Cash return
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| Trailing 12 Months | ||||||
(In millions) |
| Q4 2023 |
| Q4 2023 |
| Q4 2022 |
| Change | |||
Dividends paid |
| $ | 1,181 |
| $ | 4,557 |
| $ | 4,297 |
| 6 % |
Stock repurchases |
| $ | 65 |
| $ | 293 |
| $ | 3,615 |
| (92) % |
Total cash returned |
| $ | 1,246 |
| $ | 4,850 |
| $ | 7,912 |
| (39) % |
TEXAS INSTRUMENTS INCORPORATED AND SUBSIDIARIES | ||||||||||||
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Consolidated Statements of Income |
| For Three Months Ended December 31, |
| For Years Ended December 31, | ||||||||
(In millions, except per-share amounts) |
| 2023 |
| 2022 |
| 2023 |
| 2022 | ||||
Revenue |
| $ | 4,077 |
| $ | 4,670 |
| $ | 17,519 |
| $ | 20,028 |
Cost of revenue (COR) |
|
| 1,646 |
|
| 1,583 |
|
| 6,500 |
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| 6,257 |
Gross profit |
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| 2,431 |
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| 3,087 |
|
| 11,019 |
|
| 13,771 |
Research and development (R&D) |
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| 460 |
|
| 434 |
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| 1,863 |
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| 1,670 |
Selling, general and administrative (SG&A) |
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| 438 |
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| 429 |
|
| 1,825 |
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| 1,704 |
| Restructuring charges/other |
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| — |
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| 48 |
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| — |
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| 257 |
| Operating profit |
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| 1,533 |
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| 2,176 |
|
| 7,331 |
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| 10,140 |
| Other income (expense), net (OI&E) |
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| 113 |
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| 51 |
|
| 440 |
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| 106 |
| Interest and debt expense |
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| 98 |
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| 60 |
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| 353 |
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| 214 |
| Income before income taxes |
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| 1,548 |
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| 2,167 |
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| 7,418 |
|
| 10,032 |
| Provision for income taxes |
|
| 177 |
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| 205 |
|
| 908 |
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| 1,283 |
| Net income |
| $ | 1,371 |
| $ | 1,962 |
| $ | 6,510 |
| $ | 8,749 |
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| Diluted earnings per common share |
| $ | 1.49 |
| $ | 2.13 |
| $ | 7.07 |
| $ | 9.41 |
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| Average shares outstanding: |
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| Basic |
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| 908 |
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| 906 |
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| 908 |
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| 916 |
| Diluted |
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| 915 |
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| 916 |
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| 916 |
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| 926 |
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| Cash dividends declared per common share |
| $ | 1.30 |
| $ | 1.24 |
| $ | 5.02 |
| $ | 4.69 |
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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) |
| $ | 180 |
| $ | 237 |
| $ | 974 |
| $ | 1,384 |
| Discrete tax items |
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| (3) |
|
| (32) |
|
| (66) |
|
| (101) |
| Provision for income taxes (effective taxes) |
| $ | 177 |
| $ | 205 |
| $ | 908 |
| $ | 1,283 |
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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: | ||||||||||||
| Net income |
| $ | 1,371 |
| $ | 1,962 |
| $ | 6,510 |
| $ | 8,749 |
| Income allocated to RSUs |
|
| (7) |
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| (9) |
|
| (33) |
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| (39) |
| Income allocated to common stock for diluted EPS |
| $ | 1,364 |
| $ | 1,953 |
| $ | 6,477 |
| $ | 8,710 |
