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TEXAS INSTRUMENTS 2006 ANNUAL REPORT
8
DECEMBER 31,
2006 2005
Assets
Current assets:
Cash and cash equivalents ............................................................. $1,183 $1,214
Short-term investments ................................................................ 2,534 4,116
Accounts receivable, net of allowances ................................................. 1,774 1,648
Inventories ........................................................................... 1,437 1,185
Deferred income taxes ................................................................. 741 619
Prepaid expenses and other current assets .............................................. 181 135
Assets of discontinued operations ...................................................... 4495
Total current assets ................................................................... 7,854 9,412
Property, plant and equipment at cost ..................................................... 7,751 8,374
Less accumulated depreciation ......................................................... (3,801) (4,644)
Property, plant and equipment, net ...................................................... 3,950 3,730
Equity and other long-term investments ................................................... 287 236
Goodwill ............................................................................... 792 677
Acquisition-related intangibles ........................................................... 118 60
Deferred income taxes ................................................................... 601 393
Capitalized software licenses, net ........................................................ 188 243
Overfunded retirement plans ............................................................. 58 —
Prepaid retirement costs ................................................................. —199
Other assets ............................................................................ 82 113
Total assets ............................................................................ $13,930 $15,063
Liabilities and Stockholders’ Equity
Current liabilities:
Loans payable and current portion of long-term debt ...................................... $43 $301
Accounts payable ..................................................................... 560 702
Accrued expenses and other liabilities .................................................. 1,029 948
Income taxes payable .................................................................. 284 154
Accrued profit sharing and retirement ................................................... 162 121
Liabilities of discontinued operations .................................................... —151
Total current liabilities ................................................................. 2,078 2,377
Long-term debt ......................................................................... —329
Underfunded retirement plans ............................................................ 208 —
Accrued retirement costs ................................................................ —136
Deferred income taxes ................................................................... 23 23
Deferred credits and other liabilities ...................................................... 261 261
Total liabilities .......................................................................... 2,570 3,126
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: 2006 – 1,739,108,694; 2005 – 1,738,780,512................................ 1,739 1,739
Paid-in capital ........................................................................ 885 742
Retained earnings ..................................................................... 17,529 13,394
Less treasury common stock at cost.
Shares: 2006 – 289,078,450; 2005 – 142,190,707 ......................................... (8,430) (3,856)
Accumulated other comprehensive income (loss), net of tax:
Postretirement benefit plans.......................................................... (351) (65)
Unrealized gain (loss) on available-for-sale investments ................................. (12) (16)
Unearned compensation ............................................................... —(1)
Total stockholders’ equity .............................................................. 11,360 11,937
Total liabilities and stockholders’ equity ................................................... $13,930 $15,063
See accompanying notes.
CONSOLIDATED BALANCE SHEETS
(Millions of dollars, except share amounts)