10-K.Info (Beta Test) Courtesy of Short Sands, LLC | ||||||||||||||
| ||||||||||||||
|
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
PFIZER INC | |||
Ticker: PFE Fiscal Year: 2012 | |||
Consolidated Statements of Income | |||
Period Ending Dec 31, 2012 10-K (Filed: Feb 28, 2013) | |||
| (In Millions) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2012 | Dec 31, 2011 | Dec 31, 2010 | |
| Revenues | $ 58,986 | 65,259 [1] | 65,165 |
| Costs and expenses: | |||
| Cost of sales | 11,334 [2] | 14,076 | 14,788 |
| Selling, informational and administrative expenses | 16,616 | 18,832 | 18,973 |
| Research and development expenses | 7,870 | 9,074 | 9,483 |
| Amortization of intangible assets | 5,175 | 5,544 | 5,364 |
| Restructuring charges and certain acquisition-related costs | 1,880 | 2,930 | 3,145 |
| Other deductionsnet | 4,031 | 2,499 | 3,941 |
| Income from continuing operations before provision for taxes on income | 12,080 [3] | 12,304 | 9,471 |
| Provision for taxes on income | 2,562 | 3,909 | 1,153 [4] |
| Income from continuing operations | 9,518 | 8,395 | 8,318 |
| Discontinued operations: | |||
| Income/(loss) from discontinued operationsnet of tax | 297 | 350 | (19) |
| Gain/(loss) on sale of discontinued operationsnet of tax | 4,783 | 1,304 | (11) |
| Discontinued operationsnet of tax | 5,080 | 1,654 | (30) |
| Net income before allocation to noncontrolling interests | 14,598 | 10,049 | 8,288 |
| Less: Net income attributable to noncontrolling interests | 28 | 40 | 31 |
| Net income attributable to Pfizer Inc. | 14,570 | 10,009 | 8,257 |
| Earnings per common sharebasic: | |||
| Income from continuing operations attributable to Pfizer Inc. common shareholders | 1.27 | 1.07 | 1.03 |
| Discontinued operationsnet of tax | 0.68 | 0.21 | 0.00 |
| Net income attributable to Pfizer Inc. common shareholders | 1.96 | 1.28 | 1.03 [5] |
| Earnings per common sharediluted: | |||
| Income from continuing operations attributable to Pfizer Inc. common shareholders | 1.26 | 1.06 | 1.03 |
| Discontinued operationsnet of tax | 0.68 | 0.21 | 0.00 |
| Net income attributable to Pfizer Inc. common shareholders | 1.94 | 1.27 | 1.02 |
| Weighted-average sharesbasic | 7,442 | 7,817 | 8,036 |
| Weighted-average sharesdiluted | 7,508 | 7,870 | 8,074 |
| Cash dividends paid per common share | 0.88 | 0.80 | 0.72 |
| [2] 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. | |||
| [3] 2011 v. 2010The decrease in the domestic loss was primarily due to the non-recurrence of a charge of $1.3 billion (pre-tax) in 2010 for asbestos litigation related to our wholly owned subsidiary, Quigley Company, Inc., partially offset by a reduction in revenues due to the loss of exclusivity for several biopharmaceutical products and the impact of the U.S. Healthcare Legislation. The increase in international income was due to the favorable impact of foreign exchange, lower impairment charges, as well as | |||
| [4] In 2012, the Provision for taxes on income was impacted by the following:U.S. tax expense of approximately $2.2 billion as a result of providing U.S. deferred income taxes on certain current-year funds earned outside the U.S. that will not be indefinitely reinvested overseas (see Note 5C. Tax Matters: Deferred Taxes); U.S. tax benefits of approximately $1.1 billion, representing tax and interest, resulting from a multi-year settlement with the IRS with respect to audits of the Pfizer Inc. tax returns for | |||
| [5] EPS amounts may not add due to rounding. | |||
