TI reports 4Q15 and 2015 financial results and shareholder returns

 

Capital expenditures for the past 12 months were 4 percent of revenue. The company's long-term expectation is about 4 percent.

Cash return

Amounts are in millions of dollars.




Trailing 12 Months




4Q15


4Q15


4Q14

Change

Dividends paid


$      386


$   1,444


$   1,323

9%

Stock repurchases


$      627


$   2,741


$   2,831

-3%

Total cash returned


$   1,013


$   4,185


$   4,154

1%

 

The company's targeted cash return is 100 percent of free cash flow plus proceeds from exercises of equity compensation minus net debt retirement.


TEXAS INSTRUMENTS INCORPORATED AND SUBSIDIARIES

Consolidated Statements of Income

(Millions of dollars, except share and per-share amounts)




For Three Months Ended


For Years Ended



December 31,


December 31,



2015


2014


2015


2014

Revenue


$

3,189


$

3,269


$

13,000


$

13,045

Cost of revenue (COR)



1,323



1,374



5,440



5,618

Gross profit



1,866



1,895



7,560



7,427

Research and development (R&D)



306



311



1,280



1,358

Selling, general and administrative (SG&A)



405



429



1,748



1,843

Acquisition charges



81



82



329



330

Restructuring charges/other



(68)



(27)



(71)



(51)

Operating profit



1,142



1,100



4,274



3,947

Other income (expense), net (OI&E)



19



9



32



21

Interest and debt expense



22



22



90



94

Income before income taxes



1,139



1,087



4,216



3,874

Provision for income taxes



303



262



1,230



1,053

Net income


$

836


$

825


$

2,986


$

2,821














Diluted earnings per common share


$

.80


$

.76


$

2.82


$

2.57














Average diluted shares outstanding (millions)



1,027



1,063



1,043



1,080














Cash dividends declared per common share


$

.38


$

.34


$

1.40


$

1.24














As a result of accounting rule ASC 260, which requires a portion of Net income to be allocated to unvested restricted stock units (RSUs) on which we pay dividend equivalents, diluted EPS is calculated using the following:














Net income


$

836


$

825


$

2,986


$

2,821

Income allocated to RSUs



(12)



(13)



(42)



(43)

Income allocated to common stock for diluted EPS


$

824


$

812


$

2,944


$

2,778


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