TEXAS INSTRUMENTS INCORPORATED AND SUBSIDIARIES

Consolidated Balance Sheets

(Millions of dollars, except share amounts)

March 31,

2017

2016

Assets

Current assets:

Cash and cash equivalents

$

1,073

$

1,281

Short-term investments

1,976

1,519

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

1,337

1,269

Raw materials

102

105

Work in process

1,017

888

Finished goods

724

812

Inventories

1,843

1,805

Prepaid expenses and other current assets

811

785

Total current assets

7,040

6,659

Property, plant and equipment at cost

4,833

5,290

Accumulated depreciation

(2,332)

(2,736)

Property, plant and equipment, net

2,501

2,554

Long-term investments

241

220

Goodwill, net

4,362

4,362

Acquisition-related intangibles, net

1,184

1,503

Deferred income taxes

361

175

Capitalized software licenses, net

116

53

Overfunded retirement plans

102

84

Other assets

71

76

Total assets

$

15,978

$

15,686

Liabilities and stockholders' equity

Current liabilities:

Current portion of long-term debt

$

378

$

1,249

Accounts payable

429

387

Accrued compensation

352

340

Income taxes payable

77

67

Accrued expenses and other liabilities

366

377

Total current liabilities

1,602

2,420

Long-term debt

2,980

2,869

Underfunded retirement plans

97

195

Deferred income taxes

36

38

Deferred credits and other liabilities

624

382

Total liabilities

5,339

5,904

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

1,597

1,515

Retained earnings

33,595

31,500

Treasury common stock at cost

Shares: March 31, 2017 – 743,085,976; March 31, 2016 – 734,244,179

(25,767)

(24,443)

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

(527)

(531)

Total stockholders' equity

10,639

9,782

Total liabilities and stockholders' equity

$

15,978

$

15,686