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CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) - USD ($)
$ in Millions
3 Months Ended 6 Months Ended
Jun. 28, 2020
Jun. 30, 2019
Jun. 28, 2020
Jun. 30, 2019
Statement of Comprehensive Income [Abstract]        
Net income before allocation to noncontrolling interests [1],[2],[3],[4] $ 3,434 $ 5,056 $ 6,845 $ 8,945
Foreign currency translation adjustments, net [1],[5] (242) (485) (1,513) (161)
Reclassification adjustments [1] 0 0 0 [5] 2 [5]
Other comprehensive income (loss), foreign currency transaction and translation adjustment, before tax [1] (242) (485) (1,513) (159)
Unrealized holding gains/(losses) on derivative financial instruments, net [1] 213 (176) (288) 91
Reclassification adjustments for gains included in net income [1],[6] (186) (81) (167) (343)
Other comprehensive income (loss), derivatives qualifying as hedges, before tax, total [1] 27 (256) (455) (252)
Unrealized holding gains/(losses) on available-for-sale securities, net [1] 42 (7) (9) 33
Reclassification adjustments for losses included in net income [1],[7] 44 26 59 37
Other comprehensive income (loss), available-for-sale securities, before tax, total [1] 87 19 50 70
Benefit plans: actuarial gains/(losses), net [1] 5 (4) (160) (4)
Reclassification adjustments related to amortization [1] 67 60 133 121
Reclassification adjustments related to settlements, net [1] 13 2 66 2
Other [1] 68 41 84 18
Defined benefit plan, amounts recognized in other comprehensive income (loss), net gain (loss), before tax, total [1] 153 100 122 137
Benefit plans: prior service costs and other, net [1] 0 (1) 0 (1)
Reclassification adjustments related to amortization of prior service costs and other, net [1] (45) (46) (89) (93)
Other [1] 5 1 4 2
Defined benefit plan, amounts recognized in other comprehensive income (loss), net prior service cost, before tax [1] (40) (46) (85) (92)
Other comprehensive loss, before tax [1] (14) (669) (1,882) (296)
Tax provision/(benefit) on other comprehensive loss [1] 113 (59) (265) (34)
Other comprehensive loss before allocation to noncontrolling interests [1],[3] (127) (610) (1,617) (262)
Comprehensive income before allocation to noncontrolling interests [1] 3,307 4,446 5,227 8,683
Less: Comprehensive income/(loss) attributable to noncontrolling interests [1] (4) 12 5 13
Comprehensive income attributable to Pfizer Inc. [1] $ 3,312 $ 4,434 $ 5,222 $ 8,669
[1]
Amounts may not add due to rounding.
[2]
Amounts may not add due to rounding.
[3]
Amounts may not add due to rounding.
[4]
Amounts may not add due to rounding.
[5]
Amounts in the second quarter of 2020 include losses from the weakening of certain major currencies against the U.S. dollar, partially offset by a gain of approximately $380 million pre-tax ($291 million after-tax) related to foreign currency translation adjustments and the impact of our net investment hedging program, both attributable to our equity method investment in the GSK Consumer Healthcare joint venture. Amounts in the first six months of 2020 include a loss of approximately $1.2 billion pre-tax ($902 million after-tax) related to foreign currency translation adjustments and the impact of our net investment hedging program, both attributable to our equity method investment in the GSK Consumer Healthcare joint venture and losses from the weakening of certain major currencies against the U.S. dollar, partially offset by the results of our net investment hedging program. For additional information on the GSK Consumer Healthcare joint venture, see Note 2B. Acquisition, Equity-Method Investment and Licensing Arrangements: Equity-Method Investment.
[6]
Reclassified into Other (income)/deductions—net and Cost of sales in the condensed consolidated statements of income. For additional information on amounts reclassified into Other (income)/deductions—net and Cost of sales, see Note 7E. Financial Instruments: Derivative Financial Instruments and Hedging Activities.
[7]
Reclassified into Other (income)/deductions—net.