TI reports 1Q15 financial results and shareholder returns

 



TEXAS INSTRUMENTS INCORPORATED AND SUBSIDIARIES

Consolidated Balance Sheets

(Millions of dollars, except share amounts)




March 31,



2015


2014

Assets





Current assets:





Cash and cash equivalents


$    1,242


$   1,565

Short-term investments


2,062


2,467

Accounts receivable, net of allowances of ($12) and ($23)


1,394


1,355

Raw materials


107


95

Work in process


906


898

Finished goods


831


721

Inventories


1,844


1,714

Deferred income taxes


340


383

Prepaid expenses and other current assets


810


876

Total current assets


7,692


8,360

Property, plant and equipment at cost


6,177


6,426

Accumulated depreciation


(3,419)


(3,247)

Property, plant and equipment, net


2,758


3,179

Long-term investments


232


212

Goodwill, net


4,362


4,362

Acquisition-related intangibles, net


1,822


2,142

Deferred income taxes


174


200

Capitalized software licenses, net


73


111

Overfunded retirement plans


128


129

Other assets


105


240

Total assets


$  17,346


$  18,935






Liabilities and stockholders' equity





Current liabilities:





Current portion of long-term debt


$    1,000


$    1,000

Accounts payable


432


405

Accrued compensation


349


364

Income taxes payable


75


101

Deferred income taxes


4


1

Accrued expenses and other liabilities


426


600

Total current liabilities


2,286


2,471

Long-term debt


3,638


4,652

Underfunded retirement plans


253


218

Deferred income taxes


403


536

Deferred credits and other liabilities


397


438

Total liabilities


6,977


8,315

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


1,410


1,181

Retained earnings


29,948


28,331

Treasury common stock at cost.





Shares: March 31, 2015 – 696,401,920; March 31, 2014





– 661,464,745


(22,199)


(20,113)

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


(531)


(520)

Total stockholders' equity


10,369


10,620

Total liabilities and stockholders' equity


$  17,346


$  18,935


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