Q4 2019

Q4 2018

变化

营业收入

$

3,350

$

3,717

(10)%

营业利润

$

1,249

$

1,516

(18)%

净收入

$

1,070

$

1,239

(14)%

每股收益

$

1.12

$

1.27

(12)%

最近连续12个月

Q4 2019

Q4 2019

Q4 2018

变化

经营现金流

$

1,754

$

 6,649

$

7,189

(8)%

资本支出

$

163

$

847

$

1,131

(25)%

自由现金流

$

1,591

$

5,802

$

6,058

(4)%

自由现金流占营业收入百分比

40.3%

38.4%

最近连续12个月

Q4 2019

Q4 2019

Q4 2018

变化

分派股息

$

841

$

3,008

$

2,555

18%

股票回购

$

489

$

2,960

$

5,100

(42)%

总现金回报

$

1,330

$

5,968

$

7,655

(22)%

TEXAS INSTRUMENTS INCORPORATED AND SUBSIDIARIES

Consolidated Statements of Income

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

For Three Months Ended
December 31,

For Years Ended
December 31,

2019

2018

2019

2018

Revenue

$

3,350

$

3,717

$

14,383

$

15,784

Cost of revenue (COR)

1,253

1,310

5,219

5,507

Gross profit

2,097

2,407

9,164

10,277

Research and development (R&D)

386

400

1,544

1,559

Selling, general and administrative (SG&A)

412

414

1,645

1,684

Acquisition charges

50

79

288

318

Restructuring charges/other

—

(2)

(36)

3

Operating profit

1,249

1,516

5,723

6,713

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

53

23

175

98

Interest and debt expense

45

36

170

125

Income before income taxes

1,257

1,503

5,728

6,686

Provision for income taxes

187

264

711

1,106

Net income

$

1,070

$

1,239

$

5,017

$

5,580

Diluted earnings per common share

$

1.12

$

1.27

$

5.24

$

5.59

Average shares outstanding (millions):

Basic

933

953

936

970

Diluted

948

970

952

990

Cash dividends declared per common share

$

.90

$

.77

$

3.21

$

2.63

Supplemental Information

Provision for income taxes is based on the following:

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

$

188

$

277

$

903

$

1,304

Discrete tax items

(1)

(13)

(192)

(198)

Provision for income taxes (effective taxes)

$

187

$

264

$

711

$

1,106

Effective tax rate

15%

18%

12%

17%

Our annual operating tax rate, which does not include discrete tax items, was 16% compared with 20% in the prior year.

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

$

1,070

$

1,239

$

5,017

$

5,580

Income allocated to RSUs

(6)

(8)

(31)

(42)

Income allocated to common stock for diluted EPS

$

1,064

$

1,231

$

4,986

$

5,538

TEXAS INSTRUMENTS INCORPORATED AND SUBSIDIARIES

Consolidated Balance Sheets

(Millions of dollars, except share amounts)

December 31,

2019

2018

Assets

Current assets:

Cash and cash equivalents

$

2,437

$

2,438

Short-term investments

2,950

1,795

Accounts receivable, net of allowances of ($8) and ($19)

1,074

1,207

Raw materials

176

181

Work in process

916

1,070

Finished goods

909

966

Inventories

2,001

2,217

Prepaid expenses and other current assets

299

440

Total current assets

8,761

8,097

Property, plant and equipment at cost

5,740

5,425

Accumulated depreciation

(2,437)

(2,242)

Property, plant and equipment

3,303

3,183

Long-term investments

300

251

Goodwill

4,362

4,362

Acquisition-related intangibles

340

628

Deferred tax assets

197

295

Capitalized software licenses

69

89

Overfunded retirement plans

218

92

Other long-term assets

468

140

Total assets

$

18,018

$

17,137

Liabilities and stockholders’ equity

Current liabilities:

Current portion of long-term debt

$

500

$

749

Accounts payable

388

478

Accrued compensation

714

724

Income taxes payable

46

103

Accrued expenses and other liabilities

475

420

Total current liabilities

2,123

2,474

Long-term debt

5,303

4,319

Underfunded retirement plans

93

118

Deferred tax liabilities

78

42

Other long-term liabilities

1,514

1,190

Total liabilities

9,111

8,143

Stockholders’ equity:

Preferred stock, $25 par value. Authorized – 10,000,000 shares

Participating cumulative preferred – None issued

—

—

Common stock, $1 par value. Authorized – 2,400,000,000 shares

Shares issued – 1,740,815,939

1,741

1,741

Paid-in capital

2,110

1,950

Retained earnings

39,898

37,906

Treasury common stock at cost

Shares: 2019 – 808,784,381; 2018 – 795,665,646

(34,495)

(32,130)

Accumulated other comprehensive income (loss), net of taxes (AOCI)

(347)

(473)

Total stockholders’ equity

8,907

8,994

Total liabilities and stockholders’ equity

$

18,018

$

17,137

TEXAS INSTRUMENTS INCORPORATED AND SUBSIDIARIES

Consolidated Statements of Cash Flows

(Millions of dollars)

For Three Months Ended

For Years Ended

December 31,

December 31,

2019

2018

2019

2018

Cash flows from operating activities

Net income

$

1,070

$

1,239

$

5,017

$

5,580

Adjustments to net income:

Depreciation

186

158

708

590

Amortization of acquisition-related intangibles

50

79

288

318

Amortization of capitalized software

14

12

54

46

Stock compensation

41

42

217

232

Gains on sales of assets

—

(3)

(23)

(3)

Deferred taxes

50

(23)

81

(105)

Increase (decrease) from changes in:

Accounts receivable

268

378

133

71

Inventories

39

(101)

216

(282)

Prepaid expenses and other current assets

(20)

101

265

669

Accounts payable and accrued expenses

(29)

(13)

(93)

(7)

Accrued compensation

100

105

(15)

(7)

Income taxes payable

7

147

(193)

158

Changes in funded status of retirement plans

3

10

29

36

Other

(25)

14

(35)

(107)

Cash flows from operating activities

1,754

2,145

6,649

7,189

Cash flows from investing activities

Capital expenditures

(163)