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: 2015 | |||
Consolidated Statements of Income | |||
Period Ending Dec 31, 2015 10-K (Filed: Feb 29, 2016) | |||
| (In Millions) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2015 | Dec 31, 2014 | Dec 31, 2013 | |
| Revenues | $ 48,851 | 49,605 | 51,584 |
| Costs and expenses: | |||
| Cost of sales | 9,648 [1] | 9,577 | 9,586 |
| Selling, informational and administrative expenses | 14,809 | 14,097 | 14,355 |
| Research and development expenses | 7,690 | 8,393 | 6,678 |
| Amortization of intangible assets | 3,728 | 4,039 | 4,599 |
| Restructuring charges and certain acquisition-related costs | 1,152 | 250 | 1,182 |
| Other (income)/deductionsnet | 2,860 | 1,009 | (532) |
| Income from continuing operations before provision for taxes on income | 8,965 | 12,240 | 15,716 |
| Provision for taxes on income | 1,990 | 3,120 | 4,306 |
| Income from continuing operations | 6,975 | 9,119 | 11,410 |
| Discontinued operations: | |||
| Income from discontinued operationsnet of tax | 17 | (6) | 308 |
| Gain/(loss) on disposal of discontinued operationsnet of tax | (6) | 55 | 10,354 |
| Discontinued operationsnet of tax | 11 | 48 | 10,662 |
| Net income before allocation to noncontrolling interests | 6,986 | 9,168 | 22,072 |
| Less: Net income attributable to noncontrolling interests | 26 [2] | 32 | 69 |
| Net income attributable to Pfizer Inc. | 6,960 | 9,135 | 22,003 |
| Earnings per common sharebasic: | |||
| Income from continuing operations attributable to Pfizer Inc. common shareholders (in dollars per share) | 1.13 | 1.43 | 1.67 |
| Discontinued operationsnet of tax (in dollars per share) | 0.00 | 0.01 | 1.56 |
| Net income attributable to Pfizer Inc. common shareholders (in dollars per share) | 1.13 | 1.44 | 3.23 |
| Earnings per common sharediluted: | |||
| Income from continuing operations attributable to Pfizer Inc. common shareholders (in dollars per share) | 1.11 | 1.41 | 1.65 |
| Discontinued operationsnet of tax (in dollars per share) | 0.00 | 0.01 | 1.54 |
| Net income attributable to Pfizer Inc. common shareholders (in dollars per share) | 1.11 | 1.42 | 3.19 |
| Weighted-average sharesbasic | 6,176 | 6,346 | 6,813 |
| Weighted-average sharesdiluted | 6,257 | 6,424 | 6,895 |
| Cash dividends paid per common share (in dollars per share) | 1.12 | 1.04 | 0.96 |
| [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] Amounts may not add due to rounding. | |||
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
PFIZER INC | |||
Ticker: PFE Fiscal Year: 2015 | |||
Consolidated Statements of Comprehensive Income | |||
Period Ending Dec 31, 2015 10-K (Filed: Feb 29, 2016) | |||
| (In Millions, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2015 | Dec 31, 2014 | Dec 31, 2013 | |
| Net income before allocation to noncontrolling interests | $ 6,986 | 9,168 | 22,072 |
| Foreign currency translation adjustments, net | (3,110) | (1,992) | (535) |
| Reclassification adjustments | 0 | (62) [1] | 144 |
| Other comprehensive income (loss), foreign currency transaction and translation adjustment, before tax, total | (3,110) | (2,054) | (391) |
| Unrealized holding gains on derivative financial instruments, net | 204 | 24 | 488 |
| Reclassification adjustments for realized (gains)/losses | (368) [2] | 477 | (94) |
| Other comprehensive income (loss), derivatives qualifying as hedges, before tax, total | (165) | 501 | 394 |
| Unrealized holding gains/(losses) on available-for-sale securities, net | (846) | (640) [3] | 151 |
