenses and other current assets962 761 
Total current assets15,872 15,122 
Property, plant and equipment at cost15,464 13,268 
Accumulated depreciation(3,662)(3,269)
Property, plant and equipment11,802 9,999 
Goodwill4,362 4,362 
Deferred tax assets941 757 
Capitalized software licenses229 223 
Overfunded retirement plans184 173 
Other long-term assets1,931 1,712 
Total assets$35,321 $32,348 
Liabilities and stockholders’ equity  
Current liabilities:  
Current portion of long-term debt$1,049 $599 
Accounts payable794 802 
Accrued compensation721 836 
Income taxes payable108 172 
Accrued expenses and other liabilities1,014 911 
Total current liabilities3,686 3,320 
Long-term debt12,844 10,624 
Underfunded retirement plans117 108 
Deferred tax liabilities54 63 
Other long-term liabilities1,352 1,336 
Total liabilities18,053 15,451 
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 capital3,813 3,362 
Retained earnings52,304 52,283 
Treasury common stock at cost  
Shares: September 30, 2024 – 829; December 31, 2023 – 832
(40,395)(40,284)
Accumulated other comprehensive income (loss), net of taxes (AOCI)(195)(205)
Total stockholders’ equity17,268 16,897 
Total liabilities and stockholders’ equity$35,321 $32,348 
  
See accompanying notes.  
4

 For Nine Months Ended
Consolidated Statements of Cash FlowsSeptember 30,
(In millions)20242023
Cash flows from operating activities  
Net income$3,594 $5,139 
Adjustments to net income:
Depreciation1,092 853 
Amortization of capitalized software53 48 
Stock compensation309 294 
Gains on sales of assets(126)(1)
Deferred taxes(189)(159)
Increase (decrease) from changes in:
Accounts receivable(75)(81)
Inventories(297)(1,151)
Prepaid expenses and other current assets(69)38 
Accounts payable and accrued expenses38 (23)
Accrued compensation(127)(97)
Income taxes payable487 (65)
Changes in funded status of retirement plans2 49 
Other(372)(348)
Cash flows from operating activities4,320 4,496 
Cash flows from investing activities  
Capital expenditures(3,628)(3,923)
Proceeds from asset sales194 3 
Purchases of short-term investments(8,807)(10,140)
Proceeds from short-term investments8,461 9,976 
Other(36)33 
Cash flows from investing activities(3,816)(4,051)
Cash flows from financing activities  
Proceeds from issuance of long-term debt2,980 3,000 
Repayment of debt(300)(500)
Dividends paid(3,555)(3,376)
Stock repurchases(392)(228)
Proceeds from common stock transactions430 218 
Other(42)(43)
Cash flows from financing activities(879)(929)
Net change in cash and cash equivalents(375)(484)
Cash and cash equivalents at beginning of period2,964 3,050 
Cash and cash equivalents at end of period$2,589 $2,566 
Supplemental cash flow information
Investment tax credit (ITC) used to reduce income taxes payable$532 $— 
Total cash benefit related to the U.S. CHIPS and Science Act$532 $— 
See accompanying notes.  
5

Notes to financial statements
1. Description of business, including segment and geographic area information
We design and manufacture semiconductors that we sell 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. Our segments also reflect how management allocates resources and measures results.
•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 Nine Months Ended
September 30,September 30,
 2024202320242023
Revenue:    
Analog$3,223 $3,353 $8,987 $9,920 
Embedded Processing653 890 1,920 2,616 
Other275 289 727 906 
Total revenue$4,151 $4,532 $11,634 $13,442 
Operating profit:
Analog$1,316 $1,504 $3,371 $4,541 
Embedded Processing109 258 294 813 
Other (a)129 130 423 444 
Total operating profit$1,554 $1,892 $4,088 $5,798 
(a)Includes restructuring charges/other
6
TEXAS INSTRUMENTS INCORPORATED AND SUBSIDIARIES
Geographic area information
Our estimate for revenue based on the geographic location of our end customers’ headquarters, which represents where critical decisions are made, is as follows:
For Three Months EndedFor Nine Months Ended
September 30,September 30,
2024202320242023
Revenue:
United States$1,639 39 %$1,541 34 %$4,335 37 %$4,391 33 %
China823 20 813 18 2,191 19 2,561 19 
Rest of Asia431 10 434 10 1,249 11 1,263 10 
Europe, Middle East and Africa (a)880 21 1,193 26 2,733 23 3,657 27 
Japan313 8 455 10 935 8 1,373 10 
Rest of world65 2 96 2 191 2 197 1 
Total revenue$4,151 100 %$4,532 100 %$11,634 100 %$13,442 100 %
(a)Revenue from end customers headquartered in Germany was 11% and 13% in the third quarters of 2024 and 2023, respectively, and 12% and 13% in the first nine months of 2024 and 2023, respectively.
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, 2023. The Consolidated Statements of Income, Comprehensive Income and Cash Flows for the periods ended September 30, 2024 and 2023, and the Consolidated Balance Sheet as of September 30, 2024, 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, 2023. The results for the three- and nine-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 nonforfeitable 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 September 30,
 20242023
Net IncomeSharesEPSNet IncomeSharesEPS
Basic EPS:      
Net income$1,362   $1,709   
Income allocated to RSUs(7)  (9)  
Income allocated to common stock$1,355 913 $1.48 $1,700 908 $1.87 
Dilutive effect of stock compensation plans7  8 
Diluted EPS: 
Net income$1,362  $1,709 
Income allocated to RSUs(7) (10)
Income allocated to common stock$1,355 920 $1.47 $1,699 916 $1.85 
For Nine Months Ended September 30,
20242023
Net IncomeSharesEPSNet IncomeSharesEPS
Basic EPS:
Net income$3,594 $5,139 
Income allocated to RSUs(18)(27)
Income allocated to common stock$3,576 912 $3.92 $5,112 908 $5.63 
Dilutive effect of stock compensation plans7 8 
Diluted EPS:
Net income$3,594 $5,139 
Income allocated to RSUs(18)(26)
Income allocated to common stock$3,576 919 $3.89 $5,113 916 $5.58 
Potentially dilutive securities representing 3 million and 9 million shares of common stock that were outstanding during the third quarters of 2024 and 2023, respectively, and 9 million and 9 million shares outstanding during the first nine months of 2024 and 2023, 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 were not 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 September 30, 2024. 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 September 30, 2024, the carrying value of long-term debt, including the current portion, was $13.89 billion, and the estimated fair value was $13.46 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 Nine Months Ended
September 30,September 30,
 2024202320242023
Taxes calculated using the estimated annual effective tax rate$227 $229 $573 $794 
Discrete tax items(35)(16)(73)(63)
Provision for income taxes$192 $213 $500 $731 
Effective tax rate12 %11 %12 %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, debt investments and mutual funds are stated at fair value, which is generally based on market prices or broker quotes. We classify all debt investments as available-for-sale. See Fair-value considerations. Unrealized gains and losses are recorded as an increase or decrease, net of taxes, in AOCI on our Consolidated Balance Sheets, and any credit losses 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 nonmarketable investments, which are not measured at fair value. These investments consist of interests in venture capital funds and other nonmarketable securities. Gains and losses from equity-method investments are recognized in OI&E based on our ownership share of the investee’s financial results. Nonmarketable securities are measured at cost with adjustments for observable changes in price or impairments. Gains and losses on nonmarketable investments are recognized in OI&E.
9
TEXAS INSTRUMENTS INCORPORATED AND SUBSIDIARIES
Details of our investments are as follows:
 September 30, 2024December 31, 2023
Cash and Cash EquivalentsShort-Term InvestmentsLong-Term InvestmentsCash and Cash EquivalentsShort-Term InvestmentsLong-Term Investments
Measured at fair value:      
Money market funds$515 $— $— $1,068 $— $— 
Corporate obligations461 1,199 — 349 1,605 — 
U.S. government and agency securities747 4,667 — 696 3,808 — 
Non-U.S. government and agency securities150 297 — 50 198 — 
Mutual funds— — 11 — — 12 
Total1,873 6,163 11 2,163 5,611 12 
Other measurement basis:
Equity-method investments— — 11 — — 17 
Nonmarketable investments— — 4 — — 5 
Total— — 15 — — 22 
Cash on hand716 — — 801 — — 
Total$2,589 $6,163 $26 $2,964 $5,611 $34 
As of September 30, 2024, and December 31, 2023, unrealized gains and losses associated with our debt investments were not material. We did not recognize any credit losses related to debt investments for the first nine months of 2024 and 2023.
The following table presents the aggregate maturities of our available-for-sale debt investments as of September 30, 2024:
Fair Value
One year or less$6,493 
One to two years1,028 
Proceeds from sales, redemptions and maturities of short-term available-for-sale investments were $2.70 billion and $2.89 billion for the third quarters of 2024 and 2023, respectively, and $8.46 billion and $9.98 billion for the first nine months of 2024 and 2023, respectively. Gross realized gains and losses from these sales were not material.
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 September 30, 2024, and December 31, 2023, 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.
 September 30, 2024December 31, 2023
 Level 1Level 2TotalLevel 1Level 2Total
Assets:      
Money market funds$515 $— $515 $1,068 $— $1,068 
Corporate obligations— 1,660 1,660 — 1,954 1,954 
U.S. government and agency securities3,021 2,393 5,414 3,618 886 4,504 
Non-U.S. government and agency securities— 447 447 — 248 248 
Mutual funds11 — 11 12 — 12 
Total assets$3,547 $4,500 $8,047 $4,698 $3,088 $7,786 
Liabilities:
Deferred compensation$435 $— $435 $393 $— $393 
Total liabilities$435 $— $435 $393 $— $393 
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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 September 30,202420232024202320242023
Service cost$2 $2 $— $— $4 $4 
Interest cost7 7 4 4 15 14 
Expected return on plan assets(7)(6)(4)(4)(22)(16)
Recognized net actuarial losses (gains)1 2 (1)(1)3 3 
Amortization of prior service cost (credit)— — — — 1 1 
Net periodic benefit costs (credits)3 5 (1)(1)1 6 
Total, including other postretirement losses (gains)$3 $5 $(1)$(1)$1 $6 
U.S. Defined BenefitU.S. Retiree Health CareNon-U.S. Defined Benefit
For Nine Months Ended September 30,202420232024202320242023
Service cost$6 $6 $1 $1 $12 $12 
Interest cost19 21 10 11 42 43 
Expected return on plan assets(18)(17)(13)(13)(60)(48)
Recognized net actuarial losses (gains)3 5 (2)(4)9 9 
Amortization of prior service cost (credit)— — — — 1 1 
Net periodic benefit costs (credits)10 15 (4)(5)4 17 
Settlement losses— 1 — — — 1 
Total, including other postretirement losses (gains)$10 $16 $(4)$(5)$4 $18 
6. Debt and lines of credit
Short-term borrowings
We maintain a line of credit to provide additional liquidity through bank loans and, if necessary, to support commercial paper borrowings. As of September 30, 2024, the aforementioned line of credit was a variable-rate, revolving credit facility from a consortium of investment-grade banks that allows us to borrow up to $1 billion until March 2025. 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 September 30, 2024, our credit facility was undrawn, and we had no commercial paper outstanding.
Long-term debt
In May 2024, we retired $300 million of maturing debt.
In February 2024, we issued five series of senior unsecured notes for an aggregate principal amount of $3.00 billion, consisting of:
•$650 million of 4.60% notes due in 2027;
•$650 million of 4.60% notes due in 2029;
•$600 million of 4.85% notes due in 2034;
•$750 million of 5.15% notes due in 2054; and
•$350 million further issuance of existing 5.05% notes due in 2063.
We incurred $16 million of issuance and other related costs. The proceeds of the offering were $2.98 billion, net of the original issuance discounts, which will be used for general corporate purposes.
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TEXAS INSTRUMENTS INCORPORATED AND SUBSIDIARIES
Long-term debt outstanding is as follows:
September 30,December 31,
20242023
Notes due 2024 at 2.625%
$— $300 
Notes due 2024 at 4.70%
300 300 
Notes due 2025 at 1.375%
750 750 
Notes due 2026 at 1.125%
500 500 
Notes due 2027 at 4.60%
650 — 
Notes due 2027 at 2.90%
500 500 
Notes due 2028 at 4.60%
700 700 
Notes due 2029 at 4.60%
650 — 
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 2032 at 3.65%
400 400 
Notes due 2033 at 4.90%
950 950 
Notes due 2034 at 4.85%
600 — 
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 
Notes due 2052 at 4.10%
300 300 
Notes due 2053 at 5.00%
650 650 
Notes due 2054 at 5.15%
750 — 
Notes due 2063 at 5.05%
1,550 1,200 
Total debt14,000 11,300 
Net unamortized discounts, premiums and issuance costs(107)(77)
Total debt, including net unamortized discounts, premiums and issuance costs13,893 11,223 
Current portion of long-term debt(1,049)(599)
Long-term debt$12,844 $10,624 
Interest and debt expense was $131 million and $98 million for the third quarters of 2024 and 2023, respectively, and $378 million and $255 million for the first nine months of 2024 and 2023, respectively. This was net of the amortized discounts, premiums, issuance and other related costs. Capitalized interest was $5 million and $3 million for the third quarters of 2024 and 2023, respectively, and $16 million and $8 million for the first nine months of 2024 and 2023, respectively.
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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, 2023$1,741 $3,362 $52,283 $(40,284)$(205)
2024
Net income— — 1,105 — — 
Dividends declared and paid ($1.30 per share)
— — (1,183)— — 
Common stock issued for stock-based awards— (29)— 94 — 
Stock repurchases— — — (3)— 
Stock compensation— 106 — — — 
Other comprehensive income (loss), net of taxes— — — — 2 
Dividend equivalents on RSUs— — (7)— — 
Other— — 1 — — 
Balance, March 31, 20241,741 3,439 52,199 (40,193)(203)
Net income— — 1,127 — — 
Dividends declared and paid ($1.30 per share)
— — (1,185)— — 
Common stock issued for stock-based awards— 111 — 137 — 
Stock repurchases— — — (72)— 
Stock compensation— 116 — — — 
Other comprehensive income (loss), net of taxes— — — — 3 
Dividend equivalents on RSUs— — (6)— — 
Balance, June 30, 20241,741 3,666 52,135 (40,128)(200)
Net income— — 1,362 — — 
Dividends declared and paid ($1.30 per share)
— — (1,187)— — 
Common stock issued for stock-based awards— 62 — 55 — 
Stock repurchases— — — (322)— 
Stock compensation— 87 — — — 
Other comprehensive income (loss), net of taxes— — — — 5 
Dividend equivalents on RSUs— — (6)— — 
Other— (2)— — — 
Balance, September 30, 2024$1,741 $3,813 $52,304 $(40,395)$(195)

