TEXAS INSTRUMENTS INCORPORATED AND SUBSIDIARIES

Consolidated Balance Sheets

(Millions of dollars, except share amounts)

March 31,

2016

2015

Assets

Current assets:

Cash and cash equivalents

$

1,281

$

1,242

Short-term investments

1,519

2,062

Accounts receivable, net of allowances of ($11) and ($12)

1,269

1,394

Raw materials

105

107

Work in process

888

906

Finished goods

812

831

Inventories

1,805

1,844

Prepaid expenses and other current assets

785

810

Total current assets

6,659

7,352

Property, plant and equipment at cost

5,290

6,177

Accumulated depreciation

(2,736)

(3,419)

Property, plant and equipment, net

2,554

2,758

Long-term investments

220

232

Goodwill, net

4,362

4,362

Acquisition-related intangibles, net

1,503

1,822

Deferred income taxes

175

170

Capitalized software licenses, net

53

73

Overfunded retirement plans

84

128

Other assets

76

95

Total assets

$

15,686

$

16,992

Liabilities and stockholders' equity

Current liabilities:

Current portion of long-term debt

$

1,249

$

1,000

Accounts payable

387

432

Accrued compensation

340

349

Income taxes payable

67

75

Accrued expenses and other liabilities

377

426

Total current liabilities

2,420

2,282

Long-term debt

2,869

3,628

Underfunded retirement plans

195

253

Deferred income taxes

38

63

Deferred credits and other liabilities

382

397

Total liabilities

5,904

6,623

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

1,558

1,410

Retained earnings

31,457

29,948

Treasury common stock at cost

Shares: March 31, 2016 – 734,244,179; March 31, 2015 – 696,401,920

(24,443)

(22,199)

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

(531)

(531)

Total stockholders' equity

9,782

10,369

Total liabilities and stockholders' equity

$

15,686

$

16,992