Cash return
Amounts are in millions of dollars.
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| Trailing 12 Months | ||||
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| Q4 2021 |
| Q4 2021 |
| Q4 2020 |
| Change |
Dividends paid | $ 1,062 |
| $ 3,886 |
| $ 3,426 |
| 13% |
Stock repurchases | $ 142 |
| $ 527 |
| $ 2,553 |
| (79)% |
Total cash returned | $ 1,204 |
| $ 4,413 |
| $ 5,979 |
| (26)% |
TEXAS INSTRUMENTS INCORPORATED AND SUBSIDIARIES | ||||||||
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Consolidated Statements of Income |
| For Three Months Ended December 31, |
| For Years Ended December 31, | ||||
(In millions, except per-share amounts) |
| 2021 |
| 2020 |
| 2021 |
| 2020 |
Revenue |
| $ 4,832 |
| $ 4,076 |
| $ 18,344 |
| $ 14,461 |
Cost of revenue (COR) |
| 1,482 |
| 1,430 |
| 5,968 |
| 5,192 |
Gross profit |
| 3,350 |
| 2,646 |
| 12,376 |
| 9,269 |
Research and development (R&D) |
| 389 |
| 388 |
| 1,554 |
| 1,530 |
Selling, general and administrative (SG&A) |
| 404 |
| 398 |
| 1,666 |
| 1,623 |
Acquisition charges |
| — |
| 47 |
| 142 |
| 198 |
Restructuring charges/other |
| 54 |
| — |
| 54 |
| 24 |
Operating profit |
| 2,503 |
| 1,813 |
| 8,960 |
| 5,894 |
Other income (expense), net (OI&E) |
| 9 |
| 162 |
| 143 |
| 313 |
| Interest and debt expense |
| 49 |
| 48 |
| 184 |
| 190 |
| Income before income taxes |
| 2,463 |
| 1,927 |
| 8,919 |
| 6,017 |
| Provision for income taxes |
| 325 |
| 239 |
| 1,150 |
| 422 |
| Net income |
| $ 2,138 |
| $ 1,688 |
| $ 7,769 |
| $ 5,595 |
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| Diluted earnings per common share |
| $ 2.27 |
| $ 1.80 |
| $ 8.26 |
| $ 5.97 |
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| Average shares outstanding: |
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| Basic |
| 924 |
| 919 |
| 923 |
| 921 |
| Diluted |
| 936 |
| 932 |
| 936 |
| 933 |
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| Cash dividends declared per common share |
| $ 1.15 |
| $ 1.02 |
| $ 4.21 |
| $ 3.72 |
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| Supplemental Information | ||||||||
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| Our annual operating tax rate, which does not include discrete tax items, was 14% in both periods. | ||||||||
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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) |
| $ 346 |
| $ 272 |
| $ 1,280 |
| $ 833 |
| Discrete tax items |
| (21) |
| (33) |
| (130) |
| (411) |
| Provision for income taxes (effective taxes) |
| $ 325 |
| $ 239 |
| $ 1,150 |
| $ 422 |
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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 |
| $ 2,138 |
| $ 1,688 |
| $ 7,769 |
| $ 5,595 |
| Income allocated to RSUs |
| (9) |
| (8) |
| (33) |
| (27) |
| Income allocated to common stock for diluted EPS |
| $ 2,129 |
| $ 1,680 |
| $ 7,736 |
| $ 5,568 |
