Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 28, 2014 | Nov. 03, 2014 | |
Document Information [Line Items] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 28-Sep-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Trading Symbol | 'PFE | ' |
Entity Registrant Name | 'PFIZER INC | ' |
Entity Central Index Key | '0000078003 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 6,300,657,237 |
CONDENSED_CONSOLIDATED_STATEME
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Millions, except Per Share data, unless otherwise specified | Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 | ||||
Income Statement [Abstract] | ' | ' | ' | ' | ||||
Revenues | $12,361 | [1] | $12,643 | [1] | $36,487 | [1] | $38,026 | [1] |
Costs and expenses: | ' | ' | ' | ' | ||||
Cost of sales(a) | 2,368 | [1],[2] | 2,287 | [1],[2] | 6,875 | [1],[2] | 6,792 | [1],[2] |
Selling, informational and administrative expenses(a) | 3,556 | [1],[2] | 3,395 | [1],[2] | 10,116 | [1],[2] | 10,203 | [1],[2] |
Research and development expenses(a) | 1,802 | [1],[2] | 1,627 | [1],[2] | 5,184 | [1],[2] | 4,867 | [1],[2] |
Amortization of intangible assets | 972 | [1] | 1,117 | [1] | 3,090 | [1] | 3,476 | [1] |
Restructuring charges and certain acquisition-related costs | -19 | [1] | 233 | [1] | 120 | [1] | 547 | [1] |
Other (income)/deductions––net | 94 | [1] | 411 | [1] | 665 | [1] | -514 | [1] |
Income from continuing operations before provision for taxes on income | 3,587 | [1],[3] | 3,573 | [1] | 10,437 | [1],[3] | 12,655 | [1],[3] |
Provision for taxes on income | 911 | [1] | 985 | [1] | 2,575 | [1] | 3,876 | [1] |
Income from continuing operations | 2,676 | [1] | 2,588 | [1] | 7,862 | [1] | 8,779 | [1] |
Discontinued operations: | ' | ' | ' | ' | ||||
Income from discontinued operations––net of tax | -3 | [1] | 36 | [1] | 0 | [1] | 326 | [1] |
Gain on disposal of discontinued operations––net of tax | 0 | [1] | -25 | [1] | 70 | [1] | 10,393 | [1] |
Discontinued operations––net of tax | -3 | [1] | 11 | [1] | 70 | [1] | 10,719 | [1] |
Net income before allocation to noncontrolling interests | 2,672 | [1] | 2,599 | [1] | 7,932 | [1] | 19,498 | [1] |
Less: Net income attributable to noncontrolling interests | 6 | [1] | 9 | [1] | 25 | [1] | 63 | [1] |
Net income attributable to Pfizer Inc. | $2,666 | [1] | $2,590 | [1] | $7,907 | [1] | $19,435 | [1] |
Earnings per common share––basic: | ' | ' | ' | ' | ||||
Income from continuing operations attributable to Pfizer Inc. common shareholders (in dollars per share) | $0.42 | [1] | $0.39 | [1] | $1.23 | [1] | $1.26 | [1] |
Discontinued operations––net of tax (in dollars per share) | $0 | [1] | $0 | [1] | $0.01 | [1] | $1.54 | [1] |
Net income attributable to Pfizer Inc. common shareholders (in dollars per share) | $0.42 | [1] | $0.39 | [1] | $1.24 | [1] | $2.80 | [1] |
Earnings per common share––diluted: | ' | ' | ' | ' | ||||
Income from continuing operations attributable to Pfizer Inc. common shareholders (in dollars per share) | $0.42 | [1] | $0.39 | [1] | $1.22 | [1] | $1.25 | [1] |
Discontinued operations––net of tax (in dollars per share) | $0 | [1] | $0 | [1] | $0.01 | [1] | $1.52 | [1] |
Net income attributable to Pfizer Inc. common shareholders (in dollars per share) | $0.42 | [1] | $0.39 | [1] | $1.23 | [1] | $2.77 | [1] |
Weighted-average shares––basic | 6,330 | [1] | 6,581 | [1] | 6,363 | [1] | 6,938 | [1] |
Weighted-average shares––diluted | 6,403 | [1] | 6,656 | [1] | 6,441 | [1] | 7,016 | [1] |
Cash dividends paid per common share (in dollars per share) | $0.26 | [1] | $0.24 | [1] | $0.78 | [1] | $0.72 | [1] |
[1] | Amounts may not add due to rounding. | |||||||
[2] | Excludes amortization of intangible assets, except as disclosed in Note 9B. Goodwill and Other Intangible Assets: Other Intangible Assets. | |||||||
[3] | Income from continuing operations before provision for taxes on income. |
CONDENSED_CONSOLIDATED_STATEME1
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Millions, unless otherwise specified | Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 | ||||
Statement of Comprehensive Income [Abstract] | ' | ' | ' | ' | ||||
Net income before allocation to noncontrolling interests | $2,672 | [1] | $2,599 | [1] | $7,932 | [1] | $19,498 | [1] |
Other Comprehensive Income/(Loss) | ' | ' | ' | ' | ||||
Foreign currency translation adjustments | -431 | [1] | -21 | [1] | -273 | [1] | -1,068 | [1] |
Reclassification adjustments(a) | 0 | [1],[2] | 0 | [1],[2] | -62 | [1],[2] | 171 | [1],[2] |
Other comprehensive income (loss), foreign currency transaction and translation adjustment, before tax | -430 | [1] | -21 | [1] | -334 | [1] | -897 | [1] |
Unrealized holding gains/(losses) on derivative financial instruments | -172 | [1] | 10 | [1] | -229 | [1] | 143 | [1] |
Reclassification adjustments for realized (gains)/losses(b) | 441 | [1],[3] | -339 | [1],[3] | 527 | [1],[3] | -37 | [1],[3] |
Other comprehensive income (loss), derivatives qualifying as hedges, before tax, total | 269 | [1] | -329 | [1] | 298 | [1] | 106 | [1] |
Unrealized holding gains/(losses) on available-for-sale securities | -200 | [1] | 325 | [1] | -107 | [1] | 137 | [1] |
Reclassification adjustments for realized (gains)/losses(b) | 15 | [1],[3] | 10 | [1],[3] | -163 | [1],[3] | -74 | [1],[3] |
Other comprehensive income (loss), available-for-sale securities adjustment, before tax, total | -185 | [1] | 335 | [1] | -270 | [1] | 63 | [1] |
Benefit plans: actuarial gains/(losses), net | 18 | [1] | -13 | [1] | 13 | [1] | 34 | [1] |
Reclassification adjustments related to amortization(c) | 48 | [1],[4] | 137 | [1],[4] | 146 | [1],[4] | 438 | [1],[4] |
Reclassification adjustments related to settlements, net(c) | 19 | [1],[4] | 54 | [1],[4] | 58 | [1],[4] | 147 | [1],[4] |
Other | 42 | [1] | -28 | [1] | 16 | [1] | 112 | [1] |
Defined benefit plan, amounts recognized in other comprehensive income (loss), net gain (loss), before tax, total | 127 | [1] | 150 | [1] | 233 | [1] | 731 | [1] |
Benefit plans: prior service credits and other | 0 | [1] | 0 | [1] | 0 | [1] | 3 | [1] |
Reclassification adjustments related to amortization(c) | -19 | [1],[4] | -16 | [1],[4] | -55 | [1],[4] | -45 | [1],[4] |
Reclassification adjustments related to curtailments, net(c) | 1 | [1],[4] | 0 | [1],[4] | 12 | [1],[4] | -9 | [1],[4] |
Other | 0 | [1] | 2 | [1] | -1 | [1] | -4 | [1] |
Defined benefit plan, amounts recognized in other comprehensive income (loss), net prior service cost, before tax | -18 | [1] | -14 | [1] | -44 | [1] | -55 | [1] |
Other comprehensive income/(loss), before tax | -238 | [1] | 121 | [1] | -118 | [1] | -52 | [1] |
Tax provision on other comprehensive income/(loss)(d) | 83 | [1],[5] | 80 | [1],[5] | 71 | [1],[5] | 443 | [1],[5] |
Other comprehensive income/(loss) before allocation to noncontrolling interests | -320 | [1] | 41 | [1] | -189 | [1] | -495 | [1] |
Comprehensive income before allocation to noncontrolling interests | 2,352 | [1] | 2,640 | [1] | 7,743 | [1] | 19,003 | [1] |
Less: Comprehensive income/(loss) attributable to noncontrolling interests | 1 | [1] | -32 | [1] | 32 | [1] | -2 | [1] |
Comprehensive income attributable to Pfizer Inc. | $2,351 | [1] | $2,672 | [1] | $7,711 | [1] | $19,005 | [1] |
[1] | Amounts may not add due to rounding. | |||||||
[2] | Reclassified into Gain on disposal of discontinued operations—net of tax in the condensed consolidated statements of income. | |||||||
[3] | Reclassified into Other (income)/deductions—net in the condensed consolidated statements of income. | |||||||
[4] | Generally reclassified, as part of net periodic pension cost, into Cost of sales, Selling, informational and administrative expenses, and/or Research and development expenses, as appropriate, in the condensed consolidated statements of income. For additional information, see Note 10. Pension and Postretirement Benefit Plans. | |||||||
[5] | See Note 5C. Tax Matters: Tax Provision on Other Comprehensive Income/(Loss). |
CONDENSED_CONSOLIDATED_BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (USD $) | Sep. 28, 2014 | Dec. 31, 2013 | ||
In Millions, unless otherwise specified | ||||
Assets | ' | ' | ||
Cash and cash equivalents | $2,437 | [1] | $2,183 | [1] |
Short-term investments | 31,009 | [1] | 30,225 | [1] |
Accounts receivable, less allowance for doubtful accounts: 2014—$388; 2013—$478 | 9,955 | [1] | 9,357 | [1] |
Inventories | 6,355 | [1] | 6,166 | [1] |
Current deferred tax assets and other current tax assets | 4,687 | [1] | 4,624 | [1] |
Other current assets | 2,545 | [1] | 3,689 | [1] |
Total current assets | 56,987 | [1] | 56,244 | [1] |
Long-term investments | 18,451 | [1] | 16,406 | [1] |
Property, plant and equipment, less accumulated depreciation | 12,032 | [1] | 12,397 | [1] |
Goodwill | 42,724 | [1] | 42,519 | [1] |
Identifiable intangible assets, less accumulated amortization | 36,374 | [1],[2] | 39,385 | [1],[2] |
Noncurrent deferred tax assets and other noncurrent tax assets | 1,373 | [1] | 1,554 | [1] |
Other noncurrent assets | 3,421 | [1] | 3,596 | [1] |
Total assets | 171,362 | [1] | 172,101 | [1] |
Liabilities and Equity | ' | ' | ||
Short-term borrowings, including current portion of long-term debt | 5,389 | [1] | 6,027 | [1] |
Accounts payable | 2,973 | [1] | 3,234 | [1] |
Dividends payable | 0 | [1] | 1,663 | [1] |
Income taxes payable | 892 | [1] | 678 | [1] |
Accrued compensation and related items | 1,841 | [1] | 1,792 | [1] |
Other current liabilities | 8,824 | [1] | 9,972 | [1] |
Total current liabilities | 19,920 | [1] | 23,366 | [1] |
Long-term debt | 31,666 | [1] | 30,462 | [1] |
Pension benefit obligations, net | 4,364 | [1] | 4,635 | [1] |
Postretirement benefit obligations, net | 2,591 | [1] | 2,668 | [1] |
Noncurrent deferred tax liabilities | 26,320 | [1] | 25,590 | [1] |
Other taxes payable | 3,930 | [1] | 3,993 | [1] |
Other noncurrent liabilities | 4,266 | [1] | 4,767 | [1] |
Total liabilities | 93,057 | [1] | 95,481 | [1] |
Commitments and Contingencies | ' | [1] | ' | [1] |
Preferred stock | 30 | [1] | 33 | [1] |
Common stock | 455 | [1] | 453 | [1] |
Additional paid-in capital | 78,498 | [1] | 77,283 | [1] |
Treasury stock | -71,820 | [1] | -67,923 | [1] |
Retained earnings | 74,292 | [1] | 69,732 | [1] |
Accumulated other comprehensive loss | -3,467 | [1] | -3,271 | [1] |
Total Pfizer Inc. shareholders’ equity | 77,988 | [1] | 76,307 | [1] |
Equity attributable to noncontrolling interests | 317 | [1] | 313 | [1] |
Total equity | 78,305 | [1] | 76,620 | [1] |
Total liabilities and equity | $171,362 | [1] | $172,101 | [1] |
[1] | Amounts may not add due to rounding. | |||
[2] | The decrease in identifiable intangible assets, less accumulated amortization, is primarily related to amortization and, to a much lesser extent, asset impairment charges, partially offset by assets acquired from InnoPharma and the Nexium over-the-counter milestones. For information about impairments of intangible assets, see Note 4. Other (Income)/Deductions—Net. For information about the assets acquired from InnoPharma and the Nexium over-the-counter milestones, see Note 2A. Acquisition, Divestiture, Licensing Arrangements and Equity-Method Investments: Acquisition and Note 2C. Acquisition, Divestiture, Licensing Arrangements and Equity-Method Investments: Licensing Arrangements, respectively. |
CONDENSED_CONSOLIDATED_BALANCE1
CONDENSED CONSOLIDATED BALANCE SHEETS (PARENTHETICAL) (USD $) | Sep. 28, 2014 | Dec. 31, 2013 | ||
In Millions, unless otherwise specified | ||||
Statement of Financial Position [Abstract] | ' | ' | ||
Allowance for doubtful accounts | $388 | [1] | $478 | [1] |
[1] | Amounts may not add due to rounding. |
CONDENSED_CONSOLIDATED_STATEME2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (USD $) | 9 Months Ended | |||
In Millions, unless otherwise specified | Sep. 28, 2014 | Sep. 29, 2013 | ||
Operating Activities | ' | ' | ||
Net income before allocation to noncontrolling interests | $7,932 | [1] | $19,498 | [1] |
Adjustments to reconcile net income before allocation to noncontrolling interests to net cash provided by operating activities: | ' | ' | ||
Depreciation and amortization | 4,206 | [1] | 4,921 | [1] |
Asset write-offs and impairments | 414 | [1] | 908 | [1] |
Gain associated with the transfer of certain product rights to an equity-method investment | 0 | [1],[2] | -459 | [1],[2] |
Gain on disposal of discontinued operations | -65 | [1] | -10,501 | [1] |
Deferred taxes from continuing operations | 766 | [1] | 1,667 | [1] |
Deferred taxes from discontinued operations | 0 | [1] | -23 | [1] |
Share-based compensation expense | 424 | [1] | 418 | [1] |
Benefit plan contributions (in excess of)/less than expense | -208 | [1] | 242 | [1] |
Other adjustments, net | -464 | [1] | 38 | [1] |
Other changes in assets and liabilities, net of acquisitions and divestitures | -1,519 | [1] | -4,749 | [1] |
Net cash provided by operating activities | 11,485 | [1] | 11,960 | [1] |
Investing Activities | ' | ' | ||
Purchases of property, plant and equipment | -845 | [1] | -789 | [1] |
Purchases of short-term investments | -36,294 | [1] | -33,927 | [1] |
Proceeds from redemptions and sales of short-term investments | 32,883 | [1] | 29,008 | [1] |
Net (purchases of)/proceeds from redemptions/sales of investments with original maturities of 90 days or less | 4,945 | [1] | -2,177 | [1] |
Purchases of long-term investments | -9,254 | [1] | -8,746 | [1] |
Proceeds from redemptions and sales of long-term investments | 4,637 | [1] | 5,943 | [1] |
Acquisitions of businesses, net of cash acquired | -195 | [1] | -15 | [1] |
Acquisitions of intangible assets | -342 | [1] | -177 | [1] |
Other investing activities, net | 325 | [1] | 194 | [1] |
Net cash used in investing activities | -4,140 | [1] | -10,686 | [1] |
Financing Activities | ' | ' | ||
Proceeds from short-term borrowings | 8 | [1] | 3,723 | [1] |
Principal payments on short-term borrowings | -3 | [1] | -3,776 | [1] |
Net proceeds from/(payments on) short-term borrowings with original maturities of 90 days or less | -2,758 | [1] | 1,831 | [1] |
Proceeds from issuance of long-term debt(a) | 4,491 | [1],[3] | 6,618 | [1],[3] |
Principal payments on long-term debt | -786 | [1] | -2,396 | [1] |
Purchases of common stock | -3,801 | [1] | -11,643 | [1] |
Cash dividends paid | -4,970 | [1] | -5,026 | [1] |
Proceeds from exercise of stock options | 704 | [1] | 1,370 | [1] |
Other financing activities, net | 56 | [1] | 68 | [1] |
Net cash used in financing activities | -7,060 | [1] | -9,231 | [1] |
Effect of exchange-rate changes on cash and cash equivalents | -30 | [1] | -72 | [1] |
Net increase/(decrease) in cash and cash equivalents | 255 | [1] | -8,029 | [1] |
Cash and cash equivalents, beginning | 2,183 | [1] | 10,081 | [1] |
Cash and cash equivalents, end | 2,437 | [1] | 2,052 | [1] |
Non-cash transactions: | ' | ' | ||
Sale of subsidiary common stock (Zoetis) for Pfizer common stock(b) | 0 | [1],[4] | 11,408 | [1],[4] |
Exchange of subsidiary common stock (Zoetis) for the retirement of Pfizer commercial paper issued in 2013(b) | 0 | [1],[4] | 2,479 | [1],[4] |
Exchange of subsidiary senior notes (Zoetis) for the retirement of Pfizer commercial paper issued in 2012(b) | 0 | [1],[4] | 992 | [1],[4] |
Transfer of certain product rights to an equity-method investment (Hisun Pfizer)(c) | 0 | [1],[5] | 1,233 | [1],[5] |
Cash paid during the period for: | ' | ' | ||
Income taxes | 1,484 | [1] | 1,799 | [1] |
Interest | $1,329 | [1] | $1,512 | [1] |
[1] | Amounts may not add due to rounding. | |||
[2] | In the first nine months of 2013, represents the gain associated with the transfer of certain product rights to Hisun Pfizer. For additional information, see Note 2D. Acquisition, Divestiture, Licensing Arrangements and Equity-Method Investments: Equity-Method Investments. | |||
[3] | In 2013, includes $2.6 billion from the issuance of senior notes by Zoetis (our former Animal Health subsidiary), net of the $1.0 billion non-cash exchange of Zoetis senior notes for the retirement of Pfizer commercial paper issued in 2012. See Note 2B. Acquisition, Divestiture, Licensing Arrangements and Equity-Method Investments: Divestiture. | |||
[4] | See Note 2B. Acquisition, Divestiture, Licensing Arrangements and Equity-Method Investments: Divestiture. | |||
[5] | See Note 2D. Acquisition, Divestiture, Licensing Arrangements and Equity-Method Investments: Equity-Method Investments. |
CONDENSED_CONSOLIDATED_STATEME3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (PARENTHETICAL) (USD $) | 9 Months Ended | |
In Millions, unless otherwise specified | Sep. 29, 2013 | |
Proceeds from issuance of long-term debt(a) | $6,618 | [1],[2] |
Exchange of subsidiary senior notes (Zoetis) for the retirement of Pfizer commercial paper issued in 2012(b) | 992 | [1],[3] |
Zoetis [Member] | ' | |
Proceeds from issuance of long-term debt(a) | 2,600 | |
Exchange of subsidiary senior notes (Zoetis) for the retirement of Pfizer commercial paper issued in 2012(b) | $992 | [3] |
[1] | Amounts may not add due to rounding. | |
[2] | In 2013, includes $2.6 billion from the issuance of senior notes by Zoetis (our former Animal Health subsidiary), net of the $1.0 billion non-cash exchange of Zoetis senior notes for the retirement of Pfizer commercial paper issued in 2012. See Note 2B. Acquisition, Divestiture, Licensing Arrangements and Equity-Method Investments: Divestiture. | |
[3] | See Note 2B. Acquisition, Divestiture, Licensing Arrangements and Equity-Method Investments: Divestiture. |
Basis_of_Presentation_and_Sign
Basis of Presentation and Significant Accounting Policies | 9 Months Ended | |
Sep. 28, 2014 | ||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | |
Basis of Presentation and Significant Accounting Policies | ' | |
Basis of Presentation and Significant Accounting Policies | ||
A. Basis of Presentation | ||
We prepared the condensed consolidated financial statements following the requirements of the U.S. Securities and Exchange Commission (SEC) for interim reporting. As permitted under those rules, certain footnotes or other financial information that are normally required by accounting principles generally accepted in the United States of America (U.S. GAAP) can be condensed or omitted. | ||
Balance sheet amounts and operating results for subsidiaries operating outside the U.S. are as of and for the three and nine months ended August 24, 2014 and August 25, 2013. | ||
In the condensed consolidated statements of comprehensive income, we have revised the presentation of other comprehensive income/(loss) shown in prior periods for derivative financial instruments and available-for-sale securities, as certain items had been reported net. In the condensed consolidated statements of cash flows, we have revised the classification of certain items shown in prior periods, none of which had a significant impact. | ||
On June 24, 2013, we completed the full disposition of our Animal Health business, Zoetis Inc. (Zoetis), and recognized a gain of approximately $10.4 billion, net of tax, in Gain on disposal of discontinued operations––net of tax in the condensed consolidated statements of income for the nine months ended September 29, 2013. The operating results of this business through June 24, 2013, the date of disposal, are reported as Discontinued operations––net of tax in the condensed consolidated statements of income for the nine months ended September 29, 2013. For additional information, see Note 2B. Acquisition, Divestiture, Licensing Arrangements and Equity-Method Investments: Divestiture. | ||
Revenues, expenses, assets and liabilities can vary during each quarter of the year. Therefore, the results and trends in these interim financial statements may not be representative of those for the full year. | ||
We are responsible for the unaudited financial statements included in this Quarterly Report on Form 10-Q. The financial statements include all normal and recurring adjustments that are considered necessary for the fair presentation of our condensed consolidated balance sheets and condensed consolidated statements of income. | ||
The information included in this Quarterly Report on Form 10-Q should be read in conjunction with the consolidated financial statements and accompanying notes included in our 2013 Annual Report on Form 10-K. | ||
Certain amounts in the condensed consolidated financial statements and associated notes may not add due to rounding. All percentages have been calculated using unrounded amounts. | ||
B. Adoption of New Accounting Standards | ||
We adopted the following new accounting and disclosure standards as of January 1, 2014 and there were no impacts to our condensed consolidated financial statements: | ||
• | A new standard that clarified the accounting for cumulative translation adjustment (CTA) upon derecognition of a group of assets that is a business or an equity-method investment within a foreign entity. | |
• | A new standard regarding the measurement of obligations resulting from joint and several liability arrangements that may include debt agreements, other contractual obligations and settled litigation or judicial rulings. | |
C. Fair Value | ||
Our fair value methodologies depend on the following types of inputs: | ||
• | Quoted prices for identical assets or liabilities in active markets (Level 1 inputs). | |
• | Quoted prices for similar assets or liabilities in active markets or quoted prices for identical or similar assets or liabilities in markets that are not active or are directly or indirectly observable (Level 2 inputs). | |
• | Unobservable inputs that reflect estimates and assumptions (Level 3 inputs). | |
A single estimate of fair value can result from a complex series of judgments about future events and uncertainties and can rely heavily on estimates and assumptions. |
Acquisition_Divestiture_Licens
Acquisition, Divestiture, Licensing Arrangement and Equity-Method Investments | 9 Months Ended | ||||||||||||||||
Sep. 28, 2014 | |||||||||||||||||
Business Combinations, Discontinued Operations And Disposal Groups, Collaborative Arrangements And Equity Method Investments [Abstract] | ' | ||||||||||||||||
Acquisition, Divestiture, Licensing Arrangement and Equity-Method Investments | ' | ||||||||||||||||
Acquisition, Divestiture, Licensing Arrangements and Equity-Method Investments | |||||||||||||||||
A. Acquisition | |||||||||||||||||
InnoPharma, Inc. (InnoPharma) | |||||||||||||||||
On September 24, 2014, we completed our acquisition of InnoPharma, a privately-held pharmaceutical development company, for an upfront cash payment of $225 million and contingent consideration with an estimated acquisition-date fair value of approximately $67 million. The contingent consideration consists of up to $135 million in additional milestone payments based on application filing with and acceptance by the U.S. Food and Drug Administration (FDA), or approval of marketing applications related to certain pipeline products by the FDA. We believe this acquisition represents a potential innovative growth opportunity for our sterile injectables portfolio in areas such as oncology and central nervous disorders. In connection with this acquisition, we recorded $247 million in Identifiable intangible assets, consisting of $212 million in In-process research and development (IPR&D) and $35 million in Developed technology rights; $81 million in net deferred tax liabilities; and $125 million in Goodwill. The allocation of the consideration transferred to the assets acquired and the liabilities assumed has not been finalized. | |||||||||||||||||
B. Divestiture | |||||||||||||||||
Animal Health Business—(Zoetis) | |||||||||||||||||
On June 24, 2013, we completed the full disposition of Zoetis. The full disposition was completed through a series of steps, including, in the first quarter of 2013, the formation of Zoetis and an initial public offering (IPO) of an approximate 19.8% interest in Zoetis and, in the second quarter of 2013, an exchange offer for the remaining 80.2% interest. | |||||||||||||||||
With respect to the formation and disposition of Zoetis, in the first nine months of 2013: | |||||||||||||||||
• | Formation of Zoetis—On January 28, 2013, our then wholly owned subsidiary, Zoetis, issued $3.65 billion aggregate principal amount of senior notes. Also, on January 28, 2013, we transferred to Zoetis substantially all of the assets and liabilities of our Animal Health business in exchange for all of the Class A and Class B common stock of Zoetis, $1.0 billion of the $3.65 billion of Zoetis senior notes, and an amount of cash equal to substantially all of the cash proceeds received by Zoetis from the remaining $2.65 billion of senior notes issued. The $1.0 billion of Zoetis senior notes received by Pfizer were exchanged by Pfizer for the retirement of Pfizer commercial paper issued in 2012, and the cash proceeds received by Pfizer of approximately $2.6 billion were used for dividends and stock buybacks. | ||||||||||||||||
• | Initial Public Offering (19.8% Interest)—On February 6, 2013, an IPO of the Class A common stock of Zoetis was completed, pursuant to which we sold 99.015 million shares of Class A common stock of Zoetis (all of the Class A common stock, including shares sold pursuant to the underwriters' option to purchase additional shares, which was exercised in full) in exchange for the retirement of approximately $2.5 billion of Pfizer commercial paper issued in 2013. The Class A common stock sold in the IPO represented approximately 19.8% of the total outstanding Zoetis shares. The excess of the consideration received over the net book value of our divested interest was approximately $2.3 billion and was recorded in Additional paid-in capital. | ||||||||||||||||
• | Exchange Offer (80.2% Interest)—On June 24, 2013, we exchanged all of our remaining interest in Zoetis for Pfizer common stock and recognized a gain on sale of approximately $10.4 billion net of income taxes resulting from certain legal entity reorganizations, which was recorded in Gain on disposal of discontinued operations––net of tax in the condensed consolidated statements of income for the nine months ended September 29, 2013. | ||||||||||||||||
The operating results of the Animal Health business through June 24, 2013, the date of disposal, are reported as Income from discontinued operations––net of tax in the condensed consolidated statements of income for the nine months ended September 29, 2013. | |||||||||||||||||
Total Discontinued Operations | |||||||||||||||||
The following table provides the components of Discontinued operations—net of tax, virtually all of which relates to Zoetis: | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
(MILLIONS OF DOLLARS) | September 28, | September 29, | September 28, | September 29, | |||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Revenues | $ | — | $ | — | $ | — | $ | 2,201 | |||||||||
Pre-tax income from discontinued operations(b) | (2 | ) | 32 | 1 | 421 | ||||||||||||
Provision for taxes on income(a) | 1 | (4 | ) | 1 | 95 | ||||||||||||
Income from discontinued operations––net of tax | (3 | ) | 36 | — | 326 | ||||||||||||
Pre-tax gain on disposal of discontinued operations(b) | — | (38 | ) | 65 | 10,501 | ||||||||||||
Provision for taxes on income(b), (c) | — | (13 | ) | (4 | ) | 108 | |||||||||||
Gain on disposal of discontinued operations––net of tax(b) | — | (25 | ) | 70 | 10,393 | ||||||||||||
Discontinued operations––net of tax | $ | (3 | ) | $ | 11 | $ | 70 | $ | 10,719 | ||||||||
(a) | Includes a deferred tax expense of $2 million and a deferred tax benefit of $4 million for the three months ended September 28, 2014 and September 29, 2013, respectively, and a deferred tax benefit of $23 million for the nine months ended September 29, 2013. Deferred taxes for the first nine months of 2014 were nil. | ||||||||||||||||
(b) | For the three months and nine months ended September 28, 2014 and for the three months ended September 29, 2013, represents post-close adjustments. | ||||||||||||||||
(c) | For the nine months ended September 29, 2013, reflects income taxes resulting from certain legal entity reorganizations. | ||||||||||||||||
The net cash flows of our discontinued operations for each of the categories of operating, investing and financing activities are not significant for the nine months ended September 29, 2013, except that financing activities include the cash proceeds from the issuance of senior notes by Zoetis. | |||||||||||||||||
C. Licensing Arrangements | |||||||||||||||||
Cellectis SA (Cellectis) | |||||||||||||||||
On June 18, 2014, we entered into a global strategic arrangement with Cellectis to develop Chimeric Antigen Receptor T-cell (CAR-T) immunotherapies in the field of oncology directed at select cellular surface antigen targets. In August 2014, we made an upfront payment of $80 million to Cellectis, which was recorded in Research and development expenses, and we will also fund research and development costs associated with the 15 Pfizer-selected targets and the four Cellectis-selected targets within the arrangement. Cellectis is eligible to receive development, regulatory and commercial milestone payments of up to $185 million per product that resulted from the Pfizer-selected targets. Cellectis is also eligible to receive tiered royalties on net sales of any products that are commercialized by Pfizer. In addition, in August 2014, we acquired approximately 10% of the Cellectis capital through the purchase of newly issued shares, for a total investment of approximately $35 million. | |||||||||||||||||
Nexium Over-the-Counter Rights | |||||||||||||||||
In connection with our August 2012 agreement with AstraZeneca PLC (AstraZeneca) for the exclusive, global, over-the-counter rights for Nexium, a leading prescription drug currently approved to treat the symptoms of gastroesophageal reflux disease, (i) on May 27, 2014, we launched Nexium 24HR in the U.S., and on July 11, 2014, we paid AstraZeneca a related $200 million product launch milestone payment and (ii) on August 1, 2014, we launched Nexium Control in Europe, and on September 15, 2014, we paid AstraZeneca a related $50 million product launch milestone payment. The milestone payments for this Consumer Healthcare asset acquisition have been recorded in Identifiable intangible assets, less accumulated amortization in the condensed consolidated balance sheet and will be amortized over their estimated useful lives. AstraZeneca is eligible to receive future milestone payments of up to $300 million, based on product launches outside the U.S. and level of worldwide sales and is eligible to receive royalty payments, based on worldwide sales. | |||||||||||||||||
D. Equity-Method Investments | |||||||||||||||||
Investment in Laboratório Teuto Brasileiro (Teuto) | |||||||||||||||||
We have an option to acquire the remaining 60% of Teuto, a 40%-owned generics company in Brazil, beginning in 2014, and Teuto’s majority shareholders have an option to sell their 60% stake to us beginning in 2015. | |||||||||||||||||
• | In the third quarter and first nine months of 2013, we recorded an estimated loss of approximately $223 million related to the net call/put option and an impairment loss of $32 million related to our equity-method investment, both of which were recorded in Other (income)/deductions––net. | ||||||||||||||||
• | In the third quarter and first nine months of 2014, we recorded income of approximately $90 million resulting from a decline in the estimated loss from the aforementioned option, which was recorded in Other (income)/deductions––net. | ||||||||||||||||
Investment in ViiV Healthcare Limited (ViiV) | |||||||||||||||||
Our minority ownership interest in ViiV, a company formed by Pfizer and GlaxoSmithKline plc (GSK) to focus solely on research, development and commercialization of human immunodeficiency virus (HIV) medicines, was impacted by the following events: | |||||||||||||||||
• | The January 21, 2014 European Commission approval of Tivicay (dolutegravir), a product for the treatment of HIV-1 infection, developed by ViiV. This approval triggered a reduction in our equity interest in ViiV from 12.6% to 11.7%, effective April 1, 2014. As a result, in the first nine months of 2014, we recognized a loss of approximately $30 million in Other (income)/deductions––net; and | ||||||||||||||||
• | The August 12, 2013 FDA approval of Tivicay (dolutegravir). This approval triggered a reduction in our interest in ViiV from 13.5% to 12.6%, effective October 1, 2013. As a result, in the third quarter and first nine months of 2013, we recognized a loss of approximately $31 million in Other (income)/deductions––net. | ||||||||||||||||
Investment in Hisun Pfizer Pharmaceuticals Company Limited (Hisun Pfizer) | |||||||||||||||||
In connection with the September 6, 2012 formation of Hisun Pfizer in conjunction with Zhejiang Hisun Pharmaceuticals Co., Ltd. (Hisun), a leading pharmaceutical company in China, in the first quarter of 2013, we and Hisun contributed certain assets to Hisun Pfizer. Hisun Pfizer is 49% owned by Pfizer and 51% owned by Hisun. Our contributions constituted a business, as defined by U.S. GAAP, and in the first nine months of 2013, we recognized a pre-tax gain of approximately $459 million in Other (income) deductions––net, reflecting the transfer of the business to Hisun Pfizer (including an allocation of goodwill from our former Emerging Markets reporting unit as part of the carrying amount of the business transferred). Since we hold a 49% interest in Hisun Pfizer, we had an indirect retained interest in the contributed assets. As such, 49% of the gain, or $225 million, represented the portion of the gain associated with that indirect retained interest. |
Restructuring_Charges_and_Othe
Restructuring Charges and Other Costs Associated with Acquisitions and Cost-Reduction/Productivity Initiatives | 9 Months Ended | ||||||||||||||||
Sep. 28, 2014 | |||||||||||||||||
Restructuring and Related Activities [Abstract] | ' | ||||||||||||||||
Restructuring Charges and Other Costs Associated with Acquisitions and Cost-Reduction/Productivity Initiatives | ' | ||||||||||||||||
Restructuring Charges and Other Costs Associated with Acquisitions and Cost-Reduction/Productivity Initiatives | |||||||||||||||||
We incur significant costs in connection with acquiring, integrating and restructuring businesses and in connection with our global cost-reduction/productivity initiatives. For example: | |||||||||||||||||
• | In connection with acquisition activity, we typically incur costs associated with executing the transactions, integrating the acquired operations (which may include expenditures for consulting and the integration of systems and processes), and restructuring the combined company (which may include charges related to employees, assets and activities that will not continue in the combined company); and | ||||||||||||||||
• | In connection with our cost-reduction/productivity initiatives, we typically incur costs and charges associated with site closings and other facility rationalization and optimization actions, workforce reductions and the expansion of shared services, including the development of global systems. | ||||||||||||||||
All of our businesses and functions may be impacted by these actions, including sales and marketing, manufacturing and research and development (R&D), as well as groups such as information technology, shared services and corporate operations. | |||||||||||||||||
At the end of 2013, we had substantially completed many of the initiatives launched in prior periods. In early 2014, we announced that we would be incurring costs in 2014-2016 related to new programs: our new global commercial structure reorganization and additional cost-reduction/productivity initiatives. | |||||||||||||||||
In 2014, we have the following initiatives underway: | |||||||||||||||||
• | Manufacturing plant network rationalization and optimization, where execution timelines are necessarily long. Our plant network strategy is expected to result in the exit of eight sites over the next several years (down from 10 sites, previously, as two sites have been sold). In connection with these activities, during 2014-2016, we expect to incur costs of approximately $400 million associated with prior acquisition activity and costs of approximately $1.4 billion associated with new non-acquisition-related cost-reduction initiatives. | ||||||||||||||||
• | New global commercial structure reorganization, which primarily includes the streamlining of certain functions, the realignment of regional locations and colleagues to support the businesses, as well as implementing the necessary system changes to support future reporting requirements. In connection with this reorganization, during 2014-2016, we expect to incur costs of approximately $350 million. | ||||||||||||||||
• | Other new cost-reduction/productivity initiatives, primarily related to commercial property rationalization and consolidation. In connection with these cost-reduction activities, during 2014-2016, we expect to incur costs of approximately $850 million. | ||||||||||||||||
The costs expected to be incurred during 2014-2016, of approximately $3.0 billion in total, include restructuring charges, integration costs, implementation costs and additional depreciation––asset restructuring. Of this amount, we expect that about a quarter of the charges will be non-cash. | |||||||||||||||||
Current-Period Key Activities | |||||||||||||||||
In the first nine months of 2014, we incurred approximately $531 million in cost-reduction and acquisition-related costs (excluding transaction costs) in connection with the aforementioned programs, primarily associated with our manufacturing and sales operations. | |||||||||||||||||
The following table provides the components of costs associated with acquisitions and cost-reduction/productivity initiatives: | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
(MILLIONS OF DOLLARS) | September 28, | September 29, | September 28, | September 29, | |||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Restructuring charges(a): | |||||||||||||||||
Employee terminations | $ | (51 | ) | $ | 174 | $ | (4 | ) | $ | 289 | |||||||
Asset impairments | 9 | — | 28 | 115 | |||||||||||||
Exit costs | 4 | 21 | 44 | 36 | |||||||||||||
Total restructuring charges | (38 | ) | 195 | 68 | 440 | ||||||||||||
Integration costs(b) | 19 | 38 | 53 | 107 | |||||||||||||
Restructuring charges and certain acquisition-related costs | (19 | ) | 233 | 120 | 547 | ||||||||||||
Additional depreciation––asset restructuring recorded in our condensed consolidated statements of income as follows(c): | |||||||||||||||||
Cost of sales | 52 | 43 | 199 | 134 | |||||||||||||
Selling, informational and administrative expenses | — | — | 1 | 19 | |||||||||||||
Research and development expenses | 1 | — | 30 | 94 | |||||||||||||
Total additional depreciation––asset restructuring | 54 | 43 | 230 | 247 | |||||||||||||
Implementation costs recorded in our condensed consolidated statements of income as follows(d): | |||||||||||||||||
Cost of sales | 24 | 16 | 52 | 27 | |||||||||||||
Selling, informational and administrative expenses | 36 | 30 | 89 | 95 | |||||||||||||
Research and development expenses | 12 | 1 | 40 | 10 | |||||||||||||
Total implementation costs | 73 | 47 | 181 | 132 | |||||||||||||
Total costs associated with acquisitions and cost-reduction/productivity initiatives | $ | 108 | $ | 323 | $ | 531 | $ | 926 | |||||||||
(a) | In the nine months ended September 28, 2014, Employee terminations represent the expected reduction of the workforce by approximately 100 employees, mainly in manufacturing and sales. | ||||||||||||||||
The restructuring charges in 2014 are associated with the following: | |||||||||||||||||
• | For the third quarter of 2014, the Global Innovative Pharmaceutical segment (GIP) ($4 million); the Global Vaccines, Oncology and Consumer Healthcare segment (VOC) ($10 million); the Global Established Pharmaceutical segment (GEP) ($4 million); Worldwide Research and Development and Medical ($2 million); manufacturing operations ($21 million); and Corporate ($14 million) as well as $92 million of income related to the partial reversal of prior-period restructuring charges, not directly associated with the new individual segments, and reflecting a change in estimate with respect to our sales force restructuring plans. | ||||||||||||||||
• | For the first nine months of 2014, the Global Innovative Pharmaceutical segment (GIP) ($14 million); the Global Vaccines, Oncology and Consumer Healthcare segment (VOC) ($16 million); the Global Established Pharmaceutical segment (GEP) ($34 million); Worldwide Research and Development and Medical ($11 million); manufacturing operations ($59 million); and Corporate ($25 million), as well as $92 million of income related to the partial reversal of prior-period restructuring charges, not directly associated with the new individual segments, and reflecting a change in estimate with respect to our sales force restructuring plans. | ||||||||||||||||
The restructuring charges in 2013 are associated with the following: | |||||||||||||||||
• | For the third quarter of 2013, total operating segments ($39 million); manufacturing operations ($112 million); and Corporate ($44 million). | ||||||||||||||||
• | For the first nine months of 2013, total operating segments ($106 million); Worldwide Research and Development and Medical ($15 million); manufacturing operations ($194 million); and Corporate ($125 million). | ||||||||||||||||
At the beginning of fiscal 2014, we revised our operating segments and are unable to directly associate these prior-period restructuring charges with the new individual segments. | |||||||||||||||||
(b) | Integration costs represent external, incremental costs directly related to integrating acquired businesses, and primarily include expenditures for consulting and the integration of systems and processes. | ||||||||||||||||
(c) | Additional depreciation––asset restructuring represents the impact of changes in the estimated useful lives of assets involved in restructuring actions. | ||||||||||||||||
(d) | Implementation costs represent external, incremental costs directly related to implementing our non-acquisition-related cost-reduction/productivity initiatives. | ||||||||||||||||
The following table provides the components of and changes in our restructuring accruals: | |||||||||||||||||
(MILLIONS OF DOLLARS) | Employee | Asset | Exit Costs | Accrual | |||||||||||||
Termination | Impairment | ||||||||||||||||
Costs | Charges | ||||||||||||||||
Balance, December 31, 2013(a) | $ | 1,685 | $ | — | $ | 94 | $ | 1,779 | |||||||||
Provision | (4 | ) | 28 | 44 | 68 | ||||||||||||
Utilization and other(b) | (373 | ) | (28 | ) | (75 | ) | (476 | ) | |||||||||
Balance, September 28, 2014(c) | $ | 1,308 | $ | — | $ | 63 | $ | 1,371 | |||||||||
(a) | Included in Other current liabilities ($1.0 billion) and Other noncurrent liabilities ($767 million). | ||||||||||||||||
(b) | Includes adjustments for foreign currency translation. | ||||||||||||||||
(c) | Included in Other current liabilities ($851 million) and Other noncurrent liabilities ($520 million). |
Other_IncomeDeductions_Net
Other (Income)/Deductions - Net | 9 Months Ended | ||||||||||||||||||||
Sep. 28, 2014 | |||||||||||||||||||||
Other Income and Expenses [Abstract] | ' | ||||||||||||||||||||
Other (Income)/Deductions-Net | ' | ||||||||||||||||||||
Other (Income)/Deductions—Net | |||||||||||||||||||||
The following table provides components of Other (income)/deductions––net: | |||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||
(MILLIONS OF DOLLARS) | September 28, | September 29, | September 28, | September 29, | |||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||
Interest income(a) | $ | (108 | ) | $ | (94 | ) | $ | (303 | ) | $ | (291 | ) | |||||||||
Interest expense(a) | 343 | 340 | 1,007 | 1,067 | |||||||||||||||||
Net interest expense | 235 | 246 | 703 | 776 | |||||||||||||||||
Royalty-related income(b) | (251 | ) | (122 | ) | (737 | ) | (305 | ) | |||||||||||||
Patent litigation settlement income(c) | — | 9 | — | (1,342 | ) | ||||||||||||||||
Other legal matters, net(d) | 28 | 1 | 720 | (94 | ) | ||||||||||||||||
Gain associated with the transfer of certain product rights(e) | — | — | — | (459 | ) | ||||||||||||||||
Net gains on asset disposals(f) | (53 | ) | (46 | ) | (267 | ) | (100 | ) | |||||||||||||
Certain asset impairments(g) | 243 | 220 | 358 | 745 | |||||||||||||||||
Costs associated with the Zoetis IPO(h) | — | — | — | 18 | |||||||||||||||||
Other, net(i) | (108 | ) | 104 | (113 | ) | 247 | |||||||||||||||
Other (income)/deductions––net | $ | 94 | $ | 411 | $ | 665 | $ | (514 | ) | ||||||||||||
(a) | Interest income increased in the third quarter and first nine months of 2014 due to higher cash equivalents and investment balances. Interest expense increased in the third quarter of 2014 due to the addition of new fixed rate debt in the second quarter of 2014 and interest expense decreased in the first nine months of 2014, primarily due to the benefit of the effective conversion of some fixed-rate liabilities to floating-rate liabilities. | ||||||||||||||||||||
(b) | Royalty-related income increased in the third quarter and first nine months of 2014 primarily due to royalties earned on sales of Enbrel in the U.S. and Canada after October 31, 2013. On that date, the co-promotion term of the collaboration agreement for Enbrel in the U.S. and Canada expired, and Pfizer became entitled to royalties for a 36-month period thereafter. | ||||||||||||||||||||
(c) | In the first nine months of 2013, reflects income from a litigation settlement with Teva Pharmaceuticals Industries Ltd. (Teva) and Sun Pharmaceutical Industries Ltd. (Sun) for patent-infringement damages resulting from their “at-risk” launches of generic Protonix in the U.S. As of September 28, 2014, approximately $128 million is not yet due and is included in Other current assets. | ||||||||||||||||||||
(d) | In the first nine months of 2014, primarily includes approximately $610 million for Neurontin-related matters (including off-label promotion actions and antitrust actions) and approximately $55 million for an Effexor-related matter. In the first nine months of 2013, primarily includes an $80 million insurance recovery related to a certain litigation matter. For additional information, see Note 12A. Commitments and Contingencies: Legal Proceedings. | ||||||||||||||||||||
(e) | In the first nine months of 2013, represents the gain associated with the transfer of certain product rights to Hisun Pfizer. For additional information, see Note 2D. Acquisition, Divestiture, Licensing Arrangements and Equity-Method Investments: Equity-Method Investments. | ||||||||||||||||||||
(f) | In the first nine months of 2014, primarily includes gains on sales/out-licensing of product and compound rights (approximately $128 million) and gains on sales of investments in equity securities (approximately $114 million). | ||||||||||||||||||||
