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: 2020 | |||
Consolidated Statements of Income | |||
Period Ending Dec 31, 2020 10-K (Filed: Feb 25, 2021) | |||
| (In Millions) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | |
| Revenues | $ 41,908 | 41,172 | 40,825 |
| Costs and expenses: | |||
| Cost of sales | 8,692 | 8,251 | 8,987 |
| Selling, informational and administrative expenses | 11,615 | 12,750 | 12,612 [1] |
| Research and development expenses | 9,405 | 8,394 | 7,760 |
| Amortization of intangible assets | 3,436 | 4,462 | 4,736 |
| Restructuring charges and certain acquisition-related costs | 600 | 601 | 1,058 |
| (Gain) on completion of Consumer Healthcare JV transaction | (6) | (8,086) | 0 |
| Other (income)/deductionsnet | 669 | 3,314 | 2,077 |
| Income from continuing operations before provision/(benefit) for taxes on income | 7,497 | 11,485 | 3,594 |
| Provision/(benefit) for taxes on income | 477 | 618 | (266) |
| Income from continuing operations | 7,021 | 10,867 | 3,861 |
| Income from discontinued operationsnet of tax | 2,631 | 5,435 | 7,328 |
| Net income before allocation to noncontrolling interests | 9,652 | 16,302 | 11,188 |
| Less: Net income attributable to noncontrolling interests | 36 | 29 | 36 |
| Net income attributable to Pfizer Inc. common shareholders | 9,616 | 16,273 | 11,153 |
| Earnings per common sharebasic: | |||
| Income from continuing operations attributable to Pfizer Inc. common shareholders (in dollars per share) | 1.26 | 1.95 | 0.65 |
| Income from discontinued operationsnet of tax (in dollars per share) | 0.47 | 0.98 | 1.25 |
| Net income attributable to Pfizer Inc. common shareholders (in dollars per share) | 1.73 | 2.92 | 1.90 |
| Earnings per common sharediluted: | |||
| Income from continuing operations attributable to Pfizer Inc. common shareholders (in dollars per share) | 1.24 | 1.91 | 0.64 |
| Income from discontinued operationsnet of tax (in dollars per share) | 0.47 | 0.96 | 1.23 |
| Net income attributable to Pfizer Inc. common shareholders (in dollars per share) | 1.71 | 2.87 | 1.87 |
| Weighted-average sharesbasic | 5,555 | 5,569 | 5,872 |
| Weighted-average sharesdiluted | 5,632 | 5,675 | 5,977 |
| [1] Exclusive of amortization of intangible assets, except as disclosed in Note 1L. | |||
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
PFIZER INC | |||
Ticker: PFE Fiscal Year: 2020 | |||
Consolidated Statements of Comprehensive Income | |||
Period Ending Dec 31, 2020 10-K (Filed: Feb 25, 2021) | |||
| (In Millions, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | |
| Net income before allocation to noncontrolling interests | $ 9,652 | 16,302 | 11,188 |
| Foreign currency translation adjustments, net | 957 | 654 | (799) |
| Reclassification adjustments | (17) | (288) | (22) |
| Other comprehensive income (loss), foreign currency transaction and translation adjustment, before tax, total | 940 | 366 | (821) |
| Unrealized holding gains/(losses) on derivative financial instruments, net | (582) | 476 | 220 |
| Reclassification adjustments for (gains)/losses included in net income | 21 [1] | (664) | 27 |
| Other comprehensive income (loss), derivatives qualifying as hedges, before tax, total | (561) | (188) | 247 |
| Unrealized holding gains/(losses) on available-for-sale securities, net | 361 | (1) | (185) |
| Reclassification adjustments for (gains)/losses included in net income | (188) | 39 | 124 [2] |
| Reclassification adjustments for unrealized gains included in Retained earnings | 0 | 0 | (462) [3] |
| Other comprehensive income (loss), available-for-sale securities adjustment, before tax, total | 173 | 38 | (522) |
| Benefit plans: actuarial gains/(losses), net | (1,128) | (826) | (649) |
| Reclassification adjustments related to amortization | 276 | 241 | 242 |
| Reclassification adjustments related to settlements, net | 278 | 274 | 142 |
| Other | (189) | 22 | 112 |
| Defined benefit Plan, amounts recognized in other comprehensive income (loss), net gain (loss), before tax, total | (763) | (289) | (153) |
| Benefit plans: prior service (costs)/credits and other, net | 52 | (7) | (9) |
| Reclassification adjustments related to amortization of prior service costs and other, net | (176) | (181) | (181) |
| Reclassification adjustments related to curtailments of prior service costs and other, net | 0 | (2) | (19) |
| Other | 0 | 1 | 2 |
