CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Operating Activities
Net income before allocation to noncontrolling interests	$ 1,621	$ 1,278
Adjustments to reconcile net income before noncontrolling interests to net cash provided by operating activities:
Depreciation and amortization expense	331	332	[1],[2]
Share-based compensation expense	44	46
Asset write-offs and asset impairments	19	12
Net loss/(gain) on sale of assets	(3)	19
Provision for losses on inventory	36	56
Deferred taxes	(121)	(40)
Employee benefit plan contribution from Pfizer Inc.	2	2
Loss on treasury locks	0	(6)
Other non-cash adjustments	4	9
Other changes in assets and liabilities, net of acquisitions and divestitures:
Accounts receivable	(143)	69
Inventories	(299)	(294)
Other assets	8	(150)
Accounts payable	(71)	49
Other liabilities	62	(49)
Other tax accounts, net	38	113
Net cash provided by operating activities	1,534	1,408
Investing Activities
Capital expenditures	(309)	(301)
Acquisitions, net of cash acquired	(14)	(108)
Purchase of investments	10	0
Settlement on swaps designated as net investment hedges	17	(8)
Net proceeds from sale of assets	1	21
Other investing activities	(1)	1
Net cash used in investing activities	(316)	(395)
Financing Activities
Increase in short-term borrowings, net	(4)	1
Proceeds from issuance of long-term debt—senior notes, net of discount	0	1,240
Principal payments on long-term debt	(600)	0
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	(37)	23
Purchases of treasury stock	(545)	(250)
Cash dividends paid	(357)	(285)
Payment of debt issuance costs	0	12
Net cash (used in)/provided by financing activities	(1,548)	720
Effect of exchange-rate changes on cash and cash equivalents	0	(13)
Net (decrease)/increase in cash and cash equivalents	(330)	1,720
Cash and cash equivalents at beginning of period	3,604	1,934
Cash and cash equivalents at end of period	3,274	3,654
Cash paid during the period for:
Income taxes	412	305
Interest, net of capitalized interest	221	217
Amounts included in the measurement of lease liabilities	34	31
Non-cash transactions:
Capital expenditures	3	3
Lease obligations obtained in exchange for right-of-use assets	$ 30	$ 38

[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.