TEXAS INSTRUMENTS INCORPORATED AND SUBSIDIARIES

Consolidated Balance Sheets

(Millions of dollars, except share amounts)

December 31,

2020

2019

Assets

Current assets:

Cash and cash equivalents

$

3,107

$

2,437

Short-term investments

3,461

2,950

Accounts receivable, net of allowances of ($11) and ($8)

1,414

1,074

Raw materials

180

176

Work in process

964

916

Finished goods

811

909

Inventories

1,955

2,001

Prepaid expenses and other current assets

302

299

Total current assets

10,239

8,761

Property, plant and equipment at cost

5,781

5,740

Accumulated depreciation

(2,512)

(2,437)

Property, plant and equipment

3,269

3,303

Long-term investments

49

300

Goodwill

4,362

4,362

Acquisition-related intangibles

152

340

Deferred tax assets

343

197

Capitalized software licenses

122

69

Overfunded retirement plans

246

218

Other long-term assets

569

468

Total assets

$

19,351

$

18,018

Liabilities and stockholders' equity

Current liabilities:

Current portion of long-term debt

$

550

$

500

Accounts payable

415

388

Accrued compensation

767

714

Income taxes payable

134

46

Accrued expenses and other liabilities

524

475

Total current liabilities

2,390

2,123

Long-term debt

6,248

5,303

Underfunded retirement plans

131

93

Deferred tax liabilities

90

78

Other long-term liabilities

1,305

1,514

Total liabilities

10,164

9,111

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

2,333

2,110

Retained earnings

42,051

39,898

Treasury common stock at cost

Shares: 2020 – 821,461,787; 2019 – 808,784,381

(36,578)

(34,495)

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

(360)

(347)

Total stockholders' equity

9,187

8,907

Total liabilities and stockholders' equity

$

19,351

$

18,018