CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) $ in Millions	6 Months Ended
	Jun. 30, 2021 USD ($)	Jun. 30, 2020 USD ($)
Operating Activities
Net income before allocation to noncontrolling interests	$ 1,069	$ 799
Adjustments to reconcile net income before noncontrolling interests to net cash provided by operating activities:
Depreciation and amortization expense	221	221	[1],[2]
Share-based compensation expense	29	32
Asset write-offs and asset impairments	14	9
Net loss/(gain) on sale of assets	(3)	18
Provision for losses on inventory	25	32
Deferred taxes	(24)	(38)
Employee benefit plan contribution from Pfizer Inc.	1	1
Loss on treasury locks	0	(6)
Other non-cash adjustments	7	2
Other changes in assets and liabilities, net of acquisitions and divestitures:
Accounts receivable	(149)	71
Inventories	(206)	(233)
Other assets	(36)	(42)
Accounts payable	(91)	37
Other liabilities	21	(156)
Other tax accounts, net	(3)	135
Net cash provided by operating activities	881	846
Investing Activities
Capital expenditures	(190)	(184)
Acquisitions, net of cash acquired	(14)	(78)
Settlement on swaps designated as net investment hedges	2	20
Net proceeds from sale of assets	0	23
Other investing activities	0	(2)
Net cash used in investing activities	(202)	(221)
Financing Activities
Increase in short-term borrowings, net	0	1
Proceeds from issuance of long-term debt—senior notes, net of discount	0	1,240
Payment of consideration related to previous acquisitions	(5)	0
Acquisition of a noncontrolling interest, net of cash acquired	0	3
Share-based compensation-related proceeds, net of taxes paid on withholding shares	(39)	21
Purchases of treasury stock	(347)	(250)
Cash dividends paid	(238)	(190)
Payment of debt issuance costs	0	12
Net cash (used in)/provided by financing activities	(629)	813
Effect of exchange-rate changes on cash and cash equivalents	4	(19)
Net increase in cash and cash equivalents	54	1,419
Cash and cash equivalents at beginning of period	3,604	1,934
Cash and cash equivalents at end of period	3,658	3,353
Cash paid during the period for:
Income taxes	315	91
Interest, net of capitalized interest	127	123
Amounts included in the measurement of lease liabilities	23	20
Non-cash transactions:
Capital expenditures	4	5
Lease obligations obtained in exchange for right-of-use assets	7	$ 13
Dividends declared, not paid	$ 119

[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.