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Consolidated Balance Sheets - USD ($)
$ in Millions
Jun. 30, 2021
Dec. 31, 2020
Current assets:    
Cash and cash equivalents $ 3,649 $ 3,107
Short-term investments 3,741 3,461
Accounts receivable, net of allowances of ($9) and ($11) 1,591 1,414
Raw materials 201 180
Work in process 996 964
Finished goods 659 811
Inventories 1,856 1,955
Prepaid expenses and other current assets 340 302
Total current assets 11,177 10,239
Property, plant and equipment at cost 6,235 5,781
Accumulated depreciation (2,557) (2,512)
Property, plant and equipment 3,678 3,269
Goodwill 4,362 4,362
Acquisition-related intangibles 57 152
Deferred tax assets 326 343
Capitalized software licenses 99 122
Overfunded retirement plans 254 246
Other long-term assets 650 618
Total assets 20,603 19,351
Current liabilities:    
Current portion of long-term debt 499 550
Accounts payable 587 415
Accrued compensation 531 767
Income taxes payable 107 134
Accrued expenses and other liabilities 477 524
Total current liabilities 2,201 2,390
Long-term debt 5,752 6,248
Underfunded retirement plans 131 131
Deferred tax liabilities 87 90
Other long-term liabilities 1,279 1,305
Total liabilities 9,450 10,164
Stockholders’ equity:    
Preferred stock, $25 par value. Authorized – 10,000,000 shares; none issued 0 0
Common stock, $1 par value. Authorized - 2,400,000,000 shares, Shares issued - 1,740,815,939 1,741 1,741
Paid-in capital 2,485 2,333
Retained earnings 43,846 42,051
Treasury common stock at cost: Shares: June 30, 2021 – 817,729,258; December 31, 2020 – 821,461,787 (36,596) (36,578)
Accumulated other comprehensive income (loss), net of taxes (AOCI) (323) (360)
Total stockholders’ equity 11,153 9,187
Total liabilities and stockholders’ equity $ 20,603 $ 19,351