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: 2016 | |||
Consolidated Statements of Income | |||
Period Ending Dec 31, 2016 10-K (Filed: Feb 23, 2017) | |||
| (In Millions) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2016 | Dec 31, 2015 | Dec 31, 2014 | |
| Revenues | $ 52,824 | 48,851 | 49,605 |
| Costs and expenses: | |||
| Cost of sales | 12,329 | 9,648 | 9,577 |
| Selling, informational and administrative expenses | 14,837 | 14,809 | 14,097 [1] |
| Research and development expenses | 7,872 | 7,690 | 8,393 |
| Amortization of intangible assets | 4,056 [2] | 3,728 | 4,039 |
| Restructuring charges and certain acquisition-related costs | 1,724 | 1,152 | 250 |
| Other (income)/deductionsnet | 3,655 | 2,860 | 1,009 |
| Income from continuing operations before provision for taxes on income | 8,351 | 8,965 | 12,240 |
| Provision for taxes on income | 1,123 | 1,990 | 3,120 |
| Income from continuing operations | 7,229 | 6,975 | 9,119 |
| Discontinued operations: | |||
| Income from discontinued operationsnet of tax | 16 | 17 | (6) |
| Gain/(loss) on disposal of discontinued operationsnet of tax | 0 | (6) | 55 |
| Discontinued operationsnet of tax | 17 | 11 | 48 |
| Net income before allocation to noncontrolling interests | 7,246 | 6,986 | 9,168 |
| Less: Net income attributable to noncontrolling interests | 31 | 26 | 32 |
| Net income attributable to Pfizer Inc. | 7,215 | 6,960 | 9,135 |
| Earnings per common sharebasic: | |||
| Income from continuing operations attributable to Pfizer Inc. common shareholders (in dollars per share) | 1.18 | 1.13 | 1.43 |
| Discontinued operationsnet of tax (in dollars per share) | 0.00 | 0.00 | 0.01 |
| Net income attributable to Pfizer Inc. common shareholders (in dollars per share) | 1.18 | 1.13 | 1.44 |
| Earnings per common sharediluted: | |||
| Income from continuing operations attributable to Pfizer Inc. common shareholders (in dollars per share) | 1.17 | 1.11 | 1.41 |
| Discontinued operationsnet of tax (in dollars per share) | 0.00 | 0.00 | 0.01 |
| Net income attributable to Pfizer Inc. common shareholders (in dollars per share) | 1.17 | 1.11 | 1.42 |
| Weighted-average sharesbasic | 6,089 | 6,176 | 6,346 |
| Weighted-average sharesdiluted | 6,159 [3] | 6,257 | 6,424 |
| Cash dividends paid per common share (in dollars per share) | 1.20 | 1.12 | 1.04 |
| [2] Amounts may not add due to rounding. | |||
| [3] Amount for 2016 reflects the adoption of a new accounting standard, as of January 1, 2016, that requires when applying the treasury stock method for shares that could be repurchased, the assumed proceeds no longer include the amount of excess tax benefit (see Note 1B). | |||
| [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. | |||
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
PFIZER INC | |||
Ticker: PFE Fiscal Year: 2016 | |||
Consolidated Statements of Comprehensive Income | |||
Period Ending Dec 31, 2016 10-K (Filed: Feb 23, 2017) | |||
| (In Millions, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2016 | Dec 31, 2015 | Dec 31, 2014 | |
| Net income before allocation to noncontrolling interests | $ 7,246 | 6,986 | 9,168 |
| Foreign currency translation adjustments, net | (815) | (3,110) | (1,992) |
| Reclassification adjustments | 0 | 0 | (62) [1] |
| Other comprehensive income (loss), foreign currency transaction and translation adjustment, before tax, total | (815) [2] | (3,110) | (2,054) |
| Unrealized holding gains/(losses) on derivative financial instruments, net | (442) | 204 | 24 |
| Reclassification adjustments for realized (gains)/losses | 452 | (368) | 477 |
| Other comprehensive income (loss), derivatives qualifying as hedges, before tax, total | 10 | (165) | 501 |
| Unrealized holding gains/(losses) on available-for-sale securities, net | 248 | (846) | (640) |
