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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Operating Activities      
Net income before allocation to noncontrolling interests $ 2,340 $ 2,111 $ 2,034
Adjustments to reconcile net income before noncontrolling interests to net cash provided by/(used in) operating activities      
Depreciation and amortization expense [1],[2] 491 465 448
Share-based compensation expense 60 62 58
Asset write-offs and asset impairments 46 53 47
Net loss/(gain) on sales of assets (118) 0 0
Provision for losses on inventory 115 76 46
Deferred taxes (61) (286) (80)
Settlement of derivative contracts 0 114 0
Employee benefit plan contribution from Pfizer Inc. 0 3 3
Other non-cash adjustments (8) 13 0
Other changes in assets and liabilities, net of acquisitions and divestitures:      
Accounts receivable (102) (137) (155)
Inventories (361) (486) (366)
Other assets (95) 35 (7)
Accounts payable 13 (29) (17)
Other liabilities 67 (180) 227
Other tax accounts, net (34) 98 (25)
Net cash provided by operating activities 2,353 1,912 2,213 Close
Investing Activities      
Capital expenditures (732) (586) (477)
Acquisitions, net of cash acquired (155) (312) (14)
Purchase of investments (4) (9) (12)
Net proceeds from sale of assets 4 1 2
Proceeds from derivative instrument activity, net 12 23 44
Proceeds from sale of businesses, net of cash sold 96 0 0
Other investing activities 2 0 (1)
Net cash used in investing activities (777) (883) (458) Close
Financing Activities      
Increase/(decrease) in short-term borrowings, net 1 2 (4)
Principal payments on long-term debt (1,350) 0 (600)
Proceeds from issuance of long-term debt—senior notes, net of discount 0 1,348 0
Payment of debt issuance costs 0 (10) 0
Payment of consideration related to previous acquisitions (3) (1) (6)
Share-based compensation-related proceeds, net of taxes paid on withholding shares 27 (38) (35)
Purchases of treasury stock (1,092) (1,594) (743)
Cash dividends paid (692) (611) (474)
Net cash used in financing activities (3,109) (904) (1,862) Close
Effect of exchange-rate changes on cash and cash equivalents (7) (29) (12) Close
Net (decrease)/increase in cash and cash equivalents (1,540) 96 (119) Close
Cash and cash equivalents at beginning of period 2,041 [3] 3,581 [3] 3,485
Cash paid during the period for:      
Income taxes 754 638 548
Interest, net of capitalized interest 295 242 253
Non-cash transactions:      
Capital expenditures 2 3 6
Dividends payable 198 174 154
Excise tax accrued on net share repurchases, not paid $ 10 $ 0 $ 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, 2023 and 2022, includes $2 million and $4 million, respectively, of restricted cash.