Consolidated Balance Sheets - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 3,200	$ 2,964
Short-term investments	4,380	5,611
Accounts receivable, net of allowances of ($21) and ($16)	1,719	1,787
Raw materials	395	420
Work in process	2,214	2,109
Finished goods	1,918	1,470
Inventories	4,527	3,999
Prepaid expenses and other current assets	1,200	761
Total current assets	15,026	15,122
Property, plant and equipment at cost	15,254	13,268
Accumulated depreciation	(3,907)	(3,269)
Property, plant and equipment	11,347	9,999
Goodwill	4,362	4,362
Deferred tax assets	936	757
Capitalized software licenses	257	223
Overfunded retirement plans	233	173
Other long-term assets	3,348	1,712
Total assets	35,509	32,348
Current liabilities:
Current portion of long-term debt	750	599
Accounts payable	820	802
Accrued compensation	839	836
Income taxes payable	159	172
Accrued expenses and other liabilities	1,075	911
Total current liabilities	3,643	3,320
Long-term debt	12,846	10,624
Underfunded retirement plans	110	108
Deferred tax liabilities	53	63
Other long-term liabilities	1,954	1,336
Total liabilities	18,606	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	3,935	3,362
Retained earnings	52,262	52,283
Treasury common stock at cost Shares: 2024 - 830; 2023 - 832	(40,895)	(40,284)
Accumulated other comprehensive income (loss), net of taxes (AOCI)	(140)	(205)
Total stockholders’ equity	16,903	16,897
Total liabilities and stockholders’ equity	$ 35,509	$ 32,348