“Lastly, we continue to expect our 2023 effective tax rate to be about 13% to 14%.”

In context

“e last 12 months. Free cash flow on a trailing 12-month basis was $3.2 billion. In the quarter, we paid $1.1 billion in dividends and repurchased about $80 million of our own stock. In total, we have returned $6.5 billion in the past 12 months. Our balance sheet remains strong with $9.6 billion of cash and short-term investments at the end of the second quarter. In the quarter, we repaid $500 million of debt and issued $1.6 billion of debt. Total debt outstanding was $11.3 billion with a weighted average coupon of 3.5%. Inventory dollars were up $441 million from the prior quarter to $3.7 billion and days were 207, up 12 days sequentially. For the third quarter, we expect TI revenue in the range of $4.36 billion to $4.74 billion and earnings per share to be in the range of $1.68 to $1.92. Lastly, we continue to expect our 2023 effective tax rate to be about 13% to 14%. In closing, we will stay focused in the areas that add value in the long-term. We continue to invest in our competitive advantages, which are Manufacturing and Technology, a broad product portfolio reach of our channels, and diverse and long-live positions. We will continue to strengthen these advantages through disciplined capital allocations and by focusing on the best opportunities, which we believe will enable us to continue to deliver free cash flow per share growth over the long-term. With that, let me turn it back to Dave. Dave Pahl: Thanks, Rafael. Operator, you can now open the lines for questions. In order to provide as many of you as possible the opportunity to ask your questions, please limit yourself to a single question. After our response, we'll provide you an opportunity f”