Consolidated Balance Sheets - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
Current assets:
Cash and cash equivalents	$ 2,822	$ 2,437
Short-term investments	2,696	2,950
Accounts receivable, net of allowances of ($12) and ($8)	1,392	1,074
Raw materials	192	176
Work in process	959	916
Finished goods	921	909
Inventories	2,072	2,001
Prepaid expenses and other current assets	277	299
Total current assets	9,259	8,761
Property, plant and equipment at cost	5,698	5,740
Accumulated depreciation	(2,508)	(2,437)
Property, plant and equipment	3,190	3,303
Long-term investments	47	300
Goodwill	4,362	4,362
Acquisition-related intangibles	189	340
Deferred tax assets	299	197
Capitalized software licenses	133	69
Overfunded retirement plans	227	218
Other long-term assets	501	468
Total assets	18,207	18,018
Current liabilities:
Current portion of long-term debt	550	500
Accounts payable	411	388
Accrued compensation	656	714
Income taxes payable	44	46
Accrued expenses and other liabilities	524	475
Total current liabilities	2,185	2,123
Long-term debt	6,247	5,303
Underfunded retirement plans	103	93
Deferred tax liabilities	69	78
Other long-term liabilities	1,278	1,514
Total liabilities	9,882	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	2,257	2,110
Retained earnings	41,305	39,898
Treasury common stock at cost shares: Shares: June 30, 2020 – 825,225,307; December 31, 2019 – 808,784,381	(36,643)	(34,495)
Accumulated other comprehensive income (loss), net of taxes (AOCI)	(335)	(347)
Total stockholders’ equity	8,325	8,907
Total liabilities and stockholders’ equity	$ 18,207	$ 18,018