Consolidated Balance Sheets - USD ($) $ in Millions	Mar. 31, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 3,549	$ 3,225
Short-term investments	1,554	1,656
Accounts receivable, net of allowances of ($32) and ($22)	2,245	1,963
Raw materials	463	465
Work in process	2,355	2,372
Finished goods	1,877	1,967
Inventories	4,695	4,804
Prepaid expenses and other current assets	1,753	2,102
Total current assets	13,796	13,750
Property, plant and equipment at cost	17,870	17,682
Accumulated depreciation	(5,725)	(5,362)
Property, plant and equipment	12,145	12,320
Goodwill	4,330	4,330
Deferred tax assets	973	967
Capitalized software licenses	323	238
Overfunded retirement plans	321	324
Other long-term assets	2,505	2,656
Total assets	34,393	34,585
Current liabilities:
Current portion of long-term debt	1,149	500
Accounts payable	638	756
Accrued compensation	389	829
Income taxes payable	138	67
Accrued expenses and other liabilities	782	1,007
Total current liabilities	3,096	3,159
Long-term debt	12,901	13,548
Underfunded retirement plans	121	124
Deferred tax liabilities	63	66
Other long-term liabilities	1,434	1,415
Total liabilities	17,615	18,312
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	4,722	4,511
Retained earnings	52,483	52,236
Treasury common stock at cost Shares: March 31, 2026 – 831; December 31, 2025 – 834	(42,084)	(42,130)
Accumulated other comprehensive income (loss), net of taxes (AOCI)	(84)	(85)
Total stockholders’ equity	16,778	16,273
Total liabilities and stockholders’ equity	$ 34,393	$ 34,585