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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Millions
9 Months Ended
Sep. 27, 2020
Sep. 29, 2019
Operating Activities    
Net income before allocation to noncontrolling interests $ 9,046 $ 16,628
Adjustments to reconcile net income before allocation to noncontrolling interests to net cash provided by operating activities:    
Depreciation and amortization 3,731 4,626
Asset write-offs and impairments 990 224
TCJA impact 0 (319)
Gain on completion of Consumer Healthcare JV transaction, net of cash conveyed [1] (6) (8,233)
Deferred taxes from continuing operations (597) 2,067
Share-based compensation expense 492 448
Benefit plan contributions in excess of expense/income (1,643) (429)
Other adjustments, net (156) (622)
Other changes in assets and liabilities, net of acquisitions and divestitures (3,080) (5,571)
Net cash provided by operating activities 8,778 8,819
Investing Activities    
Purchases of property, plant and equipment (1,467) (1,504)
Purchases of short-term investments (9,309) (4,583)
Proceeds from redemptions/sales of short-term investments 8,397 7,766
Net (purchases of)/proceeds from redemptions/sales of short-term investments with original maturities of three months or less (10,741) 8,307
Purchases of long-term investments (284) (134)
Proceeds from redemptions/sales of long-term investments 648 116
Acquisition of business, net of cash acquired 0 (10,861)
Acquisitions of intangible assets (38) (364)
Other investing activities, net [1] 194 145
Net cash used in investing activities (12,601) (1,112)
Financing Activities    
Proceeds from short-term borrowings 12,352 11,582
Principal payments on short-term borrowings (17,449) (4,088)
Net (payments on)/proceeds from short-term borrowings with original maturities of three months or less 1,628 2,604
Proceeds from issuance of long-term debt 16,700 4,942
Principal payments on long-term debt (2,511) (5,806)
Purchases of common stock 0 (8,865)
Cash dividends paid (6,328) (6,051)
Proceeds from exercise of stock options 206 303
Other financing activities, net (460) (667)
Net cash provided by/(used in) financing activities 4,138 (6,045)
Effect of exchange-rate changes on cash and cash equivalents and restricted cash and cash equivalents (39) (41)
Net increase in cash and cash equivalents and restricted cash and cash equivalents 277 1,620
Cash and cash equivalents and restricted cash and cash equivalents, at beginning of period 1,350 1,225
Cash and cash equivalents and restricted cash and cash equivalents, at end of period 1,627 2,846
Cash paid (received) during the period for:    
Income taxes 2,445 2,636
Interest paid 1,297 1,246
Interest rate hedges (45) (78)
GSK Consumer Healthcare [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)
Non-cash transactions:    
32% equity-method investment in GSK Consumer Healthcare JV in exchange for contributing Pfizer’s Consumer Healthcare business [1] $ 0 $ 15,711
[1] The $8.2 billion Gain on completion of Consumer Healthcare JV transaction, net of cash conveyed for the nine months ended September 29, 2019 reflects the receipt of a 32% equity-method investment in the new company 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 2B.See Notes to Condensed Consolidated Financial Statements.