| Reclassification adjustments for realized (gains)/losses | 796 | 222 | (237) |
| Other comprehensive income (loss), available-for-sale securities adjustment, before tax, total | (50) | (418) | (86) |
| Benefit plans: actuarial gains/(losses), net | (37) | (4,173) | 3,714 |
| Reclassification adjustments related to amortization | 550 | 195 | 581 |
| Reclassification adjustments related to settlements, net | 671 | 101 | 175 [4] |
| Other | 199 | 188 | 48 |
| Defined benefit Plan, amounts recognized in other comprehensive income (loss), net gain (loss), before tax, total | 1,383 | (3,690) | 4,518 |
| Benefit plans: prior service credits and other, net | 432 | 746 | 151 |
| Reclassification adjustments related to amortization | (160) | (73) | (58) |
| Reclassification adjustments related to curtailments, net | (32) | 8 | 1 |
| Other | (3) | (9) | (8) |
| Defined benefit plan, amounts recognized in other comprehensive income (loss), net prior service cost, before tax | 237 | 672 | 86 |
| Other comprehensive income/(loss), before tax | (1,705) | (4,988) | 4,521 |
| Tax provision/(benefit) on other comprehensive income/(loss) | 528 [5] | (946) | 1,928 |
| Other comprehensive income/(loss) before allocation to noncontrolling interests | (2,232) | (4,042) | 2,593 |
| Comprehensive income before allocation to noncontrolling interests | 4,754 | 5,126 | 24,665 |
| Less: Comprehensive income/(loss) attributable to noncontrolling interests | (1) | 36 | 7 |
| Comprehensive income attributable to Pfizer Inc. | 4,755 | 5,090 | 24,658 |
| [1] Reclassified into Gain on disposal of discontinued operationsnet of tax in the consolidated statements of income. | |||
| [2] Reclassified into Other (income)/deductionsnet in the consolidated statements of income. | |||
| [3] Amounts may not add due to rounding. | |||
| [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: 2015 | |||
Consolidated Statements of Cash Flows | |||
Period Ending Dec 31, 2015 10-K (Filed: Feb 29, 2016) | |||
| (In Millions, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2015 | Dec 31, 2014 | Dec 31, 2013 | |
| Operating Activities | |||
| Net income before allocation to noncontrolling interests | $ 6,986 | 9,168 | 22,072 |
| Adjustments to reconcile net income before allocation to noncontrolling interests to net cash provided by operating activities: | |||
| Depreciation and amortization | 5,157 | 5,537 | 6,410 |
| Asset write-offs and impairments | 1,119 | 531 | 1,145 |
| Foreign currency loss related to Venezuela | 806 | 0 [1] | 0 |
| Gain/(loss) on disposal of discontinued operations | 6 | (51) | (10,446) |
| Gain associated with the transfer of certain product rights to an equity-method investment | 0 | 0 | (459) [2] |
| Deferred taxes from continuing operations | (20) | 320 | 1,726 |
| Deferred taxes from discontinued operations | 2 | (3) | (23) |
| Share-based compensation expense | 669 | 586 | 523 |
| Benefit plan contributions (in excess of)/less than expense | (617) | (199) | 296 |
| Other adjustments, net | (160) | (430) | (182) |
| Other changes in assets and liabilities, net of acquisitions and divestitures: | |||
| Trade accounts receivable | 21 | 148 | 940 |
| Inventories | (199) | 175 | (538) |
| Other assets | 249 | 1,156 | (822) |
| Trade accounts payable | 254 | 297 | 382 |
| Other liabilities | 474 | (845) | (3,117) |
| Other tax accounts, net | (235) | 492 | (223) |
| Net cash provided by operating activities | 14,512 | 16,883 | 17,684 |
| Investing Activities | |||
| Purchases of property, plant and equipment | (1,397) | (1,199) | (1,206) |
