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: 2017 | |||
Consolidated Statements of Income | |||
Period Ending Dec 31, 2017 10-K (Filed: Feb 22, 2018) | |||
| (In Millions) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2017 | Dec 31, 2016 | Dec 31, 2015 | |
| Revenues | $ 52,546 | 52,824 | 48,851 |
| Costs and expenses: | |||
| Cost of sales | 11,240 | 12,329 | 9,648 |
| Selling, informational and administrative expenses | 14,784 | 14,837 [1] | 14,809 |
| Research and development expenses | 7,657 | 7,872 | 7,690 |
| Amortization of intangible assets | 4,758 | 4,056 | 3,728 |
| Restructuring charges and certain acquisition-related costs | 487 | 1,724 | 1,152 |
| Other (income)/deductionsnet | 1,315 | 3,655 | 2,860 |
| Income from continuing operations before provision/(benefit) for taxes on income | 12,305 | 8,351 | 8,965 [2] |
| Provision/(benefit) for taxes on income | (9,049) | 1,123 | 1,990 |
| Income from continuing operations | 21,353 | 7,229 | 6,975 |
| Discontinued operations: | |||
| Income from discontinued operationsnet of tax | (1) | 16 | 17 |
| Gain/(loss) on disposal of discontinued operationsnet of tax | 3 | 0 | (6) |
| Discontinued operationsnet of tax | 2 | 17 | 11 |
| Net income before allocation to noncontrolling interests | 21,355 | 7,246 | 6,986 |
| Less: Net income attributable to noncontrolling interests | 47 | 31 | 26 |
| Net income attributable to Pfizer Inc. | 21,308 | 7,215 | 6,960 |
| Earnings per common sharebasic: | |||
| Income from continuing operations attributable to Pfizer Inc. common shareholders (in dollars per share) | 3.57 | 1.18 | 1.13 |
| 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) | 3.57 | 1.18 | 1.13 [3] |
| Earnings per common sharediluted: | |||
| Income from continuing operations attributable to Pfizer Inc. common shareholders (in dollars per share) | 3.52 | 1.17 | 1.11 |
| 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) | 3.52 | 1.17 | 1.11 |
| Weighted-average sharesbasic | 5,970 | 6,089 [4] | 6,176 |
| Weighted-average sharesdiluted | 6,058 | 6,159 | 6,257 |
| Cash dividends paid per common share (in dollars per share) | 1.28 | 1.20 | 1.12 |
| [4] 2017 shares include the effect of the modification for a commitment to pay 15.2 million common-share equivalents that were scheduled for near-term settlement. | |||
| [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] 2017 v. 2016The decrease in the domestic loss was primarily due to lower restructuring charges and certain acquisition-related costs, the non-recurrence of the 2016 impairment on the remeasurement of HIS net assets, lower certain asset impairments and lower certain legal matters, partially offset by higher net losses on early retirement of debt, and higher amortization of intangible assets. The increase in international income was primarily due to the non-recurrence of the 2016 impairment on the remeasure | |||
| [3] Amounts may not add due to rounding. | |||
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
PFIZER INC | |||
Ticker: PFE Fiscal Year: 2017 | |||
Consolidated Statements of Comprehensive Income | |||
Period Ending Dec 31, 2017 10-K (Filed: Feb 22, 2018) | |||
| (In Millions, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2017 | Dec 31, 2016 | Dec 31, 2015 | |
| Net income before allocation to noncontrolling interests | $ 21,355 | 7,246 | 6,986 |
| Foreign currency translation adjustments, net | 1,116 | (815) | (3,110) |
| Reclassification adjustments | 162 [1] | 0 | 0 |
| Other comprehensive income (loss), foreign currency transaction and translation adjustment, before tax, total | 1,278 | (815) | (3,110) |
| Unrealized holding gains/(losses) on derivative financial instruments, net | (10) | (442) | 204 |
| Reclassification adjustments for (gains)/losses included in net income | (520) | 452 [2] | (368) |
| Other comprehensive income (loss), derivatives qualifying as hedges, before tax, total | (530) | 10 | (165) |
| Unrealized holding gains/(losses) on available-for-sale securities, net | 818 | 248 | (846) |
| Reclassification adjustments for (gains)/losses included in net income | (244) | (118) | 796 |
