v3.26.1
Consolidated Balance Sheets - USD ($)
$ in Millions
Jun. 30, 2026
Dec. 31, 2025
Current assets:    
Cash and cash equivalents $ 3,660 $ 3,225
Short-term investments 3,341 1,656
Accounts receivable, net of allowances of ($22) and ($22) 2,520 1,963
Raw materials 467 465
Work in process 2,407 2,372
Finished goods 1,731 1,967
Inventories 4,605 4,804
Prepaid expenses and other current assets 1,631 2,102
Total current assets 15,757 13,750
Property, plant and equipment at cost 17,856 17,682
Accumulated depreciation (5,945) (5,362)
Property, plant and equipment 11,911 12,320
Goodwill 4,330 4,330
Deferred tax assets 1,017 967
Capitalized software licenses 314 238
Overfunded retirement plans 316 324
Other long-term assets 2,237 2,656
Total assets 35,882 34,585
Current liabilities:    
Current portion of long-term debt 1,149 500
Accounts payable 680 756
Accrued compensation 536 829
Income taxes payable 70 67
Accrued expenses and other liabilities 809 1,007
Total current liabilities 3,244 3,159
Long-term debt 12,903 13,548
Underfunded retirement plans 123 124
Deferred tax liabilities 55 66
Other long-term liabilities 1,550 1,415
Total liabilities 17,875 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 5,129 4,511
Retained earnings 53,161 52,236
Treasury common stock at cost Shares: June 30, 2026 – 828; December 31, 2025 – 834 (41,941) (42,130)
Accumulated other comprehensive income (loss), net of taxes (AOCI) (83) (85)
Total stockholders’ equity 18,007 16,273
Total liabilities and stockholders’ equity $ 35,882 $ 34,585