“We expect our 2022 annual operating tax rate to continue to be above 14% and our effective tax rate about 1 percentage point lower than that.”

In context

“n of cash and short-term investments at the end of the fourth quarter. Total debt outstanding was $7.8 billion with a weighted average coupon of 2.6%. Inventory days were 116, up 4 days sequentially and remained below these higher levels. Now let's look at some of these results for the year. In 2021, cash flow from operations was $8.8 billion. Capital expenditures were $2.5 billion or 13% of revenue. Free cash flow for 2021 was $6.3 billion or 34% of revenue. Our cash flow reflects the strength of our business model. As we have said, we believe that growth of free cash flow per share is the primary driver of long-term value. Turning to our outlook for the first quarter. We expect TI revenue in the range of $4.5 billion to $4.9 billion and earnings per share in the range of $2.01 to $2.29. We expect our 2022 annual operating tax rate to continue to be above 14% and our effective tax rate about 1 percentage point lower than that. This is based on current tax law and would be about the same as we saw in 2021. Next, let me help you model our expectation for expenses for the LFAB purchase. As we have said, we expect to have about $75 million of cost per quarter until we start production, which is still expected in early 2023. These costs continue to be mostly reflected in the restructuring line on the P& L, so it will be visible each quarter to you and therefore, part of our operating profit results. Once the facility begins production, this cost will move and be primarily reflected in cost of revenue. As I close, let me explain why we're so excited about this capacity investments as they strengthen our manufacturing and technology competitive advantage. First, we have significant 300-millimeter capacity coming onlin”