TEXAS INSTRUMENTS INCORPORATED AND SUBSIDIARIES

Consolidated Balance Sheets

(Millions of dollars, except share amounts)

December 31,

2019

2018

Assets

Current assets:

Cash and cash equivalents

$

2,437

$

2,438

Short-term investments

2,950

1,795

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

1,074

1,207

Raw materials

176

181

Work in process

916

1,070

Finished goods

966

Inventories

2,001

2,217

Prepaid expenses and other current assets

299

440

Total current assets

8,761

8,097

Property, plant and equipment at cost

5,740

5,425

Accumulated depreciation

(2,242)

Property, plant and equipment

3,303

3,183

Long-term investments

300

251

Goodwill

4,362

4,362

Acquisition-related intangibles

340

628

Deferred tax assets

197

295

Capitalized software licenses

69

89

Overfunded retirement plans

218

92

Other long-term assets

468

140

Total assets

$

18,018

$

17,137

Liabilities and stockholders' equity

Current liabilities:

Current portion of long-term debt

$

500

$

749

Accounts payable

388

478

Accrued compensation

714

724

Income taxes payable

46

103

Accrued expenses and other liabilities

475

420

Total current liabilities

2,123

2,474

Long-term debt

5,303

4,319

Underfunded retirement plans

93

118

Deferred tax liabilities

78

42

Other long-term liabilities

1,514

1,190

Total liabilities

9,111

8,143

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

2,110

1,950

Retained earnings

39,898

37,906

Treasury common stock at cost

Shares: 2019 – 808,784,381; 2018 – 795,665,646

(34,495)

(32,130)

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

(347)

(473)

Total stockholders' equity

8,907

8,994

Total liabilities and stockholders' equity

$

18,018

$

17,137