Consolidated Balance Sheets - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 4,477	$ 3,050
Short-term investments	5,068	6,017
Accounts receivable, net of allowances of ($13) and ($13)	1,877	1,895
Raw materials	378	353
Work in process	1,850	1,546
Finished goods	1,060	858
Inventories	3,288	2,757
Prepaid expenses and other current assets	313	302
Total current assets	15,023	14,021
Property, plant and equipment at cost	10,791	9,950
Accumulated depreciation	(3,126)	(3,074)
Property, plant and equipment	7,665	6,876
Goodwill	4,362	4,362
Deferred tax assets	486	473
Capitalized software licenses	140	152
Overfunded retirement plans	189	188
Other long-term assets	1,355	1,135
Total assets	29,220	27,207
Current liabilities:
Current portion of long-term debt	500	500
Accounts payable	952	851
Accrued compensation	394	799
Income taxes payable	372	189
Accrued expenses and other liabilities	686	646
Total current liabilities	2,904	2,985
Long-term debt	9,626	8,235
Underfunded retirement plans	123	118
Deferred tax liabilities	73	66
Other long-term liabilities	1,251	1,226
Total liabilities	13,977	12,630
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	3,016	2,951
Retained earnings	50,930	50,353
Treasury common stock at cost: Shares: March 31, 2023 - 833; December 31, 2022 – 835	(40,192)	(40,214)
Accumulated other comprehensive income (loss), net of taxes (AOCI)	(252)	(254)
Total stockholders’ equity	15,243	14,577
Total liabilities and stockholders’ equity	$ 29,220	$ 27,207