10-K.Info (Beta Test) Courtesy of Short Sands, LLC | ||||||||||||||
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10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
PFIZER INC | |||
Ticker: PFE Fiscal Year: 2014 | |||
Consolidated Statements of Income | |||
Period Ending Dec 31, 2014 10-K (Filed: Feb 27, 2015) | |||
| (In Millions) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2014 | Dec 31, 2013 | Dec 31, 2012 | |
| Revenues | $ 49,605 | 51,584 | 54,657 |
| Costs and expenses: | |||
| Cost of sales(a) | 9,577 | 9,586 | 9,821 |
| Selling, informational and administrative expenses(a) | 14,097 | 14,355 [1] | 15,171 |
| Research and development expenses(a) | 8,393 | 6,678 | 7,482 |
| Amortization of intangible assets | 4,039 | 4,599 | 5,109 |
| Restructuring charges and certain acquisition-related costs | 250 | 1,182 | 1,810 |
| Other (income)/deductionsnet | 1,009 | (532) | 4,022 |
| Income from continuing operations before provision for taxes on income | 12,240 [2] | 15,716 | 11,242 |
| Provision for taxes on income | 3,120 | 4,306 | 2,221 |
| Income from continuing operations | 9,119 | 11,410 | 9,021 |
| Discontinued operations: | |||
| Income from discontinued operationsnet of tax | (6) | 308 | 794 |
| Gain on disposal of discontinued operationsnet of tax | 55 [3] | 10,354 | 4,783 |
| Discontinued operationsnet of tax | 48 | 10,662 | 5,577 |
| Net income before allocation to noncontrolling interests | 9,168 | 22,072 | 14,598 |
| Less: Net income attributable to noncontrolling interests | 32 | 69 | 28 |
| Net income attributable to Pfizer Inc. | 9,135 | 22,003 | 14,570 [4] |
| Earnings per common sharebasic: | |||
| Income from continuing operations attributable to Pfizer Inc. common shareholders (in dollars per share) | 1.43 | 1.67 | 1.21 |
| Discontinued operationsnet of tax (in dollars per share) | 0.01 | 1.56 | 0.75 |
| Net income attributable to Pfizer Inc. common shareholders (in dollars per share) | 1.44 | 3.23 | 1.96 |
| Earnings per common sharediluted: | |||
| Income from continuing operations attributable to Pfizer Inc. common shareholders | 1.41 | 1.65 | 1.20 |
| Discontinued operationsnet of tax | 0.01 | 1.54 | 0.74 |
| Net income attributable to Pfizer Inc. common shareholders | 1.42 | 3.19 | 1.94 |
| Weighted-average sharesbasic | 6,346 | 6,813 | 7,442 |
| Weighted-average sharesdiluted | 6,424 | 6,895 | 7,508 |
| Cash dividends paid per common share (in dollars per share) | 1.04 | 0.96 | 0.88 |
| [1] Exclusive of amortization of intangible assets, except as disclosed in Note 1K. Basis of Presentation and Significant Accounting Policies: Amortization of Intangible Assets, Depreciation and Certain Long-Lived Assets. | |||
| [2] Income from continuing operations before provision for taxes on income. | |||
| [3] Includes post-close adjustments for the periods subsequent to disposal. | Includes the Animal Health (Zoetis) business through June 24, 2013, the date of disposal, and the Nutrition business through November 30, 2012, the date of disposal. | |||
| [4] Amounts may not add due to rounding. | |||
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
PFIZER INC | |||
Ticker: PFE Fiscal Year: 2014 | |||
Consolidated Statements of Comprehensive Income | |||
Period Ending Dec 31, 2014 10-K (Filed: Feb 27, 2015) | |||
| (In Millions, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2014 | Dec 31, 2013 | Dec 31, 2012 | |
| Net income before allocation to noncontrolling interests | $ 9,168 | 22,072 | 14,598 |
| Other Comprehensive Income/(Loss) | |||
| Foreign currency translation adjustments | (1,992) | (535) | (811) |
| Reclassification adjustments(a) | (62) | 144 [1] | (207) |
