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: 2021 | |||
Consolidated Statements of Income | |||
Period Ending Dec 31, 2021 10-K (Filed: Feb 24, 2022) | |||
| (In Millions) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
| Revenues | $ 81,288 | 41,651 | 40,905 |
| Costs and expenses: | |||
| Cost of sales | 30,821 | 8,484 [1] | 8,054 |
| Selling, informational and administrative expenses | 12,703 | 11,597 | 12,726 |
| Research and development expenses | 13,829 | 9,393 | 8,385 |
| Amortization of intangible assets | 3,700 | 3,348 | 4,429 |
| Restructuring charges and certain acquisition-related costs | 802 | 579 | 601 |
| (Gain) on completion of Consumer Healthcare JV transaction | 0 | (6) | (8,107) |
| Other (income)/deductionsnet | (4,878) | 1,219 | 3,497 |
| Income from continuing operations before provision/(benefit) for taxes on income | 24,311 | 7,036 | 11,321 |
| Provision/(benefit) for taxes on income | 1,852 | 370 | 583 |
| Income from continuing operations | 22,459 | 6,666 | 10,738 |
| Discontinued operationsnet of tax | (434) | 2,529 | 5,318 |
| Net income before allocation to noncontrolling interests | 22,025 | 9,195 | 16,056 |
| Less: Net income attributable to noncontrolling interests | 45 | 36 | 29 |
| Net income attributable to Pfizer Inc. common shareholders | 21,979 | 9,159 | 16,026 |
| Earnings per common sharebasic: | |||
| Income from continuing operations attributable to Pfizer Inc. common shareholders (in dollars per share) | 4.00 | 1.19 | 1.92 |
| Discontinued operationsnet of tax (in dollars per share) | (0.08) | 0.46 | 0.95 |
| Net income attributable to Pfizer Inc. common shareholders (in dollars per share) | 3.92 | 1.65 | 2.88 |
| Earnings per common sharediluted: | |||
| Income from continuing operations attributable to Pfizer Inc. common shareholders (in dollars per share) | 3.93 | 1.18 | 1.89 |
| Discontinued operationsnet of tax (in dollars per share) | (0.08) | 0.45 | 0.94 |
| Net income attributable to Pfizer Inc. common shareholders (in dollars per share) | 3.85 | 1.63 | 2.82 |
| Weighted-average sharesbasic | 5,601 | 5,555 | 5,569 |
| Weighted-average sharesdiluted | 5,708 | 5,632 | 5,675 |
| [1] Exclusive of amortization of intangible assets, except as disclosed in Note 1M. | |||
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
PFIZER INC | |||
Ticker: PFE Fiscal Year: 2021 | |||
Consolidated Statements of Comprehensive Income | |||
Period Ending Dec 31, 2021 10-K (Filed: Feb 24, 2022) | |||
| (In Millions, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
| Net income before allocation to noncontrolling interests | $ 22,025 | 9,195 | 16,056 |
| Foreign currency translation adjustments, net | (682) | 772 | 675 |
| Reclassification adjustments | 0 | (17) | (288) |
| Other comprehensive income (loss), foreign currency transaction and translation adjustment, before tax, total | (682) | 755 | 387 |
| Unrealized holding gains/(losses) on derivative financial instruments, net | 526 | (582) | 476 |
| Reclassification adjustments for (gains)/losses included in net income | 134 | 21 [1] | (664) |
| Other comprehensive income (loss), derivatives qualifying as hedges, before tax, total | 660 | (561) | (188) |
| Unrealized holding gains/(losses) on available-for-sale securities, net | (355) | 361 | (1) |
| Reclassification adjustments for (gains)/losses included in net income | (30) | (188) [2] | 39 |
| Other comprehensive income (loss), available-for-sale securities adjustment, before tax, total | (384) | 173 | 38 |
| Benefit plans: prior service (costs)/credits and other, net | 116 | 52 | (7) |
| Reclassification adjustments related to amortization of prior service costs and other, net | (154) | (176) | (181) |
| Reclassification adjustments related to curtailments of prior service costs and other, net | (74) | 0 | (2) |
| Other | (2) | 0 | 1 |
| Other comprehensive income (loss), benefit plans, prior service (costs)/credits, before tax, total | (113) | (124) | (189) |
| Other comprehensive income/(loss), before tax | (519) | 243 | 48 |
