Consolidated Balance Sheets - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 2,483	$ 2,964
Short-term investments	7,910	5,611
Accounts receivable, net of allowances of ($20) and ($16)	1,671	1,787
Raw materials	417	420
Work in process	2,129	2,109
Finished goods	1,537	1,470
Inventories	4,083	3,999
Prepaid expenses and other current assets	1,301	761
Total current assets	17,448	15,122
Property, plant and equipment at cost	13,739	13,268
Accumulated depreciation	(3,297)	(3,269)
Property, plant and equipment	10,442	9,999
Goodwill	4,362	4,362
Deferred tax assets	821	757
Capitalized software licenses	231	223
Overfunded retirement plans	169	173
Other long-term assets	1,412	1,712
Total assets	34,885	32,348
Current liabilities:
Current portion of long-term debt	1,349	599
Accounts payable	551	802
Accrued compensation	399	836
Income taxes payable	378	172
Accrued expenses and other liabilities	876	911
Total current liabilities	3,553	3,320
Long-term debt	12,840	10,624
Underfunded retirement plans	111	108
Deferred tax liabilities	55	63
Other long-term liabilities	1,343	1,336
Total liabilities	17,902	15,451
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	3,439	3,362
Retained earnings	52,199	52,283
Treasury common stock at cost: Shares: March 31, 2024 - 831; December 31, 2023 – 832	(40,193)	(40,284)
Accumulated other comprehensive income (loss), net of taxes (AOCI)	(203)	(205)
Total stockholders’ equity	16,983	16,897
Total liabilities and stockholders’ equity	$ 34,885	$ 32,348