14
TEXAS INSTRUMENTS INCORPORATED AND SUBSIDIARIES
Common StockPaid-in CapitalRetained EarningsTreasury Common StockAOCI
Balance, December 31, 2022$1,741 $2,951 $50,353 $(40,214)$(254)
2023
Net income— — 1,708 — — 
Dividends declared and paid ($1.24 per share)
— — (1,125)— — 
Common stock issued for stock-based awards— (37)— 118 — 
Stock repurchases— — — (96)— 
Stock compensation— 104 — — — 
Other comprehensive income (loss), net of taxes— — — — 2 
Dividend equivalents on RSUs— — (6)— — 
Other— (2)— — — 
Balance, March 31, 20231,741 3,016 50,930 (40,192)(252)
Net income— — 1,722 — — 
Dividends declared and paid ($1.24 per share)
— — (1,125)— — 
Common stock issued for stock-based awards— 36 — 29 — 
Stock repurchases— — — (77)— 
Stock compensation— 111 — — — 
Other comprehensive income (loss), net of taxes— — — — 6 
Dividend equivalents on RSUs— — (5)— — 
Balance, June 30, 20231,741 3,163 51,522 (40,240)(246)
Net income— — 1,709 — — 
Dividends declared and paid ($1.24 per share)
— — (1,126)— — 
Common stock issued for stock-based awards— 38 — 35 — 
Stock repurchases— — — (48)— 
Stock compensation— 79 — — — 
Other comprehensive income (loss), net of taxes— — — — 11 
Dividend equivalents on RSUs— — (6)— — 
Other— — (1)— — 
Balance, September 30, 2023$1,741 $3,280 $52,098 $(40,253)$(235)
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.
15
TEXAS INSTRUMENTS INCORPORATED AND SUBSIDIARIES
Warranty costs/product liabilities
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. 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 consolidated financial statements. 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.
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 consolidated financial statements.
9. Supplemental financial information
Restructuring charges/other
During the first nine months of 2024, restructuring charges/other was a credit of $124 million primarily due to a gain on the sale of a property.
Prepaid expenses and other current assets
September 30,December 31,
20242023
U.S. CHIPS and Science Act investment tax credit$621 $497 
Other341 264 
Total$962 $761 
Other long-term assets
September 30,December 31,
20242023
U.S. CHIPS and Science Act investment tax credit$806 $859 
Operating lease right-of-use assets800 579 
Other325 274 
Total$1,931 $1,712 
Other long-term liabilities
September 30,December 31,
20242023
Operating lease liabilities$681 $478 
Other671 858 
Total$1,352 $1,336 

16
TEXAS INSTRUMENTS INCORPORATED AND SUBSIDIARIES
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 third quarters and first nine months of 2024 and 2023. The table below details where these transactions are recorded in our Consolidated Statements of Income.
For Three Months EndedFor Nine Months EndedImpact to Related Statement of Income Lines
September 30,September 30,
 2024202320242023
Net actuarial losses of defined benefit plans:     
Recognized net actuarial losses and settlement losses (a)$3 $4 $10 $12 Decrease to OI&E
Tax effect(1)(1)(3)(3)Decrease to provision for income taxes
Recognized within net income, net of taxes$2 $3 $7 $9 Decrease to net income
Prior service cost (credit) of defined benefit plans:     
Amortization of prior service cost (credit) (a)$1 $1 $1 $1 Decrease (increase) to OI&E
Tax effect— — — — (Decrease) increase to provision for income taxes
Recognized within net income, net of taxes$1 $1 $1 $1 Decrease (increase) to net income
(a)Detailed in Note 5
Effect on shares outstanding and treasury shares
The following table reflects the changes in treasury shares:
2024
Balance, January 1832 
Repurchases— 
Shares issued for stock compensation(1)
Balance, March 31831
Repurchases— 
Shares issued for stock compensation(3)
Balance, June 30828
Repurchases2 
Shares issued for stock compensation(1)
Balance, September 30829 
17

ITEM 2. Management’s discussion and analysis of financial condition and results of operations
Overview
We design and manufacture semiconductors that we sell to electronics designers and manufacturers all over the world. Technology is the foundation of our company, but ultimately, our objective and the best metric for owners to measure our progress is through the growth of free cash flow per share over the long term.
Our strategy to maximize long-term 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.
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◦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.
Performance summary
Our third quarter revenue was $4.15 billion, net income was $1.36 billion and earnings per share (EPS) were $1.47.
Revenue decreased 8% from the same quarter a year ago and increased 9% sequentially. Industrial continued to decline sequentially, while all other end markets grew.
Our cash flow from operations of $6.2 billion for the trailing 12 months again underscored the strength of our business model, the quality of our product portfolio and the benefit of 300mm production. Free cash flow for the same period was $1.5 billion.
Over the past 12 months we invested $3.7 billion in R&D and SG&A, invested $4.8 billion in capital expenditures and returned $5.2 billion to shareholders.
Results of operations – third quarter 2024 compared with third quarter 2023
Revenue of $4.15 billion decreased $381 million, or 8%, due to lower revenue from Embedded Processing and, to a lesser extent, Analog.
Gross profit of $2.47 billion was down $341 million, or 12%, primarily due to lower revenue and, to a lesser extent, higher manufacturing costs associated with our planned capacity expansions. As a percentage of revenue, gross profit decreased to 59.6% from 62.1%.
Operating expenses (R&D and SG&A) were $920 million compared with $923 million.
Operating profit was $1.55 billion, or 37.4% of revenue, compared with $1.89 billion, or 41.7% of revenue.
OI&E was $131 million of income compared with $128 million of income.
Interest and debt expense of $131 million increased $33 million due to the issuance of additional long-term debt. See Note 6 to the financial statements.
Our provision for income taxes was $192 million compared with $213 million. This decrease was primarily due to lower income before income taxes and higher discrete tax benefits.
Net income was $1.36 billion compared with $1.71 billion. EPS was $1.47 compared with $1.85.
19

Third quarter 2024 segment results
Our segment results compared with the year-ago quarter are as follows:
Analog (includes Power and Signal Chain product lines)
Q3 2024Q3 2023Change
Revenue$3,223 $3,353 (4)%
Operating profit1,316 1,504 (13)%
Operating profit % of revenue40.8 %44.9 %
Analog revenue decreased in Signal Chain due to the mix of products shipped. Power was about even. Operating profit decreased primarily due to lower revenue and higher manufacturing costs.
Embedded Processing (includes microcontrollers and processors)
Q3 2024Q3 2023Change
Revenue$653 $890 (27)%
Operating profit109 258 (58)%
Operating profit % of revenue16.7 %29.0 %
Embedded Processing revenue decreased. Operating profit decreased due to lower revenue and associated gross profit.
Other (includes DLP® products, calculators and custom ASIC products)
Q3 2024Q3 2023Change
Revenue$275 $289 (5)%
Operating profit *129 130 (1)%
Operating profit % of revenue46.9 %45.0 %
* Includes restructuring charges/other
Other revenue decreased $14 million, and operating profit decreased $1 million.
Results of operations – first nine months of 2024 compared with first nine months of 2023
Revenue of $11.63 billion decreased $1.81 billion, or 13%, due to lower revenue from Analog and, to a lesser extent, Embedded Processing.
Gross profit of $6.78 billion was down $1.81 billion, or 21%, primarily due to lower revenue and, to a lesser extent, higher manufacturing costs associated with our planned capacity expansions. As a percentage of revenue, gross profit decreased to 58.3% from 63.9%.
Operating expenses were $2.82 billion compared with $2.79 billion.
Restructuring charges/other was a credit of $124 million primarily due to a gain on the sale of a property during 2024.
Operating profit was $4.09 billion, or 35.1% of revenue, compared with $5.80 billion, or 43.1% of revenue.
OI&E was $384 million of income compared with $327 million of income, primarily due to higher interest income.
Interest and debt expense of $378 million increased $123 million due to the issuance of additional long-term debt.
Our provision for income taxes was $500 million compared with $731 million. This decrease was due to lower income before income taxes.
20

