Pfizer carries inventories at the lower of cost or market. The cost of finished goods, work in process and raw materials is determined using average actual cost. Pfizer regularly reviews inventories for impairment and reserves are established when necessary.
Source: Pfizer Inc., Annual Report
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Pfizer Inc., Statement of Financial Position, Inventory
USD $ in millions
| Dec 31, 2011 | Dec 31, 2010 | Dec 31, 2009 | Dec 31, 2008 | Dec 31, 2007 | ||
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Finished goods | |
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Work-in-process | |
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Raw materials and supplies | |
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Inventories | |
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Source: Based on data from Pfizer Inc. Annual Reports
| Item | Description | The company |
|---|---|---|
| Finished goods | Carrying amount as of the balance sheet date of merchandise or goods held by the company that are readily available for sale. | Pfizer Inc.'s finished goods declined from 2009 to 2010 and from 2010 to 2011. |
| Work-in-process | Carrying amount as of the balance sheet date of merchandise or goods which are partially completed, are generally comprised of raw materials, labor and factory overhead costs, and which require further materials, labor and overhead to be converted into finished goods, and which generally require the use of estimates to determine percentage complete and pricing. | Pfizer Inc.'s work-in-process declined from 2009 to 2010 but then slightly increased from 2010 to 2011. |
| Raw materials and supplies | Aggregated amount of unprocessed materials to be used in manufacturing or production process and supplies that will be consumed. | Pfizer Inc.'s raw materials and supplies declined from 2009 to 2010 and from 2010 to 2011. |
| Inventories | Carrying amount (lower of cost or market) as of the balance sheet date of inventories less all valuation and other allowances. Excludes noncurrent inventory balances (expected to remain on hand past one year or one operating cycle, if longer). | Pfizer Inc.'s inventories declined from 2009 to 2010 and from 2010 to 2011. |
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