| Other comprehensive income (loss), available-for-sale securities adjustment, before tax, total | 574 | 130 | (50) |
| Benefit plans: actuarial losses, net | (212) | (1,888) | (37) |
| Reclassification adjustments related to amortization | 588 | 558 [3] | 550 |
| Reclassification adjustments related to settlements, net | 117 | 127 | 671 |
| Other | (145) | 195 | 199 |
| Defined benefit Plan, amounts recognized in other comprehensive income (loss), net gain (loss), before tax, total | 348 | (1,009) | 1,383 |
| Benefit plans: prior service (costs)/credits and other, net | (2) [4] | 184 | 432 |
| Reclassification adjustments related to amortization | (184) | (173) | (160) |
| Reclassification adjustments related to curtailments, net | (18) | (26) | (32) |
| Other | 0 | 6 | (3) |
| Defined benefit plan, amounts recognized in other comprehensive income (loss), net prior service cost, before tax | (203) | (8) | 237 |
| Other comprehensive income/(loss), before tax | 1,468 | (1,692) | (1,705) |
| Tax provision/(benefit) on other comprehensive income/(loss) | (262) [5] | (174) | 528 |
| Other comprehensive income/(loss) before allocation to noncontrolling interests | 1,730 | (1,518) | (2,232) |
| Comprehensive income before allocation to noncontrolling interests | 23,085 | 5,728 | 4,754 |
| Less: Comprehensive income/(loss) attributable to noncontrolling interests | 62 | 28 | (1) |
| Comprehensive income attributable to Pfizer Inc. | 23,023 | 5,701 | 4,755 |
| [1] The foreign currency translation adjustments reclassified into Other (income)/deductionsnet in the consolidated statement of income primarily result from sale of our 40% ownership investment in Teuto and the sale of our 49% equity share in Hisun Pfizer. See Note 2D. Acquisitions, Sale of Hospira Infusion Systems Net Assets, Research and Development and Collaborative Arrangements, Equity-Method Investments and Cost-Method Investment: Equity-Method Investments. | |||
| [2] Reclassified into Other (income)/deductionsnet and Cost of sales in the consolidated statements of income. For additional information on amounts reclassified into Cost of sales, see Note 7F. Financial Instruments: Derivative Financial Instruments and Hedging Activities. | |||
| [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] Amounts may not add due to rounding. | |||
| [5] See Note 5E. Tax Matters: Tax Provision/(Benefit) on Other Comprehensive Income/(Loss). | |||
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
PFIZER INC | |||
Ticker: PFE Fiscal Year: 2017 | |||
Consolidated Statements of Cash Flows | |||
Period Ending Dec 31, 2017 10-K (Filed: Feb 22, 2018) | |||
| (In Millions, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2017 | Dec 31, 2016 | Dec 31, 2015 | |
| Operating Activities | |||
| Net income before allocation to noncontrolling interests | $ 21,355 | 7,246 | 6,986 |
| Adjustments to reconcile net income before allocation to noncontrolling interests to net cash provided by operating activities: | |||
| Depreciation and amortization | 6,269 | 5,757 | 5,157 |
| Asset write-offs and impairments | 634 | 1,613 | 1,119 |
| Foreign currency loss related to Venezuela | 0 [1] | 0 | 806 |
| Loss on sale of HIS net assets | 55 | 1,712 [2] | 0 |
| TCJA impact | (10,660) | 0 | 0 [3] |
| Deferred taxes from continuing operations | (2,410) | (700) | (20) |
| Share-based compensation expense | 840 | 691 | 669 |
| Benefit plan contributions in excess of expense | (961) | (712) | (617) |
| Other adjustments, net | 50 | 208 | (152) |
| Other changes in assets and liabilities, net of acquisitions and divestitures: | |||
| Trade accounts receivable | 259 | (134) | 21 |
| Inventories | (357) | 365 | (199) |
| Other assets | (31) | (60) | 236 |
| Trade accounts payable | 46 | 871 | 254 |
| Other liabilities | (67) | (223) | 664 |
| Other tax accounts, net | 1,446 | (734) | (235) |
| Net cash provided by operating activities | 16,470 | 15,901 | 14,688 |
| Investing Activities | |||
| Purchases of property, plant and equipment | (1,956) | (1,823) | (1,397) |
