TEXAS INSTRUMENTS INCORPORATED AND SUBSIDIARIES

Consolidated Balance Sheets

(Millions of dollars, except share amounts)

December 31,

2015

2014

Assets

Current assets:

Cash and cash equivalents

$

1,000

$

1,199

Short-term investments

2,218

2,342

Accounts receivable, net of allowances of ($7) and ($12)

1,165

1,246

Raw materials

109

101

Work in process

846

896

Finished goods

736

787

Inventories

1,691

1,784

Prepaid expenses and other current assets

1,000

850

Total current assets

7,074

7,421

Property, plant and equipment at cost

5,465

6,266

Accumulated depreciation

(2,869)

(3,426)

Property, plant and equipment, net

2,596

2,840

Long-term investments

221

224

Goodwill, net

4,362

4,362

Acquisition-related intangibles, net

1,583

1,902

Deferred income taxes

201

180

Capitalized software licenses, net

46

83

Overfunded retirement plans

85

127

Other assets

62

233

Total assets

$

16,230

$

17,372

Liabilities and stockholders' equity

Current liabilities:

Current portion of long-term debt

$

1,000

$

1,001

Accounts payable

386

437

Accrued compensation

664

651

Income taxes payable

95

71

Accrued expenses and other liabilities

410

498

Total current liabilities

2,555

2,658

Long-term debt

3,120

3,630

Underfunded retirement plans

196

225

Deferred income taxes

37

64

Deferred credits and other liabilities

376

405

Total liabilities

6,284

6,982

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

1,629

1,368

Retained earnings

31,176

29,653

Treasury common stock at cost

Shares: 2015 – 729,547,527; 2014 – 694,189,127

(24,068)

(21,840)

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

(532)

(532)

Total stockholders' equity

9,946

10,390

Total liabilities and stockholders' equity

$

16,230

$

17,372