(g) | In the third quarter of 2014, includes intangible asset impairment charges of $242 million, reflecting (i) $144 million related to developed technology rights; (ii) $79 million related to an in-process research and development (IPR&D) compound for the treatment of skin fibrosis; and (iii) $18 million related to an indefinite-lived brand. The intangible asset impairment charges for the third quarter of 2014 are associated with the following: the Global Established Pharmaceutical segment (GEP) ($163 million) and Worldwide Research and Development ($79 million). | ||||||||||||||||||||
In the first nine months of 2014, includes intangible asset impairment charges of $356 million, reflecting (i) $190 million for an IPR&D compound for the treatment of skin fibrosis (full write-off); (ii) $147 million related to developed technology rights; and (iii) $18 million related to an indefinite-lived brand. The intangible asset impairment charges for the first nine months of 2014 are primarily associated with the following: the Global Established Pharmaceutical segment (GEP) ($166 million) and Worldwide Research and Development ($190 million). | |||||||||||||||||||||
The intangible asset impairment charges for 2014 reflect, among other things, updated commercial forecasts; and with regard to IPR&D, the impact of changes to the development program and new scientific findings. | |||||||||||||||||||||
In the third quarter of 2013, includes intangible asset impairment charges of $185 million, primarily reflecting (i) $95 million of indefinite-lived brands, primarily related to our biopharmaceutical indefinite-lived brand, Xanax; and (ii) $90 million related to one IPR&D compound (full write-off). The intangible asset impairment charges for the third quarter of 2013 are associated with the Global Established Pharmaceutical segment (GEP). In addition, the third quarter of 2013 includes an impairment charge of approximately $32 million related to our investment in Teuto. | |||||||||||||||||||||
In the first nine months of 2013, includes intangible asset impairment charges of $674 million, primarily reflecting (i) $394 million of developed technology rights (for use in the development of bone and cartilage) acquired in connection with our acquisition of Wyeth; (ii) $171 million related to three IPR&D compounds; and (iii) $109 million of indefinite lived brands, primarily related to our biopharmaceutical indefinite-lived brand, Xanax/Xanax XR. The impairment charges for the first nine months of 2013 are associated with the following: Global Innovative Pharmaceutical segment ($432 million); Global Established Pharmaceutical segment ($185 million); Worldwide Research and Development ($43 million); and Consumer Healthcare ($14 million). In addition, the first nine months of 2013 include an impairment charge of approximately $39 million for certain private company investments and an impairment charge of $32 million related to Teuto. | |||||||||||||||||||||
The intangible asset impairment charges for 2013 reflect, among other things, updated commercial forecasts, and with regard to IPR&D, the impact of new scientific findings. | |||||||||||||||||||||
(h) | Represents costs incurred in connection with the IPO of an approximate 19.8% ownership interest in Zoetis. Includes expenditures for banking, legal, accounting and similar services. For additional information, see Note 2B. Acquisition, Divestiture, Licensing Arrangements and Equity-Method Investments: Divestiture. | ||||||||||||||||||||
(i) | Includes the following: (i) in the third quarter and first nine months of 2014, the gain of approximately $46 million reflecting the change in the fair value of the contingent consideration associated with our acquisition of NextWave Pharmaceuticals, Inc. (NextWave) and the gain of approximately $56 million reflecting the change in the fair value of the contingent consideration associated with our acquisition of Excaliard Pharmaceuticals, Inc.; (ii) in the third quarter and first nine months of 2013, the gain of approximately $128 million and $109 million, respectively, reflecting the change in the fair value of the contingent consideration associated with our acquisition of NextWave; (iii) in the third quarter and first nine months of 2013, an estimated loss of $223 million related to an option to acquire the remaining interest in Teuto, and in the third quarter and first nine months of 2014, income of $90 million resulting from a decline in the estimated loss from the aforementioned option; and (iv) in the first nine months of 2014, a loss of $30 million due to a change in our ownership interest in ViiV and in the third quarter and first nine months of 2013, a loss of $31 million due to a change in our ownership interest in ViiV. For additional information concerning Teuto and ViiV, see Note 2D. Acquisition, Divestiture, Licensing Arrangements and Equity-Method Investments: Equity-Method Investments. | ||||||||||||||||||||
The asset impairment charges included in Other (income)/deductions––net for the first nine months of 2014 virtually all relate to identifiable intangible assets and are based on estimates of fair value. | |||||||||||||||||||||
The following table provides additional information about the intangible assets that were impaired during the first nine months of 2014 in Other (income)/deductions––net: | |||||||||||||||||||||
Fair Value(a) | Nine Months Ended September 28, 2014 | ||||||||||||||||||||
(MILLIONS OF DOLLARS) | Amount | Level 1 | Level 2 | Level 3 | Impairment | ||||||||||||||||
Intangible assets––IPR&D(b) | $ | — | $ | — | $ | — | $ | — | $ | 190 | |||||||||||
Intangible assets––Developed technology rights(b) | 233 | — | — | 233 | 147 | ||||||||||||||||
Intangible assets––Indefinite-lived brands(b) | 242 | — | — | 242 | 18 | ||||||||||||||||
Total | $ | 475 | $ | — | $ | — | $ | 475 | $ | 356 | |||||||||||
(a) | The fair value amount is presented as of the date of impairment, as this asset is not measured at fair value on a recurring basis. See also Note 1C. Basis of Presentation and Significant Accounting Policies: Fair Value. | ||||||||||||||||||||
(b) | Reflects intangible assets written down to fair value in the first nine months of 2014. Fair value was determined using the income approach, specifically the multi-period excess earnings method, also known as the discounted cash flow method. We started with a forecast of all the expected net cash flows associated with the asset and then we applied an asset-specific discount rate to arrive at a net present value amount. Some of the more significant estimates and assumptions inherent in this approach include: the amount and timing of the projected net cash flows, which includes the expected impact of competitive, legal and/or regulatory forces on the product and the impact of technological risk associated with IPR&D assets; the discount rate, which seeks to reflect the various risks inherent in the projected cash flows; and the tax rate, which seeks to incorporate the geographic diversity of the projected cash flows. |
Tax_Matters
Tax Matters | 9 Months Ended | ||||||||||||||||
Sep. 28, 2014 | |||||||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||||||
Tax Matters | ' | ||||||||||||||||
Tax Matters | |||||||||||||||||
A. Taxes on Income from Continuing Operations | |||||||||||||||||
Our effective tax rate for continuing operations was 25.4% for the third quarter of 2014, compared to 27.6% for the third quarter of 2013, and was 24.7% for the first nine months of 2014, compared to 30.6% for the first nine months of 2013. | |||||||||||||||||
The lower effective tax rate for the third quarter of 2014, in comparison with the same period in 2013, was primarily due to: | |||||||||||||||||
• | the change in the jurisdictional mix of earnings as a result of operating fluctuations in the normal course of business; and | ||||||||||||||||
• | a decline in the non-tax deductible estimated loss recorded in the third quarter of 2013 related to an option to acquire the remaining interest in Teuto, since we expect to retain the investment indefinitely, | ||||||||||||||||
partially offset by: | |||||||||||||||||
• | the non-tax deductible charge to account for an additional year of the Branded Prescription Drug Fee in accordance with final regulations issued in the third quarter of 2014 by the U.S. Internal Revenue Service (IRS). | ||||||||||||||||
The lower effective tax rate for the first nine months of 2014, in comparison with the same period in 2013, was primarily due to: | |||||||||||||||||
• | the favorable impact of the resolution in the first nine months of 2014 of certain tax positions, pertaining to prior years primarily with various foreign tax authorities, and from the expiration of certain statutes of limitations; | ||||||||||||||||
• | the non-recurrence of the unfavorable tax impact associated with the non-deductibility of the goodwill derecognized and the jurisdictional mix of the other intangible assets divested as part of the transfer of certain product rights to Hisun Pfizer in the first nine months of 2013; | ||||||||||||||||
• | the non-recurrence of the unfavorable impact of the tax rate associated with the patent litigation settlement income in the first nine months of 2013; | ||||||||||||||||
• | the change in the jurisdictional mix of earnings as a result of operating fluctuations in the normal course of business; and | ||||||||||||||||
• | a decline in the non-tax deductible estimated loss recorded in the third quarter of 2013 related to an option to acquire the remaining interest in Teuto, since we expect to retain the investment indefinitely, | ||||||||||||||||
partially offset by: | |||||||||||||||||
• | the non-tax deductible charge to account for an additional year of the Branded Prescription Drug Fee in accordance with final regulations issued in the third quarter of 2014 by the IRS; and | ||||||||||||||||
• | the expiration of the U.S. R&D tax credit on December 31, 2013. | ||||||||||||||||
For information about the transfer of certain product rights in 2013 and the option to acquire the remaining interest in Teuto, see Note 2D. Acquisition, Divestiture, Licensing Arrangements and Equity-Method Investments: Equity-Method Investments. For information about the patent litigation settlement income in 2013, see Note 4. Other (Income)/Deductions—Net. | |||||||||||||||||
B. Tax Contingencies | |||||||||||||||||
We are subject to income tax in many jurisdictions, and a certain degree of estimation is required in recording the assets and liabilities related to income taxes. All of our tax positions are subject to audit by the local taxing authorities in each tax jurisdiction. These tax audits can involve complex issues, interpretations and judgments and the resolution of matters may span multiple years, particularly if subject to negotiation or litigation. Our assessments are based on estimates and assumptions that have been deemed reasonable by management, but our estimates of unrecognized tax benefits and potential tax benefits may not be representative of actual outcomes, and variation from such estimates could materially affect our financial statements in the period of settlement or when the statutes of limitations expire, as we treat these events as discrete items in the period of resolution. | |||||||||||||||||
The United States is one of our major tax jurisdictions, and we are regularly audited by the IRS: | |||||||||||||||||
• | With respect to Pfizer Inc., tax years 2009 and 2010 are currently under audit. Tax years 2011-2014 are open, but not yet under audit. All other tax years are closed. | ||||||||||||||||
In addition to the open audit years in the U.S., we have open audit years in other major tax jurisdictions, such as Canada (2004-2014), Japan (2013-2014), Europe (2007-2014, primarily reflecting Ireland, the United Kingdom, France, Italy, Spain and Germany), Latin America (1998-2014, primarily reflecting Brazil and Mexico) and Puerto Rico (2009-2014). | |||||||||||||||||
C. Tax Provision on Other Comprehensive Income/(Loss) | |||||||||||||||||
The following table provides the components of the tax provision on Other comprehensive income/(loss): | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
(MILLIONS OF DOLLARS) | September 28, | September 29, | September 28, | September 29, | |||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Foreign currency translation adjustments(a) | $ | 23 | $ | (2 | ) | $ | 13 | $ | 88 | ||||||||
Unrealized holding gains/(losses) on derivative financial instruments | (117 | ) | 125 | (133 | ) | 107 | |||||||||||
Reclassification adjustments for realized (gains)/losses | 175 | (116 | ) | 183 | (15 | ) | |||||||||||
58 | 9 | 50 | 92 | ||||||||||||||
Unrealized holding gains/(losses) on available-for-sale securities | (27 | ) | 47 | (4 | ) | 60 | |||||||||||
Reclassification adjustments for realized (gains)/losses | 2 | (13 | ) | (38 | ) | (30 | ) | ||||||||||
(25 | ) | 34 | (42 | ) | 30 | ||||||||||||
Benefit plans: actuarial gains/(losses), net | 5 | (1 | ) | 3 | 10 | ||||||||||||
Reclassification adjustments related to amortization | 15 | 49 | 47 | 155 | |||||||||||||
Reclassification adjustments related to settlements, net | 6 | 18 | 21 | 54 | |||||||||||||
Other | 3 | (23 | ) | (4 | ) | 35 | |||||||||||
30 | 43 | 68 | 254 | ||||||||||||||
Benefit plans: prior service credits and other | — | — | — | 1 | |||||||||||||
Reclassification adjustments related to amortization | (7 | ) | (5 | ) | (21 | ) | (17 | ) | |||||||||
Reclassification adjustments related to curtailments, net | 1 | — | 2 | (4 | ) | ||||||||||||
Other | 2 | 1 | — | (1 | ) | ||||||||||||
(4 | ) | (4 | ) | (19 | ) | (21 | ) | ||||||||||
Tax provision on other comprehensive income/(loss) | $ | 83 | $ | 80 | $ | 71 | $ | 443 | |||||||||
(a) | Taxes are not provided for foreign currency translation adjustments relating to investments in international subsidiaries that will be held indefinitely. |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Loss | 9 Months Ended | ||||||||||||||||||||||||
Sep. 28, 2014 | |||||||||||||||||||||||||
Equity [Abstract] | ' | ||||||||||||||||||||||||
Accumulated Other Comprehensive Loss | ' | ||||||||||||||||||||||||
Accumulated Other Comprehensive Loss | |||||||||||||||||||||||||
The following table provides the changes, net of tax, in Accumulated other comprehensive loss: | |||||||||||||||||||||||||
Net Unrealized Gains/(Losses) | Benefit Plans | ||||||||||||||||||||||||
(MILLIONS OF DOLLARS) | Foreign Currency Translation Adjustments | Derivative Financial Instruments | Available-For-Sale Securities | Actuarial Gains/(Losses) | Prior Service (Costs)/Credits and Other | Accumulated Other Comprehensive Loss | |||||||||||||||||||
Balance, December 31, 2013 | $ | (590 | ) | $ | 79 | $ | 150 | $ | (3,223 | ) | $ | 313 | $ | (3,271 | ) | ||||||||||
Other comprehensive income/(loss)(a) | (355 | ) | 248 | (229 | ) | 165 | (26 | ) | (196 | ) | |||||||||||||||
Balance, September 28, 2014 | $ | (945 | ) | $ | 327 | $ | (78 | ) | $ | (3,058 | ) | $ | 288 | $ | (3,467 | ) | |||||||||
(a) | Amounts do not include foreign currency translation income of $8 million attributable to noncontrolling interests for the first nine months of 2014. | ||||||||||||||||||||||||
As of September 28, 2014, with respect to derivative financial instruments, the amount of unrealized pre-tax gains estimated to be reclassified into income within the next 12 months is $173 million (which is expected to be offset by losses resulting from reclassification adjustments related to available-for-sale securities). |
Financial_Instruments
Financial Instruments | 9 Months Ended | ||||||||||||||||||||||||
Sep. 28, 2014 | |||||||||||||||||||||||||
Financial Instruments [Abstract] | ' | ||||||||||||||||||||||||
Financial Instruments | ' | ||||||||||||||||||||||||
Financial Instruments | |||||||||||||||||||||||||
A. Selected Financial Assets and Liabilities | |||||||||||||||||||||||||
The following table provides additional information about certain of our financial assets and liabilities: | |||||||||||||||||||||||||
(MILLIONS OF DOLLARS) | September 28, | December 31, | |||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Selected financial assets measured at fair value on a recurring basis(a) | |||||||||||||||||||||||||
Trading securities(b) | $ | 104 | $ | 126 | |||||||||||||||||||||
Available-for-sale debt securities(c) | 39,547 | 34,899 | |||||||||||||||||||||||
Available-for-sale money market funds | 1,526 | 945 | |||||||||||||||||||||||
Available-for-sale equity securities, excluding money market funds(c) | 343 | 356 | |||||||||||||||||||||||
Derivative financial instruments in a receivable position(d): | |||||||||||||||||||||||||
Interest rate swaps | 468 | 468 | |||||||||||||||||||||||
Foreign currency swaps | 511 | 871 | |||||||||||||||||||||||
Foreign currency forward-exchange contracts | 227 | 172 | |||||||||||||||||||||||
42,726 | 37,837 | ||||||||||||||||||||||||
Other selected financial assets | |||||||||||||||||||||||||
Held-to-maturity debt securities, carried at amortized cost(c), (e) | 7,294 | 9,139 | |||||||||||||||||||||||
Private equity securities, carried at equity-method or at cost(e), (f) | 2,109 | 2,270 | |||||||||||||||||||||||
9,403 | 11,409 | ||||||||||||||||||||||||
Total selected financial assets | $ | 52,128 | $ | 49,246 | |||||||||||||||||||||
Selected financial liabilities measured at fair value on a recurring basis(a) | |||||||||||||||||||||||||
Derivative financial instruments in a liability position(g): | |||||||||||||||||||||||||
Interest rate swaps | $ | 65 | $ | 301 | |||||||||||||||||||||
Foreign currency swaps | 478 | 110 | |||||||||||||||||||||||
Foreign currency forward-exchange contracts | 34 | 219 | |||||||||||||||||||||||
577 | 630 | ||||||||||||||||||||||||
Other selected financial liabilities(h) | |||||||||||||||||||||||||
Short-term borrowings, carried at historical proceeds, as adjusted(e) | 5,389 | 6,027 | |||||||||||||||||||||||
Long-term debt, carried at historical proceeds, as adjusted(i), (j) | 31,666 | 30,462 | |||||||||||||||||||||||
37,055 | 36,489 | ||||||||||||||||||||||||
Total selected financial liabilities | $ | 37,632 | $ | 37,119 | |||||||||||||||||||||
(a) | We use a market approach in valuing financial instruments on a recurring basis. For additional information, see Note 1C. Basis of Presentation and Significant Accounting Policies: Fair Value. 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. | ||||||||||||||||||||||||
(b) | Trading securities are held in trust for benefits attributable to the former Pharmacia Savings Plus Plan. | ||||||||||||||||||||||||
(c) | Gross unrealized gains and losses are not significant. | ||||||||||||||||||||||||
(d) | Designated as hedging instruments, except for certain contracts used as offsets; namely, foreign currency forward-exchange contracts with fair values of $69 million as of September 28, 2014; and interest rate swaps with fair values of $38 million, foreign currency swaps with fair values of $30 million and foreign currency forward-exchange contracts with fair values of $66 million as of December 31, 2013. | ||||||||||||||||||||||||
(e) | 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 September 28, 2014 or December 31, 2013. 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. | ||||||||||||||||||||||||
(f) | Our private equity securities represent investments in the life sciences sector. | ||||||||||||||||||||||||
(g) | Designated as hedging instruments, except for certain contracts used as offsets; namely, foreign currency swaps with fair values of $239 million and foreign currency forward-exchange contracts with fair values of $29 million as of September 28, 2014; and foreign currency swaps with fair values of $76 million and foreign currency forward-exchange contracts with fair values of $77 million as of December 31, 2013. | ||||||||||||||||||||||||
(h) | 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. | ||||||||||||||||||||||||
(i) | Includes foreign currency debt with fair values of $614 million as of September 28, 2014 and $651 million as of December 31, 2013, which are used as hedging instruments. | ||||||||||||||||||||||||
(j) | The fair value of our long-term debt (not including the current portion of long-term debt) is $36.4 billion as of September 28, 2014 and $35.1 billion as of December 31, 2013. 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 the condensed consolidated balance sheets: | |||||||||||||||||||||||||
(MILLIONS OF DOLLARS) | September 28, | December 31, | |||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||
Cash and cash equivalents | $ | 1,463 | $ | 1,104 | |||||||||||||||||||||
Short-term investments | 31,009 | 30,225 | |||||||||||||||||||||||
Long-term investments | 18,451 | 16,406 | |||||||||||||||||||||||
Other current assets(a) | 274 | 286 | |||||||||||||||||||||||
Other noncurrent assets(b) | 932 | 1,225 | |||||||||||||||||||||||
$ | 52,128 | $ | 49,246 | ||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||
Short-term borrowings, including current portion of long-term debt | $ | 5,389 | $ | 6,027 | |||||||||||||||||||||
Other current liabilities(c) | 216 | 303 | |||||||||||||||||||||||
Long-term debt | 31,666 | 30,462 | |||||||||||||||||||||||
Other noncurrent liabilities(d) | 361 | 327 | |||||||||||||||||||||||
$ | 37,632 | $ | 37,119 | ||||||||||||||||||||||
(a) | As of September 28, 2014, derivative instruments at fair value include interest rate swaps ($27 million), foreign currency swaps ($21 million) and foreign currency forward-exchange contracts ($226 million) and, as of December 31, 2013, include interest rate swaps ($90 million), foreign currency swaps ($24 million) and foreign currency forward-exchange contracts ($172 million). | ||||||||||||||||||||||||
(b) | As of September 28, 2014, derivative instruments at fair value include interest rate swaps ($441 million) and foreign currency swaps ($490 million) and foreign currency forward-exchange contracts ($1 million) and, as of December 31, 2013, include interest rate swaps ($378 million) and foreign currency swaps ($847 million). | ||||||||||||||||||||||||
(c) | As of September 28, 2014, derivative instruments at fair value include interest rate swaps ($2 million), foreign currency swaps ($180 million) and foreign currency forward-exchange contracts ($34 million) and, as of December 31, 2013, include foreign currency swaps ($84 million) and foreign currency forward-exchange contracts ($219 million). | ||||||||||||||||||||||||
(d) | As of September 28, 2014, derivative instruments at fair value include interest rate swaps ($63 million) and foreign currency swaps ($298 million) and, as of December 31, 2013, include interest rate swaps ($301 million) and foreign currency swaps ($26 million). | ||||||||||||||||||||||||
There were no significant impairments of financial assets recognized in any period presented. | |||||||||||||||||||||||||
B. Investments in Debt Securities | |||||||||||||||||||||||||
The following table provides the contractual maturities, or as necessary, the estimated maturities, of the available-for-sale and held-to-maturity debt securities: | |||||||||||||||||||||||||
Years | September 28, | ||||||||||||||||||||||||
2014 | |||||||||||||||||||||||||
(MILLIONS OF DOLLARS) | Within 1 | Over 1 | Over 5 | Over 10 | Total | ||||||||||||||||||||
to 5 | to 10 | ||||||||||||||||||||||||
Available-for-sale debt securities | |||||||||||||||||||||||||
Western European, Asian, Scandinavian and other government debt(a) | $ | 14,013 | $ | 2,287 | $ | — | $ | — | $ | 16,300 | |||||||||||||||
Corporate debt(b) | 2,790 | 4,110 | 1,407 | 39 | 8,345 | ||||||||||||||||||||
U.S. government debt | 757 | 2,228 | 5 | — | 2,990 | ||||||||||||||||||||
Western European and other government agency debt(a) | 2,430 | 436 | — | — | 2,865 | ||||||||||||||||||||
Supranational debt(a) | 1,325 | 999 | — | — | 2,324 | ||||||||||||||||||||
Federal Home Loan Mortgage Corporation and Federal National Mortgage Association asset-backed securities | 3 | 1,768 | 127 | — | 1,898 | ||||||||||||||||||||
Reverse repurchase agreements(c) | 1,645 | — | — | — | 1,645 | ||||||||||||||||||||
Government National Mortgage Association and other U.S. government guaranteed asset-backed securities | 14 | 1,044 | 28 | — | 1,086 | ||||||||||||||||||||
Other asset-backed debt(d) | 707 | 1,376 | 9 | — | 2,092 | ||||||||||||||||||||
Held-to-maturity debt securities | |||||||||||||||||||||||||
Western European and other government debt(a) | 4,765 | — | — | — | 4,765 | ||||||||||||||||||||
Western European and Scandinavian government agency debt,(a) time deposits and other | 2,496 | 7 | 26 | — | 2,528 | ||||||||||||||||||||
Total debt securities | $ | 30,946 | $ | 14,254 | $ | 1,602 | $ | 39 | $ | 46,840 | |||||||||||||||
(a) | Issued by governments, government agencies or supranational entities, as applicable, all of which are investment-grade. | ||||||||||||||||||||||||
(b) | Issued by a diverse group of corporations, largely consisting of financial institutions, virtually all of which are investment-grade. | ||||||||||||||||||||||||
(c) | Involving U.S. securities. | ||||||||||||||||||||||||
(d) | Includes loan-backed, receivable-backed, and mortgage-backed securities, all of which are investment-grade and in senior positions in the capital structure of the security. Loan-backed securities are collateralized by senior secured obligations of a diverse pool of companies or student loans, and receivable-backed securities are collateralized by credit cards receivables. Mortgage-backed securities are collateralized by diversified pools of residential and commercial mortgages. These securities are valued by third party models that use significant inputs derived from observable market data like prepayment rates, default rates, and recovery rates. | ||||||||||||||||||||||||
C. Short-Term Borrowings | |||||||||||||||||||||||||
Short-term borrowings include amounts for commercial paper of $3.0 billion as of December 31, 2013. There were no commercial paper borrowings as of September 28, 2014. | |||||||||||||||||||||||||
D. Long-Term Debt | |||||||||||||||||||||||||
On May 15, 2014, we completed a public offering of $4.5 billion aggregate principal amount of senior unsecured notes. | |||||||||||||||||||||||||
The following table provides the components of the senior unsecured long-term debt issued in the second quarter of 2014: | |||||||||||||||||||||||||
(MILLIONS OF DOLLARS) | Maturity Date | As of | |||||||||||||||||||||||
September 28, | |||||||||||||||||||||||||
2014 | |||||||||||||||||||||||||
1.1% Notes(a), (b) | May-17 | $ | 1,000 | ||||||||||||||||||||||
2.1% Notes(a), (b) | May-19 | 1,500 | |||||||||||||||||||||||
3.4% Notes(a), (b) | May-24 | 1,000 | |||||||||||||||||||||||
4.4% Notes(a), (b) | May-44 | 500 | |||||||||||||||||||||||
Three-month U.S. dollar London Interbank Offering Rate (LIBOR) plus 0.15% Notes(c) | May-17 | 500 | |||||||||||||||||||||||
Total long-term debt issued in the second quarter of 2014 | $ | 4,500 | |||||||||||||||||||||||
(a) | Interest is payable semi-annually beginning November 15, 2014. | ||||||||||||||||||||||||
(b) | The notes are redeemable, in whole or in part, at any time at Pfizer's option, at a redemption price equal to the greater of 100% of the principal amount of the notes being redeemed on the redemption date, or the sum of the present values of the remaining scheduled payments of principal and interest discounted at the U.S. Treasury rate plus an incremental percentage, depending on the issuance; plus, in each case, accrued and unpaid interest. | ||||||||||||||||||||||||
(c) | Interest is payable quarterly beginning August 15, 2014. | ||||||||||||||||||||||||
The following table provides the maturity schedule of our Long-term debt outstanding as of September 28, 2014: | |||||||||||||||||||||||||
(MILLIONS OF DOLLARS) | 2015 | 2016 | 2017 | 2018 | After 2018 | TOTAL | |||||||||||||||||||
Maturities | $ | — | $ | 4,162 | $ | 4,035 | $ | 2,399 | $ | 21,070 | $ | 31,666 | |||||||||||||
E. Derivative Financial Instruments and Hedging Activities | |||||||||||||||||||||||||
Foreign Exchange Risk | |||||||||||||||||||||||||
As of September 28, 2014, the aggregate notional amount of foreign exchange derivative financial instruments hedging or offsetting foreign currency exposures is $35.8 billion. The derivative financial instruments primarily hedge or offset exposures in the euro, Japanese yen, U.K. pound and Swiss franc. The maximum length of time over which we are hedging future foreign exchange cash flow relates to our $2.4 billion U.K. pound debt maturing in 2038. | |||||||||||||||||||||||||
Interest Rate Risk | |||||||||||||||||||||||||
As of September 28, 2014, the aggregate notional amount of interest rate derivative financial instruments is $17 billion. The derivative financial instruments primarily hedge U.S. dollar and euro fixed-rate debt. | |||||||||||||||||||||||||
The following table provides information about the gains/(losses) incurred to hedge or offset operational foreign exchange or interest rate risk: | |||||||||||||||||||||||||
Amount of | Amount of | Amount of | |||||||||||||||||||||||
Gains/(Losses) | Gains/(Losses) | Gains/(Losses) | |||||||||||||||||||||||
Recognized in OID(a), (b), (c) | Recognized in OCI | Reclassified from | |||||||||||||||||||||||
(Effective Portion)(a), (d) | OCI into OID | ||||||||||||||||||||||||
(Effective Portion)(a), (d) | |||||||||||||||||||||||||
(MILLIONS OF DOLLARS) | Sep 28, | Sep 29, | Sep 28, | Sep 29, | Sep 28, | Sep 29, | |||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||||||
Derivative Financial Instruments in Cash Flow Hedge Relationships: | |||||||||||||||||||||||||
Foreign currency swaps | $ | — | $ | — | $ | (383 | ) | $ | 489 | $ | (474 | ) | $ | 314 | |||||||||||
Foreign currency forward-exchange contracts | — | — | 212 | (479 | ) | 33 | 25 | ||||||||||||||||||
Derivative Financial Instruments in Net Investment Hedge Relationships: | |||||||||||||||||||||||||
Foreign currency swaps | — | — | 21 | (2 | ) | — | — | ||||||||||||||||||
Foreign currency forward-exchange contracts | — | (4 | ) | — | (1 | ) | — | — | |||||||||||||||||
Derivative Financial Instruments Not Designated as Hedges: | |||||||||||||||||||||||||
Foreign currency forward-exchange contracts | 30 | (81 | ) | — | — | — | — | ||||||||||||||||||
Foreign currency swaps | — | (15 | ) | — | — | — | — | ||||||||||||||||||
Non-Derivative Financial Instruments in Net Investment Hedge Relationships: | |||||||||||||||||||||||||
Foreign currency long-term debt | — | — | 46 | (4 | ) | — | — | ||||||||||||||||||
$ | 31 | $ | (100 | ) | $ | (104 | ) | $ | 3 | $ | (441 | ) | $ | 339 | |||||||||||
Nine Months Ended | |||||||||||||||||||||||||
Derivative Financial Instruments in Cash Flow Hedge Relationships: | |||||||||||||||||||||||||
Foreign currency swaps | $ | — | $ | — | $ | (409 | ) | $ | 308 | $ | (471 | ) | $ | 63 | |||||||||||
Foreign currency forward-exchange contracts | — | — | 180 | (165 | ) | (56 | ) | (26 | ) | ||||||||||||||||
Derivative Financial Instruments in Net Investment Hedge Relationships: | |||||||||||||||||||||||||
Foreign currency swaps | — | (3 | ) | 11 | 137 | — | — | ||||||||||||||||||
Foreign currency forward-exchange contracts | — | (4 | ) | — | (1 | ) | — | — | |||||||||||||||||
Derivative Financial Instruments Not Designated as Hedges: | |||||||||||||||||||||||||
Foreign currency forward-exchange contracts | 51 | 47 | — | — | — | — | |||||||||||||||||||
Foreign currency swaps | — | (14 | ) | — | — | — | — | ||||||||||||||||||
Non-Derivative Financial Instruments in Net Investment Hedge Relationships: | |||||||||||||||||||||||||
Foreign currency long-term debt | — | — | 24 | 93 | — | — | |||||||||||||||||||
All other net | (3 | ) | — | — | — | — | — | ||||||||||||||||||
$ | 48 | $ | 26 | $ | (194 | ) | $ | 372 | $ | (527 | ) | $ | 36 | ||||||||||||
(a) | OID =ther (income)/deductions—net, included in Other (income)/deductions—net in the condensed consolidated statements of income. OCI =ther comprehensive income/(loss), included in the condensed consolidated statements of comprehensive income. | ||||||||||||||||||||||||
(b) | Also, includes gains and losses attributable to derivative instruments designated and qualifying as fair value hedges, as well as the offsetting gains and losses attributable to the hedged items in such hedging relationships. | ||||||||||||||||||||||||
(c) | There was no significant ineffectiveness for any period presented. | ||||||||||||||||||||||||
(d) | For derivative financial instruments in cash flow hedge relationships, the effective portion is included in Other comprehensive income/(loss)––Unrealized holding gains/(losses) on derivative financial instruments. For derivative financial instruments in net investment hedge relationships and for foreign currency debt designated as hedging instruments, the effective portion is included in Other comprehensive income/(loss)––Foreign currency translation adjustments. | ||||||||||||||||||||||||
For information about the fair value of our derivative financial instruments, and the impact on our condensed consolidated balance sheets, see Note 7A. Financial Instruments: Selected Financial Assets and Liabilities above. Certain of our derivative instruments are covered by associated credit-support agreements that have credit-risk-related contingent features designed to reduce our counterparties’ exposure to our risk of defaulting on amounts owed. As of September 28, 2014, the aggregate fair value of these derivative instruments that are in a net liability position is $116 million, for which we have posted collateral of $92 million in the normal course of business. These features include the requirement to pay additional collateral in the event of a downgrade in our debt ratings. At September 28, 2014, if there had been a downgrade to below an A rating by Standard and Poor's (S&P) or the equivalent rating by Moody's Investors Service, on September 28, 2014, we would have been required to post an additional $27 million of collateral to our counterparties. The collateral advanced receivables are reported in Short-term investments. | |||||||||||||||||||||||||
F. Credit Risk | |||||||||||||||||||||||||
On an ongoing basis, we review the creditworthiness of counterparties to our foreign exchange and interest rate agreements and do not expect to incur a significant loss from failure of any counterparties to perform under the agreements. There are no significant concentrations of credit risk related to our financial instruments with any individual counterparty. For details about our investments, see Note 7B. Financial Instruments: Investments in Debt Securities above. | |||||||||||||||||||||||||
In general, there is no requirement for collateral from customers. However, derivative financial instruments are executed under master netting agreements with financial institutions and these agreements contain provisions that provide for collateral payments, depending on levels of exposure, our credit rating and the credit rating of the counterparty. For information about our financial instruments (excluding the impact of collateral), see Note 7A. Financial Instruments: Selected Financial Assets and Liabilities and Note 7B. Financial Instruments: Investments in Debt Securities above. For information about the collateral posted on our derivative instruments, see Note 7E. Financial Instruments: Derivative Financial Instruments and Hedging Activities above. As of September 28, 2014, we received cash collateral of $1.2 billion from various counterparties. The collateral primarily supports the approximate fair value of our derivative contracts in a receivable position. With respect to the collateral received, which is included in Cash and cash equivalents, the obligations are reported in Short-term borrowings, including current portion of long-term debt. |
Inventories
Inventories | 9 Months Ended | ||||||||
Sep. 28, 2014 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
Inventories | ' | ||||||||
Inventories | |||||||||
The following table provides the components of Inventories: | |||||||||
(MILLIONS OF DOLLARS) | September 28, | December 31, | |||||||
2014 | 2013 | ||||||||
Finished goods | $ | 2,200 | $ | 2,216 | |||||
Work-in-process | 3,597 | 3,445 | |||||||
Raw materials and supplies | 557 | 505 | |||||||
Inventories | $ | 6,355 | $ | 6,166 | |||||
Noncurrent inventories not included above(a) | $ | 444 | $ | 463 | |||||
(a) | Included in Other noncurrent assets. There are no recoverability issues associated with these amounts. |
Goodwill_and_Other_Intangible_
Goodwill and Other Intangible Assets | 9 Months Ended | ||||||||||||||||||||||||
Sep. 28, 2014 | |||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ||||||||||||||||||||||||
Goodwill and Other Intangible Assets | ' | ||||||||||||||||||||||||
Goodwill and Other Intangible Assets | |||||||||||||||||||||||||
A. Goodwill | |||||||||||||||||||||||||
Our businesses were previously managed through four operating segments (Primary Care, Specialty Care and Oncology, Established Products and Emerging Markets, and Consumer Healthcare) and, since the beginning of fiscal 2014, our businesses are now managed through three different operating segments: the Global Innovative Pharmaceutical segment (GIP); the Global Vaccines, Oncology and Consumer Healthcare segment (VOC); and the Global Established Pharmaceutical segment (GEP). For additional information, see Note 13. Segment, Geographic and Other Revenue Information. | |||||||||||||||||||||||||
As a result of this change, our goodwill is required to be reallocated to the new reporting units. The allocation of goodwill is a complex process that requires, among other things, that we determine the fair value of each reporting unit under our old and new management structure and the portions being transferred. We have not yet completed the allocation, but it will be completed in the current year. | |||||||||||||||||||||||||
The following table provides the components of and changes in Goodwill: | |||||||||||||||||||||||||
(MILLIONS OF DOLLARS) | GIP | VOC | GEP | To be Allocated(a) | Total | ||||||||||||||||||||
Balance, December 31, 2013 | $ | $ | $ | $ | 42,519 | $ | 42,519 | ||||||||||||||||||
Additions(b) | 125 | 125 | |||||||||||||||||||||||
Other(c) | 81 | 81 | |||||||||||||||||||||||
Balance, September 28, 2014 | $ | $ | $ | $ | 42,724 | $ | 42,724 | ||||||||||||||||||
(a) | The amount to be allocated includes the goodwill associated with our former biopharmaceutical operating segments (see above), for which the allocation to our new reporting units, and, as a result, to the new operating segments, is pending. | ||||||||||||||||||||||||
(b) | Reflects the acquisition of InnoPharma. For additional information, see Note 2A. Acquisition, Divestiture, Licensing Arrangements and Equity-Method Investments: Acquisition. | ||||||||||||||||||||||||
(c) | Primarily reflects the impact of foreign exchange. | ||||||||||||||||||||||||
B. Other Intangible Assets | |||||||||||||||||||||||||
Balance Sheet Information | |||||||||||||||||||||||||
The following table provides the components of Identifiable intangible assets: | |||||||||||||||||||||||||
September 28, 2014 | December 31, 2013 | ||||||||||||||||||||||||
(MILLIONS OF DOLLARS) | Gross | Accumulated | Identifiable | Gross | Accumulated | Identifiable | |||||||||||||||||||
Carrying | Amortization | Intangible | Carrying | Amortization | Intangible | ||||||||||||||||||||
Amount | Assets, less | Amount | Assets, less | ||||||||||||||||||||||
Accumulated | Accumulated | ||||||||||||||||||||||||
Amortization | Amortization | ||||||||||||||||||||||||
Finite-lived intangible assets | |||||||||||||||||||||||||
Developed technology rights | $ | 71,704 | $ | (44,444 | ) | $ | 27,260 | $ | 72,038 | $ | (41,541 | ) | $ | 30,497 | |||||||||||
Brands | 1,982 | (836 | ) | 1,146 | 1,743 | (773 | ) | 970 | |||||||||||||||||
Licensing agreements and other | 990 | (826 | ) | 164 | 896 | (805 | ) | 91 | |||||||||||||||||
74,676 | (46,106 | ) | 28,570 | 74,677 | (43,119 | ) | 31,558 | ||||||||||||||||||
Indefinite-lived intangible assets | |||||||||||||||||||||||||
Brands and other | 7,346 | 7,346 | 7,384 | 7,384 | |||||||||||||||||||||
In-process research and development | 459 | 459 | 443 | 443 | |||||||||||||||||||||
7,805 | 7,805 | 7,827 | 7,827 | ||||||||||||||||||||||
Identifiable intangible assets(a) | $ | 82,481 | $ | (46,106 | ) | $ | 36,374 | $ | 82,504 | $ | (43,119 | ) | $ | 39,385 | |||||||||||
(a) | The decrease in identifiable intangible assets, less accumulated amortization, is primarily related to amortization and, to a much lesser extent, asset impairment charges, partially offset by assets acquired from InnoPharma and the Nexium over-the-counter milestones. For information about impairments of intangible assets, see Note 4. Other (Income)/Deductions—Net. For information about the assets acquired from InnoPharma and the Nexium over-the-counter milestones, see Note 2A. Acquisition, Divestiture, Licensing Arrangements and Equity-Method Investments: Acquisition and Note 2C. Acquisition, Divestiture, Licensing Arrangements and Equity-Method Investments: Licensing Arrangements, respectively. | ||||||||||||||||||||||||
Our identifiable intangible assets are associated with the following, as a percentage of total identifiable intangible assets, less accumulated amortization: | |||||||||||||||||||||||||
September 28, 2014 | |||||||||||||||||||||||||
GIP | VOC | GEP | |||||||||||||||||||||||
Developed technology rights | 33 | % | 33 | % | 33 | % | |||||||||||||||||||
Brands, finite-lived | — | % | 81 | % | 19 | % | |||||||||||||||||||
Brands, indefinite-lived | — | % | 70 | % | 30 | % | |||||||||||||||||||
In-process research and development | 6 | % | 40 | % | 53 | % | |||||||||||||||||||
Amortization | |||||||||||||||||||||||||
Amortization expense related to finite-lived acquired intangible assets that contribute to our ability to sell, manufacture, research, market and distribute products, compounds and intellectual property is included in Amortization of intangible assets as these intangible assets benefit multiple business functions. Amortization expense related to intangible assets that are associated with a single function is included in Cost of sales, Selling, informational and administrative expenses or Research and development expenses, as appropriate. Total amortization expense for finite-lived intangible assets was $1.0 billion for the third quarter of 2014 and $1.1 billion for the third quarter of 2013, and $3.1 billion for the first nine months of 2014 and $3.6 billion for the first nine months of 2013. | |||||||||||||||||||||||||
Impairment Charges | |||||||||||||||||||||||||
For information about impairments of intangible assets, see Note 4. Other (Income)/Deductions—Net. | |||||||||||||||||||||||||
For IPR&D assets, the risk of failure is significant and there can be no certainty that these assets ultimately will yield a successful product. The nature of the biopharmaceutical business is high-risk and, as such, we expect that many of these IPR&D assets will become impaired and be written off at some time in the future. |
Pension_and_Postretirement_Ben
Pension and Postretirement Benefit Plans | 9 Months Ended | ||||||||||||||||||||||||||||||||
Sep. 28, 2014 | |||||||||||||||||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | ||||||||||||||||||||||||||||||||
Pension and Postretirement Benefit Plans | ' | ||||||||||||||||||||||||||||||||
Pension and Postretirement Benefit Plans | |||||||||||||||||||||||||||||||||
The following table provides the components of net periodic benefit cost (including, in 2013, costs reported as part of discontinued operations): | |||||||||||||||||||||||||||||||||
Pension Plans | |||||||||||||||||||||||||||||||||
U.S. | U.S. | International(c) | Postretirement | ||||||||||||||||||||||||||||||
Qualified(a) | Supplemental | Plans(d) | |||||||||||||||||||||||||||||||
(Non-Qualified)(b) | |||||||||||||||||||||||||||||||||
(MILLIONS OF DOLLARS) | Sep 28, | Sep 29, | Sep 28, | Sep 29, | Sep 28, | Sep 29, | Sep 28, | Sep 29, | |||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||||||||||||||
Net periodic benefit cost: | |||||||||||||||||||||||||||||||||
Service cost | $ | 63 | $ | 75 | $ | 5 | $ | 7 | $ | 49 | $ | 51 | $ | 14 | $ | 15 | |||||||||||||||||
Interest cost | 174 | 166 | 14 | 26 | 99 | 92 | 42 | 42 | |||||||||||||||||||||||||
Expected return on plan assets | (260 | ) | (248 | ) | — | — | (117 | ) | (99 | ) | (16 | ) | (14 | ) | |||||||||||||||||||
Amortization of: | |||||||||||||||||||||||||||||||||
Actuarial losses | 15 | 88 | 7 | 11 | 24 | 28 | 1 | 11 | |||||||||||||||||||||||||
Prior service credits | (2 | ) | (2 | ) | — | (1 | ) | (2 | ) | (1 | ) | (14 | ) | (11 | ) | ||||||||||||||||||
Net transition obligation | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Curtailments | — | — | — | — | (11 | ) | (6 | ) | — | — | |||||||||||||||||||||||
Settlements | 11 | 29 | 5 | 7 | 2 | 8 | — | — | |||||||||||||||||||||||||
Special termination benefits | — | — | — | — | 2 | 1 | — | — | |||||||||||||||||||||||||
$ | 2 | $ | 108 | $ | 31 | $ | 50 | $ | 46 | $ | 74 | $ | 27 | $ | 43 | ||||||||||||||||||
Nine Months Ended | |||||||||||||||||||||||||||||||||
Net periodic benefit cost: | |||||||||||||||||||||||||||||||||
Service cost | $ | 190 | $ | 227 | $ | 15 | $ | 20 | $ | 153 | $ | 161 | $ | 41 | $ | 46 | |||||||||||||||||
Interest cost | 524 | 501 | 43 | 53 | 300 | 283 | 127 | 125 | |||||||||||||||||||||||||
Expected return on plan assets | (785 | ) | (752 | ) | — | — | (347 | ) | (304 | ) | (47 | ) | (41 | ) | |||||||||||||||||||
Amortization of: | |||||||||||||||||||||||||||||||||
Actuarial losses | 47 | 267 | 22 | 38 | 73 | 100 | 4 | 34 | |||||||||||||||||||||||||
Prior service credits | (5 | ) | (5 | ) | (1 | ) | (2 | ) | (5 | ) | (5 | ) | (43 | ) | (33 | ) | |||||||||||||||||
Net transition obligation | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Curtailments | 2 | (1 | ) | — | — | 4 | (28 | ) | (4 | ) | (9 | ) | |||||||||||||||||||||
Settlements | 32 | 92 | 21 | 35 | 4 | 14 | — | — | |||||||||||||||||||||||||
Special termination benefits | — | — | — | — | 7 | 3 | — | — | |||||||||||||||||||||||||
$ | 5 | $ | 329 | $ | 100 | $ | 144 | $ | 188 | $ | 224 | $ | 78 | $ | 122 | ||||||||||||||||||
(a) | The decrease in net periodic benefit costs for the three and nine months ended September 28, 2014, compared to the three and nine months ended September 29, 2013, for our U.S. qualified pension plans was primarily driven by the decrease in the amounts amortized for actuarial losses resulting from the increase, in 2013, in the discount rate used to determine the benefit obligation (which reduced the amount of deferred actuarial losses), lower service cost resulting from cost-reduction initiatives, lower settlement activity and greater expected return on plan assets resulting from an increased plan asset base, partially offset by higher interest costs resulting from the increase, in 2013, in the discount rate used to determine the benefit obligation. | ||||||||||||||||||||||||||||||||
