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 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) |
| [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 | |||
| [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. | |||
| 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 |