Consolidated Balance Sheets - USD ($) $ in Millions	Jun. 30, 2025	Dec. 31, 2024
Current assets:
Cash and cash equivalents	$ 3,044	$ 3,200
Short-term investments	2,315	4,380
Accounts receivable, net of allowances of ($24) and ($21)	1,934	1,719
Raw materials	402	395
Work in process	2,429	2,214
Finished goods	1,981	1,918
Inventories	4,812	4,527
Prepaid expenses and other current assets	2,379	1,200
Total current assets	14,484	15,026
Property, plant and equipment at cost	16,878	15,254
Accumulated depreciation	(4,557)	(3,907)
Property, plant and equipment	12,321	11,347
Goodwill	4,362	4,362
Deferred tax assets	1,096	936
Capitalized software licenses	248	257
Overfunded retirement plans	253	233
Other long-term assets	2,169	3,348
Total assets	34,933	35,509
Current liabilities:
Current portion of long-term debt	0	750
Accounts payable	881	820
Accrued compensation	595	839
Income taxes payable	53	159
Accrued expenses and other liabilities	963	1,075
Total current liabilities	2,492	3,643
Long-term debt	14,043	12,846
Underfunded retirement plans	122	110
Deferred tax liabilities	63	53
Other long-term liabilities	1,810	1,954
Total liabilities	18,530	18,606
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	4,245	3,935
Retained earnings	52,249	52,262
Treasury common stock at cost Shares: June 30, 2025 – 832; December 31, 2024 – 830	(41,676)	(40,895)
Accumulated other comprehensive income (loss), net of taxes (AOCI)	(156)	(140)
Total stockholders’ equity	16,403	16,903
Total liabilities and stockholders’ equity	$ 34,933	$ 35,509