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: 2019 | |||
Consolidated Statements of Income | |||
Period Ending Dec 31, 2019 10-K (Filed: Feb 27, 2020) | |||
| (In Millions) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | |
| Revenues | $ 51,750 | 53,647 | 52,546 |
| Costs and expenses: | |||
| Cost of sales | 10,219 | 11,248 [1] | 11,228 |
| Selling, informational and administrative expenses | 14,350 | 14,455 | 14,804 |
| Research and development expenses | 8,650 | 8,006 | 7,683 |
| Amortization of intangible assets | 4,610 | 4,893 | 4,758 |
| Restructuring charges and certain acquisition-related costs | 747 | 1,044 | 351 |
| (Gain) on completion of Consumer Healthcare JV transaction | (8,086) | 0 | 0 |
| Other (income)/deductionsnet | 3,578 | 2,116 | 1,416 |
| Income from continuing operations before provision/(benefit) for taxes on income | 17,682 | 11,885 [2] | 12,305 |
| Provision/(benefit) for taxes on income | 1,384 | 706 | (9,049) |
| Income from continuing operations | 16,298 [3] | 11,179 | 21,353 |
| Discontinued operations: | |||
| Income from discontinued operationsnet of tax | 4 | 10 | (1) |
| Gain on disposal of discontinued operationsnet of tax | 0 | 0 | 3 |
| Discontinued operationsnet of tax | 4 | 10 | 2 |
| Net income before allocation to noncontrolling interests | 16,302 | 11,188 | 21,355 |
| Less: Net income attributable to noncontrolling interests | 29 | 36 | 47 |
| Net income attributable to Pfizer Inc. | 16,273 | 11,153 | 21,308 |
| Earnings per common sharebasic: | |||
| Income from continuing operations attributable to Pfizer Inc. common shareholders (in dollars per share) | 2.92 | 1.90 | 3.57 |
| 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) | 2.92 | 1.90 | 3.57 |
| Earnings per common sharediluted: | |||
| Income from continuing operations attributable to Pfizer Inc. common shareholders (in dollars per share) | 2.87 | 1.86 | 3.52 |
| 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) | 2.87 | 1.87 | 3.52 |
| Weighted-average sharesbasic | 5,569 | 5,872 | 5,970 |
| Weighted-average sharesdiluted | 5,675 | 5,977 | 6,058 |
| [1] Exclusive of amortization of intangible assets, except as disclosed in Note 1L. | |||
| [2] 2019 v. 2018The domestic income in 2019 versus domestic loss in 2018 was mainly related to the completion of the Consumer Healthcare joint venture transaction with GSK as well as lower certain asset impairments, partially offset by reduced Lyrica revenues in the U.S., higher business and legal entity alignment costs as well as increased costs related to certain legal matters. The decrease in the international income was primarily related to higher certain asset impairments as well as the write off of asse | |||
| [3] Amounts may not add due to rounding. | |||
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
PFIZER INC | |||
Ticker: PFE Fiscal Year: 2019 | |||
Consolidated Statements of Comprehensive Income | |||
Period Ending Dec 31, 2019 10-K (Filed: Feb 27, 2020) | |||
| (In Millions, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | |
| Net income before allocation to noncontrolling interests | $ 16,302 | 11,188 | 21,355 |
| Foreign currency translation adjustments, net | 654 | (799) [1] | 1,116 |
| Reclassification adjustments | (288) | (22) [2] | 162 |
| Other comprehensive income (loss), foreign currency transaction and translation adjustment, before tax, total | 366 | (821) | 1,278 |
| Unrealized holding gains/(losses) on derivative financial instruments, net | 476 | 220 | (10) |
| Reclassification adjustments for (gains)/losses included in net income | (664) | 27 | (520) [3] |
| Other comprehensive income (loss), derivatives qualifying as hedges, before tax, total | (188) | 247 | (530) |
| Unrealized holding gains/(losses) on available-for-sale securities, net | (1) | (185) | 818 |