(b) | The decrease in net periodic benefit costs for the three and nine months ended September 28, 2014, compared to the three and nine months ended September 29, 2013, for our U.S. supplemental (non-qualified) pension plans was primarily driven by lower settlement activity, lower interest costs and the decrease in the amounts amortized for actuarial losses resulting from the increase, in 2013, in the discount rate used to determine the benefit obligation. | ||||||||||||||||||||||||||||||||
(c) | The decrease in net periodic benefit costs for the nine months ended September 28, 2014, compared to the nine months ended September 29, 2013, for our international pension plans was primarily driven by the decrease in the amounts amortized for actuarial losses resulting from increases, in 2013, in the discount rates used to determine the benefit obligations, greater expected return on plan assets resulting from an increased plan asset base, partially offset by increased curtailment losses in 2014 primarily due to a loss relating to a U.K. pension plan freeze in the current year and changes in curtailments related to restructuring initiatives. The decrease in net periodic benefit costs for the three months ended September 28, 2014, compared to the three months ended September 29, 2013, for our international pension plans was primarily driven by the greater expected return on plan assets resulting from an increased plan asset base and the change in the impact of curtailments and settlements associated with restructuring initiatives. | ||||||||||||||||||||||||||||||||
(d) | The decrease in net periodic benefit costs for the three and nine months ended September 28, 2014, compared to the three and nine months ended September 29, 2013, for our postretirement plans was primarily driven by the decrease in the amounts amortized for actuarial losses resulting from the increase, in 2013, in the discount rate used to determine the benefit obligation (which reduced the amount of deferred actuarial losses), as well as an amendment to the U.S. plans at the end of 2013 resulting in increased amortization of prior service credits in the current year. | ||||||||||||||||||||||||||||||||
As of and for the nine months ended September 28, 2014, we contributed and expect to contribute from our general assets as follows: | |||||||||||||||||||||||||||||||||
Pension Plans | |||||||||||||||||||||||||||||||||
(MILLIONS OF DOLLARS) | U.S. Qualified | U.S. Supplemental (Non-Qualified) | International | Postretirement Plans | |||||||||||||||||||||||||||||
Contributions from our general assets for the nine months ended September 28, 2014 | $ | 22 | $ | 140 | $ | 235 | $ | 183 | |||||||||||||||||||||||||
Expected contributions from our general assets during 2014(a) | $ | 23 | $ | 168 | $ | 314 | $ | 244 | |||||||||||||||||||||||||
(a) | Contributions expected to be made for 2014 are inclusive of amounts contributed during the nine months ended September 28, 2014. The U.S. supplemental (non-qualified) pension plan, international pension plan and the postretirement plan contributions from our general assets include direct employer benefit payments. |
Earnings_Per_Common_Share_Attr
Earnings Per Common Share Attributable to Common Shareholders | 9 Months Ended | ||||||||||||||||
Sep. 28, 2014 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Earnings Per Common Share Attributable to Common Shareholders | ' | ||||||||||||||||
Earnings Per Common Share Attributable to Common Shareholders | |||||||||||||||||
The following table provides the detailed calculation of Earnings per common share (EPS): | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
(IN MILLIONS) | September 28, | September 29, | September 28, | September 29, | |||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
EPS Numerator––Basic | |||||||||||||||||
Income from continuing operations | $ | 2,676 | $ | 2,588 | $ | 7,862 | $ | 8,779 | |||||||||
Less: Net income attributable to noncontrolling interests | 6 | 6 | 25 | 25 | |||||||||||||
Income from continuing operations attributable to Pfizer Inc. | 2,669 | 2,582 | 7,838 | 8,754 | |||||||||||||
Less: Preferred stock dividends––net of tax | — | — | 1 | 1 | |||||||||||||
Income from continuing operations attributable to Pfizer Inc. common shareholders | 2,669 | 2,582 | 7,837 | 8,753 | |||||||||||||
Discontinued operations––net of tax | (3 | ) | 11 | 70 | 10,719 | ||||||||||||
Less: Discontinued operations––net of tax, attributable to noncontrolling interests | — | — | — | 39 | |||||||||||||
Discontinued operations––net of tax, attributable to Pfizer Inc. common shareholders | (3 | ) | 11 | 70 | 10,680 | ||||||||||||
Net income attributable to Pfizer Inc. common shareholders | $ | 2,666 | $ | 2,593 | $ | 7,906 | $ | 19,433 | |||||||||
EPS Numerator––Diluted | |||||||||||||||||
Income from continuing operations attributable to Pfizer Inc. common shareholders and assumed conversions | $ | 2,670 | $ | 2,582 | $ | 7,838 | $ | 8,754 | |||||||||
Discontinued operations––net of tax, attributable to Pfizer Inc. common shareholders and assumed conversions | (3 | ) | 11 | 70 | 10,680 | ||||||||||||
Net income attributable to Pfizer Inc. common shareholders and assumed conversions | $ | 2,666 | $ | 2,593 | $ | 7,908 | $ | 19,434 | |||||||||
EPS Denominator | |||||||||||||||||
Weighted-average number of common shares outstanding––Basic | 6,330 | 6,581 | 6,363 | 6,938 | |||||||||||||
Common-share equivalents: stock options, stock issuable under employee compensation plans and convertible preferred stock | 73 | 75 | 78 | 78 | |||||||||||||
Weighted-average number of common shares outstanding––Diluted | 6,403 | 6,656 | 6,441 | 7,016 | |||||||||||||
Stock options that had exercise prices greater than the average market price of our common stock issuable under employee compensation plans(a) | 44 | 43 | 44 | 43 | |||||||||||||
(a) | These common stock equivalents were outstanding for the nine months ended September 28, 2014 and September 29, 2013, but were not included in the computation of diluted EPS for those periods because their inclusion would have had an anti-dilutive effect. |
Commitments_and_Contingencies
Commitments and Contingencies | 9 Months Ended | |
Sep. 28, 2014 | ||
Commitments and Contingencies Disclosure [Abstract] | ' | |
Commitments and Contingencies | ' | |
Commitments and Contingencies | ||
We and certain of our subsidiaries are subject to numerous contingencies arising in the ordinary course of business. For a discussion of our tax contingencies, see Note 5B. Tax Matters: Tax Contingencies. | ||
A. Legal Proceedings | ||
Our non-tax contingencies include, among others, the following: | ||
• | Patent litigation, which typically involves challenges to the coverage and/or validity of our patents on various products, processes or dosage forms. We are the plaintiff in the vast majority of these actions. An adverse outcome in actions in which we are the plaintiff could result in a loss of patent protection for the drug at issue, a significant loss of revenues from that drug and impairments of any associated assets. | |
• | Product liability and other product-related litigation, which can include personal injury, consumer, off-label promotion, securities-law, antitrust and breach of contract claims, among others, often involves highly complex issues relating to medical causation, label warnings and reliance on those warnings, scientific evidence and findings, actual, provable injury and other matters. | |
• | Commercial and other matters, which can include merger-related and product-pricing claims and environmental claims and proceedings, can involve complexities that will vary from matter to matter. | |
• | Government investigations, which often are related to the extensive regulation of pharmaceutical companies by national, state and local government agencies in the U.S. and in other countries. | |
Certain of these contingencies could result in losses, including damages, fines and/or civil penalties, and/or criminal charges, which could be substantial. | ||
We believe that our claims and defenses in these matters are substantial, but litigation is inherently unpredictable and excessive verdicts do occur. We do not believe that any of these matters will have a material adverse effect on our financial position. However, we could incur judgments, enter into settlements or revise our expectations regarding the outcome of certain matters, and such developments could have a material adverse effect on our results of operations in the period in which the amounts are accrued and/or our cash flows in the period in which the amounts are paid. | ||
We have accrued for losses that are both probable and reasonably estimable. Substantially all of our contingencies are subject to significant uncertainties and, therefore, determining the likelihood of a loss and/or the measurement of any loss can be complex. Consequently, we are unable to estimate the range of reasonably possible loss in excess of amounts accrued. Our assessments are based on estimates and assumptions that have been deemed reasonable by management, but the assessment process relies heavily on estimates and assumptions that may prove to be incomplete or inaccurate, and unanticipated events and circumstances may occur that might cause us to change those estimates and assumptions. | ||
Amounts recorded for legal and environmental contingencies can result from a complex series of judgments about future events and uncertainties and can rely heavily on estimates and assumptions. | ||
The principal pending matters to which we are a party are discussed below. In determining whether a pending matter is a principal matter, we consider both quantitative and qualitative factors in order to assess materiality, such as, among other things, the amount of damages and the nature of any other relief sought in the proceeding, if such damages and other relief are specified; our view of the merits of the claims and of the strength of our defenses; whether the action purports to be a class action and our view of the likelihood that a class will be certified by the court; the jurisdiction in which the proceeding is pending; any experience that we or, to our knowledge, other companies have had in similar proceedings; whether disclosure of the action would be important to a reader of our financial statements, including whether disclosure might change a reader’s judgment about our financial statements in light of all of the information about the Company that is available to the reader; the potential impact of the proceeding on our reputation; and the extent of public interest in the matter. In addition, with respect to patent matters, we consider, among other things, the financial significance of the product protected by the patent. As a result of considering qualitative factors in our determination of principal matters, there are some matters discussed below with respect to which management believes that the likelihood of possible loss in excess of amounts accrued is remote. | ||
A1. Legal Proceedings––Patent Litigation | ||
Like other pharmaceutical companies, we are involved in numerous suits relating to our patents, including but not limited to those discussed below. Most of the suits involve claims by generic drug manufacturers that patents covering our products, processes or dosage forms are invalid and/or do not cover the product of the generic drug manufacturer. Also, counterclaims, as well as various independent actions, have been filed claiming that our assertions of, or attempts to enforce, our patent rights with respect to certain products constitute unfair competition and/or violations of antitrust laws. In addition to the challenges to the U.S. patents on a number of our products that are discussed below, we note that the patent rights to certain of our products are being challenged in various other countries. | ||
Actions In Which We Are The Plaintiff | ||
Viagra (sildenafil) | ||
In October 2010, we filed a patent-infringement action with respect to Viagra in the U.S. District Court for the Southern District of New York against Apotex Inc. and Apotex Corp., Mylan Pharmaceuticals Inc. (Mylan) and Mylan Inc. and Actavis, Inc. These generic drug manufacturers have filed abbreviated new drug applications with the FDA seeking approval to market their generic versions of Viagra. They assert the invalidity and non-infringement of the Viagra method-of-use patent, which expires in 2020 (including the six-month pediatric exclusivity period resulting from the Company’s conduct of clinical studies to evaluate Revatio in the treatment of pediatric patients with pulmonary arterial hypertension; Viagra and Revatio have the same active ingredient, sildenafil). | ||
In May and June 2011, respectively, Watson Laboratories Inc. (Watson) and Hetero Labs Limited (Hetero) notified us that they had filed abbreviated new drug applications with the FDA seeking approval to market their generic versions of Viagra. Each asserts the invalidity and non-infringement of the Viagra method-of-use patent. In June and July 2011, respectively, we filed actions against Watson and Hetero in the U.S. District Court for the Southern District of New York asserting the validity and infringement of the Viagra method-of-use patent. | ||
Sutent (sunitinib malate) | ||
In May 2010, Mylan notified us that it had filed an abbreviated new drug application with the FDA seeking approval to market a generic version of Sutent and challenging on various grounds the Sutent basic patent, which expires in 2021, and two other patents, which expire in 2020 and 2021. In June 2010, we filed suit against Mylan in the U.S. District Court for the District of Delaware asserting the infringement of those three patents. The patent expiring in 2020 was dismissed from the case prior to trial. In October 2014, the court held that the two patents expiring in 2021 were valid and infringed. | ||
Lyrica (pregabalin) | ||
Apotex Inc. notified us, in May and June 2011, respectively, that it had filed abbreviated new drug applications with the FDA seeking approval to market generic versions of Lyrica oral solution and Lyrica capsules. Apotex Inc. asserts the invalidity and non-infringement of the basic patent, as well as the seizure patent that expired in October 2013. In July 2011, we filed an action against Apotex Inc. in the U.S. District Court for the District of Delaware asserting the validity and infringement of the challenged patents in connection with both of the abbreviated new drug applications. | ||
EpiPen | ||
King Pharmaceuticals, Inc. (King), which we acquired in 2011 and is a wholly owned subsidiary, brought a patent-infringement action against Sandoz, Inc., a division of Novartis AG (Sandoz), in the U.S. District Court for the District of New Jersey in July 2010 as the result of its abbreviated new drug application with the FDA seeking approval to market an epinephrine injectable product. Sandoz is challenging patents, which expire in 2025, covering the next-generation autoinjector for use with epinephrine that is sold under the EpiPen brand name. | ||
Celebrex (celecoxib) | ||
In March 2013, the U.S. Patent and Trademark Office granted us a reissue patent covering methods of treating osteoarthritis and other approved conditions with celecoxib, the active ingredient in Celebrex. The reissue patent, including the six-month pediatric exclusivity period, expires in December 2015. On the date that the reissue patent was granted, we filed suit in the U.S. District Court for the Eastern District of Virginia, asserting the infringement of the reissue patent, against Teva Pharmaceuticals USA, Inc. (Teva USA), Mylan, Watson (as predecessor to Actavis plc), Lupin Pharmaceuticals USA, Inc. (Lupin), Apotex Corp. and Apotex Inc. Each of those generic drug companies had previously filed an abbreviated new drug application with the FDA seeking approval to market a generic version of celecoxib beginning in May 2014, upon the expiration of the basic patent (including the six-month pediatric exclusivity period) for celecoxib. In March 2014, the court granted the defendants’ motion for summary judgment, invalidating the reissue patent. In May 2014, we appealed the District Court's decision to the U.S. Court of Appeals for the Federal Circuit. | ||
In April 2014, we entered into settlement agreements with two of the defendants, Teva USA and Watson, pursuant to which we granted licenses to the reissue patent permitting Teva USA and Watson to launch generic versions of celecoxib in the U.S. beginning in December 2014. In June 2014 and October 2014, we entered into settlement agreements with Mylan and Lupin, respectively, pursuant to which we granted licenses to the reissue patent permitting Mylan and Lupin to launch generic versions of celecoxib in the U.S. beginning in December 2014. | ||
Toviaz (fesoterodine) | ||
We have an exclusive, worldwide license to market Toviaz from UCB Pharma GmbH, which owns the patents relating to Toviaz. | ||
Beginning in May 2013, several generic drug manufacturers notified us that they had filed abbreviated new drug applications with the FDA seeking approval to market generic versions of Toviaz and asserting the invalidity, unenforceability and/or non-infringement of all of our patents for Toviaz that are listed in the Orange Book. Beginning in June 2013, we filed actions against all of those generic drug manufacturers in the U.S. District Court for the District of Delaware asserting the infringement of five of our patents for Toviaz: three composition-of-matter patents and a method-of-use patent that expire in 2019, and a patent covering salts of fesoterodine that expires in 2022. | ||
Tygacil (tigecycline) | ||
In September 2013, Apotex Inc. notified us that it had filed an abbreviated new drug application with the FDA seeking approval to market a generic version of Tygacil. Apotex Inc. asserts the non-infringement of the polymorph patent for Tygacil that expires in 2030, but has not challenged the basic patent, which expires in 2016. In September 2013, we filed suit against Apotex Inc. in the U.S. District Court for the District of Delaware asserting the infringement of the polymorph patent. | ||
In May 2014, CFT Pharmaceuticals LLC (CFT) notified us that it had filed an abbreviated new drug application with the FDA seeking approval to market a generic version of Tygacil. CFT asserts the invalidity and non-infringement of (i) the polymorph patent for Tygacil and (ii) the formulation patent for Tygacil that expires in 2029, but has not challenged the basic patent. In June 2014, we filed suit against CFT in the U.S. District Court for the District of Delaware asserting the validity and infringement of the polymorph patent and the formulation patent for Tygacil. | ||
In May 2014, Aurobindo Pharma Limited (Aurobindo) notified us that it had filed an abbreviated new drug application with the FDA seeking approval to market a generic version of Tygacil. Aurobindo asserts the invalidity and non-infringement of (i) the polymorph patent for Tygacil, and (ii) the formulation patent for Tygacil, but has not challenged the basic patent. In July 2014, we filed suit against Aurobindo in the U.S. District Court for the District of Delaware asserting the validity and infringement of the polymorph patent and the formulation patent for Tygacil. | ||
Actions In Which We Are The Defendant | ||
Lipitor (atorvastatin) | ||
In an action initially brought against us by a generic drug company, the Beijing High Court upheld the validity of our patent in China covering the crystalline form of atorvastatin in Lipitor. The crystalline patent expires in July 2016 and is the only patent covering Lipitor in China. In October 2014, the China Supreme People’s Court (SPC) conducted a retrial regarding certain issues related to the validity of the crystalline patent. If there were an adverse decision by the SPC, we would expect additional generic competition for Lipitor in China, and the price for Lipitor in China may be subject to a government-imposed price reduction larger than might otherwise occur; however, we expect that any such potential additional generic competition and related government imposed price reduction would not be material to us. | ||
Effexor XR (venlafaxine HCI) | ||
In 2006, Wyeth and Wyeth Canada Limited (the Wyeth companies) filed an action in the Federal Court in Canada against Ratiopharm Inc. (Ratiopharm) seeking to prevent Ratiopharm from obtaining approval in Canada for its generic version of Effexor XR prior to the expiration of one of the Wyeth companies’ patents. As a result of that action, Ratiopharm was enjoined from obtaining regulatory approval for its generic product. However, in August 2007, the Federal Court of Appeal in Canada ruled that the patent at issue could not be asserted against Ratiopharm under the applicable Canadian regulations governing approvals, and it dismissed the Wyeth companies’ action. | ||
Following the dismissal, in 2007, Ratiopharm filed an action in the Federal Court in Canada seeking damages from the Wyeth companies for preventing it from marketing its generic version of Effexor XR in Canada from January 2006 through August 2007. The Federal Court dismissed Ratiopharm’s action in 2011, but the Federal Court of Appeal reinstated it in 2012. In 2011 and 2012, Pfizer Inc. made payments to Teva Canada Limited, which had acquired Ratiopharm, totaling Canadian dollars 52.5 million in partial settlement of this action. | ||
The trial in this action was held in January 2014, and the court issued various findings in March 2014. On June 30, 2014, the Federal Court issued a judgment based on those findings, awarding Teva Canada Limited damages of approximately Canadian dollars 125 million, consisting of compensatory damages, pre-judgment interest and legal costs. This judgment does not account for the Canadian dollars 52.5 million previously paid to Teva Canada Limited by Pfizer Inc., which will reduce the net liability to approximately Canadian dollars 67.0 million, which also reflects a reduction in accrued interest as a result of the earlier payment. In September 2014, Pfizer Canada Inc., as successor to the Wyeth companies, appealed the judgment. As of September 28, 2014, 1 Canadian dollar was equivalent to approximately 0.9 U.S. dollars. | ||
A2. Legal Proceedings––Product Litigation | ||
Like other pharmaceutical companies, we are defendants in numerous cases, including but not limited to those discussed below, related to our pharmaceutical and other products. Plaintiffs in these cases seek damages and other relief on various grounds for alleged personal injury and economic loss. | ||
Asbestos | ||
Between 1967 and 1982, Warner-Lambert owned American Optical Corporation, which manufactured and sold respiratory protective devices and asbestos safety clothing. In connection with the sale of American Optical in 1982, Warner-Lambert agreed to indemnify the purchaser for certain liabilities, including certain asbestos-related and other claims. As of September 28, 2014, approximately 61,736 claims naming American Optical and numerous other defendants were pending in various federal and state courts seeking damages for alleged personal injury from exposure to asbestos and other allegedly hazardous materials. Warner-Lambert is actively engaged in the defense of, and will continue to explore various means to resolve, these claims. | ||
Numerous lawsuits are pending against Pfizer in various federal and state courts seeking damages for alleged personal injury from exposure to products containing asbestos and other allegedly hazardous materials sold by Gibsonburg Lime Products Company (Gibsonburg). Gibsonburg was acquired by Pfizer in the 1960s and sold products containing small amounts of asbestos until the early 1970s. | ||
There also are a small number of lawsuits pending in various federal and state courts seeking damages for alleged exposure to asbestos in facilities owned or formerly owned by Pfizer or its subsidiaries. | ||
Celebrex and Bextra | ||
Beginning in late 2004, several purported class actions were filed in federal and state courts alleging that Pfizer and certain current and former officers of Pfizer violated federal securities laws by misrepresenting the safety of Celebrex and Bextra. In June 2005, the federal actions were transferred for consolidated pre-trial proceedings to a Multi-District Litigation (In re Pfizer Inc. Securities, Derivative and “ERISA” Litigation MDL-1688) in the U.S. District Court for the Southern District of New York. In March 2012, the court in the Multi-District Litigation certified a class consisting of all persons who purchased or acquired Pfizer stock between October 31, 2000 and October 19, 2005. In May 2014, the court in the Multi-District Litigation granted Pfizer’s motion to exclude the testimony of the plaintiffs’ loss causation and damages expert. We subsequently filed a motion for summary judgment seeking dismissal of the litigation, and the plaintiffs filed a motion for leave to submit an amended report by their expert. In July 2014, the court denied the plaintiffs’ motion for leave to submit an amended report, and granted our motion for summary judgment, dismissing the plaintiffs’ claims in their entirety. In August 2014, the plaintiffs appealed the District Court’s decision to the U.S. Court of Appeals for the Second Circuit. | ||
Various Drugs: Off-Label Promotion Action | ||
In May 2010, a purported class action was filed in the U.S. District Court for the Southern District of New York against Pfizer and several of our current and former officers. The complaint alleges that the defendants violated federal securities laws by making or causing Pfizer to make false statements, and by failing to disclose or causing Pfizer to fail to disclose material information, concerning the alleged off-label promotion of certain pharmaceutical products, alleged payments to physicians to promote the sale of those products and government investigations related thereto. Plaintiffs seek damages in an unspecified amount. In March 2012, the court certified a class consisting of all persons who purchased Pfizer common stock in the U.S. or on U.S. stock exchanges between January 19, 2006 and January 23, 2009 and were damaged as a result of the decline in the price of Pfizer common stock allegedly attributable to the claimed violations. | ||
Various Drugs: Foreign Corrupt Practices Act Compliance | ||
In February 2013, a shareholder derivative action was filed in the Supreme Court of the State of New York, County of New York, against certain current and former officers and directors of Pfizer. Pfizer is named as a nominal defendant. The complaint alleges that the individual defendants breached their fiduciary duties to the Company as the result of, among other things, inadequate oversight of compliance by Pfizer subsidiaries in various countries outside the U.S. with the U.S. Foreign Corrupt Practices Act. The plaintiff seeks damages in unspecified amounts and other unspecified relief on behalf of Pfizer. | ||
Effexor | ||
• | Personal Injury Actions | |
A number of individual lawsuits and multi-plaintiff lawsuits have been filed against us and/or our subsidiaries in various federal and state courts alleging personal injury as a result of the purported ingestion of Effexor. Among other types of actions, the Effexor personal injury litigation includes actions alleging a variety of birth defects as a result of the purported ingestion of Effexor by women during pregnancy. Plaintiffs in these birth-defect actions seek compensatory and punitive damages. In August 2013, the federal birth-defect cases were transferred for consolidated pre-trial proceedings to a Multi-District Litigation (In re Effexor (Venlafaxine Hydrochloride) Products Liability Litigation MDL-2458) in the U.S. District Court for the Eastern District of Pennsylvania. | ||
• | Antitrust Actions | |
Beginning in May 2011, actions, including purported class actions, were filed in various federal courts against Wyeth and, in certain of the actions, affiliates of Wyeth and certain other defendants relating to Effexor XR, which is the extended-release formulation of Effexor. The plaintiffs in each of the class actions seek to represent a class consisting of all persons in the U.S. and its territories who directly purchased, indirectly purchased or reimbursed patients for the purchase of Effexor XR or generic Effexor XR from any of the defendants from June 14, 2008 until the time the defendants’ allegedly unlawful conduct ceased. The plaintiffs in all of the actions allege delay in the launch of generic Effexor XR in the U.S. and its territories, in violation of federal antitrust laws and, in certain of the actions, the antitrust, consumer protection and various other laws of certain states, as the result of Wyeth fraudulently obtaining and improperly listing certain patents for Effexor XR, enforcing certain patents for Effexor XR, and entering into a litigation settlement agreement with a generic drug manufacturer with respect to Effexor XR. Each of the plaintiffs seeks treble damages (for itself in the individual actions or on behalf of the putative class in the purported class actions) for alleged price overcharges for Effexor XR or generic Effexor XR in the U.S. and its territories since June 14, 2008. All of these actions have been consolidated in the U.S. District Court for the District of New Jersey. | ||
On October 7, 2014, the court dismissed the direct purchaser plaintiffs’ claims based on the litigation settlement agreement, but declined to dismiss the other direct purchaser plaintiff claims. The direct purchaser plaintiffs moved for reconsideration and for leave to amend their complaint and are also seeking to appeal the decision to the United States Court of Appeals for the Third Circuit. Motions to dismiss the claims of the end-payor plaintiffs remain pending. | ||
Zoloft | ||
A number of individual lawsuits and multi-plaintiff lawsuits have been filed against us and/or our subsidiaries in various federal and state courts alleging personal injury as a result of the purported ingestion of Zoloft. Among other types of actions, the Zoloft personal injury litigation includes actions alleging a variety of birth defects as a result of the purported ingestion of Zoloft by women during pregnancy. Plaintiffs in these birth-defect actions seek compensatory and punitive damages and the disgorgement of profits resulting from the sale of Zoloft. In April 2012, the federal birth-defect cases were transferred for consolidated pre-trial proceedings to a Multi-District Litigation (In re Zoloft Products Liability Litigation MDL-2342) in the U.S. District Court for the Eastern District of Pennsylvania. | ||
Neurontin | ||
• | Off-Label Promotion Actions | |
A number of lawsuits, including purported class actions, have been filed against us in various federal and state courts alleging claims arising from the promotion and sale of Neurontin. The plaintiffs in the purported class actions seek to represent nationwide and certain statewide classes consisting of persons, including individuals, health insurers, employee benefit plans and other third-party payers, who purchased or reimbursed patients for the purchase of Neurontin that allegedly was used for indications other than those included in the product labeling approved by the FDA. In 2004, many of the suits pending in federal courts, including individual actions as well as purported class actions, were transferred for consolidated pre-trial proceedings to a Multi-District Litigation (In re Neurontin Marketing, Sales Practices and Product Liability Litigation MDL-1629) in the U.S. District Court for the District of Massachusetts. | ||
In the Multi-District Litigation, the District Court (i) denied the plaintiffs’ motion for certification of a nationwide class of all individual consumers and third-party payers who allegedly purchased or reimbursed patients for the purchase of Neurontin for off-label uses from 1994 through 2004, and (ii) dismissed actions by certain proposed class representatives for third-party payers and for individual consumers. In April 2013, the U.S. Court of Appeals for the First Circuit reversed the decision of the District Court dismissing the action by the third-party payer proposed class representatives and remanded that action to the District Court for further consideration, including reconsideration of class certification. | ||
In December 2013, the U.S. Supreme Court denied our petition for certiorari seeking review of the First Circuit's decision reversing the dismissal of the third-party payer purported class action. In April 2014, we and the attorneys for the proposed class representatives and for the plaintiffs in various individual actions entered into an agreement-in-principle to settle the third-party payer purported class action, subject to court approval, as well as the pending individual actions by third-party payers, for an aggregate of $325 million. As part of that settlement, we also are in the process of seeking to resolve the pending consumer actions related to Neurontin, including the purported statewide consumer class actions in California and Illinois. | ||
• | Personal Injury Actions | |
A number of individual lawsuits have been filed against us in various federal and state courts alleging suicide, attempted suicide and other personal injuries as a result of the purported ingestion of Neurontin. Certain of the federal actions have been transferred for consolidated pre-trial proceedings to the same Multi-District Litigation referred to in the first paragraph of the “Neurontin––Off-Label Promotion Actions” section above. We have settled the substantial majority of these claims, and we expect to resolve the remaining outstanding claims, on terms that are not material to us. | ||
Lipitor | ||
• | Whistleblower Action | |
In 2004, a former employee filed a “whistleblower” action against us in the U.S. District Court for the Eastern District of New York. The complaint remained under seal until September 2007, at which time the U.S. Attorney for the Eastern District of New York declined to intervene in the case. We were served with the complaint in December 2007. Plaintiff alleges off-label promotion of Lipitor in violation of the Federal Civil False Claims Act and the false claims acts of certain states, and he seeks treble damages and civil penalties on behalf of the federal government and the specified states as the result of their purchase, or reimbursement of patients for the purchase, of Lipitor allegedly for such off-label uses. Plaintiff also seeks compensation as a whistleblower under those federal and state statutes. In addition, plaintiff alleges that he was wrongfully terminated, in violation of the anti-retaliation provisions of applicable federal and New York law, and he seeks damages and the reinstatement of his employment. In 2009, the District Court dismissed without prejudice the off-label promotion claims and, in 2010, plaintiff filed an amended complaint containing off-label promotion allegations that are substantially similar to the allegations in the original complaint. In November 2012, the District Court dismissed the amended complaint. In December 2012, plaintiff appealed the District Court's decision to the U.S. Court of Appeals for the Second Circuit. In August 2014, the U.S. Court of Appeals for the Second Circuit dismissed the appeal for lack of jurisdiction, and sent the case back to the District Court for clarification of its ruling regarding the plaintiff's employment claims. | ||
• | Antitrust Actions | |
Beginning in November 2011, purported class actions relating to Lipitor were filed in various federal courts against Pfizer, certain affiliates of Pfizer, and, in most of the actions, Ranbaxy, among others. The plaintiffs in these various actions seek to represent nationwide, multi-state or statewide classes consisting of persons or entities who directly purchased, indirectly purchased or reimbursed patients for the purchase of Lipitor (or, in certain of the actions, generic Lipitor) from any of the defendants from March 2010 until the cessation of the defendants’ allegedly unlawful conduct (the Class Period). The plaintiffs allege delay in the launch of generic Lipitor, in violation of federal antitrust laws and/or state antitrust, consumer protection and various other laws, resulting from (i) the 2008 agreement pursuant to which Pfizer and Ranbaxy settled certain patent litigation involving Lipitor, and Pfizer granted Ranbaxy a license to sell a generic version of Lipitor in various markets beginning on varying dates, and (ii) in certain of the actions, the procurement and/or enforcement of certain patents for Lipitor. Each of the actions seeks, among other things, treble damages on behalf of the putative class for alleged price overcharges for Lipitor (or, in certain of the actions, generic Lipitor) during the Class Period. In addition, individual actions have been filed against Pfizer, Ranbaxy and certain of their affiliates, among others, that assert claims and seek relief for the plaintiffs that are substantially similar to the claims asserted and the relief sought in the purported class actions described above. These various actions have been consolidated for pre-trial proceedings in a Multi-District Litigation (In re Lipitor Antitrust Litigation MDL-2332) in the U.S. District Court for the District of New Jersey. | ||
In September 2014, the District Court dismissed the claims by direct purchasers. In October 2014, the direct purchaser plaintiffs: (i) filed a motion to amend the judgment and for leave to amend their complaint and (ii) appealed the District Court’s decision to the United States Court of Appeals for the Third Circuit. In October and November 2014, the District Court dismissed the remaining MDL claims. | ||
Also, in January 2013, the State of West Virginia filed an action in West Virginia state court against Pfizer and Ranbaxy, among others, that asserts claims and seeks relief on behalf of the State of West Virginia and residents of that state that are substantially similar to the claims asserted and the relief sought in the purported class actions described above. | ||
• | Personal Injury Actions | |
A number of individual and multi-plaintiff lawsuits have been filed against us in various federal and state courts alleging that the plaintiffs developed type 2 diabetes as the result of the purported ingestion of Lipitor. Plaintiffs seek compensatory and punitive damages. In February 2014, the federal actions were transferred for consolidated pre-trial proceedings to a Multi-District Litigation (In re Lipitor (Atorvastatin Calcium) Marketing, Sales Practices and Products Liability Litigation (No. II) MDL-2502) in the U.S. District Court for the District of South Carolina. | ||
Chantix/Champix | ||
Beginning in December 2008, purported class actions were filed against us in the Ontario Superior Court of Justice (Toronto Region), the Superior Court of Quebec (District of Montreal), the Court of Queen’s Bench of Alberta, Judicial District of Calgary, and the Superior Court of British Columbia (Vancouver Registry) on behalf of all individuals and third-party payers in Canada who have purchased and ingested Champix or reimbursed patients for the purchase of Champix. Each of these actions asserts claims under Canadian product liability law, including with respect to the safety and efficacy of Champix, and, on behalf of the putative class, seeks monetary relief, including punitive damages. In June 2012, the Ontario Superior Court of Justice certified the Ontario proceeding as a class action, defining the class as consisting of the following: (i) all persons in Canada who ingested Champix during the period from April 2, 2007 to May 31, 2010 and who experienced at least one of a number of specified neuropsychiatric adverse events; (ii) all persons who are entitled to assert claims in respect of Champix pursuant to Canadian legislation as the result of their relationship with a class member; and (iii) all health insurers who are entitled to assert claims in respect of Champix pursuant to Canadian legislation. The Ontario Superior Court of Justice certified the class against Pfizer Canada Inc. only and ruled that the action against Pfizer Inc. should be stayed until after the trial of the issues that are common to the class members. The actions in Quebec, Alberta and British Columbia have been stayed in favor of the Ontario action, which is proceeding on a national basis. | ||
Celebrex | ||
From July through September 2014, purported class actions were filed in the United States District Court for the Eastern District of Virginia against Pfizer and certain subsidiaries of Pfizer relating to Celebrex. The plaintiffs in these various actions seek to represent U.S. nationwide or multi-state classes consisting of persons or entities who directly purchased from the defendants, or indirectly purchased or reimbursed patients for some or all of the purchase price of, Celebrex or generic Celebrex from May 31, 2014 until the cessation of the defendants’ allegedly unlawful conduct. The plaintiffs allege delay in the launch of generic Celebrex in violation of federal antitrust laws or certain state antitrust, consumer protection and various other laws as a result of Pfizer fraudulently obtaining and improperly listing a patent on Celebrex, engaging in sham litigation, and prolonging the impact of sham litigation through settlement activity that further delayed generic entry. Each of the actions seeks treble damages on behalf of the putative class for alleged price overcharges for Celebrex since May 31, 2014. | ||
Reglan | ||
Reglan is a pro-motility medicine for the treatment of gastroesophageal reflux disease and diabetic gastroparesis that was marketed by Wyeth and a predecessor company from 1979 until the end of 2001, when Wyeth sold the product and transferred the new drug application to another pharmaceutical company. Generic versions of Reglan have been sold by other companies since 1985. Pfizer, as Wyeth’s parent company, and certain wholly owned subsidiaries and limited liability companies, including Wyeth, along with several other pharmaceutical manufacturers, have been named as defendants in numerous actions in various federal and state courts alleging personal injury resulting from the use of Reglan and/or generic equivalents thereof. Plaintiffs in these actions seek to hold the defendants, including Pfizer and its affiliated companies, liable for a variety of personal injuries, including movement disorders such as Tardive Dyskinesia, allegedly resulting from the ingestion of Wyeth’s product and/or products sold by other companies. A substantial majority of the claims involve the ingestion of generic versions of Reglan produced and sold by other companies. Claims against Pfizer and its affiliated companies are largely based on the novel theory of innovator liability under which plaintiffs allege that an innovator pharmaceutical company can be liable for injuries caused by the ingestion of generic forms of the product produced and sold by other companies. This theory of liability has been rejected by more than 100 federal and state courts, applying the laws of 30 states. However, a small number of courts have adopted the theory, including the Alabama Supreme Court in August 2014. Actions have been filed under the laws of those jurisdictions, including Alabama, and additional actions may be filed in the future. | ||
A3. Legal Proceedings––Commercial and Other Matters | ||
Average Wholesale Price Litigation | ||
Pfizer, certain of its subsidiaries and other pharmaceutical manufacturers were sued in various state courts by a number of states alleging that the defendants provided average wholesale price (AWP) information for certain of their products that was higher than the actual average prices at which those products were sold. The AWP is used to determine reimbursement levels under Medicare Part B and Medicaid and in many private-sector insurance policies and medical plans. All but two of those actions have been resolved through settlement, dismissal or final judgment. The plaintiff states in the two remaining actions claim that the alleged spread between the AWPs at which purchasers were reimbursed and the actual sale prices was promoted by the defendants as an incentive to purchase certain of their products. In addition to suing on their own behalf, the two states seek to recover on behalf of individuals, private-sector insurance companies and medical plans in their states. These actions allege, among other things, fraud, unfair competition, unfair trade practices and the violation of consumer protection statutes, and seek monetary and other relief, including civil penalties and treble damages. | ||
Monsanto-Related Matters | ||
In 1997, Monsanto Company (Former Monsanto) contributed certain chemical manufacturing operations and facilities to a newly formed corporation, Solutia Inc. (Solutia), and spun off the shares of Solutia. In 2000, Former Monsanto merged with Pharmacia & Upjohn Company to form Pharmacia Corporation (Pharmacia). Pharmacia then transferred its agricultural operations to a newly created subsidiary, named Monsanto Company (New Monsanto), which it spun off in a two-stage process that was completed in 2002. Pharmacia was acquired by Pfizer in 2003 and is now a wholly owned subsidiary of Pfizer. | ||
In connection with its spin-off that was completed in 2002, New Monsanto assumed, and agreed to indemnify Pharmacia for, any liabilities related to Pharmacia’s former agricultural business. New Monsanto is defending and indemnifying Pharmacia in connection with various claims and litigation arising out of, or related to, the agricultural business. | ||
In connection with its spin-off in 1997, Solutia assumed, and agreed to indemnify Pharmacia for, liabilities related to Former Monsanto's chemical businesses. As the result of its reorganization under Chapter 11 of the U.S. Bankruptcy Code, Solutia’s indemnification obligations relating to Former Monsanto’s chemical businesses are limited to sites that Solutia has owned or operated. In addition, in connection with its spinoff that was completed in 2002, New Monsanto assumed, and agreed to indemnify Pharmacia for, any liabilities primarily related to Former Monsanto's chemical businesses, including, but not limited to, any such liabilities that Solutia assumed. Solutia's and New Monsanto's assumption of, and agreement to, indemnify Pharmacia for these liabilities apply to pending actions and any future actions related to Former Monsanto's chemical businesses in which Pharmacia is named as a defendant, including, without limitation, actions asserting environmental claims, including alleged exposure to polychlorinated biphenyls. Solutia and New Monsanto are defending and indemnifying Pharmacia in connection with various claims and litigation arising out of, or related to, Former Monsanto’s chemical businesses. | ||
Trade Secrets Action in California | ||
