TI reports second quarter 2021 financial results and shareholder returns

 

TEXAS INSTRUMENTS INCORPORATED AND SUBSIDIARIES


Consolidated Statements of Income


For Three Months Ended

June 30,


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


2021


2020


Revenue


$

4,580


$

3,239


Cost of revenue (COR)


1,503


1,157


Gross profit


3,077


2,082


Research and development (R&D)


391


379


Selling, general and administrative (SG&A)


425


401


Acquisition charges


48


50


Restructuring charges/other



24


Operating profit


2,213


1,228


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


73


99


Interest and debt expense


44


48


Income before income taxes


2,242


1,279


Provision for income taxes


311


(101)


Net income


$

1,931


$

1,380







Diluted earnings per common share


$

2.05


$

1.48







Average shares outstanding (millions):





Basic


923


916


Diluted


937


927







Cash dividends declared per common share


$

1.02


$

.90









Supplemental Information

(Quarterly, except as noted)




Our annual operating tax rate, which does not include discrete tax items, was 14% for the current period and 13% for the year-ago period.




Provision for income taxes is based on the following:








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


$

322


$

164


Discrete tax items


(11)


(265)


Provision for income taxes (effective taxes)


$

311


$

(101)







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


$

1,931


$

1,380


Income allocated to RSUs


(7)


(7)


Income allocated to common stock for diluted EPS


$

1,924


$

1,373



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