Pfizer 2009 Annual Report Download - page 51

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Consolidated Statements of Cash Flows
Pfizer Inc. and Subsidiary Companies
YEAR ENDED DECEMBER 31,
(MILLIONS OF DOLLARS) 2009 2008 2007
Operating Activities
Net income before allocation to noncontrolling interests $ 8,644 $ 8,127 $ 8,186
Adjustments to reconcile net income before noncontrolling interests to net cash
provided by operating activities:
Depreciation and amortization 4,757 5,090 5,200
Share-based compensation expense 349 384 437
Acquisition-related in-process research and development charges 68 633 283
Certain intangible asset impairments and other associated non-cash charges —— 2,220
Gains on disposals (670) (14) (326)
(Gains)/losses on sales of discontinued operations —(6) 168
Deferred taxes from continuing operations (9,582) (1,331) (2,788)
Other non-cash adjustments 504 496 773
Changes in assets and liabilities, net of acquisitions and divestitures:
Accounts receivable (472) 195 (320)
Inventories 1,631 294 720
Other assets (867) (538) (647)
Accounts payable and accrued liabilities 1,695 3,797 1,509
Taxes 9,454 647 (2,002)
Other liabilities 1,076 464 (60)
Net cash provided by operating activities 16,587 18,238 13,353
Investing Activities
Purchases of property, plant and equipment (1,205) (1,701) (1,880)
Purchases of short-term investments with original maturities greater than 90 days (35,331) (35,705) (25,426)
Proceeds from redemptions and sales of short-term investments with original
maturities greater than 90 days 42,364 27,883 23,053
Proceeds from redemptions and sales of short-term investments with original
maturities of 90 days or less—net 5,775 7,913 7,235
Purchases of long-term investments (6,888) (9,357) (1,635)
Proceeds from redemptions and sales of long-term investments 6,504 1,009 172
Acquisitions, net of cash acquired (43,123) (1,184) (464)
Other investing activities 632 (1,693) (260)
Net cash (used in)/provided by investing activities (31,272) (12,835) 795
Financing Activities
Increase in short-term borrowings—net 32,033 40,119 3,155
Principal payments on short-term borrowings—net (34,969) (37,264) (764)
Proceeds from issuances of long-term debt 24,023 605 2,573
Principal payments on long-term debt (967) (1,053) (64)
Purchases of common stock —(500) (9,994)
Cash dividends paid (5,548) (8,541) (7,975)
Other financing activities (91) 74 459
Net cash provided by/(used in) financing activities 14,481 (6,560) (12,610)
Effect of exchange-rate changes on cash and cash equivalents 60 (127) 41
Net (decrease)/ increase in cash and cash equivalents (144) (1,284) 1,579
Cash and cash equivalents at beginning of year 2,122 3,406 1,827
Cash and cash equivalents at end of year $ 1,978 $ 2,122 $ 3,406
Supplemental Cash Flow Information
Non-cash transactions:
Acquisition of Wyeth, treasury stock issued $ 23,303 $— $—
Cash paid during the period for:
Income taxes $ 2,300 $ 2,252 $ 5,617
Interest 935 782 643
See Notes to Consolidated Financial Statements, which are an integral part of these statements.
2009 Financial Report 49