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Consolidated Statements of Cash Flows - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Operating Activities      
Net income before allocation to noncontrolling interests $ 9,652 $ 16,302 $ 11,188
Income from discontinued operations––net of tax 2,631 5,435 7,328
Net income from continuing operations before allocation to noncontrolling interests 7,021 10,867 3,861
Adjustments to reconcile net income before allocation to noncontrolling interests to net cash provided by operating activities:      
Depreciation and amortization 4,777 5,795 6,150
Asset write-offs and impairments 2,049 2,941 3,398
TCJA impact [1] 0 (323) (596)
Gain on completion of Consumer Healthcare JV transaction, net of cash conveyed [2] (6) (8,233) 0
Deferred taxes from continuing operations (1,468) 596 (2,204)
Share-based compensation expense 756 688 923
Benefit plan contributions in excess of expense/income (1,790) (288) (1,057)
Other adjustments, net (478) (1,080) (1,266)
Other changes in assets and liabilities, net of acquisitions and divestitures:      
Trade accounts receivable (1,249) (1,140) (458)
Inventories (736) (1,080) (432)
Other assets (146) 840 (52)
Trade accounts payable 353 (340) 404
Other liabilities 2,741 851 367
Other tax accounts, net (1,238) (3,084) (163)
Net cash provided by operating activities from continuing operations 10,586 7,011 8,875
Net cash provided by operating activities from discontinued operations 3,817 5,576 6,952
Net cash provided by operating activities 14,403 12,588 15,827
Investing Activities      
Purchases of property, plant and equipment (2,252) (2,072) (1,984)
Purchases of short-term investments (13,805) (6,835) (11,677)
Proceeds from redemptions/sales of short-term investments 11,087 9,183 17,581
Net (purchases of)/proceeds from redemptions/sales of short-term investments with original maturities of three months or less 920 6,925 (3,917)
Purchases of long-term investments (597) (201) (1,797)
Proceeds from redemptions/sales of long-term investments 723 232 6,244
Acquisitions of businesses, net of cash acquired 0 (10,861) 0
Acquisitions of intangible assets (539) (418) (152)
Other investing activities, net [2] 274 195 287
Net cash provided by/(used in) investing activities from continuing operations (4,188) (3,852) 4,584
Net cash provided by/(used in) investing activities from discontinued operations (82) (94) (60)
Net cash provided by/(used in) investing activities (4,271) (3,945) 4,525
Financing Activities      
Proceeds from short-term borrowings 12,352 16,455 3,711
Principal payments on short-term borrowings (22,197) (8,378) (4,437)
Net (payments on)/proceeds from short-term borrowings with original maturities of three months or less (4,129) 2,551 (1,617)
Proceeds from issuance of long-term debt 5,222 4,942 4,974
Principal payments on long-term debt (4,003) (6,806) (3,566)
Purchases of common stock 0 (8,865) (12,198)
Cash dividends paid (8,440) (8,043) (7,978)
Proceeds from exercise of stock options 425 394 1,259
Other financing activities, net (869) (736) (588)
Net cash provided by/(used in) financing activities from continuing operations (21,640) (8,485) (20,441)
Net cash provided by/(used in) financing activities from discontinued operations 11,991 0 0
Net cash provided by/(used in) financing activities (9,649) (8,485) (20,441)
Effect of exchange-rate changes on cash and cash equivalents and restricted cash and cash equivalents (8) (32) (116)
Net increase/(decrease) in cash and cash equivalents and restricted cash and cash equivalents 475 125 (205)
Cash and cash equivalents and restricted cash and cash equivalents, at beginning of period 1,350 1,225 1,431
Cash and cash equivalents and restricted cash and cash equivalents, at end of period 1,825 1,350 1,225
Cash paid (received) during the period for:      
Income taxes 3,153 3,664 3,655
Interest paid 1,641 1,587 1,311
Interest rate hedges (20) (42) (38)
Consumer Healthcare JV [Member]      
Adjustments to reconcile net income before allocation to noncontrolling interests to net cash provided by operating activities:      
Gain on completion of Consumer Healthcare JV transaction, net of cash conveyed   (8,200)  
Cash paid (received) during the period for:      
Equity investment in exchange for Pfizer's assets [2] 0 15,711 0
Allogene [Member]      
Cash paid (received) during the period for:      
Equity investment in exchange for Pfizer's assets 0 0 92
Cerevel Therapeutics [Member]      
Cash paid (received) during the period for:      
Equity investment in exchange for Pfizer's assets $ 0 $ 0 $ 343
[1] The 2018 current tax benefit and deferred tax expense primarily relate to the utilization of tax credit carryforwards against the repatriation tax liability associated with the enactment of the TCJA. See discussion below.
[2] The $8.2 billion Gain on completion of Consumer Healthcare JV transaction, net of cash conveyed reflects the receipt of a 32% equity-method investment in the new company initially valued at $15.7 billion in exchange for net assets contributed of $7.6 billion and is presented in operating activities net of $146 million cash conveyed that is reflected in Other investing activities, net. See Note 2C.