| Reclassification adjustments for realized (gains)/losses | (118) | 796 [3] | 222 |
| Other comprehensive income (loss), available-for-sale securities adjustment, before tax, total | 130 | (50) | (418) |
| Benefit plans: actuarial losses, net | (1,888) | (37) | (4,173) |
| Reclassification adjustments related to amortization | 558 | 550 | 195 |
| Reclassification adjustments related to settlements, net | 127 [4] | 671 | 101 |
| Other | 195 | 199 | 188 |
| Defined benefit Plan, amounts recognized in other comprehensive income (loss), net gain (loss), before tax, total | (1,009) | 1,383 | (3,690) |
| Benefit plans: prior service credits and other, net | 184 | 432 | 746 |
| Reclassification adjustments related to amortization | (173) | (160) | (73) |
| Reclassification adjustments related to curtailments, net | (26) | (32) | 8 |
| Other | 6 | (3) | (9) |
| Defined benefit plan, amounts recognized in other comprehensive income (loss), net prior service cost, before tax | (8) | 237 | 672 |
| Other comprehensive loss, before tax | (1,692) | (1,705) | (4,988) |
| Tax provision/(benefit) on other comprehensive loss | (174) | 528 | (946) [5] |
| Other comprehensive loss before allocation to noncontrolling interests | (1,518) | (2,232) | (4,042) |
| Comprehensive income before allocation to noncontrolling interests | 5,728 | 4,754 | 5,126 |
| Less: Comprehensive income/(loss) attributable to noncontrolling interests | 28 | (1) | 36 |
| Comprehensive income attributable to Pfizer Inc. | 5,701 | 4,755 | 5,090 |
| [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 Loss. | |||
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
PFIZER INC | |||
Ticker: PFE Fiscal Year: 2016 | |||
Consolidated Statements of Cash Flows | |||
Period Ending Dec 31, 2016 10-K (Filed: Feb 23, 2017) | |||
| (In Millions, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2016 | Dec 31, 2015 | Dec 31, 2014 | |
| Operating Activities | |||
| Net income before allocation to noncontrolling interests | $ 7,246 | 6,986 | 9,168 |
| Adjustments to reconcile net income before allocation to noncontrolling interests to net cash provided by operating activities: | |||
| Depreciation and amortization | 5,757 | 5,157 | 5,537 |
| Asset write-offs and impairments | 1,613 | 1,119 | 531 |
| Foreign currency loss related to Venezuela | 0 [1] | 806 | 0 [2] |
| Gain/(loss) on disposal of discontinued operations | 0 | 6 | (51) |
| Write-down of HIS net assets to fair value less estimated costs to sell | 1,712 | 0 | 0 |
| Deferred taxes from continuing operations | (700) | (20) | 320 |
| Deferred taxes from discontinued operations | 0 | 2 | (3) |
| Share-based compensation expense | 691 | 669 | 586 |
| Benefit plan contributions in excess of expense | (712) | (617) | (199) |
| Other adjustments, net | 209 | (160) | (430) |
| Other changes in assets and liabilities, net of acquisitions and divestitures: | |||
| Trade accounts receivable | (134) | 21 | 148 |
| Inventories | 365 | (199) | 175 |
| Other assets | (60) | 236 | 1,161 |
| Trade accounts payable | 871 | 254 | 297 |
| Other liabilities | (223) [3] | 664 | (650) |
| Other tax accounts, net | (734) | (235) | 492 |
| Net cash provided by operating activities | 15,901 | 14,688 | 17,084 |
| Investing Activities | |||
| Purchases of property, plant and equipment | (1,823) | (1,397) | (1,199) |
| Purchases of short-term investments | (15,957) | (28,581) | (50,954) |
| Proceeds from redemptions/sales of short-term investments | 29,436 | 40,064 | 47,374 |
| Net (purchases of)/proceeds from redemptions/sales of short-term investments with original maturities of three months or less | (4,218) | 5,768 | 3,930 |
| Purchases of long-term investments | (8,011) | (9,542) | (10,718) |
