TI reports third quarter 2021 financial results and shareholder returns

 

Cash return

Amounts are in millions of dollars.




Trailing 12 Months


Q3 2021


Q3 2021


Q3 2020


Change

Dividends paid

$

942


$

3,761


$

3,330


13%

Stock repurchases

$

139


$

400


$

3,027


(87)%

Total cash returned

$

1,081


$

4,161


$

6,357


(35)%

 



TEXAS INSTRUMENTS INCORPORATED AND SUBSIDIARIES




Consolidated Statements of Income


For Three Months Ended

September 30,

(Millions of dollars, except share and per-share amounts)


2021


2020

Revenue


$

4,643


$

3,817

Cost of revenue (COR)


1,491


1,364

Gross profit


3,152


2,453

Research and development (R&D)


388


386

Selling, general and administrative (SG&A)


412


407

Acquisition charges


47


51

Restructuring charges/other



Operating profit


2,305


1,609

Other income (expense), net (OI&E)


15


27

Interest and debt expense


45


49

Income before income taxes


2,275


1,587

Provision for income taxes


328


234

Net income


$

1,947


$

1,353






Diluted earnings per common share


$

2.07


$

1.45






Average shares outstanding (millions):





Basic


923


917

Diluted


936


929






Cash dividends declared per common share


$

1.02


$

.90







Supplemental Information

(Quarterly, except as noted)






Our annual operating tax rate, which does not include discrete tax items, was 14% in both periods.




Provision for income taxes is based on the following:








Operating taxes (calculated using the estimated annual effective tax rate)


$

337


$

231

Discrete tax items


(9)


3

Provision for income taxes (effective taxes)


$

328


$

234






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


$

1,947


$

1,353

Income allocated to RSUs


(9)


(6)

Income allocated to common stock for diluted EPS


$

1,938


$

1,347


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