TI reports 1Q14 financial results and shareholder returns

 

TEXAS INSTRUMENTS INCORPORATED AND SUBSIDIARIES

Consolidated Balance Sheets

(Millions of dollars, except share amounts)





Mar. 31, 2014


Mar. 31, 2013

Assets





Current assets:





    Cash and cash equivalents


$         1,565


$           1,393

    Short-term investments


2,467


2,469

    Accounts receivable, net of allowances of ($23) and ($26)


1,355


1,333

    Raw materials


95


99

    Work in process


898


930

    Finished goods


721


671

    Inventories


1,714


1,700

    Deferred income taxes


383


469

    Prepaid expenses and other current assets


876


841

    Total current assets


8,360


8,205

Property, plant and equipment at cost


6,426


6,773

    Accumulated depreciation


(3,247)


(3,034)

    Property, plant and equipment, net


3,179


3,739

Long-term investments


212


204

Goodwill, net


4,362


4,362

Acquisition-related intangibles, net


2,142


2,473

Deferred income taxes


200


264

Capitalized software licenses, net


111


169

Overfunded retirement plans


129


62

Other assets


240


223

Total assets


$       18,935


$         19,701






Liabilities and Stockholders' Equity





Current liabilities:





    Current portion of long-term debt


$         1,000


$           1,500

    Accounts payable


405


440

    Accrued compensation


364


365

    Income taxes payable


101


109

    Deferred income taxes


1


2

    Accrued expenses and other liabilities


600


694

    Total current liabilities


2,471


3,110

Long-term debt


4,652


4,183

Underfunded retirement plans


218


258

Deferred income taxes


536


598

Deferred credits and other liabilities


438


600

Total liabilities


8,315


8,749

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


1,181


1,049

    Retained earnings


28,331


27,330

    Treasury common stock at cost.





        Shares: Mar. 31, 2014 – 661,464,745; Mar. 31, 2013 –

        631,661,551






(20,113)


(18,518)

    Accumulated other comprehensive income (loss), net of taxes


(520)


(650)

    Total stockholders' equity


10,620


10,952

Total liabilities and stockholders' equity


$     18,935


$       19,701






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


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