Consolidated Balance Sheets - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 3,169	$ 4,631
Short-term investments	5,921	5,108
Accounts receivable, net of allowances of ($10) and ($8)	2,040	1,701
Raw materials	333	245
Work in process	1,347	1,067
Finished goods	724	598
Inventories	2,404	1,910
Prepaid expenses and other current assets	238	335
Total current assets	13,772	13,685
Property, plant and equipment at cost	9,491	7,858
Accumulated depreciation	(3,006)	(2,717)
Property, plant and equipment	6,485	5,141
Goodwill	4,362	4,362
Deferred tax assets	291	263
Capitalized software licenses	75	85
Overfunded retirement plans	273	392
Other long-term assets	799	748
Total assets	26,057	24,676
Current liabilities:
Current portion of long-term debt	499	500
Accounts payable	780	571
Accrued compensation	662	775
Income taxes payable	123	121
Accrued expenses and other liabilities	734	602
Total current liabilities	2,798	2,569
Long-term debt	7,438	7,241
Underfunded retirement plans	69	79
Deferred tax liabilities	92	87
Other long-term liabilities	1,153	1,367
Total liabilities	11,550	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	2,877	2,630
Retained earnings	49,519	45,919
Treasury common stock at cost: Shares: September 30, 2022 –831; December 31, 2021 – 817	(39,476)	(36,800)
Accumulated other comprehensive income (loss), net of taxes (AOCI)	(154)	(157)
Total stockholders’ equity	14,507	13,333
Total liabilities and stockholders’ equity	$ 26,057	$ 24,676