In 2004, Ischemia Research and Education Foundation (IREF) and its chief executive officer brought an action in California Superior Court, Santa Clara County, against a former IREF employee and Pfizer. Plaintiffs allege that defendants conspired to misappropriate certain information from IREF’s allegedly proprietary database in order to assist Pfizer in designing and executing a clinical study of a Pfizer drug. In 2008, the jury returned a verdict for compensatory damages of approximately $38.7 million. In March 2009, the court awarded prejudgment interest, but declined to award punitive damages. In July 2009, the court granted our motion for a new trial and vacated the jury verdict. In February 2013, the trial court's decision was affirmed by the California Court of Appeal, Sixth Appellate District. In May 2013, the action was remanded for further proceedings to the California Superior Court, Santa Clara County. | ||
Environmental Matters | ||
In 2009, we submitted to the U.S. Environmental Protection Agency (EPA) a corrective measures study report with regard to Pharmacia Corporation's discontinued industrial chemical facility in North Haven, Connecticut and a revised site-wide feasibility study with regard to Wyeth Holdings Corporation's discontinued industrial chemical facility in Bound Brook, New Jersey. In September 2010, our corrective measures study report with regard to the North Haven facility was approved by the EPA, and we commenced construction of the site remedy in late 2011 under an Updated Administrative Order on Consent with the EPA. In July 2011, Wyeth Holdings Corporation finalized an Administrative Settlement Agreement and Order on Consent for Removal Action with the EPA with regard to the Bound Brook facility. In May 2012, we completed construction of an interim remedy to address the discharge of impacted groundwater from that facility to the Raritan River. In September 2012, the EPA issued a final remediation plan for the Bound Brook facility's main plant area, which is generally in accordance with one of the remedies evaluated in our revised site-wide feasibility study. In March 2013, Wyeth Holdings Corporation entered into an Administrative Settlement Agreement and Order on Consent with the EPA to allow us to undertake detailed engineering design of the remedy for the main plant area and to perform a focused feasibility study for two adjacent lagoons. The estimated costs of the site remedy for the North Haven facility and the site remediation for the Bound Brook facility are covered by accruals previously taken by us. | ||
We are a party to a number of other proceedings brought under the Comprehensive Environmental Response, Compensation, and Liability Act of 1980, as amended (CERCLA or Superfund), and other state, local or foreign laws in which the primary relief sought is the cost of past and/or future remediation. | ||
A4. Legal Proceedings––Government Investigations | ||
Like other pharmaceutical companies, we are subject to extensive regulation by national, state and local government agencies in the U.S. and in the other countries in which we operate. As a result, we have interactions with government agencies on an ongoing basis. It is possible that criminal charges and substantial fines and/or civil penalties could result from government investigations. Among the investigations by government agencies is the matter discussed below. | ||
In 2009, the U.S. Department of Justice (DOJ) filed a civil complaint in intervention in two qui tam actions that had been filed under seal in the U.S. District Court for the District of Massachusetts. The complaint alleges that Wyeth’s practices relating to the pricing for Protonix for Medicaid rebate purposes between 2001 and 2006, prior to Wyeth's acquisition by Pfizer, violated the Federal Civil False Claims Act and federal common law. The two qui tam actions have been unsealed and the complaints include substantially similar allegations. In addition, in 2009, several states and the District of Columbia filed a complaint under the same docket number asserting violations of various state laws based on allegations substantially similar to those set forth in the civil complaint filed by the DOJ. | ||
A5. Legal Proceedings––Certain Matters Resolved During the First Nine Months of 2014 | ||
As previously reported, during the first nine months of 2014, certain matters, including the matters discussed below, were resolved or were the subject of definitive settlement agreements or settlement agreements-in-principle. | ||
Neurontin Antitrust Actions | ||
In January 2011, in a Multi-District Litigation (In re Neurontin Antitrust Litigation MDL-1479) that consolidated four actions, the U.S. District Court for the District of New Jersey certified a nationwide class consisting of wholesalers and other entities who purchased Neurontin directly from Pfizer and Warner-Lambert during the period from December 11, 2002 to August 31, 2008 or who purchased generic gabapentin after it became available. The complaints alleged that Pfizer and Warner-Lambert engaged in anticompetitive conduct in violation of the Sherman Act. In April 2014, the parties entered into an agreement to settle this action for $190 million. In addition, in July 2014, Pfizer, Warner-Lambert and certain direct purchasers who opted out of the certified class entered into an agreement-in-principle to settle two actions pending in the District Court of New Jersey, that assert allegations substantially similar to those in the class, on terms not material to Pfizer. | ||
Lyrica (pregabalin) | ||
Beginning in March 2009, several generic drug manufacturers notified us that they had filed abbreviated new drug applications with the FDA seeking approval to market generic versions of Lyrica capsules and, in the case of one generic drug manufacturer, Lyrica oral solution. Each of the generic drug manufacturers challenged one or more of three patents for Lyrica: the basic patent, which expires in 2018, and two other patents, one of which expired in October 2013 and the other of which expires in 2018. Each of the generic drug manufacturers asserted the invalidity and/or the non-infringement of the patents subject to challenge. Beginning in April 2009, we filed actions against these generic drug manufacturers in the U.S. District Court for the District of Delaware asserting the infringement and validity of our patents for Lyrica, and all of these cases were consolidated in the District of Delaware. In July 2012, the court held that all three patents were valid and infringed. In August 2012, the generic drug manufacturers appealed the decision to the U.S. Court of Appeals for the Federal Circuit. In February 2014, the Federal Circuit affirmed the decision of the District Court with respect to the validity and enforcement of one claim of the basic patent and determined, on the ground of mootness, that it did not have to render a decision on any other issues raised on appeal, including with respect to the other patent that expires in 2018. The generic drug manufacturers' time to file a petition for certiorari requesting a review by the U.S. Supreme Court expired in May 2014. As a result, the generic drug manufacturers cannot obtain FDA approval for their generic versions of Lyrica or market those products in the U.S. prior to the expiration of the basic patent in 2018. | ||
In November 2010 and December 2012, Novel Laboratories, Inc. (Novel) and Wockhardt Limited (Wockhardt), respectively, notified us that they had each filed abbreviated new drug applications with the FDA seeking approval to market generic versions of Lyrica oral solution. Novel asserted the invalidity and/or non-infringement of our three patents for Lyrica referred to in the paragraph above. Wockhardt asserted the invalidity and non-infringement of the basic patent. In October 2011, Alembic Pharmaceuticals Limited (Alembic) notified us that it had filed an abbreviated new drug application with the FDA seeking approval to market a generic version of Lyrica capsules and asserting the invalidity of the basic patent. In December 2011, January 2011 and January 2013, we filed actions against each of Alembic, Novel and Wockhardt, respectively, in the U.S. District Court for the District of Delaware asserting the validity and infringement of our patents. Each of Novel, Alembic and Wockhardt agreed to a stay of the respective actions described above and to be bound by any final judgment of infringement and validity of the patents at issue in the consolidated action discussed in the paragraph above. In late May and early June 2014, the District Court entered consent judgments against Novel, Alembic and Wockhardt, and, as a result, these generic drug manufacturers cannot obtain FDA approval for their generic versions of Lyrica or market their products in the U.S. prior to the expiration of the basic patent in December 2018. | ||
Bapineuzumab | ||
In June 2010, a purported class action was filed in the U.S. District Court for the District of New Jersey against Pfizer, as successor to Wyeth, and several former officers of Wyeth. The complaint alleged that Wyeth and the individual defendants violated federal securities laws by making or causing Wyeth to make false and misleading statements, and by failing to disclose or causing Wyeth to fail to disclose material information, concerning the results of a clinical trial involving bapineuzumab, a product in development for the treatment of Alzheimer’s disease. The plaintiff sought to represent a class consisting of all persons who purchased Wyeth securities from May 21, 2007 through July 2008 and sought damages in an unspecified amount on behalf of the putative class. In February 2012, the court granted the defendants’ motion to dismiss the complaint. In December 2012, the court granted the plaintiff's motion to file an amended complaint. In April 2013, the court granted the defendants' motion to dismiss the amended complaint. In May 2013, the plaintiff appealed the District Court's decision to the U.S. Court of Appeals for the Third Circuit. In June 2014, the U.S. Court of Appeals for the Third Circuit affirmed the District Court's decision to dismiss the complaint. The plaintiff’s time to file a petition for certiorari requesting a review by the U.S. Supreme Court expired in September 2014. | ||
B. Guarantees and Indemnifications | ||
In the ordinary course of business and in connection with the sale of assets and businesses, we often indemnify our counterparties against certain liabilities that may arise in connection with the transaction or related to activities prior to the transaction. These indemnifications typically pertain to environmental, tax, employee and/or product-related matters and patent-infringement claims. If the indemnified party were to make a successful claim pursuant to the terms of the indemnification, we would be required to reimburse the loss. These indemnifications are generally subject to threshold amounts, specified claim periods and other restrictions and limitations. Historically, we have not paid significant amounts under these provisions and, as of September 28, 2014, recorded amounts for the estimated fair value of these indemnifications are not significant. | ||
Pfizer Inc. has also guaranteed the long-term debt of certain companies that it acquired and that now are subsidiaries of Pfizer. |
Segment_Geographic_and_Other_R
Segment, Geographic and Other Revenue Information | 9 Months Ended | ||||||||||||||||||||||
Sep. 28, 2014 | |||||||||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||||||||
Segment, Geographic and Other Revenue Information | ' | ||||||||||||||||||||||
Segment, Geographic and Other Revenue Information | |||||||||||||||||||||||
A. Segment Information | |||||||||||||||||||||||
We manage our commercial operations through a global commercial structure consisting of three operating segments, each of which is led by a single manager––the Global Innovative Pharmaceutical segment (GIP); the Global Vaccines, Oncology and Consumer Healthcare segment (VOC); and the Global Established Pharmaceutical segment (GEP). Each operating segment has responsibility for its commercial activities and for certain IPR&D projects for new investigational products and additional indications for in-line products that generally have achieved proof of concept. | |||||||||||||||||||||||
We have restated prior-period information (Revenues and Earnings, as defined by management) to conform to the current management structure. As our operations were not managed under the new structure until the beginning of the first quarter of 2014, certain costs and expenses could not be directly attributed to one of the new operating segments. As a result, our operating segment results for the third quarter and first nine months of 2013 include allocations. The amounts subject to allocation methods in the third quarter of 2013 were approximately $520 million of Selling, informational and administrative expenses (SI&A) and approximately $230 million of Research and development expenses (R&D), and the amounts subjected to allocation methods in the first nine months of 2013 were approximately $1.5 billion of Selling, informational and administrative expenses and approximately $650 million of Research and development expenses : | |||||||||||||||||||||||
• | The SI&A expenses were allocated using proportional allocation methods based on associated selling costs, revenues or product-specific costs, as applicable. | ||||||||||||||||||||||
• | The R&D expenses were allocated based on product-specific R&D costs or revenue metrics, as applicable. | ||||||||||||||||||||||
Management believes that the allocations are reasonable. | |||||||||||||||||||||||
We regularly review our segments and the approach used by management to evaluate performance and allocate resources. | |||||||||||||||||||||||
Operating Segments | |||||||||||||||||||||||
Some additional information about each segment follows: | |||||||||||||||||||||||
• | Global Innovative Pharmaceutical segment––GIP comprises medicines within several therapeutic areas that are generally expected to have market exclusivity beyond 2015. These therapeutic areas include immunology and inflammation, cardiovascular/metabolic, neuroscience and pain, rare diseases and women's/men's health. | ||||||||||||||||||||||
• | Global Vaccines, Oncology and Consumer Healthcare segment––VOC focuses on the development and commercialization of vaccines and products for oncology and consumer healthcare. Each of the three businesses that comprise this segment operates with distinct specialization in terms of the science, talent and market approach necessary to deliver value to consumers and patients. | ||||||||||||||||||||||
• | Global Established Pharmaceutical segment––GEP includes the brands that have lost market exclusivity and, generally, the mature, patent-protected products that are expected to lose exclusivity through 2015 in most major markets and, to a much smaller extent, generic pharmaceuticals. Additionally, GEP includes our sterile injectable products and biosimilar development portfolio. | ||||||||||||||||||||||
Our chief operating decision maker uses the revenues and earnings of the three operating segments, among other factors, for performance evaluation and resource allocation. | |||||||||||||||||||||||
Other Costs and Business Activities | |||||||||||||||||||||||
Certain costs are not allocated to our operating segment results, such as costs associated with the following: | |||||||||||||||||||||||
• | Worldwide Research and Development, which is generally responsible for research projects until proof-of-concept is achieved and then for transitioning those projects to the appropriate operating segment for possible clinical and commercial development. R&D spending may include upfront and milestone payments for intellectual property rights. This organization also has responsibility for certain science-based and other platform-services organizations, which provide technical expertise and other services to the various R&D projects. Worldwide Research and Development is also responsible for facilitating all regulatory submissions and interactions with regulatory agencies, including all safety-event activities. | ||||||||||||||||||||||
• | Pfizer Medical, which is responsible for the provision of medical information to healthcare providers, patients and other parties, transparency and disclosure activities, clinical trial results publication, grants for healthcare quality improvement and medical education, partnerships with global public health and medical associations, regulatory inspection readiness reviews, internal audits of Pfizer-sponsored clinical trials and internal regulatory compliance processes. | ||||||||||||||||||||||
• | Corporate, representing platform functions (such as worldwide technology, global real estate operations, legal, finance, human resources, worldwide public affairs, compliance and worldwide procurement) and certain compensation and other corporate costs, such as interest income and expense, and gains and losses on investments. | ||||||||||||||||||||||
• | Other unallocated costs, representing overhead expenses associated with our manufacturing and commercial operations not directly attributable to an operating segment. | ||||||||||||||||||||||
• | Certain transactions and events such as (i) purchase accounting adjustments, where we incur expenses associated with the amortization of fair value adjustments to inventory, intangible assets and property, plant and equipment; (ii) acquisition-related costs, where we incur costs for executing the transaction, integrating the acquired operations and restructuring the combined company; and (iii) certain significant items, which include non-acquisition-related restructuring costs, as well as costs incurred for legal settlements, asset impairments and disposals of assets or businesses, including, as applicable, any associated transition activities. | ||||||||||||||||||||||
Segment Assets | |||||||||||||||||||||||
We manage our assets on a total company basis, not by operating segment, as many of our operating assets are shared (such as our plant network assets) or commingled (such as accounts receivable, as many of our customers are served by multiple operating segments). Therefore, our chief operating decision maker does not regularly review any asset information by operating segment and, accordingly, we do not report asset information by operating segment. Total assets were approximately $171.4 billion as of September 28, 2014 and approximately $172.1 billion as of December 31, 2013. | |||||||||||||||||||||||
Selected Income Statement Information | |||||||||||||||||||||||
The following table provides selected income statement information by reportable segment: | |||||||||||||||||||||||
Revenues | Earnings(a) | ||||||||||||||||||||||
(MILLIONS OF DOLLARS) | September 28, | September 29, | September 28, | September 29, | |||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||||
Reportable Segments: | |||||||||||||||||||||||
Global Innovative Pharmaceutical (GIP) | $ | 3,490 | $ | 3,640 | $ | 2,063 | $ | 2,250 | |||||||||||||||
Global Vaccines, Oncology and Consumer Healthcare (VOC) | 2,511 | 2,215 | 1,235 | 1,039 | |||||||||||||||||||
Global Established Pharmaceutical (GEP) | 6,239 | 6,675 | 3,993 | 4,173 | |||||||||||||||||||
Total reportable segments | 12,240 | 12,530 | 7,291 | 7,462 | |||||||||||||||||||
Other business activities(b) | 56 | 46 | (832 | ) | (708 | ) | |||||||||||||||||
Reconciling Items: | |||||||||||||||||||||||
Corporate(c) | — | — | (1,308 | ) | (1,340 | ) | |||||||||||||||||
Purchase accounting adjustments(c) | — | — | (812 | ) | (960 | ) | |||||||||||||||||
Acquisition-related costs(c) | — | — | (54 | ) | (61 | ) | |||||||||||||||||
Certain significant items(d) | 65 | 67 | (548 | ) | (744 | ) | |||||||||||||||||
Other unallocated | — | — | (149 | ) | (75 | ) | |||||||||||||||||
$ | 12,361 | $ | 12,643 | $ | 3,587 | $ | 3,573 | ||||||||||||||||
Nine Months Ended | |||||||||||||||||||||||
Reportable Segments: | |||||||||||||||||||||||
Global Innovative Pharmaceutical business (GIP) | $ | 10,114 | $ | 10,672 | $ | 5,838 | $ | 6,464 | |||||||||||||||
Global Vaccines, Oncology and Consumer Healthcare (VOC) | 7,264 | 6,668 | 3,447 | 3,099 | |||||||||||||||||||
Global Established Pharmaceutical business (GEP) | 18,742 | 20,458 | 12,219 | 13,034 | |||||||||||||||||||
Total reportable segments | 36,119 | 37,798 | 21,504 | 22,597 | |||||||||||||||||||
Other business activities(b) | 175 | 162 | (2,212 | ) | (2,040 | ) | |||||||||||||||||
Reconciling Items: | |||||||||||||||||||||||
Corporate(c) | — | — | (3,794 | ) | (4,109 | ) | |||||||||||||||||
Purchase accounting adjustments(c) | — | — | (2,768 | ) | (3,287 | ) | |||||||||||||||||
Acquisition-related costs(c) | — | — | (131 | ) | (264 | ) | |||||||||||||||||
Certain significant items(d) | 193 | 67 | (1,803 | ) | 180 | ||||||||||||||||||
Other unallocated | — | — | (359 | ) | (422 | ) | |||||||||||||||||
$ | 36,487 | $ | 38,026 | $ | 10,437 | $ | 12,655 | ||||||||||||||||
(a) | Income from continuing operations before provision for taxes on income. | ||||||||||||||||||||||
(b) | Other business activities includes the revenues and operating results of Pfizer CentreSource, our contract manufacturing and bulk pharmaceutical chemical sales operation, and the costs managed by our Worldwide Research and Development organization and our Pfizer Medical organization. | ||||||||||||||||||||||
(c) | For a description, see the “Other Costs and Business Activities” section above. | ||||||||||||||||||||||
(d) | Certain significant items are substantive, unusual items that, either as a result of their nature or size, would not be expected to occur as part of our normal business on a regular basis. | ||||||||||||||||||||||
For Revenues in the third quarter and first nine months of 2014, certain significant items represent revenues related to our transitional manufacturing and supply agreements with Zoetis. For additional information, see Note 2B. Acquisition, Divestiture, Licensing Arrangements and Equity-Method Investments: Divestiture. | |||||||||||||||||||||||
For Earnings in the third quarter of 2014, certain significant items includes: (i) income related to our transitional manufacturing and supply agreements with Zoetis of $8 million, (ii) charges for certain legal matters of $28 million, (iii) restructuring charges and implementation costs associated with our cost-reduction initiatives that are not associated with an acquisition of $54 million, (iv) certain asset impairments of $242 million, (v) a charge for an additional year of Branded Prescription Drug Fee of $215 million and (vi) other charges of $18 million. For additional information, see Note 3. Restructuring Charges and Other Costs Associated with Acquisitions and Cost-Reduction/Productivity Initiatives and Note 4. Other (Income)/Deductions—Net. | |||||||||||||||||||||||
For Revenues in the third quarter and first nine months of 2013, certain significant items represent revenues related to our transitional manufacturing and supply agreements with Zoetis. For additional information, see Note 2B. Acquisition, Divestiture, Licensing Arrangements and Equity-Method Investments: Divestiture. | |||||||||||||||||||||||
For Earnings in the third quarter of 2013, certain significant items includes: (i) income related to our transitional manufacturing and supply agreements with Zoetis of $10 million, (ii) restructuring charges and implementation costs associated with our cost-reduction initiatives that are not associated with an acquisition of $262 million, (iii) certain asset impairments of $217 million, (iv) other charges of $266 million and (v) costs associated with a patent litigation settlement of $9 million. For additional information, see Note 3. Restructuring Charges and Other Costs Associated with Acquisitions and Cost-Reduction/Productivity Initiatives and Note 4. Other (Income)/Deductions—Net. | |||||||||||||||||||||||
For Earnings in the first nine months of 2014, certain significant items includes: (i) income related to our transitional manufacturing and supply agreements with Zoetis of $25 million, (ii) charges for certain legal matters of $726 million, (iii) certain asset impairments of $356 million, (iv) a charge for an additional year of Branded Prescription Drug Fee of $215 million, (v) restructuring charges and implementation costs associated with our cost-reduction initiatives that are not associated with an acquisition of $400 million and (vi) other charges of $130 million. For additional information, see Note 3. Restructuring Charges and Other Costs Associated with Acquisitions and Cost-Reduction/Productivity Initiatives and Note 4. Other (Income)/Deductions—Net. | |||||||||||||||||||||||
For Earnings in the first nine months of 2013, certain significant items includes: (i) income related to our transitional manufacturing and supply agreements with Zoetis of $10 million, (ii) patent litigation settlement income of $1.3 billion, (iii) restructuring charges and implementation costs associated with our cost-reduction initiatives that are not associated with an acquisition of $662 million, (iv) net credits for certain legal matters of $99 million, (v) certain asset impairments of $706 million, (vi) the gain associated with the transfer of certain product rights to Hisun Pfizer of $459 million, (vii) costs associated with the separation of Zoetis of $18 million and (viii) other charges of $344 million. For additional information, see Note 3. Restructuring Charges and Other Costs Associated with Acquisitions and Cost-Reduction/Productivity Initiatives and Note 4. Other (Income)/Deductions—Net. | |||||||||||||||||||||||
Equity in the net income of investees accounted for by the equity method is not significant for any of our operating segments. | |||||||||||||||||||||||
B. Geographic Information | |||||||||||||||||||||||
The following table provides revenues by geographic area: | |||||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
(MILLIONS OF DOLLARS) | September 28, | September 29, | % | September 28, | September 29, | % | |||||||||||||||||
2014 | 2013 | Change | 2014 | 2013 | Change | ||||||||||||||||||
United States | $ | 4,842 | $ | 5,186 | (7 | ) | $ | 14,023 | $ | 15,190 | (8 | ) | |||||||||||
Developed Europe(a) | 2,837 | 2,785 | 2 | 8,641 | 8,502 | 2 | |||||||||||||||||
Developed Rest of World(b) | 1,816 | 1,992 | (9 | ) | 5,404 | 6,139 | (12 | ) | |||||||||||||||
Emerging Markets(c) | 2,866 | 2,680 | 7 | 8,419 | 8,195 | 3 | |||||||||||||||||
Revenues | $ | 12,361 | $ | 12,643 | (2 | ) | $ | 36,487 | $ | 38,026 | (4 | ) | |||||||||||
(a) | Developed Europe region includes the following markets: Western Europe, Finland and the Scandinavian countries. Revenues denominated in euros were $2.2 billion and $2.1 billion in the third quarter of 2014 and 2013, respectively, and $6.6 billion and $6.4 billion in the first nine months of 2014 and 2013, respectively. | ||||||||||||||||||||||
(b) | Developed Rest of World region includes the following markets: Australia, Canada, Japan, New Zealand and South Korea. | ||||||||||||||||||||||
(c) | Emerging Markets region includes, but is not limited to, the following markets: Asia (excluding Japan and South Korea), Latin America, the Middle East, Eastern Europe, Africa, Turkey and Central Europe. | ||||||||||||||||||||||
C. Other Revenue Information | |||||||||||||||||||||||
The following table provides detailed revenue information: | |||||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
(MILLIONS OF DOLLARS) | Business(a) | September 28, | September 29, | September 28, | September 29, | ||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||
Biopharmaceutical revenues: | |||||||||||||||||||||||
Lyrica(b) | GEP/GIP | $ | 1,317 | $ | 1,135 | $ | 3,783 | $ | 3,335 | ||||||||||||||
Prevnar family | V | 1,139 | 959 | 3,163 | 2,855 | ||||||||||||||||||
Enbrel (Outside the U.S. and Canada) | GIP | 955 | 932 | 2,846 | 2,769 | ||||||||||||||||||
Celebrex | GEP | 764 | 752 | 2,150 | 2,120 | ||||||||||||||||||
Lipitor | GEP | 490 | 533 | 1,489 | 1,704 | ||||||||||||||||||
Viagra(c) | GEP/GIP | 427 | 460 | 1,227 | 1,405 | ||||||||||||||||||
Zyvox | GEP | 339 | 319 | 1,008 | 1,007 | ||||||||||||||||||
Sutent | O | 287 | 278 | 865 | 892 | ||||||||||||||||||
Norvasc | GEP | 270 | 303 | 830 | 917 | ||||||||||||||||||
Premarin family | GEP | 264 | 276 | 786 | 793 | ||||||||||||||||||
BeneFIX | GIP | 212 | 213 | 640 | 619 | ||||||||||||||||||
Vfend | GEP | 174 | 193 | 572 | 557 | ||||||||||||||||||
Pristiq | GEP | 178 | 173 | 547 | 516 | ||||||||||||||||||
Genotropin | GIP | 173 | 183 | 534 | 570 | ||||||||||||||||||
Refacto AF/Xyntha | GIP | 160 | 148 | 477 | 433 | ||||||||||||||||||
Chantix/Champix | GIP | 158 | 154 | 475 | 486 | ||||||||||||||||||
Xalatan/Xalacom | GEP | 124 | 140 | 371 | 434 | ||||||||||||||||||
Medrol | GEP | 101 | 107 | 322 | 343 | ||||||||||||||||||
Zoloft | GEP | 104 | 116 | 310 | 341 | ||||||||||||||||||
Xalkori | O | 112 | 73 | 308 | 193 | ||||||||||||||||||
Inlyta | O | 102 | 83 | 291 | 217 | ||||||||||||||||||
Relpax | GEP | 92 | 83 | 277 | 263 | ||||||||||||||||||
Rapamune | GIP | 96 | 91 | 270 | 261 | ||||||||||||||||||
Sulperazon | GEP | 90 | 78 | 270 | 222 | ||||||||||||||||||
Fragmin | GEP | 90 | 83 | 266 | 263 | ||||||||||||||||||
Effexor | GEP | 86 | 96 | 263 | 326 | ||||||||||||||||||
Tygacil | GEP | 85 | 92 | 241 | 271 | ||||||||||||||||||
Zithromax/Zmax | GEP | 67 | 84 | 235 | 283 | ||||||||||||||||||
EpiPen | GEP | 79 | 85 | 231 | 230 | ||||||||||||||||||
Zosyn/Tazocin | GEP | 80 | 104 | 229 | 293 | ||||||||||||||||||
Toviaz | GIP | 69 | 57 | 211 | 174 | ||||||||||||||||||
Revatio | GEP | 64 | 75 | 208 | 225 | ||||||||||||||||||
Xeljanz | GIP | 85 | 35 | 205 | 68 | ||||||||||||||||||
Cardura | GEP | 64 | 70 | 199 | 221 | ||||||||||||||||||
Xanax/Xanax XR | GEP | 63 | 69 | 189 | 204 | ||||||||||||||||||
Inspra | GEP | 57 | 53 | 179 | 164 | ||||||||||||||||||
Somavert | GIP | 59 | 56 | 168 | 159 | ||||||||||||||||||
Neurontin | GEP | 51 | 50 | 158 | 158 | ||||||||||||||||||
Protonix/Pantoprazole | GEP | 55 | 42 | 153 | 137 | ||||||||||||||||||
Unasyn | GEP | 52 | 49 | 152 | 158 | ||||||||||||||||||
Detrol/Detrol LA | GEP | 54 | 131 | 149 | 437 | ||||||||||||||||||
Depo-Provera | GEP | 54 | 50 | 147 | 143 | ||||||||||||||||||
BMP2 | GIP | 56 | 48 | 147 | 159 | ||||||||||||||||||
Diflucan | GEP | 42 | 59 | 139 | 164 | ||||||||||||||||||
Dalacin/Cleocin | GEP | 50 | 50 | 137 | 149 | ||||||||||||||||||
Alliance revenues(d) | GEP/GIP | 233 | 684 | 681 | 2,187 | ||||||||||||||||||
All other GIP | GIP | 105 | 128 | 342 | 398 | ||||||||||||||||||
All other GEP | GEP | 1,540 | 1,675 | 4,642 | 5,063 | ||||||||||||||||||
All other V/O | V/O | 50 | 35 | 143 | 112 | ||||||||||||||||||
Total biopharmaceutical revenues | 11,419 | 11,742 | 33,626 | 35,398 | |||||||||||||||||||
Other revenues: | |||||||||||||||||||||||
Consumer Healthcare | C | 821 | 788 | 2,494 | 2,399 | ||||||||||||||||||
Other(e) | 121 | 113 | 368 | 229 | |||||||||||||||||||
Revenues | $ | 12,361 | $ | 12,643 | $ | 36,487 | $ | 38,026 | |||||||||||||||
(a) | Indicates the business to which the revenues relate. GIP =he Global Innovative Pharmaceutical segment; V=he Global Vaccines | ||||||||||||||||||||||
business; O=he Global Oncology business; C =he global Consumer Healthcare business; and GEP =he Global Established Pharmaceutical segment. | |||||||||||||||||||||||
(b) | Lyrica revenues from all of Europe are included in GEP. All other Lyrica revenues are included in GIP. | ||||||||||||||||||||||
(c) | Viagra revenues from the U.S. and Canada are included in GIP. All other Viagra revenues are included in GEP. | ||||||||||||||||||||||
(d) | Includes Enbrel (GIP, in the U.S. and Canada through October 31, 2013), Spiriva (GEP), Rebif (GIP), Aricept (GEP) and Eliquis (GIP). | ||||||||||||||||||||||
(e) | Other includes revenues generated from Pfizer CentreSource, our contract manufacturing and bulk pharmaceutical chemical sales organization, and also includes the revenues related to our transitional manufacturing and supply agreements with Zoetis. |
Basis_of_Presentation_and_Sign1
Basis of Presentation and Significant Accounting Policies (Policies) | 9 Months Ended | |
Sep. 28, 2014 | ||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | |
Basis of Presentation | ' | |
Basis of Presentation | ||
We prepared the condensed consolidated financial statements following the requirements of the U.S. Securities and Exchange Commission (SEC) for interim reporting. As permitted under those rules, certain footnotes or other financial information that are normally required by accounting principles generally accepted in the United States of America (U.S. GAAP) can be condensed or omitted. | ||
Balance sheet amounts and operating results for subsidiaries operating outside the U.S. are as of and for the three and nine months ended August 24, 2014 and August 25, 2013. | ||
In the condensed consolidated statements of comprehensive income, we have revised the presentation of other comprehensive income/(loss) shown in prior periods for derivative financial instruments and available-for-sale securities, as certain items had been reported net. In the condensed consolidated statements of cash flows, we have revised the classification of certain items shown in prior periods, none of which had a significant impact. | ||
On June 24, 2013, we completed the full disposition of our Animal Health business, Zoetis Inc. (Zoetis), and recognized a gain of approximately $10.4 billion, net of tax, in Gain on disposal of discontinued operations––net of tax in the condensed consolidated statements of income for the nine months ended September 29, 2013. The operating results of this business through June 24, 2013, the date of disposal, are reported as Discontinued operations––net of tax in the condensed consolidated statements of income for the nine months ended September 29, 2013. For additional information, see Note 2B. Acquisition, Divestiture, Licensing Arrangements and Equity-Method Investments: Divestiture. | ||
Revenues, expenses, assets and liabilities can vary during each quarter of the year. Therefore, the results and trends in these interim financial statements may not be representative of those for the full year. | ||
We are responsible for the unaudited financial statements included in this Quarterly Report on Form 10-Q. The financial statements include all normal and recurring adjustments that are considered necessary for the fair presentation of our condensed consolidated balance sheets and condensed consolidated statements of income. | ||
The information included in this Quarterly Report on Form 10-Q should be read in conjunction with the consolidated financial statements and accompanying notes included in our 2013 Annual Report on Form 10-K. | ||
Certain amounts in the condensed consolidated financial statements and associated notes may not add due to rounding. All percentages have been calculated using unrounded amounts. | ||
Adoption of New Accounting Standards | ' | |
Adoption of New Accounting Standards | ||
We adopted the following new accounting and disclosure standards as of January 1, 2014 and there were no impacts to our condensed consolidated financial statements: | ||
• | A new standard that clarified the accounting for cumulative translation adjustment (CTA) upon derecognition of a group of assets that is a business or an equity-method investment within a foreign entity. | |
• | A new standard regarding the measurement of obligations resulting from joint and several liability arrangements that may include debt agreements, other contractual obligations and settled litigation or judicial rulings. | |
Fair Value | ' | |
Fair Value | ||
Our fair value methodologies depend on the following types of inputs: | ||
• | Quoted prices for identical assets or liabilities in active markets (Level 1 inputs). | |
• | Quoted prices for similar assets or liabilities in active markets or quoted prices for identical or similar assets or liabilities in markets that are not active or are directly or indirectly observable (Level 2 inputs). | |
• | Unobservable inputs that reflect estimates and assumptions (Level 3 inputs). | |
A single estimate of fair value can result from a complex series of judgments about future events and uncertainties and can rely heavily on estimates and assumptions. |
Acquisition_Divestiture_Licens1
Acquisition, Divestiture, Licensing Arrangement and Equity-Method Investments (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 28, 2014 | |||||||||||||||||
Business Combinations, Discontinued Operations And Disposal Groups, Collaborative Arrangements And Equity Method Investments [Abstract] | ' | ||||||||||||||||
Schedule of Discontinued Operations-Net of Tax | ' | ||||||||||||||||
The following table provides the components of Discontinued operations—net of tax, virtually all of which relates to Zoetis: | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
(MILLIONS OF DOLLARS) | September 28, | September 29, | September 28, | September 29, | |||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Revenues | $ | — | $ | — | $ | — | $ | 2,201 | |||||||||
Pre-tax income from discontinued operations(b) | (2 | ) | 32 | 1 | 421 | ||||||||||||
Provision for taxes on income(a) | 1 | (4 | ) | 1 | 95 | ||||||||||||
Income from discontinued operations––net of tax | (3 | ) | 36 | — | 326 | ||||||||||||
Pre-tax gain on disposal of discontinued operations(b) | — | (38 | ) | 65 | 10,501 | ||||||||||||
Provision for taxes on income(b), (c) | — | (13 | ) | (4 | ) | 108 | |||||||||||
Gain on disposal of discontinued operations––net of tax(b) | — | (25 | ) | 70 | 10,393 | ||||||||||||
Discontinued operations––net of tax | $ | (3 | ) | $ | 11 | $ | 70 | $ | 10,719 | ||||||||
(a) | Includes a deferred tax expense of $2 million and a deferred tax benefit of $4 million for the three months ended September 28, 2014 and September 29, 2013, respectively, and a deferred tax benefit of $23 million for the nine months ended September 29, 2013. Deferred taxes for the first nine months of 2014 were nil. | ||||||||||||||||
(b) | For the three months and nine months ended September 28, 2014 and for the three months ended September 29, 2013, represents post-close adjustments. | ||||||||||||||||
(c) | For the nine months ended September 29, 2013, reflects income taxes resulting from certain legal entity reorganizations. |
Restructuring_Charges_and_Othe1
Restructuring Charges and Other Costs Associated with Acquisitions and Cost-Reduction/Productivity Initiatives (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 28, 2014 | |||||||||||||||||
Restructuring and Related Activities [Abstract] | ' | ||||||||||||||||
Schedule of Restructuring and Related Costs | ' | ||||||||||||||||
The following table provides the components of costs associated with acquisitions and cost-reduction/productivity initiatives: | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
(MILLIONS OF DOLLARS) | September 28, | September 29, | September 28, | September 29, | |||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Restructuring charges(a): | |||||||||||||||||
Employee terminations | $ | (51 | ) | $ | 174 | $ | (4 | ) | $ | 289 | |||||||
Asset impairments | 9 | — | 28 | 115 | |||||||||||||
Exit costs | 4 | 21 | 44 | 36 | |||||||||||||
Total restructuring charges | (38 | ) | 195 | 68 | 440 | ||||||||||||
Integration costs(b) | 19 | 38 | 53 | 107 | |||||||||||||
Restructuring charges and certain acquisition-related costs | (19 | ) | 233 | 120 | 547 | ||||||||||||
Additional depreciation––asset restructuring recorded in our condensed consolidated statements of income as follows(c): | |||||||||||||||||
Cost of sales | 52 | 43 | 199 | 134 | |||||||||||||
Selling, informational and administrative expenses | — | — | 1 | 19 | |||||||||||||
Research and development expenses | 1 | — | 30 | 94 | |||||||||||||
Total additional depreciation––asset restructuring | 54 | 43 | 230 | 247 | |||||||||||||
Implementation costs recorded in our condensed consolidated statements of income as follows(d): | |||||||||||||||||
Cost of sales | 24 | 16 | 52 | 27 | |||||||||||||
Selling, informational and administrative expenses | 36 | 30 | 89 | 95 | |||||||||||||
Research and development expenses | 12 | 1 | 40 | 10 | |||||||||||||
Total implementation costs | 73 | 47 | 181 | 132 | |||||||||||||
Total costs associated with acquisitions and cost-reduction/productivity initiatives | $ | 108 | $ | 323 | $ | 531 | $ | 926 | |||||||||
(a) | In the nine months ended September 28, 2014, Employee terminations represent the expected reduction of the workforce by approximately 100 employees, mainly in manufacturing and sales. | ||||||||||||||||
The restructuring charges in 2014 are associated with the following: | |||||||||||||||||
• | For the third quarter of 2014, the Global Innovative Pharmaceutical segment (GIP) ($4 million); the Global Vaccines, Oncology and Consumer Healthcare segment (VOC) ($10 million); the Global Established Pharmaceutical segment (GEP) ($4 million); Worldwide Research and Development and Medical ($2 million); manufacturing operations ($21 million); and Corporate ($14 million) as well as $92 million of income related to the partial reversal of prior-period restructuring charges, not directly associated with the new individual segments, and reflecting a change in estimate with respect to our sales force restructuring plans. | ||||||||||||||||
• | For the first nine months of 2014, the Global Innovative Pharmaceutical segment (GIP) ($14 million); the Global Vaccines, Oncology and Consumer Healthcare segment (VOC) ($16 million); the Global Established Pharmaceutical segment (GEP) ($34 million); Worldwide Research and Development and Medical ($11 million); manufacturing operations ($59 million); and Corporate ($25 million), as well as $92 million of income related to the partial reversal of prior-period restructuring charges, not directly associated with the new individual segments, and reflecting a change in estimate with respect to our sales force restructuring plans. | ||||||||||||||||
The restructuring charges in 2013 are associated with the following: | |||||||||||||||||
• | For the third quarter of 2013, total operating segments ($39 million); manufacturing operations ($112 million); and Corporate ($44 million). | ||||||||||||||||
• | For the first nine months of 2013, total operating segments ($106 million); Worldwide Research and Development and Medical ($15 million); manufacturing operations ($194 million); and Corporate ($125 million). | ||||||||||||||||
At the beginning of fiscal 2014, we revised our operating segments and are unable to directly associate these prior-period restructuring charges with the new individual segments. | |||||||||||||||||
(b) | Integration costs represent external, incremental costs directly related to integrating acquired businesses, and primarily include expenditures for consulting and the integration of systems and processes. | ||||||||||||||||
(c) | Additional depreciation––asset restructuring represents the impact of changes in the estimated useful lives of assets involved in restructuring actions. | ||||||||||||||||
(d) | Implementation costs represent external, incremental costs directly related to implementing our non-acquisition-related cost-reduction/productivity initiatives. | ||||||||||||||||
Schedule of Restructuring Reserve by Type of Cost | ' | ||||||||||||||||
The following table provides the components of and changes in our restructuring accruals: | |||||||||||||||||
(MILLIONS OF DOLLARS) | Employee | Asset | Exit Costs | Accrual | |||||||||||||
Termination | Impairment | ||||||||||||||||
Costs | Charges | ||||||||||||||||
Balance, December 31, 2013(a) | $ | 1,685 | $ | — | $ | 94 | $ | 1,779 | |||||||||
Provision | (4 | ) | 28 | 44 | 68 | ||||||||||||
Utilization and other(b) | (373 | ) | (28 | ) | (75 | ) | (476 | ) | |||||||||
Balance, September 28, 2014(c) | $ | 1,308 | $ | — | $ | 63 | $ | 1,371 | |||||||||
(a) | Included in Other current liabilities ($1.0 billion) and Other noncurrent liabilities ($767 million). | ||||||||||||||||
(b) | Includes adjustments for foreign currency translation. | ||||||||||||||||
(c) | Included in Other current liabilities ($851 million) and Other noncurrent liabilities ($520 million). |
Other_IncomeDeductions_Net_Tab
Other (Income)/Deductions - Net (Tables) | 9 Months Ended | ||||||||||||||||||||
Sep. 28, 2014 | |||||||||||||||||||||
Other Income and Expenses [Abstract] | ' | ||||||||||||||||||||
Schedule of Other (Income)/Deductions-Net | ' | ||||||||||||||||||||
The following table provides components of Other (income)/deductions––net: | |||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||
(MILLIONS OF DOLLARS) | September 28, | September 29, | September 28, | September 29, | |||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||
Interest income(a) | $ | (108 | ) | $ | (94 | ) | $ | (303 | ) | $ | (291 | ) | |||||||||
Interest expense(a) | 343 | 340 | 1,007 | 1,067 | |||||||||||||||||
Net interest expense | 235 | 246 | 703 | 776 | |||||||||||||||||
Royalty-related income(b) | (251 | ) | (122 | ) | (737 | ) | (305 | ) | |||||||||||||
Patent litigation settlement income(c) | — | 9 | — | (1,342 | ) | ||||||||||||||||
Other legal matters, net(d) | 28 | 1 | 720 | (94 | ) | ||||||||||||||||
Gain associated with the transfer of certain product rights(e) | — | — | — | (459 | ) | ||||||||||||||||
Net gains on asset disposals(f) | (53 | ) | (46 | ) | (267 | ) | (100 | ) | |||||||||||||
Certain asset impairments(g) | 243 | 220 | 358 | 745 | |||||||||||||||||
Costs associated with the Zoetis IPO(h) | — | — | — | 18 | |||||||||||||||||
Other, net(i) | (108 | ) | 104 | (113 | ) | 247 | |||||||||||||||
Other (income)/deductions––net | $ | 94 | $ | 411 | $ | 665 | $ | (514 | ) | ||||||||||||
(a) | Interest income increased in the third quarter and first nine months of 2014 due to higher cash equivalents and investment balances. Interest expense increased in the third quarter of 2014 due to the addition of new fixed rate debt in the second quarter of 2014 and interest expense decreased in the first nine months of 2014, primarily due to the benefit of the effective conversion of some fixed-rate liabilities to floating-rate liabilities. | ||||||||||||||||||||
(b) | Royalty-related income increased in the third quarter and first nine months of 2014 primarily due to royalties earned on sales of Enbrel in the U.S. and Canada after October 31, 2013. On that date, the co-promotion term of the collaboration agreement for Enbrel in the U.S. and Canada expired, and Pfizer became entitled to royalties for a 36-month period thereafter. | ||||||||||||||||||||
(c) | In the first nine months of 2013, reflects income from a litigation settlement with Teva Pharmaceuticals Industries Ltd. (Teva) and Sun Pharmaceutical Industries Ltd. (Sun) for patent-infringement damages resulting from their “at-risk” launches of generic Protonix in the U.S. As of September 28, 2014, approximately $128 million is not yet due and is included in Other current assets. | ||||||||||||||||||||
(d) | In the first nine months of 2014, primarily includes approximately $610 million for Neurontin-related matters (including off-label promotion actions and antitrust actions) and approximately $55 million for an Effexor-related matter. In the first nine months of 2013, primarily includes an $80 million insurance recovery related to a certain litigation matter. For additional information, see Note 12A. Commitments and Contingencies: Legal Proceedings. | ||||||||||||||||||||
