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: 2013 | |||
Consolidated Statements of Income | |||
Period Ending Dec 31, 2013 10-K (Filed: Feb 28, 2014) | |||
| (In Millions) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2013 | Dec 31, 2012 | Dec 31, 2011 | |
| Revenues | $ 51,584 | 54,657 | 61,035 |
| Costs and expenses: | |||
| Cost of sales(a) | 9,586 | 9,821 | 12,500 |
| Selling, informational and administrative expenses(a) | 14,355 | 15,171 | 17,581 |
| Research and development expenses(a) | 6,678 | 7,482 [1] | 8,681 |
| Amortization of intangible assets | 4,599 | 5,109 | 5,465 |
| Restructuring charges and certain acquisition-related costs | 1,182 | 1,810 [2] | 2,841 |
| Other (income)/deductionsnet | (532) | 4,022 | 2,486 |
| Income from continuing operations before provision for taxes on income | 15,716 | 11,242 | 11,481 [3] |
| Provision for taxes on income | 4,306 | 2,221 | 3,621 |
| Income from continuing operations | 11,410 | 9,021 | 7,860 |
| Discontinued operations: | |||
| Income from discontinued operationsnet of tax | 308 | 794 | 885 |
| Gain on disposal of discontinued operationsnet of tax | 10,354 | 4,783 | 1,304 |
| Discontinued operationsnet of tax | 10,662 | 5,577 | 2,189 |
| Net income before allocation to noncontrolling interests | 22,072 | 14,598 | 10,049 |
| Less: Net income attributable to noncontrolling interests | 69 | 28 | 40 |
| Net income attributable to Pfizer Inc. | 22,003 | 14,570 | 10,009 |
| Earnings per common sharebasic: | |||
| Income from continuing operations attributable to Pfizer Inc. common shareholders | 1.67 | 1.21 | 1.00 |
| Discontinued operationsnet of tax | 1.56 | 0.75 | 0.28 |
| Net income attributable to Pfizer Inc. common shareholders | 3.23 | 1.96 | 1.28 |
| Earnings per common sharediluted: | |||
| Income from continuing operations attributable to Pfizer Inc. common shareholders | 1.65 | 1.20 | 0.99 |
| Discontinued operationsnet of tax | 1.54 | 0.74 | 0.28 |
| Net income attributable to Pfizer Inc. common shareholders | 3.19 | 1.94 | 1.27 |
| Weighted-average sharesbasic | 6,813 | 7,442 | 7,817 |
| Weighted-average sharesdiluted | 6,895 | 7,508 | 7,870 |
| Cash dividends paid per common share | 0.96 | 0.88 | 0.80 |
| [1] 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. | |||
| [2] Integration costs represent external, incremental costs directly related to integrating acquired businesses, and primarily include expenditures for consulting and the integration of systems and processes. | |||
| [3] 2013 v. 2012The decrease in the domestic loss was primarily due to income from a litigation settlement in the second quarter of 2013 with Teva and Sun for patent-infringement damages resulting from their at-risk launches of generic Protonix in the U.S., lower charges related to other legal matters, lower restructuring charges and other costs associated with acquisitions and cost-reduction/productivity initiatives, partially offset by lower revenues. The increase in international income is primarily rela | |||
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
PFIZER INC | |||
Ticker: PFE Fiscal Year: 2013 | |||
Consolidated Statements of Comprehensive Income | |||
Period Ending Dec 31, 2013 10-K (Filed: Feb 28, 2014) | |||
| (In Millions, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2013 | Dec 31, 2012 | Dec 31, 2011 | |
| Net income before allocation to noncontrolling interests | $ 22,072 | 14,598 | 10,049 |
| Other Comprehensive Income/(Loss) | |||
| Foreign currency translation adjustments | (535) | (811) | 796 |
| Reclassification adjustments(a) | 144 [1] | (207) | (127) |
| Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, before Tax, Total | (391) | (1,018) | 669 |
| Unrealized holding gains/(losses) on derivative financial instruments | 488 | 745 | (726) |
| Reclassification adjustments for realized (gains)/losses(b) | (94) | (616) | 537 |
| Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, before Tax, Total | 394 | 129 | (189) |
| Unrealized holding gains on available-for-sale securities | 151 | 74 | 81 |