| [1] ) For 2011, includes King commencing on the acquisition date of January 31, 2011. | |||
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
PFIZER INC | |||
Ticker: PFE Fiscal Year: 2012 | |||
Consolidated Statements of Comprehensive Income | |||
Period Ending Dec 31, 2012 10-K (Filed: Feb 28, 2013) | |||
| (In Millions, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2012 | Dec 31, 2011 | Dec 31, 2010 | |
| Net income before allocation to noncontrolling interests | $ 14,598 | 10,049 | 8,288 |
| Other Comprehensive Income/(Loss) | |||
| Foreign currency translation adjustments | (811) | 796 | (3,534) |
| Reclassification adjustments | (207) [1] | (127) | (7) |
| Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, before Tax, Total | (1,018) | 669 | (3,541) |
| Unrealized holding gains/(losses) on derivative financial instruments | 684 | (502) | (1,043) |
| Reclassification adjustments for realized (gains)/losses | (263) | 239 | 702 [2] |
| Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, before Tax, Total | 421 | (263) | (341) |
| Unrealized holding gains/(losses) on available-for-sale securities | 135 | (143) | 7 |
| Reclassification adjustments for realized (gains)/losses | 3 | 15 | (141) |
| Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, before Tax, Total | 138 | (128) | (134) |
| Benefit plans: Actuarial losses, net | (2,232) | (2,459) | (1,426) |
| Reclassification adjustments related to amortization | 473 | 284 | 262 |
| Reclassification adjustments related to curtailments and settlements, net | 317 | 355 | 266 |
| Other | 22 | (100) | 88 |
| Defined Benefit Plan, Amounts Recognized in Other Comprehensive Income (Loss), Net Gain (Loss), before Tax, Total | (1,420) | (1,920) | (810) |
| Benefit plans: Prior service credits and other | 25 | 106 | 550 |
| Reclassification adjustments related to amortization | (69) | (69) | (42) |
| Reclassification adjustments related to curtailments and settlements, net | (130) [3] | (91) | (49) |
| Other | (3) | 3 | 5 |
| Defined Benefit Plan, Amounts Recognized in Other Comprehensive Income (Loss), Net Prior Service Cost, before Tax | (177) | (51) | 464 |
| Other comprehensive loss, before tax | (2,056) | (1,693) | (4,362) |
| Tax benefit on other comprehensive loss | (225) [4] | (959) | (375) |
| Other comprehensive loss before allocation to noncontrolling interests | (1,831) | (734) | (3,987) |
| Comprehensive Income | |||
| Comprehensive income before allocation to noncontrolling interests | 12,767 | 9,315 | 4,301 |
| Less: Comprehensive income/(loss) attributable to noncontrolling interests | 21 | (5) | 36 |
| Comprehensive income attributable to Pfizer Inc. | 12,746 | 9,320 | 4,265 |
| [1] For 2012 and 2011, reclassified to Gain/(loss) on sale of discontinued operationsnet of tax. | |||
| [2] Reclassified into Other deductionsnet in the consolidated statements of income. | |||
| [3] Generally reclassified into Cost of sales, Selling, informational and administrative expenses, and/or Research and development expenses, as appropriate, in the consolidated statements of income. | |||
| [4] See Note 5E. Tax Matters: Taxes on Items of Other Comprehensive Income/(Loss). | |||
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
PFIZER INC | |||
Ticker: PFE Fiscal Year: 2012 | |||
Consolidated Statements of Cash Flows | |||
Period Ending Dec 31, 2012 10-K (Filed: Feb 28, 2013) | |||
| (In Millions, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2012 | Dec 31, 2011 | Dec 31, 2010 | |
