德州仪器公司发布2018第四季度及2018年度财务业绩与股东回报

Consolidated Statements of Income

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

For Three Months Ended

For Years Ended

December 31,

December 31,

2018

2017

2018

2017

Revenue

$

3,717

$

3,750

$

15,784

$

14,961

Cost of revenue (COR)

1,310

5,507

5,347

Gross profit

2,407

2,440

10,277

9,614

Research and development (R&D)

400

386

1,559

1,508

Selling, general and administrative (SG&A)

414

409

1,684

1,694

Acquisition charges

79

79

318

318

Restructuring charges/other

(2)

3

3

11

Operating profit

1,516

1,563

6,713

6,083

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

23

8

98

75

Interest and debt expense

36

21

125

78

Income before income taxes

1,503

1,550

6,686

6,080

Provision for income taxes

264

1,206

1,106

2,398

Net income

$

1,239

$

344

$

5,580

$

3,682

Diluted earnings per common share

$

$

.34

$

5.59

$

3.61

Average shares outstanding (millions):

Basic

953

985

970

991

Diluted

970

1,007

990

1,012

Cash dividends declared per common share

$

.77

$

.62

$

2.63

$

2.12

Provision for income taxes is based on the following:

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

$

277

$

476

$

1,304

$

1,858

Discrete tax items

(13)

730

(198)

Provision for income taxes (effective taxes)

$

264

$

1,206

$

1,106

$

2,398

Effective tax rate

18%

78%

17%

39%

Our annual operating tax rate, which does not include dicrete tax items, was 20 percent compared with 31 percent in the prior
year.

A portion of net income is allocated to unvested restricted stovk units (RSUs) on which we pay dividend equivalents. Diluted
EPS is calculated using the following:

Net income

$

1,239

$

344

$

5,580

$

3,682

Income allocated to RSUs

(3)

(42)

(33)

Income allocated to common stock for diluted EPS

$

1,231

$

341

$

5,538

$

3,649

Consolidated Balance Sheets

(Millions of dollars, except share amounts)

December 31,

2018

2017

Assets

Current assets:

    Cash and cash equivalents

$

2,438

$

1,656

    Short-term investments

1,795

2,813

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

1,207

1,278

        Raw materials

181

126

        Work in process

1,070

1,089

        Finished goods

966

742

    Inventories

2,217

1,957

    Prepaid expenses and other current assets

440

1,030

    Total current assets

8,097

7,457

Property, plant and equipment at cost

5,425

4,789

    Accumulated depreciation

(2,242)

(2,125)

    Property, plant and equipment, net

3,183

2,664

Long-term investments

251

268

Goodwill

4,362

4,362

Acquisition-related intangibles

628

946

Deferred tax assets

295

264

Capitalized software licenses

89

110

Overfunded retirement plans

92

208

Other assets

140

86

Total assets

$

17,137

$

17,642

Liabilities and stockholders' equity

Current liabilities:

    Current portion of long-term debt

$

749

$

500

    Accounts payable

478

466

    Accrued compensation

724

722

    Income taxes payable

103

128

    Accrued expenses and other liabilities

420

442

    Total current liabilities

2,474

2,258

Long-term debt

4,319

3,577

Underfunded retirement plans

118

89

Deferred tax liabilities

42

78

Deferred credits and other liabilities

1,190

1,303

Total liabilities

8,143

7,305

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

1,950

1,776

    Retained earnings

37,906

34,662

    Treasury common stock at cost

        Shares: 2018 – 795,665,646; 2017 – 757,657,217

(32,130)

(27,458)

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

(473)

(384)

    Total stockholders' equity

8,994

10,337

Total liabilities and stockholders' equity

$

17,137

$

17,642

Consolidated Statements of Cash Flows

(Millions of dollars)

For Three Months Ended

For Years Ended

December 31,                                                  December 31,

2018

2017

2018

2017

Cash flows from operating activities

    Net income

$

1,239

$

344

$

5,580

$

3,682

    Adjustments to Net income:

        Depreciation

158

133

590

539

        Amortization of acquisition-related intangibles

79

79

318

318

        Amortization of capitalized software

12

12

46

47

        Stock-based compensation

42

45

232

242

        Gains on sales of assets

(3)

—

(3)

—

        Deferred taxes

(23)

159

(105)

(112)

    Increase (decrease) from changes in:

        Accounts receivable

378

299

71

(7)

        Inventories

(101)

(49)

(282)

(167)

        Prepaid expenses and other current assets

101

33

669

76

        Accounts payable and accrued expenses

(13)

70

(7)

51

        Accrued compensation

105

82

(7)

(3)

        Income taxes payable

147

694

158

468

    Changes in funded status of retirement plans

10

(15)

36

21

    Other

14

43

(107)

(16)

Cash flows from operating activities

2,145

1,929

7,189

5,363

Cash flows from investing activities

    Capital expenditures

(323)

(231)

(1,131)

(695)

    Proceeds from asset sales

9

—

9

40

    Purchases of short-term investments

(333)

(1,450)

(5,641)

(4,555)

    Proceeds from short-term investments

2,163

790

6,708

4,095

    Other

(11)

(7)

(23)

(12)

Cash flows from investing activities

1,505

(898)

(78)

(1,127)

Cash flows from financing activities

    Proceeds from issuance of debt

—

494

1,500

1,099

    Repayment of debt

—

—

(500)

(625)

    Dividends paid

(736)

(611)

(2,555)

(2,104)

    Stock repurchases

(2,009)

(706)

(5,100)

(2,556)

    Proceeds from common stock transactions

38

162

373

483

    Other

(7)

(10)

(47)

(31)

Cash flows from financing activities

(2,714)

(617)

(3,734)

Net change in Cash and cash equivalents

936

360

782

502

Cash and cash equivalents at beginning of period

1,502

1,296

1,656

1,154

Cash and cash equivalents at end of period

$

2,438

$

1,656

$

2,438

$

1,656