| Reclassification adjustments for realized (gains)/losses(b) | (237) | 356 [2] | (283) |
| Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, before Tax, Total | (86) | 430 | (202) |
| Benefit plans: actuarial gains/(losses), net | 3,714 | (2,136) | (2,246) |
| Reclassification adjustments related to amortization(c) | 581 | 473 | 284 |
| Reclassification adjustments related to settlements, net(c) | 175 | 221 | 140 |
| Other | 48 | 22 | (98) |
| Defined Benefit Plan, Amounts Recognized in Other Comprehensive Income (Loss), Net Gain (Loss), before Tax, Total | 4,518 | (1,420) | (1,920) |
| Benefit plans: prior service credits and other | 151 | 25 | 106 |
| Reclassification adjustments related to amortization(c) | (58) [3] | (69) | (69) |
| Reclassification adjustments related to curtailments, net(c) | 1 | (130) | (91) |
| Other | (8) | (3) | 3 |
| Defined Benefit Plan, Amounts Recognized in Other Comprehensive Income (Loss), Net Prior Service Cost, before Tax | 86 | (177) | (51) |
| Other comprehensive income/(loss), before tax | 4,521 | (2,056) | (1,693) |
| Tax provision/(benefit) on other comprehensive income/(loss)(d) | 1,928 [4] | (225) | (959) |
| Other comprehensive income/(loss) before allocation to noncontrolling interests | 2,593 | (1,831) | (734) |
| Comprehensive Income | |||
| Comprehensive income before allocation to noncontrolling interests | 24,665 | 12,767 | 9,315 |
| Less: Comprehensive income/(loss) attributable to noncontrolling interests | 7 | 21 | (5) |
| Comprehensive income attributable to Pfizer Inc. | 24,658 | 12,746 | 9,320 |
| [3] Generally reclassified, as part of net periodic pension cost, into Cost of sales, Selling, informational and administrative expenses, and/or Research and development expenses, as appropriate, in the consolidated statements of income. For additional information, see Note 11. Pension and Postretirement Benefit Plans and Defined Contribution Plans. | |||
| [4] See Note 5E. Tax Matters: Taxes on Items of Other Comprehensive Income/(Loss). | |||
| [1] Reclassified into Gain on disposal of discontinued operationsnet of tax in the consolidated statements of income. | |||
| [2] Reclassified into Other (income)/deductionsnet in the consolidated statements of income. | |||
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
PFIZER INC | |||
Ticker: PFE Fiscal Year: 2013 | |||
Consolidated Statements of Cash Flows | |||
Period Ending Dec 31, 2013 10-K (Filed: Feb 28, 2014) | |||
| (In Millions, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2013 | Dec 31, 2012 | Dec 31, 2011 | |
| Operating Activities | |||
| Net income before allocation to noncontrolling interests | $ 22,072 | 14,598 | 10,049 |
| Adjustments to reconcile net income before allocation to noncontrolling interests to net cash provided by operating activities: | |||
| Depreciation and amortization | 6,410 | 7,655 | 9,026 |
| Asset write-offs, impairments and related charges | 1,368 | 1,299 | 1,198 |
| Gain on disposal of discontinued operations | (10,446) | (7,123) | (1,688) |
| Gain associated with the transfer of certain product rights to an equity-method investment | (459) | 0 | 0 [1] |
| Deferred taxes from continuing operations | 1,726 | 786 | 236 |
| Deferred taxes from discontinued operations | (23) | 1,412 | 218 |
| Share-based compensation expense | 523 | 481 | 419 |
| Benefit plan contributions (in excess of)/less than expense | 310 | 135 | (1,769) |
| Other non-cash adjustments, net | (324) | (130) | 18 |
| Other changes in assets and liabilities, net of acquisitions and divestitures: | |||
| Accounts receivable | 940 | 367 | 140 |
| Inventories | (538) | (631) | 1,084 |
| Other assets | (822) | (434) | 186 |
| Accounts payable | 382 | 579 | (367) |
| Other liabilities | (3,184) | (2,738) | 1,508 |
| Other tax accounts, net | (170) | 490 | (18) |
| Net cash provided by operating activities | 17,765 | 16,746 | 20,240 |
| Investing Activities | |||
| Purchases of property, plant and equipment | (1,206) | (1,327) | (1,660) |