(e) | In the first nine months of 2013, represents the gain associated with the transfer of certain product rights to Hisun Pfizer. For additional information, see Note 2D. Acquisition, Divestiture, Licensing Arrangements and Equity-Method Investments: Equity-Method Investments. | ||||||||||||||||||||
(f) | In the first nine months of 2014, primarily includes gains on sales/out-licensing of product and compound rights (approximately $128 million) and gains on sales of investments in equity securities (approximately $114 million). | ||||||||||||||||||||
(g) | In the third quarter of 2014, includes intangible asset impairment charges of $242 million, reflecting (i) $144 million related to developed technology rights; (ii) $79 million related to an in-process research and development (IPR&D) compound for the treatment of skin fibrosis; and (iii) $18 million related to an indefinite-lived brand. The intangible asset impairment charges for the third quarter of 2014 are associated with the following: the Global Established Pharmaceutical segment (GEP) ($163 million) and Worldwide Research and Development ($79 million). | ||||||||||||||||||||
In the first nine months of 2014, includes intangible asset impairment charges of $356 million, reflecting (i) $190 million for an IPR&D compound for the treatment of skin fibrosis (full write-off); (ii) $147 million related to developed technology rights; and (iii) $18 million related to an indefinite-lived brand. The intangible asset impairment charges for the first nine months of 2014 are primarily associated with the following: the Global Established Pharmaceutical segment (GEP) ($166 million) and Worldwide Research and Development ($190 million). | |||||||||||||||||||||
The intangible asset impairment charges for 2014 reflect, among other things, updated commercial forecasts; and with regard to IPR&D, the impact of changes to the development program and new scientific findings. | |||||||||||||||||||||
In the third quarter of 2013, includes intangible asset impairment charges of $185 million, primarily reflecting (i) $95 million of indefinite-lived brands, primarily related to our biopharmaceutical indefinite-lived brand, Xanax; and (ii) $90 million related to one IPR&D compound (full write-off). The intangible asset impairment charges for the third quarter of 2013 are associated with the Global Established Pharmaceutical segment (GEP). In addition, the third quarter of 2013 includes an impairment charge of approximately $32 million related to our investment in Teuto. | |||||||||||||||||||||
In the first nine months of 2013, includes intangible asset impairment charges of $674 million, primarily reflecting (i) $394 million of developed technology rights (for use in the development of bone and cartilage) acquired in connection with our acquisition of Wyeth; (ii) $171 million related to three IPR&D compounds; and (iii) $109 million of indefinite lived brands, primarily related to our biopharmaceutical indefinite-lived brand, Xanax/Xanax XR. The impairment charges for the first nine months of 2013 are associated with the following: Global Innovative Pharmaceutical segment ($432 million); Global Established Pharmaceutical segment ($185 million); Worldwide Research and Development ($43 million); and Consumer Healthcare ($14 million). In addition, the first nine months of 2013 include an impairment charge of approximately $39 million for certain private company investments and an impairment charge of $32 million related to Teuto. | |||||||||||||||||||||
The intangible asset impairment charges for 2013 reflect, among other things, updated commercial forecasts, and with regard to IPR&D, the impact of new scientific findings. | |||||||||||||||||||||
(h) | Represents costs incurred in connection with the IPO of an approximate 19.8% ownership interest in Zoetis. Includes expenditures for banking, legal, accounting and similar services. For additional information, see Note 2B. Acquisition, Divestiture, Licensing Arrangements and Equity-Method Investments: Divestiture. | ||||||||||||||||||||
(i) | Includes the following: (i) in the third quarter and first nine months of 2014, the gain of approximately $46 million reflecting the change in the fair value of the contingent consideration associated with our acquisition of NextWave Pharmaceuticals, Inc. (NextWave) and the gain of approximately $56 million reflecting the change in the fair value of the contingent consideration associated with our acquisition of Excaliard Pharmaceuticals, Inc.; (ii) in the third quarter and first nine months of 2013, the gain of approximately $128 million and $109 million, respectively, reflecting the change in the fair value of the contingent consideration associated with our acquisition of NextWave; (iii) in the third quarter and first nine months of 2013, an estimated loss of $223 million related to an option to acquire the remaining interest in Teuto, and in the third quarter and first nine months of 2014, income of $90 million resulting from a decline in the estimated loss from the aforementioned option; and (iv) in the first nine months of 2014, a loss of $30 million due to a change in our ownership interest in ViiV and in the third quarter and first nine months of 2013, a loss of $31 million due to a change in our ownership interest in ViiV. For additional information concerning Teuto and ViiV, see Note 2D. Acquisition, Divestiture, Licensing Arrangements and Equity-Method Investments: Equity-Method Investments. | ||||||||||||||||||||
Schedule of Additional Information About Intangible Assets Impaired | ' | ||||||||||||||||||||
The following table provides additional information about the intangible assets that were impaired during the first nine months of 2014 in Other (income)/deductions––net: | |||||||||||||||||||||
Fair Value(a) | Nine Months Ended September 28, 2014 | ||||||||||||||||||||
(MILLIONS OF DOLLARS) | Amount | Level 1 | Level 2 | Level 3 | Impairment | ||||||||||||||||
Intangible assets––IPR&D(b) | $ | — | $ | — | $ | — | $ | — | $ | 190 | |||||||||||
Intangible assets––Developed technology rights(b) | 233 | — | — | 233 | 147 | ||||||||||||||||
Intangible assets––Indefinite-lived brands(b) | 242 | — | — | 242 | 18 | ||||||||||||||||
Total | $ | 475 | $ | — | $ | — | $ | 475 | $ | 356 | |||||||||||
(a) | The fair value amount is presented as of the date of impairment, as this asset is not measured at fair value on a recurring basis. See also Note 1C. Basis of Presentation and Significant Accounting Policies: Fair Value. | ||||||||||||||||||||
(b) | Reflects intangible assets written down to fair value in the first nine months of 2014. Fair value was determined using the income approach, specifically the multi-period excess earnings method, also known as the discounted cash flow method. We started with a forecast of all the expected net cash flows associated with the asset and then we applied an asset-specific discount rate to arrive at a net present value amount. Some of the more significant estimates and assumptions inherent in this approach include: the amount and timing of the projected net cash flows, which includes the expected impact of competitive, legal and/or regulatory forces on the product and the impact of technological risk associated with IPR&D assets; the discount rate, which seeks to reflect the various risks inherent in the projected cash flows; and the tax rate, which seeks to incorporate the geographic diversity of the projected cash flows. |
Tax_Matters_Tables
Tax Matters (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 28, 2014 | |||||||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||||||
Schedule of Tax Benefit on Other Comprehensive Income/(Loss) | ' | ||||||||||||||||
The following table provides the components of the tax provision on Other comprehensive income/(loss): | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
(MILLIONS OF DOLLARS) | September 28, | September 29, | September 28, | September 29, | |||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Foreign currency translation adjustments(a) | $ | 23 | $ | (2 | ) | $ | 13 | $ | 88 | ||||||||
Unrealized holding gains/(losses) on derivative financial instruments | (117 | ) | 125 | (133 | ) | 107 | |||||||||||
Reclassification adjustments for realized (gains)/losses | 175 | (116 | ) | 183 | (15 | ) | |||||||||||
58 | 9 | 50 | 92 | ||||||||||||||
Unrealized holding gains/(losses) on available-for-sale securities | (27 | ) | 47 | (4 | ) | 60 | |||||||||||
Reclassification adjustments for realized (gains)/losses | 2 | (13 | ) | (38 | ) | (30 | ) | ||||||||||
(25 | ) | 34 | (42 | ) | 30 | ||||||||||||
Benefit plans: actuarial gains/(losses), net | 5 | (1 | ) | 3 | 10 | ||||||||||||
Reclassification adjustments related to amortization | 15 | 49 | 47 | 155 | |||||||||||||
Reclassification adjustments related to settlements, net | 6 | 18 | 21 | 54 | |||||||||||||
Other | 3 | (23 | ) | (4 | ) | 35 | |||||||||||
30 | 43 | 68 | 254 | ||||||||||||||
Benefit plans: prior service credits and other | — | — | — | 1 | |||||||||||||
Reclassification adjustments related to amortization | (7 | ) | (5 | ) | (21 | ) | (17 | ) | |||||||||
Reclassification adjustments related to curtailments, net | 1 | — | 2 | (4 | ) | ||||||||||||
Other | 2 | 1 | — | (1 | ) | ||||||||||||
(4 | ) | (4 | ) | (19 | ) | (21 | ) | ||||||||||
Tax provision on other comprehensive income/(loss) | $ | 83 | $ | 80 | $ | 71 | $ | 443 | |||||||||
(a) | Taxes are not provided for foreign currency translation adjustments relating to investments in international subsidiaries that will be held indefinitely. |
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Loss (Tables) | 9 Months Ended | ||||||||||||||||||||||||
Sep. 28, 2014 | |||||||||||||||||||||||||
Equity [Abstract] | ' | ||||||||||||||||||||||||
Schedule of Changes in Accumulated Other Comprehensive Loss, Net of Tax | ' | ||||||||||||||||||||||||
The following table provides the changes, net of tax, in Accumulated other comprehensive loss: | |||||||||||||||||||||||||
Net Unrealized Gains/(Losses) | Benefit Plans | ||||||||||||||||||||||||
(MILLIONS OF DOLLARS) | Foreign Currency Translation Adjustments | Derivative Financial Instruments | Available-For-Sale Securities | Actuarial Gains/(Losses) | Prior Service (Costs)/Credits and Other | Accumulated Other Comprehensive Loss | |||||||||||||||||||
Balance, December 31, 2013 | $ | (590 | ) | $ | 79 | $ | 150 | $ | (3,223 | ) | $ | 313 | $ | (3,271 | ) | ||||||||||
Other comprehensive income/(loss)(a) | (355 | ) | 248 | (229 | ) | 165 | (26 | ) | (196 | ) | |||||||||||||||
Balance, September 28, 2014 | $ | (945 | ) | $ | 327 | $ | (78 | ) | $ | (3,058 | ) | $ | 288 | $ | (3,467 | ) | |||||||||
(a) | Amounts do not include foreign currency translation income of $8 million attributable to noncontrolling interests for the first nine months of 2014. |
Financial_Instruments_Tables
Financial Instruments (Tables) | 9 Months Ended | ||||||||||||||||||||||||
Sep. 28, 2014 | |||||||||||||||||||||||||
Financial Instruments [Abstract] | ' | ||||||||||||||||||||||||
Information about Certain Financial Assets and Liabilities | ' | ||||||||||||||||||||||||
The following table provides additional information about certain of our financial assets and liabilities: | |||||||||||||||||||||||||
(MILLIONS OF DOLLARS) | September 28, | December 31, | |||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Selected financial assets measured at fair value on a recurring basis(a) | |||||||||||||||||||||||||
Trading securities(b) | $ | 104 | $ | 126 | |||||||||||||||||||||
Available-for-sale debt securities(c) | 39,547 | 34,899 | |||||||||||||||||||||||
Available-for-sale money market funds | 1,526 | 945 | |||||||||||||||||||||||
Available-for-sale equity securities, excluding money market funds(c) | 343 | 356 | |||||||||||||||||||||||
Derivative financial instruments in a receivable position(d): | |||||||||||||||||||||||||
Interest rate swaps | 468 | 468 | |||||||||||||||||||||||
Foreign currency swaps | 511 | 871 | |||||||||||||||||||||||
Foreign currency forward-exchange contracts | 227 | 172 | |||||||||||||||||||||||
42,726 | 37,837 | ||||||||||||||||||||||||
Other selected financial assets | |||||||||||||||||||||||||
Held-to-maturity debt securities, carried at amortized cost(c), (e) | 7,294 | 9,139 | |||||||||||||||||||||||
Private equity securities, carried at equity-method or at cost(e), (f) | 2,109 | 2,270 | |||||||||||||||||||||||
9,403 | 11,409 | ||||||||||||||||||||||||
Total selected financial assets | $ | 52,128 | $ | 49,246 | |||||||||||||||||||||
Selected financial liabilities measured at fair value on a recurring basis(a) | |||||||||||||||||||||||||
Derivative financial instruments in a liability position(g): | |||||||||||||||||||||||||
Interest rate swaps | $ | 65 | $ | 301 | |||||||||||||||||||||
Foreign currency swaps | 478 | 110 | |||||||||||||||||||||||
Foreign currency forward-exchange contracts | 34 | 219 | |||||||||||||||||||||||
577 | 630 | ||||||||||||||||||||||||
Other selected financial liabilities(h) | |||||||||||||||||||||||||
Short-term borrowings, carried at historical proceeds, as adjusted(e) | 5,389 | 6,027 | |||||||||||||||||||||||
Long-term debt, carried at historical proceeds, as adjusted(i), (j) | 31,666 | 30,462 | |||||||||||||||||||||||
37,055 | 36,489 | ||||||||||||||||||||||||
Total selected financial liabilities | $ | 37,632 | $ | 37,119 | |||||||||||||||||||||
(a) | We use a market approach in valuing financial instruments on a recurring basis. For additional information, see Note 1C. Basis of Presentation and Significant Accounting Policies: Fair Value. 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. | ||||||||||||||||||||||||
(b) | Trading securities are held in trust for benefits attributable to the former Pharmacia Savings Plus Plan. | ||||||||||||||||||||||||
(c) | Gross unrealized gains and losses are not significant. | ||||||||||||||||||||||||
(d) | Designated as hedging instruments, except for certain contracts used as offsets; namely, foreign currency forward-exchange contracts with fair values of $69 million as of September 28, 2014; and interest rate swaps with fair values of $38 million, foreign currency swaps with fair values of $30 million and foreign currency forward-exchange contracts with fair values of $66 million as of December 31, 2013. | ||||||||||||||||||||||||
(e) | 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 September 28, 2014 or December 31, 2013. 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. | ||||||||||||||||||||||||
(f) | Our private equity securities represent investments in the life sciences sector. | ||||||||||||||||||||||||
(g) | Designated as hedging instruments, except for certain contracts used as offsets; namely, foreign currency swaps with fair values of $239 million and foreign currency forward-exchange contracts with fair values of $29 million as of September 28, 2014; and foreign currency swaps with fair values of $76 million and foreign currency forward-exchange contracts with fair values of $77 million as of December 31, 2013. | ||||||||||||||||||||||||
(h) | 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. | ||||||||||||||||||||||||
(i) | Includes foreign currency debt with fair values of $614 million as of September 28, 2014 and $651 million as of December 31, 2013, which are used as hedging instruments. | ||||||||||||||||||||||||
(j) | The fair value of our long-term debt (not including the current portion of long-term debt) is $36.4 billion as of September 28, 2014 and $35.1 billion as of December 31, 2013. 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. | ||||||||||||||||||||||||
Selected Financial Assets and Liabilities Presented in the Condensed Consolidated Balance Sheets | ' | ||||||||||||||||||||||||
The following table provides the classification of these selected financial assets and liabilities in the condensed consolidated balance sheets: | |||||||||||||||||||||||||
(MILLIONS OF DOLLARS) | September 28, | December 31, | |||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||
Cash and cash equivalents | $ | 1,463 | $ | 1,104 | |||||||||||||||||||||
Short-term investments | 31,009 | 30,225 | |||||||||||||||||||||||
Long-term investments | 18,451 | 16,406 | |||||||||||||||||||||||
Other current assets(a) | 274 | 286 | |||||||||||||||||||||||
Other noncurrent assets(b) | 932 | 1,225 | |||||||||||||||||||||||
$ | 52,128 | $ | 49,246 | ||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||
Short-term borrowings, including current portion of long-term debt | $ | 5,389 | $ | 6,027 | |||||||||||||||||||||
Other current liabilities(c) | 216 | 303 | |||||||||||||||||||||||
Long-term debt | 31,666 | 30,462 | |||||||||||||||||||||||
Other noncurrent liabilities(d) | 361 | 327 | |||||||||||||||||||||||
$ | 37,632 | $ | 37,119 | ||||||||||||||||||||||
(a) | As of September 28, 2014, derivative instruments at fair value include interest rate swaps ($27 million), foreign currency swaps ($21 million) and foreign currency forward-exchange contracts ($226 million) and, as of December 31, 2013, include interest rate swaps ($90 million), foreign currency swaps ($24 million) and foreign currency forward-exchange contracts ($172 million). | ||||||||||||||||||||||||
(b) | As of September 28, 2014, derivative instruments at fair value include interest rate swaps ($441 million) and foreign currency swaps ($490 million) and foreign currency forward-exchange contracts ($1 million) and, as of December 31, 2013, include interest rate swaps ($378 million) and foreign currency swaps ($847 million). | ||||||||||||||||||||||||
(c) | As of September 28, 2014, derivative instruments at fair value include interest rate swaps ($2 million), foreign currency swaps ($180 million) and foreign currency forward-exchange contracts ($34 million) and, as of December 31, 2013, include foreign currency swaps ($84 million) and foreign currency forward-exchange contracts ($219 million). | ||||||||||||||||||||||||
(d) | As of September 28, 2014, derivative instruments at fair value include interest rate swaps ($63 million) and foreign currency swaps ($298 million) and, as of December 31, 2013, include interest rate swaps ($301 million) and foreign currency swaps ($26 million). | ||||||||||||||||||||||||
Contractual Maturities of Available-for-sale and Held-to-maturity Debt Securities | ' | ||||||||||||||||||||||||
The following table provides the contractual maturities, or as necessary, the estimated maturities, of the available-for-sale and held-to-maturity debt securities: | |||||||||||||||||||||||||
Years | September 28, | ||||||||||||||||||||||||
2014 | |||||||||||||||||||||||||
(MILLIONS OF DOLLARS) | Within 1 | Over 1 | Over 5 | Over 10 | Total | ||||||||||||||||||||
to 5 | to 10 | ||||||||||||||||||||||||
Available-for-sale debt securities | |||||||||||||||||||||||||
Western European, Asian, Scandinavian and other government debt(a) | $ | 14,013 | $ | 2,287 | $ | — | $ | — | $ | 16,300 | |||||||||||||||
Corporate debt(b) | 2,790 | 4,110 | 1,407 | 39 | 8,345 | ||||||||||||||||||||
U.S. government debt | 757 | 2,228 | 5 | — | 2,990 | ||||||||||||||||||||
Western European and other government agency debt(a) | 2,430 | 436 | — | — | 2,865 | ||||||||||||||||||||
Supranational debt(a) | 1,325 | 999 | — | — | 2,324 | ||||||||||||||||||||
Federal Home Loan Mortgage Corporation and Federal National Mortgage Association asset-backed securities | 3 | 1,768 | 127 | — | 1,898 | ||||||||||||||||||||
Reverse repurchase agreements(c) | 1,645 | — | — | — | 1,645 | ||||||||||||||||||||
Government National Mortgage Association and other U.S. government guaranteed asset-backed securities | 14 | 1,044 | 28 | — | 1,086 | ||||||||||||||||||||
Other asset-backed debt(d) | 707 | 1,376 | 9 | — | 2,092 | ||||||||||||||||||||
Held-to-maturity debt securities | |||||||||||||||||||||||||
Western European and other government debt(a) | 4,765 | — | — | — | 4,765 | ||||||||||||||||||||
Western European and Scandinavian government agency debt,(a) time deposits and other | 2,496 | 7 | 26 | — | 2,528 | ||||||||||||||||||||
Total debt securities | $ | 30,946 | $ | 14,254 | $ | 1,602 | $ | 39 | $ | 46,840 | |||||||||||||||
(a) | Issued by governments, government agencies or supranational entities, as applicable, all of which are investment-grade. | ||||||||||||||||||||||||
(b) | Issued by a diverse group of corporations, largely consisting of financial institutions, virtually all of which are investment-grade. | ||||||||||||||||||||||||
(c) | Involving U.S. securities. | ||||||||||||||||||||||||
(d) | Includes loan-backed, receivable-backed, and mortgage-backed securities, all of which are investment-grade and in senior positions in the capital structure of the security. Loan-backed securities are collateralized by senior secured obligations of a diverse pool of companies or student loans, and receivable-backed securities are collateralized by credit cards receivables. Mortgage-backed securities are collateralized by diversified pools of residential and commercial mortgages. These securities are valued by third party models that use significant inputs derived from observable market data like prepayment rates, default rates, and recovery rates. | ||||||||||||||||||||||||
Schedule of Long-term Debt Instruments | ' | ||||||||||||||||||||||||
The following table provides the components of the senior unsecured long-term debt issued in the second quarter of 2014: | |||||||||||||||||||||||||
(MILLIONS OF DOLLARS) | Maturity Date | As of | |||||||||||||||||||||||
September 28, | |||||||||||||||||||||||||
2014 | |||||||||||||||||||||||||
1.1% Notes(a), (b) | May-17 | $ | 1,000 | ||||||||||||||||||||||
2.1% Notes(a), (b) | May-19 | 1,500 | |||||||||||||||||||||||
3.4% Notes(a), (b) | May-24 | 1,000 | |||||||||||||||||||||||
4.4% Notes(a), (b) | May-44 | 500 | |||||||||||||||||||||||
Three-month U.S. dollar London Interbank Offering Rate (LIBOR) plus 0.15% Notes(c) | May-17 | 500 | |||||||||||||||||||||||
Total long-term debt issued in the second quarter of 2014 | $ | 4,500 | |||||||||||||||||||||||
(a) | Interest is payable semi-annually beginning November 15, 2014. | ||||||||||||||||||||||||
(b) | The notes are redeemable, in whole or in part, at any time at Pfizer's option, at a redemption price equal to the greater of 100% of the principal amount of the notes being redeemed on the redemption date, or the sum of the present values of the remaining scheduled payments of principal and interest discounted at the U.S. Treasury rate plus an incremental percentage, depending on the issuance; plus, in each case, accrued and unpaid interest. | ||||||||||||||||||||||||
(c) | Interest is payable quarterly beginning August 15, 2014. | ||||||||||||||||||||||||
Schedule of Maturities of Long-term Debt | ' | ||||||||||||||||||||||||
The following table provides the maturity schedule of our Long-term debt outstanding as of September 28, 2014: | |||||||||||||||||||||||||
(MILLIONS OF DOLLARS) | 2015 | 2016 | 2017 | 2018 | After 2018 | TOTAL | |||||||||||||||||||
Maturities | $ | — | $ | 4,162 | $ | 4,035 | $ | 2,399 | $ | 21,070 | $ | 31,666 | |||||||||||||
Derivative Instruments, Gain (Loss) | ' | ||||||||||||||||||||||||
The following table provides information about the gains/(losses) incurred to hedge or offset operational foreign exchange or interest rate risk: | |||||||||||||||||||||||||
Amount of | Amount of | Amount of | |||||||||||||||||||||||
Gains/(Losses) | Gains/(Losses) | Gains/(Losses) | |||||||||||||||||||||||
Recognized in OID(a), (b), (c) | Recognized in OCI | Reclassified from | |||||||||||||||||||||||
(Effective Portion)(a), (d) | OCI into OID | ||||||||||||||||||||||||
(Effective Portion)(a), (d) | |||||||||||||||||||||||||
(MILLIONS OF DOLLARS) | Sep 28, | Sep 29, | Sep 28, | Sep 29, | Sep 28, | Sep 29, | |||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||||||
Derivative Financial Instruments in Cash Flow Hedge Relationships: | |||||||||||||||||||||||||
Foreign currency swaps | $ | — | $ | — | $ | (383 | ) | $ | 489 | $ | (474 | ) | $ | 314 | |||||||||||
Foreign currency forward-exchange contracts | — | — | 212 | (479 | ) | 33 | 25 | ||||||||||||||||||
Derivative Financial Instruments in Net Investment Hedge Relationships: | |||||||||||||||||||||||||
Foreign currency swaps | — | — | 21 | (2 | ) | — | — | ||||||||||||||||||
Foreign currency forward-exchange contracts | — | (4 | ) | — | (1 | ) | — | — | |||||||||||||||||
Derivative Financial Instruments Not Designated as Hedges: | |||||||||||||||||||||||||
Foreign currency forward-exchange contracts | 30 | (81 | ) | — | — | — | — | ||||||||||||||||||
Foreign currency swaps | — | (15 | ) | — | — | — | — | ||||||||||||||||||
Non-Derivative Financial Instruments in Net Investment Hedge Relationships: | |||||||||||||||||||||||||
Foreign currency long-term debt | — | — | 46 | (4 | ) | — | — | ||||||||||||||||||
$ | 31 | $ | (100 | ) | $ | (104 | ) | $ | 3 | $ | (441 | ) | $ | 339 | |||||||||||
Nine Months Ended | |||||||||||||||||||||||||
Derivative Financial Instruments in Cash Flow Hedge Relationships: | |||||||||||||||||||||||||
Foreign currency swaps | $ | — | $ | — | $ | (409 | ) | $ | 308 | $ | (471 | ) | $ | 63 | |||||||||||
Foreign currency forward-exchange contracts | — | — | 180 | (165 | ) | (56 | ) | (26 | ) | ||||||||||||||||
Derivative Financial Instruments in Net Investment Hedge Relationships: | |||||||||||||||||||||||||
Foreign currency swaps | — | (3 | ) | 11 | 137 | — | — | ||||||||||||||||||
Foreign currency forward-exchange contracts | — | (4 | ) | — | (1 | ) | — | — | |||||||||||||||||
Derivative Financial Instruments Not Designated as Hedges: | |||||||||||||||||||||||||
Foreign currency forward-exchange contracts | 51 | 47 | — | — | — | — | |||||||||||||||||||
Foreign currency swaps | — | (14 | ) | — | — | — | — | ||||||||||||||||||
Non-Derivative Financial Instruments in Net Investment Hedge Relationships: | |||||||||||||||||||||||||
Foreign currency long-term debt | — | — | 24 | 93 | — | — | |||||||||||||||||||
All other net | (3 | ) | — | — | — | — | — | ||||||||||||||||||
$ | 48 | $ | 26 | $ | (194 | ) | $ | 372 | $ | (527 | ) | $ | 36 | ||||||||||||
(a) | OID =ther (income)/deductions—net, included in Other (income)/deductions—net in the condensed consolidated statements of income. OCI =ther comprehensive income/(loss), included in the condensed consolidated statements of comprehensive income. | ||||||||||||||||||||||||
(b) | Also, includes gains and losses attributable to derivative instruments designated and qualifying as fair value hedges, as well as the offsetting gains and losses attributable to the hedged items in such hedging relationships. | ||||||||||||||||||||||||
(c) | There was no significant ineffectiveness for any period presented. | ||||||||||||||||||||||||
(d) | For derivative financial instruments in cash flow hedge relationships, the effective portion is included in Other comprehensive income/(loss)––Unrealized holding gains/(losses) on derivative financial instruments. For derivative financial instruments in net investment hedge relationships and for foreign currency debt designated as hedging instruments, the effective portion is included in Other comprehensive income/(loss)––Foreign currency translation adjustments. |
Inventories_Tables
Inventories (Tables) | 9 Months Ended | ||||||||
Sep. 28, 2014 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
Schedule of Components of Inventories, Current | ' | ||||||||
The following table provides the components of Inventories: | |||||||||
(MILLIONS OF DOLLARS) | September 28, | December 31, | |||||||
2014 | 2013 | ||||||||
Finished goods | $ | 2,200 | $ | 2,216 | |||||
Work-in-process | 3,597 | 3,445 | |||||||
Raw materials and supplies | 557 | 505 | |||||||
Inventories | $ | 6,355 | $ | 6,166 | |||||
Noncurrent inventories not included above(a) | $ | 444 | $ | 463 | |||||
(a) | Included in Other noncurrent assets. There are no recoverability issues associated with these amounts. | ||||||||
Schedule of Components of Inventories, Noncurrent | ' | ||||||||
The following table provides the components of Inventories: | |||||||||
(MILLIONS OF DOLLARS) | September 28, | December 31, | |||||||
2014 | 2013 | ||||||||
Finished goods | $ | 2,200 | $ | 2,216 | |||||
Work-in-process | 3,597 | 3,445 | |||||||
Raw materials and supplies | 557 | 505 | |||||||
Inventories | $ | 6,355 | $ | 6,166 | |||||
Noncurrent inventories not included above(a) | $ | 444 | $ | 463 | |||||
(a) | Included in Other noncurrent assets. There are no recoverability issues associated with these amounts. |
Goodwill_and_Other_Intangible_1
Goodwill and Other Intangible Assets (Tables) | 9 Months Ended | ||||||||||||||||||||||||
Sep. 28, 2014 | |||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ||||||||||||||||||||||||
Schedule of Goodwill | ' | ||||||||||||||||||||||||
The following table provides the components of and changes in Goodwill: | |||||||||||||||||||||||||
(MILLIONS OF DOLLARS) | GIP | VOC | GEP | To be Allocated(a) | Total | ||||||||||||||||||||
Balance, December 31, 2013 | $ | $ | $ | $ | 42,519 | $ | 42,519 | ||||||||||||||||||
Additions(b) | 125 | 125 | |||||||||||||||||||||||
Other(c) | 81 | 81 | |||||||||||||||||||||||
Balance, September 28, 2014 | $ | $ | $ | $ | 42,724 | $ | 42,724 | ||||||||||||||||||
(a) | The amount to be allocated includes the goodwill associated with our former biopharmaceutical operating segments (see above), for which the allocation to our new reporting units, and, as a result, to the new operating segments, is pending. | ||||||||||||||||||||||||
(b) | Reflects the acquisition of InnoPharma. For additional information, see Note 2A. Acquisition, Divestiture, Licensing Arrangements and Equity-Method Investments: Acquisition. | ||||||||||||||||||||||||
(c) | Primarily reflects the impact of foreign exchange. | ||||||||||||||||||||||||
Schedule of Finite-Lived Intangible Assets | ' | ||||||||||||||||||||||||
The following table provides the components of Identifiable intangible assets: | |||||||||||||||||||||||||
September 28, 2014 | December 31, 2013 | ||||||||||||||||||||||||
(MILLIONS OF DOLLARS) | Gross | Accumulated | Identifiable | Gross | Accumulated | Identifiable | |||||||||||||||||||
Carrying | Amortization | Intangible | Carrying | Amortization | Intangible | ||||||||||||||||||||
Amount | Assets, less | Amount | Assets, less | ||||||||||||||||||||||
Accumulated | Accumulated | ||||||||||||||||||||||||
Amortization | Amortization | ||||||||||||||||||||||||
Finite-lived intangible assets | |||||||||||||||||||||||||
Developed technology rights | $ | 71,704 | $ | (44,444 | ) | $ | 27,260 | $ | 72,038 | $ | (41,541 | ) | $ | 30,497 | |||||||||||
Brands | 1,982 | (836 | ) | 1,146 | 1,743 | (773 | ) | 970 | |||||||||||||||||
Licensing agreements and other | 990 | (826 | ) | 164 | 896 | (805 | ) | 91 | |||||||||||||||||
74,676 | (46,106 | ) | 28,570 | 74,677 | (43,119 | ) | 31,558 | ||||||||||||||||||
Indefinite-lived intangible assets | |||||||||||||||||||||||||
Brands and other | 7,346 | 7,346 | 7,384 | 7,384 | |||||||||||||||||||||
In-process research and development | 459 | 459 | 443 | 443 | |||||||||||||||||||||
7,805 | 7,805 | 7,827 | 7,827 | ||||||||||||||||||||||
Identifiable intangible assets(a) | $ | 82,481 | $ | (46,106 | ) | $ | 36,374 | $ | 82,504 | $ | (43,119 | ) | $ | 39,385 | |||||||||||
(a) | The decrease in identifiable intangible assets, less accumulated amortization, is primarily related to amortization and, to a much lesser extent, asset impairment charges, partially offset by assets acquired from InnoPharma and the Nexium over-the-counter milestones. For information about impairments of intangible assets, see Note 4. Other (Income)/Deductions—Net. For information about the assets acquired from InnoPharma and the Nexium over-the-counter milestones, see Note 2A. Acquisition, Divestiture, Licensing Arrangements and Equity-Method Investments: Acquisition and Note 2C. Acquisition, Divestiture, Licensing Arrangements and Equity-Method Investments: Licensing Arrangements, respectively. | ||||||||||||||||||||||||
Schedule of Indefinite Lived Intangible Assets | ' | ||||||||||||||||||||||||
The following table provides the components of Identifiable intangible assets: | |||||||||||||||||||||||||
September 28, 2014 | December 31, 2013 | ||||||||||||||||||||||||
(MILLIONS OF DOLLARS) | Gross | Accumulated | Identifiable | Gross | Accumulated | Identifiable | |||||||||||||||||||
Carrying | Amortization | Intangible | Carrying | Amortization | Intangible | ||||||||||||||||||||
Amount | Assets, less | Amount | Assets, less | ||||||||||||||||||||||
Accumulated | Accumulated | ||||||||||||||||||||||||
Amortization | Amortization | ||||||||||||||||||||||||
Finite-lived intangible assets | |||||||||||||||||||||||||
Developed technology rights | $ | 71,704 | $ | (44,444 | ) | $ | 27,260 | $ | 72,038 | $ | (41,541 | ) | $ | 30,497 | |||||||||||
Brands | 1,982 | (836 | ) | 1,146 | 1,743 | (773 | ) | 970 | |||||||||||||||||
Licensing agreements and other | 990 | (826 | ) | 164 | 896 | (805 | ) | 91 | |||||||||||||||||
74,676 | (46,106 | ) | 28,570 | 74,677 | (43,119 | ) | 31,558 | ||||||||||||||||||
Indefinite-lived intangible assets | |||||||||||||||||||||||||
Brands and other | 7,346 | 7,346 | 7,384 | 7,384 | |||||||||||||||||||||
In-process research and development | 459 | 459 | 443 | 443 | |||||||||||||||||||||
7,805 | 7,805 | 7,827 | 7,827 | ||||||||||||||||||||||
Identifiable intangible assets(a) | $ | 82,481 | $ | (46,106 | ) | $ | 36,374 | $ | 82,504 | $ | (43,119 | ) | $ | 39,385 | |||||||||||
(a) | The decrease in identifiable intangible assets, less accumulated amortization, is primarily related to amortization and, to a much lesser extent, asset impairment charges, partially offset by assets acquired from InnoPharma and the Nexium over-the-counter milestones. For information about impairments of intangible assets, see Note 4. Other (Income)/Deductions—Net. For information about the assets acquired from InnoPharma and the Nexium over-the-counter milestones, see Note 2A. Acquisition, Divestiture, Licensing Arrangements and Equity-Method Investments: Acquisition and Note 2C. Acquisition, Divestiture, Licensing Arrangements and Equity-Method Investments: Licensing Arrangements, respectively. | ||||||||||||||||||||||||
Identifiable intangible assets as a percentage of total identifiable intangible assets less accumulated amortization, by segment [Table Text Block] | ' | ||||||||||||||||||||||||
Our identifiable intangible assets are associated with the following, as a percentage of total identifiable intangible assets, less accumulated amortization: | |||||||||||||||||||||||||
September 28, 2014 | |||||||||||||||||||||||||
GIP | VOC | GEP | |||||||||||||||||||||||
Developed technology rights | 33 | % | 33 | % | 33 | % | |||||||||||||||||||
Brands, finite-lived | — | % | 81 | % | 19 | % | |||||||||||||||||||
Brands, indefinite-lived | — | % | 70 | % | 30 | % | |||||||||||||||||||
In-process research and development | 6 | % | 40 | % | 53 | % |
Pension_and_Postretirement_Ben1
Pension and Postretirement Benefit Plans (Tables) | 9 Months Ended | ||||||||||||||||||||||||||||||||
Sep. 28, 2014 | |||||||||||||||||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | ' | ||||||||||||||||||||||||||||||||
Schedule of Net Periodic Benefit Costs | ' | ||||||||||||||||||||||||||||||||
The following table provides the components of net periodic benefit cost (including, in 2013, costs reported as part of discontinued operations): | |||||||||||||||||||||||||||||||||
Pension Plans | |||||||||||||||||||||||||||||||||
U.S. | U.S. | International(c) | Postretirement | ||||||||||||||||||||||||||||||
Qualified(a) | Supplemental | Plans(d) | |||||||||||||||||||||||||||||||
(Non-Qualified)(b) | |||||||||||||||||||||||||||||||||
(MILLIONS OF DOLLARS) | Sep 28, | Sep 29, | Sep 28, | Sep 29, | Sep 28, | Sep 29, | Sep 28, | Sep 29, | |||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||||||||||||||
Net periodic benefit cost: | |||||||||||||||||||||||||||||||||
Service cost | $ | 63 | $ | 75 | $ | 5 | $ | 7 | $ | 49 | $ | 51 | $ | 14 | $ | 15 | |||||||||||||||||
Interest cost | 174 | 166 | 14 | 26 | 99 | 92 | 42 | 42 | |||||||||||||||||||||||||
Expected return on plan assets | (260 | ) | (248 | ) | — | — | (117 | ) | (99 | ) | (16 | ) | (14 | ) | |||||||||||||||||||
Amortization of: | |||||||||||||||||||||||||||||||||
Actuarial losses | 15 | 88 | 7 | 11 | 24 | 28 | 1 | 11 | |||||||||||||||||||||||||
Prior service credits | (2 | ) | (2 | ) | — | (1 | ) | (2 | ) | (1 | ) | (14 | ) | (11 | ) | ||||||||||||||||||
Net transition obligation | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Curtailments | — | — | — | — | (11 | ) | (6 | ) | — | — | |||||||||||||||||||||||
Settlements | 11 | 29 | 5 | 7 | 2 | 8 | — | — | |||||||||||||||||||||||||
Special termination benefits | — | — | — | — | 2 | 1 | — | — | |||||||||||||||||||||||||
$ | 2 | $ | 108 | $ | 31 | $ | 50 | $ | 46 | $ | 74 | $ | 27 | $ | 43 | ||||||||||||||||||
Nine Months Ended | |||||||||||||||||||||||||||||||||
Net periodic benefit cost: | |||||||||||||||||||||||||||||||||
Service cost | $ | 190 | $ | 227 | $ | 15 | $ | 20 | $ | 153 | $ | 161 | $ | 41 | $ | 46 | |||||||||||||||||
Interest cost | 524 | 501 | 43 | 53 | 300 | 283 | 127 | 125 | |||||||||||||||||||||||||
Expected return on plan assets | (785 | ) | (752 | ) | — | — | (347 | ) | (304 | ) | (47 | ) | (41 | ) | |||||||||||||||||||
Amortization of: | |||||||||||||||||||||||||||||||||
Actuarial losses | 47 | 267 | 22 | 38 | 73 | 100 | 4 | 34 | |||||||||||||||||||||||||
Prior service credits | (5 | ) | (5 | ) | (1 | ) | (2 | ) | (5 | ) | (5 | ) | (43 | ) | (33 | ) | |||||||||||||||||
Net transition obligation | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||
Curtailments | 2 | (1 | ) | — | — | 4 | (28 | ) | (4 | ) | (9 | ) | |||||||||||||||||||||
Settlements | 32 | 92 | 21 | 35 | 4 | 14 | — | — | |||||||||||||||||||||||||
Special termination benefits | — | — | — | — | 7 | 3 | — | — | |||||||||||||||||||||||||
$ | 5 | $ | 329 | $ | 100 | $ | 144 | $ | 188 | $ | 224 | $ | 78 | $ | 122 | ||||||||||||||||||
(a) | The decrease in net periodic benefit costs for the three and nine months ended September 28, 2014, compared to the three and nine months ended September 29, 2013, for our U.S. qualified pension plans was primarily driven by the decrease in the amounts amortized for actuarial losses resulting from the increase, in 2013, in the discount rate used to determine the benefit obligation (which reduced the amount of deferred actuarial losses), lower service cost resulting from cost-reduction initiatives, lower settlement activity and greater expected return on plan assets resulting from an increased plan asset base, partially offset by higher interest costs resulting from the increase, in 2013, in the discount rate used to determine the benefit obligation. | ||||||||||||||||||||||||||||||||
(b) | The decrease in net periodic benefit costs for the three and nine months ended September 28, 2014, compared to the three and nine months ended September 29, 2013, for our U.S. supplemental (non-qualified) pension plans was primarily driven by lower settlement activity, lower interest costs and the decrease in the amounts amortized for actuarial losses resulting from the increase, in 2013, in the discount rate used to determine the benefit obligation. | ||||||||||||||||||||||||||||||||
(c) | The decrease in net periodic benefit costs for the nine months ended September 28, 2014, compared to the nine months ended September 29, 2013, for our international pension plans was primarily driven by the decrease in the amounts amortized for actuarial losses resulting from increases, in 2013, in the discount rates used to determine the benefit obligations, greater expected return on plan assets resulting from an increased plan asset base, partially offset by increased curtailment losses in 2014 primarily due to a loss relating to a U.K. pension plan freeze in the current year and changes in curtailments related to restructuring initiatives. The decrease in net periodic benefit costs for the three months ended September 28, 2014, compared to the three months ended September 29, 2013, for our international pension plans was primarily driven by the greater expected return on plan assets resulting from an increased plan asset base and the change in the impact of curtailments and settlements associated with restructuring initiatives. | ||||||||||||||||||||||||||||||||
(d) | The decrease in net periodic benefit costs for the three and nine months ended September 28, 2014, compared to the three and nine months ended September 29, 2013, for our postretirement plans was primarily driven by the decrease in the amounts amortized for actuarial losses resulting from the increase, in 2013, in the discount rate used to determine the benefit obligation (which reduced the amount of deferred actuarial losses), as well as an amendment to the U.S. plans at the end of 2013 resulting in increased amortization of prior service credits in the current year. | ||||||||||||||||||||||||||||||||
Schedule of Employer Contributions to Pension and Postretirement Plans | ' | ||||||||||||||||||||||||||||||||
As of and for the nine months ended September 28, 2014, we contributed and expect to contribute from our general assets as follows: | |||||||||||||||||||||||||||||||||
Pension Plans | |||||||||||||||||||||||||||||||||
(MILLIONS OF DOLLARS) | U.S. Qualified | U.S. Supplemental (Non-Qualified) | International | Postretirement Plans | |||||||||||||||||||||||||||||
Contributions from our general assets for the nine months ended September 28, 2014 | $ | 22 | $ | 140 | $ | 235 | $ | 183 | |||||||||||||||||||||||||
Expected contributions from our general assets during 2014(a) | $ | 23 | $ | 168 | $ | 314 | $ | 244 | |||||||||||||||||||||||||
(a) | Contributions expected to be made for 2014 are inclusive of amounts contributed during the nine months ended September 28, 2014. The U.S. supplemental (non-qualified) pension plan, international pension plan and the postretirement plan contributions from our general assets include direct employer benefit payments. |
Earnings_Per_Common_Share_Attr1
Earnings Per Common Share Attributable to Common Shareholders (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 28, 2014 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Schedule of Basic and Diluted Earning Per Share | ' | ||||||||||||||||
The following table provides the detailed calculation of Earnings per common share (EPS): | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
(IN MILLIONS) | September 28, | September 29, | September 28, | September 29, | |||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
EPS Numerator––Basic | |||||||||||||||||
Income from continuing operations | $ | 2,676 | $ | 2,588 | $ | 7,862 | $ | 8,779 | |||||||||
Less: Net income attributable to noncontrolling interests | 6 | 6 | 25 | 25 | |||||||||||||
Income from continuing operations attributable to Pfizer Inc. | 2,669 | 2,582 | 7,838 | 8,754 | |||||||||||||
Less: Preferred stock dividends––net of tax | — | — | 1 | 1 | |||||||||||||
Income from continuing operations attributable to Pfizer Inc. common shareholders | 2,669 | 2,582 | 7,837 | 8,753 | |||||||||||||
Discontinued operations––net of tax | (3 | ) | 11 | 70 | 10,719 | ||||||||||||
Less: Discontinued operations––net of tax, attributable to noncontrolling interests | — | — | — | 39 | |||||||||||||
Discontinued operations––net of tax, attributable to Pfizer Inc. common shareholders | (3 | ) | 11 | 70 | 10,680 | ||||||||||||
Net income attributable to Pfizer Inc. common shareholders | $ | 2,666 | $ | 2,593 | $ | 7,906 | $ | 19,433 | |||||||||
EPS Numerator––Diluted | |||||||||||||||||
Income from continuing operations attributable to Pfizer Inc. common shareholders and assumed conversions | $ | 2,670 | $ | 2,582 | $ | 7,838 | $ | 8,754 | |||||||||
Discontinued operations––net of tax, attributable to Pfizer Inc. common shareholders and assumed conversions | (3 | ) | 11 | 70 | 10,680 | ||||||||||||
Net income attributable to Pfizer Inc. common shareholders and assumed conversions | $ | 2,666 | $ | 2,593 | $ | 7,908 | $ | 19,434 | |||||||||
EPS Denominator | |||||||||||||||||
Weighted-average number of common shares outstanding––Basic | 6,330 | 6,581 | 6,363 | 6,938 | |||||||||||||
Common-share equivalents: stock options, stock issuable under employee compensation plans and convertible preferred stock | 73 | 75 | 78 | 78 | |||||||||||||
Weighted-average number of common shares outstanding––Diluted | 6,403 | 6,656 | 6,441 | 7,016 | |||||||||||||
Stock options that had exercise prices greater than the average market price of our common stock issuable under employee compensation plans(a) | 44 | 43 | 44 | 43 | |||||||||||||
(a) | These common stock equivalents were outstanding for the nine months ended September 28, 2014 and September 29, 2013, but were not included in the computation of diluted EPS for those periods because their inclusion would have had an anti-dilutive effect. |
Segment_Geographic_and_Other_R1
Segment, Geographic and Other Revenue Information (Tables) | 9 Months Ended | ||||||||||||||||||||||
Sep. 28, 2014 | |||||||||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||||||||
Reconciliation of Revenue from Segments to Consolidated | ' | ||||||||||||||||||||||
The following table provides selected income statement information by reportable segment: | |||||||||||||||||||||||
Revenues | Earnings(a) | ||||||||||||||||||||||
(MILLIONS OF DOLLARS) | September 28, | September 29, | September 28, | September 29, | |||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||||
Reportable Segments: | |||||||||||||||||||||||
Global Innovative Pharmaceutical (GIP) | $ | 3,490 | $ | 3,640 | $ | 2,063 | $ | 2,250 | |||||||||||||||
Global Vaccines, Oncology and Consumer Healthcare (VOC) | 2,511 | 2,215 | 1,235 | 1,039 | |||||||||||||||||||
Global Established Pharmaceutical (GEP) | 6,239 | 6,675 | 3,993 | 4,173 | |||||||||||||||||||
Total reportable segments | 12,240 | 12,530 | 7,291 | 7,462 | |||||||||||||||||||
Other business activities(b) | 56 | 46 | (832 | ) | (708 | ) | |||||||||||||||||
Reconciling Items: | |||||||||||||||||||||||
Corporate(c) | — | — | (1,308 | ) | (1,340 | ) | |||||||||||||||||
Purchase accounting adjustments(c) | — | — | (812 | ) | (960 | ) | |||||||||||||||||
Acquisition-related costs(c) | — | — | (54 | ) | (61 | ) | |||||||||||||||||
Certain significant items(d) | 65 | 67 | (548 | ) | (744 | ) | |||||||||||||||||
Other unallocated | — | — | (149 | ) | (75 | ) | |||||||||||||||||
$ | 12,361 | $ | 12,643 | $ | 3,587 | $ | 3,573 | ||||||||||||||||
Nine Months Ended | |||||||||||||||||||||||
Reportable Segments: | |||||||||||||||||||||||
Global Innovative Pharmaceutical business (GIP) | $ | 10,114 | $ | 10,672 | $ | 5,838 | $ | 6,464 | |||||||||||||||
Global Vaccines, Oncology and Consumer Healthcare (VOC) | 7,264 | 6,668 | 3,447 | 3,099 | |||||||||||||||||||
