10-K.Info (Beta Test)
Courtesy of Short Sands, LLC
10-K.Info (Beta Test)
Courtesy of Short Sands, LLC

PFIZER INC

Ticker: PFE   Fiscal Year: 2018

Consolidated Statements of Cash Flows

Period Ending Dec 31, 2018 10-K (Filed: Feb 28, 2019)

(In Millions, except shares in actual)
 12 Months Ended12 Months Ended12 Months Ended
 Dec 31, 2018Dec 31, 2017Dec 31, 2016
Operating Activities
Net income before allocation to noncontrolling interests
$
11,188
21,3557,246
Adjustments to reconcile net income before allocation to noncontrolling interests to net cash provided by operating activities:
Depreciation and amortization6,3846,2695,757
Asset write-offs and impairments3,3986341,613
Loss on sale of HIS net assets(1)551,712 [1]
TCJA impact(596) [2](10,660)0
Deferred taxes from continuing operations(2,205)(2,410)(700)
Share-based compensation expense949840691
Benefit plan contributions in excess of expense(1,095)(961)(712)
Other adjustments, net(1,268)344487
Other changes in assets and liabilities, net of acquisitions and divestitures:
Trade accounts receivable(644)259(134)
Inventories(717)(357)365
Other assets(16)7(47)
Trade accounts payable43146871
Other liabilities98(67)(223)
Other tax accounts, net(78)1,446(734)
Net cash provided by operating activities15,82716,80216,192
 
Investing Activities
Purchases of property, plant and equipment(2,042)(1,956)(1,823)
Purchases of short-term investments(11,677)(14,596)(15,957)
Proceeds from redemptions/sales of short-term investments17,58110,30229,414
Net (purchases of)/proceeds from redemptions/sales of short-term investments with original maturities of three months or less(3,917)2,058(4,218)
Purchases of long-term investments(1,797)(3,537)(8,011)
Proceeds from redemptions/sales of long-term investments6,2443,57911,268
Acquisitions of businesses, net of cash acquired0(1,000)(18,368)
Acquisitions of intangible assets(154)(261)(176)
Other investing activities, net288 [3]67180
Net cash provided by/(used in) investing activities4,525(4,740)(7,791)
 
Financing Activities
Proceeds from short-term borrowings3,7118,4647,472
Principal payments on short-term borrowings(4,437)(9,947)(5,093)
Net (payments on)/proceeds from short-term borrowings with original maturities of three months or less(1,617)1,422(3,060)
Proceeds from issuance of long-term debt4,9745,27410,976
Principal payments on long-term debt(3,566)(6,154)(7,689)
Purchases of common stock(12,198)(5,000)(5,000)
Cash dividends paid(7,978) [4](7,659)(7,317)
Proceeds from exercise of stock options1,2598621,019
Other financing activities, net(588)(611)(536)
Net cash used in financing activities(20,441)(13,350)(9,228)
 
Effect of exchange-rate changes on cash and cash equivalents and restricted cash and cash equivalents(116)53(215)
Net decrease in cash and cash equivalents and restricted cash and cash equivalents(205)(1,235)(1,041)
 
Cash and cash equivalents and restricted cash and cash equivalents, beginning1,4312,666
Cash and cash equivalents and restricted cash and cash equivalents, end1,2251,4312,666
 
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 debt extinguishment loss of $747 million01,8480 [5]
Receipt of ICU Medical common stock04280
Promissory note from ICU Medical0750
Cash paid (received) during the period for:
Income taxes3,6552,4892,521
Interest1,3111,5181,451
Interest rate hedges(38)(199)(338)
Investment, Name
Cerevel Therapeutics
Equity investment in exchange for Pfizer's assets34300
Allogene
Equity investment in exchange for Pfizer's assets9200
[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.
[1] In 2018 and 2017, represents adjustments to amounts previously recorded in 2016 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 on February 3, 2017. 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.
[2] As a result of the enactment of the TCJA in December 2017, Pfizers Provision/(benefit) for taxes on income (i) for the year ended December 31, 2017 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 and (ii) for the year ended December 31, 2018 was favorably impacted by approximately $600 million, primarily related to c
[3] For additional information, see Note 2B. Acquisitions, Divestitures, Assets and Liabilities Held for Sale, Licensing Arrangements, Research and Development and Collaborative Arrangements, Equity-Method Investments and Privately Held Investment: Divestitures.
[4] Amounts may not add due to rounding.
External Links 
PFIZER INC (PFE) Fiscal Year 2018
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