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: 2020 | |||
Consolidated Statements of Cash Flows | |||
Period Ending Dec 31, 2020 10-K (Filed: Feb 25, 2021) | |||
| (In Millions, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | |
| Operating Activities | |||
| Net income before allocation to noncontrolling interests | $ 9,652 | 16,302 | 11,188 |
| Income from discontinued operationsnet of tax | 2,631 | 5,435 | 7,328 |
| Net income from continuing operations before allocation to noncontrolling interests | 7,021 | 10,867 | 3,861 |
| Adjustments to reconcile net income before allocation to noncontrolling interests to net cash provided by operating activities: | |||
| Depreciation and amortization | 4,777 | 5,795 | 6,150 |
| Asset write-offs and impairments | 2,049 | 2,941 | 3,398 |
| TCJA impact | 0 | (323) | (596) |
| Gain on completion of Consumer Healthcare JV transaction, net of cash conveyed | (6) | (8,233) | 0 |
| Deferred taxes from continuing operations | (1,468) | 596 | (2,204) |
| Share-based compensation expense | 756 | 688 | 923 |
| Benefit plan contributions in excess of expense/income | (1,790) | (288) | (1,057) |
| Other adjustments, net | (478) | (1,080) | (1,266) |
| Other changes in assets and liabilities, net of acquisitions and divestitures: | |||
| Trade accounts receivable | (1,249) | (1,140) | (458) |
| Inventories | (736) | (1,080) | (432) |
| Other assets | (146) | 840 | (52) |
| Trade accounts payable | 353 | (340) | 404 |
| Other liabilities | 2,741 | 851 | 367 |
| Other tax accounts, net | (1,238) | (3,084) | (163) |
| Net cash provided by operating activities from continuing operations | 10,586 | 7,011 | 8,875 |
| Net cash provided by operating activities from discontinued operations | 3,817 | 5,576 | 6,952 |
| Net cash provided by operating activities | 14,403 | 12,588 | 15,827 |
| Investing Activities | |||
| Purchases of property, plant and equipment | (2,252) | (2,072) | (1,984) |
| Purchases of short-term investments | (13,805) | (6,835) | (11,677) |
| Proceeds from redemptions/sales of short-term investments | 11,087 | 9,183 | 17,581 |
| Net (purchases of)/proceeds from redemptions/sales of short-term investments with original maturities of three months or less | 920 | 6,925 | (3,917) |
| Purchases of long-term investments | (597) | (201) | (1,797) |
| Proceeds from redemptions/sales of long-term investments | 723 | 232 | 6,244 |
| Acquisitions of businesses, net of cash acquired | 0 | (10,861) | 0 |
| Acquisitions of intangible assets | (539) | (418) | (152) |
| Other investing activities, net | 274 | 195 | 287 |
| Net cash provided by/(used in) investing activities from continuing operations | (4,188) | (3,852) | 4,584 |
| Net cash provided by/(used in) investing activities from discontinued operations | (82) | (94) | (60) |
| Net cash provided by/(used in) investing activities | (4,271) | (3,945) | 4,525 |
| Financing Activities | |||
| Proceeds from short-term borrowings | 12,352 | 16,455 | 3,711 |
| Principal payments on short-term borrowings | (22,197) | (8,378) | (4,437) |
| Net (payments on)/proceeds from short-term borrowings with original maturities of three months or less | (4,129) | 2,551 | (1,617) |
| Proceeds from issuance of long-term debt | 5,222 | 4,942 | 4,974 |
| Principal payments on long-term debt | (4,003) | (6,806) | (3,566) |
| Purchases of common stock | 0 | (8,865) | (12,198) |
| Cash dividends paid | (8,440) | (8,043) | (7,978) |
| Proceeds from exercise of stock options | 425 | 394 | 1,259 |
| Other financing activities, net | (869) | (736) | (588) |
| Net cash provided by/(used in) financing activities from continuing operations | (21,640) | (8,485) | (20,441) |
| Net cash provided by/(used in) financing activities from discontinued operations | 11,991 | 0 | 0 |
| Net cash provided by/(used in) financing activities | (9,649) | (8,485) | (20,441) |
| Effect of exchange-rate changes on cash and cash equivalents and restricted cash and cash equivalents | (8) | (32) | (116) |
| Net increase/(decrease) in cash and cash equivalents and restricted cash and cash equivalents | 475 | 125 | (205) |
| Cash and cash equivalents and restricted cash and cash equivalents, at beginning of period | 1,350 | 1,225 | |
| Cash and cash equivalents and restricted cash and cash equivalents, at end of period | 1,825 | 1,350 | 1,225 |
| Supplemental Cash Flow Information | |||
| Cash paid (received) during the period for: | |||
| Income taxes | 3,153 | 3,664 | 3,655 |
| Interest paid | 1,641 | 1,587 | 1,311 |
| Interest rate hedges | (20) | (42) | (38) |
| Investment, Name | |||
| Consumer Healthcare JV | |||
| Gain on completion of Consumer Healthcare JV transaction, net of cash conveyed | (8,200) | ||
| Equity investment in exchange for Pfizer's assets | 0 | 15,711 | 0 [1] |
| Allogene | |||
| Equity investment in exchange for Pfizer's assets | 0 | 0 | 92 |
| Cerevel Therapeutics | |||
| Equity investment in exchange for Pfizer's assets | 0 | 0 | 343 |
| [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. See Note 2C. | |||
| External Links | |
| PFIZER INC (PFE) Fiscal Year 2020 | |
| 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 |