Net income was $3.59 billion compared with $5.14 billion. EPS was $3.89 compared with $5.58.
Year-to-date segment results
Our segment results compared with the year-ago period are as follows:
Analog
YTD 2024YTD 2023Change
Revenue$8,987 $9,920 (9)%
Operating profit3,371 4,541 (26)%
Operating profit % of revenue37.5 %45.8 %
Analog revenue decreased due to the mix of products shipped in both product lines, led by Signal Chain. Operating profit decreased primarily due to lower revenue and higher manufacturing costs.
Embedded Processing
YTD 2024YTD 2023Change
Revenue$1,920 $2,616 (27)%
Operating profit294 813 (64)%
Operating profit % of revenue15.3 %31.1 %
Embedded Processing revenue decreased. Operating profit decreased primarily due to lower revenue and associated gross profit.
Other
 YTD 2024YTD 2023Change
Revenue$727 $906 (20)%
Operating profit *423 444 (5)%
Operating profit % of revenue58.2 %49.0 %
* Includes restructuring charges/other
Other revenue decreased $179 million, and operating profit decreased $21 million.
Financial condition
At the end of the third quarter of 2024, total cash (cash and cash equivalents plus short-term investments) was $8.75 billion, an increase of $177 million from the end of 2023.
Accounts receivable were $1.86 billion, an increase of $75 million compared with the end of 2023. Days sales outstanding for the third quarter of 2024 were 40 compared with 39 at the end of 2023.
Inventory was $4.30 billion, an increase of $297 million from the end of 2023. Days of inventory for the third quarter of 2024 were 231 compared with 219 at the end of 2023.
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 September 30, 2024, our credit facility was undrawn, and we had no commercial paper outstanding. Cash flows from operating activities for the first nine months of 2024 were $4.32 billion, a decrease of $176 million from the year-ago period primarily due to lower net income, partially offset by lower cash used for working capital. Cash flows from operating activities for the first nine months of 2024 include a cash benefit of $532 million from the U.S. CHIPS and Science Act (CHIPS Act) investment tax credit used to reduce income taxes payable.
21

Investing activities for the first nine months of 2024 used $3.82 billion compared with $4.05 billion in the year-ago period. Capital expenditures were $3.63 billion compared with $3.92 billion in the year-ago period and were primarily for semiconductor manufacturing equipment and facilities in both periods. Short-term investments used cash of $346 million compared with $164 million in the year-ago period.
As we continue to invest to strengthen our competitive advantage in manufacturing and technology as part of our long-term capacity planning, our capital expenditures are expected to remain at elevated levels. We expect to receive an estimated $6 billion to $8 billion through 2034 from the U.S. Department of Treasury’s investment tax credit for qualified U.S. manufacturing investments. We have received $532 million of the associated cash benefit for qualifying capital expenditures in the first nine months of 2024. Additionally, in August 2024, we signed a non-binding preliminary memorandum of terms with the U.S. Department of Commerce for up to $1.6 billion in direct funding under the CHIPS Act.
In September 2024, we announced we would increase our dividend by 5%, marking 21 consecutive years of dividend increases.
Financing activities for the first nine months of 2024 provided $879 million compared with $929 million in the year-ago period. In 2024, we received net proceeds of $2.98 billion from the issuance of fixed-rate, long-term debt and retired maturing debt of $300 million. In the year-ago period, we received net proceeds of $3.00 billion from the issuance of fixed-rate, long-term debt and retired maturing debt of $500 million. Dividends paid were $3.56 billion compared with $3.38 billion in the year-ago period, reflecting an increased dividend rate. We used $392 million to repurchase 2.0 million shares of our common stock compared with $228 million in the year-ago period to repurchase 1.3 million shares. Employee exercises of stock options provided cash proceeds of $430 million compared with $218 million in the year-ago period.
We had $2.59 billion of cash and cash equivalents and $6.16 billion of short-term investments as of September 30, 2024. 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
September 30,
20242023Change
Cash flow from operations (GAAP) *$6,244 $6,538 (4)%
Capital expenditures(4,776)(4,890)
Free cash flow (non-GAAP)$1,468 $1,648 (11)%
Revenue$15,711 $18,112 
Cash flow from operations as a percentage of revenue (GAAP)39.7 %36.1 %
Free cash flow as a percentage of revenue (non-GAAP)9.3 %9.1 %
* Includes a cash benefit of $532 million from the U.S. CHIPS and Science Act ITC used to reduce income taxes payable for the twelve months ended September 30, 2024
22

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.
23

PART II – OTHER INFORMATION
ITEM 1. Legal proceedings
Information with respect to legal proceedings can be found in Note 8 to the financial statements.
Pursuant to SEC regulation, we have elected to use a disclosure threshold of $1 million in monetary sanctions for environmental proceedings involving a governmental authority.
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, 2023, 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)
July 1, 2024 through July 31, 202491,971 $198.84  76,874 $21.11 billion
August 1, 2024 through August 31, 2024402,257 204.61  402,257 21.02 billion
September 1, 2024 through September 30, 20241,109,834 202.02  1,109,834 20.80 billion
Total1,604,062 (b)$202.49 (b)1,588,965 $20.80 billion (c)

(a)All open-market purchases during the quarter were made under the authorizations from our board of directors to purchase up to $12.0 billion and $15.0 billion of additional shares of TI common stock announced September 20, 2018, and September 15, 2022, respectively.

(b)In addition to open-market purchases, 15,097 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 September 30, 2024, this amount consisted of the remaining portion of the $12.0 billion authorized in September 2018 and the $15.0 billion authorized in September 2022. No expiration date has been specified for these authorizations.
24

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.

25

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:
•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, suppliers 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 key materials, utilities, manufacturing equipment, third-party manufacturing services and manufacturing technology;
•Our ability to recruit and retain skilled personnel, and effectively manage key employee succession;
•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; and
•Impairments of our non-financial assets.

26

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.
27

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: October 23, 2024


Exhibit 31(a)
CERTIFICATIONS
I, Haviv Ilan, 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: October 23, 2024
 
 /s/ Haviv Ilan
 Haviv Ilan
President and
Chief Executive Officer



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: October 23, 2024
 
 /s/ Rafael R. Lizardi
 Rafael R. Lizardi
Senior Vice President and
Chief Financial Officer



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, Haviv Ilan, 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 September 30, 2024, 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:  October 23, 2024
 
/s/ Haviv Ilan
Haviv Ilan
President and
Chief Executive Officer



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 September 30, 2024, 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: October 23, 2024
 
/s/ Rafael R. Lizardi
Rafael R. Lizardi
Senior Vice President and
Chief Financial Officer


