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: 2018 | |||
Consolidated Statements of Income | |||
Period Ending Dec 31, 2018 10-K (Filed: Feb 28, 2019) | |||
| (In Millions) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 | |
| Revenues | $ 53,647 | 52,546 | 52,824 |
| Costs and expenses: | |||
| Cost of sales | 11,248 | 11,228 | 12,322 |
| Selling, informational and administrative expenses | 14,455 | 14,804 | 14,844 [1] |
| Research and development expenses | 8,006 | 7,683 | 7,892 |
| Amortization of intangible assets | 4,893 | 4,758 | 4,056 |
| Restructuring charges and certain acquisition-related costs | 1,044 | 351 | 1,565 |
| Other (income)/deductionsnet | 2,116 | 1,416 | 3,794 |
| Income from continuing operations before provision/(benefit) for taxes on income | 11,885 | 12,305 [2] | 8,351 |
| Provision/(benefit) for taxes on income | 706 | (9,049) | 1,123 |
| Income from continuing operations | 11,179 [3] | 21,353 | 7,229 |
| Discontinued operations: | |||
| Income from discontinued operationsnet of tax | 10 | (1) | 16 |
| Gain on disposal of discontinued operationsnet of tax | 0 | 3 | 0 |
| Discontinued operationsnet of tax | 10 | 2 | 17 |
| Net income before allocation to noncontrolling interests | 11,188 | 21,355 | 7,246 |
| Less: Net income attributable to noncontrolling interests | 36 | 47 | 31 |
| Net income attributable to Pfizer Inc. | 11,153 | 21,308 | 7,215 |
| Earnings per common sharebasic: | |||
| Income from continuing operations attributable to Pfizer Inc. common shareholders (in dollars per share) | 1.90 | 3.57 | 1.18 |
| Discontinued operationsnet of tax (in dollars per share) | 0.00 | 0.00 | 0.00 |
| Net income attributable to Pfizer Inc. common shareholders (in dollars per share) | 1.90 | 3.57 | 1.18 |
| Earnings per common sharediluted: | |||
| Income from continuing operations attributable to Pfizer Inc. common shareholders (in dollars per share) | 1.86 | 3.52 | 1.17 |
| Discontinued operationsnet of tax (in dollars per share) | 0.00 | 0.00 | 0.00 |
| Net income attributable to Pfizer Inc. common shareholders (in dollars per share) | 1.87 | 3.52 | 1.17 |
| Weighted-average sharesbasic | 5,872 | 5,970 [4] | 6,089 |
| Weighted-average sharesdiluted | 5,977 | 6,058 | 6,159 |
| [1] Exclusive of amortization of intangible assets, except as disclosed in Note 1L. Basis of Presentation and Significant Accounting Policies: Amortization of Intangible Assets, Depreciation and Certain Long-Lived Assets. | |||
| [2] 2018 v. 2017The decrease in the domestic loss was primarily due to lower interest expense paid to certain foreign subsidiaries, lower net losses on the retirement of debt, higher net gains on investments in equity securities and increased revenue related to Eliquis, partially offset by higher certain asset impairments and lower revenue for Viagra and the SIP portfolio. The decrease in international income was primarily related to lower interest income received primarily from intercompany borrowings from P | |||
| [3] Amounts may not add due to rounding. | |||
| [4] 2017 includes the effect of the modification for a commitment to pay 15.2 million common-share equivalents that were scheduled for near-term settlement. | |||
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
PFIZER INC | |||
Ticker: PFE Fiscal Year: 2018 | |||
Consolidated Statements of Comprehensive Income | |||
Period Ending Dec 31, 2018 10-K (Filed: Feb 28, 2019) | |||
| (In Millions, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 | |
| Net income before allocation to noncontrolling interests | $ 11,188 | 21,355 | 7,246 |
| Foreign currency translation adjustments, net | (799) | 1,116 | (815) |
| Reclassification adjustments | (22) | 162 | 0 [1] |
| Other comprehensive income (loss), foreign currency transaction and translation adjustment, before tax, total | (821) | 1,278 | (815) |
| Unrealized holding gains/(losses) on derivative financial instruments, net | 220 | (10) | (442) |