| Purchases of short-term investments | (28,581) | (50,954) | (42,761) |
| Proceeds from redemptions/sales of short-term investments | 40,064 | 47,374 | 41,127 |
| Net (purchases of)/proceeds from redemptions/sales of short-term investments with original maturities of three months or less | 5,768 | 3,930 | (4,277) |
| Purchases of long-term investments | (9,542) | (10,718) | (11,020) |
| Proceeds from redemptions/sales of long-term investments | 6,929 | 6,145 | 7,555 |
| Acquisitions of businesses, net of cash acquired | (16,466) | (195) | (15) |
| Acquisitions of intangible assets | (99) | (384) | (259) |
| Other investing activities, net | 344 | 347 | 312 |
| Net cash used in investing activities | (2,980) | (5,654) | (10,544) |
| Financing Activities | |||
| Proceeds from short-term borrowings | 5,557 | 13 | 4,323 |
| Principal payments on short-term borrowings | (3,965) | (10) | (4,234) |
| Net proceeds from/(payments on) short-term borrowings with original maturities of three months or less | 2,717 | (1,841) | 3,475 |
| Proceeds from issuance of long-term debt | 0 | 4,491 [3] | 6,618 |
| Principal payments on long-term debt | (3,003) | (2,104) | (4,146) |
| Purchases of common stock | (6,160) | (5,000) | (16,290) |
| Cash dividends paid | (6,940) | (6,609) | (6,580) |
| Proceeds from exercise of stock options | 1,263 | 1,002 | 1,750 |
| Other financing activities, net | 298 | 72 | 109 |
| Net cash used in financing activities | (10,233) | (9,986) | (14,975) [4] |
| Effect of exchange-rate changes on cash and cash equivalents | (1,000) | (83) | (63) |
| Net increase/(decrease) in cash and cash equivalents | 298 | 1,160 | (7,898) |
| Cash and cash equivalents, beginning | 3,343 | 2,183 | |
| Cash and cash equivalents, end | 3,641 | 3,343 | 2,183 |
| Supplemental Cash Flow Information | |||
| Exchange of Hospira subsidiary debt for Pfizer debt | 1,669 [5] | 0 | 0 |
| Sale of subsidiary common stock (Zoetis) for Pfizer common stock | 0 | 0 | 11,408 |
| Exchange of subsidiary common stock (Zoetis) for the retirement of Pfizer commercial paper issued in 2013 | 0 | 0 | 2,479 |
| Exchange of subsidiary senior notes (Zoetis) for the retirement of Pfizer commercial paper issued in 2012 | 0 | 0 [6] | 992 |
| Transfer of certain product rights to an equity-method investment (Hisun Pfizer) | 0 [7] | 0 | 1,233 |
| Contribution of an investment in connection with the resolution of a legal matter (Quigley) | 0 | 0 | 447 |
| Cash paid during the period for: | |||
| Income taxes | 2,383 | 2,100 | 2,874 |
| Interest | 1,302 | 1,550 | 1,729 |
| [2] In 2013, represents the gain associated with the transfer of certain product rights to Hisun Pfizer. For additional information, see Note 2E. | |||
| [3] 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, Equity-Method Investments and Cost-Method Investment: Divestitures. | |||
| [4] Amounts may not add due to rounding. | |||
| [5] n October 2015, Pfizer exchanged $1.7 billion debt of its recently acquired subsidiary Hospira for virtually the same amount of Pfizer Inc. debt. See Note 7D. Financial Instruments: Long-Term Debt. | |||
| [6] See Note 2D. Acquisitions, Licensing Agreements, Collaborative Arrangements, Divestitures, Equity-Method Investments and Cost-Method Investment: Divestitures. | |||
| [7] See Note 2E. Acquisitions, Licensing Agreements, Collaborative Arrangements, Divestitures, Equity-Method Investments and Cost-Method Investment: Equity-Method Investments. | |||
