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Financial Instruments Assets and Liabilities Measured on Recurring Basis (Detail) - USD ($)
$ in Millions
Jun. 28, 2015
Dec. 31, 2014
Other selected financial assets    
Total selected financial assets $ 47,244 $ 53,627
Other selected financial liabilities    
Short-term borrowings, carried at historical proceeds, as adjusted [1] 8,394 5,141
Long-term debt, carried at historical proceeds, as adjusted [1] 26,729 31,541
Total selected financial liabilities 37,095 37,371
Reported Value Measurement [Member]    
Other selected financial assets    
Held-to-maturity debt securities, carried at amortized cost [2],[3] 2,133 7,255
Private equity securities, carried at equity-method or at cost [3],[4] 1,829 1,993
Total 3,962 9,248
Other selected financial liabilities    
Short-term borrowings, carried at historical proceeds, as adjusted [3],[5] 8,394 5,141
Long-term debt, carried at historical proceeds, as adjusted [5],[6],[7] 26,729 31,541
Total [5] 35,123 36,682
Fair Value, Measurements, Recurring [Member]    
Assets, Fair Value Disclosure [Abstract]    
Trading funds and securities [8],[9] 297 105
Selected financial assets measured at fair value on a recurring basis [10] 43,282 44,379
Selected financial liabilities measured at fair value on a recurring basis    
Derivative financial instruments in a liability position [9],[11] 1,973 689
Fair Value, Measurements, Recurring [Member] | Interest Rate Swaps [Member]    
Assets, Fair Value Disclosure [Abstract]    
Derivative financial instruments in a receivable position [10] 668 801
Selected financial liabilities measured at fair value on a recurring basis    
Derivative financial instruments in a liability position [9],[11] 380 17
Fair Value, Measurements, Recurring [Member] | Foreign Currency Swap [Member]    
Assets, Fair Value Disclosure [Abstract]    
Derivative financial instruments in a receivable position [10] 611 593
Selected financial liabilities measured at fair value on a recurring basis    
Derivative financial instruments in a liability position [9],[11] 1,327 594
Fair Value, Measurements, Recurring [Member] | Foreign Currency Forward-Exchange Contracts [Member]    
Assets, Fair Value Disclosure [Abstract]    
Derivative financial instruments in a receivable position [10] 317 547
Selected financial liabilities measured at fair value on a recurring basis    
Derivative financial instruments in a liability position [9],[11] 266 78
Fair Value, Measurements, Recurring [Member] | Debt Securities [Member]    
Assets, Fair Value Disclosure [Abstract]    
Available-for-sale securities [2],[9] 40,150 39,762
Fair Value, Measurements, Recurring [Member] | Money Market Funds [Member]    
Assets, Fair Value Disclosure [Abstract]    
Available-for-sale securities [9] 894 2,174
Fair Value, Measurements, Recurring [Member] | Equity Securities [Member]    
Assets, Fair Value Disclosure [Abstract]    
Available-for-sale securities [2],[9] $ 344 $ 397
[1] Amounts may not add due to rounding.
[2] Gross unrealized gains and losses are not significant.
[3] Short-term borrowings includes foreign currency short-term borrowings with fair values of $536 million as of June 28, 2015, which are used as hedging instruments. The differences between the estimated fair values and carrying values of held-to-maturity debt securities, private equity securities at cost and short-term borrowings not measured at fair value on a recurring basis were not significant as of June 28, 2015 or December 31, 2014. The fair value measurements of our held-to-maturity debt securities and our short-term borrowings are based on Level 2 inputs, using a market approach. The fair value measurements of our private equity securities carried at cost are based on Level 3 inputs.
[4] Our private equity securities represent investments in the life sciences sector.
[5] Some carrying amounts may include adjustments for discount or premium amortization or for the effect of hedging the interest rate fair value risk associated with certain financial liabilities by interest rate swaps.
[6] Includes foreign currency debt with fair value of $560 million as of December 31, 2014, which are used as hedging instruments.
[7] The fair value of our long-term debt (not including the current portion of long-term debt) was $30.8 billion as of June 28, 2015 and $36.6 billion as of December 31, 2014. The fair value measurements for our long-term debt are based on Level 2 inputs, using a market approach. Generally, the difference between the fair value of our long-term debt and the amount reported on the condensed consolidated balance sheet is due to a decline in relative market interest rates since the debt issuance.The following table provides the classification of these selected financial assets and liabilities in our condensed consolidated balance sheets:(MILLIONS OF DOLLARS) June 28, 2015 December 31, 2014Assets Cash and cash equivalents $1,412 $1,389Short-term investments 26,586 32,779Long-term investments 17,650 17,518Other current assets(a) 831 1,059Other noncurrent assets(b) 765 881 $47,244 $53,627Liabilities Short-term borrowings, including current portion of long-term debt $8,394 $5,141Other current liabilities(c) 858 93Long-term debt 26,729 31,541Other noncurrent liabilities(d) 1,114 596 $37,095 $37,371
[8] As of June 28, 2015, trading funds and securities are composed of $90 million of trading equity funds, $120 million of trading debt funds, and $86 million of trading equity securities. As of December 31, 2014, trading securities of $105 million is composed of debt and equity securities. The trading equity securities as of June 28, 2015 and the trading debt and equity securities as of December 31, 2014 are held in trust for benefits attributable to the former Pharmacia Savings Plus Plan.
[9] We use a market approach in valuing financial instruments on a recurring basis. For additional information, see Note 1C. All of our financial assets and liabilities measured at fair value on a recurring basis use Level 2 inputs in the calculation of fair value, except less than 1% that use Level 1 inputs.
[10] Designated as hedging instruments, except for certain contracts used as offsets; namely, foreign currency forward-exchange contracts with fair values of $76 million as of June 28, 2015; and foreign currency forward-exchange contracts with fair values of $159 million as of December 31, 2014.
[11] Designated as hedging instruments, except for certain contracts used as offsets; namely, foreign currency swaps with fair values of $208 million and foreign currency forward-exchange contracts with fair values of $95 million as of June 28, 2015; and foreign currency swaps with fair values of $121 million and foreign currency forward-exchange contracts with fair values of $54 million as of December 31, 2014.