Texas Instruments 2015 Annual Report Download - page 32
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FORM 10-K
Consolidated Statements of Income For Years Ended December 31,
2014 2013 2012
(Millions of dollars, except share and per-share amounts )
Revenue . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 13,045 $ 12,205 $ 12,825
Cost of revenue (COR) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,618 5,841 6,457
Gross profit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,427 6,364 6,368
Research and development (R&D) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,358 1,522 1,877
Selling, general and administrative (SG&A) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,843 1,858 1,804
Acquisition charges . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 330 341 450
Restructuring charges/other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (51) (189) 264
Operating profit. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,947 2,832 1,973
Other income (expense), net (OI&E) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21 17 47
Interest and debt expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 94 95 85
Income before income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,874 2,754 1,935
Provision for income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,053 592 176
Net income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 2,821 $ 2,162 $ 1,759
Earnings per common share (EPS):
Basic . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 2.61 $ 1.94 $ 1.53
Diluted . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 2.57 $ 1.91 $ 1.51
Average shares outstanding (millions):
Basic . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,065 1,098 1,132
Diluted . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,080 1,113 1,146
Cash dividends declared per common share . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1.24 $ 1.07 $ 0.72
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 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 2,821 $ 2,162 $ 1,759
Income allocated to RSUs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (43) (36) (31)
Income allocated to common stock for diluted EPS . . . . . . . . . . . . . . . . . . . . . . . . . $ 2,778 $ 2,126 $ 1,728
See accompanying notes.