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Pension and Postretirement Benefit Plans - Net Periodic Benefit Cost (Detail) - USD ($)
$ in Millions
1 Months Ended 3 Months Ended 6 Months Ended 12 Months Ended
Jan. 31, 2016
Jul. 03, 2016
Jun. 28, 2015
Jul. 03, 2016
Jun. 28, 2015
Dec. 31, 2016
Dec. 31, 2015
Change in Accounting Estimate [Member] | Forecast [Member]              
Amortization of:              
Reduction of net periodic benefit cost           $ 191  
U.S. Qualified [Member]              
Defined Benefit Plan Disclosure [Line Items]              
Service cost [1],[2]   $ 62 $ 72 $ 125 $ 144    
Interest cost [1],[2]   134 168 268 337    
Expected return on plan assets [2]   (240) (270) (481) (542)    
Amortization of:              
Actuarial losses [2]   99 82 199 165    
Prior service costs (credits) [2]   1 (2) 2 (3)    
Curtailments [2]   1 0 3 1    
Settlements [2]   16 19 31 45    
Defined benefit plan, net periodic benefit cost [2]   73 69 146 147    
Plan settlements             $ 1,100
Voluntary contribution $ 1,000     1,000 [3]      
U.S. Supplemental (Non-Qualified) [Member]              
Defined Benefit Plan Disclosure [Line Items]              
Service cost [1],[4]   5 6 9 11    
Interest cost [1],[4]   11 13 23 27    
Expected return on plan assets [4]   0 0 0 0    
Amortization of:              
Actuarial losses [4]   9 11 18 23    
Prior service costs (credits) [4]   0 0 (1) (1)    
Curtailments [4]   0 0 0 0    
Settlements [4]   6 2 16 17    
Defined benefit plan, net periodic benefit cost [4]   31 32 66 77    
Voluntary contribution [3]       100      
International [Member]              
Defined Benefit Plan Disclosure [Line Items]              
Service cost [1],[5]   43 46 85 94    
Interest cost [1],[5]   60 76 119 155    
Expected return on plan assets [5]   (98) (103) (196) (209)    
Amortization of:              
Actuarial losses [5]   24 31 46 63    
Prior service costs (credits) [5]   (1) (2) (1) (3)    
Curtailments [5]   (1) 0 (1) 0    
Settlements [5]   0 1 1 1    
Defined benefit plan, net periodic benefit cost [5]   27 50 53 101    
Voluntary contribution [3]       95      
International [Member] | Change in Accounting Estimate [Member] | Forecast [Member]              
Amortization of:              
Reduction of net periodic benefit cost           $ 42  
Postretirement Plans [Member]              
Defined Benefit Plan Disclosure [Line Items]              
Service cost [1],[6]   10 14 20 27    
Interest cost [1],[6]   22 32 44 64    
Expected return on plan assets [6]   (8) (13) (17) (26)    
Amortization of:              
Actuarial losses [6]   7 9 15 18    
Prior service costs (credits) [6]   (41) (31) (82) (62)    
Curtailments [6]   (1) (7) (6) (17)    
Settlements [6]   0 0 0 0    
Defined benefit plan, net periodic benefit cost [6]   $ (11) $ 5 (27) $ 6    
Voluntary contribution [3]       $ (100)      
[1] Effective January 1, 2016, the Company changed the approach used to measure service and interest costs for U.S. and certain international pension and other postretirement benefits. For fiscal 2015, the Company measured service and interest costs utilizing a single weighted-average discount rate derived from the bond model or yield curve used to measure the respective plan obligations. For fiscal 2016, we elected to measure service and interest costs by applying the spot rates along the yield curve for certain international plans, or a yield curve implied from our specific detailed bond model for U.S. plans, to the plans' liability cash flows. The Company believes the new approach provides a more precise measurement of service and interest costs by aligning the timing of the plans’ liability cash flows to the corresponding spot rates on the yield curve. This change does not affect the measurement of our plan obligations. We have accounted for this change as a change in accounting estimate and, accordingly, have accounted for it on a prospective basis. The expected reduction in expense for 2016 associated with this change in estimate is $191 million, including $42 million from international plans, which is expected to be recognized evenly over each quarter of the year.
