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Share-Based Payments (Tables)
 12 Months Ended
Dec. 31, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs
The following table provides the components of share-based compensation expense and the associated tax benefit:
 
 
Year Ended December 31,
(MILLIONS OF DOLLARS)
 
2016

 
2015

 
2014

Restricted Stock Units
 
$
299

 
$
306

 
$
270

Portfolio Performance Shares
 
135

 
147

 
96

Total Shareholder Return Units
 
134

 
36

 
37

Stock Options
 
106

 
165

 
150

Performance Share Awards
 
13

 
11

 
30

Directors’ compensation
 
4

 
4

 
3

Share-based payment expense
 
691

 
669

 
586

Tax benefit for share-based compensation expense
 
(205
)
 
(198
)
 
(179
)
Share-based payment expense, net of tax
 
$
486

 
$
471

 
$
407
Schedule of Nonvested Restricted Stock Units Activity
The following table provides data related to all RSU activity:
(MILLIONS OF DOLLARS)
 
Year Ended December 31,
2016

 
2015

 
2014

Total fair value of shares vested
 
$
293

 
$
371

 
$
401

Total compensation cost related to nonvested RSU awards not yet recognized, pre-tax
 
$
262

 
$
279

 
$
255

Weighted-average period over which RSU cost is expected to be recognized (years)
 
1.7

 
1.8

 
1.8

The following table summarizes all RSU activity during 2016:
 
 
Shares 
(Thousands)

 
Weighted-Average
Grant-Date Fair Value
Per Share

Nonvested, December 31, 2015
 
29,135

 
$
31.53

Granted
 
10,581

 
30.74

Vested
 
(9,630
)
 
27.41

Reinvested dividend equivalents
 
1,093

 
32.56

Forfeited
 
(1,574
)
 
32.18

Nonvested, December 31, 2016
 
29,605

 
$
32.59
Schedule of Valuation Assumptions
The following table provides the weighted-average assumptions used in the valuation of stock options:
 
 
Year Ended December 31,
  
 
2016

 
2015

 
2014

Expected dividend yield(a)
 
3.85
%
 
3.19
%
 
3.18
%
Risk-free interest rate(b)
 
1.55
%
 
1.89
%
 
1.94
%
Expected stock price volatility(c)
 
21.64
%
 
18.34
%
 
19.76
%
Expected term (years)(d)
 
6.75

 
6.75

 
6.50

(a) 
Determined using a constant dividend yield during the expected term of the option.
(b) 
Determined using the interpolated yield on U.S. Treasury zero-coupon issues.
(c) 
Determined using implied volatility, after consideration of historical volatility.
(d) 
Determined using historical exercise and post-vesting termination patterns.
Schedule of Share-based Compensation, Stock Options, Activity
The following table summarizes data related to all stock option activity:
 
 
Year Ended December 31,
(MILLIONS OF DOLLARS, EXCEPT PER STOCK OPTION AMOUNTS)
 
2016

 
2015

 
2014

Weighted-average grant-date fair value per stock option
 
$
3.89

 
$
4.30

 
$
4.40

Aggregate intrinsic value on exercise
 
$
389

 
$
666

 
$
458

Cash received upon exercise
 
$
1,019

 
$
1,263

 
$
1,002

Tax benefits realized related to exercise
 
$
112

 
$
187

 
$
131

Total compensation cost related to nonvested stock options not yet recognized, pre-tax
 
$
58

 
$
159

 
$
147

Weighted-average period over which stock option compensation cost is expected to be recognized (years)
 
1.1

 
1.8

 
1.8

The following table summarizes all stock option activity during 2016:
 
 
Shares
(Thousands)

 
Weighted-Average
Exercise Price
Per Share

 
Weighted-Average
Remaining Contractual Term
(Years)
 
Aggregate
Intrinsic Value(a)
(Millions)

Outstanding, December 31, 2015
 
232,554

 
$
26.41

 
 
 
 
Granted
 
1,371

 
30.59

 
 
 
 
Exercised
 
(42,550
)
 
24.03

 
 
 
 
Forfeited
 
(2,949
)
 
33.18

 
 
 
 
Expired
 
(1,750
)
 
28.55

 
 
 
 
Outstanding, December 31, 2016
 
186,676

 
26.86

 
5.7
 
$
1,138

Vested and expected to vest, December 31, 2016(b)
 
184,537

 
26.77

 
5.6
 
1,138

Exercisable, December 31, 2016
 
105,862

 
$
21.85

 
4.1
 
$
1,126


(a) 
Market price of underlying Pfizer common stock less exercise price.
(b) 
The number of options expected to vest takes into account an estimate of expected forfeitures.
Schedule of Nonvested Performance-based Units Activity
The following table provides data related to all PSA activity:
 
 
Year Ended December 31,
(MILLIONS OF DOLLARS)
 
2016
 
2015
 
2014
Total fair value of shares vested
 
$
9

 
$
14

 
$
39

Total compensation cost related to nonvested PSA grants not yet recognized, pre-tax
 
$
30

 
$
24

 
$
21

Weighted-average period over which PSA cost is expected to be recognized (years)
 
1.8

 
1.9

 
1.7

The following table summarizes all PSA activity during 2016, with the shares granted representing the maximum award that could be achieved:
 
