Cash return
Amounts are in millions of dollars.
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| Trailing 12 Months | |||||||
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| Q1 2021 |
| Q1 2021 |
| Q1 2020 |
| Change | |||
Dividends paid | $ | 940 |
| $ | 3,525 |
| $ | 3,125 |
| 13% |
Stock repurchases | $ | 100 |
| $ | 1,012 |
| $ | 3,449 |
| (71)% |
Total cash returned | $ | 1,040 |
| $ | 4,537 |
| $ | 6,574 |
| (31)% |
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 March 31, | |||||
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| 2021 |
| 2020 | |||
Revenue | $ | 4,289 |
| $ | 3,329 | |
Cost of revenue (COR) | 1,492 |
| 1,241 | |||
Gross profit | 2,797 |
| 2,088 | |||
Research and development (R&D) | 386 |
| 377 | |||
Selling, general and administrative (SG&A) | 425 |
| 417 | |||
Acquisition charges | 47 |
| 50 | |||
Operating profit | 1,939 |
| 1,244 | |||
Other income (expense), net (OI&E) | 46 |
| 25 | |||
Interest and debt expense | 46 |
| 45 | |||
Income before income taxes | 1,939 |
| 1,224 | |||
Provision for income taxes | 186 |
| 50 | |||
Net income | $ | 1,753 |
| $ | 1,174 | |
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Diluted earnings per common share | $ | 1.87 |
| $ | 1.24 | |
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Average shares outstanding (millions): |
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| Basic | 922 |
| 931 | |||
| Diluted | 935 |
| 943 | |||
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| Cash dividends declared per common share | $ | 1.02 |
| $ | .90 | |
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| Supplemental Information | ||||||
| (Quarterly, except as noted) | ||||||
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| Our annual operating tax rate, which does not include discrete tax items, was 14% during both periods of 2021 and 2020. | ||||||
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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) | $ | 275 |
| $ | 166 | |
| Discrete tax items | (89) |
| (116) | |||
| Provision for income taxes (effective taxes) | $ | 186 |
| $ | 50 | |
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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 | $ | 1,753 |
| $ | 1,174 | |
| Income allocated to RSUs | (8) |
| (6) | |||
| Income allocated to common stock for diluted EPS | $ | 1,745 |
| $ | 1,168 | |