| Purchases of short-term investments | (42,761) | (24,018) | (18,447) |
| Proceeds from redemptions and sales of short-term investments | 41,127 | 25,302 | 14,176 |
| Net (purchases of)/proceeds from redemptions and sales of short-term investments with original maturities of 90 days or less) | (4,277) | 1,459 | 10,874 |
| Purchases of long-term investments | (11,020) | (11,145) | (4,620) |
| Proceeds from redemptions and sales of long-term investments | 7,555 | 4,990 | 2,147 |
| Acquisitions of businesses, net of cash acquired | (15) | (1,050) | (3,282) |
| Acquisitions of intangible assets | (259) | (92) | (222) |
| Proceeds from sale of businesses | 0 | 11,850 | 2,376 |
| Other investing activities | 231 | 185 | 501 |
| Net cash provided by/(used in) investing activities | (10,625) | 6,154 | 1,843 |
| Financing Activities | |||
| Proceeds from short-term borrowings | 4,323 | 7,995 | 12,810 |
| Principal payments on short-term borrowings | (4,234) | (8,177) | (13,276) |
| Net proceeds from/(payments on) short-term borrowings with original maturities of 90 days or less | 3,475 | (30) | 1,910 |
| Proceeds from issuance of long-term debt(a) | 6,618 [2] | 0 | 0 |
| Principal payments on long-term debt | (4,146) | (1,513) | (6,986) |
| Purchases of common stock | (16,290) | (8,228) | (9,000) |
| Cash dividends paid | (6,580) | (6,534) | (6,234) |
| Proceeds from exercise of stock options | 1,750 | 568 | 153 |
| Other financing activities | 109 | (80) | 16 |
| Net cash used in financing activities | (14,975) | (15,999) | (20,607) |
| Effect of exchange-rate changes on cash and cash equivalents | (63) | (2) | (29) |
| Net increase/(decrease) in cash and cash equivalents | (7,898) | 6,899 | 1,447 |
| Cash and cash equivalents, beginning | 10,081 | 3,182 | |
| Cash and cash equivalents, end | 2,183 | 10,081 | 3,182 |
| Supplemental Cash Flow Information | |||
| Sale of subsidiary common stock (Zoetis) for Pfizer common stock(b) | 11,408 | 0 | 0 |
| Exchange of subsidiary common stock (Zoetis) for the retirement of Pfizer commercial paper issued in 2013(b) | 2,479 | 0 | 0 |
| Transfer of certain product rights to an equity-method investment (Hisun Pfizer)(c) | 1,233 [3] | 0 | 0 |
| Contribution of an investment in connection with the resolution of a legal matter (Quigley)(d) | 447 | 0 | 0 [4] |
| Cash paid during the period for: | |||
| Income taxes | 2,874 | 2,409 | 2,927 |
| Interest | 1,729 | 1,873 | 2,085 |
| Legal Entity | |||
| Zoetis | |||
| Exchange of subsidiary senior notes (Zoetis) for the retirement of Pfizer commercial paper issued in 2012(b) | 992 | 0 [5] | 0 |
| Proceeds from issuance of long-term debt(a) | 2,600 | ||
| [1] In 2013, represents the gain associated with the transfer of certain product rights to Hisun Pfizer, our equity-method investment in China. For additional information, see Note 2D. Acquisitions, Divestitures, Collaborative Arrangements and Equity-Method Investments: Equity-Method Investments. | |||
| [2] Includes $2.6 billion from the issuance of senior notes by Zoetis (our former Animal Health subsidiary), net of the $1.0 billion non-cash exchange of Zoetis senior notes for the retirement of Pfizer commercial paper issued in 2012. See Note 2B. Acquisitions, Divestitures, Collaborative Arrangements and Equity-Method Investments: Divestitures. | |||
| [3] See Note 2D. Acquisitions, Divestitures, Collaborative Arrangements and Equity-Method Investments: Equity-Method Investments. | |||
| [4] See Note 17A5. Commitments and Contingencies: Legal ProceedingsCertain Matters Resolved During 2013. | |||
| [5] Relates to Zoetis (our former Animal Health subsidiary). See Note 2B. Acquisitions, Divestitures, Collaborative Arrangements and Equity-Method Investments: Divestitures. | |||
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | ||
PFIZER INC | ||
Ticker: PFE Fiscal Year: 2013 | ||
Consolidated Balance Sheets | ||
Period Ending Dec 31, 2013 10-K (Filed: Feb 28, 2014) | ||
| (In Millions) | ||
| As of | As of | |
| Dec 31, 2013 | Dec 31, 2012 | |
| Assets | ||
