「业内数据」德州仪器发布2018年第二季度财务业绩与股东回报

For Three Months Ended

June 30,

2018

2017

Revenue

$

4,017

$

3,693

Cost of revenue (COR)

1,398

1,319

Gross profit

2,619

2,374

Research and development (R&D)

384

378

Selling, general and administrative (SG&A)

441

434

Acquisition charges

79

79

Restructuring charges/other

3

3

Operating profit

1,712

1,480

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

24

26

Interest and debt expense

30

20

Income before income taxes

1,706

1,486

Provision for income taxes

301

430

Net income

$

1,405

$

1,056

Diluted earnings per common share

$

1.40

$

1.03

Average shares outstanding (millions):

Basic

977

994

Diluted

997

1,015

Cash dividends declared per common share

$

.62

$

.50

Supplemental Information

(Quarterly, except as noted)

Provision for income taxes is based on the following:

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

$

344

$

458

Discrete tax items

(43)

(28)

Provision for income taxes (effective taxes)

$

301

$

430

Annual operating tax rate

20%

31%

Effective tax rate

18%

29%

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

$

1,405

$

1,056

Income allocated to RSUs

(11)

(10)

Income allocated to common stock for diluted EPS

$

1,394

$

1,046

June 30,

2018

2017

Assets

Current assets:

Cash and cash equivalents

$

2,919

$

1,140

Short-term investments

2,211

1,844

Accounts receivable, net of allowances of ($8) and ($11)

1,551

1,469

Raw materials

155

109

Work in process

1,079

1,099

Finished goods

856

739

Inventories

2,090

1,947

Prepaid expenses and other current assets

821

1,111

Total current assets

9,592

7,511

Property, plant and equipment at cost

5,025

4,656

Accumulated depreciation

(2,170)

(2,142)

Property, plant and equipment, net

2,855

2,514

Long-term investments

271

250

Goodwill, net

4,362

4,362

Acquisition-related intangibles, net

787

1,105

Deferred income taxes

205

412

Capitalized software licenses, net

101

114

Overfunded retirement plans

205

99

Other long-term assets

149

71

Total assets

$

18,527

$

16,438

Liabilities and stockholders’ equity

Current liabilities:

Current portion of long-term debt

$

----

$

499

Accounts payable

492

450

Accrued compensation

472

489

Income taxes payable

120

86

Accrued expenses and other liabilities

382

353

Total current liabilities

1,466

1,877

Long-term debt

5,066

3,084

Underfunded retirement plans

82

101

Deferred tax liabilities

50

33

Other long-term liabilities

1,229

635

Total liabilities

7,893

5,730

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

1,867

1,683

Retained earnings

36,413

34,149

Treasury common stock at cost

Shares: March 31, 2018 – 759,098,020; March 31, 2017 – 743,085,976

(29,016)

(26,345)

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

(371)

(520)

Total stockholders’ equity

10,634

10,708

Total liabilities and stockholders’ equity

$

18,527

$

16,438

For Three Months Ended

June 30,

2018

2017

Cash flows from operating activities

Net income

$

1,405

$

1,056

Adjustments to Net income:

Depreciation

144

134

Amortization of acquisition-related intangibles

79

79

Amortization of capitalized software

10

12

Stock compensation

74

75

Deferred taxes

1

(54)

Increase (decrease) from changes in:

Accounts receivable

(97)

(132)

Inventories

(58)

(104)

Prepaid expenses and other current assets

61

83

Accounts payable and accrued expenses

6

12

Accrued compensation

123

131

Income taxes payable

120

(385)

Changes in funded status of retirement plans

29

19

Other

(71)

(9)

Cash flows from operating activities

1,826

917

Cash flows from investing activities

Capital expenditures

(249)

(151)

Proceeds from asset sales

(1,213)

(1,130)

Purchases of short-term investments

1,375

1,265

Proceeds from short-term investments

1,445

1,120

Other

6

8

Cash flows from investing activities

(81)

(8)

Cash flows from financing activities

Proceeds from issuance of long-term debt

1,500

605

Repayment of debt

(500)

(375)

Dividends paid

(606)

(498)

Stock repurchases

(1,018)

(650)

Proceeds from common stock transactions

102

84

Other

(21)

(8)

Cash flows from financing activities

(543)

(842)

Net change in Cash and cash equivalents

1,202

67

Cash and cash equivalents at beginning of period

1,717

1,073

Cash and cash equivalents at end of period

$

2,919

$

1,140