| Other comprehensive income (loss), foreign currency transaction and translation adjustment, before tax, total | (2,054) | (391) | (1,018) |
| Unrealized holding gains on derivative financial instruments, net | 24 | 488 | 745 |
| Reclassification adjustments for realized (gains)/losses(b) | 477 | (94) | (616) |
| Other comprehensive income (loss), derivatives qualifying as hedges, before tax, total | 501 | 394 | 129 |
| Unrealized holding gains/(losses) on available-for-sale securities, net | (640) [2] | 151 | 74 |
| Reclassification adjustments for realized (gains)/losses(b) | 222 | (237) [3] | 356 |
| Other comprehensive income (loss), available-for-sale securities adjustment, before tax, total | (418) | (86) | 430 |
| Benefit plans: actuarial gains/(losses), net | (4,173) | 3,714 | (2,136) |
| Reclassification adjustments related to amortization(c) | 195 | 581 | 473 |
| Reclassification adjustments related to settlements, net(c) | 101 | 175 | 221 |
| Other | 188 | 48 | 22 |
| Defined benefit Plan, amounts recognized in other comprehensive income (loss), net gain (loss), before tax, total | (3,690) | 4,518 | (1,420) |
| Benefit plans: prior service credits and other, net | 746 | 151 | 25 |
| Reclassification adjustments related to amortization(c) | (73) | (58) | (69) |
| Reclassification adjustments related to curtailments, net(c) | 8 [4] | 1 | (130) |
| Other | (9) | (8) | (3) |
| Defined benefit plan, amounts recognized in other comprehensive income (loss), net prior service cost, before tax | 672 | 86 | (177) |
| Other comprehensive income/(loss), before tax | (4,988) | 4,521 | (2,056) |
| Tax provision/(benefit) on other comprehensive income/(loss)(d) | (946) | 1,928 [5] | (225) |
| Other comprehensive income/(loss) before allocation to noncontrolling interests | (4,042) | 2,593 | (1,831) |
| Comprehensive income before allocation to noncontrolling interests | 5,126 | 24,665 | 12,767 |
| Less: Comprehensive income attributable to noncontrolling interests | 36 | 7 | 21 |
| Comprehensive income attributable to Pfizer Inc. | 5,090 | 24,658 | 12,746 |
| [1] Reclassified into Gain on disposal of discontinued operationsnet of tax in the consolidated statements of income. | |||
| [2] Amounts may not add due to rounding. | |||
| [3] Reclassified into Other (income)/deductionsnet in the consolidated statements of income. | |||
| [4] Generally reclassified, as part of net periodic pension cost, into Cost of sales, Selling, informational and administrative expenses, and/or Research and development expenses, as appropriate, in the consolidated statements of income. For additional information, see Note 11. Pension and Postretirement Benefit Plans and Defined Contribution Plans. | |||
| [5] See Note 5E. Tax Matters: Tax Provision/(Benefit) on Other Comprehensive Income/(Loss). | |||
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
PFIZER INC | |||
Ticker: PFE Fiscal Year: 2014 | |||
Consolidated Statements of Cash Flows | |||
Period Ending Dec 31, 2014 10-K (Filed: Feb 27, 2015) | |||
| (In Millions, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2014 | Dec 31, 2013 | Dec 31, 2012 | |
| Operating Activities | |||
| Net income before allocation to noncontrolling interests | $ 9,168 | 22,072 | 14,598 |
| Adjustments to reconcile net income before allocation to noncontrolling interests to net cash provided by operating activities: | |||
| Depreciation and amortization | 5,537 | 6,410 | 7,655 |
| Asset write-offs and impairments | 531 | 1,145 | 1,299 |
| Gain on disposal of discontinued operations | (51) | (10,446) | (7,123) |
| Gain associated with the transfer of certain product rights to an equity-method investment | 0 [1] | (459) | 0 |