| Purchases of short-term investments | (14,596) | (15,957) | (28,581) |
| Proceeds from redemptions/sales of short-term investments | 10,307 | 29,436 | 40,064 |
| Net (purchases of)/proceeds from redemptions/sales of short-term investments with original maturities of three months or less | 2,058 | (4,218) | 5,768 |
| Purchases of long-term investments | (3,537) | (8,011) | (9,542) |
| Proceeds from redemptions/sales of long-term investments | 3,594 | 11,254 | 6,929 |
| Acquisitions of businesses, net of cash acquired | (1,000) | (18,368) | (16,466) |
| Acquisitions of intangible assets | (261) | (176) | (99) |
| Other investing activities, net | 650 | 51 | 344 |
| Net cash used in investing activities | (4,741) | (7,811) | (2,980) |
| Financing Activities | |||
| Proceeds from short-term borrowings | 8,464 | 7,472 | 5,557 |
| Principal payments on short-term borrowings | (9,990) | (5,102) | (3,965) |
| Net proceeds from/(payments on) short-term borrowings with original maturities of three months or less | 1,401 | (3,084) | 2,717 |
| Proceeds from issuance of long-term debt | 5,274 | 10,976 | 0 |
| Principal payments on long-term debt | (6,154) | (7,689) | (2,990) |
| Purchases of common stock | (5,000) | (5,000) | (6,160) |
| Cash dividends paid | (7,659) | (7,317) | (6,940) |
| Proceeds from exercise of stock options | 862 | 1,019 | 1,263 |
| Other financing activities, net | (233) | (196) | 109 [4] |
| Net cash used in financing activities | (13,035) | (8,921) | (10,409) |
| Effect of exchange-rate changes on cash and cash equivalents | 53 | (215) | (1,000) |
| Net increase/(decrease) in cash and cash equivalents | (1,254) | (1,046) | 298 |
| Cash and cash equivalents, beginning | 2,595 | 3,641 | |
| Cash and cash equivalents, end | 1,342 | 2,595 | 3,641 |
| 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 net book loss of $747 million | 1,848 | 0 | 0 [5] |
| Receipt of ICU Medical common stock | 428 [6] | 0 | 0 |
| Promissory note from ICU Medical | 75 | 0 | 0 |
| Exchange of Hospira subsidiary debt for Pfizer debt | 0 [7] | 0 | 1,669 |
| Cash paid (received) during the period for: | |||
| Income taxes | 2,489 | 2,521 | 2,383 |
| Interest | 1,518 | 1,451 | 1,302 |
| Interest rate hedges | (199) | (338) | (237) |
| [2] In 2017, represents adjustments to amounts previously recorded to write down the HIS net assets to fair value less costs to sell related to the sale of HIS net assets to ICU Medical. In 2016, represents a charge related to the write-down of the HIS net assets to fair value less estimated costs to sell. See Note 2B for additional information. | |||
| [3] As a result of the enactment of the TCJA, Pfizers Provision/(benefit) for taxes on income was favorably impacted by approximately $10.7 billion, primarily reflecting the remeasurement of U.S. deferred tax liabilities, which includes the repatriation tax on deemed repatriated accumulated post-1986 earnings of foreign subsidiaries. See Note 5A. Tax Matters: Taxes on Income from Continuing Operations for additional information. | |||
| [4] Amounts may not add due to rounding. | |||
| [5] 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. Financial Instruments: Long-Term Debt for additional information. | |||
| [6] In connection with the sale of HIS net assets to ICU Medical, on February 3, 2017, Pfizer received 3.2 million newly issued shares of ICU Medical common stock initially valued at $428 million and a promissory note in the amount of $75 million which was repaid in full as of December 31, 2017 and included in Other investing activities for the year ended December 31, 2017. For additional information, see Note 2B. Acquisitions, Sale of Hospira Infusion Systems Net Assets, Research and Development and Collaborat | |||
| [7] In October 2015, Pfizer exchanged $1.7 billion debt of its then recently acquired subsidiary, Hospira, for virtually the same amount of Pfizer debt. See Note 7D. Financial Instruments: Long-Term Debt. | |||
