TI reports 3Q17 financial results and shareholder returns

 

Cash return

Amounts are in millions of dollars.






Trailing 12 Months




3Q17



3Q17



3Q16


Change

Dividends paid


$

495


$

1,992


$

1,533


30%

Stock repurchases


$

650


$

2,325


$

2,284


2%

Total cash returned


$

1,145


$

4,317


$

3,817


13%


 

TEXAS INSTRUMENTS INCORPORATED AND SUBSIDIARIES

Consolidated Statements of Income

(Millions of dollars, except share and per-share amounts)




For Three Months Ended



September 30,



2017


2016

Revenue


$

4,116


$

3,675

Cost of revenue (COR)



1,460



1,391

Gross profit



2,656



2,284

Research and development (R&D)



375



353

Selling, general and administrative (SG&A)



412



442

Acquisition charges



80



80

Restructuring charges/other



1



1

Operating profit



1,788



1,408

Other income (expense), net (OI&E)



20



(9)

Interest and debt expense



19



18

Income before income taxes



1,789



1,381

Provision for income taxes



504



363

Net income


$

1,285


$

1,018








Diluted earnings per common share


$

1.26


$

.98








Average shares outstanding (millions):







Basic



988



1,003

Diluted



1,008



1,023








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

(Quarterly, except as noted)


Provision for income taxes is based on the following:


Operating taxes (calculated using the estimated annual effective tax rate)


$

542


$

418

Discrete tax items



(38)



(55)

Provision for income taxes (effective taxes)


$

504


$

363


Annual operating tax rate



31%



30%

Effective tax rate



28%



26%


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


$

1,285


$

1,018

Income allocated to RSUs



(11)



(11)

Income allocated to common stock for diluted EPS


$

1,274


$

1,007



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