Consolidated Balance Sheets - USD ($) $ in Millions	Sep. 30, 2025	Dec. 31, 2024
Current assets:
Cash and cash equivalents	$ 3,311	$ 3,200
Short-term investments	1,875	4,380
Accounts receivable, net of allowances of ($21) and ($21)	2,062	1,719
Raw materials	431	395
Work in process	2,460	2,214
Finished goods	1,938	1,918
Inventories	4,829	4,527
Prepaid expenses and other current assets	1,799	1,200
Total current assets	13,876	15,026
Property, plant and equipment at cost	17,314	15,254
Accumulated depreciation	(4,966)	(3,907)
Property, plant and equipment	12,348	11,347
Goodwill	4,362	4,362
Deferred tax assets	1,089	936
Capitalized software licenses	237	257
Overfunded retirement plans	251	233
Other long-term assets	2,841	3,348
Total assets	35,004	35,509
Current liabilities:
Current portion of long-term debt	500	750
Accounts payable	779	820
Accrued compensation	724	839
Income taxes payable	79	159
Accrued expenses and other liabilities	1,036	1,075
Total current liabilities	3,118	3,643
Long-term debt	13,546	12,846
Underfunded retirement plans	125	110
Deferred tax liabilities	60	53
Other long-term liabilities	1,528	1,954
Total liabilities	18,377	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	4,410	3,935
Retained earnings	52,369	52,262
Treasury common stock at cost Shares: September 30, 2025 – 832; December 31, 2024 – 830	(41,744)	(40,895)
Accumulated other comprehensive income (loss), net of taxes (AOCI)	(149)	(140)
Total stockholders’ equity	16,627	16,903
Total liabilities and stockholders’ equity	$ 35,004	$ 35,509