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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Millions
3 Months Ended
Mar. 29, 2020
Mar. 31, 2019
Operating Activities    
Net income before allocation to noncontrolling interests [1],[2],[3],[4] $ 3,410 $ 3,889
Adjustments to reconcile net income before allocation to noncontrolling interests to net cash provided by operating activities:    
Depreciation and amortization [4] 1,218 1,545
Asset write-offs and impairments [4] 45 155
TCJA impact [4],[5] 0 (131)
Gain on completion of Consumer Healthcare JV transaction, net of cash conveyed [4] (6) 0
Deferred taxes from continuing operations [4] 109 (60)
Share-based compensation expense [4] 64 185
Benefit plan contributions in excess of expense/income [4] (248) (151)
Other adjustments, net [4] 123 (236)
Other changes in assets and liabilities, net of acquisitions and divestitures [4] (1,581) (3,498)
Net cash provided by operating activities [4] 3,133 1,698
Investing Activities    
Purchases of property, plant and equipment [4] (463) (460)
Purchases of short-term investments [4] (2,551) (1,402)
Proceeds from redemptions/sales of short-term investments [4] 3,257 3,601
Net (purchases of)/proceeds from redemptions/sales of short-term investments with original maturities of three months or less [4] (416) 5,941
Purchases of long-term investments [4] (22) (84)
Proceeds from redemptions/sales of long-term investments [4] 152 44
Acquisitions of intangible assets [4] (32) (158)
Other investing activities, net [4] 4 67
Net cash provided by/(used in) investing activities [4] (71) 7,550
Financing Activities    
Proceeds from short-term borrowings [4] 5,302 609
Principal payments on short-term borrowings [4] (7,551) (1,766)
Net proceeds from short-term borrowings with original maturities of three months or less [4] 3,207 2,032
Proceeds from issuance of long-term debt [4] 1,241 4,942
Principal payments on long-term debt [4] (2,181) (3,004)
Purchases of common stock [4] 0 (8,865)
Cash dividends paid [4] (2,105) (2,045)
Proceeds from exercise of stock options [4] 124 126
Other financing activities, net [4] (237) (495)
Net cash used in financing activities [4] (2,200) (8,467)
Effect of exchange-rate changes on cash and cash equivalents and restricted cash and cash equivalents [4] (15) 12
Net increase in cash and cash equivalents and restricted cash and cash equivalents [4] 846 792
Cash and cash equivalents and restricted cash and cash equivalents, beginning [4] 1,350 1,225
Cash and cash equivalents and restricted cash and cash equivalents, end [4] 2,196 2,018
Cash paid (received) during the period for:    
Income taxes [4] 239 235
Interest paid [4] 472 385
Interest rate hedges [4] $ (11) $ (33)
[1]
Amounts may not add due to rounding.
[2]
Amounts may not add due to rounding.
[3]
Amounts may not add due to rounding.
[4]
Amounts may not add due to rounding.
[5]
As a result of the enactment of the TCJA in December 2017, Pfizer’s Provision for taxes on income for the three months ended March 31, 2019 was favorably impacted by approximately $131 million, primarily as a result of additional guidance issued by the U.S. Department of Treasury.