TI reports 4Q14 and 2014 financial results and shareholder returns

 


TEXAS INSTRUMENTS INCORPORATED AND SUBSIDIARIES

Consolidated Balance Sheets

(Millions of dollars, except share amounts)



December 31,



2014


2013

Assets







Current assets:







Cash and cash equivalents


$

1,199


$

1,627

Short-term investments



2,342



2,202

Accounts receivable, net of allowances of ($12) and ($22)



1,246



1,203

Raw materials



101



102

Work in process



896



919

Finished goods



787



710

Inventories



1,784



1,731

Deferred income taxes



347



393

Prepaid expenses and other current assets



850



863

Total current assets



7,768



8,019

Property, plant and equipment at cost



6,266



6,556

Accumulated depreciation



(3,426)



(3,157)

Property, plant and equipment, net



2,840



3,399

Long-term investments



224



216

Goodwill, net



4,362



4,362

Acquisition-related intangibles, net



1,902



2,223

Deferred income taxes



172



207

Capitalized software licenses, net



83



118

Overfunded retirement plans



127



130

Other assets



244



264

Total assets


$

17,722


$

18,938








Liabilities and stockholders' equity







Current liabilities:







Current portion of long-term debt


$

1,001


$

1,000

Accounts payable



437



422

Accrued compensation



651



554

Income taxes payable



71



119

Deferred income taxes



4



1

Accrued expenses and other liabilities



498



651

Total current liabilities



2,662



2,747

Long-term debt



3,641



4,158

Underfunded retirement plans



225



216

Deferred income taxes



399



548

Deferred credits and other liabilities



405



462

Total liabilities



7,332



8,131








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



1,368



1,211

Retained earnings



29,653



28,173

Treasury common stock at cost.







Shares: 2014 – 694,189,127; 2013 – 658,012,970



(21,840)



(19,790)

Accumulated other comprehensive income (loss), net of taxes



(532)



(528)

Total stockholders' equity



10,390



10,807

Total liabilities and stockholders' equity


$

17,722


$

18,938


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