Pfizer 2015 Annual Report Download - page 71

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Consolidated Statements of Cash Flows
Pfizer Inc. and Subsidiary Companies
70
2015 Financial Report
Year Ended December 31,
(MILLIONS) 2015 2014 2013
Operating Activities
Net income before allocation to noncontrolling interests $6,986 $9,168 $22,072
Adjustments to reconcile net income before allocation to noncontrolling interests to net cash provided by operating
activities:
Depreciation and amortization 5,157 5,537 6,410
Asset write-offs and impairments 1,119 531 1,145
Foreign currency loss related to Venezuela 806 ——
Gain/(loss) on disposal of discontinued operations 6(51) (10,446)
Gain associated with the transfer of certain product rights to an equity-method investment ——(459)
Deferred taxes from continuing operations (20)320 1,726
Deferred taxes from discontinued operations 2(3) (23)
Share-based compensation expense 669 586 523
Benefit plan contributions (in excess of)/less than expense (617)(199) 296
Other adjustments, net (160)(430)(182)
Other changes in assets and liabilities, net of acquisitions and divestitures:
Trade accounts receivable 21 148 940
Inventories (199)175 (538)
Other assets 249 1,156 (822)
Trade accounts payable 254 297 382
Other liabilities 474 (845) (3,117)
Other tax accounts, net (235)492 (223)
Net cash provided by operating activities 14,512 16,883 17,684
Investing Activities
Purchases of property, plant and equipment (1,397)(1,199) (1,206)
Purchases of short-term investments (28,581) (50,954) (42,761)
Proceeds from redemptions/sales of short-term investments 40,064 47,374 41,127
Net (purchases of)/proceeds from redemptions/sales of short-term investments with original maturities of
three months or less 5,768 3,930 (4,277)
Purchases of long-term investments (9,542)(10,718) (11,020)
Proceeds from redemptions/sales of long-term investments 6,929 6,145 7,555
Acquisitions of businesses, net of cash acquired (16,466) (195)(15)
Acquisitions of intangible assets (99)(384)(259)
Other investing activities, net 344 347 312
Net cash used in investing activities (2,980)(5,654) (10,544)
Financing Activities
Proceeds from short-term borrowings 5,557 13 4,323
Principal payments on short-term borrowings (3,965)(10) (4,234)
Net proceeds from/(payments on) short-term borrowings with original maturities of three months or less 2,717 (1,841)3,475
Proceeds from issuance of long-term debt(a) —4,491 6,618
Principal payments on long-term debt (3,003)(2,104) (4,146)
Purchases of common stock (6,160)(5,000) (16,290)
Cash dividends paid (6,940)(6,609) (6,580)
Proceeds from exercise of stock options 1,263 1,002 1,750
Other financing activities, net 298 72 109
Net cash used in financing activities (10,233) (9,986) (14,975)
Effect of exchange-rate changes on cash and cash equivalents (1,000)(83)(63)
Net increase/(decrease) in cash and cash equivalents 298 1,160 (7,898)
Cash and cash equivalents, beginning 3,343 2,183 10,081
Cash and cash equivalents, end $3,641 $3,343 $2,183
- Continued -