[2] The increase in net periodic benefit costs for the three months ended July 3, 2016, compared to the three months ended June 28, 2015, is due primarily to (i) a lower expected return on plan assets resulting from a lower expected rate of return as well as a net decrease of approximately $1.1 billion in the asset base due in part to lump-sum payments made in 2015 to certain terminated vested colleagues to settle Pfizer’s pension obligation, partially offset by a voluntary contribution of $1.0 billion made at the beginning of January 2016, and (ii) an increase in the amounts amortized for actuarial losses as a result of the addition of Hospira qualified plans. The aforementioned increases were partially offset by (i) lower service and interest costs, resulting from a change in our approach for measuring service and interest costs (see (e) below) and (ii) lower settlement activity. The slight decrease in net periodic benefit costs for the six months ended July 3, 2016, compared to the six months ended June 28, 2015, for our U.S. qualified pension plans was primarily driven by (i) lower service and interest costs, resulting from a change in our approach for measuring service and interest costs (see (e) below) and (ii) lower settlement activity. The aforementioned decreases were largely offset by (i) a lower expected return on plan assets resulting from a lower expected rate of return as well as a net decrease of approximately $1.1 billion in the asset base due in part to lump-sum payments made in 2015 to certain terminated vested colleagues to settle Pfizer’s pension obligation, partially offset by a voluntary contribution of $1.0 billion made at the beginning of January 2016, and (ii) an increase in the amounts amortized for actuarial losses as a result of the addition of Hospira qualified plans.
[3] Contributions to the postretirement plans reflect IRC 401(h) reimbursements totaling $198 million received for eligible 2014 and 2015 prescription drug expenses for certain retirees.
[4] The decrease in net periodic benefit costs for the three and six months ended July 3, 2016, compared to the three and six months ended June 28, 2015, for our U.S. non-qualified pension plans was primarily driven by (i) a decrease in the amounts amortized for actuarial losses resulting from the increase, in 2015, in the discount rate used to determine the benefit obligation and (ii) lower service and interest costs resulting from a change in our approach for measuring service and interest costs (see (e) below). For the three months ended July 3, 2016, compared to the three months ended June 28, 2015, the aforementioned decreases were largely offset by an increase in settlement activity due to timing of settlement payments made; for the six months ended July 3, 2016, compared to the six months ended June 28, 2015, settlement activity was consistent with the prior year.
[5] The decrease in net periodic benefit costs for the three and six months ended July 3, 2016, compared to the three and six months ended June 28, 2015, for our international pension plans was primarily driven by (i) lower service and interest costs, resulting from favorable foreign exchange rate changes and a change in our approach for measuring service and interest costs (see (e) below), and (ii) a decrease in the amounts amortized for actuarial losses resulting from large gains in 2015, which decreased the plan net loss position, partially offset by a decrease in the expected return on plan assets due to a lower expected rate of return on plan assets, and favorable foreign exchange rates changes.
[6] The change from net periodic benefit costs to net periodic benefit credits for the three and six months ended July 3, 2016, compared to the three and six months ended June 28, 2015, for our postretirement plans was primarily driven by (i) lower service and interest costs, resulting from a change in our approach for measuring service and interest costs (see (e) below) and (ii) an increase in prior service credits due to the postretirement medical plan cap changes during 2015. The aforementioned changes were partially offset by (i) a decrease in expected return on plan assets, primarily resulting from a decrease in plan assets reflecting payments by the plan for IRC 401(h) reimbursements to Pfizer for eligible 2014 and 2015 prescription drug expenses for certain retirees, and (ii) lower curtailment gains.