Consolidated Balance Sheets - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 3,439	$ 3,050
Short-term investments	6,113	6,017
Accounts receivable, net of allowances of ($16) and ($13)	1,956	1,895
Raw materials	388	353
Work in process	2,110	1,546
Finished goods	1,231	858
Inventories	3,729	2,757
Prepaid expenses and other current assets	277	302
Total current assets	15,514	14,021
Property, plant and equipment at cost	11,664	9,950
Accumulated depreciation	(3,139)	(3,074)
Property, plant and equipment	8,525	6,876
Goodwill	4,362	4,362
Deferred tax assets	537	473
Capitalized software licenses	143	152
Overfunded retirement plans	183	188
Other long-term assets	1,675	1,135
Total assets	30,939	27,207
Current liabilities:
Current portion of long-term debt	299	500
Accounts payable	923	851
Accrued compensation	561	799
Income taxes payable	121	189
Accrued expenses and other liabilities	807	646
Total current liabilities	2,711	2,985
Long-term debt	10,920	8,235
Underfunded retirement plans	127	118
Deferred tax liabilities	69	66
Other long-term liabilities	1,172	1,226
Total liabilities	14,999	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	3,163	2,951
Retained earnings	51,522	50,353
Treasury common stock at cost: Shares: June 30, 2023 - 0; December 31, 2022 – 835	(40,240)	(40,214)
Accumulated other comprehensive income (loss), net of taxes (AOCI)	(246)	(254)
Total stockholders’ equity	15,940	14,577
Total liabilities and stockholders’ equity	$ 30,939	$ 27,207