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 |
