“As you're looking at your models for 2022, without any changes to taxable, we would expect our annual operating and effective tax rates to remain about what they are this year.”

In context

“total debt of $7.8 billion with a weighted average coupon of 2.6%. Regarding inventory, TI inventory dollars were up $7 million from the prior quarter, and days were 112, up 1 day sequentially, but still below desired levels. For the fourth quarter we expect TI revenue in the range of $4.22 billion to $4.58 billion and earnings per share to be in the range of a $1.83 to $2.07. The Lehi acquisition closed last Friday, but the costs are not included in our guidance. We will provide those details when we report fourth quarter results. Just as a reminder, the purchase price was about $900 million, and we expect ongoing cost of about $75 million per quarter through 2022. We continue to expect our annual operating tax rate for 2021, to be about 14% and our effective tax rate to be about 13%. As you're looking at your models for 2022, without any changes to taxable, we would expect our annual operating and effective tax rates to remain about what they are this year. With a similar quarterly profile of discrete tax benefits that are higher in the first quarter compared to the rest of the year. In closing, we continue to invest to strengthen our competitive advantages and in making our business stronger. Our investments in our long-term roadmap for capacity expansion, both in L-Fab and R-Fab-2, are great examples. As a remainder, our capex will be higher on an absolute level, as well as a percentage of revenue as we strengthen this advantage. We are working through detailed plans of our long-term roadmap and we'll have specifics of timing in capex spending in our capital management goal in February. We continue to believe owning and controlling our supply chain will be of growing strategic importance. With that, let me turn it back to Dave. Dave Pahl”