Capital expenditures for the past 12 months were 4 percent of revenue, consistent with TI's long-term expectations.
Cash return
Amounts are in millions of dollars.
|
|
|
|
|
|
Trailing 12 Months | ||||||
|
|
|
|
4Q16 |
|
|
4Q16 |
|
|
4Q15 |
|
Change |
|
Dividends paid |
|
$ |
499 |
|
$ |
1,646 |
|
$ |
1,444 |
|
14% |
|
Stock repurchases |
|
$ |
475 |
|
$ |
2,132 |
|
$ |
2,741 |
|
-22% |
|
Total cash returned |
|
$ |
974 |
|
$ |
3,778 |
|
$ |
4,185 |
|
-10% |
|
TEXAS INSTRUMENTS INCORPORATED AND SUBSIDIARIES | ||||||||||||
|
Consolidated Statements of Income | ||||||||||||
|
(Millions of dollars, except share and per-share amounts) | ||||||||||||
|
| ||||||||||||
|
|
|
For Three Months Ended |
|
For Years Ended | ||||||||
|
|
|
December 31, |
|
December 31, | ||||||||
|
|
|
2016 |
|
2015 |
|
2016 |
|
2015 | ||||
|
Revenue |
|
$ |
3,414 |
|
$ |
3,189 |
|
$ |
13,370 |
|
$ |
13,000 |
|
Cost of revenue (COR) |
|
|
1,281 |
|
|
1,323 |
|
|
5,130 |
|
|
5,440 |
|
Gross profit |
|
|
2,133 |
|
|
1,866 |
|
|
8,240 |
|
|
7,560 |
|
Research and development (R&D) |
|
|
343 |
|
|
306 |
|
|
1,370 |
|
|
1,280 |
|
Selling, general and administrative (SG&A) |
|
|
411 |
|
|
405 |
|
|
1,767 |
|
|
1,748 |
|
Acquisition charges |
|
|
80 |
|
|
81 |
|
|
319 |
|
|
329 |
|
Restructuring charges/other |
|
|
(20) |
|
|
(68) |
|
|
(15) |
|
|
(71) |
|
Operating profit |
|
|
1,319 |
|
|
1,142 |
|
|
4,799 |
|
|
4,274 |
|
Other income (expense), net (OI&E) |
|
|
197 |
|
|
19 |
|
|
211 |
|
|
32 |
|
Interest and debt expense |
|
|
19 |
|
|
22 |
|
|
80 |
|
|
90 |
|
Income before income taxes |
|
|
1,497 |
|
|
1,139 |
|
|
4,930 |
|
|
4,216 |
|
Provision for income taxes |
|
|
450 |
|
|
303 |
|
|
1,335 |
|
|
1,230 |
|
Net income |
|
$ |
1,047 |
|
$ |
836 |
|
$ |
3,595 |
|
$ |
2,986 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per common share |
|
$ |
1.02 |
|
$ |
.80 |
|
$ |
3.48 |
|
$ |
2.82 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average diluted shares outstanding (millions) |
|
|
1,018 |
|
|
1,027 |
|
|
1,021 |
|
|
1,043 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash dividends declared per common share |
|
$ |
.50 |
|
$ |
.38 |
|
$ |
1.64 |
|
$ |
1.40 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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: | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
1,047 |
|
$ |
836 |
|
$ |
3,595 |
|
$ |
2,986 |
|
Income allocated to RSUs |
|
|
(13) |
|
|
(12) |
|
|
(44) |
|
|
(42) |
|
Income allocated to common stock for diluted EPS |
|
$ |
1,034 |
|
$ |
824 |
|
$ |
3,551 |
|
$ |
2,944 |
|
|
|
With the fourth-quarter 2016 adoption of ASU 2016-09 related to stock compensation, we were required to apply the new standard as of the beginning of 2016. As a result, the sum of the previously reported quarters and the fourth quarter of 2016 does not equal the full year 2016 amounts above. Recast amounts can be found in the Supplementary financial information section of this release. |
