TI reports first quarter 2022 financial results and shareholder returns

 

TEXAS INSTRUMENTS INCORPORATED AND SUBSIDIARIES




Consolidated Balance Sheets



March 31,   


(In millions, except par value)


2022


2021


Assets








Current assets:








     Cash and cash equivalents


$

3,505


$

2,442


     Short-term investments



6,320



4,244


     Accounts receivable, net of allowances of ($9) and ($9)



1,795



1,584


         Raw materials



265



183


         Work in process



1,151



980


         Finished goods



644



727


     Inventories



2,060



1,890


     Prepaid expenses and other current assets



330



245


     Total current assets



14,010



10,405


Property, plant and equipment at cost



8,236



5,967


     Accumulated depreciation



(2,797)



(2,536)


     Property, plant and equipment



5,439



3,431


Goodwill



4,362



4,362


Deferred tax assets



273



331


Capitalized software licenses



91



113


Overfunded retirement plans



383



235


Other long-term assets



718



762


Total assets


$

25,276


$

19,639










Liabilities and stockholders' equity








Current liabilities:








     Current portion of long-term debt


$

500


$


     Accounts payable



641



554


     Accrued compensation



386



388


     Income taxes payable



405



278


     Accrued expenses and other liabilities



596



480


     Total current liabilities



2,528



1,700


Long-term debt



7,242



6,250


Underfunded retirement plans



81



130


Deferred tax liabilities



94



88


Other long-term liabilities



1,314



1,305


Total liabilities



11,259



9,473


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



2,667



2,391


     Retained earnings



47,053



42,860


     Treasury common stock at cost








          Shares: March 31, 2022 – 819; March 31, 2021 – 818



(37,291)



(36,479)


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



(153)



(347)


Total stockholders' equity



14,017



10,166


Total liabilities and stockholders' equity


$

25,276


$

19,639



Certain amounts in the prior period's balance sheet have been reclassified to conform to the current presentation.


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