CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) $ in Millions	6 Months Ended
	Jun. 30, 2020 USD ($)	Jun. 30, 2019 USD ($)
Operating Activities
Net income before allocation to noncontrolling interests	$ 799	$ 683
Adjustments to reconcile net income before noncontrolling interests to net cash provided by operating activities:
Depreciation and amortization expense	221	196	[1],[2]
Share-based compensation expense	32	35
Asset write-offs and asset impairments	9	1
Net gain on sale of assets	18	0
Provision for losses on inventory	32	29
Deferred taxes	(38)	(22)
Employee benefit plan contribution from Pfizer Inc.	1	1
Loss on treasury locks	(6)	0
Other non-cash adjustments	2	0
Other changes in assets and liabilities, net of acquisitions and divestitures:
Accounts receivable	71	29
Inventories	(233)	(50)
Other assets	(42)	(35)
Accounts payable	37	(22)
Other liabilities	(156)	(119)
Other tax accounts, net	135	(19)
Net cash provided by operating activities	846	707
Investing Activities
Capital expenditures	(184)	(166)
Other acquisitions	(78)	0
Proceeds from maturities and redemptions of investments	0	76
Net proceeds on swaps designated as net investment hedges	20	0
Net proceeds from sale of assets	23	0
Other investing activities	(2)	8
Net cash used in investing activities	(221)	(82)
Financing Activities
Increase/(decrease) in short-term borrowings, net	1	(9)
Payment of contingent consideration related to previously acquired assets	0	(8)
Acquisition of a noncontrolling interest, net of cash acquired	(3)	0
Proceeds from issuance of long-term debt—senior notes, net of discount	1,240	0
Share-based compensation-related proceeds, net of taxes paid on withholding shares	21	5
Purchases of treasury stock	(250)	(300)
Cash dividends paid	(190)	(157)
Payment of debt issuance costs	(12)	0
Net cash provided by/(used in) financing activities	813	(469)
Effect of exchange-rate changes on cash and cash equivalents	(19)	(3)
Net increase in cash and cash equivalents	1,419	153
Cash and cash equivalents at beginning of period	1,934	1,602
Cash and cash equivalents at end of period	3,353	1,755
Cash paid during the period for:
Income taxes	91	212
Interest, net of capitalized interest	123	123
Amounts included in the measurement of lease liabilities	20	19
Non-cash transactions:
Capital expenditures	5	9
Lease obligations obtained in exchange for right-of-use assets	13	$ 223
Dividends declared, not paid	$ 95

[1] Certain production facilities are shared. Depreciation and amortization is allocated to the reportable operating segments based on estimates of where the benefits of the related assets are realized.

[2] Defined as income before provision for taxes on income.