TI reports second quarter 2020 financial results and shareholder returns

 

TEXAS INSTRUMENTS INCORPORATED AND SUBSIDIARIES

Consolidated Balance Sheets

(Millions of dollars, except share amounts)



June 30,


2020


2019

Assets




Current assets:




Cash and cash equivalents

$

4,294


$

3,813

Short-term investments

666


405

Accounts receivable, net of allowances of ($9) and ($15)

1,176


1,419

Raw materials

182


176

Work in process

977


958

Finished goods

977


945

Inventories

2,136


2,079

Prepaid expenses and other current assets

216


240

Total current assets

8,488


7,956

Property, plant and equipment at cost

5,741


5,706

Accumulated depreciation

(2,540)


(2,341)

Property, plant and equipment

3,201


3,365

Long-term investments

36


300

Goodwill

4,362


4,362

Acquisition-related intangibles

240


469

Deferred tax assets

236


261

Capitalized software licenses

141


88

Overfunded retirement plans

223


104

Other long-term assets

518


479

Total assets

$

17,445


$

17,384





Liabilities and stockholders' equity




Current liabilities:




Current portion of long-term debt

$

551


$

1,249

Accounts payable

409


412

Accrued compensation

505


476

Income taxes payable

179


87

Accrued expenses and other liabilities

519


422

Total current liabilities

2,163


2,646

Long-term debt

6,245


4,558

Underfunded retirement plans

99


121

Deferred tax liabilities

60


49

Other long-term liabilities

1,234


1,524

Total liabilities

9,801


8,898

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

2,182


2,003

Retained earnings

40,780


38,974

Treasury common stock at cost




Shares: June 30, 2020 – 825,225,307; June 30, 2019 – 806,251,136

(36,725)


(33,775)

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

(334)


(457)

Total stockholders' equity

7,644


8,486

Total liabilities and stockholders' equity

$

17,445


$

17,384



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