| Defined benefit plan, amounts recognized in other comprehensive income (loss), net prior service cost, before tax | (124) | (189) | (207) |
| Other comprehensive income/(loss), before tax | (335) | (262) | (1,457) |
| Tax provision/(benefit) on other comprehensive income/(loss) | (349) | 115 | 518 [4] |
| Other comprehensive income/(loss) before allocation to noncontrolling interests | 14 | (376) | (1,975) |
| Comprehensive income before allocation to noncontrolling interests | 9,666 | 15,926 | 9,214 |
| Less: Comprehensive income/(loss) attributable to noncontrolling interests | 27 | 18 | 16 |
| Comprehensive income attributable to Pfizer Inc. | 9,639 | 15,908 | 9,198 |
| [1] Reclassified into Other (income)/deductionsnet and Cost of sales. See Note 7E. | |||
| [2] Reclassified into Other (income)/deductionsnet. | |||
| [3] See Note 1B in our 2018 Financial Report. | |||
| [4] See Note 5E. | |||
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
PFIZER INC | |||
Ticker: PFE Fiscal Year: 2020 | |||
Consolidated Statements of Cash Flows | |||
Period Ending Dec 31, 2020 10-K (Filed: Feb 25, 2021) | |||
| (In Millions, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | |
| Operating Activities | |||
| Net income before allocation to noncontrolling interests | $ 9,652 | 16,302 | 11,188 |
| Income from discontinued operationsnet of tax | 2,631 | 5,435 | 7,328 |
| Net income from continuing operations before allocation to noncontrolling interests | 7,021 | 10,867 | 3,861 |
| Adjustments to reconcile net income before allocation to noncontrolling interests to net cash provided by operating activities: | |||
| Depreciation and amortization | 4,777 | 5,795 | 6,150 |
| Asset write-offs and impairments | 2,049 | 2,941 | 3,398 |
| TCJA impact | 0 | (323) | (596) |
| Gain on completion of Consumer Healthcare JV transaction, net of cash conveyed | (6) | (8,233) | 0 |
| Deferred taxes from continuing operations | (1,468) | 596 | (2,204) |
| Share-based compensation expense | 756 | 688 | 923 |
| Benefit plan contributions in excess of expense/income | (1,790) | (288) | (1,057) |
| Other adjustments, net | (478) | (1,080) | (1,266) |
| Other changes in assets and liabilities, net of acquisitions and divestitures: | |||
| Trade accounts receivable | (1,249) | (1,140) | (458) |
| Inventories | (736) | (1,080) | (432) |
| Other assets | (146) | 840 | (52) |
| Trade accounts payable | 353 | (340) | 404 |
| Other liabilities | 2,741 | 851 | 367 |
| Other tax accounts, net | (1,238) | (3,084) | (163) |
| Net cash provided by operating activities from continuing operations | 10,586 | 7,011 | 8,875 |
| Net cash provided by operating activities from discontinued operations | 3,817 | 5,576 | 6,952 |
| Net cash provided by operating activities | 14,403 | 12,588 | 15,827 |
| Investing Activities | |||
| Purchases of property, plant and equipment | (2,252) | (2,072) | (1,984) |
| Purchases of short-term investments | (13,805) | (6,835) | (11,677) |
| Proceeds from redemptions/sales of short-term investments | 11,087 | 9,183 | 17,581 |
| Net (purchases of)/proceeds from redemptions/sales of short-term investments with original maturities of three months or less | 920 | 6,925 | (3,917) |
| Purchases of long-term investments | (597) | (201) | (1,797) |
| Proceeds from redemptions/sales of long-term investments | 723 | 232 | 6,244 |
| Acquisitions of businesses, net of cash acquired | 0 | (10,861) | 0 |
| Acquisitions of intangible assets | (539) | (418) | (152) |
| Other investing activities, net | 274 | 195 | 287 |
| Net cash provided by/(used in) investing activities from continuing operations | (4,188) | (3,852) | 4,584 |
| Net cash provided by/(used in) investing activities from discontinued operations | (82) | (94) | (60) |
| Net cash provided by/(used in) investing activities | (4,271) | (3,945) | 4,525 |
| Financing Activities | |||
| Proceeds from short-term borrowings | 12,352 | 16,455 | 3,711 |
| Principal payments on short-term borrowings | (22,197) | (8,378) | (4,437) |
| Net (payments on)/proceeds from short-term borrowings with original maturities of three months or less | (4,129) | 2,551 | (1,617) |
| Proceeds from issuance of long-term debt | 5,222 | 4,942 | 4,974 |
| Principal payments on long-term debt | (4,003) | (6,806) | (3,566) |
| Purchases of common stock | 0 | (8,865) | (12,198) |
| Cash dividends paid | (8,440) | (8,043) | (7,978) |
