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: 2016 | |||
Consolidated Statements of Cash Flows | |||
Period Ending Dec 31, 2016 10-K (Filed: Feb 23, 2017) | |||
| (In Millions, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2016 | Dec 31, 2015 | Dec 31, 2014 | |
| Operating Activities | |||
| Net income before allocation to noncontrolling interests | $ 7,246 | 6,986 | 9,168 |
| Adjustments to reconcile net income before allocation to noncontrolling interests to net cash provided by operating activities: | |||
| Depreciation and amortization | 5,757 | 5,157 | 5,537 |
| Asset write-offs and impairments | 1,613 | 1,119 | 531 |
| Foreign currency loss related to Venezuela | 0 [1] | 806 | 0 [2] |
| Gain/(loss) on disposal of discontinued operations | 0 | 6 | (51) |
| Write-down of HIS net assets to fair value less estimated costs to sell | 1,712 | 0 | 0 |
| Deferred taxes from continuing operations | (700) | (20) | 320 |
| Deferred taxes from discontinued operations | 0 | 2 | (3) |
| Share-based compensation expense | 691 | 669 | 586 |
| Benefit plan contributions in excess of expense | (712) | (617) | (199) |
| Other adjustments, net | 209 | (160) | (430) |
| Other changes in assets and liabilities, net of acquisitions and divestitures: | |||
| Trade accounts receivable | (134) | 21 | 148 |
| Inventories | 365 | (199) | 175 |
| Other assets | (60) | 236 | 1,161 |
| Trade accounts payable | 871 | 254 | 297 |
| Other liabilities | (223) [3] | 664 | (650) |
| Other tax accounts, net | (734) | (235) | 492 |
| Net cash provided by operating activities | 15,901 | 14,688 | 17,084 |
| Investing Activities | |||
| Purchases of property, plant and equipment | (1,823) | (1,397) | (1,199) |
| Purchases of short-term investments | (15,957) | (28,581) | (50,954) |
| Proceeds from redemptions/sales of short-term investments | 29,436 | 40,064 | 47,374 |
| Net (purchases of)/proceeds from redemptions/sales of short-term investments with original maturities of three months or less | (4,218) | 5,768 | 3,930 |
| Purchases of long-term investments | (8,011) | (9,542) | (10,718) |
| Proceeds from redemptions/sales of long-term investments | 11,254 | 6,929 | 6,145 |
| Acquisitions of businesses, net of cash acquired | (18,368) | (16,466) | (195) |
| Acquisitions of intangible assets | (176) | (99) [4] | (384) |
| Other investing activities, net | 51 | 344 | 347 |
| Net cash used in investing activities | (7,811) | (2,980) | (5,654) |
| Financing Activities | |||
| Proceeds from short-term borrowings | 7,472 | 5,557 | 13 |
| Principal payments on short-term borrowings | (5,102) | (3,965) | (10) |
| Net proceeds from/(payments on) short-term borrowings with original maturities of three months or less | (3,084) | 2,717 | (1,841) |
| Proceeds from issuance of long-term debt | 10,976 | 0 | 4,491 |
| Principal payments on long-term debt | (7,689) | (2,990) | (2,110) |
| Purchases of common stock | (5,000) | (6,160) | (5,000) |
| Cash dividends paid | (7,317) | (6,940) | (6,609) |
| Proceeds from exercise of stock options | 1,019 | 1,263 | 1,002 |
| Other financing activities, net | (196) | 109 | (123) |
| Net cash used in financing activities | (8,921) | (10,409) | (10,187) |
| Effect of exchange-rate changes on cash and cash equivalents | (215) | (1,000) | (83) |
| Net increase/(decrease) in cash and cash equivalents | (1,046) | 298 | 1,160 |
| Cash and cash equivalents, beginning | 3,641 | 3,343 | |
| Cash and cash equivalents, end | 2,595 | 3,641 | 3,343 |
| Supplemental Cash Flow Information | |||
| Exchange of Hospira subsidiary debt for Pfizer debt | 0 | 1,669 | 0 [5] |
| Cash paid (received) during the period for: | |||
| Income taxes | 2,521 | 2,383 | 2,100 |
| Interest | 1,451 | 1,302 | 1,550 |
| Interest rate hedges | (338) | (237) | (374) |
| [2] 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. | In 2016, primarily includes amounts to resolve a Multi-District Litigation relating to Celebrex and Bextra pending against the Company in New York federal court for $486 million, partially offset by the reversal of a legal accrual where a loss is no longer deemed probable. For additional information, see Note 17A5. In addition, 2016 includes a set | |||
| [3] Amounts reflect the adoption of a new accounting standard that requires that cash flows present (i) excess tax benefits as operating activities, rather than financing activities on a prospective basis beginning in the year of adoption, and (ii) cash paid by us when directly withholding shares for tax-withholding purposes as a cash outflow from financing activities, rather than operating activities and is reflected in the year of adoption and retrospectively in 2015 and 2014 (see Note 1B). | |||
| [4] Amounts may not add due to rounding. | |||
| [5] n 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 6.30, 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 denomina | |||
| External Links | |
| PFIZER INC (PFE) Fiscal Year 2016 | |
| 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 |