Pfizer Inc., balance sheet: debt

US$ in millions

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Short-term borrowings, including current portion of long-term debt	10,350)	2,945)	2,241)	2,703)	16,195)
Long-term debt, excluding current portion	61,538)	32,884)	36,195)	37,133)	35,955)
Total debt (carrying amount)	71,888)	35,829)	38,436)	39,836)	52,150)

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Debt item	Description	The company
Total debt (carrying amount)	Sum of the carrying values as of the balance sheet date of all debt plus capital lease obligations.	Pfizer Inc. total debt decreased from 2021 to 2022 but then increased from 2022 to 2023 exceeding 2021 level.

	Dec 31, 2023
Selected Financial Data (US$ in millions)
Short-term borrowings, including current portion of long-term debt	10,350)
Long-term debt, excluding current portion	61,000)
Total debt (fair value)	71,350)
Financial Ratio
Debt, fair value to carrying amount ratio	0.99

Weighted-average interest rate on debt: 4.43%

Interest rate	Debt amount¹	Interest rate × Debt amount
3.90%	3,750)	146)
3.70%	6,000)	222)
2.10%	1,029)	22)
4.60%	5,660)	260)
3.50%	1,750)	61)
4.10%	12,000)	492)
5.80%	8,048)	467)
4.10%	7,995)	328)
4.10%	3,500)	144)
5.00%	11,250)	563)
Total	60,982)	2,704)
4.43%

¹ US$ in millions

² Weighted-average interest rate = 100 × 2,704 ÷ 60,982 = 4.43%

Pfizer Inc., interest costs incurred

US$ in millions

12 months ended:	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Interest expense	2,209)	1,238)	1,291)	1,449)	1,574)
Capitalized interest	160)	124)	108)	96)	88)
Interest costs incurred	2,369)	1,362)	1,399)	1,545)	1,662)

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Debt item	Description	The company
Interest expense	Amount of the cost of borrowed funds accounted for as interest expense for debt.	Pfizer Inc. interest expense decreased from 2021 to 2022 but then increased from 2022 to 2023 exceeding 2021 level.
Capitalized interest	Amount of interest costs capitalized disclosed as an adjusting item to interest costs incurred.	Pfizer Inc. capitalized interest increased from 2021 to 2022 and from 2022 to 2023.
Interest costs incurred	Total interest costs incurred during the period and either capitalized or charged against earnings.	Pfizer Inc. interest costs incurred decreased from 2021 to 2022 but then increased from 2022 to 2023 exceeding 2021 level.

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Selected Financial Data (US$ in millions)
Net income attributable to Pfizer Inc.	2,119)	31,372)	21,979)	9,616)	16,273)
Add: Net income attributable to noncontrolling interest	39)	35)	46)	36)	29)
Less: Discontinued operations, net of tax	(14)	6)	(434)	2,631)	4)
Add: Income tax expense	(1,114)	3,328)	1,852)	476)	1,384)
Add: Interest expense	2,209)	1,238)	1,291)	1,449)	1,574)
Earnings before interest and tax (EBIT)	3,267)	35,967)	25,602)	8,946)	19,256)

Interest costs incurred	2,369)	1,362)	1,399)	1,545)	1,662)
Financial Ratio With and Without Capitalized Interest
Interest coverage ratio (without capitalized interest)¹	1.48	29.05	19.83	6.17	12.23
Adjusted interest coverage ratio (with capitalized interest)²	1.38	26.41	18.30	5.79	11.59

2023 Calculations

¹ Interest coverage ratio (without capitalized interest) = EBIT ÷ Interest expense
= 3,267 ÷ 2,209 = 1.48

² Adjusted interest coverage ratio (with capitalized interest) = EBIT ÷ Interest costs incurred
= 3,267 ÷ 2,369 = 1.38

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Solvency ratio	Description	The company
Adjusted interest coverage ratio	A solvency ratio calculated as EBIT divided by interest payments (including capitalized interest).	Pfizer Inc. adjusted interest coverage ratio improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023.

Pfizer Inc. (NYSE:PFE)

Analysis of Debt