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: 2011 | |||
Consolidated Statements of Income | |||
Period Ending Dec 31, 2011 10-K (Filed: Feb 28, 2012) | |||
| (In Millions) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2011 | Dec 31, 2010 | Dec 31, 2009 | |
| Revenues | $ 67,425 [1] | 67,057 | 49,269 |
| Costs and expenses: | |||
| Cost of sales | 15,085 [2] | 15,838 | 8,459 |
| Selling, informational and administrative expenses | 19,468 | 19,480 | 14,752 |
| Research and development expenses | 9,112 | 9,392 | 7,824 |
| Amortization of intangible assets | 5,585 | 5,403 | 2,877 |
| Acquisition-related in-process research and development charges | 125 | 68 | |
| Restructuring charges and certain acquisition-related costs | 2,934 [3] | 3,201 | 4,330 |
| Other deductions-net | 2,479 | 4,336 | 285 |
| Income from continuing operations before provision for taxes on income | 12,762 [4] | 9,282 | 10,674 |
| Provision for taxes on income | 4,023 [5] | 1,071 | 2,145 |
| Income from continuing operations | 8,739 | 8,211 | 8,529 |
| Discontinued operations: | |||
| Income from discontinued operations-net of tax | 8 | 88 | 97 |
| Gain/(loss) on sale of discontinued operations-net of tax | 1,304 | (11) | 17 |
| Discontinued operations-net of tax | 1,312 | 77 | 114 |
| Net income before allocation to noncontrolling interests | 10,051 | 8,288 | 8,643 |
| Less: Net income attributable to noncontrolling interests | 42 | 31 | 8 |
| Net income attributable to Pfizer Inc. | 10,009 | 8,257 | 8,635 |
| Earnings per common share-basic: | |||
| Income from continuing operations attributable to Pfizer Inc. common shareholders | 1.11 | 1.02 | 1.22 |
| Discontinued operations-net of tax | 0.17 | 0.01 | 0.02 |
| Net income attributable to Pfizer Inc. common shareholders | 1.28 [6] | 1.03 | 1.23 |
| Earnings per common share-diluted: | |||
| Income from continuing operations attributable to Pfizer Inc. common shareholders | 1.11 | 1.01 | 1.21 |
| Discontinued operations-net of tax | 0.17 | 0.01 | 0.02 |
| Net income attributable to Pfizer Inc. common shareholders | 1.27 | 1.02 | 1.23 |
| Weighted-average shares-basic | 7,817 | 8,036 | 7,007 |
| Weighted-average shares-diluted | 7,870 | 8,074 | 7,045 |
| [2] Exclusive of amortization of intangible assets, except as disclosed in Note 1K. Significant Accounting Policies: Amortization of Intangible Assets, Depreciation and Certain Long-Lived Assets. | |||
| [3] From the beginning of our cost-reduction and productivity initiatives in 2005 through December 31, 2011, Employee termination costs represent the expected reduction of the workforce by approximately 57,400 employees, mainly in manufacturing and sales and research, of which approximately 42,800 employees have been terminated as of December 31, 2011. Employee termination costs are generally recorded when the actions are probable and estimable and include accrued severance benefits, pension and postretirement | |||
| [4] 2010 vs. 2009 - The decrease in the domestic loss was due to revenues from legacy Wyeth products and a reduction in domestic restructuring charges partially offset by increased amortization charges primarily related to identifiable intangibles in connection with our acquisition of Wyeth and litigation charges primarily related to our wholly owned subsidiary Quigley Company, Inc. The decrease in international income was due primarily to an increase in international restructuring and amortization charges plus | |||
| [5] In 2011, federal, state and international net tax liabilities assumed or established on the date of the acquisition primarily of King are excluded. In 2010 and 2009, federal, state and international net tax liabilities assumed or established on the date of the acquisition primarily of Wyeth are excluded. (See Note 2A. Acquisitions, Divestitures, Collaborative Arrangements and Equity-Method Investments: Acquisition of Wyeth and Note 2B. Acquisitions, Divestitures, Collaborative Arrangements and Equity-Method | |||
| [6] EPS amounts may not add due to rounding. | |||
| [1] For 2011, includes King commencing on the acquisition date of January 31, 2011. For 2009, includes Wyeth commencing on the acquisition date of October 15, 2009. | |||
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
PFIZER INC | |||
Ticker: PFE Fiscal Year: 2011 | |||
Consolidated Statements of Cash Flows | |||
Period Ending Dec 31, 2011 10-K (Filed: Feb 28, 2012) | |||