| Deferred taxes from continuing operations | 320 | 1,726 | 786 |
| Deferred taxes from discontinued operations | (3) | (23) | 1,412 |
| Share-based compensation expense | 586 | 523 | 481 |
| Benefit plan contributions (in excess of)/less than expense | (199) | 296 | 135 |
| Other adjustments, net | (430) | (182) | (130) |
| Other changes in assets and liabilities, net of acquisitions and divestitures: | |||
| Accounts receivable | 148 | 940 | 367 |
| Inventories | 175 | (538) | (631) |
| Other assets | 1,156 | (822) | (434) |
| Accounts payable | 297 | 382 | 579 |
| Other liabilities | (844) | (3,170) | (2,738) |
| Other tax accounts, net | 491 | (170) | 490 |
| Net cash provided by operating activities | 16,883 | 17,684 | 16,746 |
| Investing Activities | |||
| Purchases of property, plant and equipment | (1,199) | (1,206) | (1,327) |
| Purchases of short-term investments | (50,954) | (42,761) | (24,018) |
| Proceeds from redemptions/sales of short-term investments | 47,374 | 41,127 | 25,302 |
| Net (purchases of)/proceeds from redemptions/sales of short-term investments with original maturities of 90 days or less | 3,930 | (4,277) | 1,459 |
| Purchases of long-term investments | (10,718) | (11,020) | (11,145) |
| Proceeds from redemptions/sales of long-term investments | 6,145 | 7,555 | 4,990 |
| Acquisitions of businesses, net of cash acquired | (195) | (15) | (1,050) |
| Acquisitions of intangible assets | (384) | (259) | (92) |
| Proceeds from sale of businesses | 0 | 0 | 11,850 |
| Other investing activities, net | 347 | 312 | 185 |
| Net cash provided by/(used in) investing activities | (5,654) | (10,544) | 6,154 |
| Financing Activities | |||
| Proceeds from short-term borrowings | 13 | 4,323 | 7,995 |
| Principal payments on short-term borrowings | (10) | (4,234) | (8,177) |
| Net proceeds from/(payments on) short-term borrowings with original maturities of 90 days or less | (1,841) | 3,475 | (30) |
| Proceeds from issuance of long-term debt(a) | 4,491 [2] | 6,618 | 0 |
| Principal payments on long-term debt | (2,104) | (4,146) | (1,513) |
| Purchases of common stock | (5,000) | (16,290) | (8,228) |
| Cash dividends paid | (6,609) | (6,580) | (6,534) |
| Proceeds from exercise of stock options | 1,002 | 1,750 | 568 |
| Other financing activities, net | 72 | 109 | (80) |
| Net cash used in financing activities | (9,986) | (14,975) | (15,999) |
| Effect of exchange-rate changes on cash and cash equivalents | (83) | (63) | (2) |
| Net increase/(decrease) in cash and cash equivalents | 1,160 | (7,898) | 6,899 |
| Cash and cash equivalents, beginning | 2,183 | 10,081 | |
| Cash and cash equivalents, end | 3,343 | 2,183 | 10,081 |
| Supplemental Cash Flow Information | |||
| Sale of subsidiary common stock (Zoetis) for Pfizer common stock(b) | 0 | 11,408 | 0 |
| Exchange of subsidiary common stock (Zoetis) for the retirement of Pfizer commercial paper issued in 2013(b) | 0 [3] | 2,479 | 0 |
| Exchange of subsidiary senior notes (Zoetis) for the retirement of Pfizer commercial paper issued in 2012(b) | 0 | 992 | 0 |
| Transfer of certain product rights to an equity-method investment (Hisun Pfizer)(c) | 0 | 1,233 | 0 [4] |
| Contribution of an investment in connection with the resolution of a legal matter (Quigley) | 0 | 447 | 0 |
| Cash paid during the period for: | |||
| Income taxes | 2,100 | 2,874 | 2,409 |
| Interest | 1,550 | 1,729 | 1,873 |
| [1] In 2013, represents the gain associated with the transfer of certain product rights to Hisun Pfizer. For additional information, see Note 2E. | |||