v3.24.3
Cover Page - shares
 9 Months Ended
Sep. 30, 2024
Oct. 15, 2024
Cover [Abstract]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Sep. 30, 2024  
Document Transition Report false  
Entity File Number 001-03761  
Entity Registrant Name TEXAS INSTRUMENTS INCORPORATED  
Entity Incorporation, State or Country Code DE  
Entity Tax Identification Number 75-0289970  
Entity Address, Address Line One 12500 TI Boulevard  
Entity Address, City or Town Dallas  
Entity Address, State or Province TX  
Entity Address, Postal Zip Code 75243  
City Area Code 214  
Local Phone Number 479-3773  
Title of 12(b) Security Common Stock, par value $1.00  
Trading Symbol TXN  
Security Exchange Name NASDAQ  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   912,216,614
Entity Central Index Key 0000097476  
Current Fiscal Year End Date --12-31  
Document Fiscal Year Focus 2024  
Document Fiscal Period Focus Q3  
Amendment Flag false  
v3.24.3
Consolidated Statements of Income - USD ($)
shares in Millions, $ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Income Statement [Abstract]        
Revenue $ 4,151 $ 4,532 $ 11,634 $ 13,442
Cost of revenue (COR) 1,677 1,717 4,854 4,854
Gross profit 2,474 2,815 6,780 8,588
Research and development (R&D) 492 471 1,468 1,403
Selling, general and administrative (SG&A) 428 452 1,348 1,387
Restructuring charges/other 0 0 (124) 0
Operating profit 1,554 1,892 4,088 5,798
Other income (expense), net (OI&E) 131 128 384 327
Interest and debt expense 131 98 378 255
Income before income taxes 1,554 1,922 4,094 5,870
Provision for income taxes 192 213 500 731
Net income $ 1,362 $ 1,709 $ 3,594 $ 5,139
Earnings per common share (EPS):        
Basic (in dollars per share) $ 1.48 $ 1.87 $ 3.92 $ 5.63
Diluted (in dollars per share) $ 1.47 $ 1.85 $ 3.89 $ 5.58
Average shares outstanding:        
Basic (in shares) 913 908 912 908
Diluted (in shares) 920 916 919 916
Diluted EPS:        
Net income $ 1,362 $ 1,709 $ 3,594 $ 5,139
Income allocated to RSUs (7) (10) (18) (26)
Income allocated to common stock for diluted EPS $ 1,355 $ 1,699 $ 3,576 $ 5,113
v3.24.3
Consolidated Statements of Comprehensive Income - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Statement of Comprehensive Income [Abstract]        
Net income $ 1,362 $ 1,709 $ 3,594 $ 5,139
Net actuarial losses of defined benefit plans:        
Adjustments, net of tax effect of $5 and ($3); $2 and ($4) (11) 6 (5) 6
Recognized within net income, net of tax effect of ($1) and ($1); ($3) and ($3) 2 3 7 9
Prior service cost (credit) of defined benefit plans:        
Recognized within net income, net of tax effect of $0 and $0; $0 and $0 1 1 1 1
Derivative instruments:        
Change in fair value, net of tax effect of $0 and $0; $0 and $0 0 0 1 1
Available-for-sale investments:        
Unrealized gains (losses), net of tax effect of ($4) and $0; ($2) and $0 13 1 6 2
Other comprehensive income (loss), net of taxes 5 11 10 19
Total comprehensive income $ 1,367 $ 1,720 $ 3,604 $ 5,158
v3.24.3
Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Statement of Comprehensive Income [Abstract]        
Net actuarial losses of defined benefit plans adjustment, tax effect $ 5 $ (3) $ 2 $ (4)
Net actuarial losses of defined benefit plans recognized within net income, tax effect (1) (1) (3) (3)
Prior service cost (credit) of defined benefit plans recognized within net income, tax effect 0 0 0 0
Derivative instruments change in fair value, tax effect 0 0 0 0
Available-for-sale investments unrealized gains (losses), tax effect $ (4) $ 0 $ (2) $ 0
v3.24.3
Consolidated Balance Sheets - USD ($)
$ in Millions
Sep. 30, 2024
Dec. 31, 2023
Current assets:    
Cash and cash equivalents $ 2,589 $ 2,964
Short-term investments 6,163 5,611
Accounts receivable, net of allowances of ($23) and ($16) 1,862 1,787
Raw materials 393 420
Work in process 2,081 2,109
Finished goods 1,822 1,470
Inventories 4,296 3,999
Prepaid expenses and other current assets 962 761
Total current assets 15,872 15,122
Property, plant and equipment at cost 15,464 13,268
Accumulated depreciation (3,662) (3,269)
Property, plant and equipment 11,802 9,999
Goodwill 4,362 4,362
Deferred tax assets 941 757
Capitalized software licenses 229 223
Overfunded retirement plans 184 173
Other long-term assets 1,931 1,712
Total assets 35,321 32,348
Current liabilities:    
Current portion of long-term debt 1,049 599
Accounts payable 794 802
Accrued compensation 721 836
Income taxes payable 108 172
Accrued expenses and other liabilities 1,014 911
Total current liabilities 3,686 3,320
Long-term debt 12,844 10,624
Underfunded retirement plans 117 108
Deferred tax liabilities 54 63
Other long-term liabilities 1,352 1,336
Total liabilities 18,053 15,451
Stockholders’ equity:    
Preferred stock, $25 par value. Shares authorized – 10; none issued 0 0
Common stock, $1 par value. Shares authorized – 2,400; shares issued – 1,741 1,741 1,741
Paid-in capital 3,813 3,362
Retained earnings 52,304 52,283
Treasury common stock at cost Shares: September 30, 2024 – 829; December 31, 2023 – 832 (40,395) (40,284)
Accumulated other comprehensive income (loss), net of taxes (AOCI) (195) (205)
Total stockholders’ equity 17,268 16,897
Total liabilities and stockholders’ equity $ 35,321 $ 32,348
v3.24.3
Consolidated Balance Sheets (Parenthetical) - USD ($)
shares in Millions, $ in Millions
Sep. 30, 2024
Dec. 31, 2023
Current assets:    
Allowance for doubtful accounts receivable, current $ (23) $ (16)
Stockholders' equity:    
Preferred stock, par value (in dollars per share) $ 25 $ 25
Preferred stock, shares authorized (in shares) 10 10
Preferred stock, shares issued (in shares) 0 0
Common stock, par value (in dollars per share) $ 1 $ 1
Common stock, shares authorized (in shares) 2,400 2,400
Common stock, shares issued (in shares) 1,741 1,741
Treasury stock (in shares) 829 832
v3.24.3
Consolidated Statements of Cash Flows - USD ($)
$ in Millions
 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Cash flows from operating activities    
Net income $ 3,594 $ 5,139
Adjustments to net income:    
Depreciation 1,092 853
Amortization of capitalized software 53 48
Stock compensation 309 294
Gains on sales of assets (126) (1)
Deferred taxes (189) (159)
Increase (decrease) from changes in:    
Accounts receivable (75) (81)
Inventories (297) (1,151)
Prepaid expenses and other current assets (69) 38
Accounts payable and accrued expenses 38 (23)
Accrued compensation (127) (97)
Income taxes payable 487 (65)
Changes in funded status of retirement plans 2 49
Other (372) (348)
Cash flows from operating activities 4,320 4,496
Cash flows from investing activities    
Capital expenditures (3,628) (3,923)
Proceeds from asset sales 194 3
Purchases of short-term investments (8,807) (10,140)
Proceeds from short-term investments 8,461 9,976
Other (36) 33
Cash flows from investing activities (3,816) (4,051)
Cash flows from financing activities    
Proceeds from issuance of long-term debt 2,980 3,000
Repayment of debt (300) (500)
Dividends paid (3,555) (3,376)
Stock repurchases (392) (228)
Proceeds from common stock transactions 430 218
Other (42) (43)
Cash flows from financing activities (879) (929)
Net change in cash and cash equivalents (375) (484)
Cash and cash equivalents at beginning of period 2,964 3,050
Cash and cash equivalents at end of period 2,589 2,566
Supplemental cash flow information    
Investment tax credit (ITC) used to reduce income taxes payable 532 0
Total cash benefit related to the U.S. CHIPS and Science Act $ 532 $ 0
v3.24.3
Description of business, including segment and geographic area information
 9 Months Ended
Sep. 30, 2024
Segment Reporting [Abstract]  
Description of business, including segment and geographic area information Description of business, including segment and geographic area information
We design and manufacture semiconductors that we sell 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. Our segments also reflect how management allocates resources and measures results.
•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 Nine Months Ended
September 30,September 30,
 2024202320242023
Revenue:    
Analog$3,223 $3,353 $8,987 $9,920 
Embedded Processing653 890 1,920 2,616 
Other275 289 727 906 
Total revenue$4,151 $4,532 $11,634 $13,442 
Operating profit:
Analog$1,316 $1,504 $3,371 $4,541 
Embedded Processing109 258 294 813 
Other (a)129 130 423 444 
Total operating profit$1,554 $1,892 $4,088 $5,798 
(a)Includes restructuring charges/other
Geographic area information
Our estimate for revenue based on the geographic location of our end customers’ headquarters, which represents where critical decisions are made, is as follows:
For Three Months EndedFor Nine Months Ended
September 30,September 30,
2024202320242023
Revenue:
United States$1,639 39 %$1,541 34 %$4,335 37 %$4,391 33 %
China823 20 813 18 2,191 19 2,561 19 
Rest of Asia431 10 434 10 1,249 11 1,263 10 
Europe, Middle East and Africa (a)880 21 1,193 26 2,733 23 3,657 27 
Japan313 8 455 10 935 8 1,373 10 
Rest of world65 2 96 2 191 2 197 1 
Total revenue$4,151 100 %$4,532 100 %$11,634 100 %$13,442 100 %
(a)Revenue from end customers headquartered in Germany was 11% and 13% in the third quarters of 2024 and 2023, respectively, and 12% and 13% in the first nine months of 2024 and 2023, respectively.
v3.24.3
Basis of presentation and significant accounting policies and practices
 9 Months Ended
Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Basis of presentation and significant accounting policies and practices 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, 2023. The Consolidated Statements of Income, Comprehensive Income and Cash Flows for the periods ended September 30, 2024 and 2023, and the Consolidated Balance Sheet as of September 30, 2024, 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, 2023. The results for the three- and nine-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 nonforfeitable 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.
Computation and reconciliation of earnings per common share are as follows:
 For Three Months Ended September 30,
 20242023
Net IncomeSharesEPSNet IncomeSharesEPS
Basic EPS:      
Net income$1,362   $1,709   
Income allocated to RSUs(7)  (9)  
Income allocated to common stock$1,355 913 $1.48 $1,700 908 $1.87 
Dilutive effect of stock compensation plans7  8 
Diluted EPS: 
Net income$1,362  $1,709 
Income allocated to RSUs(7) (10)
Income allocated to common stock$1,355 920 $1.47 $1,699 916 $1.85 
For Nine Months Ended September 30,
20242023
Net IncomeSharesEPSNet IncomeSharesEPS
Basic EPS:
Net income$3,594 $5,139 
Income allocated to RSUs(18)(27)
Income allocated to common stock$3,576 912 $3.92 $5,112 908 $5.63 
Dilutive effect of stock compensation plans7 8 
Diluted EPS:
Net income$3,594 $5,139 
Income allocated to RSUs(18)(26)
Income allocated to common stock$3,576 919 $3.89 $5,113 916 $5.58 
Potentially dilutive securities representing 3 million and 9 million shares of common stock that were outstanding during the third quarters of 2024 and 2023, respectively, and 9 million and 9 million shares outstanding during the first nine months of 2024 and 2023, 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 were not material. We do not use derivatives for speculative or trading purposes.
Fair values of financial instruments
The fair values of our derivative financial instruments were not material as of September 30, 2024. 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 September 30, 2024, the carrying value of long-term debt, including the current portion, was $13.89 billion, and the estimated fair value was $13.46 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.
v3.24.3
Income taxes
 9 Months Ended
Sep. 30, 2024
Income Tax Disclosure [Abstract]  
Income taxes Income taxes
Provision for income taxes is based on the following:
For Three Months EndedFor Nine Months Ended
September 30,September 30,
 2024202320242023
Taxes calculated using the estimated annual effective tax rate$227 $229 $573 $794 
Discrete tax items(35)(16)(73)(63)
Provision for income taxes$192 $213 $500 $731 
Effective tax rate12 %11 %12 %12 %
The effective tax rate differs from the 21% U.S. statutory corporate tax rate due to the effect of U.S. tax benefits.
v3.24.3
Valuation of debt and equity investments and certain liabilities
 9 Months Ended
Sep. 30, 2024
Fair Value Disclosures [Abstract]  
Valuation of debt and equity investments and certain liabilities Valuation of debt and equity investments and certain liabilities
Investments measured at fair value
