Trailing 12 Months

(In millions)

Q4 2023

Q4 2023

Q4 2022

Change 

Dividends paid

$

1,181

$

4,557

$

4,297

6 %

Stock repurchases

$

65

$

293

$

3,615

(92) %

Total cash returned

$

1,246

$

4,850

$

7,912

(39) %

TEXAS INSTRUMENTS INCORPORATED AND SUBSIDIARIES

Consolidated Statements of Income

For Three Months Ended

December 31,

For Years Ended

December 31,

(In millions, except per-share amounts)

2023

2022

2023

2022

Revenue

$

4,077

$

4,670

$

17,519

$

20,028

Cost of revenue (COR)

1,646

1,583

6,500

6,257

Gross profit

2,431

3,087

11,019

13,771

Research and development (R&D)

460

434

1,863

1,670

Selling, general and administrative (SG&A)

438

429

1,825

1,704

Restructuring charges/other

—

48

—

257

Operating profit

1,533

2,176

7,331

10,140

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

113

51

440

106

Interest and debt expense

98

60

353

214

Income before income taxes

1,548

2,167

7,418

10,032

Provision for income taxes

177

205

908

1,283

Net income

$

1,371

$

1,962

$

6,510

$

8,749

Diluted earnings per common share

$

1.49

$

2.13

$

7.07

$

9.41

Average shares outstanding:

   Basic

908

906

908

916

   Diluted

915

916

916

926

Cash dividends declared per common share

$

1.30

$

1.24

$

5.02

$

4.69

Supplemental Information

Provision for income taxes is based on the following:

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

$

180

$

237

$

974

$

1,384

Discrete tax items

(3)

(32)

(66)

(101)

Provision for income taxes (effective taxes)

$

177

$

205

$

908

$

1,283

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

$

1,371

$

1,962

$

6,510

$

8,749

Income allocated to RSUs

(7)

(9)

(33)

(39)

Income allocated to common stock for diluted EPS

$

1,364

$

1,953

$

6,477

$

8,710