Cash return
Amounts are in millions of dollars.
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| Trailing 12 Months | ||||||
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| 4Q18 |
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| 4Q18 |
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| 4Q17 |
| Change |
Dividends paid |
| $ | 736 |
| $ | 2,555 |
| $ | 2,104 |
| 21% |
Stock repurchases |
| $ | 2,009 |
| $ | 5,100 |
| $ | 2,556 |
| 100% |
Total cash returned |
| $ | 2,745 |
| $ | 7,655 |
| $ | 4,660 |
| 64% |
TEXAS INSTRUMENTS INCORPORATED AND SUBSIDIARIES | ||||||||||||
Consolidated Statements of Income | ||||||||||||
(Millions of dollars, except share and per-share amounts) | ||||||||||||
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| For Three Months Ended |
| For Years Ended | ||||||||
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| December 31, |
| December 31, | ||||||||
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| 2018 |
| 2017 |
| 2018 |
| 2017 | ||||
Revenue |
| $ | 3,717 |
| $ | 3,750 |
| $ | 15,784 |
| $ | 14,961 |
Cost of revenue (COR) |
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| 1,310 |
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| 1,310 |
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| 5,507 |
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| 5,347 |
Gross profit |
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| 2,407 |
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| 2,440 |
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| 10,277 |
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| 9,614 |
Research and development (R&D) |
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| 400 |
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| 386 |
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| 1,559 |
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| 1,508 |
Selling, general and administrative (SG&A) |
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| 414 |
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| 409 |
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| 1,684 |
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| 1,694 |
Acquisition charges |
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| 79 |
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| 79 |
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| 318 |
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| 318 |
| Restructuring charges/other |
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| (2) |
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| 3 |
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| 3 |
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| 11 |
| Operating profit |
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| 1,516 |
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| 1,563 |
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| 6,713 |
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| 6,083 |
| Other income (expense), net (OI&E) |
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| 23 |
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| 8 |
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| 98 |
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| 75 |
| Interest and debt expense |
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| 36 |
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| 21 |
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| 125 |
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| 78 |
| Income before income taxes |
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| 1,503 |
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| 1,550 |
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| 6,686 |
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| 6,080 |
| Provision for income taxes |
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| 264 |
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| 1,206 |
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| 1,106 |
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| 2,398 |
| Net income |
| $ | 1,239 |
| $ | 344 |
| $ | 5,580 |
| $ | 3,682 |
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| Diluted earnings per common share |
| $ | 1.27 |
| $ | .34 |
| $ | 5.59 |
| $ | 3.61 |
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| Average shares outstanding (millions): | ||||||||||||
| Basic |
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| 953 |
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| 985 |
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| 970 |
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| 991 |
| Diluted |
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| 970 |
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| 1,007 |
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| 990 |
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| 1,012 |
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| Cash dividends declared per common share |
| $ | .77 |
| $ | .62 |
| $ | 2.63 |
| $ | 2.12 |
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| Supplemental Information | ||||||||||||
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| Provision for income taxes is based on the following: | ||||||||||||
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| Operating taxes (calculated using the estimated annual effective tax rate) |
| $ | 277 |
| $ | 476 |
| $ | 1,304 |
| $ | 1,858 |
| Discrete tax items |
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| (13) |
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| 730 |
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| (198) |
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| 540 |
| Provision for income taxes (effective taxes) |
| $ | 264 |
| $ | 1,206 |
| $ | 1,106 |
| $ | 2,398 |
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| Effective tax rate |
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| 18% |
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| 78% |
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| 17% |
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| 39% |
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| Our annual operating tax rate, which does not include discrete tax items, was 20 percent compared with 31 percent in the prior year. | ||||||||||||
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| A portion of net income is allocated to unvested restricted stock units (RSUs) on which we pay dividend equivalents. Diluted EPS is calculated using the following: | ||||||||||||
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| Net income |
| $ | 1,239 |
| $ | 344 |
| $ | 5,580 |
| $ | 3,682 |
| Income allocated to RSUs |
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| (8) |
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| (3) |
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| (42) |
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| (33) |
| Income allocated to common stock for diluted EPS |
| $ | 1,231 |
| $ | 341 |
| $ | 5,538 |
| $ | 3,649 |