| Reclassification adjustments for (gains)/losses included in net income(b) | 27 | (520) | 452 |
| Other comprehensive income (loss), derivatives qualifying as hedges, before tax, total | 247 | (530) | 10 |
| Unrealized holding gains/(losses) on available-for-sale securities, net | (185) | 818 | 248 |
| Reclassification adjustments for (gains)/losses included in net income | 124 | (244) | (118) [2] |
| Reclassification adjustments for unrealized gains included in Retained earnings | (462) | 0 | 0 |
| Other comprehensive income (loss), available-for-sale securities adjustment, before tax, total | (522) | 574 | 130 |
| Benefit plans: actuarial losses, net | (649) | (212) | (1,888) |
| Reclassification adjustments related to amortization | 242 | 588 | 558 |
| Reclassification adjustments related to settlements, net | 142 | 117 | 127 |
| Other | 112 | (145) | 195 |
| Defined benefit Plan, amounts recognized in other comprehensive income (loss), net gain (loss), before tax, total | (153) | 348 | (1,009) |
| Benefit plans: prior service (costs)/credits and other, net | (9) | (2) | 184 |
| Reclassification adjustments related to amortization | (181) | (184) | (173) [3] |
| Reclassification adjustments related to curtailments, net | (19) | (18) | (26) |
| Other | 2 | 0 | 6 |
| Defined benefit plan, amounts recognized in other comprehensive income (loss), net prior service cost, before tax | (207) | (203) | (8) |
| Other comprehensive income/(loss), before tax | (1,457) | 1,468 [4] | (1,692) |
| Tax provision/(benefit) on other comprehensive income/(loss) | 518 [5] | (262) | (174) |
| Other comprehensive income/(loss) before allocation to noncontrolling interests | (1,975) | 1,730 | (1,518) |
| Comprehensive income before allocation to noncontrolling interests | 9,214 | 23,085 | 5,728 |
| Less: Comprehensive income attributable to noncontrolling interests | 16 | 62 | 28 |
| Comprehensive income attributable to Pfizer Inc. | 9,198 | 23,023 | 5,701 |
| [1] For the year ended December 31, 2017, the foreign currency translation adjustments reclassified into Other (income)/deductionsnet in the consolidated statement of income primarily result from the sale of our 40% ownership investment in Teuto and the sale of our 49% equity share in Hisun Pfizer. See Note 2F. Acquisitions, Divestitures, Assets and Liabilities Held for Sale, Licensing Arrangements, Research and Development and Collaborative Arrangements, Equity-Method Investments and Privately Held Investment | |||
| [2] Reclassified into Other (income)/deductionsnet and Cost of sales in the consolidated statements of income. For additional information on amounts reclassified into Cost of sales, see Note 7F. Financial Instruments: Derivative Financial Instruments and Hedging Activities. | |||
| [3] For additional information, see Note 1B. Basis of Presentation and Significant Accounting Policies: Adoption of New Accounting Standards in 2018. | |||
| [4] Amounts may not add due to rounding. | |||
| [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: 2018 | |||
Consolidated Statements of Cash Flows | |||
Period Ending Dec 31, 2018 10-K (Filed: Feb 28, 2019) | |||
| (In Millions, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 | |
| Operating Activities | |||
| Net income before allocation to noncontrolling interests | $ 11,188 | 21,355 | 7,246 |
| Adjustments to reconcile net income before allocation to noncontrolling interests to net cash provided by operating activities: | |||
| Depreciation and amortization | 6,384 | 6,269 | 5,757 |
| Asset write-offs and impairments | 3,398 | 634 | 1,613 |
| Loss on sale of HIS net assets | (1) | 55 | 1,712 [1] |
| TCJA impact | (596) [2] | (10,660) | 0 |
| Deferred taxes from continuing operations | (2,205) | (2,410) | (700) |
| Share-based compensation expense | 949 | 840 | 691 |
| Benefit plan contributions in excess of expense | (1,095) | (961) | (712) |
