How can tax on Pfizer's income be negative? Does it mean Pfizer saved that much money or they received that much amount from government in Cash?

Act III Mr. Young knocked on the door as Frank's secretary paved the way for him. Frank was sitting with Mr. Bourla and Mr. Read on a couch in his big office. On the table was an unaudited copy of Consolidated Statement of Income for Pfizer Inc. for the year ended 2017 as shown below. Consolidated Statements of Income Pfizer Inc. and Subsidiary Companies Year Ended December 31 2017 2016 52,546 $ 52,824 $ 2015 48,851 12,329 9,648 11,240 14,784 14,809 14,837 7,872 (MILLIONS, EXCEPT PER COMMON SHARE DATA) Revenues Costs and expenses: Cost of sales Selling, informational and administrative expenses (al Research and development expenses al Amortization of intangible assets Restructuring charges and certain acquisition-related costs Other (income deductions-net Income from continuing operations before provision/(benefit) for taxes on income Provision/(benefit) for taxes on income Income from continuing operations 4,056 1,724 7,657 4,758 487 1,315 12,305 (9,049) 21,353 7,690 3,728 1,152 2.860 8.965 1,990 3,655 8,351 1,123 7.229 6,975 "Yes Mr. Young, Come on in. Join us" Frank invited pointing at the couch. Young had anticipated this day and it had finally come true. Mr. Bourla poured him a glass of 18 year old bourbon whiskey aged in oak barrel. "Wait, it's just llam" Young was little startled by this, "I thought we were going to work." Frank chuckled, "Of course we are going to work young man. Have a drink. You are sitting at a big boys table now. Work can be fun too. You need know how to enjoy it." After taking a sip which went down so smoothly, Young regretted his hesitation. He wanted more because the oak and vanilla just hit the right notes for him and he loosened up a little. "Mr. Young I have two questions for you" Frank said. "How did you manage to save $9billion for our company? and How many zeros | should put on your bonus cheque?" XXX Assume you are the Young Accountant in this case and answer the following questions in respect of Pfizer Inc's FY2017 Financial Statements. We encourage you to find Pfizer's 10-K filing for FY2017 from Investor Relations section of their website to base your answers. a. How can tax on Pfizer's income be negative? Does it mean Pfizer saved that much money or they received that much amount from government in Cash? (Min 150 words Max 300 words) b. What is the effective rate of tax for Pfizer? Can it be negative? Why? (Min 100 words | Max 250 words) C. Give us brief details of what sort of tax benefits and tax expenses impacted FY 2017's Provision/(benefit) for taxes on income? (Min 100 words Max 300 words) Act III Mr. Young knocked on the door as Frank's secretary paved the way for him. Frank was sitting with Mr. Bourla and Mr. Read on a couch in his big office. On the table was an unaudited copy of Consolidated Statement of Income for Pfizer Inc. for the year ended 2017 as shown below. Consolidated Statements of Income Pfizer Inc. and Subsidiary Companies Year Ended December 31 2017 2016 52,546 $ 52,824 $ 2015 48,851 12,329 9,648 11,240 14,784 14,809 14,837 7,872 (MILLIONS, EXCEPT PER COMMON SHARE DATA) Revenues Costs and expenses: Cost of sales Selling, informational and administrative expenses (al Research and development expenses al Amortization of intangible assets Restructuring charges and certain acquisition-related costs Other (income deductions-net Income from continuing operations before provision/(benefit) for taxes on income Provision/(benefit) for taxes on income Income from continuing operations 4,056 1,724 7,657 4,758 487 1,315 12,305 (9,049) 21,353 7,690 3,728 1,152 2.860 8.965 1,990 3,655 8,351 1,123 7.229 6,975 "Yes Mr. Young, Come on in. Join us" Frank invited pointing at the couch. Young had anticipated this day and it had finally come true. Mr. Bourla poured him a glass of 18 year old bourbon whiskey aged in oak barrel. "Wait, it's just llam" Young was little startled by this, "I thought we were going to work." Frank chuckled, "Of course we are going to work young man. Have a drink. You are sitting at a big boys table now. Work can be fun too. You need know how to enjoy it." After taking a sip which went down so smoothly, Young regretted his hesitation. He wanted more because the oak and vanilla just hit the right notes for him and he loosened up a little. "Mr. Young I have two questions for you" Frank said. "How did you manage to save $9billion for our company? and How many zeros | should put on your bonus cheque?" XXX Assume you are the Young Accountant in this case and answer the following questions in respect of Pfizer Inc's FY2017 Financial Statements. We encourage you to find Pfizer's 10-K filing for FY2017 from Investor Relations section of their website to base your answers. a. How can tax on Pfizer's income be negative? Does it mean Pfizer saved that much money or they received that much amount from government in Cash? (Min 150 words Max 300 words) b. What is the effective rate of tax for Pfizer? Can it be negative? Why? (Min 100 words | Max 250 words) C. Give us brief details of what sort of tax benefits and tax expenses impacted FY 2017's Provision/(benefit) for taxes on income? (Min 100 words Max 300 words)