Global Established Pharmaceutical business (GEP) | 18,742 | 20,458 | 12,219 | 13,034 | |||||||||||||||||||
Total reportable segments | 36,119 | 37,798 | 21,504 | 22,597 | |||||||||||||||||||
Other business activities(b) | 175 | 162 | (2,212 | ) | (2,040 | ) | |||||||||||||||||
Reconciling Items: | |||||||||||||||||||||||
Corporate(c) | — | — | (3,794 | ) | (4,109 | ) | |||||||||||||||||
Purchase accounting adjustments(c) | — | — | (2,768 | ) | (3,287 | ) | |||||||||||||||||
Acquisition-related costs(c) | — | — | (131 | ) | (264 | ) | |||||||||||||||||
Certain significant items(d) | 193 | 67 | (1,803 | ) | 180 | ||||||||||||||||||
Other unallocated | — | — | (359 | ) | (422 | ) | |||||||||||||||||
$ | 36,487 | $ | 38,026 | $ | 10,437 | $ | 12,655 | ||||||||||||||||
(a) | Income from continuing operations before provision for taxes on income. | ||||||||||||||||||||||
(b) | Other business activities includes the revenues and operating results of Pfizer CentreSource, our contract manufacturing and bulk pharmaceutical chemical sales operation, and the costs managed by our Worldwide Research and Development organization and our Pfizer Medical organization. | ||||||||||||||||||||||
(c) | For a description, see the “Other Costs and Business Activities” section above. | ||||||||||||||||||||||
(d) | Certain significant items are substantive, unusual items that, either as a result of their nature or size, would not be expected to occur as part of our normal business on a regular basis. | ||||||||||||||||||||||
For Revenues in the third quarter and first nine months of 2014, certain significant items represent revenues related to our transitional manufacturing and supply agreements with Zoetis. For additional information, see Note 2B. Acquisition, Divestiture, Licensing Arrangements and Equity-Method Investments: Divestiture. | |||||||||||||||||||||||
For Earnings in the third quarter of 2014, certain significant items includes: (i) income related to our transitional manufacturing and supply agreements with Zoetis of $8 million, (ii) charges for certain legal matters of $28 million, (iii) restructuring charges and implementation costs associated with our cost-reduction initiatives that are not associated with an acquisition of $54 million, (iv) certain asset impairments of $242 million, (v) a charge for an additional year of Branded Prescription Drug Fee of $215 million and (vi) other charges of $18 million. For additional information, see Note 3. Restructuring Charges and Other Costs Associated with Acquisitions and Cost-Reduction/Productivity Initiatives and Note 4. Other (Income)/Deductions—Net. | |||||||||||||||||||||||
For Revenues in the third quarter and first nine months of 2013, certain significant items represent revenues related to our transitional manufacturing and supply agreements with Zoetis. For additional information, see Note 2B. Acquisition, Divestiture, Licensing Arrangements and Equity-Method Investments: Divestiture. | |||||||||||||||||||||||
For Earnings in the third quarter of 2013, certain significant items includes: (i) income related to our transitional manufacturing and supply agreements with Zoetis of $10 million, (ii) restructuring charges and implementation costs associated with our cost-reduction initiatives that are not associated with an acquisition of $262 million, (iii) certain asset impairments of $217 million, (iv) other charges of $266 million and (v) costs associated with a patent litigation settlement of $9 million. For additional information, see Note 3. Restructuring Charges and Other Costs Associated with Acquisitions and Cost-Reduction/Productivity Initiatives and Note 4. Other (Income)/Deductions—Net. | |||||||||||||||||||||||
For Earnings in the first nine months of 2014, certain significant items includes: (i) income related to our transitional manufacturing and supply agreements with Zoetis of $25 million, (ii) charges for certain legal matters of $726 million, (iii) certain asset impairments of $356 million, (iv) a charge for an additional year of Branded Prescription Drug Fee of $215 million, (v) restructuring charges and implementation costs associated with our cost-reduction initiatives that are not associated with an acquisition of $400 million and (vi) other charges of $130 million. For additional information, see Note 3. Restructuring Charges and Other Costs Associated with Acquisitions and Cost-Reduction/Productivity Initiatives and Note 4. Other (Income)/Deductions—Net. | |||||||||||||||||||||||
For Earnings in the first nine months of 2013, certain significant items includes: (i) income related to our transitional manufacturing and supply agreements with Zoetis of $10 million, (ii) patent litigation settlement income of $1.3 billion, (iii) restructuring charges and implementation costs associated with our cost-reduction initiatives that are not associated with an acquisition of $662 million, (iv) net credits for certain legal matters of $99 million, (v) certain asset impairments of $706 million, (vi) the gain associated with the transfer of certain product rights to Hisun Pfizer of $459 million, (vii) costs associated with the separation of Zoetis of $18 million and (viii) other charges of $344 million. For additional information, see Note 3. Restructuring Charges and Other Costs Associated with Acquisitions and Cost-Reduction/Productivity Initiatives and Note 4. Other (Income)/Deductions—Net. | |||||||||||||||||||||||
Reconciliation of Operating Profit (Loss) from Segments to Consolidated | ' | ||||||||||||||||||||||
The following table provides selected income statement information by reportable segment: | |||||||||||||||||||||||
Revenues | Earnings(a) | ||||||||||||||||||||||
(MILLIONS OF DOLLARS) | September 28, | September 29, | September 28, | September 29, | |||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||||
Reportable Segments: | |||||||||||||||||||||||
Global Innovative Pharmaceutical (GIP) | $ | 3,490 | $ | 3,640 | $ | 2,063 | $ | 2,250 | |||||||||||||||
Global Vaccines, Oncology and Consumer Healthcare (VOC) | 2,511 | 2,215 | 1,235 | 1,039 | |||||||||||||||||||
Global Established Pharmaceutical (GEP) | 6,239 | 6,675 | 3,993 | 4,173 | |||||||||||||||||||
Total reportable segments | 12,240 | 12,530 | 7,291 | 7,462 | |||||||||||||||||||
Other business activities(b) | 56 | 46 | (832 | ) | (708 | ) | |||||||||||||||||
Reconciling Items: | |||||||||||||||||||||||
Corporate(c) | — | — | (1,308 | ) | (1,340 | ) | |||||||||||||||||
Purchase accounting adjustments(c) | — | — | (812 | ) | (960 | ) | |||||||||||||||||
Acquisition-related costs(c) | — | — | (54 | ) | (61 | ) | |||||||||||||||||
Certain significant items(d) | 65 | 67 | (548 | ) | (744 | ) | |||||||||||||||||
Other unallocated | — | — | (149 | ) | (75 | ) | |||||||||||||||||
$ | 12,361 | $ | 12,643 | $ | 3,587 | $ | 3,573 | ||||||||||||||||
Nine Months Ended | |||||||||||||||||||||||
Reportable Segments: | |||||||||||||||||||||||
Global Innovative Pharmaceutical business (GIP) | $ | 10,114 | $ | 10,672 | $ | 5,838 | $ | 6,464 | |||||||||||||||
Global Vaccines, Oncology and Consumer Healthcare (VOC) | 7,264 | 6,668 | 3,447 | 3,099 | |||||||||||||||||||
Global Established Pharmaceutical business (GEP) | 18,742 | 20,458 | 12,219 | 13,034 | |||||||||||||||||||
Total reportable segments | 36,119 | 37,798 | 21,504 | 22,597 | |||||||||||||||||||
Other business activities(b) | 175 | 162 | (2,212 | ) | (2,040 | ) | |||||||||||||||||
Reconciling Items: | |||||||||||||||||||||||
Corporate(c) | — | — | (3,794 | ) | (4,109 | ) | |||||||||||||||||
Purchase accounting adjustments(c) | — | — | (2,768 | ) | (3,287 | ) | |||||||||||||||||
Acquisition-related costs(c) | — | — | (131 | ) | (264 | ) | |||||||||||||||||
Certain significant items(d) | 193 | 67 | (1,803 | ) | 180 | ||||||||||||||||||
Other unallocated | — | — | (359 | ) | (422 | ) | |||||||||||||||||
$ | 36,487 | $ | 38,026 | $ | 10,437 | $ | 12,655 | ||||||||||||||||
(a) | Income from continuing operations before provision for taxes on income. | ||||||||||||||||||||||
(b) | Other business activities includes the revenues and operating results of Pfizer CentreSource, our contract manufacturing and bulk pharmaceutical chemical sales operation, and the costs managed by our Worldwide Research and Development organization and our Pfizer Medical organization. | ||||||||||||||||||||||
(c) | For a description, see the “Other Costs and Business Activities” section above. | ||||||||||||||||||||||
(d) | Certain significant items are substantive, unusual items that, either as a result of their nature or size, would not be expected to occur as part of our normal business on a regular basis. | ||||||||||||||||||||||
For Revenues in the third quarter and first nine months of 2014, certain significant items represent revenues related to our transitional manufacturing and supply agreements with Zoetis. For additional information, see Note 2B. Acquisition, Divestiture, Licensing Arrangements and Equity-Method Investments: Divestiture. | |||||||||||||||||||||||
For Earnings in the third quarter of 2014, certain significant items includes: (i) income related to our transitional manufacturing and supply agreements with Zoetis of $8 million, (ii) charges for certain legal matters of $28 million, (iii) restructuring charges and implementation costs associated with our cost-reduction initiatives that are not associated with an acquisition of $54 million, (iv) certain asset impairments of $242 million, (v) a charge for an additional year of Branded Prescription Drug Fee of $215 million and (vi) other charges of $18 million. For additional information, see Note 3. Restructuring Charges and Other Costs Associated with Acquisitions and Cost-Reduction/Productivity Initiatives and Note 4. Other (Income)/Deductions—Net. | |||||||||||||||||||||||
For Revenues in the third quarter and first nine months of 2013, certain significant items represent revenues related to our transitional manufacturing and supply agreements with Zoetis. For additional information, see Note 2B. Acquisition, Divestiture, Licensing Arrangements and Equity-Method Investments: Divestiture. | |||||||||||||||||||||||
For Earnings in the third quarter of 2013, certain significant items includes: (i) income related to our transitional manufacturing and supply agreements with Zoetis of $10 million, (ii) restructuring charges and implementation costs associated with our cost-reduction initiatives that are not associated with an acquisition of $262 million, (iii) certain asset impairments of $217 million, (iv) other charges of $266 million and (v) costs associated with a patent litigation settlement of $9 million. For additional information, see Note 3. Restructuring Charges and Other Costs Associated with Acquisitions and Cost-Reduction/Productivity Initiatives and Note 4. Other (Income)/Deductions—Net. | |||||||||||||||||||||||
For Earnings in the first nine months of 2014, certain significant items includes: (i) income related to our transitional manufacturing and supply agreements with Zoetis of $25 million, (ii) charges for certain legal matters of $726 million, (iii) certain asset impairments of $356 million, (iv) a charge for an additional year of Branded Prescription Drug Fee of $215 million, (v) restructuring charges and implementation costs associated with our cost-reduction initiatives that are not associated with an acquisition of $400 million and (vi) other charges of $130 million. For additional information, see Note 3. Restructuring Charges and Other Costs Associated with Acquisitions and Cost-Reduction/Productivity Initiatives and Note 4. Other (Income)/Deductions—Net. | |||||||||||||||||||||||
For Earnings in the first nine months of 2013, certain significant items includes: (i) income related to our transitional manufacturing and supply agreements with Zoetis of $10 million, (ii) patent litigation settlement income of $1.3 billion, (iii) restructuring charges and implementation costs associated with our cost-reduction initiatives that are not associated with an acquisition of $662 million, (iv) net credits for certain legal matters of $99 million, (v) certain asset impairments of $706 million, (vi) the gain associated with the transfer of certain product rights to Hisun Pfizer of $459 million, (vii) costs associated with the separation of Zoetis of $18 million and (viii) other charges of $344 million. For additional information, see Note 3. Restructuring Charges and Other Costs Associated with Acquisitions and Cost-Reduction/Productivity Initiatives and Note 4. Other (Income)/Deductions—Net. | |||||||||||||||||||||||
Schedule of Revenues by Geographic Region | ' | ||||||||||||||||||||||
The following table provides revenues by geographic area: | |||||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
(MILLIONS OF DOLLARS) | September 28, | September 29, | % | September 28, | September 29, | % | |||||||||||||||||
2014 | 2013 | Change | 2014 | 2013 | Change | ||||||||||||||||||
United States | $ | 4,842 | $ | 5,186 | (7 | ) | $ | 14,023 | $ | 15,190 | (8 | ) | |||||||||||
Developed Europe(a) | 2,837 | 2,785 | 2 | 8,641 | 8,502 | 2 | |||||||||||||||||
Developed Rest of World(b) | 1,816 | 1,992 | (9 | ) | 5,404 | 6,139 | (12 | ) | |||||||||||||||
Emerging Markets(c) | 2,866 | 2,680 | 7 | 8,419 | 8,195 | 3 | |||||||||||||||||
Revenues | $ | 12,361 | $ | 12,643 | (2 | ) | $ | 36,487 | $ | 38,026 | (4 | ) | |||||||||||
(a) | Developed Europe region includes the following markets: Western Europe, Finland and the Scandinavian countries. Revenues denominated in euros were $2.2 billion and $2.1 billion in the third quarter of 2014 and 2013, respectively, and $6.6 billion and $6.4 billion in the first nine months of 2014 and 2013, respectively. | ||||||||||||||||||||||
(b) | Developed Rest of World region includes the following markets: Australia, Canada, Japan, New Zealand and South Korea. | ||||||||||||||||||||||
(c) | Emerging Markets region includes, but is not limited to, the following markets: Asia (excluding Japan and South Korea), Latin America, the Middle East, Eastern Europe, Africa, Turkey and Central Europe. | ||||||||||||||||||||||
Schedule of Significant Product Revenues | ' | ||||||||||||||||||||||
The following table provides detailed revenue information: | |||||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
(MILLIONS OF DOLLARS) | Business(a) | September 28, | September 29, | September 28, | September 29, | ||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||
Biopharmaceutical revenues: | |||||||||||||||||||||||
Lyrica(b) | GEP/GIP | $ | 1,317 | $ | 1,135 | $ | 3,783 | $ | 3,335 | ||||||||||||||
Prevnar family | V | 1,139 | 959 | 3,163 | 2,855 | ||||||||||||||||||
Enbrel (Outside the U.S. and Canada) | GIP | 955 | 932 | 2,846 | 2,769 | ||||||||||||||||||
Celebrex | GEP | 764 | 752 | 2,150 | 2,120 | ||||||||||||||||||
Lipitor | GEP | 490 | 533 | 1,489 | 1,704 | ||||||||||||||||||
Viagra(c) | GEP/GIP | 427 | 460 | 1,227 | 1,405 | ||||||||||||||||||
Zyvox | GEP | 339 | 319 | 1,008 | 1,007 | ||||||||||||||||||
Sutent | O | 287 | 278 | 865 | 892 | ||||||||||||||||||
Norvasc | GEP | 270 | 303 | 830 | 917 | ||||||||||||||||||
Premarin family | GEP | 264 | 276 | 786 | 793 | ||||||||||||||||||
BeneFIX | GIP | 212 | 213 | 640 | 619 | ||||||||||||||||||
Vfend | GEP | 174 | 193 | 572 | 557 | ||||||||||||||||||
Pristiq | GEP | 178 | 173 | 547 | 516 | ||||||||||||||||||
Genotropin | GIP | 173 | 183 | 534 | 570 | ||||||||||||||||||
Refacto AF/Xyntha | GIP | 160 | 148 | 477 | 433 | ||||||||||||||||||
Chantix/Champix | GIP | 158 | 154 | 475 | 486 | ||||||||||||||||||
Xalatan/Xalacom | GEP | 124 | 140 | 371 | 434 | ||||||||||||||||||
Medrol | GEP | 101 | 107 | 322 | 343 | ||||||||||||||||||
Zoloft | GEP | 104 | 116 | 310 | 341 | ||||||||||||||||||
Xalkori | O | 112 | 73 | 308 | 193 | ||||||||||||||||||
Inlyta | O | 102 | 83 | 291 | 217 | ||||||||||||||||||
Relpax | GEP | 92 | 83 | 277 | 263 | ||||||||||||||||||
Rapamune | GIP | 96 | 91 | 270 | 261 | ||||||||||||||||||
Sulperazon | GEP | 90 | 78 | 270 | 222 | ||||||||||||||||||
Fragmin | GEP | 90 | 83 | 266 | 263 | ||||||||||||||||||
Effexor | GEP | 86 | 96 | 263 | 326 | ||||||||||||||||||
Tygacil | GEP | 85 | 92 | 241 | 271 | ||||||||||||||||||
Zithromax/Zmax | GEP | 67 | 84 | 235 | 283 | ||||||||||||||||||
EpiPen | GEP | 79 | 85 | 231 | 230 | ||||||||||||||||||
Zosyn/Tazocin | GEP | 80 | 104 | 229 | 293 | ||||||||||||||||||
Toviaz | GIP | 69 | 57 | 211 | 174 | ||||||||||||||||||
Revatio | GEP | 64 | 75 | 208 | 225 | ||||||||||||||||||
Xeljanz | GIP | 85 | 35 | 205 | 68 | ||||||||||||||||||
Cardura | GEP | 64 | 70 | 199 | 221 | ||||||||||||||||||
Xanax/Xanax XR | GEP | 63 | 69 | 189 | 204 | ||||||||||||||||||
Inspra | GEP | 57 | 53 | 179 | 164 | ||||||||||||||||||
Somavert | GIP | 59 | 56 | 168 | 159 | ||||||||||||||||||
Neurontin | GEP | 51 | 50 | 158 | 158 | ||||||||||||||||||
Protonix/Pantoprazole | GEP | 55 | 42 | 153 | 137 | ||||||||||||||||||
Unasyn | GEP | 52 | 49 | 152 | 158 | ||||||||||||||||||
Detrol/Detrol LA | GEP | 54 | 131 | 149 | 437 | ||||||||||||||||||
Depo-Provera | GEP | 54 | 50 | 147 | 143 | ||||||||||||||||||
BMP2 | GIP | 56 | 48 | 147 | 159 | ||||||||||||||||||
Diflucan | GEP | 42 | 59 | 139 | 164 | ||||||||||||||||||
Dalacin/Cleocin | GEP | 50 | 50 | 137 | 149 | ||||||||||||||||||
Alliance revenues(d) | GEP/GIP | 233 | 684 | 681 | 2,187 | ||||||||||||||||||
All other GIP | GIP | 105 | 128 | 342 | 398 | ||||||||||||||||||
All other GEP | GEP | 1,540 | 1,675 | 4,642 | 5,063 | ||||||||||||||||||
All other V/O | V/O | 50 | 35 | 143 | 112 | ||||||||||||||||||
Total biopharmaceutical revenues | 11,419 | 11,742 | 33,626 | 35,398 | |||||||||||||||||||
Other revenues: | |||||||||||||||||||||||
Consumer Healthcare | C | 821 | 788 | 2,494 | 2,399 | ||||||||||||||||||
Other(e) | 121 | 113 | 368 | 229 | |||||||||||||||||||
Revenues | $ | 12,361 | $ | 12,643 | $ | 36,487 | $ | 38,026 | |||||||||||||||
(a) | Indicates the business to which the revenues relate. GIP =he Global Innovative Pharmaceutical segment; V=he Global Vaccines | ||||||||||||||||||||||
business; O=he Global Oncology business; C =he global Consumer Healthcare business; and GEP =he Global Established Pharmaceutical segment. | |||||||||||||||||||||||
(b) | Lyrica revenues from all of Europe are included in GEP. All other Lyrica revenues are included in GIP. | ||||||||||||||||||||||
(c) | Viagra revenues from the U.S. and Canada are included in GIP. All other Viagra revenues are included in GEP. | ||||||||||||||||||||||
(d) | Includes Enbrel (GIP, in the U.S. and Canada through October 31, 2013), Spiriva (GEP), Rebif (GIP), Aricept (GEP) and Eliquis (GIP). | ||||||||||||||||||||||
(e) | Other includes revenues generated from Pfizer CentreSource, our contract manufacturing and bulk pharmaceutical chemical sales organization, and also includes the revenues related to our transitional manufacturing and supply agreements with Zoetis. |
Basis_of_Presentation_and_Sign2
Basis of Presentation and Significant Accounting Policies (Details) (USD $) | 0 Months Ended | 3 Months Ended | 9 Months Ended | |||||||
In Millions, unless otherwise specified | Jun. 24, 2013 | Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 | |||||
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | ' | ' | ' | ' | ' | |||||
Gain on disposal of discontinued operations––net of tax | ' | $0 | [1] | ($25) | [1] | $70 | [1] | $10,393 | [1] | |
Zoetis Disposal [Member] | ' | ' | ' | ' | ' | |||||
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | ' | ' | ' | ' | ' | |||||
Gain on disposal of discontinued operations––net of tax | $10,400 | [2] | $0 | [2] | ($25) | [2] | $70 | [2] | $10,393 | [2] |
[1] | Amounts may not add due to rounding. | |||||||||
[2] | For the three months and nine months ended September 28, 2014 and for the three months ended September 29, 2013, represents post-close adjustments. |
Acquisition_Divestiture_Licens2
Acquisition, Divestiture, Licensing Arrangement and Equity-Method Investments - Acquisition (Details) (USD $) | Sep. 28, 2014 | Dec. 31, 2013 | Sep. 24, 2014 | Sep. 24, 2014 | Sep. 24, 2014 | Sep. 24, 2014 | ||
In Millions, unless otherwise specified | InnoPharma [Member] | InnoPharma [Member] | InnoPharma [Member] | InnoPharma [Member] | ||||
Developed Technology Rights [Member] | In Process Research and Development [Member] | |||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ||
Payments to acquire businesses | ' | ' | $225 | ' | ' | ' | ||
Contingent consideration estimated acquisition date fair value | ' | ' | ' | 67 | ' | ' | ||
Contingent consideration milestone payments, maximum possible amount | ' | ' | ' | 135 | ' | ' | ||
Intangible assets | ' | ' | ' | 247 | 35 | 212 | ||
Deferred tax liabilities | ' | ' | ' | 81 | ' | ' | ||
Goodwill | $42,724 | [1] | $42,519 | [1] | ' | $125 | ' | ' |
[1] | Amounts may not add due to rounding. |
Acquisition_Divestiture_Licens3
Acquisition, Divestiture, Licensing Arrangement and Equity-Method Investments - Divestiture Narrative (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 0 Months Ended | 3 Months Ended | 9 Months Ended | 0 Months Ended | ||||||||||||||||||
Share data in Thousands, unless otherwise specified | Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 | Jun. 24, 2013 | Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 | Feb. 06, 2013 | Feb. 06, 2013 | Feb. 06, 2013 | Jan. 28, 2013 | Feb. 06, 2013 | Jan. 28, 2013 | |||||||||
Zoetis Disposal [Member] | Zoetis Disposal [Member] | Zoetis Disposal [Member] | Zoetis Disposal [Member] | Zoetis Disposal [Member] | Zoetis Disposal [Member] | Zoetis Disposal [Member] | Zoetis Disposal [Member] | Zoetis Disposal [Member] | Zoetis Disposal [Member] | Zoetis Disposal [Member] | ||||||||||||||
Zoetis [Member] | Zoetis [Member] | Zoetis [Member] | Zoetis [Member] | Parent Company [Member] | Parent Company [Member] | |||||||||||||||||||
IPO [Member] | IPO [Member] | Senior Notes [Member] | ||||||||||||||||||||||
Common Class A [Member] | ||||||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||
Percentage of ownership disposed | ' | ' | ' | ' | 80.20% | ' | ' | ' | ' | ' | 19.80% | ' | ' | ' | ' | |||||||||
Debt issued, aggregate principal amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $3,650,000,000 | ' | ' | |||||||||
Proceeds from issuance of debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,650,000,000 | ' | ' | |||||||||
Initial public offering, long-term debt assumed, parent | ' | ' | 0 | [1],[2] | 992,000,000 | [1],[2] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,000,000,000 | |||||||
Cash received from subsidiary | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,600,000,000 | |||||||||
Cumulative number of shares sold | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 99,015 | ' | ' | ' | |||||||||
Exchange of subsidiary common stock (Zoetis) for the retirement of Pfizer commercial paper issued in 2013 | ' | ' | 0 | [1],[2] | 2,479,000,000 | [1],[2] | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,500,000,000 | ' | |||||||
Proceeds from issuance of common stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,300,000,000 | ' | ' | ' | ' | ' | |||||||||
Gain on disposal of discontinued operations––net of tax | $0 | [2] | ($25,000,000) | [2] | $70,000,000 | [2] | $10,393,000,000 | [2] | $10,400,000,000 | [3] | $0 | [3] | ($25,000,000) | [3] | $70,000,000 | [3] | $10,393,000,000 | [3] | ' | ' | ' | ' | ' | ' |
[1] | See Note 2B. Acquisition, Divestiture, Licensing Arrangements and Equity-Method Investments: Divestiture. | |||||||||||||||||||||||
[2] | Amounts may not add due to rounding. | |||||||||||||||||||||||
[3] | For the three months and nine months ended September 28, 2014 and for the three months ended September 29, 2013, represents post-close adjustments. |
Acquisition_Divestiture_Licens4
Acquisition, Divestiture, Licensing Arrangement and Equity-Method Investments - Discontinued Operations - Net of Tax (Detail) (USD $) | 0 Months Ended | 3 Months Ended | 9 Months Ended | |||||||
Jun. 24, 2013 | Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 | ||||||
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract] | ' | ' | ' | ' | ' | |||||
Income from discontinued operations––net of tax | ' | ($3,000,000) | [1] | $36,000,000 | [1] | $0 | [1] | $326,000,000 | [1] | |
Pre-tax gain on disposal of discontinued operations(b) | ' | ' | ' | 65,000,000 | [1] | 10,501,000,000 | [1] | |||
Gain on disposal of discontinued operations––net of tax(b) | ' | 0 | [1] | -25,000,000 | [1] | 70,000,000 | [1] | 10,393,000,000 | [1] | |
Discontinued operations––net of tax | ' | -3,000,000 | [1] | 11,000,000 | [1] | 70,000,000 | [1] | 10,719,000,000 | [1] | |
Zoetis Disposal [Member] | ' | ' | ' | ' | ' | |||||
Disposal Group, Including Discontinued Operation, Income Statement Disclosures [Abstract] | ' | ' | ' | ' | ' | |||||
Revenues | ' | 0 | 0 | 0 | 2,201,000,000 | |||||
Pre-tax income from discontinued operations(b) | ' | -2,000,000 | [2] | 32,000,000 | [2] | 1,000,000 | [2] | 421,000,000 | [2] | |
Provision for taxes on income(a) | ' | 1,000,000 | [3] | -4,000,000 | [3] | 1,000,000 | [3] | 95,000,000 | [3] | |
Income from discontinued operations––net of tax | ' | -3,000,000 | 36,000,000 | 0 | 326,000,000 | |||||
Pre-tax gain on disposal of discontinued operations(b) | ' | 0 | [2] | -38,000,000 | [2] | 65,000,000 | [2] | 10,501,000,000 | [2] | |
Provision for taxes on income(b), (c) | ' | 0 | [2],[4] | -13,000,000 | [2],[4] | -4,000,000 | [2],[4] | 108,000,000 | [2],[4] | |
Gain on disposal of discontinued operations––net of tax(b) | 10,400,000,000 | [2] | 0 | [2] | -25,000,000 | [2] | 70,000,000 | [2] | 10,393,000,000 | [2] |
Discontinued operations––net of tax | ' | -3,000,000 | 11,000,000 | 70,000,000 | 10,719,000,000 | |||||
Deferred tax expense (benefit) | ' | $2,000,000 | $4,000,000 | $0 | $23,000,000 | |||||
[1] | Amounts may not add due to rounding. | |||||||||
[2] | For the three months and nine months ended September 28, 2014 and for the three months ended September 29, 2013, represents post-close adjustments. | |||||||||
[3] | Includes a deferred tax expense of $2 million and a deferred tax benefit of $4 million for the three months ended September 28, 2014 and September 29, 2013, respectively, and a deferred tax benefit of $23 million for the nine months ended September 29, 2013. Deferred taxes for the first nine months of 2014 were nil. | |||||||||
[4] | For the nine months ended September 29, 2013, reflects income taxes resulting from certain legal entity reorganizations. |
Acquisition_Divestiture_Licens5
Acquisition, Divestiture, Licensing Arrangement and Equity-Method Investments - Licensing Arrangement (Details) (USD $) | 9 Months Ended | 0 Months Ended | 1 Months Ended | ||||||||
In Millions, unless otherwise specified | Sep. 28, 2014 | Sep. 29, 2013 | Dec. 31, 2013 | Sep. 15, 2014 | Jul. 11, 2014 | Sep. 28, 2014 | Aug. 31, 2014 | Aug. 31, 2014 | |||
AstraZeneca, Nexium, Global, Over-the-counter Rights [Member] | AstraZeneca, Nexium, Global, Over-the-counter Rights [Member] | AstraZeneca, Nexium, Global, Over-the-counter Rights [Member] | Collaborative Arrangement, Product [Member] | Collaborative Arrangement, Product [Member] | |||||||
target | Common Stock [Member] | ||||||||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | |||
Payments to collaborators | ' | ' | ' | ' | ' | ' | $80 | ' | |||
Number Of Selected Targets | ' | ' | ' | ' | ' | ' | 15 | ' | |||
Number of collaboration selected targets | ' | ' | ' | ' | ' | ' | 4 | ' | |||
Collaborative arrangement, milestone, maximum, value | ' | ' | ' | ' | ' | ' | 185 | ' | |||
Investment, ownership percentage | ' | ' | ' | ' | ' | ' | ' | 10.00% | |||
Long-term investments | 18,451 | [1] | ' | 16,406 | [1] | ' | ' | ' | 35 | ' | |
Acquisitions of intangible assets | 342 | [1] | 177 | [1] | ' | 50 | 200 | ' | ' | ' | |
Contingent consideration milestone payments, maximum possible amount | ' | ' | ' | ' | ' | $300 | ' | ' | |||
[1] | Amounts may not add due to rounding. |
Acquisition_Divestiture_Licens6
Acquisition, Divestiture, Licensing Arrangement and Equity-Method Investments - Equity-Method Investments (Details) (USD $) | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | |||||||||||||||||
In Millions, unless otherwise specified | Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 | Sep. 29, 2013 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 28, 2014 | Sep. 29, 2013 | Apr. 01, 2014 | Mar. 30, 2014 | Oct. 01, 2013 | Sep. 28, 2014 | Sep. 29, 2013 | Sep. 29, 2013 | Mar. 31, 2013 | Sep. 06, 2012 | Sep. 06, 2012 | ||||
Laboratorio Teuto Brasilero [Member] | Laboratorio Teuto Brasilero [Member] | Laboratorio Teuto Brasilero [Member] | Laboratorio Teuto Brasilero [Member] | Laboratorio Teuto Brasilero [Member] | Laboratorio Teuto Brasilero [Member] | Laboratorio Teuto Brasilero [Member] | Laboratorio Teuto Brasilero [Member] | ViiV Healthcare Limited [Member] | ViiV Healthcare Limited [Member] | ViiV Healthcare Limited [Member] | ViiV Healthcare Limited [Member] | ViiV Healthcare Limited [Member] | ViiV Healthcare Limited [Member] | ViiV Healthcare Limited [Member] | ViiV Healthcare Limited [Member] | Hisun Pfizer Pharmaceuticals Co. Ltd [Member] | Hisun Pfizer Pharmaceuticals Co. Ltd [Member] | Hisun Pfizer Pharmaceuticals Co. Ltd [Member] | |||||||||
Other Nonoperating Income (Expense) [Member] | Other Nonoperating Income (Expense) [Member] | Other Nonoperating Income (Expense) [Member] | Other Nonoperating Income (Expense) [Member] | Other Nonoperating Income (Expense) [Member] | Other Nonoperating Income (Expense) [Member] | Other Nonoperating Income (Expense) [Member] | Zhejiang Hisun [Member] | ||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Noncontrolling interest, ownership percentage by parent | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 60.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 51.00% | ||||
Equity method investment, ownership percentage | ' | ' | ' | ' | ' | ' | 40.00% | ' | ' | ' | ' | ' | ' | 13.50% | 11.70% | 12.60% | 12.60% | ' | ' | ' | ' | 49.00% | ' | ||||
Gain (loss) on sale of equity method investments | ' | ' | ' | ' | ' | ' | ' | $90 | ($223) | $90 | ($223) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Equity method investment, impairment | ' | ' | ' | ' | 32 | 32 | ' | 32 | ' | ' | 32 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Gain (loss) on disposition of stock in subsidiary or equity method investee | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 30 | 31 | ' | ' | ' | 30 | 31 | 31 | ' | ' | ' | ||||
(Gain) loss associated with the transfer of certain product rights to an equity-method investment | 0 | [1] | 0 | [1] | 0 | [1],[2] | 459 | [1],[2] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 459 | ' | ' |
Gain (loss) associated with the transfer of certain product rights to an equity-method investment, indirect retained interest | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $225 | ' | ' | ||||
[1] | In the first nine months of 2013, represents the gain associated with the transfer of certain product rights to Hisun Pfizer. For additional information, see Note 2D. Acquisition, Divestiture, Licensing Arrangements and Equity-Method Investments: Equity-Method Investments. | ||||||||||||||||||||||||||
[2] | Amounts may not add due to rounding. |
Restructuring_Charges_and_Othe2
Restructuring Charges and Other Costs Associated with Acquisitions and Cost-Reduction/Productivity Initiatives (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 6 Months Ended | 9 Months Ended | ||||||||||||||||||||||||||||
In Millions, unless otherwise specified | Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 | Jun. 29, 2014 | Sep. 28, 2014 | Sep. 28, 2014 | Sep. 28, 2014 | Sep. 28, 2014 | Sep. 28, 2014 | ||||||||||||||||
Cost of Sales [Member] | Cost of Sales [Member] | Cost of Sales [Member] | Cost of Sales [Member] | Selling, Informational and Administrative Expenses [Member] | Selling, Informational and Administrative Expenses [Member] | Selling, Informational and Administrative Expenses [Member] | Selling, Informational and Administrative Expenses [Member] | Research and Development Expenses [Member] | Research and Development Expenses [Member] | Research and Development Expenses [Member] | Research and Development Expenses [Member] | Manufacturing Plant Network Rationalization And Optimization [Member] | Manufacturing Plant Network Rationalization And Optimization [Member] | Acquisition-related Costs [Member] | Facility Closing [Member] | Business Restructuring Reserves [Member] | Commercial Real Estate [Member] | |||||||||||||||||||||
site | site | Manufacturing Plant Network Rationalization And Optimization [Member] | Manufacturing Plant Network Rationalization And Optimization [Member] | Global Commercial Structure Reorganization [Member] | Other Cost Reduction / Productivity Initiatives [Member] | |||||||||||||||||||||||||||||||||
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||
Expected number of sites exited | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10 | 8 | ' | ' | ' | ' | ||||||||||||||||
Restructuring and Related Cost, Number Of Facilities Sold | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ||||||||||||||||
Expected restructuring cost | $3,000 | ' | $3,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $400 | $1,400 | $350 | $850 | ||||||||||||||||
Restructuring charges(a): | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||
Employee terminations | -51 | [1] | 174 | [1] | -4 | [1] | 289 | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||
Asset impairments | 9 | [1] | 0 | [1] | 28 | [1] | 115 | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||
Exit costs | 4 | [1] | 21 | [1] | 44 | [1] | 36 | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||
Total restructuring charges | -38 | [1] | 195 | [1] | 68 | [1] | 440 | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||
Integration costs(b) | 19 | [2] | 38 | [2] | 53 | [2] | 107 | [2] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||
Restructuring charges and certain acquisition-related costs | -19 | [3] | 233 | [3] | 120 | [3] | 547 | [3] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||
Total additional depreciation––asset restructuring | 54 | [4] | 43 | [4] | 230 | [4] | 247 | [4] | 52 | [4] | 43 | [4] | 199 | [4] | 134 | [4] | 0 | [4] | 0 | [4] | 1 | [4] | 19 | [4] | 1 | [4] | 0 | [4] | 30 | [4] | 94 | [4] | ' | ' | ' | ' | ' | ' |
Implementation costs recorded in our condensed consolidated statements of income as follows(d): | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||
Total implementation costs | 73 | [5] | 47 | [5] | 181 | [5] | 132 | [5] | 24 | [5] | 16 | [5] | 52 | [5] | 27 | [5] | 36 | [5] | 30 | [5] | 89 | [5] | 95 | [5] | 12 | [5] | 1 | [5] | 40 | [5] | 10 | [5] | ' | ' | ' | ' | ' | ' |
Total costs associated with acquisitions and cost-reduction/productivity initiatives | $108 | $323 | $531 | $926 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||
[1] | In the nine months ended September 28, 2014, Employee terminations represent the expected reduction of the workforce by approximately 100 employees, mainly in manufacturing and sales.The restructuring charges in 2014 are associated with the following:•For the third quarter of 2014, the Global Innovative Pharmaceutical segment (GIP) ($4 million); the Global Vaccines, Oncology and Consumer Healthcare segment (VOC) ($10 million); the Global Established Pharmaceutical segment (GEP) ($4 million); Worldwide Research and Development and Medical ($2 million); manufacturing operations ($21 million); and Corporate ($14 million) as well as $92 million of income related to the partial reversal of prior-period restructuring charges, not directly associated with the new individual segments, and reflecting a change in estimate with respect to our sales force restructuring plans.•For the first nine months of 2014, the Global Innovative Pharmaceutical segment (GIP) ($14 million); the Global Vaccines, Oncology and Consumer Healthcare segment (VOC) ($16 million); the Global Established Pharmaceutical segment (GEP) ($34 million); Worldwide Research and Development and Medical ($11 million); manufacturing operations ($59 million); and Corporate ($25 million), as well as $92 million of income related to the partial reversal of prior-period restructuring charges, not directly associated with the new individual segments, and reflecting a change in estimate with respect to our sales force restructuring plans.The restructuring charges in 2013 are associated with the following:•For the third quarter of 2013, total operating segments ($39 million); manufacturing operations ($112 million); and Corporate ($44 million). •For the first nine months of 2013, total operating segments ($106 million); Worldwide Research and Development and Medical ($15 million); manufacturing operations ($194 million); and Corporate ($125 million).At the beginning of fiscal 2014, we revised our operating segments and are unable to directly associate these prior-period restructuring charges with the new individual segments. | |||||||||||||||||||||||||||||||||||||
[2] | Integration costs represent external, incremental costs directly related to integrating acquired businesses, and primarily include expenditures for consulting and the integration of systems and processes. | |||||||||||||||||||||||||||||||||||||
[3] | Amounts may not add due to rounding. | |||||||||||||||||||||||||||||||||||||
[4] | Additional depreciation––asset restructuring represents the impact of changes in the estimated useful lives of assets involved in restructuring actions. | |||||||||||||||||||||||||||||||||||||
[5] | Implementation costs represent external, incremental costs directly related to implementing our non-acquisition-related cost-reduction/productivity initiatives.The following table provides the components of and changes in our restructuring accruals:(MILLIONS OF DOLLARS) EmployeeTerminationCosts AssetImpairmentCharges Exit Costs AccrualBalance, December 31, 2013(a) $1,685 $— $94 $1,779Provision (4) 28 44 68Utilization and other(b) (373) (28) (75) (476)Balance, September 28, 2014(c) $1,308 $— $63 $1,371 |
Restructuring_Charges_and_Othe3
Restructuring Charges and Other Costs Associated with Acquisitions and Cost-Reduction/Productivity Initiatives (Parenthetical) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Millions, unless otherwise specified | Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 | ||||
Employee | ||||||||
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | ||||
Restructuring and related cost, expected number of positions eliminated (in number of employees) | ' | ' | 100 | ' | ||||
Provision | ($38) | [1] | $195 | [1] | $68 | [1] | $440 | [1] |
Sales Force Restructuring Plan [Member] | ' | ' | ' | ' | ||||
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | ||||
Provision | 92 | ' | 92 | ' | ||||
Worldwide Research and Development Expense [Member] | ' | ' | ' | ' | ||||
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | ||||
Provision | 2 | ' | 11 | 15 | ||||
Manufacturing Operations [Member] | ' | ' | ' | ' | ||||
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | ||||
Provision | 21 | 112 | 59 | 194 | ||||
Corporate, Non-Segment [Member] | ' | ' | ' | ' | ||||
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | ||||
Provision | 14 | 44 | 25 | 125 | ||||
Operating Segments [Member] | ' | ' | ' | ' | ||||
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | ||||
Provision | ' | 39 | ' | 106 | ||||
Global Innovative Pharmaceutical [Member] | ' | ' | ' | ' | ||||
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | ||||
Provision | 4 | ' | 14 | ' | ||||
Global Established Pharmaceutical [Member] | ' | ' | ' | ' | ||||
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | ||||
Provision | 4 | ' | 34 | ' | ||||
Global Vaccines, Oncology and Consumer Healthcare [Member] | ' | ' | ' | ' | ||||
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | ||||
Provision | $10 | ' | $16 | ' | ||||
[1] | In the nine months ended September 28, 2014, Employee terminations represent the expected reduction of the workforce by approximately 100 employees, mainly in manufacturing and sales.The restructuring charges in 2014 are associated with the following:•For the third quarter of 2014, the Global Innovative Pharmaceutical segment (GIP) ($4 million); the Global Vaccines, Oncology and Consumer Healthcare segment (VOC) ($10 million); the Global Established Pharmaceutical segment (GEP) ($4 million); Worldwide Research and Development and Medical ($2 million); manufacturing operations ($21 million); and Corporate ($14 million) as well as $92 million of income related to the partial reversal of prior-period restructuring charges, not directly associated with the new individual segments, and reflecting a change in estimate with respect to our sales force restructuring plans.•For the first nine months of 2014, the Global Innovative Pharmaceutical segment (GIP) ($14 million); the Global Vaccines, Oncology and Consumer Healthcare segment (VOC) ($16 million); the Global Established Pharmaceutical segment (GEP) ($34 million); Worldwide Research and Development and Medical ($11 million); manufacturing operations ($59 million); and Corporate ($25 million), as well as $92 million of income related to the partial reversal of prior-period restructuring charges, not directly associated with the new individual segments, and reflecting a change in estimate with respect to our sales force restructuring plans.The restructuring charges in 2013 are associated with the following:•For the third quarter of 2013, total operating segments ($39 million); manufacturing operations ($112 million); and Corporate ($44 million). •For the first nine months of 2013, total operating segments ($106 million); Worldwide Research and Development and Medical ($15 million); manufacturing operations ($194 million); and Corporate ($125 million).At the beginning of fiscal 2014, we revised our operating segments and are unable to directly associate these prior-period restructuring charges with the new individual segments. |
Restructuring_Charges_and_Othe4
Restructuring Charges and Other Costs Associated with Acquisitions and Cost-Reduction/Productivity Initiatives - Restructuring Accruals (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Millions, unless otherwise specified | Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 | ||||
Restructuring Reserve [Roll Forward] | ' | ' | ' | ' | ||||
Balance, December 31, 2013(a) | ' | ' | $1,779 | [1] | ' | |||
Provision | -38 | [2] | 195 | [2] | 68 | [2] | 440 | [2] |
Utilization and other(b) | ' | ' | -476 | [3] | ' | |||
Balance, September 28, 2014(c) | 1,371 | [4] | ' | 1,371 | [4] | ' | ||
Employee Termination Costs [Member] | ' | ' | ' | ' | ||||
Restructuring Reserve [Roll Forward] | ' | ' | ' | ' | ||||
Balance, December 31, 2013(a) | ' | ' | 1,685 | [1] | ' | |||
Provision | ' | ' | -4 | ' | ||||
Utilization and other(b) | ' | ' | -373 | [3] | ' | |||
Balance, September 28, 2014(c) | 1,308 | [4] | ' | 1,308 | [4] | ' | ||
Asset Impairment Charges | ' | ' | ' | ' | ||||
Restructuring Reserve [Roll Forward] | ' | ' | ' | ' | ||||
Balance, December 31, 2013(a) | ' | ' | 0 | [1] | ' | |||
Provision | ' | ' | 28 | ' | ||||
Utilization and other(b) | ' | ' | -28 | [3] | ' | |||
Balance, September 28, 2014(c) | 0 | [4] | ' | 0 | [4] | ' | ||
Exit Costs [Member] | ' | ' | ' | ' | ||||
Restructuring Reserve [Roll Forward] | ' | ' | ' | ' | ||||
Balance, December 31, 2013(a) | ' | ' | 94 | [1] | ' | |||
Provision | ' | ' | 44 | ' | ||||
Utilization and other(b) | ' | ' | -75 | [3] | ' | |||
Balance, September 28, 2014(c) | 63 | [4] | ' | 63 | [4] | ' | ||
Global Established Pharmaceutical [Member] | ' | ' | ' | ' | ||||
Restructuring Reserve [Roll Forward] | ' | ' | ' | ' | ||||
Provision | $4 | ' | $34 | ' | ||||
[1] | Included in Other current liabilities ($1.0 billion) and Other noncurrent liabilities ($767 million). | |||||||
[2] | In the nine months ended September 28, 2014, Employee terminations represent the expected reduction of the workforce by approximately 100 employees, mainly in manufacturing and sales.The restructuring charges in 2014 are associated with the following:•For the third quarter of 2014, the Global Innovative Pharmaceutical segment (GIP) ($4 million); the Global Vaccines, Oncology and Consumer Healthcare segment (VOC) ($10 million); the Global Established Pharmaceutical segment (GEP) ($4 million); Worldwide Research and Development and Medical ($2 million); manufacturing operations ($21 million); and Corporate ($14 million) as well as $92 million of income related to the partial reversal of prior-period restructuring charges, not directly associated with the new individual segments, and reflecting a change in estimate with respect to our sales force restructuring plans.•For the first nine months of 2014, the Global Innovative Pharmaceutical segment (GIP) ($14 million); the Global Vaccines, Oncology and Consumer Healthcare segment (VOC) ($16 million); the Global Established Pharmaceutical segment (GEP) ($34 million); Worldwide Research and Development and Medical ($11 million); manufacturing operations ($59 million); and Corporate ($25 million), as well as $92 million of income related to the partial reversal of prior-period restructuring charges, not directly associated with the new individual segments, and reflecting a change in estimate with respect to our sales force restructuring plans.The restructuring charges in 2013 are associated with the following:•For the third quarter of 2013, total operating segments ($39 million); manufacturing operations ($112 million); and Corporate ($44 million). •For the first nine months of 2013, total operating segments ($106 million); Worldwide Research and Development and Medical ($15 million); manufacturing operations ($194 million); and Corporate ($125 million).At the beginning of fiscal 2014, we revised our operating segments and are unable to directly associate these prior-period restructuring charges with the new individual segments. | |||||||
[3] | Includes adjustments for foreign currency translation. | |||||||
[4] | Included in Other current liabilities ($851 million) and Other noncurrent liabilities ($520 million). |
Restructuring_Charges_and_Othe5
Restructuring Charges and Other Costs Associated with Acquisitions and Cost-Reduction/Productivity Initiatives - Restructuring Accruals (Parenthetical) (Detail) (USD $) | Sep. 28, 2014 | Dec. 31, 2013 | ||
In Millions, unless otherwise specified | ||||
Restructuring Cost and Reserve [Line Items] | ' | ' | ||
Restructuring reserve | $1,371 | [1] | $1,779 | [2] |
Other Current Liabilities [Member] | ' | ' | ||
Restructuring Cost and Reserve [Line Items] | ' | ' | ||
Restructuring reserve | 851 | 1,000 | ||
Other Noncurrent Liabilities [Member] | ' | ' | ||
Restructuring Cost and Reserve [Line Items] | ' | ' | ||
Restructuring reserve | $520 | $767 | ||
[1] | Included in Other current liabilities ($851 million) and Other noncurrent liabilities ($520 million). | |||
[2] | Included in Other current liabilities ($1.0 billion) and Other noncurrent liabilities ($767 million). |
Other_IncomeDeductions_Net_Det
