v3.26.1
Consolidated Statements of Cash Flows - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Operating activities:        
Net income (loss) $ (575) $ 283 $ (206) $ 503
Adjustments to reconcile net income (loss) to net cash provided by operations:        
Depreciation and amortization 241 251 480 494
Impairment of long-lived assets and assets held for sale 113 99 122 177
Acquired IPR&D related to Emalex Biosciences, see note 2 724 0 724 0
Net change in operating assets and liabilities (164) (336) (780) (1,035)
Deferred income taxes – net and uncertain tax positions 25 (211) 3 (183)
Stock-based compensation 40 38 83 72
Other items 19 105 (36) 94
Net loss (gain) from sale of business and long-lived assets (12) (2) (20) 0
Net cash provided by (used in) operating activities 411 227 371 122
Investing activities:        
Beneficial interest collected in exchange for securitized trade receivables 311 336 665 658
Purchases of property, plant and equipment and intangible assets (104) (96) (273) (223)
Proceeds from sale of business and long-lived assets, net 4 9 46 26
Purchase of Emalex Biosciences outstanding shares, see note 2 (696) 0 (696) 0
Purchases of investments and other assets (1) (16) (1) (27)
Other investing activities (4) 3 (3) 3
Net cash provided by (used in) investing activities (491) 236 (263) 437
Financing activities:        
Repayment of senior notes and loans and other long-term liabilities 0 (2,300) (23) (3,668)
Repayment of convertible debentures 0 2,305 0 2,305
Purchase of shares from redeemable and non-redeemable non-controlling interests 0 0 0 (38)
Dividends paid to redeemable and non-redeemable non-controlling interests 0 0 0 (340)
Other financing activities (1) 1 35 3
Net cash provided by (used in) financing activities (1) 6 12 (1,738)
Effect of exchange rate changes on cash and cash equivalents (5) (5) (22) 40
Net change in cash and cash equivalents (86) 464 99 (1,139)
Balance of cash and cash equivalents at beginning of period 3,741 1,697 3,556 3,300
Balance of cash and cash equivalents at end of period 3,655 2,161 3,655 2,161
Non-cash financing and investing activities:        
Beneficial interest obtained in exchange for securitized accounts receivables 295 329 606 641
Net change in operating assets and liabilities:        
Other assets (278) (470) (578) (746)
Trade payables, accrued expenses, employee-related obligations and other liabilities 82 84 (63) 45
Trade receivables net of sales reserves and allowances 91 111 13 (153)
Inventories (59) (61) (152) (181)
Net Change In Items Comprising Supplemental Disclosure Of Cash Flow Information $ (164) $ (336) $ (780) $ (1,035)