TEXAS INSTRUMENTS INCORPORATED AND SUBSIDIARIES

Consolidated Balance Sheets

December 31,

(In millions, except par value)

2021

2020

Assets

Current assets:

Cash and cash equivalents

$             4,631

$             3,107

Short-term investments

5,108

3,461

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

1,701

1,414

Raw materials

245

180

Work in process

1,067

964

Finished goods

598

811

Inventories

1,910

1,955

Prepaid expenses and other current assets

335

302

Total current assets

13,685

10,239

Property, plant and equipment at cost

7,858

5,781

Accumulated depreciation

(2,717)

(2,512)

Property, plant and equipment

5,141

3,269

Goodwill

4,362

4,362

Deferred tax assets

263

343

Capitalized software licenses

85

122

Overfunded retirement plans

392

246

Other long-term assets

748

770

Total assets

$           24,676

$           19,351

Liabilities and stockholders' equity

Current liabilities:

Current portion of long-term debt

$                500

$                550

Accounts payable

653

415

Accrued compensation

775

767

Income taxes payable

121

134

Accrued expenses and other liabilities

520

524

Total current liabilities

2,569

2,390

Long-term debt

7,241

6,248

Underfunded retirement plans

79

131

Deferred tax liabilities

87

90

Other long-term liabilities

1,367

1,305

Total liabilities

11,343

10,164

Stockholders' equity:

Preferred stock, $25 par value. Shares authorized – 10; none issued

—

—

Common stock, $1 par value. Shares authorized – 2,400; shares issued – 1,741

1,741

1,741

Paid-in capital

2,630

2,333

Retained earnings

45,919

42,051

Treasury common stock at cost

Shares: 2021 – 817; 2020 – 821

(36,800)

(36,578)

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

(157)

(360)

Total stockholders' equity

13,333

9,187

Total liabilities and stockholders' equity

$           24,676

$           19,351