| Reclassification adjustments for (gains)/losses included in net income | 39 | 124 | (244) |
| Reclassification adjustments for unrealized gains included in Retained earnings | 0 | (462) [4] | 0 |
| Other comprehensive income (loss), available-for-sale securities adjustment, before tax, total | 38 | (522) | 574 |
| Benefit plans: actuarial losses, net | (826) | (649) | (212) |
| Reclassification adjustments related to amortization | 241 | 242 | 588 |
| Reclassification adjustments related to settlements, net | 274 | 142 | 117 |
| Other | 22 | 112 | (145) |
| Defined benefit Plan, amounts recognized in other comprehensive income (loss), net gain (loss), before tax, total | (289) | (153) | 348 |
| Benefit plans: prior service costs and other, net | (7) | (9) | (2) |
| Reclassification adjustments related to amortization of prior service costs and other, net | (181) | (181) | (184) |
| Reclassification adjustments related to curtailments of prior service costs and other, net | (2) | (19) | (18) |
| Other | 1 | 2 | 0 |
| Defined benefit plan, amounts recognized in other comprehensive income (loss), net prior service cost, before tax | (189) | (207) | (203) |
| Other comprehensive income/(loss), before tax | (262) | (1,457) | 1,468 |
| Tax provision/(benefit) on other comprehensive income/(loss) | 115 | 518 | (262) |
| Other comprehensive income/(loss) before allocation to noncontrolling interests | (376) | (1,975) | 1,730 |
| Comprehensive income before allocation to noncontrolling interests | 15,926 | 9,214 | 23,085 |
| Less: Comprehensive income attributable to noncontrolling interests | 18 | 16 | 62 |
| Comprehensive income attributable to Pfizer Inc. | 15,908 | 9,198 | 23,023 |
| [4] For additional information, see Notes to Consolidated Financial StatementsNote 1B. Basis of Presentation and Significant Accounting Policies: Adoption of New Accounting Standards in 2018 in our 2018 Financial Report. | |||
| [1] Amounts in 2019 include a gain of approximately $1.3 billion pre-tax ($978 million after-tax) related to foreign currency translation adjustments attributable to our equity method investment in the GSK Consumer Healthcare joint venture (see Note 2C), partially offset by the strengthening of the U.S. dollar against the euro and the Australian dollar, and the results of our net investment hedging program. In 2018, Foreign currency translation adjustments, net, primarily reflects the strengthening of the U.S. | |||
| [2] For the year ended December 31, 2019, the foreign currency translation adjustments are primarily reclassified into (Gain) on completion of Consumer Healthcare JV transaction in the consolidated statement of income as a result of the contribution of our Consumer Healthcare business to the Consumer Healthcare joint venture with GSK. See Note 2C. For the year ended December 31, 2017, the foreign currency translation adjustments reclassified into Other (income)/deductionsnet in the consolidated statement of in | |||
| [3] Reclassified into Other (income)/deductionsnet and Cost of sales in the consolidated statements of income. For additional information on amounts reclassified into Other (income)/deductionsnet and Cost of sales, see Note 7F. | |||
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
PFIZER INC | |||
Ticker: PFE Fiscal Year: 2019 | |||
Consolidated Statements of Cash Flows | |||
Period Ending Dec 31, 2019 10-K (Filed: Feb 27, 2020) | |||
| (In Millions, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | |
| Operating Activities | |||
| Net income before allocation to noncontrolling interests | $ 16,302 | 11,188 | 21,355 |
| Adjustments to reconcile net income before allocation to noncontrolling interests to net cash provided by operating activities: | |||
| Depreciation and amortization | 6,010 | 6,384 | 6,269 |
