Consolidated Balance Sheets - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 2,964	$ 3,050
Short-term investments	5,611	6,017
Accounts receivable, net of allowances of ($16) and ($13)	1,787	1,895
Raw materials	420	353
Work in process	2,109	1,546
Finished goods	1,470	858
Inventories	3,999	2,757
Prepaid expenses and other current assets	761	302
Total current assets	15,122	14,021
Property, plant and equipment at cost	13,268	9,950
Accumulated depreciation	(3,269)	(3,074)
Property, plant and equipment	9,999	6,876
Goodwill	4,362	4,362
Deferred tax assets	757	473
Capitalized software licenses	223	152
Overfunded retirement plans	173	188
Other long-term assets	1,712	1,135
Total assets	32,348	27,207
Current liabilities:
Current portion of long-term debt	599	500
Accounts payable	802	851
Accrued compensation	836	799
Income taxes payable	172	189
Accrued expenses and other liabilities	911	646
Total current liabilities	3,320	2,985
Long-term debt	10,624	8,235
Underfunded retirement plans	108	118
Deferred tax liabilities	63	66
Other long-term liabilities	1,336	1,226
Total liabilities	15,451	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	3,362	2,951
Retained earnings	52,283	50,353
Treasury common stock at cost Shares: 2023 - 832; 2022 - 835	(40,284)	(40,214)
Accumulated other comprehensive income (loss), net of taxes (AOCI)	(205)	(254)
Total stockholders’ equity	16,897	14,577
Total liabilities and stockholders’ equity	$ 32,348	$ 27,207