Other (Income)/Deductions - Net (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Millions, unless otherwise specified | Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 | ||||
Other Income and Expenses [Abstract] | ' | ' | ' | ' | ||||
Interest income(a) | ($108) | [1] | ($94) | [1] | ($303) | [1] | ($291) | [1] |
Interest expense(a) | 343 | [1] | 340 | [1] | 1,007 | [1] | 1,067 | [1] |
Net interest expense | 235 | 246 | 703 | 776 | ||||
Royalty-related income(b) | -251 | [2] | -122 | [2] | -737 | [2] | -305 | [2] |
Patent litigation settlement income(c) | 0 | [3] | 9 | [3] | 0 | [3] | -1,342 | [3] |
Other legal matters, net(d) | 28 | [4] | 1 | [4] | 720 | [4] | -94 | [4] |
Gain associated with the transfer of certain product rights(e) | 0 | [5] | 0 | [5] | 0 | [5],[6] | -459 | [5],[6] |
Net gains on asset disposals(f) | -53 | [7] | -46 | [7] | -267 | [7] | -100 | [7] |
Certain asset impairments(g) | 243 | [8] | 220 | [8] | 358 | [8] | 745 | [8] |
Costs associated with the Zoetis IPO(h) | 0 | [9] | 0 | [9] | 0 | [9] | 18 | [9] |
Other, net(i) | -108 | [10] | 104 | [10] | -113 | [10] | 247 | [10] |
Other (income)/deductions––net | $94 | [6] | $411 | [6] | $665 | [6] | ($514) | [6] |
[1] | Interest income increased in the third quarter and first nine months of 2014 due to higher cash equivalents and investment balances. Interest expense increased in the third quarter of 2014 due to the addition of new fixed rate debt in the second quarter of 2014 and interest expense decreased in the first nine months of 2014, primarily due to the benefit of the effective conversion of some fixed-rate liabilities to floating-rate liabilities. | |||||||
[2] | Royalty-related income increased in the third quarter and first nine months of 2014 primarily due to royalties earned on sales of Enbrel in the U.S. and Canada after October 31, 2013. On that date, the co-promotion term of the collaboration agreement for Enbrel in the U.S. and Canada expired, and Pfizer became entitled to royalties for a 36-month period thereafter. | |||||||
[3] | In the first nine months of 2013, reflects income from a litigation settlement with Teva Pharmaceuticals Industries Ltd. (Teva) and Sun Pharmaceutical Industries Ltd. (Sun) for patent-infringement damages resulting from their “at-risk†launches of generic Protonix in the U.S. As of September 28, 2014, approximately $128 million is not yet due and is included in Other current assets. | |||||||
[4] | In the first nine months of 2014, primarily includes approximately $610 million for Neurontin-related matters (including off-label promotion actions and antitrust actions) and approximately $55 million for an Effexor-related matter. In the first nine months of 2013, primarily includes an $80 million insurance recovery related to a certain litigation matter. For additional information, see Note 12A. Commitments and Contingencies: Legal Proceedings. | |||||||
[5] | In the first nine months of 2013, represents the gain associated with the transfer of certain product rights to Hisun Pfizer. For additional information, see Note 2D. Acquisition, Divestiture, Licensing Arrangements and Equity-Method Investments: Equity-Method Investments. | |||||||
[6] | Amounts may not add due to rounding. | |||||||
[7] | In the first nine months of 2014, primarily includes gains on sales/out-licensing of product and compound rights (approximately $128 million) and gains on sales of investments in equity securities (approximately $114 million). | |||||||
[8] | In the third quarter of 2014, includes intangible asset impairment charges of $242 million, reflecting (i) $144 million related to developed technology rights; (ii) $79 million related to an in-process research and development (IPR&D) compound for the treatment of skin fibrosis; and (iii) $18 million related to an indefinite-lived brand. The intangible asset impairment charges for the third quarter of 2014 are associated with the following: the Global Established Pharmaceutical segment (GEP) ($163 million) and Worldwide Research and Development ($79 million).In the first nine months of 2014, includes intangible asset impairment charges of $356 million, reflecting (i) $190 million for an IPR&D compound for the treatment of skin fibrosis (full write-off); (ii) $147 million related to developed technology rights; and (iii) $18 million related to an indefinite-lived brand. The intangible asset impairment charges for the first nine months of 2014 are primarily associated with the following: the Global Established Pharmaceutical segment (GEP) ($166 million) and Worldwide Research and Development ($190 million). The intangible asset impairment charges for 2014 reflect, among other things, updated commercial forecasts; and with regard to IPR&D, the impact of changes to the development program and new scientific findings.In the third quarter of 2013, includes intangible asset impairment charges of $185 million, primarily reflecting (i) $95 million of indefinite-lived brands, primarily related to our biopharmaceutical indefinite-lived brand, Xanax; and (ii) $90 million related to one IPR&D compound (full write-off). The intangible asset impairment charges for the third quarter of 2013 are associated with the Global Established Pharmaceutical segment (GEP). In addition, the third quarter of 2013 includes an impairment charge of approximately $32 million related to our investment in Teuto. In the first nine months of 2013, includes intangible asset impairment charges of $674 million, primarily reflecting (i) $394 million of developed technology rights (for use in the development of bone and cartilage) acquired in connection with our acquisition of Wyeth; (ii) $171 million related to three IPR&D compounds; and (iii) $109 million of indefinite lived brands, primarily related to our biopharmaceutical indefinite-lived brand, Xanax/Xanax XR. The impairment charges for the first nine months of 2013 are associated with the following: Global Innovative Pharmaceutical segment ($432 million); Global Established Pharmaceutical segment ($185 million); Worldwide Research and Development ($43 million); and Consumer Healthcare ($14 million). In addition, the first nine months of 2013 include an impairment charge of approximately $39 million for certain private company investments and an impairment charge of $32 million related to Teuto.The intangible asset impairment charges for 2013 reflect, among other things, updated commercial forecasts, and with regard to IPR&D, the impact of new scientific findings. | |||||||
[9] | Represents costs incurred in connection with the IPO of an approximate 19.8% ownership interest in Zoetis. Includes expenditures for banking, legal, accounting and similar services. For additional information, see Note 2B. Acquisition, Divestiture, Licensing Arrangements and Equity-Method Investments: Divestiture. | |||||||
[10] | Includes the following: (i) in the third quarter and first nine months of 2014, the gain of approximately $46 million reflecting the change in the fair value of the contingent consideration associated with our acquisition of NextWave Pharmaceuticals, Inc. (NextWave) and the gain of approximately $56 million reflecting the change in the fair value of the contingent consideration associated with our acquisition of Excaliard Pharmaceuticals, Inc.; (ii) in the third quarter and first nine months of 2013, the gain of approximately $128 million and $109 million, respectively, reflecting the change in the fair value of the contingent consideration associated with our acquisition of NextWave; (iii) in the third quarter and first nine months of 2013, an estimated loss of $223 million related to an option to acquire the remaining interest in Teuto, and in the third quarter and first nine months of 2014, income of $90 million resulting from a decline in the estimated loss from the aforementioned option; and (iv) in the first nine months of 2014, a loss of $30 million due to a change in our ownership interest in ViiV and in the third quarter and first nine months of 2013, a loss of $31 million due to a change in our ownership interest in ViiV. For additional information concerning Teuto and ViiV, see Note 2D. Acquisition, Divestiture, Licensing Arrangements and Equity-Method Investments: Equity-Method Investments. |
Other_IncomeDeductions_Net_Par
Other (Income)/Deductions - Net (Parenthetical - Commitments And Contingencies) (Details) (USD $) | 3 Months Ended | 9 Months Ended | 9 Months Ended | 0 Months Ended | 9 Months Ended | ||||||||||
In Millions, unless otherwise specified | Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 | Dec. 31, 2013 | Sep. 29, 2013 | Sep. 28, 2014 | Oct. 31, 2013 | Sep. 28, 2014 | Sep. 28, 2014 | |||||
Insurance Settlement [Member] | Teva Pharmaceuticals Industries Ltd. and Sun Pharmaceutical Industries Ltd. [Member] | Enbrel [Member] | Neurontin [Member] | Effexor [Member] | |||||||||||
Loss Contingencies [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Royalty revenue, term | ' | ' | ' | ' | ' | ' | ' | '36 months | ' | ' | |||||
Other current assets(a) | $2,545 | [1] | ' | $2,545 | [1] | ' | $3,689 | [1] | ' | $128 | ' | ' | ' | ||
Other legal matters, net(d) | 0 | [2] | -9 | [2] | 0 | [2] | 1,342 | [2] | ' | ' | ' | ' | 610 | 55 | |
Insurance recoveries | ' | ' | ' | ' | ' | $80 | ' | ' | ' | ' | |||||
[1] | Amounts may not add due to rounding. | ||||||||||||||
[2] | In the first nine months of 2013, reflects income from a litigation settlement with Teva Pharmaceuticals Industries Ltd. (Teva) and Sun Pharmaceutical Industries Ltd. (Sun) for patent-infringement damages resulting from their “at-risk†launches of generic Protonix in the U.S. As of September 28, 2014, approximately $128 million is not yet due and is included in Other current assets. |
Other_IncomeDeductions_Net_Oth
Other (Income)/Deductions - Net Other (Income)/Deductions - Net (Parenthetical - Investments) (Details) (USD $) | 9 Months Ended | 0 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | |||||||
In Millions, unless otherwise specified | Sep. 28, 2014 | Jun. 24, 2013 | Feb. 06, 2013 | Sep. 29, 2013 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 | Sep. 29, 2013 |
Zoetis Disposal [Member] | Zoetis [Member] | Laboratorio Teuto Brasilero [Member] | Laboratorio Teuto Brasilero [Member] | Laboratorio Teuto Brasilero [Member] | Laboratorio Teuto Brasilero [Member] | Laboratorio Teuto Brasilero [Member] | Laboratorio Teuto Brasilero [Member] | Certain Private Company Investments [Member] | ViiV Healthcare Limited [Member] | ViiV Healthcare Limited [Member] | ViiV Healthcare Limited [Member] | ViiV Healthcare Limited [Member] | ViiV Healthcare Limited [Member] | ||
IPO [Member] | Other Nonoperating Income (Expense) [Member] | Other Nonoperating Income (Expense) [Member] | Other Nonoperating Income (Expense) [Member] | Other Nonoperating Income (Expense) [Member] | Other Nonoperating Income (Expense) [Member] | Other Nonoperating Income (Expense) [Member] | Other Nonoperating Income (Expense) [Member] | ||||||||
Zoetis Disposal [Member] | |||||||||||||||
Investment Holdings [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gain on sale of investments | $114 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity method investment, impairment | ' | ' | ' | 32 | 32 | 32 | ' | ' | 32 | 39 | ' | ' | ' | ' | ' |
Percentage of ownership disposed | ' | 80.20% | 19.80% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gain (loss) on sale of equity method investments | ' | ' | ' | ' | ' | 90 | -223 | 90 | -223 | ' | ' | ' | ' | ' | ' |
Gain (loss) on disposition of stock in subsidiary or equity method investee | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $30 | $31 | $30 | $31 | $31 |
Other_IncomeDeductions_Net_Oth1
Other (Income)/Deductions - Net Other (Income)/Deductions - Net (Parenthetical - Finite-Lived Intangibles) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 28, 2014 | Sep. 28, 2014 | Sep. 29, 2013 | |
Distribution Rights [Member] | ' | ' | ' | |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | |
Gain (loss) on disposition of intangible assets | ' | $128 | ' | |
Developed Technology Rights [Member] | ' | ' | ' | |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | |
Impairment of finite-lived intangible assets | $144 | $147 | [1] | $394 |
[1] | Reflects intangible assets written down to fair value in the first nine months of 2014. Fair value was determined using the income approach, specifically the multi-period excess earnings method, also known as the discounted cash flow method. We started with a forecast of all the expected net cash flows associated with the asset and then we applied an asset-specific discount rate to arrive at a net present value amount. Some of the more significant estimates and assumptions inherent in this approach include: the amount and timing of the projected net cash flows, which includes the expected impact of competitive, legal and/or regulatory forces on the product and the impact of technological risk associated with IPR&D assets; the discount rate, which seeks to reflect the various risks inherent in the projected cash flows; and the tax rate, which seeks to incorporate the geographic diversity of the projected cash flows. |
Other_IncomeDeductions_Net_Par1
Other (Income)/Deductions - Net (Parenthetical - Indefinite-Lived Intangibles) (Detail) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Millions, unless otherwise specified | Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 | |
Indefinite-lived Intangible Assets [Line Items] | ' | ' | ' | ' | |
Indefinite-lived and finite-lived asset impairments | $242 | $185 | $356 | $674 | |
NextWave Pharmaceuticals, Inc. [Member] | ' | ' | ' | ' | |
Indefinite-lived Intangible Assets [Line Items] | ' | ' | ' | ' | |
(Gain) loss on contingent consideration | -46 | -128 | ' | -109 | |
Excaliard Pharmaceuticals, Inc. [Member] | ' | ' | ' | ' | |
Indefinite-lived Intangible Assets [Line Items] | ' | ' | ' | ' | |
(Gain) loss on contingent consideration | -56 | ' | ' | ' | |
Worldwide Research and Development Expense [Member] | ' | ' | ' | ' | |
Indefinite-lived Intangible Assets [Line Items] | ' | ' | ' | ' | |
Indefinite-lived and finite-lived asset impairments | 79 | ' | 190 | 43 | |
Consumer Healthcare [Member] | ' | ' | ' | ' | |
Indefinite-lived Intangible Assets [Line Items] | ' | ' | ' | ' | |
Indefinite-lived and finite-lived asset impairments | ' | ' | ' | 14 | |
Global Established Pharmaceutical [Member] | ' | ' | ' | ' | |
Indefinite-lived Intangible Assets [Line Items] | ' | ' | ' | ' | |
Indefinite-lived and finite-lived asset impairments | 163 | ' | 166 | 185 | |
Global Innovative Pharmaceutical [Member] | ' | ' | ' | ' | |
Indefinite-lived Intangible Assets [Line Items] | ' | ' | ' | ' | |
Indefinite-lived and finite-lived asset impairments | ' | ' | ' | 432 | |
In Process Research and Development [Member] | ' | ' | ' | ' | |
Indefinite-lived Intangible Assets [Line Items] | ' | ' | ' | ' | |
Indefinite-lived intangible impairments | ' | 90 | 190 | [1] | 171 |
Number of in process research and development compounds | ' | 1 | ' | 3 | |
In Process Research and Development [Member] | Skin Fibrosis [Member] | ' | ' | ' | ' | |
Indefinite-lived Intangible Assets [Line Items] | ' | ' | ' | ' | |
Indefinite-lived intangible impairments | 79 | ' | 190 | ' | |
Trade Names [Member] | ' | ' | ' | ' | |
Indefinite-lived Intangible Assets [Line Items] | ' | ' | ' | ' | |
Indefinite-lived intangible impairments | 18 | ' | 18 | [1] | ' |
Trade Names [Member] | Xanax/Xanax XR [Member] | ' | ' | ' | ' | |
Indefinite-lived Intangible Assets [Line Items] | ' | ' | ' | ' | |
Indefinite-lived intangible impairments | ' | $95 | ' | $109 | |
[1] | Reflects intangible assets written down to fair value in the first nine months of 2014. Fair value was determined using the income approach, specifically the multi-period excess earnings method, also known as the discounted cash flow method. We started with a forecast of all the expected net cash flows associated with the asset and then we applied an asset-specific discount rate to arrive at a net present value amount. Some of the more significant estimates and assumptions inherent in this approach include: the amount and timing of the projected net cash flows, which includes the expected impact of competitive, legal and/or regulatory forces on the product and the impact of technological risk associated with IPR&D assets; the discount rate, which seeks to reflect the various risks inherent in the projected cash flows; and the tax rate, which seeks to incorporate the geographic diversity of the projected cash flows. |
Other_IncomeDeductions_Net_Add
Other (Income)/Deductions - Net - Additional Information about Intangible Assets (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||||
In Millions, unless otherwise specified | Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ' | ' | ||
Total intangible assets | $475 | [1] | ' | $475 | [1] | ' |
Total impairment charges | 242 | 185 | 356 | 674 | ||
Developed Technology Rights [Member] | ' | ' | ' | ' | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ' | ' | ||
Finite-lived intangible assets | 233 | [1],[2] | ' | 233 | [1],[2] | ' |
Impairment of finite-lived intangible assets | 144 | ' | 147 | [2] | 394 | |
In Process Research and Development [Member] | ' | ' | ' | ' | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ' | ' | ||
Indefinite-lived Intangible assets | 0 | [1],[2] | ' | 0 | [1],[2] | ' |
Impairment indefinite-lived intangible assets | ' | 90 | 190 | [2] | 171 | |
Trade Names [Member] | ' | ' | ' | ' | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ' | ' | ||
Indefinite-lived Intangible assets | 242 | [1],[2] | ' | 242 | [1],[2] | ' |
Impairment indefinite-lived intangible assets | 18 | ' | 18 | [2] | ' | |
Fair Value, Inputs, Level 1 [Member] | ' | ' | ' | ' | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ' | ' | ||
Total intangible assets | 0 | [1] | ' | 0 | [1] | ' |
Fair Value, Inputs, Level 1 [Member] | Developed Technology Rights [Member] | ' | ' | ' | ' | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ' | ' | ||
Finite-lived intangible assets | 0 | [1],[2] | ' | 0 | [1],[2] | ' |
Fair Value, Inputs, Level 1 [Member] | In Process Research and Development [Member] | ' | ' | ' | ' | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ' | ' | ||
Indefinite-lived Intangible assets | 0 | [1],[2] | ' | 0 | [1],[2] | ' |
Fair Value, Inputs, Level 1 [Member] | Trade Names [Member] | ' | ' | ' | ' | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ' | ' | ||
Indefinite-lived Intangible assets | 0 | [1],[2] | ' | 0 | [1],[2] | ' |
Fair Value, Inputs, Level 2 [Member] | ' | ' | ' | ' | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ' | ' | ||
Total intangible assets | 0 | [1] | ' | 0 | [1] | ' |
Fair Value, Inputs, Level 2 [Member] | Developed Technology Rights [Member] | ' | ' | ' | ' | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ' | ' | ||
Finite-lived intangible assets | 0 | [1],[2] | ' | 0 | [1],[2] | ' |
Fair Value, Inputs, Level 2 [Member] | In Process Research and Development [Member] | ' | ' | ' | ' | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ' | ' | ||
Indefinite-lived Intangible assets | 0 | [1],[2] | ' | 0 | [1],[2] | ' |
Fair Value, Inputs, Level 2 [Member] | Trade Names [Member] | ' | ' | ' | ' | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ' | ' | ||
Indefinite-lived Intangible assets | 0 | [1],[2] | ' | 0 | [1],[2] | ' |
Fair Value, Inputs, Level 3 [Member] | ' | ' | ' | ' | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ' | ' | ||
Total intangible assets | 475 | [1] | ' | 475 | [1] | ' |
Fair Value, Inputs, Level 3 [Member] | Developed Technology Rights [Member] | ' | ' | ' | ' | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ' | ' | ||
Finite-lived intangible assets | 233 | [1],[2] | ' | 233 | [1],[2] | ' |
Fair Value, Inputs, Level 3 [Member] | In Process Research and Development [Member] | ' | ' | ' | ' | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ' | ' | ||
Indefinite-lived Intangible assets | 0 | [1],[2] | ' | 0 | [1],[2] | ' |
Fair Value, Inputs, Level 3 [Member] | Trade Names [Member] | ' | ' | ' | ' | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ' | ' | ||
Indefinite-lived Intangible assets | $242 | [1],[2] | ' | $242 | [1],[2] | ' |
[1] | The fair value amount is presented as of the date of impairment, as this asset is not measured at fair value on a recurring basis. See also Note 1C. Basis of Presentation and Significant Accounting Policies: Fair Value. | |||||
[2] | Reflects intangible assets written down to fair value in the first nine months of 2014. Fair value was determined using the income approach, specifically the multi-period excess earnings method, also known as the discounted cash flow method. We started with a forecast of all the expected net cash flows associated with the asset and then we applied an asset-specific discount rate to arrive at a net present value amount. Some of the more significant estimates and assumptions inherent in this approach include: the amount and timing of the projected net cash flows, which includes the expected impact of competitive, legal and/or regulatory forces on the product and the impact of technological risk associated with IPR&D assets; the discount rate, which seeks to reflect the various risks inherent in the projected cash flows; and the tax rate, which seeks to incorporate the geographic diversity of the projected cash flows. |
Tax_Matters_Narrative_Detail
Tax Matters - Narrative (Detail) | 3 Months Ended | 9 Months Ended | ||
Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 | |
Income Tax Disclosure [Abstract] | ' | ' | ' | ' |
Effective tax rate for income from continuing operations | 25.40% | 27.60% | 24.70% | 30.60% |
Tax_Matters_Detail
Tax Matters (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Millions, unless otherwise specified | Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 | ||||
Income Tax Disclosure [Abstract] | ' | ' | ' | ' | ||||
Foreign currency translation adjustments(a) | $23 | [1] | ($2) | [1] | $13 | [1] | $88 | [1] |
Unrealized holding gains/(losses) on derivative financial instruments | -117 | 125 | -133 | 107 | ||||
Reclassification adjustments for realized (gains)/losses | 175 | -116 | 183 | -15 | ||||
Derivatives qualifying as hedges, tax, total | 58 | 9 | 50 | 92 | ||||
Unrealized holding gains/(losses) on available-for-sale securities | -27 | 47 | -4 | 60 | ||||
Reclassification adjustments for realized (gains)/losses | 2 | -13 | -38 | -30 | ||||
Available-for-sale securities, tax, total | -25 | 34 | -42 | 30 | ||||
Benefit plans: actuarial gains/(losses), net | 5 | -1 | 3 | 10 | ||||
Reclassification adjustments related to amortization | 15 | 49 | 47 | 155 | ||||
Reclassification adjustments related to settlements, net | 6 | 18 | 21 | 54 | ||||
Other | 3 | -23 | -4 | 35 | ||||
Defined benefit plans, actuarial gain (loss), tax, total | 30 | 43 | 68 | 254 | ||||
Benefit plans: prior service credits and other | 0 | 0 | 0 | 1 | ||||
Reclassification adjustments related to amortization | -7 | -5 | -21 | -17 | ||||
Reclassification adjustments related to curtailments, net | 1 | 0 | 2 | -4 | ||||
Other | 2 | 1 | 0 | -1 | ||||
Pension and other postretirement benefit plans, net prior service cost (credit), tax | -4 | -4 | -19 | -21 | ||||
Tax provision on other comprehensive income/(loss) | $83 | [2],[3] | $80 | [2],[3] | $71 | [2],[3] | $443 | [2],[3] |
[1] | Taxes are not provided for foreign currency translation adjustments relating to investments in international subsidiaries that will be held indefinitely. | |||||||
[2] | See Note 5C. Tax Matters: Tax Provision on Other Comprehensive Income/(Loss). | |||||||
[3] | Amounts may not add due to rounding. |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Loss (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Millions, unless otherwise specified | Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 | ||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ' | ' | ' | ' | ||||
Balance, December 31, 2013 | ' | ' | ($3,271) | [1] | ' | |||
Other comprehensive income/(loss)(a) | -320 | [1] | 41 | [1] | -189 | [1] | -495 | [1] |
Balance, September 28, 2014 | -3,467 | [1] | ' | -3,467 | [1] | ' | ||
Cash flow hedge gain (loss) to be reclassified within twelve months | ' | ' | 173 | ' | ||||
Accumulated Other Comprehensive Income (Loss) [Member] | ' | ' | ' | ' | ||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ' | ' | ' | ' | ||||
Balance, December 31, 2013 | ' | ' | -3,271 | ' | ||||
Other comprehensive income/(loss)(a) | ' | ' | -196 | [2] | ' | |||
Balance, September 28, 2014 | -3,467 | ' | -3,467 | ' | ||||
Foreign Currency Translation Adjustment [Member] | ' | ' | ' | ' | ||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ' | ' | ' | ' | ||||
Balance, December 31, 2013 | ' | ' | -590 | ' | ||||
Other comprehensive income/(loss)(a) | ' | ' | -355 | [2] | ' | |||
Balance, September 28, 2014 | -945 | ' | -945 | ' | ||||
Derivative Financial Instruments [Member] | ' | ' | ' | ' | ||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ' | ' | ' | ' | ||||
Balance, December 31, 2013 | ' | ' | 79 | ' | ||||
Other comprehensive income/(loss)(a) | ' | ' | 248 | [2] | ' | |||
Balance, September 28, 2014 | 327 | ' | 327 | ' | ||||
Available-For-Sale Securities [Member] | ' | ' | ' | ' | ||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ' | ' | ' | ' | ||||
Balance, December 31, 2013 | ' | ' | 150 | ' | ||||
Other comprehensive income/(loss)(a) | ' | ' | -229 | [2] | ' | |||
Balance, September 28, 2014 | -78 | ' | -78 | ' | ||||
Actuarial Gains/(Losses) [Member] | ' | ' | ' | ' | ||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ' | ' | ' | ' | ||||
Balance, December 31, 2013 | ' | ' | -3,223 | ' | ||||
Other comprehensive income/(loss)(a) | ' | ' | 165 | [2] | ' | |||
Balance, September 28, 2014 | -3,058 | ' | -3,058 | ' | ||||
Prior Service (Costs) / Credits and Other [Member] | ' | ' | ' | ' | ||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ' | ' | ' | ' | ||||
Balance, December 31, 2013 | ' | ' | 313 | ' | ||||
Other comprehensive income/(loss)(a) | ' | ' | -26 | [2] | ' | |||
Balance, September 28, 2014 | $288 | ' | $288 | ' | ||||
[1] | Amounts may not add due to rounding. | |||||||
[2] | Amounts do not include foreign currency translation income of $8 million attributable to noncontrolling interests for the first nine months of 2014. |
Accumulated_Other_Comprehensiv3
Accumulated Other Comprehensive Loss (Parenthetical) (Detail) (USD $) | 9 Months Ended |
In Millions, unless otherwise specified | Sep. 28, 2014 |
Equity [Abstract] | ' |
Foreign currency translation adjustments attributable to noncontrolling interests | ($8) |
Financial_Instruments_Assets_a
Financial Instruments Assets and Liabilities Measured on Recurring Basis (Detail) (USD $) | Sep. 28, 2014 | Dec. 31, 2013 | ||
In Millions, unless otherwise specified | ||||
Other selected financial assets | ' | ' | ||
Total selected financial assets | $52,128 | $49,246 | ||
Other selected financial liabilities(h) | ' | ' | ||
Short-term borrowings, carried at historical proceeds, as adjusted(e) | 5,389 | [1] | 6,027 | [1] |
Long-term debt, carried at historical proceeds, as adjusted(i), (j) | 31,666 | [1] | 30,462 | [1] |
Total selected financial liabilities | 37,632 | 37,119 | ||
Reported Value Measurement [Member] | ' | ' | ||
Other selected financial assets | ' | ' | ||
Held-to-maturity debt securities, carried at amortized cost(c), (e) | 7,294 | [2],[3] | 9,139 | [2],[3] |
Private equity securities, carried at equity-method or at cost(e), (f) | 2,109 | [3],[4] | 2,270 | [3],[4] |
Total | 9,403 | 11,409 | ||
Other selected financial liabilities(h) | ' | ' | ||
Short-term borrowings, carried at historical proceeds, as adjusted(e) | 5,389 | [3],[5] | 6,027 | [3],[5] |
Long-term debt, carried at historical proceeds, as adjusted(i), (j) | 31,666 | [5],[6],[7] | 30,462 | [5],[6],[7] |
Total | 37,055 | [5] | 36,489 | [5] |
Fair Value, Measurements, Recurring [Member] | ' | ' | ||
Assets, Fair Value Disclosure [Abstract] | ' | ' | ||
Trading securities(b) | 104 | [8],[9] | 126 | [8],[9] |
Selected financial assets measured at fair value on a recurring basis(a) | 42,726 | [8] | 37,837 | [8] |
Selected financial liabilities measured at fair value on a recurring basis(a) | ' | ' | ||
Derivative financial instruments in a liability position(g): | 577 | [10],[8] | 630 | [10],[8] |
Fair Value, Measurements, Recurring [Member] | Interest Rate Swaps [Member] | ' | ' | ||
Assets, Fair Value Disclosure [Abstract] | ' | ' | ||
Derivative financial instruments in a receivable position(d): | 468 | [11],[8] | 468 | [11],[8] |
Selected financial liabilities measured at fair value on a recurring basis(a) | ' | ' | ||
Derivative financial instruments in a liability position(g): | 65 | [10],[8] | 301 | [10],[8] |
Fair Value, Measurements, Recurring [Member] | Foreign Currency Swap [Member] | ' | ' | ||
Assets, Fair Value Disclosure [Abstract] | ' | ' | ||
Derivative financial instruments in a receivable position(d): | 511 | [11],[8] | 871 | [11],[8] |
Selected financial liabilities measured at fair value on a recurring basis(a) | ' | ' | ||
Derivative financial instruments in a liability position(g): | 478 | [10],[8] | 110 | [10],[8] |
Fair Value, Measurements, Recurring [Member] | Foreign Currency Forward-Exchange Contracts [Member] | ' | ' | ||
Assets, Fair Value Disclosure [Abstract] | ' | ' | ||
Derivative financial instruments in a receivable position(d): | 227 | [11],[8] | 172 | [11],[8] |
Selected financial liabilities measured at fair value on a recurring basis(a) | ' | ' | ||
Derivative financial instruments in a liability position(g): | 34 | [10],[8] | 219 | [10],[8] |
Fair Value, Measurements, Recurring [Member] | Debt Securities [Member] | ' | ' | ||
Assets, Fair Value Disclosure [Abstract] | ' | ' | ||
Available-for-sale securities | 39,547 | [2],[8] | 34,899 | [2],[8] |
Fair Value, Measurements, Recurring [Member] | Money Market Funds [Member] | ' | ' | ||
Assets, Fair Value Disclosure [Abstract] | ' | ' | ||
Available-for-sale securities | 1,526 | [8] | 945 | [8] |
Fair Value, Measurements, Recurring [Member] | Equity Securities [Member] | ' | ' | ||
Assets, Fair Value Disclosure [Abstract] | ' | ' | ||
Available-for-sale securities | $343 | [2],[8] | $356 | [2],[8] |
[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 September 28, 2014 or December 31, 2013. 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 values of $614 million as of September 28, 2014 and $651 million as of December 31, 2013, which are used as hedging instruments. | |||
[7] | The fair value of our long-term debt (not including the current portion of long-term debt) is $36.4 billion as of September 28, 2014 and $35.1 billion as of December 31, 2013. 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 the condensed consolidated balance sheets:(MILLIONS OF DOLLARS) September 28, 2014 December 31, 2013Assets Cash and cash equivalents $1,463 $1,104Short-term investments 31,009 30,225Long-term investments 18,451 16,406Other current assets(a) 274 286Other noncurrent assets(b) 932 1,225 $52,128 $49,246Liabilities Short-term borrowings, including current portion of long-term debt $5,389 $6,027Other current liabilities(c) 216 303Long-term debt 31,666 30,462Other noncurrent liabilities(d) 361 327 $37,632 $37,119 | |||
[8] | We use a market approach in valuing financial instruments on a recurring basis. For additional information, see Note 1C. Basis of Presentation and Significant Accounting Policies: Fair Value. 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. | |||
[9] | Trading securities are held in trust for benefits attributable to the former Pharmacia Savings Plus Plan. | |||
[10] | Designated as hedging instruments, except for certain contracts used as offsets; namely, foreign currency swaps with fair values of $239 million and foreign currency forward-exchange contracts with fair values of $29 million as of September 28, 2014; and foreign currency swaps with fair values of $76 million and foreign currency forward-exchange contracts with fair values of $77 million as of December 31, 2013. | |||
[11] | Designated as hedging instruments, except for certain contracts used as offsets; namely, foreign currency forward-exchange contracts with fair values of $69 million as of September 28, 2014; and interest rate swaps with fair values of $38 million, foreign currency swaps with fair values of $30 million and foreign currency forward-exchange contracts with fair values of $66 million as of December 31, 2013. |
Financial_Instruments_Assets_a1
Financial Instruments Assets and Liabilities Measured on Recurring Basis (Parenthetical) (Detail) (USD $) | Sep. 28, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Estimate of Fair Value Measurement [Member] | ' | ' |
Footnotes to selected financial assets and liabilities: | ' | ' |
Fair value of long-term debt | $36,400 | $35,100 |
Not Designated as Hedging Instrument [Member] | Foreign Currency Swap [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Footnotes to selected financial assets and liabilities: | ' | ' |
Instruments used as offsets (assets) | ' | 30 |
Instruments used as offsets (liabilities) | 239 | 76 |
Not Designated as Hedging Instrument [Member] | Foreign Currency Forward-Exchange Contracts [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Footnotes to selected financial assets and liabilities: | ' | ' |
Instruments used as offsets (assets) | 69 | 66 |
Instruments used as offsets (liabilities) | 29 | 77 |
Not Designated as Hedging Instrument [Member] | Interest Rate Swaps [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Footnotes to selected financial assets and liabilities: | ' | ' |
Instruments used as offsets (assets) | ' | 38 |
Designated as Hedging Instrument [Member] | Foreign Currency Long Term Debt [Member] | Estimate of Fair Value Measurement [Member] | ' | ' |
Footnotes to selected financial assets and liabilities: | ' | ' |
Fair value of long-term debt | $614 | $651 |
Maximum [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Footnotes to selected financial assets and liabilities: | ' | ' |
Percentage of financial assets and liabilities measured at fair value inputs Level 1 and Level 3 inputs | 1.00% | ' |
Financial_Instruments_by_Balan
Financial Instruments by Balance Sheet Grouping (Detail) (USD $) | Sep. 28, 2014 | Dec. 31, 2013 | ||
In Millions, unless otherwise specified | ||||
Assets | ' | ' | ||
Selected financial assets | $52,128 | $49,246 | ||
Liabilities | ' | ' | ||
Selected financial liabilities | 37,632 | 37,119 | ||
Cash and Cash Equivalents [Member] | ' | ' | ||
Assets | ' | ' | ||
Selected financial assets | 1,463 | 1,104 | ||
Short-term Investments [Member] | ' | ' | ||
Assets | ' | ' | ||
Selected financial assets | 31,009 | 30,225 | ||
Long-term Investments [Member] | ' | ' | ||
Assets | ' | ' | ||
Selected financial assets | 18,451 | 16,406 | ||
Other Current Assets [Member] | ' | ' | ||
Assets | ' | ' | ||
Selected financial assets | 274 | [1] | 286 | [1] |
Other Noncurrent Assets [Member] | ' | ' | ||
Assets | ' | ' | ||
Selected financial assets | 932 | [2] | 1,225 | [2] |
Short-Term Borrowings, Including Current Portion of Long-Term Debt [Member] | ' | ' | ||
Liabilities | ' | ' | ||
Selected financial liabilities | 5,389 | 6,027 | ||
Other Current Liabilities [Member] | ' | ' | ||
Liabilities | ' | ' | ||
Selected financial liabilities | 216 | [3] | 303 | [3] |
Long-term Debt [Member] | ' | ' | ||
Liabilities | ' | ' | ||
Selected financial liabilities | 31,666 | 30,462 | ||
Other Noncurrent Liabilities [Member] | ' | ' | ||
Liabilities | ' | ' | ||
Selected financial liabilities | $361 | [4] | $327 | [4] |
[1] | As of September 28, 2014, derivative instruments at fair value include interest rate swaps ($27 million), foreign currency swaps ($21 million) and foreign currency forward-exchange contracts ($226 million) and, as of December 31, 2013, include interest rate swaps ($90 million), foreign currency swaps ($24 million) and foreign currency forward-exchange contracts ($172 million). | |||
[2] | As of September 28, 2014, derivative instruments at fair value include interest rate swaps ($441 million) and foreign currency swaps ($490 million) and foreign currency forward-exchange contracts ($1 million) and, as of December 31, 2013, include interest rate swaps ($378 million) and foreign currency swaps ($847 million). | |||
[3] | As of September 28, 2014, derivative instruments at fair value include interest rate swaps ($2 million), foreign currency swaps ($180 million) and foreign currency forward-exchange contracts ($34 million) and, as of December 31, 2013, include foreign currency swaps ($84 million) and foreign currency forward-exchange contracts ($219 million). | |||
[4] | As of September 28, 2014, derivative instruments at fair value include interest rate swaps ($63 million) and foreign currency swaps ($298 million) and, as of December 31, 2013, include interest rate swaps ($301 million) and foreign currency swaps ($26 million). |
Financial_Instruments_by_Balan1
Financial Instruments by Balance Sheet Grouping (Parenthetical) (Detail) (USD $) | Sep. 28, 2014 | Dec. 31, 2013 | ||
In Millions, unless otherwise specified | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ||
Selected financial assets | $52,128 | $49,246 | ||
Selected financial liabilities | 37,632 | 37,119 | ||
Other Current Assets [Member] | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ||
Selected financial assets | 274 | [1] | 286 | [1] |
Other Current Assets [Member] | Foreign Currency Forward-Exchange Contracts [Member] | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ||
Selected financial assets | 226 | 172 | ||
Other Current Assets [Member] | Interest Rate Swaps [Member] | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ||
Selected financial assets | 27 | 90 | ||
Other Current Assets [Member] | Foreign Currency Swap [Member] | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ||
Selected financial assets | 21 | 24 | ||
Other Noncurrent Assets [Member] | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ||
Selected financial assets | 932 | [2] | 1,225 | [2] |
Other Noncurrent Assets [Member] | Foreign Currency Forward-Exchange Contracts [Member] | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ||
Selected financial liabilities | 1 | ' | ||
Other Noncurrent Assets [Member] | Interest Rate Swaps [Member] | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ||
Selected financial assets | 441 | 378 | ||
Other Noncurrent Assets [Member] | Foreign Currency Swap [Member] | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ||
Selected financial assets | 490 | 847 | ||
Other Current Liabilities [Member] | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ||
Selected financial liabilities | 216 | [3] | 303 | [3] |
Other Current Liabilities [Member] | Foreign Currency Forward-Exchange Contracts [Member] | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ||
Selected financial liabilities | 34 | 219 | ||
Other Current Liabilities [Member] | Interest Rate Swaps [Member] | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ||
Selected financial liabilities | 2 | ' | ||
Other Current Liabilities [Member] | Foreign Currency Swap [Member] | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ||
Selected financial liabilities | 180 | 84 | ||
Other Noncurrent Liabilities [Member] | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ||
Selected financial liabilities | 361 | [4] | 327 | [4] |
Other Noncurrent Liabilities [Member] | Interest Rate Swaps [Member] | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ||
Selected financial liabilities | 63 | 301 | ||
Other Noncurrent Liabilities [Member] | Foreign Currency Swap [Member] | ' | ' | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ||
Selected financial liabilities | $298 | $26 | ||
[1] | As of September 28, 2014, derivative instruments at fair value include interest rate swaps ($27 million), foreign currency swaps ($21 million) and foreign currency forward-exchange contracts ($226 million) and, as of December 31, 2013, include interest rate swaps ($90 million), foreign currency swaps ($24 million) and foreign currency forward-exchange contracts ($172 million). | |||
[2] | As of September 28, 2014, derivative instruments at fair value include interest rate swaps ($441 million) and foreign currency swaps ($490 million) and foreign currency forward-exchange contracts ($1 million) and, as of December 31, 2013, include interest rate swaps ($378 million) and foreign currency swaps ($847 million). | |||
[3] | As of September 28, 2014, derivative instruments at fair value include interest rate swaps ($2 million), foreign currency swaps ($180 million) and foreign currency forward-exchange contracts ($34 million) and, as of December 31, 2013, include foreign currency swaps ($84 million) and foreign currency forward-exchange contracts ($219 million). | |||
[4] | As of September 28, 2014, derivative instruments at fair value include interest rate swaps ($63 million) and foreign currency swaps ($298 million) and, as of December 31, 2013, include interest rate swaps ($301 million) and foreign currency swaps ($26 million). |
Financial_Instruments_Investme
Financial Instruments - Investments in Debt Securities (Detail) (USD $) | Sep. 28, 2014 | |
In Millions, unless otherwise specified | ||
Schedule of Investments [Line Items] | ' | |
Debt securities maturities within 1 year | $30,946 | |
Debt securities maturities over 1 to 5 years | 14,254 | |
Debt securities maturities over 5 to 10 years | 1,602 | |
Debt securities maturities after 10 years | 39 | |
Total debt securities | 46,840 | |
Western European, Japanese and other government debt [Member] | ' | |
Schedule of Investments [Line Items] | ' | |
Available-for-sale debt securities maturities within 1 year | 14,013 | [1] |
Available-for-sale debt securities maturities over 1 to 5 years | 2,287 | [1] |
Available-for-sale debt securities maturities over 5 to 10 years | 0 | [1] |
Available-for-sale debt securities maturities over 10 years | 0 | [1] |
Available-for-sale debt securities maturities total | 16,300 | [1] |
Corporate debt [Member] | ' | |
Schedule of Investments [Line Items] | ' | |
Available-for-sale debt securities maturities within 1 year | 2,790 | [2] |
Available-for-sale debt securities maturities over 1 to 5 years | 4,110 | [2] |
Available-for-sale debt securities maturities over 5 to 10 years | 1,407 | [2] |
Available-for-sale debt securities maturities over 10 years | 39 | [2] |
Available-for-sale debt securities maturities total | 8,345 | [2] |
U.S. government debt [Member] | ' | |
Schedule of Investments [Line Items] | ' | |
Available-for-sale debt securities maturities within 1 year | 757 | |
Available-for-sale debt securities maturities over 1 to 5 years | 2,228 | |
Available-for-sale debt securities maturities over 5 to 10 years | 5 | |
Available-for-sale debt securities maturities over 10 years | 0 | |
Available-for-sale debt securities maturities total | 2,990 | |
Western European, Scandinavian, Australian and Other Government Agency Debt [Member] | ' | |
Schedule of Investments [Line Items] | ' | |
Available-for-sale debt securities maturities within 1 year | 2,430 | [1] |
Available-for-sale debt securities maturities over 1 to 5 years | 436 | [1] |
Available-for-sale debt securities maturities over 5 to 10 years | 0 | [1] |
Available-for-sale debt securities maturities over 10 years | 0 | [1] |
Available-for-sale debt securities maturities total | 2,865 | [1] |
Supranational Debt [Member] | ' | |
Schedule of Investments [Line Items] | ' | |
Available-for-sale debt securities maturities within 1 year | 1,325 | [1] |
Available-for-sale debt securities maturities over 1 to 5 years | 999 | [1] |
Available-for-sale debt securities maturities over 5 to 10 years | 0 | [1] |
Available-for-sale debt securities maturities over 10 years | 0 | [1] |
Available-for-sale debt securities maturities total | 2,324 | [1] |
Federal Home Loan Mortgage Corporation and Federal National Mortgage Association asset-backed securities [Member] | ' | |
Schedule of Investments [Line Items] | ' | |
Available-for-sale debt securities maturities within 1 year | 3 | |
Available-for-sale debt securities maturities over 1 to 5 years | 1,768 | |
Available-for-sale debt securities maturities over 5 to 10 years | 127 | |
Available-for-sale debt securities maturities over 10 years | 0 | |
Available-for-sale debt securities maturities total | 1,898 | |
Reverse repurchase agreements [Member] | ' | |
Schedule of Investments [Line Items] | ' | |
Available-for-sale debt securities maturities within 1 year | 1,645 | [3] |
Available-for-sale debt securities maturities over 1 to 5 years | 0 | [3] |
Available-for-sale debt securities maturities over 5 to 10 years | 0 | [3] |
Available-for-sale debt securities maturities over 10 years | 0 | [3] |
Available-for-sale debt securities maturities total | 1,645 | [4] |
Government National Mortgage Association and other U.S. government guaranteed asset-back securities [Member] | ' | |
Schedule of Investments [Line Items] | ' | |
Available-for-sale debt securities maturities within 1 year | 14 | |
Available-for-sale debt securities maturities over 1 to 5 years | 1,044 | |
Available-for-sale debt securities maturities over 5 to 10 years | 28 | |
Available-for-sale debt securities maturities over 10 years | 0 | |
Available-for-sale debt securities maturities total | 1,086 | |
Other asset-backed debt [Member] | ' | |
Schedule of Investments [Line Items] | ' | |
Available-for-sale debt securities maturities within 1 year | 707 | [5] |
Available-for-sale debt securities maturities over 1 to 5 years | 1,376 | [5] |
Available-for-sale debt securities maturities over 5 to 10 years | 9 | [5] |
Available-for-sale debt securities maturities over 10 years | 0 | [5] |
Available-for-sale debt securities maturities total | 2,092 | [5] |
Western European Scandinavian and other government agency debt [Member] | ' | |
Schedule of Investments [Line Items] | ' | |
Held-to-maturity debt securities maturities within 1 year | 4,765 | [1] |
Held-to-maturity debt securities with maturities over 1 to 5 years | 0 | [1] |
Held-to-maturity debt securities maturities over 5 to 10 years | 0 | [1] |
Held-to-maturity debt securities maturities over 10 years | 0 | [1] |
Held-to-maturity debt securities maturities total | 4,765 | [1] |
Western European, Scandinavian and other government agency debt, time deposits and other [Member] | ' | |
Schedule of Investments [Line Items] | ' | |
Held-to-maturity debt securities maturities within 1 year | 2,496 | [1] |
Held-to-maturity debt securities with maturities over 1 to 5 years | 7 | [1] |
Held-to-maturity debt securities maturities over 5 to 10 years | 26 | [1] |
Held-to-maturity debt securities maturities over 10 years | 0 | [1] |
Held-to-maturity debt securities maturities total | $2,528 | [1] |
[1] | Issued by governments, government agencies or supranational entities, as applicable, all of which are investment-grade. | |
[2] | Issued by a diverse group of corporations, largely consisting of financial institutions, virtually all of which are investment-grade. | |