| Proceeds from redemptions/sales of long-term investments | 11,254 | 6,929 | 6,145 |
| Acquisitions of businesses, net of cash acquired | (18,368) | (16,466) | (195) |
| Acquisitions of intangible assets | (176) | (99) [4] | (384) |
| Other investing activities, net | 51 | 344 | 347 |
| Net cash used in investing activities | (7,811) | (2,980) | (5,654) |
| Financing Activities | |||
| Proceeds from short-term borrowings | 7,472 | 5,557 | 13 |
| Principal payments on short-term borrowings | (5,102) | (3,965) | (10) |
| Net proceeds from/(payments on) short-term borrowings with original maturities of three months or less | (3,084) | 2,717 | (1,841) |
| Proceeds from issuance of long-term debt | 10,976 | 0 | 4,491 |
| Principal payments on long-term debt | (7,689) | (2,990) | (2,110) |
| Purchases of common stock | (5,000) | (6,160) | (5,000) |
| Cash dividends paid | (7,317) | (6,940) | (6,609) |
| Proceeds from exercise of stock options | 1,019 | 1,263 | 1,002 |
| Other financing activities, net | (196) | 109 | (123) |
| Net cash used in financing activities | (8,921) | (10,409) | (10,187) |
| Effect of exchange-rate changes on cash and cash equivalents | (215) | (1,000) | (83) |
| Net increase/(decrease) in cash and cash equivalents | (1,046) | 298 | 1,160 |
| Cash and cash equivalents, beginning | 3,641 | 3,343 | |
| Cash and cash equivalents, end | 2,595 | 3,641 | 3,343 |
| Supplemental Cash Flow Information | |||
| Exchange of Hospira subsidiary debt for Pfizer debt | 0 | 1,669 | 0 [5] |
| Cash paid (received) during the period for: | |||
| Income taxes | 2,521 | 2,383 | 2,100 |
| Interest | 1,451 | 1,302 | 1,550 |
| Interest rate hedges | (338) | (237) | (374) |
| [3] Amounts reflect the adoption of a new accounting standard that requires that cash flows present (i) excess tax benefits as operating activities, rather than financing activities on a prospective basis beginning in the year of adoption, and (ii) cash paid by us when directly withholding shares for tax-withholding purposes as a cash outflow from financing activities, rather than operating activities and is reflected in the year of adoption and retrospectively in 2015 and 2014 (see Note 1B). | |||
| [4] Amounts may not add due to rounding. | |||
| [5] n October 2015, Pfizer exchanged $1.7 billion debt of its then recently acquired subsidiary, Hospira, for virtually the same amount of Pfizer debt. See Note 7D. Financial Instruments: Long-Term Debt. | |||
| [1] In 2015, represents a foreign currency loss related to conditions in Venezuela during 2015, that had us resolve that our Venezuelan bolivar-denominated net monetary assets that are subject to revaluation were no longer expected to be settled at the Venezuelan government CENCOEX official rate of 6.30, but rather at the then 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 denomina | |||
| [2] In 2016, represents a charge related to the write-down of the HIS net assets to fair value less estimated costs to sell. See Note 2B for additional information. | In 2016, primarily includes amounts to resolve a Multi-District Litigation relating to Celebrex and Bextra pending against the Company in New York federal court for $486 million, partially offset by the reversal of a legal accrual where a loss is no longer deemed probable. For additional information, see Note 17A5. In addition, 2016 includes a set | |||
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | ||
PFIZER INC | ||
Ticker: PFE Fiscal Year: 2016 | ||
Consolidated Balance Sheets | ||
Period Ending Dec 31, 2016 10-K (Filed: Feb 23, 2017) | ||
| (In Millions, except shares in actual) | ||
| As of | As of | |
| Dec 31, 2016 | Dec 31, 2015 | |
| Assets | ||
| Cash and cash equivalents | $ 2,595 | 3,641 |
| Short-term investments | 15,255 | 19,649 |
