Cash return
Amounts are in millions of dollars.
|
|
|
| Trailing 12 Months | |||||||||||
|
| Q4 2020 |
| Q4 2020 |
| Q4 2019 |
| Change | |||||||
Dividends paid | $ | 937 |
| $ | 3,426 |
| $ | 3,008 |
| 14% | ||||
Stock repurchases | $ | 15 |
| $ | 2,553 |
| $ | 2,960 |
| (14)% | ||||
Total cash returned | $ | 952 |
| $ | 5,979 |
| $ | 5,968 |
| 0% | ||||
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
| |||||||||||||
|
| 2020 |
| 2019 |
| 2020 |
| 2019 | |||||||||
Revenue | $ | 4,076 |
| $ | 3,350 |
| $ | 14,461 |
| $ | 14,383 | |||||
Cost of revenue (COR) | 1,430 |
| 1,253 |
| 5,192 |
| 5,219 | |||||||||
Gross profit | 2,646 |
| 2,097 |
| 9,269 |
| 9,164 | |||||||||
Research and development (R&D) | 388 |
| 386 |
| 1,530 |
| 1,544 | |||||||||
Selling, general and administrative (SG&A) | 398 |
| 412 |
| 1,623 |
| 1,645 | |||||||||
Acquisition charges | 47 |
| 50 |
| 198 |
| 288 | |||||||||
Restructuring charges/other | — |
| — |
| 24 |
| (36) | |||||||||
Operating profit | 1,813 |
| 1,249 |
| 5,894 |
| 5,723 | |||||||||
| Other income (expense), net (OI&E) | 162 |
| 53 |
| 313 |
| 175 | |||||||||
| Interest and debt expense | 48 |
| 45 |
| 190 |
| 170 | |||||||||
| Income before income taxes | 1,927 |
| 1,257 |
| 6,017 |
| 5,728 | |||||||||
| Provision for income taxes | 239 |
| 187 |
| 422 |
| 711 | |||||||||
| Net income | $ | 1,688 |
| $ | 1,070 |
| $ | 5,595 |
| $ | 5,017 | |||||
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
| Diluted earnings per common share | $ | 1.80 |
| $ | 1.12 |
| $ | 5.97 |
| $ | 5.24 | |||||
|
|
|
|
|
|
|
|
|
|
|
| ||||||
| Average shares outstanding (millions): |
|
|
|
|
|
|
| |||||||||
| Basic | 919 |
| 933 |
| 921 |
| 936 | |||||||||
| Diluted | 932 |
| 948 |
| 933 |
| 952 | |||||||||
|
|
|
|
|
|
|
|
| |||||||||
| Cash dividends declared per common share | $ | 1.02 |
| $ | .90 |
| $ | 3.72 |
| $ | 3.21 | |||||
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
| ||||||||||||||||
| Supplemental Information | ||||||||||||||||
|
|
|
|
| |||||||||||||
| Our annual operating tax rate, which does not include discrete tax items, was 14% compared with 16% in the prior year. | ||||||||||||||||
|
|
|
|
|
|
|
|
| |||||||||
| Provision for income taxes is based on the following: |
|
|
| |||||||||||||
|
|
|
|
|
|
|
|
| |||||||||
| Operating taxes (calculated using the estimated annual effective tax rate) | $ | 272 |
| $ | 188 |
| $ | 833 |
| $ | 903 | |||||
| Discrete tax items | (33) |
| (1) |
| (411) |
| (192) | |||||||||
| Provision for income taxes (effective taxes) | $ | 239 |
| $ | 187 |
| $ | 422 |
| $ | 711 | |||||
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
| 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: | ||||||||||||||||
|
|
|
|
|
|
|
|
| |||||||||
| Net income | $ | 1,688 |
| $ | 1,070 |
| $ | 5,595 |
| $ | 5,017 | |||||
| Income allocated to RSUs | (8) |
| (6) |
| (27) |
| (31) | |||||||||
| Income allocated to common stock for diluted EPS | $ | 1,680 |
| $ | 1,064 |
| $ | 5,568 |
| $ | 4,986 | |||||