Money market funds, debt investments and mutual funds are stated at fair value, which is generally based on market prices or broker quotes. We classify all debt investments as available-for-sale. See Fair-value considerations. Unrealized gains and losses are recorded as an increase or decrease, net of taxes, in AOCI on our Consolidated Balance Sheets, and any credit losses 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 nonmarketable investments, which are not measured at fair value. These investments consist of interests in venture capital funds and other nonmarketable securities. Gains and losses from equity-method investments are recognized in OI&E based on our ownership share of the investee’s financial results. Nonmarketable securities are measured at cost with adjustments for observable changes in price or impairments. Gains and losses on nonmarketable investments are recognized in OI&E.
Details of our investments are as follows:
 September 30, 2024December 31, 2023
Cash and Cash EquivalentsShort-Term InvestmentsLong-Term InvestmentsCash and Cash EquivalentsShort-Term InvestmentsLong-Term Investments
Measured at fair value:      
Money market funds$515 $— $— $1,068 $— $— 
Corporate obligations461 1,199 — 349 1,605 — 
U.S. government and agency securities747 4,667 — 696 3,808 — 
Non-U.S. government and agency securities150 297 — 50 198 — 
Mutual funds— — 11 — — 12 
Total1,873 6,163 11 2,163 5,611 12 
Other measurement basis:
Equity-method investments— — 11 — — 17 
Nonmarketable investments— — 4 — — 5 
Total— — 15 — — 22 
Cash on hand716 — — 801 — — 
Total$2,589 $6,163 $26 $2,964 $5,611 $34 
As of September 30, 2024, and December 31, 2023, unrealized gains and losses associated with our debt investments were not material. We did not recognize any credit losses related to debt investments for the first nine months of 2024 and 2023.
The following table presents the aggregate maturities of our available-for-sale debt investments as of September 30, 2024:
Fair Value
One year or less$6,493 
One to two years1,028 
Proceeds from sales, redemptions and maturities of short-term available-for-sale investments were $2.70 billion and $2.89 billion for the third quarters of 2024 and 2023, respectively, and $8.46 billion and $9.98 billion for the first nine months of 2024 and 2023, respectively. Gross realized gains and losses from these sales were not material.
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.
•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 September 30, 2024, and December 31, 2023, 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.
 September 30, 2024December 31, 2023
 Level 1Level 2TotalLevel 1Level 2Total
Assets:      
Money market funds$515 $— $515 $1,068 $— $1,068 
Corporate obligations— 1,660 1,660 — 1,954 1,954 
U.S. government and agency securities3,021 2,393 5,414 3,618 886 4,504 
Non-U.S. government and agency securities— 447 447 — 248 248 
Mutual funds11 — 11 12 — 12 
Total assets$3,547 $4,500 $8,047 $4,698 $3,088 $7,786 
Liabilities:
Deferred compensation$435 $— $435 $393 $— $393 
Total liabilities$435 $— $435 $393 $— $393 
v3.24.3
Postretirement benefit plans
 9 Months Ended
Sep. 30, 2024
Retirement Benefits [Abstract]  
Postretirement benefit plans 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 September 30,202420232024202320242023
Service cost$2 $2 $— $— $4 $4 
Interest cost7 7 4 4 15 14 
Expected return on plan assets(7)(6)(4)(4)(22)(16)
Recognized net actuarial losses (gains)1 2 (1)(1)3 3 
Amortization of prior service cost (credit)— — — — 1 1 
Net periodic benefit costs (credits)3 5 (1)(1)1 6 
Total, including other postretirement losses (gains)$3 $5 $(1)$(1)$1 $6 
U.S. Defined BenefitU.S. Retiree Health CareNon-U.S. Defined Benefit
For Nine Months Ended September 30,202420232024202320242023
Service cost$6 $6 $1 $1 $12 $12 
Interest cost19 21 10 11 42 43 
Expected return on plan assets(18)(17)(13)(13)(60)(48)
Recognized net actuarial losses (gains)3 5 (2)(4)9 9 
Amortization of prior service cost (credit)— — — — 1 1 
Net periodic benefit costs (credits)10 15 (4)(5)4 17 
Settlement losses— 1 — — — 1 
Total, including other postretirement losses (gains)$10 $16 $(4)$(5)$4 $18 
v3.24.3
Debt and lines of credit
 9 Months Ended
Sep. 30, 2024
Debt Disclosure [Abstract]  
Debt and lines of credit Debt and lines of credit
Short-term borrowings
We maintain a line of credit to provide additional liquidity through bank loans and, if necessary, to support commercial paper borrowings. As of September 30, 2024, the aforementioned line of credit was a variable-rate, revolving credit facility from a consortium of investment-grade banks that allows us to borrow up to $1 billion until March 2025. 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 September 30, 2024, our credit facility was undrawn, and we had no commercial paper outstanding.
Long-term debt
In May 2024, we retired $300 million of maturing debt.
In February 2024, we issued five series of senior unsecured notes for an aggregate principal amount of $3.00 billion, consisting of:
•$650 million of 4.60% notes due in 2027;
•$650 million of 4.60% notes due in 2029;
•$600 million of 4.85% notes due in 2034;
•$750 million of 5.15% notes due in 2054; and
•$350 million further issuance of existing 5.05% notes due in 2063.
We incurred $16 million of issuance and other related costs. The proceeds of the offering were $2.98 billion, net of the original issuance discounts, which will be used for general corporate purposes.
Long-term debt outstanding is as follows:
September 30,December 31,
20242023
Notes due 2024 at 2.625%
$— $300 
Notes due 2024 at 4.70%
300 300 
Notes due 2025 at 1.375%
750 750 
Notes due 2026 at 1.125%
500 500 
Notes due 2027 at 4.60%
650 — 
Notes due 2027 at 2.90%
500 500 
Notes due 2028 at 4.60%
700 700 
Notes due 2029 at 4.60%
650 — 
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 2032 at 3.65%
400 400 
Notes due 2033 at 4.90%
950 950 
Notes due 2034 at 4.85%
600 — 
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 
Notes due 2052 at 4.10%
300 300 
Notes due 2053 at 5.00%
650 650 
Notes due 2054 at 5.15%
750 — 
Notes due 2063 at 5.05%
1,550 1,200 
Total debt14,000 11,300 
Net unamortized discounts, premiums and issuance costs(107)(77)
Total debt, including net unamortized discounts, premiums and issuance costs13,893 11,223 
Current portion of long-term debt(1,049)(599)
Long-term debt$12,844 $10,624 
Interest and debt expense was $131 million and $98 million for the third quarters of 2024 and 2023, respectively, and $378 million and $255 million for the first nine months of 2024 and 2023, respectively. This was net of the amortized discounts, premiums, issuance and other related costs. Capitalized interest was $5 million and $3 million for the third quarters of 2024 and 2023, respectively, and $16 million and $8 million for the first nine months of 2024 and 2023, respectively.
v3.24.3
Stockholders' equity
 9 Months Ended
Sep. 30, 2024
Equity [Abstract]  
Stockholders’ equity Stockholders’ equity
Changes in equity are as follows:
Common StockPaid-in CapitalRetained EarningsTreasury Common StockAOCI
Balance, December 31, 2023$1,741 $3,362 $52,283 $(40,284)$(205)
2024
Net income— — 1,105 — — 
Dividends declared and paid ($1.30 per share)
— — (1,183)— — 
Common stock issued for stock-based awards— (29)— 94 — 
Stock repurchases— — — (3)— 
Stock compensation— 106 — — — 
Other comprehensive income (loss), net of taxes— — — — 2 
Dividend equivalents on RSUs— — (7)— — 
Other— — 1 — — 
Balance, March 31, 20241,741 3,439 52,199 (40,193)(203)
Net income— — 1,127 — — 
Dividends declared and paid ($1.30 per share)
— — (1,185)— — 
Common stock issued for stock-based awards— 111 — 137 — 
Stock repurchases— — — (72)— 
Stock compensation— 116 — — — 
Other comprehensive income (loss), net of taxes— — — — 3 
Dividend equivalents on RSUs— — (6)— — 
Balance, June 30, 20241,741 3,666 52,135 (40,128)(200)
Net income— — 1,362 — — 
Dividends declared and paid ($1.30 per share)
— — (1,187)— — 
Common stock issued for stock-based awards— 62 — 55 — 
Stock repurchases— — — (322)— 
Stock compensation— 87 — — — 
Other comprehensive income (loss), net of taxes— — — — 5 
Dividend equivalents on RSUs— — (6)— — 
Other— (2)— — — 
Balance, September 30, 2024$1,741 $3,813 $52,304 $(40,395)$(195)
Common StockPaid-in CapitalRetained EarningsTreasury Common StockAOCI
Balance, December 31, 2022$1,741 $2,951 $50,353 $(40,214)$(254)
2023
Net income— — 1,708 — — 
Dividends declared and paid ($1.24 per share)
— — (1,125)— — 
Common stock issued for stock-based awards— (37)— 118 — 
Stock repurchases— — — (96)— 
Stock compensation— 104 — — — 
Other comprehensive income (loss), net of taxes— — — — 2 
Dividend equivalents on RSUs— — (6)— — 
Other— (2)— — — 
Balance, March 31, 20231,741 3,016 50,930 (40,192)(252)
Net income— — 1,722 — — 
Dividends declared and paid ($1.24 per share)
— — (1,125)— — 
Common stock issued for stock-based awards— 36 — 29 — 
Stock repurchases— — — (77)— 
Stock compensation— 111 — — — 
Other comprehensive income (loss), net of taxes— — — — 6 
Dividend equivalents on RSUs— — (5)— — 
Balance, June 30, 20231,741 3,163 51,522 (40,240)(246)
Net income— — 1,709 — — 
Dividends declared and paid ($1.24 per share)
— — (1,126)— — 
Common stock issued for stock-based awards— 38 — 35 — 
Stock repurchases— — — (48)— 
Stock compensation— 79 — — — 
Other comprehensive income (loss), net of taxes— — — — 11 
Dividend equivalents on RSUs— — (6)— — 
Other— — (1)— — 
Balance, September 30, 2023$1,741 $3,280 $52,098 $(40,253)$(235)
v3.24.3
Contingencies
 9 Months Ended
Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]  
Contingencies 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
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. 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 consolidated financial statements. 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.
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 consolidated financial statements.
v3.24.3
Supplemental financial information
 9 Months Ended
Sep. 30, 2024
Disclosure Text Block Supplement [Abstract]  
Supplemental financial information Supplemental financial information
Restructuring charges/other
During the first nine months of 2024, restructuring charges/other was a credit of $124 million primarily due to a gain on the sale of a property.
Prepaid expenses and other current assets
September 30,December 31,
20242023
U.S. CHIPS and Science Act investment tax credit$621 $497 
Other341 264 
Total$962 $761 
Other long-term assets
September 30,December 31,
20242023
U.S. CHIPS and Science Act investment tax credit$806 $859 
Operating lease right-of-use assets800 579 
Other325 274 
Total$1,931 $1,712 
Other long-term liabilities
September 30,December 31,
20242023
Operating lease liabilities$681 $478 
Other671 858 
Total$1,352 $1,336 
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 third quarters and first nine months of 2024 and 2023. The table below details where these transactions are recorded in our Consolidated Statements of Income.
For Three Months EndedFor Nine Months EndedImpact to Related Statement of Income Lines
September 30,September 30,
 2024202320242023
Net actuarial losses of defined benefit plans:     
Recognized net actuarial losses and settlement losses (a)$3 $4 $10 $12 Decrease to OI&E
Tax effect(1)(1)(3)(3)Decrease to provision for income taxes
Recognized within net income, net of taxes$2 $3 $7 $9 Decrease to net income
Prior service cost (credit) of defined benefit plans:     
Amortization of prior service cost (credit) (a)$1 $1 $1 $1 Decrease (increase) to OI&E
Tax effect— — — — (Decrease) increase to provision for income taxes
Recognized within net income, net of taxes$1 $1 $1 $1 Decrease (increase) to net income
(a)Detailed in Note 5
Effect on shares outstanding and treasury shares
The following table reflects the changes in treasury shares:
2024
Balance, January 1832 
Repurchases— 
Shares issued for stock compensation(1)
Balance, March 31831
Repurchases— 
Shares issued for stock compensation(3)
Balance, June 30828
Repurchases2 
Shares issued for stock compensation(1)
Balance, September 30829 
v3.24.3
Basis of presentation and significant accounting policies and practices (Policies)
 9 Months Ended
Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Basis of presentation
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, 2023. The Consolidated Statements of Income, Comprehensive Income and Cash Flows for the periods ended September 30, 2024 and 2023, and the Consolidated Balance Sheet as of September 30, 2024, 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, 2023. The results for the three- and nine-month periods are not necessarily indicative of a full year’s results.
Earnings per share (EPS)