| Operating Activities | |||
| Net income before allocation to noncontrolling interests | $ 14,598 | 10,049 | 8,288 |
| Adjustments to reconcile net income before allocation to noncontrolling interests to net cash provided by operating activities: | |||
| Depreciation and amortization | 7,611 | 8,907 | 8,399 |
| Share-based compensation expense | 481 | 419 | 405 |
| Asset write-offs and impairment charges | 1,299 | 1,198 | 3,486 |
| (Gain)/loss on sale of discontinued operations | (7,123) | (1,688) | 11 |
| Deferred taxes from continuing operations | 739 | 307 | 2,109 |
| Deferred taxes from discontinued operations | 1,459 | 147 | (156) |
| Benefit plan contributions (in excess of)/less than expense | 135 | (1,769) | (677) |
| Other non-cash adjustments, net | (203) | (172) | (49) |
| Other changes in assets and liabilities, net of acquisitions and divestitures: | |||
| Accounts receivable | 275 | (66) | (608) |
| Inventories | (631) | 1,084 | 2,917 |
| Other assets | 83 | 701 | (818) |
| Accounts payable | 579 | (367) | (301) |
| Other liabilities | (3,438) | 1,508 | 1,114 |
| Other tax accounts, net | 1,190 | (18) | (12,666) |
| Net cash provided by operating activities | 17,054 | 20,240 | 11,454 |
| Investing Activities | |||
| Purchases of property, plant and equipment | (1,327) | (1,660) | (1,513) |
| Purchases of short-term investments | (24,018) | (18,447) | (11,082) |
| Proceeds from redemptions and sales of short-term investments | 25,302 | 14,176 | 5,699 |
| Net proceeds from redemptions and sales of short-term investments with original maturities of 90 days or less | 1,459 | 10,874 | 5,950 |
| Purchases of long-term investments | (11,145) | (4,620) | (4,128) |
| Proceeds from redemptions and sales of long-term investments | 4,990 | 2,147 | 4,737 |
| Acquisitions, net of cash acquired | (1,050) | (3,282) | (273) |
| Proceeds from sale of businesses | 11,850 | 2,376 | 0 |
| Other investing activities | 93 | 279 | 118 |
| Net cash provided by/(used in) investing activities | 6,154 | 1,843 | (492) |
| Financing Activities | |||
| Proceeds from short-term borrowings | 7,995 | 12,810 | 6,400 |
| Principal payments on short-term borrowings | (3) | (3,826) | (9,249) |
| Net payments on short-term borrowings with original maturities of 90 days or less | (8,204) | (7,540) | (1,297) |
| Principal payments on long-term debt | (1,513) | (6,986) | (6) |
| Purchases of common stock | (8,228) | (9,000) | (1,000) |
| Cash dividends paid | (6,534) | (6,234) | (6,088) |
| Other financing activities | 488 | 169 | 66 |
| Net cash used in financing activities | (15,999) | (20,607) | (11,174) |
| Effect of exchange-rate changes on cash and cash equivalents | (2) | (29) | (31) |
| Net increase/(decrease) in cash and cash equivalents | 7,207 | 1,447 | (243) |
| Cash and cash equivalents, beginning | 3,182 | 1,735 | |
| Cash and cash equivalents, ending | 10,389 | 3,182 | 1,735 |
| Supplemental Cash Flow Information | |||
| Cash paid during the period for: | |||
| Income taxes | 2,430 | 2,938 | 11,775 |
| Interest | 1,873 | 2,085 | 2,155 |
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | ||
PFIZER INC | ||
Ticker: PFE Fiscal Year: 2012 | ||
Consolidated Balance Sheets | ||
Period Ending Dec 31, 2012 10-K (Filed: Feb 28, 2013) | ||
| (In Millions, except shares in actual) | ||
| As of | As of | |
| Dec 31, 2012 | Dec 31, 2011 | |
| Assets | ||
| Cash and cash equivalents | $ 10,389 | 3,182 |
| Short-term investments | 22,319 | 23,270 |
