Cash return
Amounts are in millions of dollars.
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| Trailing 12 Months | ||||||
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| 3Q18 |
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| 3Q18 |
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| 3Q17 |
| Change |
Dividends paid |
| $ | 602 |
| $ | 2,430 |
| $ | 1,992 |
| 22% |
Stock repurchases |
| $ | 1,200 |
| $ | 3,797 |
| $ | 2,325 |
| 63% |
Total cash returned |
| $ | 1,802 |
| $ | 6,227 |
| $ | 4,317 |
| 44% |
TEXAS INSTRUMENTS INCORPORATED AND SUBSIDIARIES | ||||||
Consolidated Statements of Income | ||||||
(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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| 2018 |
| 2017 | ||
Revenue |
| $ | 4,261 |
| $ | 4,116 |
Cost of revenue (COR) |
|
| 1,457 |
|
| 1,460 |
Gross profit |
|
| 2,804 |
|
| 2,656 |
Research and development (R&D) |
|
| 390 |
|
| 375 |
Selling, general and administrative (SG&A) |
|
| 396 |
|
| 412 |
Acquisition charges |
|
| 80 |
|
| 80 |
Restructuring charges/other |
|
| 1 |
|
| 1 |
Operating profit |
|
| 1,937 |
|
| 1,788 |
Other income (expense), net (OI&E) |
|
| 23 |
|
| 20 |
Interest and debt expense |
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| 36 |
|
| 19 |
Income before income taxes |
|
| 1,924 |
|
| 1,789 |
Provision for income taxes |
|
| 354 |
|
| 504 |
Net income |
| $ | 1,570 |
| $ | 1,285 |
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| Diluted earnings per common share |
| $ | 1.58 |
| $ | 1.26 |
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| Average shares outstanding (millions): |
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| Basic |
|
| 969 |
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| 988 |
| Diluted |
|
| 989 |
|
| 1,008 |
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| Cash dividends declared per common share |
| $ | .62 |
| $ | .50 |
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| Supplemental Information | ||||||
| (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) |
| $ | 367 |
| $ | 542 |
| Discrete tax items |
|
| (13) |
|
| (38) |
| Provision for income taxes (effective taxes) |
| $ | 354 |
| $ | 504 |
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| Annual operating tax rate |
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| 20% |
|
| 31% |
| Effective tax rate |
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| 18% |
|
| 28% |
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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 |
| $ | 1,570 |
| $ | 1,285 |
| Income allocated to RSUs |
|
| (11) |
|
| (11) |
| Income allocated to common stock for diluted EPS |
| $ | 1,559 |
| $ | 1,274 |
