Cash return
Amounts are in millions of dollars.
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Trailing 12 Months | ||||||
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3Q17 |
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3Q17 |
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|
3Q16 |
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Change |
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Dividends paid |
|
$ |
495 |
|
$ |
1,992 |
|
$ |
1,533 |
|
30% |
|
Stock repurchases |
|
$ |
650 |
|
$ |
2,325 |
|
$ |
2,284 |
|
2% |
|
Total cash returned |
|
$ |
1,145 |
|
$ |
4,317 |
|
$ |
3,817 |
|
13% |
|
TEXAS INSTRUMENTS INCORPORATED AND SUBSIDIARIES | ||||||
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Consolidated Statements of Income | ||||||
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(Millions of dollars, except share and per-share amounts) | ||||||
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For Three Months Ended | ||||
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September 30, | ||||
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2017 |
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2016 | ||
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Revenue |
|
$ |
4,116 |
|
$ |
3,675 |
|
Cost of revenue (COR) |
|
|
1,460 |
|
|
1,391 |
|
Gross profit |
|
|
2,656 |
|
|
2,284 |
|
Research and development (R&D) |
|
|
375 |
|
|
353 |
|
Selling, general and administrative (SG&A) |
|
|
412 |
|
|
442 |
|
Acquisition charges |
|
|
80 |
|
|
80 |
|
Restructuring charges/other |
|
|
1 |
|
|
1 |
|
Operating profit |
|
|
1,788 |
|
|
1,408 |
|
Other income (expense), net (OI&E) |
|
|
20 |
|
|
(9) |
|
Interest and debt expense |
|
|
19 |
|
|
18 |
|
Income before income taxes |
|
|
1,789 |
|
|
1,381 |
|
Provision for income taxes |
|
|
504 |
|
|
363 |
|
Net income |
|
$ |
1,285 |
|
$ |
1,018 |
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|
|
|
|
|
|
|
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Diluted earnings per common share |
|
$ |
1.26 |
|
$ |
.98 |
|
|
|
|
|
|
|
|
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Average shares outstanding (millions): |
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|
|
|
|
|
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Basic |
|
|
988 |
|
|
1,003 |
|
Diluted |
|
|
1,008 |
|
|
1,023 |
|
|
|
|
|
|
|
|
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Cash dividends declared per common share |
|
$ |
.50 |
|
$ |
.38 |
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|
|
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Certain amounts in the prior period have been adjusted to reflect the following: (1) the fourth-quarter 2016 early adoption of ASU 2016-09 related to stock-based compensation, and (2) the first-quarter 2017 early adoption of ASU 2017-07 related to the reclassification of certain pension and other retiree benefit costs to OI&E. | ||||||
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Supplemental Information | ||||||
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(Quarterly, except as noted) | ||||||
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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) |
|
$ |
542 |
|
$ |
418 |
|
Discrete tax items |
|
|
(38) |
|
|
(55) |
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Provision for income taxes (effective taxes) |
|
$ |
504 |
|
$ |
363 |
|
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Annual operating tax rate |
|
|
31% |
|
|
30% |
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Effective tax rate |
|
|
28% |
|
|
26% |
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As a result of accounting rule ASC 260, which requires a portion of Net income to be allocated to unvested restricted stock units (RSUs) on which we pay dividend equivalents, diluted EPS is calculated using the following: | ||||||
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| ||||||
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Net income |
|
$ |
1,285 |
|
$ |
1,018 |
|
Income allocated to RSUs |
|
|
(11) |
|
|
(11) |
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Income allocated to common stock for diluted EPS |
|
$ |
1,274 |
|
$ |
1,007 |
