<SEC-DOCUMENT>0001564590-19-022329.txt : 20190719
<SEC-HEADER>0001564590-19-022329.hdr.sgml : 20190719
<ACCEPTANCE-DATETIME>20190612150905
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001564590-19-022329
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20190612

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			TEXAS INSTRUMENTS INC
		CENTRAL INDEX KEY:			0000097476
		STANDARD INDUSTRIAL CLASSIFICATION:	SEMICONDUCTORS & RELATED DEVICES [3674]
		IRS NUMBER:				750289970
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		P.O. BOX 660199
		CITY:			DALLAS
		STATE:			TX
		ZIP:			75266
		BUSINESS PHONE:		9729953773

	MAIL ADDRESS:	
		STREET 1:		12500 TI BLVD
		STREET 2:		PO BOX 660199
		CITY:			DALLAS
		STATE:			TX
		ZIP:			75266
</SEC-HEADER>
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<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><img src="gjxoascr41ja000001.jpg" title="" alt="" style="width:138px;height:32px;"></p>
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:1.04%;text-indent:0%;font-size:9pt;font-family:Arial;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Texas Instruments Incorporated</p>
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">June 12, 2019</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Mr. Kevin Kuhar</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Accounting Branch Chief</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">U.S. Securities and Exchange Commission</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">100 F Street, NE</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Washington, DC 20549</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Re:</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Texas Instruments Incorporated</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="top" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Form 10-K for the Year Ended December 31, 2018</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="top" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Filed February 22, 2019</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">File No. 001-3761</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Dear Mr. Kuhar:</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:6.25%;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">I am writing in response to your letter dated May 31, 2019, to Texas Instruments Incorporated (&#8220;TI&#8221; or the &#8220;Company&#8221;) containing comments on TI&#8217;s Form 10-K for the year ended December 31, 2018.</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="text-decoration:underline;">Form 10-K for the Fiscal Year Ended December 31, 2018</font></p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="text-decoration:underline;">Note 5. Income taxes, page 40</font></p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:7.29%;font-size:12pt;font-family:Times New Roman;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:6.25%;color:#auto;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="text-decoration:underline;">COMMENT 1:</font>&nbsp;&nbsp;We note that in your U.S. statutory to effective income tax rate reconciliation you present a caption showing a 4.2% increase as result of U.S. Tax Act transitional non-cash expense. Please describe to us the transactions or circumstances that resulted in this reconciling item. Tell us whether this item relates to the withholding taxes in certain non-U.S. jurisdictions that will be incurred upon repatriation of available cash to the United States discussed on page 41. Revise future filings to provide similar clarifying disclosure.</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:7.29%;font-size:12pt;font-family:Times New Roman;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:6.25%;color:#auto;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="text-decoration:underline;">RESPONSE 1:</font>&nbsp;&nbsp;The caption showing a 4.2% increase as a result of U.S. Tax Act transitional non-cash expense represents the rate differential created by the Company&#8217;s Prepaid taxes on intercompany inventory profits, net existing at year end December 31, 2017 (see Note 13, Supplemental financial information&#8212;Prepaid expenses and other current assets, page 54). These taxes were paid in 2017 primarily at the 2017 U.S. statutory income tax rate of 35%, but were not recognized in income tax expense until 2018.</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:6.25%;font-size:12pt;font-family:Times New Roman;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:6.25%;color:#auto;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><a name="_AEIOULastRenderedPageBreakAEIOU2"></a>Unlike deferred taxes, prepaid taxes on intercompany inventory profits represent amounts paid upon sale of inventory to intercompany affiliates, the tax effect of which is </p>
<hr style="page-break-after:always;width:100%;">
<p style="margin-bottom:0pt;margin-top:0pt;color:#auto;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="color:#auto;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">deferred for financial reporting purposes</font><font style="color:#auto;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> until sold to an external customer</font><font style="color:#auto;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">. The effect of deferring this pre</font><font style="color:#auto;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">p</font><font style="color:#auto;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">aid tax into 2018 income tax expense added 4.2% to the reconciliation with the 2018 U.S. statutory </font><font style="color:#auto;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">income tax rate of 21%.</font></p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:6.25%;font-size:12pt;font-family:Times New Roman;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:6.25%;color:#auto;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">We refer to the item as transitional because it arises from the difference in the U.S. statutory income tax rates between 2017 and 2018 and will not recur unless the statutory income tax rate changes in the future. We refer to the item as non-cash because the cash payments were made prior to 2018 and therefore do not represent cash payments for taxes in 2018.</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:6.25%;font-size:12pt;font-family:Times New Roman;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:6.25%;color:#auto;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">This item does not relate to the withholding taxes in certain non-U.S. jurisdictions that will be incurred upon repatriation of available cash to the United States.</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:6.25%;font-size:12pt;font-family:Times New Roman;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:6.25%;color:#auto;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">We acknowledge the Staff&#8217;s comment and will include clarifying disclosure where appropriate in future filings.</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:12pt;font-family:Times New Roman;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:6.25%;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">We trust that the above information will be sufficient for your purposes.&#160;If you have any questions, please call Julie Knecht of Texas Instruments at 214-567-7456. </p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:6.33%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:6.33%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:58.33%;text-indent:0%;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Very truly yours,</p>
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:58.33%;text-indent:6.25%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:58.33%;text-indent:0%;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">/s/ Rafael R. Lizardi </p>
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:58.33%;text-indent:6.25%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:58.33%;text-indent:0%;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Rafael R. Lizardi</p>
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:58.33%;text-indent:0%;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Senior Vice President and</p>
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:58.33%;text-indent:0%;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Chief Financial Officer</p></body>
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