TEXAS INSTRUMENTS INCORPORATED AND SUBSIDIARIES

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

8,734

Property, plant and equipment at cost

5,425

4,789

Accumulated depreciation

(2,125)

Property, plant and equipment

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 long-term 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

Other long-term 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