| Other adjustments, net | (1,268) | 344 | 487 |
| Other changes in assets and liabilities, net of acquisitions and divestitures: | |||
| Trade accounts receivable | (644) | 259 | (134) |
| Inventories | (717) | (357) | 365 |
| Other assets | (16) | 7 | (47) |
| Trade accounts payable | 431 | 46 | 871 |
| Other liabilities | 98 | (67) | (223) |
| Other tax accounts, net | (78) | 1,446 | (734) |
| Net cash provided by operating activities | 15,827 | 16,802 | 16,192 |
| Investing Activities | |||
| Purchases of property, plant and equipment | (2,042) | (1,956) | (1,823) |
| Purchases of short-term investments | (11,677) | (14,596) | (15,957) |
| Proceeds from redemptions/sales of short-term investments | 17,581 | 10,302 | 29,414 |
| Net (purchases of)/proceeds from redemptions/sales of short-term investments with original maturities of three months or less | (3,917) | 2,058 | (4,218) |
| Purchases of long-term investments | (1,797) | (3,537) | (8,011) |
| Proceeds from redemptions/sales of long-term investments | 6,244 | 3,579 | 11,268 |
| Acquisitions of businesses, net of cash acquired | 0 | (1,000) | (18,368) |
| Acquisitions of intangible assets | (154) | (261) | (176) |
| Other investing activities, net | 288 [3] | 671 | 80 |
| Net cash provided by/(used in) investing activities | 4,525 | (4,740) | (7,791) |
| Financing Activities | |||
| Proceeds from short-term borrowings | 3,711 | 8,464 | 7,472 |
| Principal payments on short-term borrowings | (4,437) | (9,947) | (5,093) |
| Net (payments on)/proceeds from short-term borrowings with original maturities of three months or less | (1,617) | 1,422 | (3,060) |
| Proceeds from issuance of long-term debt | 4,974 | 5,274 | 10,976 |
| Principal payments on long-term debt | (3,566) | (6,154) | (7,689) |
| Purchases of common stock | (12,198) | (5,000) | (5,000) |
| Cash dividends paid | (7,978) [4] | (7,659) | (7,317) |
| Proceeds from exercise of stock options | 1,259 | 862 | 1,019 |
| Other financing activities, net | (588) | (611) | (536) |
| Net cash used in financing activities | (20,441) | (13,350) | (9,228) |
| Effect of exchange-rate changes on cash and cash equivalents and restricted cash and cash equivalents | (116) | 53 | (215) |
| Net decrease in cash and cash equivalents and restricted cash and cash equivalents | (205) | (1,235) | (1,041) |
| Cash and cash equivalents and restricted cash and cash equivalents, beginning | 1,431 | 2,666 | |
| Cash and cash equivalents and restricted cash and cash equivalents, end | 1,225 | 1,431 | 2,666 |
| Supplemental Cash Flow Information | |||
| Exchange of $1.1 billion net book value 6.50% U.K. pound denominated bonds maturing in 2038 for $1.8 billion of new 2.735% U.K. pound denominated bonds maturing in 2043, resulting in a debt extinguishment loss of $747 million | 0 | 1,848 | 0 [5] |
| Receipt of ICU Medical common stock | 0 | 428 | 0 |
| Promissory note from ICU Medical | 0 | 75 | 0 |
| Cash paid (received) during the period for: | |||
| Income taxes | 3,655 | 2,489 | 2,521 |
| Interest | 1,311 | 1,518 | 1,451 |
| Interest rate hedges | (38) | (199) | (338) |
| Investment, Name | |||
| Cerevel Therapeutics | |||
| Equity investment in exchange for Pfizer's assets | 343 | 0 | 0 |
| Allogene | |||
| Equity investment in exchange for Pfizer's assets | 92 | 0 | 0 |
| [2] As a result of the enactment of the TCJA in December 2017, Pfizers Provision/(benefit) for taxes on income (i) for the year ended December 31, 2017 was favorably impacted by approximately $10.7 billion, primarily reflecting the remeasurement of U.S. deferred tax liabilities, which includes the repatriation tax on deemed repatriated accumulated post-1986 earnings of foreign subsidiaries and (ii) for the year ended December 31, 2018 was favorably impacted by approximately $600 million, primarily related to c | |||
