CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Operating Activities
Net income before allocation to noncontrolling interests	$ 1,278	$ 1,116
Adjustments to reconcile net income before noncontrolling interests to net cash provided by operating activities:
Depreciation and amortization expense	332	303	[1],[2]
Share-based compensation expense	46	51
Asset write-offs and asset impairments	12	6
Net gain on sale of assets	19	20
Provision for losses on inventory	56	44
Deferred taxes	(40)	(30)
Employee benefit plan contribution from Pfizer Inc.	2	2
Loss on treasury locks	(6)	0
Other non-cash adjustments	9	(11)
Other changes in assets and liabilities, net of acquisitions and divestitures:
Accounts receivable	69	(18)
Inventories	(294)	(103)
Other assets	(150)	(39)
Accounts payable	49	(28)
Other liabilities	(49)	(68)
Other tax accounts, net	113	8
Net cash provided by operating activities	1,408	1,213
Investing Activities
Capital expenditures	(301)	(294)
Other acquisitions	(108)	(137)
Proceeds from maturities and redemptions of investments	0	89
Settlement on swaps designated as net investment hedges	(8)	37
Net proceeds from sale of assets	21	20
Other investing activities	1	(6)
Net cash used in investing activities	(395)	(291)
Financing Activities
Increase/(decrease) in short-term borrowings, net	1	(9)
Proceeds from issuance of long-term debt—senior notes, net of discount	1,240	0
Payment of contingent consideration related to previously acquired assets	0	(9)
Acquisition of a noncontrolling interest, net of cash acquired	3	0
Share-based compensation-related proceeds, net of taxes paid on withholding shares	23	2
Purchases of treasury stock	(250)	(450)
Cash dividends paid	(285)	(235)
Payment of debt issuance costs	(12)	0
Net cash provided by/(used in) financing activities	720	(701)
Effect of exchange-rate changes on cash and cash equivalents	(13)	(8)
Net increase in cash and cash equivalents	1,720	213
Cash and cash equivalents at beginning of period	1,934	1,602
Cash and cash equivalents at end of period	3,654	1,815
Cash paid during the period for:
Income taxes	305	293
Interest, net of capitalized interest	217	220
Amounts included in the measurement of lease liabilities	31	28
Non-cash transactions:
Capital expenditures	3	5
Lease obligations obtained in exchange for right-of-use assets	$ 38	$ 230

[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.