TI reports 2Q14 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 $10 million and $11 million for the quarters ending June 30, 2014 and 2013. 

 

TEXAS INSTRUMENTS INCORPORATED AND SUBSIDIARIES

Consolidated Balance Sheets

(Millions of dollars, except share amounts)




June  30,



2014


2013

Assets





Current assets:





   Cash and cash equivalents


$         1,216


$           1,180

   Short-term investments


1,588


2,064

   Accounts receivable, net of allowances of ($14) and ($31)


1,527


1,491

   Raw materials


93


101

   Work in process


894


926

   Finished goods


757


693

   Inventories


1,744


1,720

   Deferred income taxes


389


474

   Prepaid expenses and other current assets


992


1,109

   Total current assets


7,456


8,038

Property, plant and equipment at cost


6,452


6,679

   Accumulated depreciation


(3,408)


(3,068)

   Property, plant and equipment, net


3,044


3,611

Long-term investments


219


203

Goodwill, net


4,362


4,362

Acquisition-related intangibles, net


2,062


2,388

Deferred income taxes


194


253

Capitalized software licenses, net


101


159

Overfunded retirement plans


126


106

Other assets


246


278

Total assets


$       17,810


$         19,398






Liabilities and Stockholders' Equity





Current liabilities:





   Current portion of long-term debt


$            254


$           1,000

   Accounts payable


402


437

   Accrued compensation


484


463

   Income taxes payable


109


218

   Deferred income taxes


2


2

   Accrued expenses and other liabilities


552


682

   Total current liabilities


1,803


2,802

Long-term debt


4,394


4,165

Underfunded retirement plans


224


240

Deferred income taxes


484


584

Deferred credits and other liabilities


439


539

Total liabilities


7,344


8,330

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


1,273


1,117

   Retained earnings


28,686


27,677

   Treasury common stock at cost.                                        

      Shares:  June 30, 2014 – 673,260,360; June 30, 2013 –

      639,643,135


(20,722)


(18,877)

   Accumulated other comprehensive income (loss), net of taxes


(512)


(590)

   Total stockholders' equity


10,466


11,068

Total liabilities and stockholders' equity


$     17,810


$       19,398


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