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: 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 Ended | 12 Months Ended | 12 Months Ended | |
Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 | |
Operating Activities | |||
Net income before allocation to noncontrolling interests | $ 11,188 | 21,355 | 7,246 |
Adjustments to reconcile net income before allocation to noncontrolling interests to net cash provided by operating activities: | |||
Depreciation and amortization | 6,384 | 6,269 | 5,757 |
Asset write-offs and impairments | 3,398 | 634 | 1,613 |
Loss on sale of HIS net assets | (1) | 55 | 1,712 [1] |
TCJA impact | (596) [2] | (10,660) | 0 |
Deferred taxes from continuing operations | (2,205) | (2,410) | (700) |
Share-based compensation expense | 949 | 840 | 691 |
Benefit plan contributions in excess of expense | (1,095) | (961) | (712) |
Other adjustments, net | (1,268) | 344 | 487 |
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 payable | 431 | 46 | 871 |
Other liabilities | 98 | (67) | (223) |
Other tax accounts, net | (78) | 1,446 | (734) |
Net cash provided by operating activities | 15,827 | 16,802 | 16,192 |
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 investments | 17,581 | 10,302 | 29,414 |
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 investments | 6,244 | 3,579 | 11,268 |
Acquisitions of businesses, net of cash acquired | 0 | (1,000) | (18,368) |
Acquisitions of intangible assets | (154) | (261) | (176) |
Other investing activities, net | 288 [3] | 671 | 80 |
Net cash provided by/(used in) investing activities | 4,525 | (4,740) | (7,791) |
Financing Activities | |||
Proceeds from short-term borrowings | 3,711 | 8,464 | 7,472 |
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 debt | 4,974 | 5,274 | 10,976 |
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 options | 1,259 | 862 | 1,019 |
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, beginning | 1,431 | 2,666 | |
Cash and cash equivalents and restricted cash and cash equivalents, end | 1,225 | 1,431 | 2,666 |
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 million | 0 | 1,848 | 0 [5] |
Receipt of ICU Medical common stock | 0 | 428 | 0 |
Promissory note from ICU Medical | 0 | 75 | 0 |
Cash paid (received) during the period for: | |||
Income taxes | 3,655 | 2,489 | 2,521 |
Interest | 1,311 | 1,518 | 1,451 |
Interest rate hedges | (38) | (199) | (338) |
Investment, Name | |||
Cerevel Therapeutics | |||
Equity investment in exchange for Pfizer's assets | 343 | 0 | 0 |
Allogene | |||
Equity investment in exchange for Pfizer's assets | 92 | 0 | 0 |
[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 |