| Proceeds from exercise of stock options | 425 | 394 | 1,259 |
| Other financing activities, net | (869) | (736) | (588) |
| Net cash provided by/(used in) financing activities from continuing operations | (21,640) | (8,485) | (20,441) |
| Net cash provided by/(used in) financing activities from discontinued operations | 11,991 | 0 | 0 |
| Net cash provided by/(used in) financing activities | (9,649) | (8,485) | (20,441) |
| Effect of exchange-rate changes on cash and cash equivalents and restricted cash and cash equivalents | (8) | (32) | (116) |
| Net increase/(decrease) in cash and cash equivalents and restricted cash and cash equivalents | 475 | 125 | (205) |
| Cash and cash equivalents and restricted cash and cash equivalents, at beginning of period | 1,350 | 1,225 | |
| Cash and cash equivalents and restricted cash and cash equivalents, at end of period | 1,825 | 1,350 | 1,225 |
| Supplemental Cash Flow Information | |||
| Cash paid (received) during the period for: | |||
| Income taxes | 3,153 | 3,664 | 3,655 |
| Interest paid | 1,641 | 1,587 | 1,311 |
| Interest rate hedges | (20) | (42) | (38) |
| Investment, Name | |||
| Consumer Healthcare JV | |||
| Gain on completion of Consumer Healthcare JV transaction, net of cash conveyed | (8,200) | ||
| Equity investment in exchange for Pfizer's assets | 0 | 15,711 | 0 [1] |
| Allogene | |||
| Equity investment in exchange for Pfizer's assets | 0 | 0 | 92 |
| Cerevel Therapeutics | |||
| Equity investment in exchange for Pfizer's assets | 0 | 0 | 343 |
| [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. See Note 2C. | |||
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | ||
PFIZER INC | ||
Ticker: PFE Fiscal Year: 2020 | ||
Consolidated Balance Sheets | ||
Period Ending Dec 31, 2020 10-K (Filed: Feb 25, 2021) | ||
| (In Millions, except shares in actual) | ||
| As of | As of | |
| Dec 31, 2020 | Dec 31, 2019 | |
| Assets | ||
| Cash and cash equivalents | $ 1,784 | 1,121 |
| Short-term investments | 10,437 | 8,525 |
| Trade accounts receivable, less allowance for doubtful accounts: 2020$508; 2019$493 | 7,930 | 6,772 |
| Inventories | 8,046 | 7,068 |
| Current tax assets | 3,264 | 2,736 |
| Other current assets | 3,438 | 2,357 |
| Current assets of discontinued operations and other assets held for sale | 167 | 4,224 |
| Total current assets | 35,067 | 32,803 |
| Equity-method investments | 16,856 | 17,133 |
| Long-term investments | 3,406 | 3,014 |
| Property, plant and equipment | 13,900 | 12,969 |
| Identifiable intangible assets | 28,471 | 33,936 |
| Goodwill | 49,577 | 48,202 |
| Noncurrent deferred tax assets and other noncurrent tax assets | 2,383 | 1,911 |
| Other noncurrent assets | 4,569 | 4,199 |
| Noncurrent assets of discontinued operations | 0 | 13,427 |
| Total assets | 154,229 | 167,594 |
| Liabilities and Equity | ||
| Short-term borrowings, including current portion of long-term debt: 2020$2,002; 2019$1,462 | 2,703 | 16,195 |
| Trade accounts payable | 4,309 | 3,887 |
| Dividends payable | 2,162 | 2,104 |
| Income taxes payable | 1,049 | 980 |
| Accrued compensation and related items | 3,058 | 2,390 |
| Other current liabilities | 12,640 | 9,334 |
| Current liabilities of discontinued operations | 0 | 2,413 |
| Total current liabilities | 25,920 | 37,304 |
| Long-term debt | 37,133 | 35,955 |
| Pension benefit obligations | 4,766 | 5,291 |
| Postretirement benefit obligations | 645 | 926 |
| Noncurrent deferred tax liabilities | 4,063 | 5,652 |
| Other taxes payable | 11,560 | 12,126 |
| Other noncurrent liabilities | 6,669 | 6,894 |
| Total liabilities | 90,756 | 104,148 |
| Commitments and Contingencies | ||
| Preferred stock, no par value, at stated value; 27 shares authorized; issued: 20200; 2019431 | 0 | 17 |
| Common stock, $0.05 par value; 12,000 shares authorized; issued: 20209,407; 20199,369 | 470 | 468 |
| Additional paid-in capital | 88,674 | 87,428 |
| Treasury stock, shares at cost: 20203,840; 20193,835 | (110,988) | (110,801) |
| Retained earnings | 96,770 | 97,670 |
| Accumulated other comprehensive loss | (11,688) | (11,640) |
| Total Pfizer Inc. shareholders equity | 63,238 | 63,143 |
| Equity attributable to noncontrolling interests | 235 | 303 |
| Total equity | 63,473 | 63,447 |
| Total liabilities and equity | 154,229 | 167,594 |
| External Links | |
| PFIZER INC (PFE) Fiscal Year 2020 | |
| 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 |