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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Millions
9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Operating Activities    
Net income before allocation to noncontrolling interests $ 1,651 $ 1,621
Adjustments to reconcile net income before noncontrolling interests to net cash provided by operating activities:    
Depreciation and amortization expense [1],[2] 346 331
Share-based compensation expense 46 44
Asset write-offs and asset impairments 7 19
Net loss on sale of assets 0 (3)
Provision for losses on inventory 49 36
Deferred taxes (110) (121)
Employee benefit plan contribution from Pfizer Inc. 2 2
Other non-cash adjustments 3 4
Other changes in assets and liabilities, net of acquisitions and divestitures:    
Accounts receivable (120) (143)
Inventories (438) (299)
Other assets (20) 8
Accounts payable (59) (71)
Other liabilities (227) 62
Other tax accounts, net 41 38
Net cash provided by operating activities 1,171 1,534
Investing Activities    
Capital expenditures (415) (309)
Acquisitions (96) (14)
Purchase of investments (8) (10)
Proceeds on derivative instrument activity, net 74 17
Net cash used in investing activities (445) (316)
Financing Activities    
Increase/(decrease) in short-term borrowings, net 3 (4)
Principal payments on long-term debt 0 (600)
Payment of consideration related to previous acquisitions 0 (5)
Share-based compensation-related proceeds, net of taxes paid on withholding shares (38) (37)
Purchases of treasury stock (1,189) (545)
Cash dividends paid (460) (357)
Net cash used in financing activities (1,684) (1,548)
Effect of exchange-rate changes on cash and cash equivalents (20) 0
Net decrease in cash and cash equivalents (978) (330)
Cash and cash equivalents at beginning of period 3,485 3,604
Cash and cash equivalents at end of period 2,507 3,274
Cash paid during the period for:    
Income taxes 471 412
Interest, net of capitalized interest 209 221
Amounts included in the measurement of lease liabilities 37 34
Non-cash transactions:    
Capital expenditures 5 3
Lease obligations obtained in exchange for right-of-use assets $ 46 $ 30
[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.