| Asset write-offs and impairments | 2,953 | 3,398 | 634 |
| TCJA impact | (323) | (596) | (10,660) |
| Gain on completion of Consumer Healthcare JV transaction, net of cash conveyed | (8,233) | 0 | 0 [1] |
| Deferred taxes from continuing operations | 614 | (2,205) [2] | (2,410) |
| Share-based compensation expense | 718 | 949 | 840 |
| Benefit plan contributions in excess of expense/income | (336) | (1,095) | (961) |
| Other adjustments, net | (1,086) | (1,269) | 399 |
| Other changes in assets and liabilities, net of acquisitions and divestitures: | |||
| Trade accounts receivable | (742) | (644) | 259 |
| Inventories | (1,050) | (717) | (357) |
| Other assets | 795 | (16) | 7 |
| Trade accounts payable | (564) | 431 | 46 |
| Other liabilities | 267 | 98 [3] | (67) |
| Other tax accounts, net | (2,737) | (78) | 1,446 |
| Net cash provided by operating activities | 12,588 | 15,827 | 16,802 |
| Investing Activities | |||
| Purchases of property, plant and equipment | (2,176) | (2,042) | (1,956) |
| Purchases of short-term investments | (6,835) | (11,677) | (14,596) |
| Proceeds from redemptions/sales of short-term investments | 9,183 | 17,581 | 10,302 |
| Net (purchases of)/proceeds from redemptions/sales of short-term investments with original maturities of three months or less | 6,925 | (3,917) | 2,058 |
| Purchases of long-term investments | (201) | (1,797) | (3,537) |
| Proceeds from redemptions/sales of long-term investments | 232 | 6,244 | 3,579 |
| Acquisitions of businesses, net of cash acquired | (10,861) | 0 | (1,000) |
| Acquisitions of intangible assets | (418) | (154) | (261) |
| Other investing activities, net | 205 | 288 | 671 |
| Net cash provided by/(used in) investing activities | (3,945) | 4,525 | (4,740) |
| Financing Activities | |||
| Proceeds from short-term borrowings | 16,455 | 3,711 | 8,464 |
| Principal payments on short-term borrowings | (8,378) | (4,437) | (9,947) |
| Net (payments on)/proceeds from short-term borrowings with original maturities of three months or less | 2,551 | (1,617) | 1,422 |
| Proceeds from issuance of long-term debt | 4,942 | 4,974 | 5,274 |
| Principal payments on long-term debt | (6,806) | (3,566) | (6,154) |
| Purchases of common stock | (8,865) | (12,198) | (5,000) |
| Cash dividends paid | (8,043) | (7,978) | (7,659) |
| Proceeds from exercise of stock options | 394 | 1,259 | 862 |
| Other financing activities, net | (736) | (588) | (611) |
| Net cash used in financing activities | (8,485) | (20,441) | (13,350) |
| Effect of exchange-rate changes on cash and cash equivalents and restricted cash and cash equivalents | (32) | (116) | 53 |
| Net increase/(decrease) in cash and cash equivalents and restricted cash and cash equivalents | 125 | (205) | (1,235) |
| Cash and cash equivalents and restricted cash and cash equivalents, at beginning of period | 1,225 | 1,431 | |
| Cash and cash equivalents and restricted cash and cash equivalents, at end of period | 1,350 | 1,225 | 1,431 |
| 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 | 0 [4] | 1,848 |
| Receipt of ICU Medical common stock | 0 | 0 | 428 |
| Promissory note from ICU Medical | 0 | 0 | 75 |
| Cash paid (received) during the period for: | |||
| Income taxes | 3,664 | 3,655 | 2,489 |
| Interest | 1,587 | 1,311 | 1,518 |
| Interest rate hedges | (42) | (38) | (199) |
| Investment, Name | |||
| GSK Consumer Healthcare | |||
| Gain on completion of Consumer Healthcare JV transaction, net of cash conveyed | (8,200) | ||
| Equity investment in exchange for Pfizer's assets | 15,711 | 0 | 0 |
| Cerevel Therapeutics | |||
| Equity investment in exchange for Pfizer's assets | 0 | 343 [5] | 0 |
| Allogene | |||
| Equity investment in exchange for Pfizer's assets | 0 | 92 | 0 |
