Item 5. Market for Registrant’s Common Equity
ITEM 5. Market for Registrant’s common equity, related stockholder matters and issuer purchases of equity securities
TI common stock is quoted on The Nasdaq Global Select Market under the ticker symbol TXN. At December 31, 2020, we had 12,624 stockholders of record.
The following table contains information regarding our purchases of our common stock during the fourth quarter of 2020.
Period Total Number of Shares Purchased Average Price Paid per Share Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (a)
Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs (a)
October 1, 2020 through October 31, 2020 1,323 $ 146.19 — $ 10.65 billion
November 1, 2020 through November 30, 2020 91,680 156.59 91,680 10.63 billion
December 1, 2020 through December 31, 2020 4,513 159.96 4,513 10.63 billion
Total 97,516 (b) $ 156.61 (b) 96,193 $ 10.63 billion (c)
(a) All open-market purchases during the quarter were made under the authorization from our board of directors to purchase up to $12.0 billion of additional shares of TI common stock announced September 20, 2018.
(b) In addition to open-market purchases, 1,323 shares of common stock were surrendered by employees to satisfy tax withholding obligations in connection with the vesting of restricted stock units.
(c) As of December 31, 2020, this amount consisted of the remaining portion of the $12.0 billion authorized in September 2018. No expiration date has been specified for this authorization.
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ITEM 6. Selected financial data
For Years Ended December 31,
(Millions of dollars, except share and per-share amounts) 2020 2019 2018 2017 2016
Cash flow data:
Cash flows from operating activities $ 6,139 $ 6,649 $ 7,189 $ 5,363 $ 4,614
Capital expenditures 649 847 1,131 695 531
Free cash flow (a) 5,490 5,802 6,058 4,668 4,083
Dividends paid 3,426 3,008 2,555 2,104 1,646
Stock repurchases 2,553 2,960 5,100 2,556 2,132
Income statement data:
Revenue by segment:
Analog 10,886 10,223 10,801 9,900 8,536
Embedded Processing 2,570 2,943 3,554 3,498 3,023
Other 1,005 1,217 1,429 1,563 1,811
Revenue 14,461 14,383 15,784 14,961 13,370
Gross profit 9,269 9,164 10,277 9,614 8,257
Operating expenses (R&D and SG&A) 3,153 3,189 3,243 3,202 3,098
Acquisition charges 198 288 318 318 319
Restructuring charges/other 24 (36) 3 11 (15)
Operating profit 5,894 5,723 6,713 6,083 4,855
Net income $ 5,595 $ 5,017 $ 5,580 $ 3,682 $ 3,595
A portion of net income is allocated to unvested restricted stock units (RSUs) on which we pay dividend equivalents. Diluted earnings per share (EPS) is calculated using the following:
Net income $ 5,595 $ 5,017 $ 5,580 $ 3,682 $ 3,595
Income allocated to RSUs (27) (31) (42) (33) (44)
Income allocated to common shares for diluted EPS $ 5,568 $ 4,986 $ 5,538 $ 3,649 $ 3,551
Average diluted shares outstanding (millions) 933 952 990 1,012 1,021
Diluted EPS $ 5.97 $ 5.24 $ 5.59 $ 3.61 $ 3.48
Cash dividends declared per common share $ 3.72 $ 3.21 $ 2.63 $ 2.12 $ 1.64
(a) Free cash flow is a non-GAAP measure derived by subtracting capital expenditures from cash flows from operating activities.
December 31,
(Millions of dollars) 2020 2019 2018 2017 2016
Balance sheet data:
Cash, cash equivalents and short-term investments $ 6,568 $ 5,387 $ 4,233 $ 4,469 $ 3,490
Total assets 19,351 18,018 17,137 17,642 16,431
Current portion of long-term debt 550 500 749 500 631
Long-term debt 6,248 5,303 4,319 3,577 2,978
See “Management’s discussion and analysis of financial condition and results of operations” and “Financial statements and supplementary data.”
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