The sales and statement of cash flows for Intel Corp., National Semiconductor, and Texas Instruments for a recent fiscal year are shown on the following page (in millions). These three companies are part of the semiconductor fabrication industry. Assume that investments made in property, plant, and equipment are to maintain productive capacity.
a. Determine the free cash flow for each company.
b. Determine the free cash flow as a percent of cash flow from operating activities and as a percent of sales for each company. Round to the nearest percent.
c. Interpret yourresults.

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activities: $(31.0) (2.1) 211.9 (542.5) Repayments and retirement of debt Proceeds from sale of common stock Repurchase and retirement of common stock Payment of dividends to stockholders Other (435.0) 192.0 (753.0) (154.0) 15.0 (7,651.0)38481,135.0) 894.0 (7,516.0) (1,022.0) 24.0 Net cash used for financing activities Net increase (decrease) in cash and cash equivalents 436.0 (159.3) 850.0