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: 2015 | |||
Consolidated Statements of Cash Flows | |||
Period Ending Dec 31, 2015 10-K (Filed: Feb 29, 2016) | |||
| (In Millions, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2015 | Dec 31, 2014 | Dec 31, 2013 | |
| Operating Activities | |||
| Net income before allocation to noncontrolling interests | $ 6,986 | 9,168 | 22,072 |
| Adjustments to reconcile net income before allocation to noncontrolling interests to net cash provided by operating activities: | |||
| Depreciation and amortization | 5,157 | 5,537 | 6,410 |
| Asset write-offs and impairments | 1,119 | 531 | 1,145 |
| Foreign currency loss related to Venezuela | 806 | 0 [1] | 0 |
| Gain/(loss) on disposal of discontinued operations | 6 | (51) | (10,446) |
| Gain associated with the transfer of certain product rights to an equity-method investment | 0 | 0 | (459) [2] |
| Deferred taxes from continuing operations | (20) | 320 | 1,726 |
| Deferred taxes from discontinued operations | 2 | (3) | (23) |
| Share-based compensation expense | 669 | 586 | 523 |
| Benefit plan contributions (in excess of)/less than expense | (617) | (199) | 296 |
| Other adjustments, net | (160) | (430) | (182) |
| Other changes in assets and liabilities, net of acquisitions and divestitures: | |||
| Trade accounts receivable | 21 | 148 | 940 |
| Inventories | (199) | 175 | (538) |
| Other assets | 249 | 1,156 | (822) |
| Trade accounts payable | 254 | 297 | 382 |
| Other liabilities | 474 | (845) | (3,117) |
| Other tax accounts, net | (235) | 492 | (223) |
| Net cash provided by operating activities | 14,512 | 16,883 | 17,684 |
| Investing Activities | |||
| Purchases of property, plant and equipment | (1,397) | (1,199) | (1,206) |
| Purchases of short-term investments | (28,581) | (50,954) | (42,761) |
| Proceeds from redemptions/sales of short-term investments | 40,064 | 47,374 | 41,127 |
| Net (purchases of)/proceeds from redemptions/sales of short-term investments with original maturities of three months or less | 5,768 | 3,930 | (4,277) |
| Purchases of long-term investments | (9,542) | (10,718) | (11,020) |
| Proceeds from redemptions/sales of long-term investments | 6,929 | 6,145 | 7,555 |
| Acquisitions of businesses, net of cash acquired | (16,466) | (195) | (15) |
| Acquisitions of intangible assets | (99) | (384) | (259) |
| Other investing activities, net | 344 | 347 | 312 |
| Net cash used in investing activities | (2,980) | (5,654) | (10,544) |
| Financing Activities | |||
| Proceeds from short-term borrowings | 5,557 | 13 | 4,323 |
| Principal payments on short-term borrowings | (3,965) | (10) | (4,234) |
| Net proceeds from/(payments on) short-term borrowings with original maturities of three months or less | 2,717 | (1,841) | 3,475 |
| Proceeds from issuance of long-term debt | 0 | 4,491 [3] | 6,618 |
| Principal payments on long-term debt | (3,003) | (2,104) | (4,146) |
| Purchases of common stock | (6,160) | (5,000) | (16,290) |
| Cash dividends paid | (6,940) | (6,609) | (6,580) |
| Proceeds from exercise of stock options | 1,263 | 1,002 | 1,750 |
| Other financing activities, net | 298 | 72 | 109 |
| Net cash used in financing activities | (10,233) | (9,986) | (14,975) [4] |
| Effect of exchange-rate changes on cash and cash equivalents | (1,000) | (83) | (63) |
| Net increase/(decrease) in cash and cash equivalents | 298 | 1,160 | (7,898) |
| Cash and cash equivalents, beginning | 3,343 | 2,183 | |
| Cash and cash equivalents, end | 3,641 | 3,343 | 2,183 |
| Supplemental Cash Flow Information | |||
| Exchange of Hospira subsidiary debt for Pfizer debt | 1,669 [5] | 0 | 0 |
| Sale of subsidiary common stock (Zoetis) for Pfizer common stock | 0 | 0 | 11,408 |
| Exchange of subsidiary common stock (Zoetis) for the retirement of Pfizer commercial paper issued in 2013 | 0 | 0 | 2,479 |
| Exchange of subsidiary senior notes (Zoetis) for the retirement of Pfizer commercial paper issued in 2012 | 0 | 0 [6] | 992 |
| Transfer of certain product rights to an equity-method investment (Hisun Pfizer) | 0 [7] | 0 | 1,233 |
| Contribution of an investment in connection with the resolution of a legal matter (Quigley) | 0 | 0 | 447 |
| Cash paid during the period for: | |||
| Income taxes | 2,383 | 2,100 | 2,874 |
| Interest | 1,302 | 1,550 | 1,729 |
| [5] n October 2015, Pfizer exchanged $1.7 billion debt of its recently acquired subsidiary Hospira for virtually the same amount of Pfizer Inc. debt. See Note 7D. Financial Instruments: Long-Term Debt. | |||
| [6] See Note 2D. Acquisitions, Licensing Agreements, Collaborative Arrangements, Divestitures, Equity-Method Investments and Cost-Method Investment: Divestitures. | |||
| [7] See Note 2E. Acquisitions, Licensing Agreements, Collaborative Arrangements, Divestitures, Equity-Method Investments and Cost-Method Investment: Equity-Method Investments. | |||
| [1] In 2015, represents a foreign currency loss related to recent conditions in Venezuela, that had us resolve that our Venezuelan bolivar-denominated net monetary assets that are subject to revaluation are no longer expected to be settled at the Venezuelan government CENCOEX official rate of 6.30, but rather at the 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 denominated account | |||
| [2] In 2013, represents the gain associated with the transfer of certain product rights to Hisun Pfizer. For additional information, see Note 2E. | |||
| [3] In 2013, includes $2.6 billion from the issuance of senior notes by Zoetis (our former Animal Health subsidiary), which is 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 2D. Acquisitions, Licensing Agreements, Collaborative Arrangements, Divestitures, Equity-Method Investments and Cost-Method Investment: Divestitures. | |||
| [4] Amounts may not add due to rounding. | |||
| External Links | |
| PFIZER INC (PFE) Fiscal Year 2015 | |
| 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 |