Consolidated Balance Sheets - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019
Current assets:
Cash and cash equivalents	$ 2,518	$ 2,437
Short-term investments	2,224	2,950
Accounts receivable, net of allowances of ($8) and ($8)	1,316	1,074
Raw materials	175	176
Work in process	915	916
Finished goods	913	909
Inventories	2,003	2,001
Prepaid expenses and other current assets	249	299
Total current assets	8,310	8,761
Property, plant and equipment at cost	5,736	5,740
Accumulated depreciation	(2,503)	(2,437)
Property, plant and equipment	3,233	3,303
Long-term investments	34	300
Goodwill	4,362	4,362
Acquisition-related intangibles	290	340
Deferred tax assets	208	197
Capitalized software licenses	138	69
Overfunded retirement plans	215	218
Other long-term assets	493	468
Total assets	17,283	18,018
Current liabilities:
Current portion of long-term debt	1,051	500
Accounts payable	363	388
Accrued compensation	353	714
Income taxes payable	62	46
Accrued expenses and other liabilities	552	475
Total current liabilities	2,381	2,123
Long-term debt	5,499	5,303
Underfunded retirement plans	95	93
Deferred tax liabilities	64	78
Other long-term liabilities	1,510	1,514
Total liabilities	9,549	9,111
Stockholders’ equity:
Preferred stock, $25 par value. Authorized – 10,000,000 shares Participating cumulative preferred – 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	2,096	2,110
Retained earnings	40,227	39,898
Treasury common stock at cost shares: Shares: March 31, 2020 – 819,335,097; December 31, 2019 – 808,784,381	(36,002)	(34,495)
Accumulated other comprehensive income (loss), net of taxes (AOCI)	(328)	(347)
Total stockholders’ equity	7,734	8,907
Total liabilities and stockholders’ equity	$ 17,283	$ 18,018