CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Millions	Jun. 30, 2020	Dec. 31, 2019
ASSETS
Cash and cash equivalents	$ 2,003	$ 832
Receivables, net	1,535	1,921
Inventories, net	836	807
Prepayments and other current assets	267	276
Total current assets	4,641	3,836
Property, plant and equipment, net	2,781	2,925
Investments and other long-term receivables	315	318
Goodwill	1,830	1,842
Other intangible assets, net	375	402
Other non-current assets	395	379
Total assets	10,337	9,702
LIABILITIES AND EQUITY
Notes payable and other short-term debt	297	286
Accounts payable and accrued expenses	1,654	1,977
Income taxes payable	19	66
Total current liabilities	1,970	2,329
Long-term debt	2,762	1,674
Other non-current liabilities:
Retirement-related liabilities	299	306
Other	543	549
Total other non-current liabilities	842	855
Common stock	3	3
Capital in excess of par value	1,115	1,145
Retained earnings	5,903	5,942
Accumulated other comprehensive loss	(787)	(727)
Common stock held in treasury, at cost	(1,623)	(1,657)
Total BorgWarner Inc. stockholders’ equity	4,611	4,706
Noncontrolling interest	152	138
Total equity	4,763	4,844
Total liabilities and equity	$ 10,337	$ 9,702

Sum of the carrying values as of the balance sheet date of obligations incurred through that date and due within one year (or the operating cycle, if longer), including liabilities incurred (and for which invoices have typically been received) and payable to vendors for goods and services received, taxes, interest, rent and utilities, accrued salaries and bonuses, payroll taxes and fringe benefits.

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- Definition

Carrying amount as of the balance sheet date of the unpaid sum of the known and estimated amounts payable to satisfy all currently due domestic and foreign income tax obligations.