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TEXAS INSTRUMENTS52 ■ 2011 ANNUAL REPORT
ANNUAL
REPORT
Quarterly financial data
[Millions of dollars, except per-share amounts]
Quarter
2011 1st 2nd 3rd 4th
Revenue . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $3,392 $3,458 $3,466 $3,420
Gross profit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,728 1,753 1,744 1,548
Operating profit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 908 905 814 365
Net income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 666 $ 672 $ 601 $ 298
Earnings per common share:
Basic earnings per common share . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 0.56 $ 0.57 $ 0.52 $ 0.26
Diluted earnings per common share . . . . . . . . . . . . . . . . . . . . . . . . . . $ 0.55 $ 0.56 $ 0.51 $ 0.25
Quarter
2010 1st 2nd 3rd 4th
Revenue . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $3,205 $3,496 $3,740 $3,525
Gross profit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,689 1,894 2,039 1,869
Operating profit. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 950 1,107 1,227 1,230
Net income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 658 $ 769 $ 859 $ 942
Earnings per common share:
Basic earnings per common share . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 0.53 $ 0.63 $ 0.71 $ 0.79
Diluted earnings per common share . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 0.52 $ 0.62 $ 0.71 $ 0.78
Included in the results above were the following items:
Quarter
2011 1st 2nd 3rd 4th
Acquisition-related charges (a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 2 $ 13 $ 154 $256
Recorded as Cost of revenue . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $— $— $ 7 $103
Recorded as Acquisition charges . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 2 $ 13 $ 147 $153
Restructuring charges (b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $— $— $ — $112
Quarter
2010 1st 2nd 3rd 4th
Restructuring charges (b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 10 $ 17 $ 4 $ 1
Gain on divestiture of product line (c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ — $ — $— $144
Federal research tax credit benefit (d) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ — $ — $ 4 $ 50
(a) See Note 2 to the financial statements for additional information.
(b) See Note 4 to the financial statements for additional information.
(c) See Note 10 to the financial statements for additional information.
(d) The fourth quarter 2010 amount of $50 million was related to the U.S. federal research tax credit, which was reinstated in
December 2010 and retroactive to January of that year, and which expired at the end of 2011.