Trailing 12 Months

Q1 2022

Q1 2022

Q1 2021

Change

Dividends paid

$

1,063

$

4,009

$

3,525

14%

Stock repurchases

$

589

$

1,016

$

1,012

0%

Total cash returned

$

1,652

$

5,025

$

4,537

11%

TEXAS INSTRUMENTS INCORPORATED AND SUBSIDIARIES

Consolidated Statements of Income

For Three Months Ended

March 31,

(In millions, except per-share amounts)

2022

2021

Revenue

$

4,905

$

4,289

Cost of revenue (COR)

1,463

1,492

Gross profit

3,442

2,797

Research and development (R&D)

391

386

Selling, general and administrative (SG&A)

422

425

Acquisition charges

—

47

Restructuring charges/other

66

—

Operating profit

2,563

1,939

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

15

46

Interest and debt expense

52

46

Income before income taxes

2,526

1,939

Provision for income taxes

325

186

Net income

$

2,201

$

1,753

Diluted earnings per common share

$

2.35

$

1.87

Average shares outstanding:

     Basic

923

922

     Diluted

934

935

Cash dividends declared per common share

$

1.15

$

1.02

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)

$

361

$

275

Discrete tax items

(36)

(89)

Provision for income taxes (effective taxes)

$

325

$

186

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

$

2,201

$

1,753

Income allocated to RSUs

(9)

(8)

Income allocated to common stock for diluted EPS

$

2,192

$

1,745