1. Convert the balance sheet for each year into a common size balance sheet, complete in Excel.
2. Convert the income statement to a common size income statement, complete in Excel.
Consolidated Statements of Income Pfizer Inc. and Subsidiary Companies Year Ended December 31, 2020 2019 2018 41,908 $ 41,172 $ 40,825 $ 8,987 12,612 7,760 4,736 1,058 (MILLIONS, EXCEPT PER COMMON SHARE DATA) Revenues Costs and expenses: Cost of salesa Selling, informational and administrative expenses) Research and development expensesla) Amortization of intangible assets Restructuring charges and certain acquisition-related costs (Gain) on completion of Consumer Healthcare JV transaction Other (income)/deductionsnet Income from continuing operations before provision/(benefit) for taxes on income Provision/(benefit) for taxes on income Income from continuing operations Income from discontinued operationsnet of tax Net income before allocation to noncontrolling interests Less: Net income attributable to noncontrolling interests Net income attributable to Pfizer Inc. common shareholders Earnings per common share-basic: Income from continuing operations attributable to Pfizer Inc. common shareholders Income from discontinued operations net of tax Net income attributable to Pfizer Inc. common shareholders Earnings per common share-diluted: Income from continuing operations attributable to Pfizer Inc. common shareholders Income from discontinued operationsnet of tax Net income attributable to Pfizer Inc. common shareholders Weighted average shares-basic Weighted average shares-diluted Exclusive of amortization of intangible assets, except as disclosed in Note 1L. 8,692 11,615 9,405 3,436 600 (6) 669 7,497 477 7,021 2,631 9,652 36 9,616 $ 8,251 12,750 8,394 4,462 601 (8,086) 3,314 11,485 618 10,867 5,435 16,302 29 16,273 2,077 3,594 (266) 3,861 7,328 11,188 36 11,153 $ $ $ $ $ 1.26 0.47 1.73 1.95 0.98 2.92 0.65 1.25 1.90 $ $ $ 1.24 $ 0.47 1.71 $ 1.91 $ 0.96 2.87 $ 0.64 1.23 1.87 $ 5,555 5,632 5,569 5,675 5,872 5,977 Consolidated Statements of Comprehensive Income Pfizer Inc. and Subsidiary Companies Year Ended December 31, 2020 2019 2018 9,652 $ 16,302 $ 11,188 $ (MILLIONS) Net income before allocation to noncontrolling interests Foreign currency translation adjustments, net Reclassification adjustments $ 957 $ Unrealized holding gains/(losses) on derivative financial instruments, net Reclassification adjustments for (gainsy/losses included in net incomele) (17) 940 (582) 21 (561) 361 (188) (188) Unrealized holding gains/(losses) on available-for-sale securities, net Reclassification adjustments for (gains)/losses included in net income) Reclassification adjustments for unrealized gains included in Retained earnings) Benefit plans: actuarial gains/losses), net Reclassification adjustments related to amortization Reclassification adjustments related to settlements, net Other 654 $ (799) (288) (22) 366 (821) 476 220 (664) 27 247 (1) (185) 39 124 (462) 38 (522) (826) (649) 241 242 274 22 112 (289) (153) (7) (9) (181) (181) (2) (19) 1 2 (189) (207) (262) (1,457) 115 518 (376) $ (1,975) 173 (1,128) 276 278 (189) (763) 52 (176) 142 Benefit plans: prior service (costs)/credits and other, net Reclassification adjustments related to amortization of prior service costs and other, net Reclassification adjustments related to curtailments of prior service costs and other, net Other Other comprehensive income/loss), before tax Tax provision/(benefit) on other comprehensive income/(loss)(d) Other comprehensive income/loss) before allocation to noncontrolling interests (124) (335) (349) 14 $ $ $ 9,214 Comprehensive income before allocation to noncontrolling interests Less: Comprehensive income/loss) attributable to noncontrolling interests Comprehensive income attributable to Pfizer Inc. $ 9,666 $ 15,926 27 18 $ 9,639 $ 15,908 16 $ 9,198 Consolidated Balance Sheets Pfizer Inc. and Subsidiary Companies As of December 31, 2020 (MILLIONS, EXCEPT PREFERRED STOCK ISSUED AND PER COMMON SHARE DATA) 2019 $ 1,784 $ 10,437 7,930 8,046 3,264 3,438 167 35,067 16,856 3,406 13,900 28,471 49,577 2,383 4,569 1,121 8,525 6,772 7,068 2,736 2,357 4,224 32,803 17,133 3,014 12,969 33,936 48,202 1,911 4,199 13,427 167,594 $ 154,229 $ $ Assets Cash and cash equivalents Short-term investments Trade accounts receivable, less allowance for doubtful accounts: 2020-$508; 2019_$493 Inventories Current tax assets Other current assets Current assets of discontinued operations and other assets held for sale Total current assets Equity-method investments Long-term investments Property, plant and equipment Identifiable intangible assets Goodwill Noncurrent deferred tax assets and other noncurrent tax assets Other noncurrent assets Noncurrent assets of discontinued operations Total assets Liabilities and Equity Short-term borrowings, including current portion of long-term debt: 2020-$2,002; 2019$1,462 Trade accounts payable Dividends payable Income taxes payable Accrued compensation and related items Other current liabilities Current liabilities of discontinued operations Total current liabilities Long-term debt Pension benefit obligations Postretirement benefit obligations Noncurrent deferred tax liabilities Other taxes payable Other noncurrent liabilities Total liabilities Commitments and Contingencies Preferred stock, no par value, at stated value; 27 shares authorized; issued: 20200; 2019-431 Common stock, $0.05 par value; 12,000 shares authorized; issued: 20209,407; 20199,369 Additional paid-in capital Treasury stock, shares at cost: 20203,840; 20193,835 Retained earnings Accumulated other comprehensive loss Total Pfizer Inc. shareholders' equity Equity attributable to noncontrolling interests Total equity Total liabilities and equity 2,703 $ 4,309 2,162 1,049 3,058 12,640 16,195 3,887 2,104 980 2,390 9,334 2,413 37,304 25,920 37,133 4,766 645 4,063 11,560 6,669 90,756 35,955 5,291 926 5,652 12, 126 6,894 104,148 470 88,674 (110,988) 96,770 (11,688) 63,238 235 63,473 154,229 $ 17 468 87,428 (110,801) 97,670 (11,640) 63,143 303 63,447 167,594 $ Consolidated Statements of Equity Pfizer Inc. and Subsidiary Companies PFIZER INC. SHAREHOLDERS Treasury Stock Preferred Stock Common Stock Stated Shares Value 524 $ 21 Add'l Paid-In Capital Par Shares Value 9,275 $ 464 Retained Shares Cost Earnings (3,296) $ (89,425) $ 85,291 Total Equity $ 71,656 $ 84,278 Accum. Other Share- Non- Comp holders controlling Loss Equity Interests $ (9,321) $ 71,308 $ 348 11,153 36 (1,955) (1,955) (20) (MILLIONS, EXCEPT PREFERRED SHARES AND PER SHARE AMOUNTS) Balance, January 1, 2018 Net income Other comprehensive income/(loss), net of tax Cash dividends declared, per share: $1.38 Common stock 11,153 11,188 (1,975) (8,060) (8,060) (8,060) (1) 1 Preferred stock (1) (1) (12) 57 3 1,977 (12) 13 1,993 (307) (12.198) Noncontrolling interests Share-based payment transactions Purchases of common stock Preferred stock conversions and redemptions Othera Balance, December 31, 2018 (12) 1,993 (12,198) (4) 1,172 (46) (2) (12.198) (4) 1,172 (3) 478 19 9,332 467 86,253 (3,615) (101,610) 1,172 89,554 16,273 (11,275) 351 63,407 16,273 63,758 16,302 Net income 29 (365) (365) (11) (376) (8,174) (8,174) (1) ( (8,174) (1) 1 (1) Other comprehensive income/(loss), net of tax Cash dividends declared, per share: $1.46 Common stock Preferred stock Noncontrolling interests Share-based payment transactions Purchases of common stock Preferred stock conversions and redemptions (6) (6) 37 2 1,219 (326) 894 894 (8) (213) (8,865) (47) (2) ( (3) 1 (8,865) (4) ( (21) 63,143 (8,865) (4) (81) Other 19 (40) 87,428 (60) 303 431 17 9.369 468 (3,835) (110,801) 97,670 (11,640) 63,447 9,616 9,616 36 9,652 23 23 (9) 14 (8,571) (8,571) (8,571) Balance, December 31, 2019 Net income Other comprehensive income (loss), net of tax Cash dividends declared, per share: $1.53 Common stock Preferred stock Noncontrolling interests Share-based payment transactions - Preferred stock conversions and redemptions) Distribution of Upjohn Business) Other Balance, December 31, 2020 (91) (91) 37 2 1,261 1,044 1,044 (6) 6 1 (218) 31 (431) (17) (15) ( (1) (2,015) (1,944) (71) ( (3) (1) ( (2,018) (1) 1 $ 63,473 (1) $ - 9,407 $ 470 $ 88,674 (3,840) $(110,988) $ 96,770 ) $ (11,688) $63,238 $ 235 Consolidated Statements of Cash Flows Pfizer Inc. and Subsidiary Companies Year Ended December 31 2020 2019 2018 $ $ 9,652 $ 16,302 $ 11,188 2,631 5,435 7,328 7,021 10,867 3,861 4,777 2,049 6,150 3,398 (596) (MILLIONS) Operating Activities Net income before allocation to noncontrolling interests Income from discontinued operations-net of tax Net income from continuing operations before allocation to noncontrolling interests Adjustments to reconcile net income before allocation to noncontrolling interests to net cash provided by operating activities: Depreciation and amortization Asset write-offs and impairments TCJA impact Gain on completion of Consumer Healthcare JV transaction, net of cash conveyed Deferred taxes from continuing operations Share-based compensation expense Benefit plan contributions in excess of expense/income Other adjustments, net Other changes in assets and liabilities, net of acquisitions and divestitures: Trade accounts receivable Inventories Other assets Trade accounts payable 5,795 2,941 (323) ( (8,233) 596 688 (288) (1,080) (6) (1,468) 756 (1,790) (478) (2,204) 923 (1,057) (1.266) Other liabilities (1,249) (736) (146) 353 2,741 11.238) 10,586 3,817 14,403 (1,140) (1.080) 840 (340) 851 (3,084) 7,011 5,576 12,588 (458) (432) (52) 404 367 (163 (163) 8,875 6,952 15,827 (2,252) (13,805) 11,087 (2,072) (6,835) 9,183 (1.984) (11,677) 17,581 920 (597) 723 (3,917) (1,797) 6,244 6,925 (201) 232 (10,861) (418) 195 (3,852) (94) Other tax accounts, net Net cash provided by operating activities from continuing operations Net cash provided by operating activities from discontinued operations Net cash provided by operating activities Investing Activities Purchases of property, plant and equipment Purchases of short-term investments Proceeds from redemptions/sales of short-term investments Net (purchases of)proceeds from redemptions/sales of short-term investments with original maturities of three months or less Purchases of long-term investments Proceeds from redemptions/sales of long-term investments Acquisitions of businesses, net of cash acquired Acquisitions of intangible assets Other investing activities, nera) Net cash provided by/(used in) investing activities from continuing operations Net cash provided by/(used in) investing activities from discontinued operations Net cash provided byl(used in) investing activities Financing Activities Proceeds from short-term borrowings Principal payments on short-term borrowings Net (payments onyproceeds from short-term borrowings with original maturities of three months or less Proceeds from issuance of long-term debt Principal payments on long-term debt Purchases of common stock Cash dividends paid Proceeds from exercise of stock options Other financing activities, net Net cash provided by/(used in) financing activities from continuing operations Net cash provided by/(used in) financing activities from discontinued operations Net cash provided by (used in) financing activities Effect of exchange-rate changes on cash and cash equivalents and restricted cash and cash equivalents Net increase/(decrease) in cash and cash equivalents and restricted cash and cash equivalents Cash and cash equivalents and restricted cash and cash equivalents, at beginning of period Cash and cash equivalents and restricted cash and cash equivalents, at end of period (539) 274 (4,188) (82) (4,271) (152) 287 4,584 (60) 4,525 (3,945) 12,352 (22,197) (4,129) 5,222 (4,003) 16,455 (8,378) 2,551 4,942 (6,806) (8,865) ) (8,043) 394 (736) 3,711 (4,437) (1,617) 4,974 (3,566) 2198) (12,198) (7.978) 1,259 (588) vod! (20,441) (8,485) (8,440) 425 (869) (21,640) 11,991 (9,649) (8) 475 (8,485) (32) 125 1,225 1,350 $ (20,441) (116) (205) 1,431 1,225 1,350 $ 1,825 $ Consolidated Statements of Cash Flows Pfizer Inc. and Subsidiary Companies Year Ended December 31, 2020 2019 2018 Supplemental Cash Flow Information Cash paid (received) during the period for: Income taxes Interest paid Interest rate hedges $ $ $ 3,153 1,641 (20) 3,664 1,587 (42) 3,655 1,311 (38) $ Non-cash transactions: 32% equity-method investment in the Consumer Healthcare JV received in exchange for contributing Pfizer's Consumer Healthcare business) Equity investment in Allogene received in exchange for Pfizer's allogeneic CAR T developmental program assets Equity investment in Cerevel in exchange for Pfizer's portfolio of clinical and preclinical neuroscience assets $ 15,711 $ TU 92 343
