TI reports 3Q14 financial results and shareholder returns

 

As required by accounting rule ASC 260, net income allocated to unvested restricted stock units (RSUs), on which we pay dividend equivalents, is excluded from the calculation of EPS.  The amount excluded is $13 million and $11 million for the quarters ending September 30, 2014 and 2013. 

 

TEXAS INSTRUMENTS INCORPORATED AND SUBSIDIARIES

Consolidated Balance Sheets

(Millions of dollars, except share amounts)




September 30,



2014


2013

Assets







Current assets:







Cash and cash equivalents


$

1,306


$

1,435

Short-term investments



1,880



2,158

Accounts receivable, net of allowances of ($15) and ($29)



1,477



1,524

Raw materials



97



107

Work in process



905



954

Finished goods



749



665

Inventories



1,751



1,726

Deferred income taxes



378



461

Prepaid expenses and other current assets



964



797

Total current assets



7,756



8,101

Property, plant and equipment at cost



6,393



6,539

Accumulated depreciation



(3,463)



(3,030)

Property, plant and equipment, net



2,930



3,509

Long-term investments



219



210

Goodwill, net



4,362



4,362

Acquisition-related intangibles, net



1,982



2,305

Deferred income taxes



177



227

Capitalized software licenses, net



93



139

Overfunded retirement plans



135



119

Other assets



246



272

Total assets


$

17,900


$

19,244








Liabilities and stockholders' equity







Current liabilities:







Current portion of long-term debt


$

1,002


$

1,000

Accounts payable



393



426

Accrued compensation



613



567

Income taxes payable



106



37

Deferred income taxes



2



2

Accrued expenses and other liabilities



527



691

Total current liabilities



2,643



2,723

Long-term debt



3,643



4,161

Underfunded retirement plans



222



253

Deferred income taxes



450



564

Deferred credits and other liabilities



471



492

Total liabilities



7,429



8,193

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



1,314



1,125

Retained earnings



29,189



27,993

Treasury common stock at cost.







Shares: September 30, 2014 – 684,515,992; September 30, 2013







– 646,252,825



(21,305)



(19,236)

Accumulated other comprehensive income (loss), net of taxes



(468)



(572)

Total stockholders' equity



10,471



11,051

Total liabilities and stockholders' equity


$

17,900


$

19,244


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