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 nonforfeitable 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.
Derivatives and hedging
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 were not material. We do not use derivatives for speculative or trading purposes.
Fair values of financial instruments
Fair values of financial instruments
The fair values of our derivative financial instruments were not material as of September 30, 2024. 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.
Investments measured at fair value
Investments measured at fair value
Money market funds, debt investments and mutual funds are stated at fair value, which is generally based on market prices or broker quotes. We classify all debt investments as available-for-sale. See Fair-value considerations. Unrealized gains and losses are recorded as an increase or decrease, net of taxes, in AOCI on our Consolidated Balance Sheets, and any credit losses 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 nonmarketable investments, which are not measured at fair value. These investments consist of interests in venture capital funds and other nonmarketable securities. Gains and losses from equity-method investments are recognized in OI&E based on our ownership share of the investee’s financial results. Nonmarketable securities are measured at cost with adjustments for observable changes in price or impairments. Gains and losses on nonmarketable investments are recognized in OI&E.
Fair value considerations
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.
•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 September 30, 2024, and December 31, 2023, we had no Level 3 assets or liabilities.
Indemnification guarantees and warranty costs/product liabilities
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
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. 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 consolidated financial statements. 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.
v3.24.3
Description of business, including segment and geographic area information (Tables)
 9 Months Ended
Sep. 30, 2024
Segment Reporting [Abstract]  
Schedule of Segment Information
Segment information
For Three Months EndedFor Nine Months Ended
September 30,September 30,
 2024202320242023
Revenue:    
Analog$3,223 $3,353 $8,987 $9,920 
Embedded Processing653 890 1,920 2,616 
Other275 289 727 906 
Total revenue$4,151 $4,532 $11,634 $13,442 
Operating profit:
Analog$1,316 $1,504 $3,371 $4,541 
Embedded Processing109 258 294 813 
Other (a)129 130 423 444 
Total operating profit$1,554 $1,892 $4,088 $5,798 
(a)Includes restructuring charges/other
Schedule of Geographic Area Information
Geographic area information
Our estimate for revenue based on the geographic location of our end customers’ headquarters, which represents where critical decisions are made, is as follows:
For Three Months EndedFor Nine Months Ended
September 30,September 30,
2024202320242023
Revenue:
United States$1,639 39 %$1,541 34 %$4,335 37 %$4,391 33 %
China823 20 813 18 2,191 19 2,561 19 
Rest of Asia431 10 434 10 1,249 11 1,263 10 
Europe, Middle East and Africa (a)880 21 1,193 26 2,733 23 3,657 27 
Japan313 8 455 10 935 8 1,373 10 
Rest of world65 2 96 2 191 2 197 1 
Total revenue$4,151 100 %$4,532 100 %$11,634 100 %$13,442 100 %
(a)Revenue from end customers headquartered in Germany was 11% and 13% in the third quarters of 2024 and 2023, respectively, and 12% and 13% in the first nine months of 2024 and 2023, respectively.
v3.24.3
Basis of presentation and significant accounting policies and practices (Tables)
 9 Months Ended
Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of Earnings Per Share
Computation and reconciliation of earnings per common share are as follows:
 For Three Months Ended September 30,
 20242023
Net IncomeSharesEPSNet IncomeSharesEPS
Basic EPS:      
Net income$1,362   $1,709   
Income allocated to RSUs(7)  (9)  
Income allocated to common stock$1,355 913 $1.48 $1,700 908 $1.87 
Dilutive effect of stock compensation plans7  8 
Diluted EPS: 
Net income$1,362  $1,709 
Income allocated to RSUs(7) (10)
Income allocated to common stock$1,355 920 $1.47 $1,699 916 $1.85 
For Nine Months Ended September 30,
20242023
Net IncomeSharesEPSNet IncomeSharesEPS
Basic EPS:
Net income$3,594 $5,139 
Income allocated to RSUs(18)(27)
Income allocated to common stock$3,576 912 $3.92 $5,112 908 $5.63 
Dilutive effect of stock compensation plans7 8 
Diluted EPS:
Net income$3,594 $5,139 
Income allocated to RSUs(18)(26)
Income allocated to common stock$3,576 919 $3.89 $5,113 916 $5.58 
v3.24.3
Income taxes (Tables)
 9 Months Ended
Sep. 30, 2024
Income Tax Disclosure [Abstract]  
Schedule of Provision for Income Taxes
Provision for income taxes is based on the following:
For Three Months EndedFor Nine Months Ended
September 30,September 30,
 2024202320242023
Taxes calculated using the estimated annual effective tax rate$227 $229 $573 $794 
Discrete tax items(35)(16)(73)(63)
Provision for income taxes$192 $213 $500 $731 
Effective tax rate12 %11 %12 %12 %
v3.24.3
Valuation of debt and equity investments and certain liabilities (Tables)
 9 Months Ended
Sep. 30, 2024
Fair Value Disclosures [Abstract]  
Schedule of Investments
Details of our investments are as follows:
 September 30, 2024December 31, 2023
Cash and Cash EquivalentsShort-Term InvestmentsLong-Term InvestmentsCash and Cash EquivalentsShort-Term InvestmentsLong-Term Investments
Measured at fair value:      
Money market funds$515 $— $— $1,068 $— $— 
Corporate obligations461 1,199 — 349 1,605 — 
U.S. government and agency securities747 4,667 — 696 3,808 — 
Non-U.S. government and agency securities150 297 — 50 198 — 
Mutual funds— — 11 — — 12 
Total1,873 6,163 11 2,163 5,611 12 
Other measurement basis:
Equity-method investments— — 11 — — 17 
Nonmarketable investments— — 4 — — 5 
Total— — 15 — — 22 
Cash on hand716 — — 801 — — 
Total$2,589 $6,163 $26 $2,964 $5,611 $34 
Schedule of Aggregate Maturities of Available-for-sale Debt Investments
The following table presents the aggregate maturities of our available-for-sale debt investments as of September 30, 2024:
Fair Value
One year or less$6,493 
One to two years1,028 
Schedule of Assets and Liabilities Accounted for at Fair Value
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.
 September 30, 2024December 31, 2023
 Level 1Level 2TotalLevel 1Level 2Total
Assets:      
Money market funds$515 $— $515 $1,068 $— $1,068 
Corporate obligations— 1,660 1,660 — 1,954 1,954 
U.S. government and agency securities3,021 2,393 5,414 3,618 886 4,504 
Non-U.S. government and agency securities— 447 447 — 248 248 
Mutual funds11 — 11 12 — 12 
Total assets$3,547 $4,500 $8,047 $4,698 $3,088 $7,786 
Liabilities:
Deferred compensation$435 $— $435 $393 $— $393 
Total liabilities$435 $— $435 $393 $— $393 
v3.24.3
Postretirement benefit plans (Tables)
 9 Months Ended
Sep. 30, 2024
Retirement Benefits [Abstract]  
Schedule of Expense Related to Defined Benefit and Retiree Health Care 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 September 30,202420232024202320242023
Service cost$2 $2 $— $— $4 $4 
Interest cost7 7 4 4 15 14 
Expected return on plan assets(7)(6)(4)(4)(22)(16)
Recognized net actuarial losses (gains)1 2 (1)(1)3 3 
Amortization of prior service cost (credit)— — — — 1 1 
Net periodic benefit costs (credits)3 5 (1)(1)1 6 
Total, including other postretirement losses (gains)$3 $5 $(1)$(1)$1 $6 
U.S. Defined BenefitU.S. Retiree Health CareNon-U.S. Defined Benefit
For Nine Months Ended September 30,202420232024202320242023
Service cost$6 $6 $1 $1 $12 $12 
Interest cost19 21 10 11 42 43 
Expected return on plan assets(18)(17)(13)(13)(60)(48)
Recognized net actuarial losses (gains)3 5 (2)(4)9 9 
Amortization of prior service cost (credit)— — — — 1 1 
Net periodic benefit costs (credits)10 15 (4)(5)4 17 
Settlement losses— 1 — — — 1 
Total, including other postretirement losses (gains)$10 $16 $(4)$(5)$4 $18 
v3.24.3
Debt and lines of credit (Tables)
 9 Months Ended
Sep. 30, 2024
Debt Disclosure [Abstract]  
Schedule of Long-term Debt Instruments
Long-term debt outstanding is as follows:
September 30,December 31,
20242023
Notes due 2024 at 2.625%
$— $300 
Notes due 2024 at 4.70%
300 300 
Notes due 2025 at 1.375%
750 750 
Notes due 2026 at 1.125%
500 500 
Notes due 2027 at 4.60%
650 — 
Notes due 2027 at 2.90%
500 500 
Notes due 2028 at 4.60%
700 700 
Notes due 2029 at 4.60%
650 — 
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 2032 at 3.65%
400 400 
Notes due 2033 at 4.90%
950 950 
Notes due 2034 at 4.85%
600 — 
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 
Notes due 2052 at 4.10%
300 300 
Notes due 2053 at 5.00%
650 650 
Notes due 2054 at 5.15%
750 — 
Notes due 2063 at 5.05%
1,550 1,200 
Total debt14,000 11,300 
Net unamortized discounts, premiums and issuance costs(107)(77)
Total debt, including net unamortized discounts, premiums and issuance costs13,893 11,223 
Current portion of long-term debt(1,049)(599)
Long-term debt$12,844 $10,624 
v3.24.3
Stockholders' equity (Tables)
 9 Months Ended
Sep. 30, 2024
Equity [Abstract]  
Schedule of Changes in Stockholders' Equity
Changes in equity are as follows:
Common StockPaid-in CapitalRetained EarningsTreasury Common StockAOCI
Balance, December 31, 2023$1,741 $3,362 $52,283 $(40,284)$(205)
2024
Net income— — 1,105 — — 
Dividends declared and paid ($1.30 per share)
— — (1,183)— — 
Common stock issued for stock-based awards— (29)— 94 — 
Stock repurchases— — — (3)— 
Stock compensation— 106 — — — 
Other comprehensive income (loss), net of taxes— — — — 2 
Dividend equivalents on RSUs— — (7)— — 
Other— — 1 — — 
Balance, March 31, 20241,741 3,439 52,199 (40,193)(203)
Net income— — 1,127 — — 
Dividends declared and paid ($1.30 per share)
— — (1,185)— — 
Common stock issued for stock-based awards— 111 — 137 — 
Stock repurchases— — — (72)— 
Stock compensation— 116 — — — 
Other comprehensive income (loss), net of taxes— — — — 3 
Dividend equivalents on RSUs— — (6)— — 
Balance, June 30, 20241,741 3,666 52,135 (40,128)(200)
Net income— — 1,362 — — 
Dividends declared and paid ($1.30 per share)
— — (1,187)— — 
Common stock issued for stock-based awards— 62 — 55 — 
Stock repurchases— — — (322)— 
Stock compensation— 87 — — — 
Other comprehensive income (loss), net of taxes— — — — 5 
Dividend equivalents on RSUs— — (6)— — 
Other— (2)— — — 
Balance, September 30, 2024$1,741 $3,813 $52,304 $(40,395)$(195)
Common StockPaid-in CapitalRetained EarningsTreasury Common StockAOCI
Balance, December 31, 2022$1,741 $2,951 $50,353 $(40,214)$(254)
2023
Net income— — 1,708 — — 
Dividends declared and paid ($1.24 per share)
— — (1,125)— — 
Common stock issued for stock-based awards— (37)— 118 — 
Stock repurchases— — — (96)— 
Stock compensation— 104 — — — 
Other comprehensive income (loss), net of taxes— — — — 2 
Dividend equivalents on RSUs— — (6)— — 
Other— (2)— — — 
Balance, March 31, 20231,741 3,016 50,930 (40,192)(252)
Net income— — 1,722 — — 
Dividends declared and paid ($1.24 per share)
— — (1,125)— — 
Common stock issued for stock-based awards— 36 — 29 — 
Stock repurchases— — — (77)— 
Stock compensation— 111 — — — 
Other comprehensive income (loss), net of taxes— — — — 6 
Dividend equivalents on RSUs— — (5)— — 
Balance, June 30, 20231,741 3,163 51,522 (40,240)(246)
Net income— — 1,709 — — 
Dividends declared and paid ($1.24 per share)
— — (1,126)— — 
Common stock issued for stock-based awards— 38 — 35 — 
Stock repurchases— — — (48)— 
Stock compensation— 79 — — — 
Other comprehensive income (loss), net of taxes— — — — 11 
Dividend equivalents on RSUs— — (6)— — 
Other— — (1)— — 
Balance, September 30, 2023$1,741 $3,280 $52,098 $(40,253)$(235)
v3.24.3
Supplemental financial information (Tables)
 9 Months Ended
Sep. 30, 2024
Disclosure Text Block Supplement [Abstract]  
Schedule of Other Current Assets
Prepaid expenses and other current assets
September 30,December 31,
20242023
U.S. CHIPS and Science Act investment tax credit$621 $497 
Other341 264 
Total$962 $761 
Schedule of Other Long-Term Assets
Other long-term assets
September 30,December 31,
20242023
U.S. CHIPS and Science Act investment tax credit$806 $859 
Operating lease right-of-use assets800 579 
Other325 274 
Total$1,931 $1,712 
Schedule of Other Long-Term Liabilities
Other long-term liabilities
September 30,December 31,
20242023
Operating lease liabilities$681 $478 
Other671 858 
Total$1,352 $1,336 
Schedule of Amounts Reclassified Out of AOCI to Net Income, Net of Taxes The table below details where these transactions are recorded in our Consolidated Statements of Income.