| (In Millions, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2011 | Dec 31, 2010 | Dec 31, 2009 | |
| Operating Activities | |||
| Net income before allocation to noncontrolling interests | $ 10,051 | 8,288 | 8,643 |
| Adjustments to reconcile net income before allocation to noncontrolling interests to net cash provided by operating activities: | |||
| Depreciation and amortization | 9,026 [1] | 8,487 | 4,757 |
| Share-based compensation expense | 419 | 405 | 349 |
| Asset write-offs and impairment charges | 1,198 | 3,486 | 305 |
| Acquisition-related in-process research and development charges | 125 | 68 | |
| (Gain)/loss on disposals | 15 | (155) | (670) |
| (Gain)/loss on sale of discontinued operations | (1,688) | 11 | (15) |
| Deferred taxes from continuing operations | 264 | 1,937 | (9,590) |
| Deferred taxes on discontinued operations | 190 | 16 | 8 |
| Benefit plan contributions (in excess of)/less than expense | (1,775) | (688) | 546 |
| Other non-cash adjustments | (189) | (19) | 199 |
| Other changes in assets and liabilities, net of acquisitions and divestitures: | |||
| Accounts receivable | (66) | (608) | 252 |
| Inventories | 1,084 | 2,917 | 1,631 |
| Other assets | 582 | (906) | (851) |
| Accounts payable and other liabilities | 1,147 | 824 | 1,501 |
| Other tax accounts, net | (18) | (12,666) | 9,454 |
| Net cash provided by operating activities | 20,240 | 11,454 | 16,587 |
| Investing Activities | |||
| Purchases of property, plant and equipment | (1,660) | (1,513) | (1,205) |
| Purchases of short-term investments | (18,428) | (10,931) | (35,331) |
| Proceeds from redemptions and sales of short-term investments | 13,615 | 4,543 | 42,364 |
| Net proceeds from redemptions and sales of short-term investments with original maturities of 90 days or less | 10,874 | 5,950 | 5,775 |
| Purchases of long-term investments | (4,063) | (3,920) | (6,888) |
| Proceeds from redemptions and sales of long-term investments | 2,147 | 4,381 | 6,504 |
| Proceeds from redemptions of short-term loans | 561 | 1,156 | 1,158 |
| Issuances of short-term loans | (19) | (151) | (565) |
| Proceeds from redemptions of long-term loans | 356 | ||
| Issuances of long-term loans | (200) | (208) | (61) |
| Acquisitions, net of cash acquired | (3,282) | (273) | (43,123) |
| Proceeds from sale of business | 2,376 | ||
| Other investing activities | 279 | 118 | 100 |
| Net cash provided by/(used in) investing activities | 2,200 | (492) | (31,272) |
| Financing Activities | |||
| Proceeds from short-term borrowings | 12,810 | 6,400 | 31,159 |
| Principal payments on short-term borrowings | (3,826) | (9,249) | (34,969) |
| Net proceeds/(payments) on short-term borrowings with original maturities of 90 days or less | (7,540) | (1,297) | 874 |
| Proceeds from issuances of long-term debt | 1 | 24,023 | |
| Principal payments on long-term debt | (6,986) | (6) | (967) |
| Purchases of common stock | (9,000) | (1,000) | |
| Cash dividends paid | (6,234) | (6,088) | (5,548) |
| Other financing activities | 168 | 66 | (91) |
| Net cash provided by/(used in) financing activities | (20,607) | (11,174) | 14,481 |
| Effect of exchange-rate changes on cash and cash equivalents | (29) | (31) | 60 |
| Net increase/(decrease) in cash and cash equivalents | 1,804 | (243) | (144) |
| Cash and cash equivalents at beginning of year | 1,735 | 1,978 | |
| Cash and cash equivalents at end of year | 3,539 | 1,735 | 1,978 |
| Supplemental Cash Flow Information | |||
| Non-cash transactions-Acquisition of Wyeth, treasury stock issued | 23,303 | ||
| Cash paid during the period for: | |||
| Income taxes | 2,938 | 11,775 | 2,300 |
| Interest | 2,085 | 2,155 | 935 |
| [1] Certain production facilities are shared. Depreciation is allocated based on estimates of physical production. | |||
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | ||
PFIZER INC | ||
Ticker: PFE Fiscal Year: 2011 | ||
Consolidated Balance Sheets | ||
Period Ending Dec 31, 2011 10-K (Filed: Feb 28, 2012) | ||
| (In Millions, except shares in actual) | ||
| As of | As of | |
| Dec 31, 2011 | Dec 31, 2010 | |
| Assets | ||
| Cash and cash equivalents | $ 3,539 | 1,735 |
| Short-term investments | 23,219 | 26,277 |
| Accounts receivable, less allowance for doubtful accounts: 2011-$227; 2010-$208 | 13,608 | 13,380 |
| Short-term loans | 51 [1] | 467 |
| Inventories | 7,769 [2] | 8,275 |
| Taxes and other current assets | 9,441 | 9,440 |