| Accounts receivable, less allowance for doubtful accounts, 2012$374; 2011$226 | 12,378 | 13,058 |
| Inventories | 7,063 | 6,610 |
| Taxes and other current assets | 9,196 | 9,380 |
| Assets of discontinued operations and other assets held for sale | 70 | 5,317 |
| Total current assets | 61,415 | 60,817 |
| Long-term investments | 14,149 | 9,814 |
| Property, plant and equipment, less accumulated depreciation | 14,461 [1] | 15,921 |
| Goodwill | 44,672 | 44,569 |
| Identifiable intangible assets, less accumulated amortization | 46,013 | 51,184 |
| Taxes and other noncurrent assets | 5,088 | 5,697 |
| Total assets | 185,798 | 188,002 |
| Liabilities and Equity | ||
| Short-term borrowings, including current portion of long-term debt: 2012$2,449; 2011$6 | 6,424 | 4,016 |
| Accounts payable | 4,264 | 3,678 |
| Dividends payable | 1,734 | 1,796 |
| Income taxes payable | 1,010 | 1,009 |
| Accrued compensation and related items | 2,046 | 2,120 |
| Other current liabilities | 13,141 | 15,066 |
| Liabilities of discontinued operations | 0 | 1,224 |
| Total current liabilities | 28,619 | 28,909 |
| Long-term debt | 31,036 | 34,926 [2] |
| Pension benefit obligations | 7,830 | 6,355 |
| Postretirement benefit obligations | 3,493 | 3,344 |
| Noncurrent deferred tax liabilities | 21,593 | 18,861 |
| Other taxes payable | 6,610 | 6,886 |
| Other noncurrent liabilities | 4,939 | 6,100 |
| Total liabilities | 104,120 | 105,381 |
| Commitments and Contingencies | ||
| Preferred stock, without par value, at stated value; 27 shares authorized; issued: 2012967; 20111,112 | 39 | 45 |
| Common stock, $0.05 par value; 12,000 shares authorized; issued: 20128,956; 20118,902 | 448 | 445 |
| Additional paid-in capital | 72,608 | 71,423 |
| Employee benefit trusts | (1) | (3) |
| Treasury stock, shares at cost: 20121,680; 20111,327 | (40,121) | (31,801) |
| Retained earnings | 54,240 | 46,210 |
| Accumulated other comprehensive loss | (5,953) | (4,129) |
| Total Pfizer Inc. shareholders equity | 81,260 | 82,190 |
| Equity attributable to noncontrolling interests | 418 | 431 |
| Total equity | 81,678 | 82,621 |
| Total liabilities and equity | 185,798 | 188,002 |
| Allowance for Doubtful Accounts Receivable, Current | 374 | 226 |
| Long-term Debt, Current Maturities | 2,449 | 6 |
| Preferred Stock, No Par Value | ||
| Preferred Stock, Shares Authorized | 27,000,000 | 27,000,000 |
| Preferred Stock, Shares Issued | 967 | 1,112 |
| Common Stock, Par or Stated Value Per Share | 0.0500 | 0.0500 |
| Common Stock, Shares Authorized | 12,000,000,000 | 12,000,000,000 |
| Common Stock, Shares, Issued | 8,956,000,000 | 8,902,000,000 |
| Treasury Stock, Shares | 1,680,000,000 | 1,327,000,000 |
| [1] The decrease in total property, plant and equipment is primarily due to depreciation, disposals, impairments and the impact of foreign exchange, partially offset by capital additions. | ||
| [2] Includes foreign currency debt with fair values of $809 million as of December 31, 2012 and $919 million as of December 31, 2011, which are used as hedging instruments. | Some carrying amounts may include adjustments for discount or premium amortization or for the effect of interest rate swaps designated as hedges. | The fair value of our long-term debt (not including the current portion of long-term debt) is $37.5 billion as of December 31, 2012 and $40.1 billion as of December 31, 2011. The fair value mea | ||
| External Links | |
| PFIZER INC (PFE) Fiscal Year 2012 | |
| 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 |