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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Operating Activities      
Net income before allocation to noncontrolling interests $ 2,496 $ 2,340 $ 2,111
Adjustments to reconcile net income before noncontrolling interests to net cash provided by/(used in) operating activities      
Depreciation and amortization expense [1],[2] 497 491 465
Share-based compensation expense 74 60 62
Asset write-offs and asset impairments 31 46 53
Net loss/(gain) on sales of assets 23 (118) 0
Provision for losses on inventory 97 115 76
Deferred taxes (338) (61) (286)
Settlement of derivative contracts 0 0 114
Employee benefit plan contribution from Pfizer Inc. 0 0 3
Other non-cash adjustments (6) (8) 13
Other changes in assets and liabilities, net of acquisitions and divestitures:      
Accounts receivable (61) (102) (137)
Inventories (40) (361) (486)
Other assets 52 (95) 35
Accounts payable 31 13 (29)
Other liabilities 114 67 (180)
Other tax accounts, net (17) (34) 98
Net cash provided by operating activities 2,953 2,353 1,912
Investing Activities      
Capital expenditures (655) (732) (586)
Acquisitions, net of cash acquired (8) (155) (312)
Purchase of investments (5) (4) (9)
Net proceeds from sale of assets 1 4 1
Proceeds from derivative instrument activity, net 62 12 23
Proceeds from sale of businesses, net of cash sold 293 96 0
Other investing activities (3) 2 0
Net cash used in investing activities (315) (777) (883)
Financing Activities      
(Decrease)/increase in short-term borrowings, net (3) 1 2
Principal payments on long-term debt 0 (1,350) 0
Proceeds from issuance of long-term debt—senior notes, net of discount 0 0 1,348
Payment of debt issuance costs 0 0 (10)
Payment of consideration related to previous acquisitions (5) (3) (1)
Share-based compensation-related proceeds, net of taxes paid on withholding shares (8) 27 (38)
Purchases of treasury stock (1,858) (1,092) (1,594)
Cash dividends paid (786) (692) (611)
Net cash used in financing activities (2,660) (3,109) (904)
Effect of exchange-rate changes on cash and cash equivalents (32) (7) (29)
Net (decrease)/increase in cash and cash equivalents (54) (1,540) 96
Cash and cash equivalents at beginning of period 1,987 [3] 2,041 [3] 3,581
Cash paid during the period for:      
Income taxes 892 754 638
Interest, net of capitalized interest 274 295 242
Non-cash transactions:      
Capital expenditures 3 2 3
Dividends payable 224 198 174
Excise tax accrued on net share repurchases, not paid $ 17 $ 10 $ 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, 2024 and 2023, includes $2 million, of restricted cash.