| Assets of discontinued operations and other assets held for sale | 101 | 1,439 |
| Total current assets | 57,728 | 61,013 |
| Long-term investments and loans | 9,457 | 9,747 |
| Property, plant and equipment, less accumulated depreciation | 16,938 [3] | 18,645 |
| Goodwill | 45,067 | 43,928 [4] |
| Identifiable intangible assets, less accumulated amortization | 53,833 | 57,555 |
| Taxes and other noncurrent assets | 4,979 | 4,126 |
| Total assets | 188,002 | 195,014 |
| Liabilities and Shareholders' Equity | ||
| Short-term borrowings, including current portion of long-term debt: 2011-$6; 2010-$3,502 | 4,018 [5] | 5,603 |
| Accounts payable | 3,836 | 3,994 |
| Dividends payable | 1,796 | 1,601 |
| Income taxes payable | 1,013 | 951 |
| Accrued compensation and related items | 2,169 | 2,080 |
| Other current liabilities | 15,237 | 14,256 |
| Liabilities of discontinued operations | 151 | |
| Total current liabilities | 28,069 | 28,636 |
| Long-term debt | 34,931 [6] | 38,410 |
| Pension benefit obligations | 6,355 | 6,194 |
| Postretirement benefit obligations | 3,344 | 3,035 |
| Noncurrent deferred tax liabilities | 19,597 | 18,628 |
| Other taxes payable | 6,886 | 6,245 |
| Other noncurrent liabilities | 6,199 | 5,601 |
| Total liabilities | 105,381 | 106,749 |
| Commitments and Contingencies | ||
| Preferred stock, without par value, at stated value; 27 shares authorized; issued: 2011- 1,112; 2010-1,279 | 45 | 52 |
| Common stock, $0.05 par value; 12,000 shares authorized; issued: 2011-8,902; 2010-8,876 | 445 | 444 |
| Additional paid-in capital | 71,423 | 70,760 |
| Employee benefit trusts | (3) | (7) |
| Treasury stock, shares at cost; 2011-1,327; 2010-864 | (31,801) | (22,712) |
| Retained earnings | 46,210 | 42,716 |
| Accumulated other comprehensive loss | (4,129) | (3,440) |
| Total Pfizer Inc. shareholders' equity | 82,190 | 87,813 |
| Equity attributable to noncontrolling interests | 431 | 452 |
| Total shareholders' equity | 82,621 | 88,265 |
| Total liabilities and shareholders' equity | 188,002 | 195,014 |
| [4] Beginning in the first quarter of 2011, our Company is managed through five operating segments, as shown in the table above (see also Note 18. Segment, Product and Geographic Area Information for further discussion about the change in management approach). As part of the change, we have retrospectively presented goodwill according to the new operating segment structure. | ||
| [5] The differences between the estimated fair values and carrying values of these financial assets and liabilities not measured at fair value on a recurring basis were not significant as of December 31, 2011 or December 31, 2010. | Includes foreign currency borrowings with fair values of $2 billion at December 31, 2010, which are used as hedging instruments. | ||
| [6] Includes foreign currency debt with fair values of $919 million at December 31, 2011 and $880 million at December 31, 2010, which are used as hedging instruments. | The fair value of our long-term debt is $40.1 billion at December 31, 2011 and $42.3 billion at December 31, 2010. | ||
| [1] Our short-term and long-term loans are due from companies with highly rated securities (Standard & Poor's (S&P) ratings that are virtually all AA or better). | ||
| [2] The decrease in total inventories is primarily due to the inventory sold during 2011 that was acquired from Wyeth and had been recorded at fair value, partially offset by the acquisition of King (see Note 2B. Acquisitions, Divestitures, Collaborative Arrangements and Equity-Method Investments: Acquisition of King Pharmaceuticals, Inc.) and the impact of foreign exchange. | Certain amounts of inventories are in excess of one year's supply. There are no recoverability issues associated with those amounts. | ||
| [3] The decrease in total property, plant and equipment is primarily due to depreciation, disposals and impairments, partially offset by capital additions, the impact of foreign exchange and the acquisition of King (see Note 2B. Acquisitions, Divestitures, Collaborative Arrangements and Equity-Method Investments: Acquisition of King Pharmaceuticals, Inc.). | ||
| External Links | |
| PFIZER INC (PFE) Fiscal Year 2011 | |
| Statements of 10-K in Excel | https://www.sec.gov/.../Financial.xlxs |
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| Complete 10-K in XBRL | https://www.sec.gov/.../10-K-xbrl.zip |