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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Millions
6 Months Ended
Jun. 28, 2020
Jun. 30, 2019
Operating Activities    
Net income before allocation to noncontrolling interests [1],[2],[3],[4] $ 6,845 $ 8,945
Adjustments to reconcile net income before allocation to noncontrolling interests to net cash provided by operating activities:    
Depreciation and amortization [2] 2,469 3,073
Asset write-offs and impairments [2] 58 178
TCJA impact [2],[5] 0 (285)
Gain on completion of Consumer Healthcare JV transaction, net of cash conveyed [2] (6) 0
Deferred taxes from continuing operations [2] 71 (160)
Share-based compensation expense [2] 258 384
Benefit plan contributions in excess of expense/income [2] (418) (313)
Other adjustments, net [2] (361) (462)
Other changes in assets and liabilities, net of acquisitions and divestitures [2] (2,229) (7,051)
Net cash provided by operating activities [2] 6,688 4,309
Investing Activities    
Purchases of property, plant and equipment [2] (942) (939)
Purchases of short-term investments [2] (5,141) (4,063)
Proceeds from redemptions/sales of short-term investments [2] 4,595 6,001
Net (purchases of)/proceeds from redemptions/sales of short-term investments with original maturities of three months or less [2],[6] (11,949) 4,717
Purchases of long-term investments [2] (168) (123)
Proceeds from redemptions/sales of long-term investments [2] 536 142
Acquisitions of intangible assets [2] (33) (267)
Other investing activities, net [2] 19 179
Net cash provided by/(used in) investing activities [2] (13,082) 5,648
Financing Activities    
Proceeds from short-term borrowings [2] 12,352 3,956
Principal payments on short-term borrowings [2] (13,166) (2,375)
Net (payments on)/proceeds from short-term borrowings with original maturities of three months or less [2] (2,273) 2,719
Proceeds from issuance of long-term debt [2],[6] 16,606 4,942
Principal payments on long-term debt [2] (2,181) (5,355)
Purchases of common stock [2] 0 (8,865)
Cash dividends paid [2] (4,216) (4,047)
Proceeds from exercise of stock options [2] 158 248
Other financing activities, net [2] (321) (541)
Net cash provided by/(used in) financing activities [2] 6,959 (9,318)
Effect of exchange-rate changes on cash and cash equivalents and restricted cash and cash equivalents [2] (70) (28)
Net increase in cash and cash equivalents and restricted cash and cash equivalents [2] 495 612
Cash and cash equivalents and restricted cash and cash equivalents, beginning [2] 1,350 1,225
Cash and cash equivalents and restricted cash and cash equivalents, end [2] 1,845 1,837
Cash paid (received) during the period for:    
Income taxes [2] 1,290 2,136
Interest paid [2] 910 809
Interest rate hedges [2] $ (66) $ (72)
[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/(benefit) for taxes on income for the six months ended June 30, 2019 was favorably impacted by approximately $285 million, primarily as a result of additional guidance issued by the U.S. Department of Treasury.
[6]
Includes $11.4 billion of proceeds from the Upjohn long-term debt issuances in the second quarter of 2020, which are included in Restricted short-term investments in the condensed consolidated balance sheet. For additional information, see Notes 7A. Financial Instruments: Fair Value Measurements and Financial Instruments: 7D. Long-Term Debt).