| [2] In 2013, includes $2.6 billion from the issuance of senior notes by Zoetis (our former Animal Health subsidiary), which is net of the $1.0 billion non-cash exchange of Zoetis senior notes for the retirement of Pfizer commercial paper issued in 2012. See Note 2D. Acquisitions, Licensing Agreements, Collaborative Arrangements, Divestitures, and Equity-Method Investments: Divestitures. | |||
| [3] See Note 2D. Acquisitions, Licensing Agreements, Collaborative Arrangements, Divestitures, and Equity-Method Investments: Divestitures. | |||
| [4] See Note 2E. Acquisitions, Licensing Agreements, Collaborative Arrangements, Divestitures, and Equity-Method Investments: Equity-Method Investments. | |||
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | ||
PFIZER INC | ||
Ticker: PFE Fiscal Year: 2014 | ||
Consolidated Balance Sheets | ||
Period Ending Dec 31, 2014 10-K (Filed: Feb 27, 2015) | ||
| (In Millions, except shares in actual) | ||
| As of | As of | |
| Dec 31, 2014 | Dec 31, 2013 | |
| Assets | ||
| Cash and cash equivalents | $ 3,343 | 2,183 |
| Short-term investments | 32,779 | 30,225 |
| Accounts receivable, less allowance for doubtful accounts: 2014$412; 2013$478 | 8,669 | 9,357 |
| Inventories | 5,663 | 6,166 |
| Current deferred tax assets and other current tax assets | 4,498 | 4,624 |
| Other current assets | 2,750 | 3,689 |
| Total current assets | 57,702 | 56,244 |
| Long-term investments | 17,518 [1] | 16,406 |
| Property, plant and equipment, less accumulated depreciation | 11,762 [2] | 12,397 |
| Identifiable intangible assets, less accumulated amortization | 35,166 | 39,385 |
| Goodwill | 42,069 | 42,519 |
| Noncurrent deferred tax assets and other noncurrent tax assets | 1,544 | 1,554 |
| Other noncurrent assets | 3,513 | 3,596 |
| Total assets | 169,274 | 172,101 |
| Liabilities and Equity | ||
| Short-term borrowings, including current portion of long-term debt: 2014$3,011; 2013$2,060 | 5,141 | 6,027 |
| Accounts payable | 3,440 | 3,234 |
| Dividends payable | 1,711 | 1,663 |
| Income taxes payable | 531 | 678 |
| Accrued compensation and related items | 1,784 | 1,792 |
| Other current liabilities | 9,024 | 9,972 |
| Total current liabilities | 21,631 | 23,366 |
| Long-term debt | 31,541 | 30,462 |
| Pension benefit obligations, net | 7,885 | 4,635 |
| Postretirement benefit obligations, net | 2,379 | 2,668 |
| Noncurrent deferred tax liabilities | 24,981 | 25,590 |
| Other taxes payable | 4,353 | 3,993 |
| Other noncurrent liabilities | 4,883 | 4,767 |
| Total liabilities | 97,652 | 95,481 |
| Commitments and Contingencies | ||
| Preferred stock, no par value, at stated value; 27 shares authorized; issued: 2014717; 2013829 | 29 | 33 |
| Common stock, $0.05 par value; 12,000 shares authorized; issued: 20149,110; 20139,051 | 455 | 453 |
| Additional paid-in capital | 78,977 | 77,283 |
| Treasury stock, shares at cost: 20142,819; 20132,652 | (73,021) | (67,923) |
| Retained earnings | 72,176 | 69,732 |
| Accumulated other comprehensive loss | (7,316) | (3,271) |
| Total Pfizer Inc. shareholders equity | 71,301 | 76,307 |
| Equity attributable to noncontrolling interests | 321 | 313 |
| Total equity | 71,622 | 76,620 |
| Total liabilities and equity | 169,274 | 172,101 |
| [1] Amounts may not add due to rounding. | ||
| [2] The decrease in total property, plant and equipment is primarily due to depreciation and, to a much lesser extent, disposals, impairments and the impact of foreign exchange, partially offset by capital additions. | ||
| External Links | |
| PFIZER INC (PFE) Fiscal Year 2014 | |
| Statements of 10-K in Excel | https://www.sec.gov/.../Financial.xlxs |
| Complete 10-K in HTML | https://www.sec.gov/.../10-K.html |
| Complete 10-K in XBRL | https://www.sec.gov/.../10-K-xbrl.zip |