Texas Instruments 2007 Annual Report Download - page 10

8TEXAS INSTRUMENTS 2007 ANNUAL REPORT
CONSOLIDATED BALANCE SHEETS
(Millions of dollars, except share amounts)
December 31,
2007 2006
Assets
Current assets:
Cash and cash equivalents ....................................................... $1,328 $1,183
Short-term investments ......................................................... 1,596 2,534
Accounts receivable, net of allowances.............................................. 1,742 1,774
Inventories ................................................................... 1,418 1,437
Deferred income taxes .......................................................... 654 741
Prepaid expenses and other current assets........................................... 180 185
Total current assets............................................................. 6,918 7,854
Property, plant and equipment at cost ................................................ 7,568 7,751
Less accumulated depreciation .................................................... (3,959)(3,801)
Property, plant and equipment, net ................................................. 3,609 3,950
Long-term investments ........................................................... 267 287
Goodwill....................................................................... 838 792
Acquisition-related intangibles ...................................................... 115 118
Deferred income taxes ............................................................ 510 601
Capitalized software licenses, net ................................................... 227 188
Overfunded retirement plans ....................................................... 105 58
Other assets.................................................................... 78 82
Total assets .................................................................... $12,667 $ 13,930
Liabilities and Stockholders’ Equity
Current liabilities:
Current portion of long-term debt .................................................. $ — $43
Accounts payable .............................................................. 657 560
Accrued expenses and other liabilities............................................... 1,117 1,029
Income taxes payable ........................................................... 53 284
Accrued profit sharing and retirement............................................... 198 162
Total current liabilities ........................................................... 2,025 2,078
Underfunded retirement plans ...................................................... 184 208
Deferred income taxes ............................................................ 49 23
Deferred credits and other liabilities.................................................. 434 261
Total liabilities .................................................................. 2,692 2,570
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: 2007 – 1,739,632,601; 2006 – 1,739,108,694 .......................... 1,740 1,739
Paid-in capital................................................................. 931 885
Retained earnings .............................................................. 19,788 17,529
Less treasury common stock at cost.
Shares: 2007 – 396,421,798; 2006 – 289,078,450 .................................. (12,160)(8,430)
Accumulated other comprehensive loss ............................................. (324)(363)
Total stockholders’ equity ........................................................ 9,975 11,360
Total liabilities and stockholders’ equity ............................................... $12,667 $13,930
See accompanying notes.