Capital expenditures for the past 12 months were about 4 percent of revenue, consistent with TI's long-term expectations.
Cash return
Amounts are in millions of dollars.
|
|
|
|
|
|
Trailing 12 Months | ||||||
|
|
|
|
2Q17 |
|
|
2Q17 |
|
|
2Q16 |
|
Change |
|
Dividends paid |
|
$ |
498 |
|
$ |
1,879 |
|
$ |
1,499 |
|
25% |
|
Stock repurchases |
|
$ |
650 |
|
$ |
2,175 |
|
$ |
2,574 |
|
-16% |
|
Total cash returned |
|
$ |
1,148 |
|
$ |
4,054 |
|
$ |
4,073 |
|
0% |
|
TEXAS INSTRUMENTS INCORPORATED AND SUBSIDIARIES | ||||||
|
Consolidated Statements of Income | ||||||
|
(Millions of dollars, except share and per-share amounts) | ||||||
|
| ||||||
|
|
|
For Three Months Ended | ||||
|
|
|
June 30, | ||||
|
|
|
2017 |
|
2016 | ||
|
Revenue |
|
$ |
3,693 |
|
$ |
3,273 |
|
Cost of revenue (COR) |
|
|
1,319 |
|
|
1,266 |
|
Gross profit |
|
|
2,374 |
|
|
2,007 |
|
Research and development (R&D) |
|
|
378 |
|
|
341 |
|
Selling, general and administrative (SG&A) |
|
|
434 |
|
|
454 |
|
Acquisition charges |
|
|
79 |
|
|
79 |
|
Restructuring charges/other |
|
|
3 |
|
|
2 |
|
Operating profit |
|
|
1,480 |
|
|
1,131 |
|
Other income (expense), net (OI&E) |
|
|
26 |
|
|
(8) |
|
Interest and debt expense |
|
|
20 |
|
|
21 |
|
Income before income taxes |
|
|
1,486 |
|
|
1,102 |
|
Provision for income taxes |
|
|
430 |
|
|
283 |
|
Net income |
|
$ |
1,056 |
|
$ |
819 |
|
|
|
|
|
|
|
|
|
Diluted earnings per common share |
|
$ |
1.03 |
|
$ |
.79 |
|
|
|
|
|
|
|
|
|
Average shares outstanding (millions): |
|
|
|
|
|
|
|
Basic |
|
|
994 |
|
|
1,004 |
|
Diluted |
|
|
1,015 |
|
|
1,020 |
|
|
|
|
|
|
|
|
|
Cash dividends declared per common share |
|
$ |
.50 |
|
$ |
.38 |
|
|
|
|
|
|
|
|
|
Certain amounts in the prior period have been adjusted to reflect the following: (1) the fourth-quarter 2016 early adoption of ASU 2016-09 related to stock-based compensation, and (2) the first-quarter 2017 early adoption of ASU 2017-07 related to the reclassification of certain pension and other retiree benefit costs to OI&E. | ||||||
|
| ||||||
|
Supplemental Information | ||||||
|
(Quarterly, except as noted) | ||||||
|
| ||||||
|
Provision for income taxes is based on the following: | ||||||
|
| ||||||
|
Operating taxes (calculated using the estimated annual effective tax rate) |
|
$ |
458 |
|
$ |
325 |
|
Discrete tax items |
|
|
(28) |
|
|
(42) |
|
Provision for income taxes (effective taxes) |
|
$ |
430 |
|
$ |
283 |
|
| ||||||
|
Annual operating tax rate |
|
|
31% |
|
|
30% |
|
Effective tax rate |
|
|
29% |
|
|
26% |
|
| ||||||
|
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 |
|
$ |
1,056 |
|
$ |
819 |
|
Income allocated to RSUs |
|
|
(10) |
|
|
(10) |
|
Income allocated to common stock for diluted EPS |
|
$ |
1,046 |
|
$ |
809 |
