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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Operating Activities      
Net income before allocation to noncontrolling interests $ 2,034 $ 1,636 $ 1,500
Adjustments to reconcile net income before noncontrolling interests to net cash provided by/(used in) operating activities      
Depreciation and amortization expense [1],[2] 448 441 412
Share-based compensation expense 58 59 67
Asset write-offs and asset impairments 47 43 7
Net loss/(gain) on sales of assets 2 (19) (20)
Provision for losses on inventory 46 105 68
Deferred taxes (80) (62) (79)
Employee benefit plan contribution from Pfizer Inc. 3 3 3
Other non-cash adjustments (2) 11 (12)
Other changes in assets and liabilities, net of acquisitions and divestitures:      
Accounts receivable (155) 74 (69)
Inventories (366) (346) (104)
Other assets (7) (68) (51)
Accounts payable (17) 147 (10)
Other liabilities 227 91 91
Other tax accounts, net (25) 17 (8)
Net cash provided by operating activities 2,213 2,126 1,795
Investing Activities      
Capital expenditures (477) (453) (460)
Acquisitions, net of cash acquired (14) (113) (195)
Purchase of investments (12) 0 0
Net proceeds from sale of assets 2 21 21
Proceeds from maturities and redemptions of investments 0 0 101
Settlements on swaps designated as net investment hedges 44 (27) 37
Other investing activities (1) 0 (8)
Net cash used in investing activities (458) (572) (504)
Financing Activities      
(Decrease)/increase in short-term borrowings, net (4) 4 (9)
Principal payments on long-term debt (600) (500) 0
Proceeds from issuance of long-term debt—senior notes, net of discount 0 1,240 0
Payment of consideration related to previous acquisitions (6) (2) (9)
Share-based compensation-related proceeds, net of taxes paid on withholding shares and excess tax benefits (35) 20 7
Purchases of treasury stock (743) (250) (626)
Cash dividends paid (474) (380) (314)
Acquisition of a noncontrolling interest, net of cash acquired 0 3 0
Net cash (used in)/provided by financing activities (1,862) 123 (951)
Effect of exchange-rate changes on cash and cash equivalents (12) (7) (8)
Net (decrease)/increase in cash and cash equivalents (119) 1,670 332
Cash and cash equivalents at beginning of period 3,485 [3] 3,604 [3] 1,934
Cash paid during the period for:      
Income taxes 548 418 418
Interest, net of capitalized interest 253 257 247
Non-cash transactions:      
Capital expenditures 6 3 7
Contingent purchase price consideration 0 0 23
Dividends payable 154 119 95
Payments to Settle Derivative Instruments 0 (6) 0
Payments of Debt Issuance Costs $ 0 $ (12) $ 0
[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.
[3] As of December 31, 2021 and 2020, includes $3 million and $2 million, respectively, of restricted cash.