| Cash and cash equivalents | $ 2,183 | 10,081 |
| Short-term investments | 30,225 | 22,318 |
| Accounts receivable, less allowance for doubtful accounts: 2013$478; 2012$324 | 9,357 | 10,675 |
| Inventories | 6,166 | 6,076 |
| Current deferred tax assets and other current tax assets | 4,624 | 6,170 |
| Other current assets | 3,613 | 3,567 |
| Assets of discontinued operations and other assets held for sale | 76 | 5,944 |
| Total current assets | 56,244 | 64,831 |
| Long-term investments | 16,406 | 14,149 |
| Property, plant and equipment, less accumulated depreciation | 12,397 [1] | 13,213 |
| Goodwill | 42,519 | 43,661 |
| Identifiable intangible assets, less accumulated amortization | 39,385 | 45,146 |
| Noncurrent deferred tax assets and other noncurrent tax assets | 1,554 | 1,565 |
| Other noncurrent assets | 3,596 | 3,233 |
| Total assets | 172,101 | 185,798 |
| Liabilities and Equity | ||
| Short-term borrowings, including current portion of long-term debt: 2013$2,060; 2012$2,449 | 6,027 [2] | 6,424 |
| Accounts payable | 3,234 | 2,921 |
| Dividends payable | 1,663 | 1,733 |
| Income taxes payable | 678 | 979 |
| Accrued compensation and related items | 1,792 | 1,875 |
| Other current liabilities | 9,951 | 13,812 |
| Liabilities of discontinued operations | 21 | 1,442 |
| Total current liabilities | 23,366 | 29,186 |
| Long-term debt | 30,462 | 31,036 [3] |
| Pension benefit obligations, net | 4,635 | 7,782 |
| Postretirement benefit obligations, net | 2,668 | 3,491 |
| Noncurrent deferred tax liabilities | 25,590 | 21,193 |
| Other taxes payable | 3,993 | 6,581 |
| Other noncurrent liabilities | 4,767 | 4,851 |
| Total liabilities | 95,481 | 104,120 |
| Commitments and Contingencies | ||
| Preferred stock, no par value, at stated value; 27 shares authorized; issued: 2013829; 2012967 | 33 | 39 |
| Common stock, $0.05 par value; 12,000 shares authorized; issued: 20139,051; 20128,956 | 453 | 448 |
| Additional paid-in capital | 77,283 | 72,608 |
| Treasury stock, shares at cost: 20132,652; 20121,680 | (67,923) | (40,122) |
| Retained earnings | 69,732 | 54,240 |
| Accumulated other comprehensive loss | (3,271) | (5,953) |
| Total Pfizer Inc. shareholders equity | 76,307 | 81,260 |
| Equity attributable to noncontrolling interests | 313 | 418 |
| Total equity | 76,620 | 81,678 |
| Total liabilities and equity | 172,101 | 185,798 |
| Allowance for Doubtful Accounts Receivable, Current | 478 | 324 |
| Long-term Debt, Current Maturities | 2,060 | 2,449 |
| Preferred Stock, No Par Value | ||
| Preferred Stock, Shares Authorized | 27 | 27 |
| Preferred Stock, Shares Issued | 0 | 0 |
| Common Stock, Par or Stated Value Per Share | 0.0500 | 0.0500 |
| Common Stock, Shares Authorized | 12,000 | 12,000 |
| Common Stock, Shares, Issued | 9,051 | 8,956 |
| Treasury Stock, Shares | 2,652 | 1,680 |
| [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] The differences between the estimated fair values and carrying values of held-to-maturity debt securities, private equity securities at cost and short-term borrowings not measured at fair value on a recurring basis were not significant as of December 31, 2013 or December 31, 2012. The fair value measurements of our held-to-maturity debt securities and our short-term borrowings are based on Level 2 inputs, using a market approach. The fair value measurements of our private equity securities at cost are based | ||
| [3] Some carrying amounts may include adjustments for discount or premium amortization or for the effect of hedging the interest rate fair value risk associated with certain financial liabilities by interest rate swaps. | Includes foreign currency debt with fair values of $651 million as of December 31, 2013 and $809 million as of December 31, 2012, which are used as hedging instruments. | The fair value of our long-term debt (not including the current portion of long-term debt) is $35.1 billion as of December | ||
| External Links | |
| PFIZER INC (PFE) Fiscal Year 2013 | |
| 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 |