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 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. | |||
| 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 |