Texas Instruments Inc., balance sheet: debt

US$ in millions

	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Current portion of long-term debt	750)	599)	500)	500)	550)
Long-term debt, excluding current portion	12,846)	10,624)	8,235)	7,241)	6,248)
Total long-term debt, including current portion (carrying amount)	13,596)	11,223)	8,735)	7,741)	6,798)

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Debt item	Description	The company
Total long-term debt, including current portion (carrying amount)	Sum of the carrying values as of the balance sheet date of all debt plus capital lease obligations.	Texas Instruments Inc. total debt increased from 2022 to 2023 and from 2023 to 2024.

	Dec 31, 2024
Selected Financial Data (US$ in millions)
Total long-term debt, including current portion (fair value)	12,480)
Financial Ratio
Debt, fair value to carrying amount ratio	0.92

Weighted-average interest rate on long-term debt: 3.79%

Interest rate	Debt amount¹	Interest rate × Debt amount
1.38%	750)	10)
1.13%	500)	6)
4.60%	650)	30)
2.90%	500)	15)
4.60%	700)	32)
4.60%	650)	30)
2.25%	750)	17)
1.75%	750)	13)
1.90%	500)	10)
3.65%	400)	15)
4.90%	950)	47)
4.85%	600)	29)
3.88%	750)	29)
4.15%	1,500)	62)
2.70%	500)	14)
4.10%	300)	12)
5.00%	650)	33)
5.15%	750)	39)
5.05%	1,550)	78)
Total	13,700)	519)
3.79%

¹ US$ in millions

² Weighted-average interest rate = 100 × 519 ÷ 13,700 = 3.79%

Texas Instruments Inc., interest costs incurred

US$ in millions

12 months ended:	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Interest and debt expense	508)	353)	214)	184)	190)
Capitalized interest	20)	11)	6)	8)	—)
Interest costs incurred	528)	364)	220)	192)	190)

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Debt item	Description	The company
Interest and debt expense	Amount of the cost of borrowed funds accounted for as interest expense for debt.	Texas Instruments Inc. interest and debt expense increased from 2022 to 2023 and from 2023 to 2024.
Capitalized interest	Amount of interest costs capitalized disclosed as an adjusting item to interest costs incurred.	Texas Instruments Inc. capitalized interest increased from 2022 to 2023 and from 2023 to 2024.
Interest costs incurred	Total interest costs incurred during the period and either capitalized or charged against earnings.	Texas Instruments Inc. interest costs incurred increased from 2022 to 2023 and from 2023 to 2024.

	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Selected Financial Data (US$ in millions)
Net income	4,799)	6,510)	8,749)	7,769)	5,595)
Add: Income tax expense	654)	908)	1,283)	1,150)	422)
Add: Interest and debt expense	508)	353)	214)	184)	190)
Earnings before interest and tax (EBIT)	5,961)	7,771)	10,246)	9,103)	6,207)

Interest costs incurred	528)	364)	220)	192)	190)
Financial Ratio With and Without Capitalized Interest
Interest coverage ratio (without capitalized interest)¹	11.73	22.01	47.88	49.47	32.67
Adjusted interest coverage ratio (with capitalized interest)²	11.29	21.35	46.57	47.41	32.67

2024 Calculations

¹ Interest coverage ratio (without capitalized interest) = EBIT ÷ Interest and debt expense
= 5,961 ÷ 508 = 11.73

² Adjusted interest coverage ratio (with capitalized interest) = EBIT ÷ Interest costs incurred
= 5,961 ÷ 528 = 11.29

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Solvency ratio	Description	The company
Adjusted interest coverage ratio	A solvency ratio calculated as EBIT divided by interest payments (including capitalized interest).	Texas Instruments Inc. adjusted interest coverage ratio deteriorated from 2022 to 2023 and from 2023 to 2024.

Texas Instruments Inc. (NASDAQ:TXN)

Analysis of Debt