Cash return
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| Trailing 12 Months | ||||
(In millions) |
| Q4 2022 |
| Q4 2022 |
| Q4 2021 |
| Change |
Dividends paid |
| $ 1,123 |
| $ 4,297 |
| $ 3,886 |
| 11 % |
Stock repurchases |
| $ 848 |
| $ 3,615 |
| $ 527 |
| 586 % |
Total cash returned |
| $ 1,971 |
| $ 7,912 |
| $ 4,413 |
| 79 % |
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) |
| 2022 |
| 2021 |
| 2022 |
| 2021 |
Revenue |
| $ 4,670 |
| $ 4,832 |
| $ 20,028 |
| $ 18,344 |
Cost of revenue (COR) |
| 1,583 |
| 1,482 |
| 6,257 |
| 5,968 |
Gross profit |
| 3,087 |
| 3,350 |
| 13,771 |
| 12,376 |
Research and development (R&D) |
| 434 |
| 389 |
| 1,670 |
| 1,554 |
Selling, general and administrative (SG&A) |
| 429 |
| 404 |
| 1,704 |
| 1,666 |
Acquisition charges |
| — |
| — |
| — |
| 142 |
Restructuring charges/other |
| 48 |
| 54 |
| 257 |
| 54 |
| Operating profit |
| 2,176 |
| 2,503 |
| 10,140 |
| 8,960 |
| Other income (expense), net (OI&E) |
| 51 |
| 9 |
| 106 |
| 143 |
| Interest and debt expense |
| 60 |
| 49 |
| 214 |
| 184 |
| Income before income taxes |
| 2,167 |
| 2,463 |
| 10,032 |
| 8,919 |
| Provision for income taxes |
| 205 |
| 325 |
| 1,283 |
| 1,150 |
| Net income |
| $ 1,962 |
| $ 2,138 |
| $ 8,749 |
| $ 7,769 |
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| Diluted earnings per common share |
| $ 2.13 |
| $ 2.27 |
| $ 9.41 |
| $ 8.26 |
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| Average shares outstanding: |
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| Basic |
| 906 |
| 924 |
| 916 |
| 923 |
| Diluted |
| 916 |
| 936 |
| 926 |
| 936 |
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| Cash dividends declared per common share |
| $ 1.24 |
| $ 1.15 |
| $ 4.69 |
| $ 4.21 |
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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) |
| $ 237 |
| $ 346 |
| $ 1,384 |
| $ 1,280 |
| Discrete tax items |
| (32) |
| (21) |
| (101) |
| (130) |
| Provision for income taxes (effective taxes) |
| $ 205 |
| $ 325 |
| $ 1,283 |
| $ 1,150 |
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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 |
| $ 1,962 |
| $ 2,138 |
| $ 8,749 |
| $ 7,769 |
| Income allocated to RSUs |
| (9) |
| (9) |
| (39) |
| (33) |
| Income allocated to common stock for diluted EPS |
| $ 1,953 |
| $ 2,129 |
| $ 8,710 |
| $ 7,736 |
