TEXAS INSTRUMENTS INCORPORATED AND SUBSIDIARIES

Consolidated Balance Sheets

(Millions of dollars, except share amounts)

March 31,

2019

2018

Assets

Current assets:

Cash and cash equivalents

$

3,720

$

1,717

Short-term investments

366

2,362

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

1,440

1,454

Raw materials

191

144

Work in process

1,016

1,076

Finished goods

924

812

Inventories

2,131

2,032

Prepaid expenses and other current assets

294

1,025

Total current assets

7,951

8,590

Property, plant and equipment at cost

5,642

4,907

Accumulated depreciation

(2,171)

Property, plant and equipment

3,318

2,736

Long-term investments

281

271

Goodwill

4,362

4,362

Acquisition-related intangibles

549

866

Deferred tax assets

290

218

Capitalized software licenses

98

102

Overfunded retirement plans

96

215

Other long-term assets

498

147

Total assets

$

17,443

$

17,507

Liabilities and stockholders' equity

Current liabilities:

Current portion of long-term debt

$

750

$

500

Accounts payable

477

488

Accrued compensation

342

344

Income taxes payable

113

133

Accrued expenses and other liabilities

477

395

Total current liabilities

2,159

1,860

Long-term debt

5,057

3,578

Underfunded retirement plans

120

92

Deferred tax liabilities

43

53

Other long-term liabilities

1,545

1,282

Total liabilities

8,924

6,865

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

1,927

1,770

Retained earnings

38,396

35,619

Treasury common stock at cost

Shares: March 31, 2019 – 802,016,668; March 31, 2018 – 759,098,020

(33,080)

(28,096)

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

(465)

(392)

Total stockholders' equity

8,519

10,642

Total liabilities and stockholders' equity

$

17,443

$

17,507