Amounts are in millions of dollars.
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| Trailing 12 Months | |||||||
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| Q4 2019 |
| Q4 2019 |
| Q4 2018 |
| Change | |||
Dividends paid | $ | 841 |
| $ | 3,008 |
| $ | 2,555 |
| 18% |
Stock repurchases | $ | 489 |
| $ | 2,960 |
| $ | 5,100 |
| (42)% |
Total cash returned | $ | 1,330 |
| $ | 5,968 |
| $ | 7,655 |
| (22)% |
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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| For Years Ended
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| 2019 |
| 2018 |
| 2019 |
| 2018 |
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Revenue | $ | 3,350 |
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| $ | 3,717 |
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| $ | 14,383 |
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| $ | 15,784 |
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Cost of revenue (COR) | 1,253 |
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| 1,310 |
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| 5,219 |
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| 5,507 |
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Gross profit | 2,097 |
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| 2,407 |
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| 9,164 |
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| 10,277 |
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Research and development (R&D) | 386 |
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| 400 |
|
| 1,544 |
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| 1,559 |
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Selling, general and administrative (SG&A) | 412 |
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| 414 |
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| 1,645 |
|
| 1,684 |
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Acquisition charges | 50 |
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| 79 |
|
| 288 |
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| 318 |
| ||||||
Restructuring charges/other | — |
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| (2) |
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| (36) |
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| 3 |
| ||||||
| Operating profit | 1,249 |
|
| 1,516 |
|
| 5,723 |
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| 6,713 |
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| Other income (expense), net (OI&E) | 53 |
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| 23 |
|
| 175 |
|
| 98 |
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| Interest and debt expense | 45 |
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| 36 |
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| 170 |
|
| 125 |
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| Income before income taxes | 1,257 |
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| 1,503 |
|
| 5,728 |
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| 6,686 |
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| Provision for income taxes | 187 |
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| 264 |
|
| 711 |
|
| 1,106 |
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| Net income | $ | 1,070 |
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| $ | 1,239 |
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| $ | 5,017 |
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| $ | 5,580 |
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| Diluted earnings per common share | $ | 1.12 |
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| $ | 1.27 |
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| $ | 5.24 |
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| $ | 5.59 |
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| Average shares outstanding (millions): |
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| Basic | 933 |
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| 953 |
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| 936 |
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| 970 |
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| Diluted | 948 |
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| 970 |
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| 952 |
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| 990 |
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| Cash dividends declared per common share | $ | .90 |
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| $ | .77 |
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| $ | 3.21 |
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| $ | 2.63 |
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| Supplemental Information | |||||||||||||||||
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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) | $ | 188 |
|
| $ | 277 |
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| $ | 903 |
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| $ | 1,304 |
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| Discrete tax items | (1) |
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| (13) |
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| (192) |
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| (198) |
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| Provision for income taxes (effective taxes) | $ | 187 |
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| $ | 264 |
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| $ | 711 |
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| $ | 1,106 |
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| Effective tax rate | 15% |
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| 18% |
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| 12% |
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| 17% |
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| Our annual operating tax rate, which does not include discrete tax items, was 16% compared with 20% in the prior year. | |||||||||||||||||
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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 | $ | 1,070 |
|
| $ | 1,239 |
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| $ | 5,017 |
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| $ | 5,580 |
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| Income allocated to RSUs | (6) |
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| (8) |
|
| (31) |
|
| (42) |
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| Income allocated to common stock for diluted EPS | $ | 1,064 |
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| $ | 1,231 |
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| $ | 4,986 |
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| $ | 5,538 |
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