TEXAS INSTRUMENTS INCTXN
TEXAS INSTRUMENTS INC Debt Disclosure
Debt and lines of credit
Short-term borrowings
We maintain a line of credit to provide additional liquidity through bank loans and, if necessary, to support commercial paper borrowings. As of December 31, 2025, the aforementioned line of credit was a variable-rate, revolving credit facility from a consortium of investment-grade banks that allows us to borrow up to $1 billion until March 2026. The interest rate on borrowings under this credit facility, if drawn, is indexed to the applicable Term Secured Overnight Financing Rate (Term SOFR). As of December 31, 2025, our credit facility was undrawn, and we had no commercial paper outstanding.
Long-term debt
In March 2025, we retired $750 million of maturing debt.
In May 2025, we issued two series of senior unsecured notes for an aggregate principal amount of $1.20 billion, consisting of $550 million of 4.50% notes due in 2030 and $650 million of 5.10% notes due in 2035. We incurred $6 million of issuance and other related costs. The proceeds of the offering were $1.20 billion, net of the original issuance discounts, which will be used for general corporate purposes.
In February 2024, we issued five series of senior unsecured notes for an aggregate principal amount of $3.00 billion, consisting of $650 million of 4.60% notes due in 2027, $650 million of 4.60% notes due in 2029, $600 million of 4.85% notes due in 2034, $750 million of 5.15% notes due in 2054 and $350 million of 5.05% notes due in 2063. We incurred $16 million of issuance and other related costs. The proceeds of the offering were $2.98 billion, net of the original issuance discounts, which will be used for general corporate purposes.
We retired $300 million of maturing debt in May 2024 and an additional $300 million in November 2024.
In March 2023, we issued two series of senior unsecured notes for an aggregate principal amount of $1.40 billion, consisting of $750 million of 4.90% notes due in 2033 and $650 million of 5.00% notes due in 2053. We incurred $11 million of issuance and other related costs. The proceeds of the offering were $1.40 billion, net of the original issuance discounts, which will be used for general corporate purposes.
In May 2023, we issued three series of senior unsecured notes for an aggregate principal amount of $1.60 billion, consisting of $200 million of 4.60% notes due in 2028, $200 million of 4.90% notes due in 2033 and $1.20 billion of 5.05% notes due in 2063. We incurred $7 million of issuance and other related costs. The proceeds of the offering were $1.60 billion, net of the original issuance discounts and premiums, which will be used for general corporate purposes.
In May 2023, we retired $500 million of maturing debt.
Long-term debt outstanding is as follows:
| December 31, | |||||||||||
| 2025 | 2024 | ||||||||||
Notes due 2025 at 1.375% | — | 750 | |||||||||
Notes due 2026 at 1.125% | 500 | 500 | |||||||||
Notes due 2027 at 4.60% | 650 | 650 | |||||||||
Notes due 2027 at 2.90% | 500 | 500 | |||||||||
Notes due 2028 at 4.60% | 700 | 700 | |||||||||
Notes due 2029 at 4.60% | 650 | 650 | |||||||||
Notes due 2029 at 2.25% | 750 | 750 | |||||||||
Notes due 2030 at 1.75% | 750 | 750 | |||||||||
Notes due 2030 at 4.50% | 550 | — | |||||||||
Notes due 2031 at 1.90% | 500 | 500 | |||||||||
Notes due 2032 at 3.65% | 400 | 400 | |||||||||
Notes due 2033 at 4.90% | 950 | 950 | |||||||||
Notes due 2034 at 4.85% | 600 | 600 | |||||||||
Notes due 2035 at 5.10% | 650 | — | |||||||||
Notes due 2039 at 3.875% | 750 | 750 | |||||||||
Notes due 2048 at 4.15% | 1,500 | 1,500 | |||||||||
Notes due 2051 at 2.70% | 500 | 500 | |||||||||
Notes due 2052 at 4.10% | 300 | 300 | |||||||||
Notes due 2053 at 5.00% | 650 | 650 | |||||||||
Notes due 2054 at 5.15% | 750 | 750 | |||||||||
Notes due 2063 at 5.05% | 1,550 | 1,550 | |||||||||
| Total debt | 14,150 | 13,700 | |||||||||
| Net unamortized discounts, premiums and issuance costs | (102) | (104) | |||||||||
| Total debt, including net unamortized discounts, premiums and issuance costs | 14,048 | 13,596 | |||||||||
| Current portion of long-term debt | (500) | (750) | |||||||||
| Long-term debt | $ | 13,548 | $ | 12,846 | |||||||
Interest and debt expense was $543 million, $508 million and $353 million in 2025, 2024 and 2023, respectively. This was net of the amortized discounts, premiums and issuance and other related costs. Cash payments for interest on long-term debt were $542 million, $473 million and $321 million in 2025, 2024 and 2023, respectively. Capitalized interest was $12 million, $20 million and $11 million in 2025, 2024 and 2023, respectively.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 6, 2026 | Showing above |
| 2024 | Feb 14, 2025 | |
| 2023 | Feb 2, 2024 | |
| 2022 | Feb 3, 2023 | |
| 2021 | Feb 4, 2022 | |
| 2020 | Feb 5, 2021 | |
| 2019 | Feb 20, 2020 | |
| 2017 | Feb 22, 2018 | |
About Debt Disclosures
Debt disclosures detail a company's borrowing structure — the types of instruments, interest rates, maturity schedule, and covenant restrictions that define its financial obligations and flexibility. This section is essential for assessing refinancing risk, interest rate exposure, and the margin of safety against financial distress.
Key signals: the maturity schedule reveals concentration risk — large maturities within 1-2 years during tight credit markets can force dilutive refinancing or asset sales. Compare the fair value of debt against carrying amount to gauge whether the market views the company's credit risk differently than the balance sheet suggests. Watch covenant compliance disclosures for tightening cushions, especially leverage and interest coverage ratios. Variable-rate debt exposure quantifies sensitivity to interest rate changes. Secured versus unsecured mix affects recovery rates and future borrowing capacity. Compare net debt-to-EBITDA against industry peers and covenant limits to assess financial health.