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Financial Instruments - Assets and Liabilities Measured on Recurring Basis (Detail) - USD ($)
$ in Millions
Oct. 02, 2016
Dec. 31, 2015
Other selected financial assets    
Total selected financial assets $ 24,613 $ 38,157
Short-term borrowings:    
Total short-term borrowings, carried at historical proceeds, as adjusted [1] 13,633 10,159
Long-term debt:    
Total long-term debt, carried at historical proceeds, as adjusted [1] 30,437 28,740
Total 44,071 38,899
Total selected financial liabilities 45,926 40,608
Reported Value Measurement [Member]    
Other selected financial assets    
Held-to-maturity debt securities, carried at amortized cost [2],[3] 1,270 1,388
Private equity securities, carried at equity-method or at cost [3],[4] 1,003 1,336
Total 2,272 2,724
Long-term debt [Member]    
Short-term borrowings:    
Net fair value adjustments related to hedging and purchase accounting 2,447 1,294
Net unamortized discounts, premiums and debt issuance costs [5] (83) (127)
Long-term debt:    
Principal amount 28,073 27,573
Total long-term debt, carried at historical proceeds, as adjusted [6] 30,437 28,740
Short-term Debt [Member]    
Short-term borrowings:    
Principal amount 13,602 10,160
Net fair value adjustments related to hedging and purchase accounting 47 2
Net unamortized discounts, premiums and debt issuance costs [5] (16) (3)
Total short-term borrowings, carried at historical proceeds, as adjusted [3] 13,633 10,159
Fair Value, Measurements, Recurring [Member]    
Assets, Fair Value Disclosure [Abstract]    
Trading funds and securities [7],[8] 304 287
Selected financial assets measured at fair value on a recurring basis [8],[9] 22,340 35,433
Selected financial liabilities measured at fair value on a recurring basis    
Derivative financial instruments in a liability position [8],[10] 1,855 1,709
Fair Value, Measurements, Recurring [Member] | Interest Rate Swaps [Member]    
Assets, Fair Value Disclosure [Abstract]    
Derivative financial instruments in a receivable position [8],[9] 1,923 837
Selected financial liabilities measured at fair value on a recurring basis    
Derivative financial instruments in a liability position [8],[10] 3 139
Fair Value, Measurements, Recurring [Member] | Foreign Currency Swap [Member]    
Assets, Fair Value Disclosure [Abstract]    
Derivative financial instruments in a receivable position [8],[9] 90 135
Selected financial liabilities measured at fair value on a recurring basis    
Derivative financial instruments in a liability position [8],[10] 1,349 1,489
Fair Value, Measurements, Recurring [Member] | Foreign Currency Forward-Exchange Contracts [Member]    
Assets, Fair Value Disclosure [Abstract]    
Derivative financial instruments in a receivable position [8],[9] 186 559
Selected financial liabilities measured at fair value on a recurring basis    
Derivative financial instruments in a liability position [8],[10] 503 81
Fair Value, Measurements, Recurring [Member] | Debt Securities [Member]    
Assets, Fair Value Disclosure [Abstract]    
Available-for-sale securities [2],[8] 17,522 32,078
Fair Value, Measurements, Recurring [Member] | Money Market Funds [Member]    
Assets, Fair Value Disclosure [Abstract]    
Available-for-sale securities [8] 1,724 934
Fair Value, Measurements, Recurring [Member] | Equity Securities [Member]    
Assets, Fair Value Disclosure [Abstract]    
Available-for-sale securities [2],[8] $ 590 $ 603
[1] Amounts may not add due to rounding.
[2] Gross unrealized gains and losses are not significant.
[3] 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 October 2, 2016 or December 31, 2015. 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. Short-term borrowings include foreign currency short-term borrowings with fair values of $547 million as of December 31, 2015, which are used as hedging instruments.
[4] Our private equity securities represent investments in the life sciences sector.
[5] We adopted a new standard as of January 1, 2016 that changed the presentation of debt issuance costs related to a recognized debt liability as a direct deduction from the carrying value of that associated debt, consistent with the presentation of a debt discount. See Note 1B for additional information.
[6] The fair value of our long-term debt (not including the current portion of long-term debt) was $34.3 billion as of October 2, 2016 and $32.7 billion as of December 31, 2015. 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.
[7] As of October 2, 2016, trading funds and securities are composed of $196 million of trading equity funds, $12 million of trading securities and $96 million of trading debt funds. As of December 31, 2015, trading funds and securities are composed of $185 million of trading equity funds and $102 million of trading debt funds. As of October 2, 2016 and December 31, 2015, trading equity funds of $69 million and $85 million, respectively, are held in trust for benefits attributable to the former Pharmacia Savings Plus Plan.
[8] 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 2% that use Level 1 inputs and money market funds measured at net asset value.
[9] Designated as hedging instruments, except for certain contracts used as offsets; namely, foreign currency forward-exchange contracts with fair values of $91 million as of October 2, 2016; and foreign currency forward-exchange contracts with fair values of $136 million as of December 31, 2015.
[10] Designated as hedging instruments, except for certain contracts used as offsets; namely, foreign currency swaps with fair values of $211 million and foreign currency forward-exchange contracts with fair values of $145 million as of October 2, 2016; and foreign currency swaps with fair values of $234 million and foreign currency forward-exchange contracts with fair values of $59 million as of December 31, 2015.