| [1] In 2015, represents a foreign currency loss related to recent conditions in Venezuela, that had us resolve that our Venezuelan bolivar-denominated net monetary assets that are subject to revaluation are no longer expected to be settled at the Venezuelan government CENCOEX official rate of 6.30, but rather at the SIMADI rate of 200, the lowest official rate. Those conditions included the inability to obtain significant conversions of Venezuelan bolivars related to intercompany U.S. dollar denominated account | |||
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | ||
PFIZER INC | ||
Ticker: PFE Fiscal Year: 2015 | ||
Consolidated Balance Sheets | ||
Period Ending Dec 31, 2015 10-K (Filed: Feb 29, 2016) | ||
| (In Millions, except shares in actual) | ||
| As of | As of | |
| Dec 31, 2015 | Dec 31, 2014 | |
| Assets | ||
| Cash and cash equivalents | $ 3,641 | 3,343 |
| Short-term investments | 19,649 | 32,779 |
| Trade accounts receivable, less allowance for doubtful accounts: 2015$384; 2014$412 | 8,176 | 8,401 |
| Inventories | 7,513 | 5,663 [1] |
| Current tax assets | 2,662 | 2,566 |
| Other current assets | 2,163 | 2,843 |
| Total current assets | 43,804 | 55,595 |
| Long-term investments | 15,999 | 17,518 |
| Property, plant and equipment, less accumulated depreciation | 13,766 [2] | 11,762 |
| Identifiable intangible assets, less accumulated amortization | 40,356 | 35,166 |
| Goodwill | 48,242 | 42,069 |
| Noncurrent deferred tax assets and other noncurrent tax assets | 1,794 | 1,944 |
| Other noncurrent assets | 3,499 | 3,513 |
| Total assets | 167,460 | 167,566 |
| Liabilities and Equity | ||
| Short-term borrowings, including current portion of long-term debt: 2015$3,720; 2014$3,011 | 10,160 | 5,141 |
| Trade accounts payable | 3,620 | 3,210 |
| Dividends payable | 1,852 | 1,711 |
| Income taxes payable | 418 | 531 |
| Accrued compensation and related items | 2,359 | 1,841 |
| Other current liabilities | 10,990 | 9,153 |
| Total current liabilities | 29,399 | 21,587 |
| Long-term debt | 28,818 | 31,541 |
| Pension benefit obligations, net | 6,310 [3] | 7,885 |
| Postretirement benefit obligations, net | 1,809 | 2,379 |
| Noncurrent deferred tax liabilities | 26,877 | 23,317 |
| Other taxes payable | 3,992 | 4,353 |
| Other noncurrent liabilities | 5,257 | 4,883 |
| Total liabilities | 102,463 | 95,944 |
| Commitments and Contingencies | ||
| Preferred stock, no par value, at stated value; 27 shares authorized; issued: 2015649; 2014717 | 26 | 29 |
| Common stock, $0.05 par value; 12,000 shares authorized; issued: 20159,178; 20149,110 | 459 | 455 |
| Additional paid-in capital | 81,016 | 78,977 |
| Treasury stock, shares at cost: 20153,003; 20142,819 | (79,252) | (73,021) |
| Retained earnings | 71,993 | 72,176 |
| Accumulated other comprehensive loss | (9,522) | (7,316) |
| Total Pfizer Inc. shareholders equity | 64,720 | 71,301 |
| Equity attributable to noncontrolling interests | 278 | 321 |
| Total equity | 64,998 | 71,622 |
| Total liabilities and equity | 167,460 | 167,566 |
| [1] Increase primarily due to the acquisition of Hospira inventories, which were recorded at fair value. For additional information, see Note 2A. | ||
| [2] The increase in total property, plant and equipment is primarily due to the acquisition of Hospira (see Note 2A) and capital additions, partially offset by depreciation and, to a much lesser extent, impairments, disposals and the impact of foreign exchange. | ||
| [3] Amounts may not add due to rounding. | ||
| External Links | |
| PFIZER INC (PFE) Fiscal Year 2015 | |
| 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 |