Texas Instruments Inc. (NASDAQ:TXN)

The financial data indicates that the company's liabilities have exhibited a generally increasing trend over the five-year period under review. Current liabilities have incrementally risen from $2,390 million in 2020 to $3,643 million in 2024, with notable increases in accounts payable and accrued expenses and other liabilities. Specifically, accounts payable surged substantially from $415 million to $820 million, while accrued expenses and other liabilities advanced from $524 million to $1,075 million during the same timeframe. The current portion of long-term debt showed a modest fluctuation, initially declining between 2020 and 2022 before increasing to $750 million by 2024.

Long-term liabilities followed a pronounced upward trajectory, rising from $7,774 million to $14,963 million from 2020 to 2024. This increase is chiefly attributable to the growth in long-term debt excluding the current portion, which nearly doubled from $6,248 million to $12,846 million. Other long-term liabilities also rose considerably, from $1,305 million to $1,954 million. Conversely, deferred tax liabilities experienced a declining pattern, falling from $90 million to $53 million. Underfunded retirement plans remained relatively consistent, fluctuating slightly but ending near the initial level.

Consequently, total liabilities rose markedly, reaching $18,606 million in 2024 compared to $10,164 million in 2020, revealing a strong emphasis on debt financing over the period. The increase in liabilities supports a growing financial structure potentially aligned with expansion or investment activities, as reflected in the consistent rise in accrued capital-related expenditures which appeared from 2022 onward, growing from $191 million to $352 million.

On the equity side, stockholders’ equity increased steadily from $9,187 million to $16,903 million during the period. This growth was supported primarily by the increase in paid-in capital, which rose from $2,333 million to $3,935 million, and retained earnings, which grew from $42,051 million to a peak of $52,283 million in 2023 before slightly declining to $52,262 million in 2024. The treasury common stock at cost showed a significant increase in magnitude (negative value rising from -$36,578 million to -$40,895 million), indicating increased repurchases or decreased reissuance of shares.

The accumulated other comprehensive loss decreased in absolute terms, improving from a loss of $360 million to $140 million, which may suggest a reduction in unrealized losses or foreign currency translation impacts. Common stock remained constant at $1,741 million, implying no new stock issuance in terms of par value, but the increase in paid-in capital suggests additional paid-in funds from share-related activities beyond par value.

Total liabilities and stockholders’ equity combined rose significantly from $19,351 million in 2020 to $35,509 million in 2024, indicative of overall balance sheet growth. The data reflects a company increasing its leverage, expanding its liabilities, and simultaneously enhancing equity positions, possibly through retained profits and capital contributions. This pattern suggests ongoing investment, growth initiatives, or capital restructuring activities while maintaining a balance between debt and equity financing mechanisms.