Cash Flow Statement

The cash flow statement provides information about a company cash receipts and cash payments during an accounting period, showing how these cash flows link the ending cash balance to the beginning balance shown on the company balance sheet.

The cash flow statement consists of three parts: cash flows provided by (used in) operating activities, cash flows provided by (used in) investing activities, and cash flows provided by (used in) financing activities.

Pfizer Inc., consolidated cash flow statement

US$ in millions

12 months ended:	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Net income before allocation to noncontrolling interests	2,158)	31,407)	22,025)	9,652)	16,302)
Discontinued operations, net of tax	14)	(6)	434)	(2,631)	—)
Net income from continuing operations before allocation to noncontrolling interests	2,172)	31,401)	22,459)	7,021)	16,302)
Depreciation and amortization	6,290)	5,064)	5,191)	4,777)	6,010)
Asset write-offs and impairments	3,408)	550)	276)	2,049)	2,953)
TCJA impact	—)	—)	—)	—)	(323)
Gain on completion of Consumer Healthcare JV transaction, net of cash conveyed	—)	—)	—)	(6)	(8,233)
Deferred taxes	(3,442)	(3,764)	(4,293)	(1,468)	614)
Share-based compensation expense	525)	872)	1,182)	756)	718)
Benefit plan contributions in excess of income/expense	(787)	(1,158)	(3,123)	(1,790)	(336)
Inventory write-offs and related charges associated with COVID-19 products	6,199)	1,183)	—)	—)	—)
Other adjustments, net	(3,493)	758)	(1,574)	(478)	(1,086)
Trade accounts receivable	347)	261)	(3,811)	(1,249)	(742)
Inventories	(1,169)	(591)	(1,125)	(736)	(1,050)
Other assets	(663)	(4,506)	(1,057)	(146)	795)
Trade accounts payable	(300)	1,191)	1,242)	353)	(564)
Other liabilities	595)	(1,449)	18,721)	2,741)	267)
Other tax accounts, net	(982)	(545)	(1,166)	(1,238)	(2,737)
Changes in assets and liabilities, net of acquisitions and divestitures	(2,172)	(5,639)	12,804)	(275)	(4,031)
Adjustments to reconcile net income before allocation to noncontrolling interests to net cash provided by operating activities	6,528)	(2,134)	10,463)	3,565)	(3,714)
Net cash provided by operating activities	8,700)	29,267)	32,922)	10,586)	12,588)
Purchases of property, plant and equipment	(3,907)	(3,236)	(2,711)	(2,252)	(2,176)
Purchases of short-term investments	(30,974)	(36,384)	(38,457)	(13,805)	(6,835)
Proceeds from redemptions/sales of short-term investments	39,264)	44,821)	27,447)	11,087)	9,183)
Net (purchases of) proceeds from redemptions/sales of short-term investments with original maturities of three months or less	5,174)	(483)	(8,088)	920)	6,925)
Purchases of long-term investments	(204)	(1,913)	(1,068)	(597)	(201)
Proceeds from redemptions/sales of long-term investments	1,979)	641)	649)	723)	232)
Acquisitions of businesses, net of cash acquired	(43,430)	(22,997)	—)	—)	(10,861)
Dividend received from the Consumer Healthcare JV	—)	3,960)	—)	—)	—)
Other investing activities, net	(180)	(192)	(306)	(264)	(212)
Net cash used in investing activities	(32,278)	(15,783)	(22,534)	(4,188)	(3,945)
Proceeds from short-term borrowings	4,525)	3,891)	—)	12,352)	16,455)
Payments on short-term borrowings	(3)	(3,887)	—)	(22,197)	(8,378)
Net proceeds from (payments on) short-term borrowings with original maturities of three months or less	3,161)	(222)	(96)	(4,129)	2,551)
Proceeds from issuances of long-term debt	30,831)	—)	997)	5,222)	4,942)
Payments on long-term debt	(2,569)	(3,298)	(2,004)	(4,003)	(6,806)
Purchases of common stock	—)	(2,000)	—)	—)	(8,865)
Cash dividends paid	(9,247)	(8,983)	(8,729)	(8,440)	(8,043)
Other financing activities, net	(632)	(335)	16)	(445)	(341)
Net cash provided by (used in) financing activities	26,066)	(14,834)	(9,816)	(21,640)	(8,485)
Net cash provided by (used in) operating activities from discontinued operations	—)	—)	(342)	3,817)	—)
Net cash used in investing activities from discontinued operations	—)	—)	(12)	(83)	—)
Net cash provided by financing activities from discontinued operations	—)	—)	—)	11,991)	—)
Net cash provided by (used in) discontinued operations	—)	—)	(354)	15,725)	—)
Effect of exchange-rate changes on cash and cash equivalents and restricted cash and cash equivalents	(40)	(165)	(59)	(8)	(33)
Net increase (decrease) in cash and cash equivalents and restricted cash and cash equivalents	2,448)	(1,515)	159)	475)	125)
Cash and cash equivalents and restricted cash and cash equivalents, at beginning of period	469)	1,983)	1,824)	1,350)	1,225)
Cash and cash equivalents and restricted cash and cash equivalents, at end of period	2,917)	468)	1,983)	1,825)	1,350)

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

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Cash flow statement item	Description	The company
Net cash provided by operating activities	Amount of cash inflow (outflow) from operating activities, excluding discontinued operations. Operating activity cash flows include transactions, adjustments, and changes in value not defined as investing or financing activities.	Pfizer Inc. net cash provided by operating activities decreased from 2021 to 2022 and from 2022 to 2023.
Net cash used in investing activities	Amount of cash inflow (outflow) of investing activities, excluding discontinued operations. Investing activity cash flows include making and collecting loans and acquiring and disposing of debt or equity instruments and property, plant, and equipment and other productive assets.	Pfizer Inc. net cash used in investing activities increased from 2021 to 2022 but then decreased significantly from 2022 to 2023.
Net cash provided by (used in) financing activities	Amount of cash inflow (outflow) of financing activities, excluding discontinued operations. Financing activity cash flows include obtaining resources from owners and providing them with a return on, and a return of, their investment; borrowing money and repaying amounts borrowed, or settling the obligation; and obtaining and paying for other resources obtained from creditors on long-term credit.	Pfizer Inc. net cash provided by (used in) financing activities decreased from 2021 to 2022 but then increased from 2022 to 2023 exceeding 2021 level.

Pfizer Inc. (NYSE:PFE)

Cash Flow Statement