| [1] In 2015, represents a foreign currency loss related to conditions in Venezuela during 2015, that had us resolve that our Venezuelan bolivar-denominated net monetary assets that are subject to revaluation were no longer expected to be settled at the Venezuelan government CENCOEX official rate of 6.3, but rather at the then SIMADI rate of 200, the lowest official rate. Those conditions included the inability to obtain significant conversions of Venezuelan bolivars related to intercompany U.S. dollar denominat | |||
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | ||
PFIZER INC | ||
Ticker: PFE Fiscal Year: 2017 | ||
Consolidated Balance Sheets | ||
Period Ending Dec 31, 2017 10-K (Filed: Feb 22, 2018) | ||
| (In Millions, except shares in actual) | ||
| As of | As of | |
| Dec 31, 2017 | Dec 31, 2016 | |
| Assets | ||
| Cash and cash equivalents | $ 1,342 | 2,595 |
| Short-term investments | 18,650 | 15,255 |
| Trade accounts receivable, less allowance for doubtful accounts: 2017$584; 2016$609 | 8,221 | 8,225 |
| Inventories | 7,578 | 6,783 [1] |
| Current tax assets | 3,050 | 3,041 |
| Other current assets | 2,289 | 2,249 |
| Assets held for sale | 12 | 801 |
| Total current assets | 41,141 | 38,949 |
| Long-term investments | 7,015 | 7,116 |
| Property, plant and equipment, less accumulated depreciation | 13,865 | 13,318 [2] |
| Identifiable intangible assets, less accumulated amortization | 48,741 [3] | 52,648 |
| Goodwill | 55,952 | 54,449 |
| Noncurrent deferred tax assets and other noncurrent tax assets | 1,855 | 1,812 |
| Other noncurrent assets | 3,227 | 3,323 |
| Total assets | 171,797 | 171,615 |
| Liabilities and Equity | ||
| Short-term borrowings, including current portion of long-term debt: 2017$3,546; 2016$4,225 | 9,953 | 10,688 |
| Trade accounts payable | 4,656 | 4,536 |
| Dividends payable | 2,029 | 1,944 |
| Income taxes payable | 477 | 437 |
| Accrued compensation and related items | 2,196 | 2,487 |
| Other current liabilities | 11,115 | 11,023 |
| Total current liabilities | 30,427 | 31,115 |
| Long-term debt | 33,538 | 31,398 |
| Pension benefit obligations, net | 5,926 | 6,406 |
| Postretirement benefit obligations, net | 1,504 | 1,766 |
| Noncurrent deferred tax liabilities | 3,900 | 30,753 |
| Other taxes payable | 18,697 | 4,000 |
| Other noncurrent liabilities | 6,149 | 6,337 |
| Total liabilities | 100,141 | 111,776 |
| Commitments and Contingencies | ||
| Preferred stock, no par value, at stated value; 27 shares authorized; issued: 2017-524; 2016-597 | 21 | 24 |
| Common stock, $0.05 par value; 12,000 shares authorized; issued: 2017-9,275; 2016-9,230 | 464 | 461 |
| Additional paid-in capital | 84,278 | 82,685 |
| Treasury stock, shares at cost: 20173,296; 2016-3,160 | (89,425) | (84,364) |
| Retained earnings | 85,291 | 71,774 |
| Accumulated other comprehensive loss | (9,321) | (11,036) |
| Total Pfizer Inc. shareholders equity | 71,308 | 59,544 |
| Equity attributable to noncontrolling interests | 348 | 296 |
| Total equity | 71,656 | 59,840 |
| Total liabilities and equity | 171,797 | 171,615 |
| [2] The increase in total property, plant and equipment is primarily due to capital additions and the impact of foreign exchange, partially offset by depreciation, reductions due to restructuring efforts and disposals. | ||
| [3] The decrease in Identifiable intangible assets, less accumulated amortization, is primarily due to (i) amortization, (ii) measurement period adjustments related to Medivation (see Note 2A), as well as (iii) impairments of Developed technology rights (see Note 4), partially offset by (iv) assets acquired as part of the acquisition of AstraZenecas small molecule anti-infectives business (see Note 2A), (v) the assets recorded in connection with the EU and U.S. approvals of Besponsa and in connection with the | ||
| [1] The change from December 31, 2016 reflects the build of inventory primarily for and in advance of new or potential product launches and increases to meet targeted levels for certain products in the normal course of business, as well as an increase due to foreign exchange. | ||
| External Links | |
| PFIZER INC (PFE) Fiscal Year 2017 | |
| 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 |