TEXAS INSTRUMENTS INCORPORATED AND SUBSIDIARIES

Consolidated Balance Sheets

(Millions of dollars, except share amounts)

March 31,

2021

2020

Assets

Current assets:

Cash and cash equivalents

$

2,442

$

2,518

Short-term investments

4,244

2,224

Accounts receivable, net of allowances of ($9) and ($8)

1,584

1,316

Raw materials

183

175

Work in process

980

915

Finished goods

727

913

Inventories

1,890

2,003

Prepaid expenses and other current assets

245

249

Total current assets

10,405

8,310

Property, plant and equipment at cost

5,967

5,736

Accumulated depreciation

(2,536)

(2,503)

Property, plant and equipment

3,431

3,233

Goodwill

4,362

4,362

Acquisition-related intangibles

105

290

Deferred tax assets

331

208

Capitalized software licenses

113

138

Overfunded retirement plans

235

215

Other long-term assets

657

527

Total assets

$

19,639

$

17,283

Liabilities and stockholders' equity

Current liabilities:

Current portion of long-term debt

$

—

$

1,051

Accounts payable

567

363

Accrued compensation

388

353

Income taxes payable

278

62

Accrued expenses and other liabilities

467

552

Total current liabilities

1,700

2,381

Long-term debt

6,250

5,499

Underfunded retirement plans

130

95

Deferred tax liabilities

88

64

Other long-term liabilities

1,305

1,510

Total liabilities

9,473

9,549

Stockholders' equity:

Preferred stock, $25 par value. Authorized – 10,000,000 shares; 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

2,391

2,096

Retained earnings

42,860

40,227

Treasury common stock at cost

Shares: March 31, 2021 – 817,573,099; March 31, 2020 – 819,335,097

(36,479)

(36,002)

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

(347)

(328)

Total stockholders' equity

10,166

7,734

Total liabilities and stockholders' equity

$

19,639

$

17,283