Pfizer 2011 Annual Report Download - page 80

Notes to Consolidated Financial Statements
Pfizer Inc. and Subsidiary Companies
(c) At December 31, 2011, derivative instruments at fair value include foreign currency forward-exchange contracts ($355 million) and foreign currency
swaps ($104 million) and, at December 31, 2010, include foreign currency forward-exchange contracts ($257 million), foreign currency swaps ($79
million) and interest rate swaps ($3 million).
(d) At December 31, 2011, derivative instruments at fair value include foreign currency swaps ($1.3 billion) and interest rate swaps ($14 million) and, at
December 31, 2010, include foreign currency swaps ($544 million) and interest rate swaps ($1 million).
There were no significant impairments of financial assets recognized in any period presented.
B. Investments in Debt Securities
The contractual maturities of the available-for-sale and held-to-maturity debt securities follow:
YEARS
(MILLIONS OF DOLLARS) WITHIN 1
OVER 1
TO 5
OVER 5
TO 10
TOTAL AS OF
DECEMBER 31,
2011
Available-for-sale debt securities:
Western European, Scandinavian and other government debt $ 9,895 $1,177 $ — $11,072
Corporate debt(a) 3,921 2,321 284 6,526
U.S. Government debt 5,431 –– 257 5,688
Supranational debt 1,872 433 –– 2,305
Federal Home Loan Mortgage Corporation and Federal
National Mortgage Association asset-backed securities — 2,225 9 2,234
Western European and other government agency debt 1,101 253 –– 1,354
Held-to-maturity debt securities:
Certificates of deposit and other 1,150 5 –– 1,155
Total debt securities $23,370 $6,414 $550 $30,334
(a) Primarily issued by above-investment-grade institutions in the financial services sector.
C. Short-Term Borrowings
Short-term borrowings include amounts for commercial paper of $2.7 billion as of December 31, 2011, and $1.2 billion as of
December 31, 2010. The weighted-average effective interest rate on short-term borrowings outstanding was 0.2% as of
December 31, 2011, and 2.8% as of December 31, 2010.
As of December 31, 2011, we had access to $9.4 billion of lines of credit, of which $2.3 billion expire within one year. Of these lines
of credit, $8.6 billion are unused, of which our lenders have committed to loan us $7.5 billion at our request. Also, $7.0 billion of our
unused lines of credit, all of which expire in 2016, may be used to support our commercial paper borrowings.
D. Long-Term Debt
The components of our long-term debt follow:
MATURITY DATE
AS OF DECEMBER 31,
(MILLIONS OF DOLLARS) 2011 2010
Senior unsecured notes:
6.20%(a) March 2019 $ 3,248 $ 3,247
5.35%(a) March 2015 3,069 3,000
7.20%(a) March 2039 2,948 2,564
4.75% euro(b) June 2016 2,583 2,665
5.75% euro(b) June 2021 2,581 2,662
3.625% euro(b) June 2013 2,392 2,466
6.50% U.K. pound(b) June 2038 2,306 2,306
5.95% April 2037 2,088 2,089
5.50% February 2014 1,893 1,921
5.50% March 2013 1,564 1,608
4.55% euro May 2017 1,325 1,322
4.75% euro December 2014 1,266 1,302
5.50% February 2016 1,061 1,074
4.45%(c) March 2012 –– 3,543
Notes and other debt with a weighted-average interest rate of 5.28%(d) 2012–2018 2,302 2,342
Notes and other debt with a weighted-average interest rate of 6.51%(e) 2021–2036 3,440 3,464
Foreign currency notes and other foreign currency debt with a weighted-
average interest rate of 2.48%(f) 2014-2016 865 835
Total long-term debt $34,931 $38,410
Current portion not included above $6$ 3,502
(a) Instrument is callable by us at any time at the greater of 100% of the principal amount or the sum of the present values of the remaining scheduled
payments of principal and interest discounted at the U.S. Treasury rate plus 0.50% plus, in each case, accrued and unpaid interest.
2011 Financial Report 79