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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Operating Activities      
Net income before allocation to noncontrolling interests $ 2,111 $ 2,034 $ 1,636
Adjustments to reconcile net income before noncontrolling interests to net cash provided by/(used in) operating activities      
Depreciation and amortization expense [1],[2] 465 448 441
Share-based compensation expense 62 58 59
Asset write-offs and asset impairments 53 47 43
Net loss/(gain) on sales of assets 0 2 (19)
Provision for losses on inventory 76 46 105
Deferred taxes (286) (80) (62)
Employee benefit plan contribution from Pfizer Inc. 3 3 3
Other non-cash adjustments 13 (2) 11
Other changes in assets and liabilities, net of acquisitions and divestitures:      
Accounts receivable (137) (155) 74
Inventories (486) (366) (346)
Other assets 35 (7) (68)
Accounts payable (29) (17) 147
Other liabilities (180) 227 91
Other tax accounts, net 98 (25) 17
Net cash provided by operating activities 1,912 2,213 2,126
Investing Activities      
Capital expenditures (586) (477) (453)
Acquisitions, net of cash acquired (312) (14) (113)
Purchase of investments (9) (12) 0
Net proceeds from sale of assets 1 2 21
Proceeds from/(payments of) derivative instrument activity, net 23 44 (27)
Other investing activities 0 (1) 0
Net cash used in investing activities (883) (458) (572)
Financing Activities      
Increase/(decrease) in short-term borrowings, net 2 (4) 4
Principal payments on long-term debt 0 (600) (500)
Proceeds from issuance of long-term debt—senior notes, net of discount 1,348 0 1,240
Payment of consideration related to previous acquisitions (1) (6) (2)
Share-based compensation-related proceeds, net of taxes paid on withholding shares (38) (35) 20
Purchases of treasury stock (1,594) (743) (250)
Cash dividends paid (611) (474) (380)
Acquisition of a noncontrolling interest, net of cash acquired 0 0 3
Net cash (used in)/provided by financing activities (904) (1,862) 123
Effect of exchange-rate changes on cash and cash equivalents (29) (12) (7)
Net increase/(decrease) in cash and cash equivalents 96 (119) 1,670
Cash and cash equivalents at beginning of period 3,581 [3] 3,485 [3] 3,604
Cash paid during the period for:      
Income taxes 638 548 418
Interest, net of capitalized interest 242 253 257
Non-cash transactions:      
Capital expenditures 3 6 3
Dividends payable 174 154 119
Payments to Settle Derivative Instruments 114 0 (6)
Payments of Debt Issuance Costs $ (10) $ 0 $ (12)
[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, 2022 and 2021, includes $4 million and $3 million, respectively, of restricted cash.