Cash return
Amounts are in millions of dollars.
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| Trailing 12 Months | |||||||
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| Q3 2021 |
| Q3 2021 |
| Q3 2020 |
| Change | |||
Dividends paid | $ | 942 |
| $ | 3,761 |
| $ | 3,330 |
| 13% |
Stock repurchases | $ | 139 |
| $ | 400 |
| $ | 3,027 |
| (87)% |
Total cash returned | $ | 1,081 |
| $ | 4,161 |
| $ | 6,357 |
| (35)% |
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TEXAS INSTRUMENTS INCORPORATED AND SUBSIDIARIES | ||||||
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Consolidated Statements of Income |
| For Three Months Ended September 30, | ||||
(Millions of dollars, except share and per-share amounts) |
| 2021 |
| 2020 | ||
Revenue |
| $ | 4,643 |
| $ | 3,817 |
Cost of revenue (COR) |
| 1,491 |
| 1,364 | ||
Gross profit |
| 3,152 |
| 2,453 | ||
Research and development (R&D) |
| 388 |
| 386 | ||
Selling, general and administrative (SG&A) |
| 412 |
| 407 | ||
Acquisition charges |
| 47 |
| 51 | ||
Restructuring charges/other |
| — |
| — | ||
Operating profit |
| 2,305 |
| 1,609 | ||
Other income (expense), net (OI&E) |
| 15 |
| 27 | ||
Interest and debt expense |
| 45 |
| 49 | ||
Income before income taxes |
| 2,275 |
| 1,587 | ||
Provision for income taxes |
| 328 |
| 234 | ||
Net income |
| $ | 1,947 |
| $ | 1,353 |
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Diluted earnings per common share |
| $ | 2.07 |
| $ | 1.45 |
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| Average shares outstanding (millions): |
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| Basic |
| 923 |
| 917 | ||
| Diluted |
| 936 |
| 929 | ||
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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% in both periods. | ||||||
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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) |
| $ | 337 |
| $ | 231 |
| Discrete tax items |
| (9) |
| 3 | ||
| Provision for income taxes (effective taxes) |
| $ | 328 |
| $ | 234 |
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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 |
| $ | 1,947 |
| $ | 1,353 |
| Income allocated to RSUs |
| (9) |
| (6) | ||
| Income allocated to common stock for diluted EPS |
| $ | 1,938 |
| $ | 1,347 |
