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25
$ .60
$ .81
———
———
———
EARNINGS PER COMMON SHARE—DILUTED
Income from continuing operations
$ 1.22
$ .59
$ .79
Discontinued operations—net of tax
—
—
(.01 )
———
———
———
Net income
$ 1.22
$ .59
$ .78
———
———
———
Weighted average shares—basic
6,239
6,210
6,126
Weighted average shares—diluted
6,361
6,368
6,317
———
———
———
(See notes to Consolidated Financial Statements, which are an integral part of these statements.)
160
Q u a l i t y o f E a r n i n g s a n d C a s h F l o w s E X H I B I T 5 . 4
P F I Z E R I N C . A N D S U B S I D I A R Y C O M PA N I E S C O N T I N U E D
Consolidated Statement of Income
December 31
2001
2000
(in millions, except per share data)
ASSETS
Current assets
Cash and cash equivalents
$ 1,036
$ 1,099
Shor t-term investments
7,579
5,764
Accounts receivable, less allowance for
doubtful accounts:
2001, $145; 2000, $151
5,337
5,489
Shor t-term loans
269
140
Inventories
Finished goods
1,185
1,195
Work in process
1,095
1,074
Raw materials and supplies
461
433
————
————
Total inventories
2,741
2,702
————
————
Prepaid expenses and taxes
1,488
1,993
————
————
Total current assets
18,450
17,187
Long-term loans and investments
5,729
2,529
Proper ty, plant and equipment, less
accumulated depreciation
10,415
9,425
Goodwill, less accumulated amor tization:
2001, $358; 2000, $300
1,722
1,791
Other assets, deferred taxes, and
deferred charges
2,837
2,578
————
————
Total assets
$ 39,153
$ 33,510
————
————
LIABILITIES AND SHAREHOLDERS EQUITY
Current liabilities
Shor t-term borrowings, including current
por tion of long-term debt
$ 6,265
$ 4,289
161
E S S E N T I A L S o f F i n a n c i a l A n a l y s i s E X H I B I T 5 . 4
P F I Z E R I N C . A N D S U B S I D I A R Y C O M PA N I E S C O N T I N U E D
December 31
2001
2000
(in millions, except per share data)
Accounts payable
1,579
1,719
Dividends payable
819
696
Income taxes payable
806
850
Accrued compensation and related items
1,083
982
Other current liabilities
3,088
3,445
————
————
Total current liabilities
13,640
11,981
Long-term debt
2,609
1,123
Postretirement benefit obligation other than
pension plans
587
564
Deferred taxes on income
452
380
Other noncurrent liabilities
3,572
3,386
————
————
Total liabilities
20,860
17,434
————
————
Shareholders’ equity
Preferred stock, without par value; 12 shares
authorized, none issued
—
—
Common stock, $.05 par value; 9,000 shares
authorized; issued: 2001 - 6,792; 2000 - 6,749
340
337
Additional paid-in capital
9,300
8,895
Retained earnings
24,430
19,599
Accumulated other comprehensive expense
(1,749)
(1,515)
Employee benefit trusts
(2,650)
(3,382)
Treasur y stock, shares at cost:
2001 - 515; 2000 - 435
(11,378)
(7,858)
————
————
Total shareholders equity
18,293
16,076
————
————
Total liabilities and shareholders equity
$ 39,153
$ 33,510
————
————
(See notes to Consolidated Financial Statements which are an integral par t of these statements.)
162
Q u a l i t y o f E a r n i n g s a n d C a s h F l o w s E X H I B I T 5 . 4
P F I Z E R I N C . A N D S U B S I D I A R Y C O M PA N I E S C O N T I N U E D
Consolidated Statement of Cash Flows
Year ended December 31
2001
2000
1999
(in millions)
OPERATING ACTIVITIES
Income from continuing operations
$ 7,752
$ 3,718
$ 4,972
Adjustments to reconcile income
from continuing operations to
net cash provided by operating
activities:
Depreciation and amor tization
1,068
968
905
Gains on sales of equity investments
(17)
(216)
—
Harmonization of accounting
methodology
(175)
—
—
Loss on sale of Animal Health
feed-additive products
—
85
—
Costs associated with the
withdrawal of Rezulin
—
102
—
Trovan inventor y write-off
—
—
310
Deferred taxes and other
217
(265)
213
Changes in assets and liabilities, net
of effect of businesses divested:
Accounts receivable
(30)
(498)
(1,274)
Inventories
(102)
(436)
(278)
Prepaid and other assets
132
365
(127)
Accounts payable and accrued
liabilities
(201)
807
378
Income taxes payable
298
1,315
144
Other deferred items
349
250
250
———