 
Shares 
(Thousands)

 
Weighted-Average
Intrinsic Value
Per Share

Nonvested, December 31, 2015
 
3,871

 
$
32.28

Granted
 
1,900

 
30.59

Vested
 
(289
)
 
30.23

Forfeited
 
(936
)
 
30.61

Nonvested, December 31, 2016
 
4,546

 
$
32.48

The following table summarizes all PPS activity during 2016, with the shares representing the maximum award that could be achieved:
 
 
Shares 
(Thousands)

 
Weighted-Average
Intrinsic Value
Per Share

Nonvested, December 31, 2015
 
22,503

 
$
32.28

Granted
 
8,059

 
30.59

Vested(a)
 
(6,900
)
 
30.23

Forfeited
 
(1,396
)
 
33.29

Nonvested, December 31, 2016(a)
 
22,266

 
$
32.48

(a)Vested and non-vested shares outstanding, but not paid as of December 31, 2016 were 32,521.
The following table provides data related to all PPS activity:
(MILLIONS OF DOLLARS)
 
Year Ended December 31,
2016

 
2015

 
2014

Total fair value of shares vested
 
$
118

 
$
60

 
$
—

Total compensation cost related to nonvested PPS awards not yet recognized, pre-tax
 
$
93

 
$
102

 
$
139

Weighted-average period over which PPS cost is expected to be recognized (years)
 
1.8

 
1.7

 
1.8
Schedule of Share-based Payment Award, Stock Appreciation Rights, Valuation Assumptions
The following table provides the weighted-average assumptions used in the valuation of TSRUs:  
 
 
Year Ended December 31,
2016

 
2015

 
2014

Expected dividend yield(a)
 
3.85
%
 
3.19
%
 
3.18
%
Risk-free interest rate(b)
 
1.31
%
 
1.76
%
 
1.78
%
Expected stock price volatility(c)
 
21.64
%
 
18.41
%
 
19.76
%
Contractual term (years)
 
5.12

 
5.91

 
5.97

(a) 
Determined using a constant dividend yield during the expected term of the TSRU.
(b) 
Determined using the interpolated yield on U.S. Treasury zero-coupon issues.
(c) 
Determined using implied volatility, after consideration of historical volatility.
Schedule of Share-based Compensation, Stock Appreciation Rights Award Activity
The following table summarizes TSRU and PTU information as of December 31, 2016(a), (b):
 
 
TSRUs
(Thousands)

 
PTUs
(Thousands)

 
Weighted-Average
Grant Price
Per TSRU

 
Weighted-Average
Remaining Contractual Term (Years)
 
Aggregate Intrinsic Value (Millions)

TSRUs Outstanding
 
81,413

 
—

 
$
29.15

 
3.5
 
$
439

TSRUs Vested
 
19,406

 
—

 
22.93

 
1.5
 
279

TSRUs Expected to vest
 
58,362

 
—

 
31.13

 
4.2
 
150

TSRUs exercised and converted to PTUs
 
—

 
120

 
$
—

 
0.2
 
$
4


(a) 
In 2016, we settled 4,442,865 TSRUs with a weighted-average grant price of $18.95 per unit.
(b) 
In 2016, 237,246 TSRUs with a weighted-average grant price of $20.86 per unit were converted into 120,273 PTUs.
The following table provides data related to all TSRU activity:
 
 
Year Ended December 31,
(MILLIONS OF DOLLARS, EXCEPT PER TSRU AMOUNTS)
 
2016

 
2015

 
2014

Weighted-average grant-date fair value per TSRU
 
$
5.83

 
$
6.66

 
$
6.51

Total compensation cost related to nonvested TSRU grants not yet recognized, pre-tax
 
$
164

 
$
29

 
$
30

Weighted-average period over which TSRU cost is expected to be recognized (years)
 
1.9

 
1.8

 
1.8

The following table summarizes all TSRU activity during 2016:
 
 
TSRUs
(Thousands)

 
Weighted-Average
Grant-Date
Fair Value
Per TSRU

 
Weighted-Average
Grant Price
Per TSRU

Nonvested, December 31, 2015
 
18,067

 
$
6.07

 
$
31.27

Granted
 
53,467

 
5.83

 
30.59

Vested
 
(6,440
)
 
5.14

 
27.41

Forfeited
 
(3,087
)
 
5.91

 
30.90

Nonvested, December 31, 2016
 
62,007

 
$
5.97

 
$
31.10

The following table summarizes TSRU and PTU information as of December 31, 2016(a), (b):
 
 
TSRUs
(Thousands)

 
PTUs
(Thousands)

 
Weighted-Average
Grant Price
Per TSRU

 
Weighted-Average
Remaining Contractual Term (Years)
 
Aggregate Intrinsic Value (Millions)

TSRUs Outstanding
 
81,413

 
—

 
$
29.15

 
3.5
 
$
439

TSRUs Vested
 
19,406

 
—

 
22.93

 
1.5
 
279

TSRUs Expected to vest
 
58,362

 
—

 
31.13

 
4.2
 
150

TSRUs exercised and converted to PTUs
 
—

 
120

 
$
—

 
0.2
 
$
4