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Notes to Consolidated Financial Statements
Pfizer Inc. and Subsidiary Companies
116
2013 Financial Report
For Earnings in 2012, certain significant items includes: (i) net charges for certain legal matters of 2.2 billion, (ii) restructuring charges and implementation
costs associated with our cost-reduction initiatives that are not associated with an acquisition of $1.8 billion, (iii) certain asset impairment charges of $875
million, (iv) costs associated with the separation of Zoetis of $125 million and (v) other charges of $19 million. For additional information see Note 3.
Restructuring Charges and Other Costs Associated with Acquisitions and Cost-Reduction/Productivity Initiatives and Note 4. Other (Income)/Deductions––
Net.
For Earnings in 2011, certain significant items includes: (i) restructuring charges and implementation costs associated with our cost-reduction initiatives that
are not associated with an acquisition of $2.5 billion (ii) certain asset impairment charges of $827 million, (iii) charges for certain legal matters of $822 million,
(iv) other charges of $69 million and (v) costs associated with the separation of Zoetis of $35 million (see Note 3. Restructuring Charges and Other Costs
Associated with Acquisitions and Cost-Reduction/Productivity Initiatives and Note 4. Other (Income)/Deductions––Net for additional information).
(j) Includes overhead expenses associated with our manufacturing and commercial operations not directly attributable to an operating segment.
B. Geographic Information
Revenues exceeded $500 million in each of 12, 14 and 16 countries outside the U.S. in 2013, 2012 and 2011, respectively. The U.S. and
Japan were the only countries to contribute more than 10% of total revenue in 2013 and 2012. The U.S. was the only country to contribute
more than 10% of total revenue in 2011.
The following table provides revenues by geographic area:
Year Ended December 31,
(MILLIONS OF DOLLARS) 2013 2012 2011(a)
United States $20,274 $21,313 $25,277
Developed Europe(b) 11,739 12,545 15,221
Developed Rest of World(c) 8,346 9,956 10,422
Emerging Markets(d) 11,225 10,843 10,115
Revenues $51,584 $54,657 $61,035
(a) For 2011, includes King commencing on the acquisition date of January 31, 2011.
(b) Developed Europe region includes the following markets: Western Europe, Finland and the Scandinavian countries. Revenues denominated in euros were $8.9
billion in 2013, $9.4 billion in 2012 and $11.4 billion in 2011.
(c) Developed Rest of World region includes the following markets: Australia, Canada, Japan, New Zealand and South Korea.
(d) Emerging Markets region includes, but is not limited to, the following markets: Asia (excluding Japan and South Korea), Latin America, the Middle East, Eastern
Europe, Africa, Turkey and Central Europe.
Long-lived assets by geographic region follow:
As of December 31,
(MILLIONS OF DOLLARS) 2013 2012 2011
Property, plant and equipment, net
United States $5,885 $6,485 $7,116
Developed Europe(a) 4,845 4,895 5,640
Developed Rest of World(b) 696 816 872
Emerging Markets(c) 971 1,017 1,045
Property, plant and equipment, net $12,397 $13,213 $14,673
(a) Developed Europe region includes the following markets: Western Europe, Finland and the Scandinavian countries.
(b) Developed Rest of World region includes the following markets: Australia, Canada, Japan, New Zealand, and South Korea.
(c) Emerging Markets region includes, but is not limited to, the following markets: Asia (excluding Japan and South Korea), Latin America, the Middle East, Eastern
Europe, Africa, Turkey and Central Europe.
C. Other Revenue Information
Significant Customers
We sell our products primarily to customers in the wholesale sector. In 2013, sales to our three largest U.S. wholesaler customers represented
approximately 12%, 9% and 8% of total revenues and, collectively, represented approximately 20% of total accounts receivable as of
December 31, 2013. In 2012, sales to our three largest U.S. wholesaler customers represented approximately 13%, 10% and 8% of total
revenues and, collectively, represented approximately 18% of total accounts receivable as of December 31, 2012. For both years, these sales
and related accounts receivable were concentrated in our three biopharmaceutical operating segments.