| [3] For additional information, see Note 2B. Acquisitions, Divestitures, Assets and Liabilities Held for Sale, Licensing Arrangements, Research and Development and Collaborative Arrangements, Equity-Method Investments and Privately Held Investment: Divestitures. | |||
| [4] Amounts may not add due to rounding. | |||
| [5] The $747 million is included in the net loss of $846 million upon the exchange and early retirement of the U.K. pound-denominated debt. See Note 7D. Financial Instruments: Long-Term Debt for additional information. | |||
| [1] In 2018 and 2017, represents adjustments to amounts previously recorded in 2016 to write down the HIS net assets to fair value less costs to sell related to the sale of HIS net assets to ICU Medical on February 3, 2017. 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. | |||
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | ||
PFIZER INC | ||
Ticker: PFE Fiscal Year: 2018 | ||
Consolidated Balance Sheets | ||
Period Ending Dec 31, 2018 10-K (Filed: Feb 28, 2019) | ||
| (In Millions, except shares in actual) | ||
| As of | As of | |
| Dec 31, 2018 | Dec 31, 2017 | |
| Assets | ||
| Cash and cash equivalents | $ 1,139 | 1,342 |
| Short-term investments | 17,694 | 18,650 |
| Trade accounts receivable, less allowance for doubtful accounts: 2018$541; 2017$584 | 8,025 | 8,221 |
| Inventories | 7,508 | 7,578 |
| Current tax assets | 3,374 | 3,050 |
| Other current assets | 2,461 | 2,289 |
| Assets held for sale | 9,725 | 12 |
| Total current assets | 49,926 | 41,141 |
| Long-term investments | 2,767 | 7,015 |
| Property, plant and equipment, less accumulated depreciation | 13,385 | 13,865 [1] |
| Identifiable intangible assets, less accumulated amortization | 35,211 | 48,741 |
| Goodwill | 53,411 | 55,952 |
| Noncurrent deferred tax assets and other noncurrent tax assets | 1,924 | 1,855 |
| Other noncurrent assets | 2,799 | 3,227 |
| Total assets | 159,422 | 171,797 |
| Liabilities and Equity | ||
| Short-term borrowings, including current portion of long-term debt: 2018$4,776; 2017$3,546 | 8,831 | 9,953 |
| Trade accounts payable | 4,674 | 4,656 |
| Dividends payable | 2,047 | 2,029 |
| Income taxes payable | 1,265 | 477 |
| Accrued compensation and related items | 2,397 | 2,196 |
| Other current liabilities | 10,753 | 11,115 |
| Liabilities held for sale | 1,890 | 0 |
| Total current liabilities | 31,858 | 30,427 |
| Long-term debt | 32,909 | 33,538 |
| Pension benefit obligations, net | 5,272 | 5,926 |
| Postretirement benefit obligations, net | 1,338 | 1,504 |
| Noncurrent deferred tax liabilities | 3,700 | 3,900 |
| Other taxes payable | 14,737 | 18,697 |
| Other noncurrent liabilities | 5,850 | 6,149 |
| Total liabilities | 95,664 | 100,141 |
| Commitments and Contingencies | ||
| Preferred stock, no par value, at stated value; 27 shares authorized; issued: 2018-478; 2017-524 | 19 | 21 |
| Common stock, $0.05 par value; 12,000 shares authorized; issued: 2018-9,332; 2017-9,275 | 467 | 464 |
| Additional paid-in capital | 86,253 | 84,278 |
| Treasury stock, shares at cost: 20183,615; 2017-3,296 | (101,610) | (89,425) |
| Retained earnings | 89,554 | 85,291 |
| Accumulated other comprehensive loss | (11,275) | (9,321) |
| Total Pfizer Inc. shareholders equity | 63,407 | 71,308 |
| Equity attributable to noncontrolling interests | 351 | 348 |
| Total equity | 63,758 | 71,656 |
| Total liabilities and equity | 159,422 | 171,797 |
| [1] The decrease in total property, plant and equipment is primarily due to depreciation, the reclassification of $675 million to Assets held for sale during the fourth quarter of 2018 (see Note 2C), reductions due to asset impairments largely associated with cost reduction initiatives not associated with acquisitions (see Note 3), and the impact of foreign exchange, partially offset by capital additions. | ||
| External Links | |
| PFIZER INC (PFE) Fiscal Year 2018 | |
| 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 |