For Three Months EndedFor Nine Months EndedImpact to Related Statement of Income Lines
September 30,September 30,
 2024202320242023
Net actuarial losses of defined benefit plans:     
Recognized net actuarial losses and settlement losses (a)$3 $4 $10 $12 Decrease to OI&E
Tax effect(1)(1)(3)(3)Decrease to provision for income taxes
Recognized within net income, net of taxes$2 $3 $7 $9 Decrease to net income
Prior service cost (credit) of defined benefit plans:     
Amortization of prior service cost (credit) (a)$1 $1 $1 $1 Decrease (increase) to OI&E
Tax effect— — — — (Decrease) increase to provision for income taxes
Recognized within net income, net of taxes$1 $1 $1 $1 Decrease (increase) to net income
(a)Detailed in Note 5
Schedule of Effect of Shares Outstanding and Treasury Shares
Effect on shares outstanding and treasury shares
The following table reflects the changes in treasury shares:
2024
Balance, January 1832 
Repurchases— 
Shares issued for stock compensation(1)
Balance, March 31831
Repurchases— 
Shares issued for stock compensation(3)
Balance, June 30828
Repurchases2 
Shares issued for stock compensation(1)
Balance, September 30829 
v3.24.3
Description of business, including segment and geographic area information - Additional Information (Details)
 9 Months Ended
Sep. 30, 2024
reportable_segment
productLine
Segment Reporting [Abstract]  
Number of reportable segments | reportable_segment 2
Number of product lines, Analog Segment | productLine 2
v3.24.3
Description of business, including segment and geographic area information - Segment Information (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Segment Reporting Information [Line Items]        
Total revenue $ 4,151 $ 4,532 $ 11,634 $ 13,442
Total operating profit 1,554 1,892 4,088 5,798
Analog        
Segment Reporting Information [Line Items]        
Total revenue 3,223 3,353 8,987 9,920
Total operating profit 1,316 1,504 3,371 4,541
Embedded Processing        
Segment Reporting Information [Line Items]        
Total revenue 653 890 1,920 2,616
Total operating profit 109 258 294 813
Other        
Segment Reporting Information [Line Items]        
Total revenue 275 289 727 906
Total operating profit [1] $ 129 $ 130 $ 423 $ 444
[1] Includes restructuring charges/other
v3.24.3
Description of business, including segment and geographic area information - Geographic Area Information (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Segment Reporting Information [Line Items]        
Total revenue $ 4,151 $ 4,532 $ 11,634 $ 13,442
Revenue from Contract with Customer, Product and Service Benchmark | Geographic Concentration Risk        
Segment Reporting Information [Line Items]        
Total revenue $ 4,151 $ 4,532 $ 11,634 $ 13,442
Concentration risk, percentage 100.00% 100.00% 100.00% 100.00%
United States | Revenue from Contract with Customer, Product and Service Benchmark | Geographic Concentration Risk        
Segment Reporting Information [Line Items]        
Total revenue $ 1,639 $ 1,541 $ 4,335 $ 4,391
Concentration risk, percentage 39.00% 34.00% 37.00% 33.00%
China | Revenue from Contract with Customer, Product and Service Benchmark | Geographic Concentration Risk        
Segment Reporting Information [Line Items]        
Total revenue $ 823 $ 813 $ 2,191 $ 2,561
Concentration risk, percentage 20.00% 18.00% 19.00% 19.00%
Rest of Asia | Revenue from Contract with Customer, Product and Service Benchmark | Geographic Concentration Risk        
Segment Reporting Information [Line Items]        
Total revenue $ 431 $ 434 $ 1,249 $ 1,263
Concentration risk, percentage 10.00% 10.00% 11.00% 10.00%
Europe, Middle East and Africa | Revenue from Contract with Customer, Product and Service Benchmark | Geographic Concentration Risk        
Segment Reporting Information [Line Items]        
Total revenue [1] $ 880 $ 1,193 $ 2,733 $ 3,657
Concentration risk, percentage [1] 21.00% 26.00% 23.00% 27.00%
Japan | Revenue from Contract with Customer, Product and Service Benchmark | Geographic Concentration Risk        
Segment Reporting Information [Line Items]        
Total revenue $ 313 $ 455 $ 935 $ 1,373
Concentration risk, percentage 8.00% 10.00% 8.00% 10.00%
Rest of world | Revenue from Contract with Customer, Product and Service Benchmark | Geographic Concentration Risk        
Segment Reporting Information [Line Items]        
Total revenue $ 65 $ 96 $ 191 $ 197
Concentration risk, percentage 2.00% 2.00% 2.00% 1.00%
Germany | Revenue from Contract with Customer, Product and Service Benchmark | Geographic Concentration Risk        
Segment Reporting Information [Line Items]        
Concentration risk, percentage 11.00% 13.00% 12.00% 13.00%
[1] Revenue from end customers headquartered in Germany was 11% and 13% in the third quarters of 2024 and 2023, respectively, and 12% and 13% in the first nine months of 2024 and 2023, respectively.
v3.24.3
Basis of presentation and significant accounting policies and practices - Earnings Per Share (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Basic EPS:        
Net income $ 1,362 $ 1,709 $ 3,594 $ 5,139
Income allocated to RSUs (7) (9) (18) (27)
Income allocated to common stock $ 1,355 $ 1,700 $ 3,576 $ 5,112
Weighted average number of shares outstanding, basic (in shares) 913 908 912 908
Basic (in dollars per share) $ 1.48 $ 1.87 $ 3.92 $ 5.63
Dilutive effect of stock compensation plans (in shares) 7 8 7 8
Diluted EPS:        
Net income $ 1,362 $ 1,709 $ 3,594 $ 5,139
Income allocated to RSUs (7) (10) (18) (26)
Income allocated to common stock for diluted EPS $ 1,355 $ 1,699 $ 3,576 $ 5,113
Weighted average number of shares outstanding, diluted (in shares) 920 916 919 916
Diluted (in dollars per share) $ 1.47 $ 1.85 $ 3.89 $ 5.58
v3.24.3
Basis of presentation and significant accounting policies and practices - Additional Information (Details) - USD ($)
shares in Millions, $ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]          
Antidilutive securities excluded from computation of earnings per share, Amount (in shares) 3 9 9 9  
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]          
Long-term debt, carrying value $ 13,893   $ 13,893   $ 11,223
Level 2          
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]          
Long-term debt, estimated fair value $ 13,460   $ 13,460    
v3.24.3
Income taxes - Provision for Income Taxes (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Income Tax Disclosure [Abstract]        
Taxes calculated using the estimated annual effective tax rate $ 227 $ 229 $ 573 $ 794
Discrete tax items (35) (16) (73) (63)
Provision for income taxes $ 192 $ 213 $ 500 $ 731
Effective tax rate 12.00% 11.00% 12.00% 12.00%
v3.24.3
Income taxes - Additional Information (Details)
 9 Months Ended
Sep. 30, 2024
Income Tax Disclosure [Abstract]  
Statutory corporate tax rate 21.00%
v3.24.3
Valuation of debt and equity investments and certain liabilities - Investments at Fair Value (Details) - USD ($)
$ in Millions
Sep. 30, 2024
Dec. 31, 2023
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Cash and Cash Equivalents $ 2,589 $ 2,964
Short-term investments 6,163 5,611
Long-Term Investments 26 34
Measured at fair value    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Cash and Cash Equivalents 1,873 2,163
Short-term investments 6,163 5,611
Long-Term Investments 11 12
Other measurement basis    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Cash and Cash Equivalents 0 0
Short-term investments 0 0
Long-Term Investments 15 22
Money market funds | Measured at fair value    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Cash and Cash Equivalents 515 1,068
Short-term investments 0 0
Long-Term Investments 0 0
Corporate obligations | Measured at fair value    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Cash and Cash Equivalents 461 349
Short-term investments 1,199 1,605
Long-Term Investments 0 0
U.S. government and agency securities | Measured at fair value    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Cash and Cash Equivalents 747 696
Short-term investments 4,667 3,808
Long-Term Investments 0 0
Non-U.S. government and agency securities | Measured at fair value    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Cash and Cash Equivalents 150 50
Short-term investments 297 198
Long-Term Investments 0 0
Mutual funds | Measured at fair value    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Cash and Cash Equivalents 0 0
Short-term investments 0 0
Long-Term Investments 11 12
Equity-method investments | Other measurement basis    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Cash and Cash Equivalents 0 0
Short-term investments 0 0
Long-Term Investments 11 17
Nonmarketable investments | Other measurement basis    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Cash and Cash Equivalents 0 0
Short-term investments 0 0
Long-Term Investments 4 5
Cash on hand | Other measurement basis    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Cash and Cash Equivalents 716 801
Short-term investments 0 0
Long-Term Investments $ 0 $ 0
v3.24.3
Valuation of debt and equity investments and certain liabilities - Additional Information (Details) - USD ($)
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Dec. 31, 2023
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]          
Credit losses related to available-for-sale investments     $ 0 $ 0  
Proceeds from sales, redemptions and maturities of short-term available-for-sale investments $ 2,700,000,000 $ 2,890,000,000 8,460,000,000 $ 9,980,000,000  
Level 3          
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]          
Liabilities, fair value 0   0   $ 0
Assets, fair value $ 0   $ 0   $ 0
v3.24.3
Valuation of debt and equity investments and certain liabilities - Aggregate Liabilities of Our Available-for-Sale Debt Investments (Details)
$ in Millions
Sep. 30, 2024
USD ($)
Fair Value Disclosures [Abstract]  
One year or less $ 6,493
One to two years $ 1,028
v3.24.3
Valuation of debt and equity investments and certain liabilities - Fair Value Assets and Liabilities Measured on Recurring Basis (Details) - Recurring - USD ($)
$ in Millions
Sep. 30, 2024
Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total assets fair value $ 8,047 $ 7,786
Total liabilities fair value 435 393
Deferred compensation    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total liabilities fair value 435 393
Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total assets fair value 3,547 4,698
Total liabilities fair value 435 393
Level 1 | Deferred compensation    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total liabilities fair value 435 393
Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total assets fair value 4,500 3,088
Total liabilities fair value 0 0
Level 2 | Deferred compensation    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total liabilities fair value 0 0
Money market funds    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total assets fair value 515 1,068
Money market funds | Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total assets fair value 515 1,068
Money market funds | Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total assets fair value 0 0
Corporate obligations    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total assets fair value 1,660 1,954
Corporate obligations | Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total assets fair value 0 0
Corporate obligations | Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total assets fair value 1,660 1,954
U.S. government and agency securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total assets fair value 5,414 4,504
U.S. government and agency securities | Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total assets fair value 3,021 3,618
U.S. government and agency securities | Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total assets fair value 2,393 886
Non-U.S. government and agency securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total assets fair value 447 248
Non-U.S. government and agency securities | Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total assets fair value 0 0
Non-U.S. government and agency securities | Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total assets fair value 447 248
Mutual funds    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total assets fair value 11 12
Mutual funds | Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total assets fair value 11 12
Mutual funds | Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total assets fair value $ 0 $ 0
v3.24.3
Postretirement benefit plans (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
U.S. | Defined benefit plan        