| Tax provision/(benefit) on other comprehensive income/(loss) | 71 | (227) | 178 |
| Other comprehensive income/(loss), net of tax | (589) | 471 | (130) |
| Comprehensive income/(loss) before allocation to noncontrolling interests | 21,435 | 9,666 | 15,926 |
| Less: Comprehensive income/(loss) attributable to noncontrolling interests | 43 | 27 | 18 |
| Comprehensive income/(loss) attributable to Pfizer Inc. | 21,393 | 9,639 | 15,908 |
| [1] Reclassified into Other (income)/deductionsnet and Cost of sales. See Note 7E. | |||
| [2] Reclassified into Other (income)/deductionsnet. | |||
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
PFIZER INC | |||
Ticker: PFE Fiscal Year: 2021 | |||
Consolidated Statements of Cash Flows | |||
Period Ending Dec 31, 2021 10-K (Filed: Feb 24, 2022) | |||
| (In Millions, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
| Operating Activities | |||
| Net income before allocation to noncontrolling interests | $ 22,025 | 9,195 | 16,056 |
| Discontinued operationsnet of tax | (434) | 2,529 | 5,318 |
| Net income from continuing operations before allocation to noncontrolling interests | 22,459 | 6,666 | 10,738 |
| Adjustments to reconcile net income before allocation to noncontrolling interests to net cash provided by operating activities: | |||
| Depreciation and amortization | 5,191 | 4,681 | 5,755 |
| Asset write-offs and impairments | 276 | 2,049 | 2,889 |
| TCJA impact | 0 | 0 | (323) |
| Gain on completion of Consumer Healthcare JV transaction, net of cash conveyed | 0 | (6) | (8,254) |
| Deferred taxes from continuing operations | (4,293) | (1,575) | 561 |
| Share-based compensation expense | 1,182 | 755 | 687 |
| Benefit plan contributions in excess of expense/income | (3,123) | (1,242) | (55) |
| Other adjustments, net | (1,573) | (479) | (1,080) |
| Other changes in assets and liabilities, net of acquisitions and divestitures: | |||
| Trade accounts receivable | (3,811) | (1,275) | (1,124) |
| Inventories | (1,125) | (778) | (1,071) |
| Other assets | (1,057) | (137) | 847 |
| Trade accounts payable | 1,242 | 355 | (341) |
| Other liabilities | 18,721 | 2,768 | 861 |
| Other tax accounts, net | (1,166) | (1,240) | (3,074) |
| Net cash provided by operating activities from continuing operations | 32,922 | 10,540 | 7,015 |
| Net cash provided by/(used in) operating activities from discontinued operations | (343) | 3,863 | 5,572 |
| Net cash provided by operating activities | 32,580 | 14,403 | 12,588 |
| Investing Activities | |||
| Purchases of property, plant and equipment | (2,711) | (2,226) | (2,046) |
| Purchases of short-term investments | (38,457) | (13,805) | (6,835) |
| Proceeds from redemptions/sales of short-term investments | 27,447 | 11,087 | 9,183 |
| Net (purchases of)/proceeds from redemptions/sales of short-term investments with original maturities of three months or less | (8,088) | 920 | 6,925 |
| Purchases of long-term investments | (1,068) | (597) | (201) |
| Proceeds from redemptions/sales of long-term investments | 649 | 723 | 232 |
| Acquisitions of businesses, net of cash acquired | 0 | 0 | (10,861) |
| Other investing activities, net | (305) [1] | (265) | (223) |
| Net cash provided by/(used in) investing activities from continuing operations | (22,534) | (4,162) | (3,825) |
| Net cash provided by/(used in) investing activities from discontinued operations | (12) | (109) | (120) |
| Net cash provided by/(used in) investing activities | (22,546) | (4,271) | (3,945) |
| Financing Activities | |||
| Proceeds from short-term borrowings | 0 | 12,352 | 16,455 |
| Principal payments on short-term borrowings | 0 | (22,197) | (8,378) |
| Net (payments on)/proceeds from short-term borrowings with original maturities of three months or less | (96) | (4,129) | 2,551 |
| Proceeds from issuance of long-term debt | 997 | 5,222 | 4,942 |
| Principal payments on long-term debt | (2,004) | (4,003) | (6,806) |
| Purchases of common stock | 0 | 0 | (8,865) |
| Cash dividends paid | (8,729) | (8,440) | (8,043) |
