Consolidated Balance Sheets - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Current assets:
Cash and cash equivalents	$ 3,107	$ 2,437
Short-term investments	3,461	2,950
Accounts receivable, net of allowances of ($11) and ($8)	1,414	1,074
Raw materials	180	176
Work in process	964	916
Finished goods	811	909
Inventories	1,955	2,001
Prepaid expenses and other current assets	302	299
Total current assets	10,239	8,761
Property, plant and equipment at cost	5,781	5,740
Accumulated depreciation	(2,512)	(2,437)
Property, plant and equipment	3,269	3,303
Long-term investments	49	300
Goodwill	4,362	4,362
Acquisition-related intangibles	152	340
Deferred tax assets	343	197
Capitalized software licenses	122	69
Overfunded retirement plans	246	218
Other long-term assets	569	468
Total assets	19,351	18,018
Current liabilities:
Current portion of long-term debt	550	500
Accounts payable	415	388
Accrued compensation	767	714
Income taxes payable	134	46
Accrued expenses and other liabilities	524	475
Total current liabilities	2,390	2,123
Long-term debt	6,248	5,303
Underfunded retirement plans	131	93
Deferred tax liabilities	90	78
Other long-term liabilities	1,305	1,514
Total liabilities	10,164	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	2,333	2,110
Retained earnings	42,051	39,898
Treasury common stock at cost Shares: 2020 - 821,461,787; 2019 - 808,784,381	(36,578)	(34,495)
Accumulated other comprehensive income (loss), net of taxes (AOCI)	(360)	(347)
Total stockholders’ equity	9,187	8,907
Total liabilities and stockholders’ equity	$ 19,351	$ 18,018