Capital expenditures for the past 12 months were 4 percent of revenue, consistent with TI's long-term expectations.
Cash return
Amounts are in millions of dollars.
|
|
|
|
|
|
Trailing 12 Months | ||||||
|
|
|
|
1Q17 |
|
|
1Q17 |
|
|
1Q16 |
|
Change |
|
Dividends paid |
|
$ |
500 |
|
$ |
1,763 |
|
$ |
1,471 |
|
20% |
|
Stock repurchases |
|
$ |
550 |
|
$ |
2,052 |
|
$ |
2,701 |
|
-24% |
|
Total cash returned |
|
$ |
1,050 |
|
$ |
3,815 |
|
$ |
4,172 |
|
-9% |
|
TEXAS INSTRUMENTS INCORPORATED AND SUBSIDIARIES | ||||||
|
Consolidated Statements of Income | ||||||
|
(Millions of dollars, except share and per-share amounts) | ||||||
|
| ||||||
|
|
|
For Three Months Ended | ||||
|
|
|
March 31, | ||||
|
|
|
2017 |
|
2016 | ||
|
Revenue |
|
$ |
3,402 |
|
$ |
3,008 |
|
Cost of revenue (COR) |
|
|
1,258 |
|
|
1,179 |
|
Gross profit |
|
|
2,144 |
|
|
1,829 |
|
Research and development (R&D) |
|
|
369 |
|
|
322 |
|
Selling, general and administrative (SG&A) |
|
|
439 |
|
|
441 |
|
Acquisition charges |
|
|
80 |
|
|
80 |
|
Restructuring charges/other |
|
|
4 |
|
|
2 |
|
Operating profit |
|
|
1,252 |
|
|
984 |
|
Other income (expense), net (OI&E) |
|
|
21 |
|
|
(12) |
|
Interest and debt expense |
|
|
18 |
|
|
22 |
|
Income before income taxes |
|
|
1,255 |
|
|
950 |
|
Provision for income taxes |
|
|
258 |
|
|
239 |
|
Net income |
|
$ |
997 |
|
$ |
711 |
|
|
|
|
|
|
|
|
|
Diluted earnings per common share |
|
$ |
.97 |
|
$ |
.69 |
|
|
|
|
|
|
|
|
|
Average shares outstanding (millions): |
|
|
|
|
|
|
|
Basic |
|
|
998 |
|
|
1,007 |
|
Diluted |
|
|
1,019 |
|
|
1,022 |
|
|
|
|
|
|
|
|
|
Cash dividends declared per common share |
|
$ |
.50 |
|
$ |
.38 |
|
|
|
|
|
|
|
|
|
Certain amounts in the prior period have been adjusted to reflect the following: (1) the fourth-quarter 2016 early adoption of ASU 2016-09 related to stock-based compensation, and (2) the first-quarter 2017 early adoption of ASU 2017-07 related to the reclassification of certain pension and other retiree benefit costs to OI&E. | ||||||
|
| ||||||
|
Supplemental Information | ||||||
|
| ||||||
|
Provision for income taxes is based on the following: | ||||||
|
| ||||||
|
Operating taxes (calculated using the estimated annual effective tax rate) |
|
$ |
382 |
|
$ |
281 |
|
Discrete tax items |
|
|
(124) |
|
|
(42) |
|
Provision for income taxes (effective taxes) |
|
$ |
258 |
|
$ |
239 |
|
| ||||||
|
Operating tax rate |
|
|
30% |
|
|
30% |
|
Effective tax rate |
|
|
21% |
|
|
25% |
|
| ||||||
|
As a result of accounting rule ASC 260, which requires a portion of Net income to be allocated to unvested restricted stock units (RSUs) on which we pay dividend equivalents, diluted EPS is calculated using the following: | ||||||
|
| ||||||
|
Net income |
|
$ |
997 |
|
$ |
711 |
|
Income allocated to RSUs |
|
|
(10) |
|
|
(9) |
|
Income allocated to common stock for diluted EPS |
|
$ |
987 |
|
$ |
702 |
