Cash return
Amounts are in millions of dollars.
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| Trailing 12 Months | ||||||||
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| Q2 2020 |
| Q2 2020 |
| Q2 2019 |
| Change | ||||
Dividends paid | $ | 823 |
| $ | 3,226 |
| $ | 2,784 |
| 16% | |
Stock repurchases | $ | 882 |
| $ | 3,468 |
| $ | 5,224 |
| (34)% | |
Total cash returned | $ | 1,705 |
| $ | 6,694 |
| $ | 8,008 |
| (16)% | |
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
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| 2020 |
| 2019 | ||||
Revenue |
| $ | 3,239 |
| $ | 3,668 | ||
Cost of revenue (COR) |
| 1,157 |
| 1,308 | ||||
Gross profit |
| 2,082 |
| 2,360 | ||||
Research and development (R&D) |
| 379 |
| 390 | ||||
Selling, general and administrative (SG&A) |
| 401 |
| 420 | ||||
Acquisition charges |
| 50 |
| 80 | ||||
Restructuring charges/other |
| 24 |
| (36) | ||||
Operating profit |
| 1,228 |
| 1,506 | ||||
Other income (expense), net (OI&E) |
| 99 |
| 52 | ||||
Interest and debt expense |
| 48 |
| 44 | ||||
Income before income taxes |
| 1,279 |
| 1,514 | ||||
Provision for income taxes |
| (101) |
| 209 | ||||
Net income |
| $ | 1,380 |
| $ | 1,305 | ||
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Diluted earnings per common share |
| $ | 1.48 |
| $ | 1.36 | ||
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| Average shares outstanding (millions): |
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| Basic |
| 916 |
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| 937 | |||
| Diluted |
| 927 |
|
| 953 | |||
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| Cash dividends declared per common share |
| $ | .90 |
| $ | .77 | ||
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| Supplemental Information | ||||||||
| (Quarterly, except as noted) | ||||||||
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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) |
| $ | 164 |
| $ | 238 | ||
| Discrete tax items |
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| (265) |
| (29) | |||
| Provision for income taxes (effective taxes) |
| $ | (101) |
| $ | 209 | ||
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| Annual operating tax rate |
| 13% |
| 16% | ||||
| Effective tax rate |
| (8)% |
| 14% | ||||
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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 |
| $ | 1,380 |
| $ | 1,305 | ||
| Income allocated to RSUs |
| (7) |
| (8) | ||||
| Income allocated to common stock for diluted EPS |
| $ | 1,373 |
| $ | 1,297 | ||
