|Millions (Except Per Common Share Data)||2019||2018||2017||19/18||18/17|
|Cost of sales||10,219||11,248||11,228||(9)||__|
|Selling, informational and administrative expenses||14,350||14,455||14,804||(1)||(2)|
|Research and development expenses||8,650||8,006||7,683||8||4|
|Restructuring charges and certain acquisition-related costs||747||1,044||351||(28)||∗|
|(Gain) on completion of Consumer Healthcare JV transaction(b)||(8,086)||–||–||∗||–|
|Income from continuing operations||16,298||11,179||21,353||46||(48)|
|Discontinued operations-net of tax||4||10||2||(61)||∗|
|Net income attributable to Pfizer Inc.(c)||16,273||11,153||21,308||46||(48)|
|Diluted earnings per common share attributable to Pfizer Inc. common shareholders(c)||2.87||1.87||3.52||54||(47)|
|Number of common shares outstanding||5,534||5,717||5,979||(3)||(4)|
|Total long-term obligations(d)||66,739||63,807||69,714||5||(8)|
|Total Pfizer Inc. shareholders' equity||63,143||63,407||71,308||–||(11)|
|Shareholders' equity per common share||11.41||11.09||11.93||3||(7)|
|Net cash provided by operating activities||12,588||15,827||16,802||(20)||(6)|
|Purchases of property, plant and equipment||2,176||2,042||1,956||7||4|
|Purchases of common stock||8,865||12,198||5,000||(27)||∗|
|Cash dividends paid||8,043||7,978||7,659||1||4|
* Indicates calculation not meaningful or result is equal to or greater than 100%.
As described in Notes to Consolidated Financial Statements—Note 1A. Basis of Presentation and Significant Accounting Policies: Basis of Presentation in our 2019 Financial Report, which is filed as Exhibit 13 to our 2019 Annual Report on Form 10-K for the fiscal year ended December 31, 2019, acquisitions impacted our results of operations in 2019 and 2017, the contribution of our Consumer Healthcare business to the GlaxoSmithKline plc (GSK) Consumer Healthcare joint venture impacted our results of operations in 2019 and divestitures impacted our results of operations in 2017.
See Notes to Consolidated Financial Statements—Note 2C. Acquisitions, Divestitures, Equity-Method Investments and Assets and Liabilities Held for Sale, Licensing Arrangements and Research and Development and Collaborative Arrangements: Equity-Method Investments and Assets and Liabilities Held for Sale in our 2019 Financial Report, which is filed as Exhibit 13 to our 2019 Annual Report on Form 10-K for the fiscal year ended December 31, 2019.
2019, 2018 and 2017 reflect the impact of the Tax Cuts and Jobs Act or TCJA on the Provision/(benefit) for taxes on income. For additional information, see Notes to Consolidated Financial Statements—Note 5A. Tax Matters: Taxes on Income from Continuing Operations in our 2019 Financial Report, which is filed as Exhibit 13 to our 2019 Annual Report on Form 10-K for the fiscal year ended December 31, 2019.
Defined as Long-term debt, Pension benefit obligations, net, Postretirement benefit obligations, net, Noncurrent deferred tax liabilities, Other taxes payable and Other noncurrent liabilities. Our short-term borrowings are rated P-1 by Moody’s Investors Service (Moody’s) and A-1+ by Standard & Poor’s (S&P). Our long-term debt is rated A1 by Moody’s (Outlook: Under review for downgrade) and AA- by S&P (Outlook: CreditWatch Negative). Moody’s and S&P are major corporate debt-rating organizations. A security rating is not a recommendation to buy, sell or hold securities and the rating is subject to revision or withdrawal at any time by the rating organization. Each rating should be evaluated independently of any other rating.