| [1] The $8.2 billion Gain on completion of Consumer Healthcare JV transaction, net of cash conveyed reflects the receipt of a 32% equity-method investment in the new company initially valued at $15.7 billion in exchange for net assets contributed of $7.6 billion and is presented in operating activities net of $146 million cash conveyed that is reflected in Other investing activities, net. For additional information, see Note 2C. | |||
| [2] Includes tax expense of approximately $2.7 billion associated with the gain related to the completion of the Consumer Healthcare joint venture transaction with GSK. For additional information, see Note 2C and Note 5A. | |||
| [3] Amounts may not add due to rounding. | |||
| [4] 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. | |||
| [5] For additional information, see Note 2B. | |||
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | ||
PFIZER INC | ||
Ticker: PFE Fiscal Year: 2019 | ||
Consolidated Balance Sheets | ||
Period Ending Dec 31, 2019 10-K (Filed: Feb 27, 2020) | ||
| (In Millions, except shares in actual) | ||
| As of | As of | |
| Dec 31, 2019 | Dec 31, 2018 | |
| Assets | ||
| Cash and cash equivalents | $ 1,305 | 1,139 |
| Short-term investments | 8,525 | 17,694 |
| Trade accounts receivable, less allowance for doubtful accounts: 2019$527; 2018$541 | 8,724 | 8,025 |
| Inventories | 8,283 [1] | 7,508 |
| Current tax assets | 3,344 | 3,374 |
| Other current assets | 2,600 | 2,461 |
| Assets held for sale | 21 | 9,725 |
| Total current assets | 32,803 | 49,926 |
| Equity-method investments | 17,133 | 181 |
| Long-term investments | 3,014 | 2,586 |
| Property, plant and equipment, less accumulated depreciation | 13,967 | 13,385 |
| Identifiable intangible assets, less accumulated amortization | 35,370 | 35,211 |
| Goodwill | 58,653 | 53,411 |
| Noncurrent deferred tax assets and other noncurrent tax assets | 2,099 | 1,924 |
| Other noncurrent assets | 4,450 | 2,799 |
| Total assets | 167,489 | 159,422 |
| Liabilities and Equity | ||
| Short-term borrowings, including current portion of long-term debt: 2019$1,462; 2018$4,776 | 16,195 | 8,831 |
| Trade accounts payable | 4,220 | 4,674 |
| Dividends payable | 2,104 | 2,047 |
| Income taxes payable | 980 | 1,265 |
| Accrued compensation and related items | 2,720 | 2,397 |
| Other current liabilities | 11,083 | 10,753 |
| Liabilities held for sale | 0 | 1,890 |
| Total current liabilities | 37,304 | 31,858 |
| Long-term debt | 35,955 | 32,909 |
| Pension benefit obligations, net | 5,638 | 5,272 |
| Postretirement benefit obligations, net | 1,124 | 1,338 |
| Noncurrent deferred tax liabilities | 5,578 | 3,700 |
| Other taxes payable | 12,126 | 14,737 |
| Other noncurrent liabilities | 6,317 | 5,850 |
| Total liabilities | 104,042 | 95,664 |
| Commitments and Contingencies | ||
| Preferred stock, no par value, at stated value; 27 shares authorized; issued: 2019431; 2018478 | 17 | 19 |
| Common stock, $0.05 par value; 12,000 shares authorized; issued: 20199,369; 20189,332 | 468 | 467 |
| Additional paid-in capital | 87,428 | 86,253 |
| Treasury stock, shares at cost: 20193,835; 20183,615 | (110,801) | (101,610) |
| Retained earnings | 97,670 | 89,554 |
| Accumulated other comprehensive loss | (11,640) | (11,275) |
| Total Pfizer Inc. shareholders equity | 63,143 | 63,407 |
| Equity attributable to noncontrolling interests | 303 | 351 |
| Total equity | 63,447 | 63,758 |
| Total liabilities and equity | 167,489 | 159,422 |
| [1] The change from December 31, 2018 reflects increases for certain products, including inventory build for new product launches, supply recovery and market demand, partially offset by a decrease due to foreign exchange and the write off of rivipansel inventory previously expected to be sold (see Note 2E). | ||
| External Links | |
| PFIZER INC (PFE) Fiscal Year 2019 | |
| 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 |