Capital expenditures for the year were 3 percent of revenue. Our long-term expectation is about 4 percent.
Cash return
Amounts are in millions of dollars.
|
|
|
|
| ||
|
|
|
|
Trailing 12 Months |
| |
|
|
4Q14 |
|
4Q14 |
4Q13 |
Change |
|
Dividends paid |
$ 356 |
|
$ 1,323 |
$ 1,175 |
13% |
|
Stock repurchases |
$ 698 |
|
$ 2,831 |
$ 2,868 |
-1% |
|
Total cash returned |
$ 1,054 |
|
$ 4,154 |
$ 4,043 |
3% |
The company's targeted cash return is 100 percent of free cash flow plus proceeds from exercises of equity compensation minus net debt retirement.
|
TEXAS INSTRUMENTS INCORPORATED AND SUBSIDIARIES | ||||||||||||
|
Consolidated Statements of Income | ||||||||||||
|
(Millions of dollars, except share and per-share amounts) | ||||||||||||
|
| ||||||||||||
|
|
|
For Three Months Ended |
|
For Years Ended | ||||||||
|
|
|
December 31, |
|
December 31, | ||||||||
|
|
|
2014 |
|
2013 |
|
2014 |
|
2013 | ||||
|
Revenue |
|
$ |
3,269 |
|
$ |
3,028 |
|
$ |
13,045 |
|
$ |
12,205 |
|
Cost of revenue (COR) |
|
|
1,374 |
|
|
1,388 |
|
|
5,618 |
|
|
5,841 |
|
Gross profit |
|
|
1,895 |
|
|
1,640 |
|
|
7,427 |
|
|
6,364 |
|
Research and development (R&D) |
|
|
311 |
|
|
346 |
|
|
1,358 |
|
|
1,522 |
|
Selling, general and administrative (SG&A) |
|
|
429 |
|
|
461 |
|
|
1,843 |
|
|
1,858 |
|
Acquisition charges |
|
|
82 |
|
|
84 |
|
|
330 |
|
|
341 |
|
Restructuring charges/other |
|
|
(27) |
|
|
62 |
|
|
(51) |
|
|
(189) |
|
Operating profit |
|
|
1,100 |
|
|
687 |
|
|
3,947 |
|
|
2,832 |
|
Other income (expense), net (OI&E) |
|
|
9 |
|
|
19 |
|
|
21 |
|
|
17 |
|
Interest and debt expense |
|
|
22 |
|
|
24 |
|
|
94 |
|
|
95 |
|
Income before income taxes |
|
|
1,087 |
|
|
682 |
|
|
3,874 |
|
|
2,754 |
|
Provision for income taxes |
|
|
262 |
|
|
171 |
|
|
1,053 |
|
|
592 |
|
Net income |
|
$ |
825 |
|
$ |
511 |
|
$ |
2,821 |
|
$ |
2,162 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per common share |
|
$ |
.76 |
|
$ |
.46 |
|
$ |
2.57 |
|
$ |
1.91 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average diluted shares outstanding (millions) |
|
|
1,063 |
|
|
1,102 |
|
|
1,080 |
|
|
1,113 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash dividends declared per common share |
|
$ |
.34 |
|
$ |
.30 |
|
$ |
1.24 |
|
$ |
1.07 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
$ |
825 |
|
$ |
511 |
|
$ |
2,821 |
|
$ |
2,162 |
|
Income allocated to RSUs |
|
|
(13) |
|
|
(8) |
|
|
(43) |
|
|
(36) |
|
Income allocated to common stock for diluted EPS |
|
$ |
812 |
|
$ |
503 |
|
$ |
2,778 |
|
$ |
2,126 |
