Cash return
Amounts are in millions of dollars.
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| Trailing 12 Months |
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| Q1 2022 |
| Q1 2022 |
| Q1 2021 |
| Change |
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Dividends paid |
| $ | 1,063 |
| $ | 4,009 |
| $ | 3,525 |
| 14% |
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Stock repurchases |
| $ | 589 |
| $ | 1,016 |
| $ | 1,012 |
| 0% |
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Total cash returned |
| $ | 1,652 |
| $ | 5,025 |
| $ | 4,537 |
| 11% |
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TEXAS INSTRUMENTS INCORPORATED AND SUBSIDIARIES |
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Consolidated Statements of Income |
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For Three Months Ended March 31, |
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(In millions, except per-share amounts) |
| 2022 |
| 2021 |
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Revenue |
| $ | 4,905 |
| $ | 4,289 |
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Cost of revenue (COR) |
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| 1,463 |
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| 1,492 |
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Gross profit |
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| 3,442 |
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| 2,797 |
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Research and development (R&D) |
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| 391 |
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| 386 |
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Selling, general and administrative (SG&A) |
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| 422 |
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| 425 |
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Acquisition charges |
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| — |
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| 47 |
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Restructuring charges/other |
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| 66 |
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| — |
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| Operating profit |
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| 2,563 |
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| 1,939 |
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| Other income (expense), net (OI&E) |
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| 15 |
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| 46 |
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| Interest and debt expense |
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| 52 |
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| 46 |
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| Income before income taxes |
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| 2,526 |
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| 1,939 |
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| Provision for income taxes |
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| 325 |
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| 186 |
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| Net income |
| $ | 2,201 |
| $ | 1,753 |
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| Diluted earnings per common share |
| $ | 2.35 |
| $ | 1.87 |
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| Average shares outstanding: |
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| Basic |
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| 923 |
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| 922 |
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| Diluted |
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| 934 |
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| 935 |
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| Cash dividends declared per common share |
| $ | 1.15 |
| $ | 1.02 |
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| Supplemental Information (Quarterly, except as noted) |
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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) |
| $ | 361 |
| $ | 275 |
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| Discrete tax items |
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| (36) |
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| (89) |
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| Provision for income taxes (effective taxes) |
| $ | 325 |
| $ | 186 |
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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 |
| $ | 2,201 |
| $ | 1,753 |
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| Income allocated to RSUs |
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| (9) |
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| (8) |
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| Income allocated to common stock for diluted EPS |
| $ | 2,192 |
| $ | 1,745 |
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