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: 2019 | |||
Consolidated Statements of Cash Flows | |||
Period Ending Dec 31, 2019 10-K (Filed: Feb 27, 2020) | |||
| (In Millions, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | |
| Operating Activities | |||
| Net income before allocation to noncontrolling interests | $ 16,302 | 11,188 | 21,355 |
| Adjustments to reconcile net income before allocation to noncontrolling interests to net cash provided by operating activities: | |||
| Depreciation and amortization | 6,010 | 6,384 | 6,269 |
| Asset write-offs and impairments | 2,953 | 3,398 | 634 |
| TCJA impact | (323) | (596) | (10,660) |
| Gain on completion of Consumer Healthcare JV transaction, net of cash conveyed | (8,233) | 0 | 0 [1] |
| Deferred taxes from continuing operations | 614 | (2,205) [2] | (2,410) |
| Share-based compensation expense | 718 | 949 | 840 |
| Benefit plan contributions in excess of expense/income | (336) | (1,095) | (961) |
| Other adjustments, net | (1,086) | (1,269) | 399 |
| Other changes in assets and liabilities, net of acquisitions and divestitures: | |||
| Trade accounts receivable | (742) | (644) | 259 |
| Inventories | (1,050) | (717) | (357) |
| Other assets | 795 | (16) | 7 |
| Trade accounts payable | (564) | 431 | 46 |
| Other liabilities | 267 | 98 [3] | (67) |
| Other tax accounts, net | (2,737) | (78) | 1,446 |
| Net cash provided by operating activities | 12,588 | 15,827 | 16,802 |
| Investing Activities | |||
| Purchases of property, plant and equipment | (2,176) | (2,042) | (1,956) |
| Purchases of short-term investments | (6,835) | (11,677) | (14,596) |
| Proceeds from redemptions/sales of short-term investments | 9,183 | 17,581 | 10,302 |
| Net (purchases of)/proceeds from redemptions/sales of short-term investments with original maturities of three months or less | 6,925 | (3,917) | 2,058 |
| Purchases of long-term investments | (201) | (1,797) | (3,537) |
| Proceeds from redemptions/sales of long-term investments | 232 | 6,244 | 3,579 |
| Acquisitions of businesses, net of cash acquired | (10,861) | 0 | (1,000) |
| Acquisitions of intangible assets | (418) | (154) | (261) |
| Other investing activities, net | 205 | 288 | 671 |
| Net cash provided by/(used in) investing activities | (3,945) | 4,525 | (4,740) |
| Financing Activities | |||
| Proceeds from short-term borrowings | 16,455 | 3,711 | 8,464 |
| Principal payments on short-term borrowings | (8,378) | (4,437) | (9,947) |
| Net (payments on)/proceeds from short-term borrowings with original maturities of three months or less | 2,551 | (1,617) | 1,422 |
| Proceeds from issuance of long-term debt | 4,942 | 4,974 | 5,274 |
| Principal payments on long-term debt | (6,806) | (3,566) | (6,154) |
| Purchases of common stock | (8,865) | (12,198) | (5,000) |
| Cash dividends paid | (8,043) | (7,978) | (7,659) |
| Proceeds from exercise of stock options | 394 | 1,259 | 862 |
| Other financing activities, net | (736) | (588) | (611) |
| Net cash used in financing activities | (8,485) | (20,441) | (13,350) |
| Effect of exchange-rate changes on cash and cash equivalents and restricted cash and cash equivalents | (32) | (116) | 53 |
| Net increase/(decrease) in cash and cash equivalents and restricted cash and cash equivalents | 125 | (205) | (1,235) |
| Cash and cash equivalents and restricted cash and cash equivalents, at beginning of period | 1,225 | 1,431 | |
| Cash and cash equivalents and restricted cash and cash equivalents, at end of period | 1,350 | 1,225 | 1,431 |
| 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 | 0 [4] | 1,848 |
| Receipt of ICU Medical common stock | 0 | 0 | 428 |
| Promissory note from ICU Medical | 0 | 0 | 75 |
| Cash paid (received) during the period for: | |||
| Income taxes | 3,664 | 3,655 | 2,489 |
| Interest | 1,587 | 1,311 | 1,518 |
| Interest rate hedges | (42) | (38) | (199) |
| Investment, Name | |||
| GSK Consumer Healthcare | |||
| Gain on completion of Consumer Healthcare JV transaction, net of cash conveyed | (8,200) | ||
| Equity investment in exchange for Pfizer's assets | 15,711 | 0 | 0 |
| Cerevel Therapeutics | |||
| Equity investment in exchange for Pfizer's assets | 0 | 343 [5] | 0 |
| Allogene | |||
| Equity investment in exchange for Pfizer's assets | 0 | 92 | 0 |
| [1] The $8.2 billion Gain on completion of Consumer Healthcare JV transaction, net of cash conveyed reflects the receipt of a 32% equity-method investment in the new company initially valued at $15.7 billion in exchange for net assets contributed of $7.6 billion and is presented in operating activities net of $146 million cash conveyed that is reflected in Other investing activities, net. For additional information, see Note 2C. | |||
| [2] Includes tax expense of approximately $2.7 billion associated with the gain related to the completion of the Consumer Healthcare joint venture transaction with GSK. For additional information, see Note 2C and Note 5A. | |||
| [3] Amounts may not add due to rounding. | |||
| [4] 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. | |||
| [5] For additional information, see Note 2B. | |||
| External Links | |
| PFIZER INC (PFE) Fiscal Year 2019 | |
| 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 |