Pfizer 2011 Annual Report Download - page 57

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Consolidated Statements of Cash Flows
Pfizer Inc. and Subsidiary Companies
YEAR ENDED DECEMBER 31,
(MILLIONS OF DOLLARS) 2011 2010 2009
Operating Activities
Net income before allocation to noncontrolling interests $ 10,051 $ 8,288 $ 8,643
Adjustments to reconcile net income before allocation to noncontrolling interests to net
cash provided by operating activities:
Depreciation and amortization 9,026 8,487 4,757
Share-based compensation expense 419 405 349
Asset write-offs and impairment charges 1,198 3,486 305
Acquisition-related in-process research and development charges —125 68
(Gain)/loss on disposals 15 (155) (670)
(Gain)/loss on sale of discontinued operations (1,688) 11 (15)
Deferred taxes from continuing operations 264 1,937 (9,590)
Deferred taxes on discontinued operations 190 16 8
Benefit plan contributions (in excess of)/less than expense (1,775) (688) 546
Other non-cash adjustments (189) (19) 199
Other changes in assets and liabilities, net of acquisitions and divestitures:
Accounts receivable (66) (608) 252
Inventories 1,084 2,917 1,631
Other assets 582 (906) (851)
Accounts payable and other liabilities 1,147 824 1,501
Other tax accounts, net (18) (12,666) 9,454
Net cash provided by operating activities 20,240 11,454 16,587
Investing Activities
Purchases of property, plant and equipment (1,660) (1,513) (1,205)
Purchases of short-term investments (18,428) (10,931) (35,331)
Proceeds from redemptions and sales of short-term investments 13,615 4,543 42,364
Net proceeds from redemptions and sales of short-term investments with original
maturities of 90 days or less 10,874 5,950 5,775
Purchases of long-term investments (4,063) (3,920) (6,888)
Proceeds from redemptions and sales of long-term investments 2,147 4,381 6,504
Proceeds from redemptions of short-term loans 561 1,156 1,158
Issuances of short-term loans (19) (151) (565)
Proceeds from redemptions of long-term loans —356 —
Issuances of long-term loans (200) (208) (61)
Acquisitions, net of cash acquired (3,282) (273) (43,123)
Proceeds from sale of business 2,376 ——
Other investing activities 279 118 100
Net cash provided by/(used in) investing activities 2,200 (492) (31,272)
Financing Activities
Proceeds from short-term borrowings 12,810 6,400 31,159
Principal payments on short-term borrowings (3,826) (9,249) (34,969)
Net proceeds/(payments) on short-term borrowings with original maturities of 90 days
or less (7,540) (1,297) 874
Proceeds from issuances of long-term debt 1— 24,023
Principal payments on long-term debt (6,986) (6) (967)
Purchases of common stock (9,000) (1,000) —
Cash dividends paid (6,234) (6,088) (5,548)
Other financing activities 168 66 (91)
Net cash provided by/(used in) financing activities (20,607) (11,174) 14,481
Effect of exchange-rate changes on cash and cash equivalents (29) (31) 60
Net increase/(decrease) in cash and cash equivalents 1,804 (243) (144)
Cash and cash equivalents at beginning of year 1,735 1,978 2,122
Cash and cash equivalents at end of year $ 3,539 $ 1,735 $ 1,978
Supplemental Cash Flow Information
Non-cash transactions:
Acquisition of Wyeth, treasury stock issued $—$ — $ 23,303
Cash paid during the period for:
Income taxes $ 2,938 $ 11,775 $ 2,300
Interest 2,085 2,155 935
See Notes to Consolidated Financial Statements, which are an integral part of these statements.
56 2011 Financial Report