Defined Benefit Plan Disclosure [Line Items]        
Service cost $ 2 $ 2 $ 6 $ 6
Interest cost 7 7 19 21
Expected return on plan assets (7) (6) (18) (17)
Recognized net actuarial losses (gains) 1 2 3 5
Amortization of prior service cost (credit) 0 0 0 0
Net periodic benefit costs (credits) 3 5 10 15
Settlement losses     0 1
Total, including other postretirement losses (gains) 3 5 10 16
U.S. | Retiree health care plan        
Defined Benefit Plan Disclosure [Line Items]        
Service cost 0 0 1 1
Interest cost 4 4 10 11
Expected return on plan assets (4) (4) (13) (13)
Recognized net actuarial losses (gains) (1) (1) (2) (4)
Amortization of prior service cost (credit) 0 0 0 0
Net periodic benefit costs (credits) (1) (1) (4) (5)
Settlement losses     0 0
Total, including other postretirement losses (gains) (1) (1) (4) (5)
Non-U.S. | Defined benefit plan        
Defined Benefit Plan Disclosure [Line Items]        
Service cost 4 4 12 12
Interest cost 15 14 42 43
Expected return on plan assets (22) (16) (60) (48)
Recognized net actuarial losses (gains) 3 3 9 9
Amortization of prior service cost (credit) 1 1 1 1
Net periodic benefit costs (credits) 1 6 4 17
Settlement losses     0 1
Total, including other postretirement losses (gains) $ 1 $ 6 $ 4 $ 18
v3.24.3
Debt and lines of credit - Additional Information (Details)
 1 Months Ended 3 Months Ended 9 Months Ended
May 31, 2024
USD ($)
Feb. 29, 2024
USD ($)
series
Sep. 30, 2024
USD ($)
Sep. 30, 2023
USD ($)
Sep. 30, 2024
USD ($)
Sep. 30, 2023
USD ($)
Debt Instrument [Line Items]            
Commercial paper     $ 0   $ 0  
Repayment of debt         300,000,000 $ 500,000,000
Proceeds from issuance of long-term debt         2,980,000,000 3,000,000,000
Interest and debt expense     131,000,000 $ 98,000,000 378,000,000 255,000,000
Interest costs capitalized     $ 5,000,000 $ 3,000,000 $ 16,000,000 $ 8,000,000
Notes due 2024 at 2.625%            
Debt Instrument [Line Items]            
Repayment of debt $ 300,000,000          
Long-term debt stated interest rate (in percentage)     2.625%   2.625%  
Notes due 2027 at 4.60%            
Debt Instrument [Line Items]            
Long-term debt stated interest rate (in percentage)     4.60%   4.60%  
Notes due 2029 at 4.60%            
Debt Instrument [Line Items]            
Long-term debt stated interest rate (in percentage)     4.60%   4.60%  
Notes due 2034 at 4.85%            
Debt Instrument [Line Items]            
Long-term debt stated interest rate (in percentage)     4.85%   4.85%  
Notes due 2054 at 5.15%            
Debt Instrument [Line Items]            
Long-term debt stated interest rate (in percentage)     5.15%   5.15%  
Notes due 2063 at 5.05%            
Debt Instrument [Line Items]            
Long-term debt stated interest rate (in percentage)     5.05%   5.05%  
Senior unsecured notes            
Debt Instrument [Line Items]            
Number of series of debt issued | series   5        
Principal amount   $ 3,000,000,000        
Debt issuance costs   16,000,000        
Proceeds from issuance of long-term debt   2,980,000,000        
Senior unsecured notes | Notes due 2027 at 4.60%            
Debt Instrument [Line Items]            
Principal amount   $ 650,000,000        
Long-term debt stated interest rate (in percentage)   4.60%        
Senior unsecured notes | Notes due 2029 at 4.60%            
Debt Instrument [Line Items]            
Principal amount   $ 650,000,000        
Long-term debt stated interest rate (in percentage)   4.60%        
Senior unsecured notes | Notes due 2034 at 4.85%            
Debt Instrument [Line Items]            
Principal amount   $ 600,000,000        
Long-term debt stated interest rate (in percentage)   4.85%        
Senior unsecured notes | Notes due 2054 at 5.15%            
Debt Instrument [Line Items]            
Principal amount   $ 750,000,000        
Long-term debt stated interest rate (in percentage)   5.15%        
Senior unsecured notes | Notes due 2063 at 5.05%            
Debt Instrument [Line Items]            
Principal amount   $ 350,000,000        
Long-term debt stated interest rate (in percentage)   5.05%        
Revolving credit facility            
Debt Instrument [Line Items]            
Line of credit facility, maximum borrowing capacity     $ 1,000,000,000   $ 1,000,000,000  
v3.24.3
Debt and lines of credit - Schedule of Long-term Debt Outstanding (Details) - USD ($)
$ in Millions
Sep. 30, 2024
Dec. 31, 2023
Debt Instrument [Line Items]    
Total debt $ 14,000 $ 11,300
Net unamortized discounts, premiums and issuance costs (107) (77)
Total debt, including net unamortized discounts, premiums and issuance costs 13,893 11,223
Current portion of long-term debt (1,049) (599)
Long-term debt $ 12,844 10,624
Notes due 2024 at 2.625%    
Debt Instrument [Line Items]    
Long-term debt stated interest rate (in percentage) 2.625%  
Total debt $ 0 300
Notes due 2024 at 4.70%    
Debt Instrument [Line Items]    
Long-term debt stated interest rate (in percentage) 4.70%  
Total debt $ 300 300
Notes due 2025 at 1.375%    
Debt Instrument [Line Items]    
Long-term debt stated interest rate (in percentage) 1.375%  
Total debt $ 750 750
Notes due 2026 at 1.125%    
Debt Instrument [Line Items]    
Long-term debt stated interest rate (in percentage) 1.125%  
Total debt $ 500 500
Notes due 2027 at 4.60%    
Debt Instrument [Line Items]    
Long-term debt stated interest rate (in percentage) 4.60%  
Total debt $ 650 0
Notes due 2027 at 2.90%    
Debt Instrument [Line Items]    
Long-term debt stated interest rate (in percentage) 2.90%  
Total debt $ 500 500
Notes due 2028 at 4.60%    
Debt Instrument [Line Items]    
Long-term debt stated interest rate (in percentage) 4.60%  
Total debt $ 700 700
Notes due 2029 at 4.60%    
Debt Instrument [Line Items]    
Long-term debt stated interest rate (in percentage) 4.60%  
Total debt $ 650 0
Notes due 2029 at 2.25%    
Debt Instrument [Line Items]    
Long-term debt stated interest rate (in percentage) 2.25%  
Total debt $ 750 750
Notes due 2030 at 1.75%    
Debt Instrument [Line Items]    
Long-term debt stated interest rate (in percentage) 1.75%  
Total debt $ 750 750
Notes due 2031 at 1.90%    
Debt Instrument [Line Items]    
Long-term debt stated interest rate (in percentage) 1.90%  
Total debt $ 500 500
Notes due 2032 at 3.65%    
Debt Instrument [Line Items]    
Long-term debt stated interest rate (in percentage) 3.65%  
Total debt $ 400 400
Notes due 2033 at 4.90%    
Debt Instrument [Line Items]    
Long-term debt stated interest rate (in percentage) 4.90%  
Total debt $ 950 950
Notes due 2034 at 4.85%    
Debt Instrument [Line Items]    
Long-term debt stated interest rate (in percentage) 4.85%  
Total debt $ 600 0
Notes due 2039 at 3.875%    
Debt Instrument [Line Items]    
Long-term debt stated interest rate (in percentage) 3.875%  
Total debt $ 750 750
Notes due 2048 at 4.15%    
Debt Instrument [Line Items]    
Long-term debt stated interest rate (in percentage) 4.15%  
Total debt $ 1,500 1,500
Notes due 2051 at 2.70%    
Debt Instrument [Line Items]    
Long-term debt stated interest rate (in percentage) 2.70%  
Total debt $ 500 500
Notes due 2052 at 4.10%    
Debt Instrument [Line Items]    
Long-term debt stated interest rate (in percentage) 4.10%  
Total debt $ 300 300
Notes due 2053 at 5.00%    
Debt Instrument [Line Items]    
Long-term debt stated interest rate (in percentage) 5.00%  
Total debt $ 650 650
Notes due 2054 at 5.15%    
Debt Instrument [Line Items]    
Long-term debt stated interest rate (in percentage) 5.15%  
Total debt $ 750 0
Notes due 2063 at 5.05%    
Debt Instrument [Line Items]    
Long-term debt stated interest rate (in percentage) 5.05%  
Total debt $ 1,550 $ 1,200
v3.24.3
Stockholders' equity (Details) - USD ($)
$ / shares in Units, $ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Jun. 30, 2024
Mar. 31, 2024
Sep. 30, 2023
Jun. 30, 2023
Mar. 31, 2023
Sep. 30, 2024
Sep. 30, 2023
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Balance, beginning     $ 16,897       $ 16,897  
Net income $ 1,362     $ 1,709     3,594 $ 5,139
Other comprehensive income (loss), net of taxes 5     $ 11     10 19
Balance, ending $ 17,268           17,268  
Cash dividends declared per common share (in dollars per share) $ 1.30 $ 1.30 $ 1.30 $ 1.24 $ 1.24 $ 1.24    
Cash dividends paid per common share (in dollars per share) $ 1.30 $ 1.30 $ 1.30 $ 1.24 $ 1.24 $ 1.24    
Common Stock                
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Balance, beginning $ 1,741 $ 1,741 $ 1,741 $ 1,741 $ 1,741 $ 1,741 1,741 1,741
Balance, ending 1,741 1,741 1,741 1,741 1,741 1,741 1,741 1,741
Paid-in Capital                
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Balance, beginning 3,666 3,439 3,362 3,163 3,016 2,951 3,362 2,951
Common stock issued for stock-based awards 62 111 (29) 38 36 (37)    
Stock compensation 87 116 106 79 111 104    
Other (2)   0 0   (2)    
Balance, ending 3,813 3,666 3,439 3,280 3,163 3,016 3,813 3,280
Retained Earnings                
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Balance, beginning 52,135 52,199 52,283 51,522 50,930 50,353 52,283 50,353
Net income 1,362 1,127 1,105 1,709 1,722 1,708    
Dividends declared and paid (1,187) (1,185) (1,183) (1,126) (1,125) (1,125)    
Dividend equivalents on RSUs (6) (6) (7) (6) (5) (6)    
Other 0   1 (1)   0    
Balance, ending 52,304 52,135 52,199 52,098 51,522 50,930 52,304 52,098
Treasury Common Stock                
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Balance, beginning (40,128) (40,193) (40,284) (40,240) (40,192) (40,214) (40,284) (40,214)
Common stock issued for stock-based awards 55 137 94 35 29 118    
Stock repurchases (322) (72) (3) (48) (77) (96)    
Balance, ending (40,395) (40,128) (40,193) (40,253) (40,240) (40,192) (40,395) (40,253)
AOCI                
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Balance, beginning (200) (203) (205) (246) (252) (254) (205) (254)
Other comprehensive income (loss), net of taxes 5 3 2 11 6 2    
Balance, ending $ (195) $ (200) $ (203) $ (235) $ (246) $ (252) $ (195) $ (235)
v3.24.3
Supplemental financial information - Restructuring Charges, Other (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Disclosure Text Block Supplement [Abstract]        
Restructuring charges/other $ 0 $ 0 $ (124) $ 0
v3.24.3
Supplemental financial information -Other Current Assets (Details) - USD ($)
$ in Millions
Sep. 30, 2024
Dec. 31, 2023
Disclosure Text Block Supplement [Abstract]    
U.S. CHIPS and Science Act investment tax credit $ 621 $ 497
Other 341 264
Total $ 962 $ 761
v3.24.3
Supplemental financial information - Other Long-Term Assets (Details) - USD ($)
$ in Millions
Sep. 30, 2024
Dec. 31, 2023
Disclosure Text Block Supplement [Abstract]    
U.S. CHIPS and Science Act investment tax credit $ 806 $ 859
Operating lease right-of-use assets 800 579
Other 325 274
Total $ 1,931 $ 1,712
v3.24.3
Supplemental financial information - Other Long-Term Liabilities (Details) - USD ($)
$ in Millions
Sep. 30, 2024
Dec. 31, 2023
Disclosure Text Block Supplement [Abstract]    
Operating lease liabilities $ 681 $ 478
Other 671 858
Total $ 1,352 $ 1,336
v3.24.3
Supplemental financial information - Amounts Reclassified out of AOCI (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]        
Other income (expense), net (OI&E) $ 131 $ 128 $ 384 $ 327
Provision for income taxes (192) (213) (500) (731)
Net income 1,362 1,709 3,594 5,139
Reclassification out of Accumulated Other Comprehensive Income | Net actuarial losses of defined benefit plans:        
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]        
Other income (expense), net (OI&E) [1] 3 4 10 12
Provision for income taxes (1) (1) (3) (3)
Net income 2 3 7 9
Reclassification out of Accumulated Other Comprehensive Income | Prior service cost (credit) of defined benefit plans:        
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]        
Other income (expense), net (OI&E) [1] 1 1 1 1
Provision for income taxes 0 0 0 0
Net income $ 1 $ 1 $ 1 $ 1
[1] Detailed in Note 5
v3.24.3
Supplemental financial information - Treasury Stock (Details) - shares
shares in Millions
 3 Months Ended
Sep. 30, 2024
Jun. 30, 2024
Mar. 31, 2024
Increase (Decrease) in Temporary Equity [Roll Forward]      
Balance, beginning (in shares)     832
Balance, ending (in shares) 829    
Treasury Common Stock      
Increase (Decrease) in Temporary Equity [Roll Forward]      
Balance, beginning (in shares) 828 831 832
Repurchases (in shares) 2 0 0
Shares issued for stock compensation (in shares) (1) (3) (1)
Balance, ending (in shares) 829 828 831
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