| Trade accounts receivable, less allowance for doubtful accounts: 2016$609; 2015$384 | 8,225 [1] | 8,176 |
| Inventories | 6,783 [2] | 7,513 |
| Current tax assets | 3,041 | 2,662 |
| Other current assets | 2,249 | 2,154 |
| Assets held for sale | 801 | 9 |
| Total current assets | 38,949 | 43,804 |
| Long-term investments | 7,116 | 15,999 |
| Property, plant and equipment, less accumulated depreciation | 13,318 [3] | 13,766 |
| Identifiable intangible assets, less accumulated amortization | 52,648 | 40,356 |
| Goodwill | 54,449 | 48,242 |
| Noncurrent deferred tax assets and other noncurrent tax assets | 1,812 | 1,794 |
| Other noncurrent assets | 3,323 | 3,420 |
| Total assets | 171,615 | 167,381 |
| Liabilities and Equity | ||
| Short-term borrowings, including current portion of long-term debt: 2016$4,225; 2015$3,719 | 10,688 | 10,159 [4] |
| Trade accounts payable | 4,536 | 3,620 |
| Dividends payable | 1,944 | 1,852 |
| Income taxes payable | 437 | 418 |
| Accrued compensation and related items | 2,487 | 2,359 |
| Other current liabilities | 11,023 | 10,990 |
| Total current liabilities | 31,115 | 29,399 |
| Long-term debt | 31,398 | 28,740 [5] |
| Pension benefit obligations, net | 6,406 | 6,310 |
| Postretirement benefit obligations, net | 1,766 | 1,809 |
| Noncurrent deferred tax liabilities | 30,753 | 26,877 |
| Other taxes payable | 4,000 | 3,992 |
| Other noncurrent liabilities | 6,337 | 5,257 |
| Total liabilities | 111,776 | 102,384 |
| Commitments and Contingencies | ||
| Preferred stock, no par value, at stated value; 27 shares authorized; issued: 2016597; 2015649 | 24 | 26 |
| Common stock, $0.05 par value; 12,000 shares authorized; issued: 20169,230; 20159,178 | 461 | 459 |
| Additional paid-in capital | 82,685 | 81,016 |
| Treasury stock, shares at cost: 20163,160; 20153,003 | (84,364) | (79,252) |
| Retained earnings | 71,774 | 71,993 |
| Accumulated other comprehensive loss | (11,036) | (9,522) |
| Total Pfizer Inc. shareholders equity | 59,544 | 64,720 |
| Equity attributable to noncontrolling interests | 296 | 278 |
| Total equity | 59,840 | 64,998 |
| Total liabilities and equity | 171,615 | 167,381 |
| [3] Reflects legacy Medivation and legacy Anacor amounts in 2016, commencing on the Medivation acquisition date, September 28, 2016, and Anacor acquisition date, June 24, 2016. Reflects legacy Hospira amounts in 2016 and 2015 commencing on the Hospira acquisition date, September 3, 2015. | The decrease in total property, plant and equipment is primarily due to depreciation, the reclassification of $457 million to Assets held for sale (see Note 2B) and, to a lesser extent, impairments and the impact of foreign e | ||
| [4] The differences between the estimated fair values and carrying values of held-to-maturity debt securities, private equity securities at cost-method and short-term borrowings not measured at fair value on a recurring basis were not significant as of December 31, 2016 or December 31, 2015. The fair value measurements of our held-to-maturity debt securities and our short-term borrowings are based on Level 2 inputs, using a market approach. The fair value measurements of our private equity securities carried at | ||
| [5] The fair value of our long-term debt (not including the current portion of long-term debt) was $34.9 billion as of December 31, 2016 and $32.7 billion as of December 31, 2015. The fair value measurements for our long-term debt are based on Level 2 inputs, using a market approach. | ||
| [1] Amounts may not add due to rounding. | ||
| [2] The change from December 31, 2015 reflects, among other things, the reclassification of $377 million to Assets held for sale (see Note 2B). | ||
| External Links | |
| PFIZER INC (PFE) Fiscal Year 2016 | |
| 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 |