TEXAS INSTRUMENTS INCORPORATED AND SUBSIDIARIES

Consolidated Balance Sheets

(Millions of dollars, except share amounts)

March 31,

2020

2019

Assets

Current assets:

Cash and cash equivalents

$

2,518

$

3,720

Short-term investments

2,224

366

Accounts receivable, net of allowances of ($8) and ($17)

1,316

1,440

Raw materials

175

191

Work in process

915

1,016

Finished goods

924

Inventories

2,003

2,131

Prepaid expenses and other current assets

249

294

Total current assets

8,310

7,951

Property, plant and equipment at cost

5,736

5,642

Accumulated depreciation

(2,324)

Property, plant and equipment

3,233

3,318

Long-term investments

34

281

Goodwill

4,362

4,362

Acquisition-related intangibles

290

549

Deferred tax assets

208

290

Capitalized software licenses

138

98

Overfunded retirement plans

215

96

Other long-term assets

493

498

Total assets

$

17,283

$

17,443

Liabilities and stockholders' equity

Current liabilities:

Current portion of long-term debt

$

1,051

$

750

Accounts payable

363

477

Accrued compensation

353

342

Income taxes payable

62

113

Accrued expenses and other liabilities

552

477

Total current liabilities

2,381

2,159

Long-term debt

5,499

5,057

Underfunded retirement plans

95

120

Deferred tax liabilities

64

43

Other long-term liabilities

1,510

1,545

Total liabilities

9,549

8,924

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

2,096

1,927

Retained earnings

40,227

38,396

Treasury common stock at cost

Shares: March 31, 2020 – 819,335,097; March 31, 2019 – 802,016,668

(36,002)

(33,080)

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

(328)

(465)

Total stockholders' equity

7,734

8,519

Total liabilities and stockholders' equity

$

17,283

$

17,443