| Other financing activities, net | 16 | (444) | (342) |
| Net cash provided by/(used in) financing activities from continuing operations | (9,816) | (21,640) | (8,485) |
| Net cash provided by/(used in) financing activities from discontinued operations | 0 | 11,991 | 0 |
| Net cash provided by/(used in) financing activities | (9,816) | (9,649) | (8,485) |
| Effect of exchange-rate changes on cash and cash equivalents and restricted cash and cash equivalents | (59) | (8) | (32) |
| Net increase/(decrease) in cash and cash equivalents and restricted cash and cash equivalents | 159 | 475 | 125 |
| Cash and cash equivalents and restricted cash and cash equivalents, at beginning of period | 1,825 | 1,350 | |
| Cash and cash equivalents and restricted cash and cash equivalents, at end of period | 1,983 | 1,825 | 1,350 |
| Supplemental Cash Flow Information | |||
| Cash paid/(received) during the period for: | |||
| Income taxes | 7,427 | 3,153 | 3,664 |
| Interest paid | 1,467 | 1,641 | 1,587 |
| Interest rate hedges | (2) | (20) | (42) |
| Non-cash transactions: | |||
| Right-of-use assets obtained in exchange for lease liabilities | 1,943 | 410 | 314 |
| Investment, Name | |||
| Consumer Healthcare JV | |||
| Gain on completion of Consumer Healthcare JV transaction, net of cash conveyed | (8,300) | ||
| Equity investment in exchange for Pfizer's assets | 0 | 0 | 15,711 |
| [1] The $8.3 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: 2021 | ||
Consolidated Balance Sheets | ||
Period Ending Dec 31, 2021 10-K (Filed: Feb 24, 2022) | ||
| (In Millions, except shares in actual) | ||
| As of | As of | |
| Dec 31, 2021 | Dec 31, 2020 | |
| Assets | ||
| Cash and cash equivalents | $ 1,944 | 1,786 |
| Short-term investments | 29,125 | 10,437 |
| Trade accounts receivable, less allowance for doubtful accounts: 2021$492; 2020$508 | 11,479 | 7,913 |
| Inventories | 9,059 | 8,020 |
| Current tax assets | 4,266 | 3,264 |
| Other current assets | 3,820 | 3,646 |
| Total current assets | 59,693 | 35,067 |
| Equity-method investments | 16,472 | 16,856 |
| Long-term investments | 5,054 | 3,406 |
| Property, plant and equipment | 14,882 | 13,745 |
| Identifiable intangible assets | 25,146 | 28,337 |
| Goodwill | 49,208 | 49,556 |
| Noncurrent deferred tax assets and other noncurrent tax assets | 3,341 | 2,383 |
| Other noncurrent assets | 7,679 | 4,879 |
| Total assets | 181,476 | 154,229 |
| Liabilities and Equity | ||
| Short-term borrowings, including current portion of long-term debt: 2021$1,636; 2020$2,002 | 2,241 | 2,703 |
| Trade accounts payable | 5,578 | 4,283 |
| Dividends payable | 2,249 | 2,162 |
| Income taxes payable | 1,266 | 1,049 |
| Accrued compensation and related items | 3,332 | 3,049 |
| Deferred revenues | 3,067 | 1,113 |
| Other current liabilities | 24,939 | 11,561 |
| Total current liabilities | 42,671 | 25,920 |
| Long-term debt | 36,195 | 37,133 |
| Pension benefit obligations | 3,489 | 4,766 |
| Postretirement benefit obligations | 235 | 645 |
| Noncurrent deferred tax liabilities | 349 | 4,063 |
| Other taxes payable | 11,331 | 11,560 |
| Other noncurrent liabilities | 9,743 | 6,669 |
| Total liabilities | 104,013 | 90,756 |
| Commitments and Contingencies | ||
| Preferred stock, no par value, at stated value; 27 shares authorized; no shares issued or outstanding at December 31, 2021 and December 31, 2020 | 0 | 0 |
| Common stock, $0.05 par value; 12,000 shares authorized; issued: 20219,471; 20209,407 | 473 | 470 |
| Additional paid-in capital | 90,591 | 88,674 |
| Treasury stock, shares at cost: 20213,851; 20203,840 | (111,361) | (110,988) |
| Retained earnings | 103,394 | 90,392 |
| Accumulated other comprehensive loss | (5,897) | (5,310) |
| Total Pfizer Inc. shareholders equity | 77,201 | 63,238 |
| Equity attributable to noncontrolling interests | 262 | 235 |
| Total equity | 77,462 | 63,473 |
| Total liabilities and equity | 181,476 | 154,229 |
| External Links | |
| PFIZER INC (PFE) Fiscal Year 2021 | |
| 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 |