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ACCUMULATED OTHER COMPREHENSIVE INCOME (Tables)
 12 Months Ended
Dec. 31, 2015
Equity [Abstract]  
Summary of Changes in AOCI by Component

The following table is a net-of-tax summary of the changes in AOCI by component for the years ended December 31, 2016 and 2015

 

(in millions)

 

CTA

 

 

Pension and

other employee

benefits

 

 

Hedging

activities

 

 

Available-

for-sale

securities

 

 

Total

 

Gains (losses)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance as of December 31, 2015

 

$

(3,191

)

 

$

(1,064

)

 

$

7

 

 

$

4,472

 

 

$

224

 

Other comprehensive income before reclassifications

 

 

(247

)

 

 

(191

)

 

 

1

 

 

 

104

 

 

 

(333

)

Amounts reclassified from AOCI

 

 

—

 

 

 

94

 

 

 

(5

)

 

 

(4,536

)

 

 

(4,447

)

Net other comprehensive (loss) income

 

 

(247

)

 

 

(97

)

 

 

(4

)

 

 

(4,432

)

 

 

(4,780

)

Balance as of December 31, 2016

 

$

(3,438

)

 

$

(1,161

)

 

$

3

 

 

$

40

 

 

$

(4,556

)

 

(in millions)

 

CTA

 

 

Pension and

other employee

benefits

 

 

Hedging

activities

 

 

Available-

for-sale

securities

 

 

Total

 

Gains (losses)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance as of December 31, 2014

 

$

(2,323

)

 

$

(1,427

)

 

$

34

 

 

$

66

 

 

$

(3,650

)

Other comprehensive income before reclassifications

 

 

(1,094

)

 

 

45

 

 

 

46

 

 

 

4,461

 

 

 

3,458

 

Amounts reclassified from AOCI

 

 

—

 

 

 

120

 

 

 

(31

)

 

 

(23

)

 

 

66

 

Net other comprehensive (loss) income

 

 

(1,094

)

 

 

165

 

 

 

15

 

 

 

4,438

 

 

 

3,524

 

Distribution to Baxalta

 

 

226

 

 

 

198

 

 

 

(42

)

 

 

(32

)

 

 

350

 

Balance as of December 31, 2015

 

$

(3,191

)

 

$

(1,064

)

 

$

7

 

 

$

4,472

 

 

$

224

 

 
Summary of Reclassification from AOCI to Net Income

The following table is a summary of the amounts reclassified from AOCI to net income during the years ended December 31, 2016 and 2015.

 

 

 

Amounts reclassified from

AOCI (a)

 

 

 

(in millions)

 

2016

 

 

2015

 

 

Location of impact

in income statement

Amortization of pension and other employee benefits items

 

 

 

 

 

 

 

 

 

 

Actuarial losses and other(b)

 

$

(130

)

 

$

(181

)

 

 

 

 

 

(130

)

 

 

(181

)

 

Total before tax

 

 

 

36

 

 

 

61

 

 

Tax benefit

 

 

$

(94

)

 

$

(120

)

 

Net of tax

Gains (losses) on hedging activities

 

 

 

 

 

 

 

 

 

 

Interest rate contracts

 

$

9

 

 

$

—

 

 

Other (income) expense, net

Foreign exchange contracts

 

 

(3

)

 

 

47

 

 

Cost of sales

 

 

 

6

 

 

 

47

 

 

Total before tax

 

 

 

(1

)

 

 

(16

)

 

Tax expense

 

 

$

5

 

 

$

31

 

 

Net of tax

Available-for-sale securities

 

 

 

 

 

 

 

 

 

 

Gain on available-for-sale equity securities

 

$

4,536

 

 

$

38

 

 

Other (income) expense, net

 

 

 

4,536

 

 

 

38

 

 

Total before tax

 

 

 

—

 

 

 

(15

)

 

Tax benefit

 

 

$

4,536

 

 

$

23

 

 

Net of tax

Total reclassification for the period

 

$

4,447

 

 

$

(66

)

 

Total net of tax

 

(a)

Amounts in parentheses indicate reductions to net income.

(b)

These AOCI components are included in the computation of net periodic benefit cost disclosed in Note 13.