Consolidated Balance Sheets - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 3,802	$ 4,631
Short-term investments	4,585	5,108
Accounts receivable, net of allowances of ($12) and ($8)	2,190	1,701
Raw materials	305	245
Work in process	1,258	1,067
Finished goods	636	598
Inventories	2,199	1,910
Prepaid expenses and other current assets	267	335
Total current assets	13,043	13,685
Property, plant and equipment at cost	8,825	7,858
Accumulated depreciation	(2,894)	(2,717)
Property, plant and equipment	5,931	5,141
Goodwill	4,362	4,362
Deferred tax assets	293	263
Capitalized software licenses	82	85
Overfunded retirement plans	296	392
Other long-term assets	716	748
Total assets	24,723	24,676
Current liabilities:
Current portion of long-term debt	499	500
Accounts payable	712	571
Accrued compensation	520	775
Income taxes payable	115	121
Accrued expenses and other liabilities	714	602
Total current liabilities	2,560	2,569
Long-term debt	6,745	7,241
Underfunded retirement plans	71	79
Deferred tax liabilities	90	87
Other long-term liabilities	1,165	1,367
Total liabilities	10,631	11,343
Stockholders’ equity:
Preferred stock, $25 par value. Shares authorized – 10; none issued	0	0
Common stock, $1 par value. Shares authorized – 2,400; shares issued – 1,741	1,741	1,741
Paid-in capital	2,783	2,630
Retained earnings	48,280	45,919
Treasury common stock at cost: Shares: June 30, 2022 – 0; December 31, 2021 – 817	(38,532)	(36,800)
Accumulated other comprehensive income (loss), net of taxes (AOCI)	(180)	(157)
Total stockholders’ equity	14,092	13,333
Total liabilities and stockholders’ equity	$ 24,723	$ 24,676