Consolidated Balance Sheets - USD ($) $ in Millions	Jun. 30, 2020	Dec. 31, 2019
Current assets:
Cash and cash equivalents	$ 4,294	$ 2,437
Short-term investments	666	2,950
Accounts receivable, net of allowances of ($9) and ($8)	1,176	1,074
Raw materials	182	176
Work in process	977	916
Finished goods	977	909
Inventories	2,136	2,001
Prepaid expenses and other current assets	216	299
Total current assets	8,488	8,761
Property, plant and equipment at cost	5,741	5,740
Accumulated depreciation	(2,540)	(2,437)
Property, plant and equipment	3,201	3,303
Long-term investments	36	300
Goodwill	4,362	4,362
Acquisition-related intangibles	240	340
Deferred tax assets	236	197
Capitalized software licenses	141	69
Overfunded retirement plans	223	218
Other long-term assets	518	468
Total assets	17,445	18,018
Current liabilities:
Current portion of long-term debt	551	500
Accounts payable	409	388
Accrued compensation	505	714
Income taxes payable	179	46
Accrued expenses and other liabilities	519	475
Total current liabilities	2,163	2,123
Long-term debt	6,245	5,303
Underfunded retirement plans	99	93
Deferred tax liabilities	60	78
Other long-term liabilities	1,234	1,514
Total liabilities	9,801	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	2,182	2,110
Retained earnings	40,780	39,898
Treasury common stock at cost shares: Shares: June 30, 2020 – 825,225,307; December 31, 2019 – 808,784,381	(36,725)	(34,495)
Accumulated other comprehensive income (loss), net of taxes (AOCI)	(334)	(347)
Total stockholders’ equity	7,644	8,907
Total liabilities and stockholders’ equity	$ 17,445	$ 18,018