[3] | As of September 28, 2014, derivative instruments at fair value include interest rate swaps ($2 million), foreign currency swaps ($180 million) and foreign currency forward-exchange contracts ($34 million) and, as of December 31, 2013, include foreign currency swaps ($84 million) and foreign currency forward-exchange contracts ($219 million). | |
[4] | Involving U.S. securities. | |
[5] | Includes loan-backed, receivable-backed, and mortgage-backed securities, all of which are investment-grade and in senior positions in the capital structure of the security. Loan-backed securities are collateralized by senior secured obligations of a diverse pool of companies or student loans, and receivable-backed securities are collateralized by credit cards receivables. Mortgage-backed securities are collateralized by diversified pools of residential and commercial mortgages. These securities are valued by third party models that use significant inputs derived from observable market data like prepayment rates, default rates, and recovery rates. |
Financial_Instruments_Narrativ
Financial Instruments - Narrative (Detail) (USD $) | Sep. 28, 2014 | Dec. 31, 2013 |
Short - Term Borrowings | ' | ' |
Commercial paper | $0 | $3,000,000,000 |
Derivative Financial Instruments and Hedging Activities | ' | ' |
Derivative, net liability position, aggregate fair value | 116,000,000 | ' |
Posted collateral | 92,000,000 | ' |
Additional collateral | 27,000,000 | ' |
Cash and Cash Equivalents [Member] | ' | ' |
Credit Risk Derivatives | ' | ' |
Securities received as collateral | 1,200,000,000 | ' |
Interest Rate Contract [Member] | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' |
Derivative, Notional Amount | $17,000,000,000 | ' |
Financial_Instruments_Longterm
Financial Instruments - Long-term Debt (Details) (USD $) | 9 Months Ended | ||
Sep. 28, 2014 | 15-May-14 | ||
Debt Instrument [Line Items] | ' | ' | |
Long-term debt | $31,666,000,000 | ' | |
Unsecured Debt [Member] | ' | ' | |
Debt Instrument [Line Items] | ' | ' | |
Debt instrument, face amount | ' | 4,500,000,000 | |
Long-term debt | 4,500,000,000 | ' | |
Debt instrument, redemption rule, redemption price, percentage | 100.00% | ' | |
Unsecured Debt [Member] | Senior Unsecured Debt, 1.1%, Due 2017 [Member] | ' | ' | |
Debt Instrument [Line Items] | ' | ' | |
Long-term debt | 1,000,000,000 | [1],[2] | ' |
Debt instrument, interest rate, stated percentage | 1.10% | ' | |
Unsecured Debt [Member] | Senior Unsecured Debt, 2.1%, Due 2019 [Member] | ' | ' | |
Debt Instrument [Line Items] | ' | ' | |
Long-term debt | 1,500,000,000 | [1],[2] | ' |
Debt instrument, interest rate, stated percentage | 2.10% | ' | |
Unsecured Debt [Member] | Senior Unsecured Debt, 3.4%, Due 2024 [Member] | ' | ' | |
Debt Instrument [Line Items] | ' | ' | |
Long-term debt | 1,000,000,000 | [1],[2] | ' |
Debt instrument, interest rate, stated percentage | 3.40% | ' | |
Unsecured Debt [Member] | Senior Unsecured Debt, 4.4%, Due 2044 [Member] | ' | ' | |
Debt Instrument [Line Items] | ' | ' | |
Long-term debt | 500,000,000 | [1],[2] | ' |
Debt instrument, interest rate, stated percentage | 4.40% | ' | |
Unsecured Debt [Member] | Senior Unsecured Debt, Three-month LIBOR Plus 0.15%, Due 2017 [Member] | ' | ' | |
Debt Instrument [Line Items] | ' | ' | |
Long-term debt | $500,000,000 | [3] | ' |
Unsecured Debt [Member] | Senior Unsecured Debt, Three-month LIBOR Plus 0.15%, Due 2017 [Member] | London Interbank Offered Rate (LIBOR) [Member] | ' | ' | |
Debt Instrument [Line Items] | ' | ' | |
Debt Instrument, basis spread on variable rate | 0.15% | ' | |
[1] | The notes are redeemable, in whole or in part, at any time at Pfizer's option, at a redemption price equal to the greater of 100% of the principal amount of the notes being redeemed on the redemption date, or the sum of the present values of the remaining scheduled payments of principal and interest discounted at the U.S. Treasury rate plus an incremental percentage, depending on the issuance; plus, in each case, accrued and unpaid interest. | ||
[2] | Interest is payable semi-annually beginning November 15, 2014. | ||
[3] | Interest is payable quarterly beginning August 15, 2014. |
Recovered_Sheet1
Financial Instruments - Long-Term Debt Outstanding Maturities (Details) (USD $) | Sep. 28, 2014 |
In Millions, unless otherwise specified | |
Financial Instruments [Abstract] | ' |
2015 | $0 |
2016 | 4,162 |
2017 | 4,035 |
2018 | 2,399 |
After 2018 | 21,070 |
TOTAL | $31,666 |
Financial_Instruments_Derivati
Financial Instruments - Derivative Financial Instruments and Hedging Activities (Detail) (USD $) | Sep. 28, 2014 | Dec. 31, 2013 | Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Comprehensive Income (Loss) [Member] | Other Comprehensive Income (Loss) [Member] | Other Comprehensive Income (Loss) [Member] | Other Comprehensive Income (Loss) [Member] | Other Nonoperating Income (Expense) [Member] | Other Nonoperating Income (Expense) [Member] | Other Nonoperating Income (Expense) [Member] | Other Nonoperating Income (Expense) [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | Net Investment Hedging, Nonderivative Instruments [Member] | Net Investment Hedging, Nonderivative Instruments [Member] | Net Investment Hedging, Nonderivative Instruments [Member] | Net Investment Hedging, Nonderivative Instruments [Member] | Net Investment Hedging, Nonderivative Instruments [Member] | Net Investment Hedging, Nonderivative Instruments [Member] | Net Investment Hedging, Nonderivative Instruments [Member] | Net Investment Hedging, Nonderivative Instruments [Member] | Net Investment Hedging, Nonderivative Instruments [Member] | Net Investment Hedging, Nonderivative Instruments [Member] | Net Investment Hedging, Nonderivative Instruments [Member] | All other, net [Member] | All other, net [Member] | All other, net [Member] | All other, net [Member] | All other, net [Member] | All other, net [Member] | Foreign Currency Swap [Member] | Foreign Currency Swap [Member] | Foreign Currency Swap [Member] | Foreign Currency Swap [Member] | Foreign Currency Swap [Member] | Foreign Currency Swap [Member] | Foreign Currency Swap [Member] | Foreign Currency Swap [Member] | Foreign Currency Swap [Member] | Foreign Currency Swap [Member] | Foreign Currency Swap [Member] | Foreign Currency Swap [Member] | Foreign Currency Swap [Member] | Foreign Currency Swap [Member] | Foreign Currency Swap [Member] | Foreign Currency Swap [Member] | Foreign Currency Swap [Member] | Foreign Currency Swap [Member] | Foreign Currency Swap [Member] | Foreign Currency Swap [Member] | Foreign Currency Swap [Member] | Foreign Currency Swap [Member] | Foreign Currency Swap [Member] | Foreign Currency Swap [Member] | Foreign Currency Swap [Member] | Foreign Currency Swap [Member] | Foreign Currency Swap [Member] | Foreign Currency Swap [Member] | Foreign Currency Swap [Member] | Foreign Currency Swap [Member] | Foreign Currency Swap [Member] | Foreign Currency Swap [Member] | Foreign Currency Swap [Member] | Foreign Currency Swap [Member] | Foreign Currency Swap [Member] | Foreign Currency Swap [Member] | Foreign Currency Swap [Member] | Foreign Currency Forward-Exchange Contracts [Member] | Foreign Currency Forward-Exchange Contracts [Member] | Foreign Currency Forward-Exchange Contracts [Member] | Foreign Currency Forward-Exchange Contracts [Member] | Foreign Currency Forward-Exchange Contracts [Member] | Foreign Currency Forward-Exchange Contracts [Member] | Foreign Currency Forward-Exchange Contracts [Member] | Foreign Currency Forward-Exchange Contracts [Member] | Foreign Currency Forward-Exchange Contracts [Member] | Foreign Currency Forward-Exchange Contracts [Member] | Foreign Currency Forward-Exchange Contracts [Member] | Foreign Currency Forward-Exchange Contracts [Member] | Foreign Currency Forward-Exchange Contracts [Member] | Foreign Currency Forward-Exchange Contracts [Member] | Foreign Currency Forward-Exchange Contracts [Member] | Foreign Currency Forward-Exchange Contracts [Member] | Foreign Currency Forward-Exchange Contracts [Member] | Foreign Currency Forward-Exchange Contracts [Member] | Foreign Currency Forward-Exchange Contracts [Member] | Foreign Currency Forward-Exchange Contracts [Member] | Foreign Currency Forward-Exchange Contracts [Member] | Foreign Currency Forward-Exchange Contracts [Member] | Foreign Currency Forward-Exchange Contracts [Member] | Foreign Currency Forward-Exchange Contracts [Member] | Foreign Currency Forward-Exchange Contracts [Member] | Foreign Currency Forward-Exchange Contracts [Member] | Foreign Currency Forward-Exchange Contracts [Member] | Foreign Currency Forward-Exchange Contracts [Member] | Foreign Currency Forward-Exchange Contracts [Member] | Foreign Currency Forward-Exchange Contracts [Member] | Foreign Currency Forward-Exchange Contracts [Member] | Foreign Currency Forward-Exchange Contracts [Member] | Foreign Currency Forward-Exchange Contracts [Member] | Foreign Currency Forward-Exchange Contracts [Member] | Foreign Currency Forward-Exchange Contracts [Member] | Foreign Currency Forward-Exchange Contracts [Member] | Unsecured Debt [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Nonoperating Income (Expense) [Member] | Other Nonoperating Income (Expense) [Member] | Other Nonoperating Income (Expense) [Member] | Other Nonoperating Income (Expense) [Member] | Other Comprehensive Income (Loss) [Member] | Other Comprehensive Income (Loss) [Member] | Other Comprehensive Income (Loss) [Member] | Other Comprehensive Income (Loss) [Member] | Other Nonoperating Income (Expense) [Member] | Other Nonoperating Income (Expense) [Member] | Other Nonoperating Income (Expense) [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | Other Comprehensive Income (Loss) [Member] | Other Comprehensive Income (Loss) [Member] | Other Nonoperating Income (Expense) [Member] | Other Nonoperating Income (Expense) [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Senior Debt, Two Billion Five Hundred Million Pound, Due June 2023 [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Nonoperating Income (Expense) [Member] | Other Nonoperating Income (Expense) [Member] | Other Nonoperating Income (Expense) [Member] | Other Nonoperating Income (Expense) [Member] | Other Nonoperating Income (Expense) [Member] | Other Nonoperating Income (Expense) [Member] | Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | Net Investment Hedging [Member] | Net Investment Hedging [Member] | Net Investment Hedging [Member] | Net Investment Hedging [Member] | Net Investment Hedging [Member] | Net Investment Hedging [Member] | Net Investment Hedging [Member] | Net Investment Hedging [Member] | Net Investment Hedging [Member] | Net Investment Hedging [Member] | Net Investment Hedging [Member] | Net Investment Hedging [Member] | Other Comprehensive Income (Loss) [Member] | Other Comprehensive Income (Loss) [Member] | Other Comprehensive Income (Loss) [Member] | Other Comprehensive Income (Loss) [Member] | Other Nonoperating Income (Expense) [Member] | Other Nonoperating Income (Expense) [Member] | Other Nonoperating Income (Expense) [Member] | Other Nonoperating Income (Expense) [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | Net Investment Hedging [Member] | Net Investment Hedging [Member] | Net Investment Hedging [Member] | Net Investment Hedging [Member] | Net Investment Hedging [Member] | Net Investment Hedging [Member] | Net Investment Hedging [Member] | Net Investment Hedging [Member] | Net Investment Hedging [Member] | Net Investment Hedging [Member] | Net Investment Hedging [Member] | Net Investment Hedging [Member] | Other Comprehensive Income (Loss) [Member] | Other Comprehensive Income (Loss) [Member] | Other Comprehensive Income (Loss) [Member] | Other Comprehensive Income (Loss) [Member] | Other Nonoperating Income (Expense) [Member] | Other Nonoperating Income (Expense) [Member] | Other Nonoperating Income (Expense) [Member] | Other Nonoperating Income (Expense) [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Comprehensive Income (Loss) [Member] | Other Comprehensive Income (Loss) [Member] | Other Comprehensive Income (Loss) [Member] | Other Comprehensive Income (Loss) [Member] | Other Nonoperating Income (Expense) [Member] | Other Nonoperating Income (Expense) [Member] | Other Nonoperating Income (Expense) [Member] | Other Nonoperating Income (Expense) [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | Other Comprehensive Income (Loss) [Member] | Other Comprehensive Income (Loss) [Member] | Other Comprehensive Income (Loss) [Member] | Other Comprehensive Income (Loss) [Member] | Other Nonoperating Income (Expense) [Member] | Other Nonoperating Income (Expense) [Member] | Other Nonoperating Income (Expense) [Member] | Other Nonoperating Income (Expense) [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | Other Nonoperating Income (Expense) [Member] | Other Nonoperating Income (Expense) [Member] | Other Nonoperating Income (Expense) [Member] | Other Nonoperating Income (Expense) [Member] | Other Comprehensive Income (Loss) [Member] | Other Comprehensive Income (Loss) [Member] | Other Comprehensive Income (Loss) [Member] | Other Comprehensive Income (Loss) [Member] | Other Nonoperating Income (Expense) [Member] | Other Nonoperating Income (Expense) [Member] | Other Nonoperating Income (Expense) [Member] | Other Nonoperating Income (Expense) [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | Other Comprehensive Income (Loss) [Member] | Other Comprehensive Income (Loss) [Member] | Other Comprehensive Income (Loss) [Member] | Other Comprehensive Income (Loss) [Member] | Other Nonoperating Income (Expense) [Member] | Other Nonoperating Income (Expense) [Member] | Other Nonoperating Income (Expense) [Member] | Other Nonoperating Income (Expense) [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | Other Nonoperating Income (Expense) [Member] | Other Nonoperating Income (Expense) [Member] | Other Nonoperating Income (Expense) [Member] | Other Nonoperating Income (Expense) [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Nonoperating Income (Expense) [Member] | Other Nonoperating Income (Expense) [Member] | Other Nonoperating Income (Expense) [Member] | Other Nonoperating Income (Expense) [Member] | Other Nonoperating Income (Expense) [Member] | Other Nonoperating Income (Expense) [Member] | Other Nonoperating Income (Expense) [Member] | Other Nonoperating Income (Expense) [Member] | Other Nonoperating Income (Expense) [Member] | Other Nonoperating Income (Expense) [Member] | Other Nonoperating Income (Expense) [Member] | Other Nonoperating Income (Expense) [Member] | Other Nonoperating Income (Expense) [Member] | Other Nonoperating Income (Expense) [Member] | Other Nonoperating Income (Expense) [Member] | Other Nonoperating Income (Expense) [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative asset, notional amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $35,800,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-term debt | 31,666,000,000 | [1] | 30,462,000,000 | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,400,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Financial Instruments Gains/(Losses) Recognized in OID | ' | ' | ' | ' | ' | ' | 31,000,000 | [2],[3],[4] | -100,000,000 | [2],[3],[4] | 48,000,000 | [2],[3],[4] | 26,000,000 | [2],[3],[4] | ' | ' | ' | ' | ' | ' | ' | ' | 0 | [2],[3],[4] | 0 | [2],[3],[4] | 0 | [2],[3],[4] | ' | ' | ' | ' | ' | ' | -3,000,000 | [2],[3],[4] | 0 | [2],[3],[4] | ' | ' | ' | ' | ' | ' | ' | 0 | [2],[3],[4] | 0 | [2],[3],[4] | 0 | [2],[3],[4] | 0 | [2],[3],[4] | ' | ' | ' | ' | ' | ' | ' | ' | 0 | [2],[3],[4] | 0 | [2],[3],[4] | 0 | [2],[3],[4] | -3,000,000 | [2],[3],[4] | ' | ' | ' | ' | ' | ' | ' | ' | 0 | [2],[3],[4] | -15,000,000 | [2],[3],[4] | 0 | [2],[3],[4] | -14,000,000 | [2],[3],[4] | ' | ' | ' | ' | ' | ' | ' | ' | 0 | [2],[3],[4] | 0 | [2],[3],[4] | 0 | [2],[3],[4] | 0 | [2],[3],[4] | ' | ' | ' | ' | ' | ' | ' | ' | 0 | [2],[3],[4] | -4,000,000 | [2],[3],[4] | 0 | [2],[3],[4] | -4,000,000 | [2],[3],[4] | ' | ' | ' | ' | ' | ' | ' | ' | 30,000,000 | [2],[3],[4] | -81,000,000 | [2],[3],[4] | 51,000,000 | [2],[3],[4] | 47,000,000 | [2],[3],[4] | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Financial Instruments Gains/(Losses) Recognized in OCI | ' | ' | -104,000,000 | [4],[5] | 3,000,000 | [4],[5] | -194,000,000 | [4],[5] | 372,000,000 | [4],[5] | ' | ' | ' | ' | ' | ' | ' | ' | 46,000,000 | [4],[5] | -4,000,000 | [4],[5] | 24,000,000 | [4],[5] | 93,000,000 | [4],[5] | ' | ' | ' | ' | ' | ' | ' | 0 | [4],[5] | 0 | [4],[5] | ' | ' | ' | ' | ' | -383,000,000 | [4],[5] | 489,000,000 | [4],[5] | -409,000,000 | [4],[5] | 308,000,000 | [4],[5] | ' | ' | ' | ' | ' | ' | ' | ' | 21,000,000 | [4],[5] | -2,000,000 | [4],[5] | 11,000,000 | [4],[5] | 137,000,000 | [4],[5] | ' | ' | ' | ' | ' | ' | ' | ' | 0 | [4],[5] | 0 | [4],[5] | 0 | [4],[5] | 0 | [4],[5] | ' | ' | ' | ' | ' | ' | ' | ' | 212,000,000 | [4],[5] | -479,000,000 | [4],[5] | 180,000,000 | [4],[5] | -165,000,000 | [4],[5] | ' | ' | ' | ' | ' | ' | ' | ' | 0 | [4],[5] | -1,000,000 | [4],[5] | 0 | [4],[5] | -1,000,000 | [4],[5] | ' | ' | ' | ' | ' | ' | ' | ' | 0 | [4],[5] | 0 | [4],[5] | 0 | [4],[5] | 0 | [4],[5] | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Financial Instruments Gains/(Losses) Reclassified from OCI into OID | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ($441,000,000) | [4],[5] | $339,000,000 | [4],[5] | ($527,000,000) | [4],[5] | $36,000,000 | [4],[5] | ' | ' | ' | ' | ' | ' | ' | $0 | [4],[5] | $0 | [4],[5] | $0 | [4],[5] | $0 | [4],[5] | ' | ' | ' | ' | $0 | [4],[5] | $0 | [4],[5] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ($474,000,000) | [4],[5] | $314,000,000 | [4],[5] | ($471,000,000) | [4],[5] | $63,000,000 | [4],[5] | ' | ' | ' | ' | ' | ' | ' | ' | $0 | [4],[5] | $0 | [4],[5] | $0 | [4],[5] | $0 | [4],[5] | ' | ' | ' | ' | ' | ' | ' | ' | $0 | [4],[5] | $0 | [4],[5] | $0 | [4],[5] | $0 | [4],[5] | ' | ' | ' | ' | ' | ' | ' | ' | $33,000,000 | [4],[5] | $25,000,000 | [4],[5] | ($56,000,000) | [4],[5] | ($26,000,000) | [4],[5] | ' | ' | ' | ' | ' | ' | ' | ' | $0 | [4],[5] | $0 | [4],[5] | $0 | [4],[5] | $0 | [4],[5] | ' | ' | ' | ' | ' | ' | ' | ' | $0 | [4],[5] | $0 | [4],[5] | $0 | [4],[5] | $0 | [4],[5] | ' | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[1] | Amounts may not add due to rounding. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[2] | There was no significant ineffectiveness for any period presented. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[3] | Also, includes gains and losses attributable to derivative instruments designated and qualifying as fair value hedges, as well as the offsetting gains and losses attributable to the hedged items in such hedging relationships. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[4] | OID =ther (income)/deductions—net, included in Other (income)/deductions—net in the condensed consolidated statements of income. OCI =ther comprehensive income/(loss), included in the condensed consolidated statements of comprehensive income. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[5] | For derivative financial instruments in cash flow hedge relationships, the effective portion is included in Other comprehensive income/(loss)––Unrealized holding gains/(losses) on derivative financial instruments. For derivative financial instruments in net investment hedge relationships and for foreign currency debt designated as hedging instruments, the effective portion is included in Other comprehensive income/(loss)––Foreign currency translation adjustments. |
Inventories_Detail
Inventories (Detail) (USD $) | Sep. 28, 2014 | Dec. 31, 2013 | ||
In Millions, unless otherwise specified | ||||
Inventory Disclosure [Abstract] | ' | ' | ||
Finished goods | $2,200 | $2,216 | ||
Work-in-process | 3,597 | 3,445 | ||
Raw materials and supplies | 557 | 505 | ||
Inventories | 6,355 | [1] | 6,166 | [1] |
Noncurrent inventories not included above(a) | $444 | [2] | $463 | [2] |
[1] | Amounts may not add due to rounding. | |||
[2] | Included in Other noncurrent assets. There are no recoverability issues associated with these amounts. |
Goodwill_and_Other_Intangible_2
Goodwill and Other Intangible Assets - Goodwill (Detail) (USD $) | 9 Months Ended | |
In Millions, unless otherwise specified | Sep. 28, 2014 | |
Operating_Segment | ||
Goodwill [Line Items] | ' | |
Number of operating segments (in operating segments) | 3 | |
Goodwill [Roll Forward] | ' | |
Balance, December 31, 2013 | $42,519 | [1] |
Additions(b) | 125 | [2] |
Other(c) | 81 | [3] |
Balance, September 28, 2014 | 42,724 | [1] |
Operating Segments [Member] | ' | |
Goodwill [Roll Forward] | ' | |
Balance, December 31, 2013 | 42,519 | [4] |
Additions(b) | 125 | [2],[4] |
Other(c) | 81 | [3],[4] |
Balance, September 28, 2014 | $42,724 | |
[1] | Amounts may not add due to rounding. | |
[2] | Reflects the acquisition of InnoPharma. For additional information, see Note 2A. Acquisition, Divestiture, Licensing Arrangements and Equity-Method Investments: Acquisition. | |
[3] | Primarily reflects the impact of foreign exchange. | |
[4] | The amount to be allocated includes the goodwill associated with our former biopharmaceutical operating segments (see above), for which the allocation to our new reporting units, and, as a result, to the new operating segments, is pending. |
Goodwill_and_Other_Intangible_3
Goodwill and Other Intangible Assets - Finite-lived and Indefinite-lived Intangible Assets (Detail) (USD $) | Sep. 28, 2014 | Dec. 31, 2013 | ||
In Millions, unless otherwise specified | ||||
Indefinite-lived Intangible Assets [Line Items] | ' | ' | ||
Total indefinite-lived intangible assets | $7,805 | $7,827 | ||
Finite-Lived Intangible Assets [Line Items] | ' | ' | ||
Finite-lived Intangible Assets, Gross Carrying Amount | 74,676 | 74,677 | ||
Finite-lived Intangible Assets, Accumulated Amortization | -46,106 | [1] | -43,119 | [1] |
Finite-lived Intangible Assets, less Accumulated Amortization | 28,570 | 31,558 | ||
Intangible assets, gross carrying amount | 82,481 | [1] | 82,504 | [1] |
Identifiable Intangible Assets, less Accumulated Amortization | 36,374 | [1],[2] | 39,385 | [1],[2] |
Developed Technology Rights [Member] | ' | ' | ||
Finite-Lived Intangible Assets [Line Items] | ' | ' | ||
Finite-lived Intangible Assets, Gross Carrying Amount | 71,704 | 72,038 | ||
Finite-lived Intangible Assets, Accumulated Amortization | -44,444 | -41,541 | ||
Finite-lived Intangible Assets, less Accumulated Amortization | 27,260 | 30,497 | ||
Trade Names [Member] | ' | ' | ||
Finite-Lived Intangible Assets [Line Items] | ' | ' | ||
Finite-lived Intangible Assets, Gross Carrying Amount | 1,982 | 1,743 | ||
Finite-lived Intangible Assets, Accumulated Amortization | -836 | -773 | ||
Finite-lived Intangible Assets, less Accumulated Amortization | 1,146 | 970 | ||
License Agreements and Other [Member] | ' | ' | ||
Finite-Lived Intangible Assets [Line Items] | ' | ' | ||
Finite-lived Intangible Assets, Gross Carrying Amount | 990 | 896 | ||
Finite-lived Intangible Assets, Accumulated Amortization | -826 | -805 | ||
Finite-lived Intangible Assets, less Accumulated Amortization | 164 | 91 | ||
Trade Names [Member] | ' | ' | ||
Indefinite-lived Intangible Assets [Line Items] | ' | ' | ||
Total indefinite-lived intangible assets | 7,346 | 7,384 | ||
In Process Research and Development [Member] | ' | ' | ||
Indefinite-lived Intangible Assets [Line Items] | ' | ' | ||
Total indefinite-lived intangible assets | $459 | $443 | ||
[1] | The decrease in identifiable intangible assets, less accumulated amortization, is primarily related to amortization and, to a much lesser extent, asset impairment charges, partially offset by assets acquired from InnoPharma and the Nexium over-the-counter milestones. For information about impairments of intangible assets, see Note 4. Other (Income)/Deductions—Net. For information about the assets acquired from InnoPharma and the Nexium over-the-counter milestones, see Note 2A. Acquisition, Divestiture, Licensing Arrangements and Equity-Method Investments: Acquisition and Note 2C. Acquisition, Divestiture, Licensing Arrangements and Equity-Method Investments: Licensing Arrangements, respectively. | |||
[2] | Amounts may not add due to rounding. |
Goodwill_and_Other_Intangible_4
Goodwill and Other Intangible Assets - Finite-lived Intangible Assets Percentage of Total Intangibles (Details) | Sep. 28, 2014 |
Developed Technology Rights [Member] | Global Innovative Pharmaceutical [Member] | ' |
Finite-Lived Intangible Assets [Line Items] | ' |
Percentage of total identifiable intangible assets, less accumulated amortization | 33.00% |
Developed Technology Rights [Member] | Global Vaccines, Oncology and Consumer Healthcare [Member] | ' |
Finite-Lived Intangible Assets [Line Items] | ' |
Percentage of total identifiable intangible assets, less accumulated amortization | 33.00% |
Developed Technology Rights [Member] | Global Established Pharmaceutical [Member] | ' |
Finite-Lived Intangible Assets [Line Items] | ' |
Percentage of total identifiable intangible assets, less accumulated amortization | 33.00% |
Trade Names [Member] | Global Innovative Pharmaceutical [Member] | ' |
Finite-Lived Intangible Assets [Line Items] | ' |
Percentage of total identifiable intangible assets, less accumulated amortization | 0.00% |
Trade Names [Member] | Global Vaccines, Oncology and Consumer Healthcare [Member] | ' |
Finite-Lived Intangible Assets [Line Items] | ' |
Percentage of total identifiable intangible assets, less accumulated amortization | 81.00% |
Trade Names [Member] | Global Established Pharmaceutical [Member] | ' |
Finite-Lived Intangible Assets [Line Items] | ' |
Percentage of total identifiable intangible assets, less accumulated amortization | 19.00% |
Goodwill_and_Other_Intangible_5
Goodwill and Other Intangible Assets - Indefinite-lived Intangible Assets Percentage of Total Intangibles (Details) | Sep. 28, 2014 |
Trade Names [Member] | Global Innovative Pharmaceutical [Member] | ' |
Indefinite-lived Intangible Assets [Line Items] | ' |
Percentage of total identifiable intangible assets, less accumulated amortization | 0.00% |
Trade Names [Member] | Global Vaccines, Oncology and Consumer Healthcare [Member] | ' |
Indefinite-lived Intangible Assets [Line Items] | ' |
Percentage of total identifiable intangible assets, less accumulated amortization | 70.00% |
Trade Names [Member] | Global Established Pharmaceutical [Member] | ' |
Indefinite-lived Intangible Assets [Line Items] | ' |
Percentage of total identifiable intangible assets, less accumulated amortization | 30.00% |
In Process Research and Development [Member] | Global Innovative Pharmaceutical [Member] | ' |
Indefinite-lived Intangible Assets [Line Items] | ' |
Percentage of total identifiable intangible assets, less accumulated amortization | 6.00% |
In Process Research and Development [Member] | Global Vaccines, Oncology and Consumer Healthcare [Member] | ' |
Indefinite-lived Intangible Assets [Line Items] | ' |
Percentage of total identifiable intangible assets, less accumulated amortization | 40.00% |
In Process Research and Development [Member] | Global Established Pharmaceutical [Member] | ' |
Indefinite-lived Intangible Assets [Line Items] | ' |
Percentage of total identifiable intangible assets, less accumulated amortization | 53.00% |
Goodwill_and_Other_Intangible_6
Goodwill and Other Intangible Assets - Narrative (Detail) (Finite-Lived Intangible Assets [Member], USD $) | 3 Months Ended | 9 Months Ended | ||
In Billions, unless otherwise specified | Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 |
Finite-Lived Intangible Assets [Member] | ' | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' |
Amortization expense for finite-lived intangible assets | $1 | $1.10 | $3.10 | $3.60 |
Pension_and_Postretirement_Ben2
Pension and Postretirement Benefit Plans - Net Periodic Benefit Cost (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Millions, unless otherwise specified | Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 | ||||
U.S. Qualified [Member] | ' | ' | ' | ' | ||||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' | ||||
Service cost | $63 | [1] | $75 | [1] | $190 | [1] | $227 | [1] |
Interest cost | 174 | [1] | 166 | [1] | 524 | [1] | 501 | [1] |
Expected return on plan assets | -260 | [1] | -248 | [1] | -785 | [1] | -752 | [1] |
Actuarial losses | 15 | [1] | 88 | [1] | 47 | [1] | 267 | [1] |
Prior service credits | -2 | [1] | -2 | [1] | -5 | [1] | -5 | [1] |
Net transition obligation | 0 | 0 | 0 | 0 | ||||
Curtailments | 0 | [1] | 0 | [1] | 2 | [1] | -1 | [1] |
Settlements | 11 | [1] | 29 | [1] | 32 | [1] | 92 | [1] |
Special termination benefits | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] |
Defined benefit plan, net periodic benefit cost | 2 | [1] | 108 | [1] | 5 | [1] | 329 | [1] |
U.S. Supplemental (Non-Qualified) [Member] | ' | ' | ' | ' | ||||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' | ||||
Service cost | 5 | [2] | 7 | [2] | 15 | [2] | 20 | [2] |
Interest cost | 14 | [2] | 26 | [2] | 43 | [2] | 53 | [2] |
Expected return on plan assets | 0 | [2] | 0 | [2] | 0 | [2] | 0 | [2] |
Actuarial losses | 7 | [2] | 11 | [2] | 22 | [2] | 38 | [2] |
Prior service credits | 0 | [2] | -1 | [2] | -1 | [2] | -2 | [2] |
Net transition obligation | 0 | 0 | 0 | 0 | ||||
Curtailments | 0 | [2] | 0 | [2] | 0 | [2] | 0 | [2] |
Settlements | 5 | [2] | 7 | [2] | 21 | [2] | 35 | [2] |
Special termination benefits | 0 | [2] | 0 | [2] | 0 | [2] | 0 | [2] |
Defined benefit plan, net periodic benefit cost | 31 | [2] | 50 | [2] | 100 | [2] | 144 | [2] |
International [Member] | ' | ' | ' | ' | ||||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' | ||||
Service cost | 49 | [3] | 51 | [3] | 153 | [3] | 161 | [3] |
Interest cost | 99 | [3] | 92 | [3] | 300 | [3] | 283 | [3] |
Expected return on plan assets | -117 | [3] | -99 | [3] | -347 | [3] | -304 | [3] |
Actuarial losses | 24 | [3] | 28 | [3] | 73 | [3] | 100 | [3] |
Prior service credits | -2 | [3] | -1 | [3] | -5 | [3] | -5 | [3] |
Net transition obligation | 0 | [3] | 0 | [3] | 0 | [3] | 0 | [3] |
Curtailments | -11 | [3] | -6 | [3] | 4 | [3] | -28 | [3] |
Settlements | 2 | [3] | 8 | [3] | 4 | [3] | 14 | [3] |
Special termination benefits | 2 | [3] | 1 | [3] | 7 | [3] | 3 | [3] |
Defined benefit plan, net periodic benefit cost | 46 | [3] | 74 | [3] | 188 | [3] | 224 | [3] |
Postretirement Plans [Member] | ' | ' | ' | ' | ||||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' | ||||
Service cost | 14 | [4] | 15 | [4] | 41 | [4] | 46 | [4] |
Interest cost | 42 | [4] | 42 | [4] | 127 | [4] | 125 | [4] |
Expected return on plan assets | -16 | [4] | -14 | [4] | -47 | [4] | -41 | [4] |
Actuarial losses | 1 | [4] | 11 | [4] | 4 | [4] | 34 | [4] |
Prior service credits | -14 | [4] | -11 | [4] | -43 | [4] | -33 | [4] |
Net transition obligation | 0 | [4] | 0 | [4] | 0 | [4] | 0 | [4] |
Curtailments | 0 | [4] | 0 | [4] | -4 | [4] | -9 | [4] |
Settlements | 0 | [4] | 0 | [4] | 0 | [4] | 0 | [4] |
Special termination benefits | 0 | [4] | 0 | [4] | 0 | [4] | 0 | [4] |
Defined benefit plan, net periodic benefit cost | $27 | [3] | $43 | [3] | $78 | [3] | $122 | [3] |
[1] | The decrease in net periodic benefit costs for the three and nine months ended September 28, 2014, compared to the three and nine months ended September 29, 2013, for our U.S. qualified pension plans was primarily driven by the decrease in the amounts amortized for actuarial losses resulting from the increase, in 2013, in the discount rate used to determine the benefit obligation (which reduced the amount of deferred actuarial losses), lower service cost resulting from cost-reduction initiatives, lower settlement activity and greater expected return on plan assets resulting from an increased plan asset base, partially offset by higher interest costs resulting from the increase, in 2013, in the discount rate used to determine the benefit obligation. | |||||||
[2] | The decrease in net periodic benefit costs for the three and nine months ended September 28, 2014, compared to the three and nine months ended September 29, 2013, for our U.S. supplemental (non-qualified) pension plans was primarily driven by lower settlement activity, lower interest costs and the decrease in the amounts amortized for actuarial losses resulting from the increase, in 2013, in the discount rate used to determine the benefit obligation. | |||||||
[3] | The decrease in net periodic benefit costs for the nine months ended September 28, 2014, compared to the nine months ended September 29, 2013, for our international pension plans was primarily driven by the decrease in the amounts amortized for actuarial losses resulting from increases, in 2013, in the discount rates used to determine the benefit obligations, greater expected return on plan assets resulting from an increased plan asset base, partially offset by increased curtailment losses in 2014 primarily due to a loss relating to a U.K. pension plan freeze in the current year and changes in curtailments related to restructuring initiatives. The decrease in net periodic benefit costs for the three months ended September 28, 2014, compared to the three months ended September 29, 2013, for our international pension plans was primarily driven by the greater expected return on plan assets resulting from an increased plan asset base and the change in the impact of curtailments and settlements associated with restructuring initiatives. | |||||||
[4] | The decrease in net periodic benefit costs for the three and nine months ended September 28, 2014, compared to the three and nine months ended September 29, 2013, for our postretirement plans was primarily driven by the decrease in the amounts amortized for actuarial losses resulting from the increase, in 2013, in the discount rate used to determine the benefit obligation (which reduced the amount of deferred actuarial losses), as well as an amendment to the U.S. plans at the end of 2013 resulting in increased amortization of prior service credits in the current year. |
Pension_and_Postretirement_Ben3
Pension and Postretirement Benefit Plans (Detail) (USD $) | 9 Months Ended | |
In Millions, unless otherwise specified | Sep. 28, 2014 | |
U.S. Qualified [Member] | ' | |
Defined Benefit Plan Disclosure [Line Items] | ' | |
Contributions from our general assets for the nine months ended September 28, 2014 | $22 | |
Expected contributions from our general assets during 2014(a) | 23 | [1] |
U.S. Supplemental (Non-Qualified) [Member] | ' | |
Defined Benefit Plan Disclosure [Line Items] | ' | |
Contributions from our general assets for the nine months ended September 28, 2014 | 140 | |
Expected contributions from our general assets during 2014(a) | 168 | [1] |
International [Member] | ' | |
Defined Benefit Plan Disclosure [Line Items] | ' | |
Contributions from our general assets for the nine months ended September 28, 2014 | 235 | |
Expected contributions from our general assets during 2014(a) | 314 | [1] |
Postretirement Plans [Member] | ' | |
Defined Benefit Plan Disclosure [Line Items] | ' | |
Contributions from our general assets for the nine months ended September 28, 2014 | 183 | |
Expected contributions from our general assets during 2014(a) | $244 | [1] |
[1] | Contributions expected to be made for 2014 are inclusive of amounts contributed during the nine months ended September 28, 2014. The U.S. supplemental (non-qualified) pension plan, international pension plan and the postretirement plan contributions from our general assets include direct employer benefit payments. |
Earnings_Per_Common_Share_Attr2
Earnings Per Common Share Attributable to Common Shareholders (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Millions, unless otherwise specified | Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 | ||||
EPS Numerator-Basic | ' | ' | ' | ' | ||||
Income from continuing operations | $2,676 | [1] | $2,588 | [1] | $7,862 | [1] | $8,779 | [1] |
Less: Net income attributable to noncontrolling interests | 6 | 6 | 25 | 25 | ||||
Income from continuing operations attributable to Pfizer Inc. | 2,669 | 2,582 | 7,838 | 8,754 | ||||
Less: Preferred stock dividends––net of tax | 0 | 0 | 1 | 1 | ||||
Income from continuing operations attributable to Pfizer Inc. common shareholders | 2,669 | 2,582 | 7,837 | 8,753 | ||||
Discontinued operations––net of tax | -3 | [1] | 11 | [1] | 70 | [1] | 10,719 | [1] |
Less: Discontinued operations––net of tax, attributable to noncontrolling interests | 0 | 0 | 0 | 39 | ||||
Discontinued operations––net of tax, attributable to Pfizer Inc. common shareholders | -3 | 11 | 70 | 10,680 | ||||
Net income attributable to Pfizer Inc. common shareholders | 2,666 | 2,593 | 7,906 | 19,433 | ||||
Income from continuing operations attributable to Pfizer Inc. common shareholders and assumed conversions | 2,670 | 2,582 | 7,838 | 8,754 | ||||
Net income attributable to Pfizer Inc. common shareholders and assumed conversions | $2,666 | $2,593 | $7,908 | $19,434 | ||||
EPS Denominator | ' | ' | ' | ' | ||||
Weighted-average number of common shares outstanding––Basic | 6,330 | [1] | 6,581 | [1] | 6,363 | [1] | 6,938 | [1] |
Common-share equivalents: stock options, stock issuable under employee compensation plans and convertible preferred stock | 73 | 75 | 78 | 78 | ||||
Weighted-average number of common shares outstanding––Diluted | 6,403 | [1] | 6,656 | [1] | 6,441 | [1] | 7,016 | [1] |
Equity Option [Member] | ' | ' | ' | ' | ||||
EPS Denominator | ' | ' | ' | ' | ||||
Stock options that had exercise prices greater than the average market price of our common stock issuable under employee compensation plans(a) | 44 | [2] | 43 | [2] | 44 | [2] | 43 | [2] |
[1] | Amounts may not add due to rounding. | |||||||
[2] | These common stock equivalents were outstanding for the nine months ended September 28, 2014 and September 29, 2013, but were not included in the computation of diluted EPS for those periods because their inclusion would have had an anti-dilutive effect. |
Commitments_and_Contingencies_
Commitments and Contingencies (Actions In Which We Are The Plaintiff) (Details) (Patent Infringement [Member]) | 1 Months Ended | ||||||||
Oct. 31, 2010 | Jun. 30, 2010 | Oct. 31, 2014 | Mar. 31, 2009 | Mar. 31, 2009 | Apr. 30, 2014 | Mar. 31, 2013 | Jun. 30, 2013 | Jun. 30, 2013 | |
Viagra [Member] | Sutent [Member] | Sutent [Member] | Lyrica [Member] | Lyrica Other Patents [Member] | Celebrex [Member] | Celebrex [Member] | Toviaz [Member] | Toviaz Composition-of-matter Patents [Member] | |
Pfizer Versus Apotex Inc. and Apotex Corp., Mylan Pharmaceuticals Inc. and Mylan Inc., Actavis, Inc. and Amneal Pharmaceuticals LLC [Member] | Pfizer Versus Mylan Pharmaceuticals Inc. [Member] | Pfizer Versus Mylan Pharmaceuticals Inc. [Member] | Pfizer Versus Several Generic Manufacturers [Member] | Pfizer Versus Several Generic Manufacturers [Member] | Pfizer Versus Apotex Inc. and Apotex Corp., Mylan Pharmaceuticals Inc. and Mylan Inc., Actavis, Inc. and Amneal Pharmaceuticals LLC [Member] | Pfizer Versus Apotex Inc. and Apotex Corp., Mylan Pharmaceuticals Inc. and Mylan Inc., Actavis, Inc. and Amneal Pharmaceuticals LLC [Member] | Pfizer Versus Several Generic Manufacturers [Member] | Pfizer Versus Several Generic Manufacturers [Member] | |
Pending Litigation [Member] | Patents | Subsequent Event [Member] | Settled Litigation [Member] | Settled Litigation [Member] | Settled Litigation [Member] | Settled Litigation [Member] | Pending Litigation [Member] | Pending Litigation [Member] | |
Patents | Patents | Patents | Defendant | Patents | Patents | ||||
Gain Contingencies [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Period of exclusivity | '6 months | ' | ' | ' | ' | ' | '6 months | ' | ' |
Number of patents | ' | 3 | ' | 3 | 2 | ' | ' | 5 | 3 |
Number of patents infringed upon | ' | ' | 2 | ' | ' | ' | ' | ' | ' |
Loss contingency, number of defendants | ' | ' | ' | ' | ' | 2 | ' | ' | ' |
Commitments_and_Contingencies_1
Commitments and Contingencies (Actions In Which We Are The Defendant) (Detail) | 3 Months Ended | 9 Months Ended | 3 Months Ended | 12 Months Ended | 24 Months Ended | 9 Months Ended | 1 Months Ended | 12 Months Ended | |||||||||||
In Millions, unless otherwise specified | Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 28, 2014 | Sep. 28, 2014 | Dec. 31, 2006 | Dec. 31, 2012 | Sep. 28, 2014 | Sep. 28, 2014 | Apr. 30, 2014 | Sep. 28, 2014 | Dec. 31, 2008 | Dec. 31, 2009 | ||||
USD ($) | USD ($) | USD ($) | USD ($) | Effexor [Member] | Neurontin [Member] | Patent Infringement [Member] | Patent Infringement [Member] | Patent Infringement [Member] | Damages from Product Defects [Member] | Damages from Product Defects [Member] | Sales And Marketing Inconsistent with Patent [Member] | Average Wholesale Price [Member] | Misappropriation of Information [Member] | Product Pricing [Member] | |||||
USD ($) | USD ($) | Effexor [Member] | Effexor [Member] | Effexor [Member] | Class Action Versus American Optical Corporation And Various Other Defendants [Member] | Reglan [Member] | Neurontin [Member] | State Governments Versus Pfizer, Pfizer Subsidiaries and Other Pharmaceutical Manufacturers [Member] | Ischemia Research and Education Foundation Versus Pfizer [Member] | Protonix / Pantoprazole [Member] | |||||||||
Teva Canada Limited Versus Pfizer Canada Inc. [Member] | Teva Canada Limited Versus Pfizer Canada Inc. [Member] | Teva Canada Limited Versus Pfizer Canada Inc. [Member] | Pending Litigation [Member] | state | Class Action Versus Pfizer Inc. [Member] | Pending Litigation [Member] | Pending Litigation [Member] | U.S. Department of Justice Versus Pfizer [Member] | |||||||||||
Pending Litigation [Member] | Pending Litigation [Member] | Pending Litigation [Member] | Claim | court | Settled Litigation [Member] | Actions | USD ($) | Actions | |||||||||||
CAD | Patents | CAD | USD ($) | ||||||||||||||||
Loss Contingencies [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Number of patents | ' | ' | ' | ' | ' | ' | ' | 1 | ' | ' | ' | ' | ' | ' | ' | ||||
Litigation settlement, expense | $0 | [1] | $9 | [1] | $0 | [1] | ($1,342) | [1] | ($55) | ($610) | ' | ' | 52.5 | ' | ' | ' | ' | ' | ' |
Loss contingency, pending claims, number | ' | ' | ' | ' | ' | ' | ' | ' | ' | 61,736 | ' | ' | ' | ' | ' | ||||
Estimated litigation liability | ' | ' | ' | ' | ' | ' | 67 | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Foreign currency exchange rate, translation (in Canadian dollars to US dollars) | ' | ' | ' | ' | ' | ' | 0.9 | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Litigation settlement, amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 325 | ' | ' | ' | ||||
Number of federal and state courts which have rejected theory of liability | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100 | ' | ' | ' | ' | ||||
Number of states which are applying the theory of liability | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 30 | ' | ' | ' | ' | ||||
Loss contingency, damages awarded, value | ' | ' | ' | ' | ' | ' | 125 | ' | ' | ' | ' | ' | ' | $38.70 | ' | ||||
Number of actions | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | 2 | ||||
[1] | In the first nine months of 2013, reflects income from a litigation settlement with Teva Pharmaceuticals Industries Ltd. (Teva) and Sun Pharmaceutical Industries Ltd. (Sun) for patent-infringement damages resulting from their “at-risk†launches of generic Protonix in the U.S. As of September 28, 2014, approximately $128 million is not yet due and is included in Other current assets. |
Commitments_and_Contingencies_2
Commitments and Contingencies (Certain Matters Resolved) (Details) (Settled Litigation [Member], USD $) | 1 Months Ended | 1 Months Ended | |||
In Millions, unless otherwise specified | Jul. 31, 2014 | Apr. 30, 2014 | Jan. 31, 2011 | Mar. 31, 2009 | Mar. 31, 2009 |
Neurontin [Member] | Neurontin [Member] | Neurontin [Member] | Lyrica [Member] | Lyrica Other Patents [Member] | |
Antitrust [Member] | Antitrust [Member] | Antitrust [Member] | Patent Infringement [Member] | Patent Infringement [Member] | |
Class Action Versus Pfizer Inc. [Member] | Class Action Versus Pfizer Inc. [Member] | Class Action Versus Pfizer Inc. [Member] | Pfizer Versus Several Generic Manufacturers [Member] | Pfizer Versus Several Generic Manufacturers [Member] | |
Actions | Actions | Patents | Patents | ||
Loss Contingencies [Line Items] | ' | ' | ' | ' | ' |
Number of actions | ' | ' | 4 | ' | ' |
Litigation settlement, amount | ' | $190 | ' | ' | ' |
Loss contingency, claims settled, number | 2 | ' | ' | ' | ' |
Number of patents | ' | ' | ' | 3 | 2 |
Segment_Geographic_and_Other_R2
Segment, Geographic and Other Revenue Information - Narrative (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||||||||
In Millions, unless otherwise specified | Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 | Dec. 31, 2013 | |||||
Operating_Segment | ||||||||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | |||||
Number of operating segments (in operating segments) | ' | ' | 3 | ' | ' | |||||
Selling, informational and administrative expenses | $3,556 | [1],[2] | $3,395 | [1],[2] | $10,116 | [1],[2] | $10,203 | [1],[2] | ' | |
Research and development expenses | 1,802 | [1],[2] | 1,627 | [1],[2] | 5,184 | [1],[2] | 4,867 | [1],[2] | ' | |
Total assets | 171,362 | [2] | ' | 171,362 | [2] | ' | 172,101 | [2] | ||
Operating Segments [Member] | ' | ' | ' | ' | ' | |||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | |||||
Selling, informational and administrative expenses | ' | 520 | ' | 1,500 | ' | |||||
Research and development expenses | ' | $230 | ' | $650 | ' | |||||
[1] | Excludes amortization of intangible assets, except as disclosed in Note 9B. Goodwill and Other Intangible Assets: Other Intangible Assets. | |||||||||
[2] | Amounts may not add due to rounding. |
Segment_Geographic_and_Other_R3
Segment, Geographic and Other Revenue Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Millions, unless otherwise specified | Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ||||
Revenues | $12,361 | [1] | $12,643 | [1] | $36,487 | [1] | $38,026 | [1] |
Earnings(a) | 3,587 | [1],[2] | 3,573 | [1] | 10,437 | [1],[2] | 12,655 | [1],[2] |
Other Business Activities [Member] | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ||||
Revenues | 56 | [3] | 46 | [3] | 175 | [3] | 162 | [3] |
Earnings(a) | -832 | [2],[3] | -708 | [2],[3] | -2,212 | [2],[3] | -2,040 | [2],[3] |
Corporate, Non-Segment [Member] | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ||||
Revenues | 0 | [4] | 0 | [4] | 0 | [4] | 0 | [4] |
Earnings(a) | -1,308 | [2],[4] | -1,340 | [2],[4] | -3,794 | [2],[4] | -4,109 | [2],[4] |
Purchase Accounting Adjustments [Member] | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ||||
Revenues | 0 | [4] | 0 | [4] | 0 | [4] | 0 | [4] |
Earnings(a) | -812 | [2],[4] | -960 | [2],[4] | -2,768 | [2],[4] | -3,287 | [2],[4] |
Acquisition-related Costs [Member] | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ||||
Revenues | 0 | [4] | 0 | [4] | 0 | [4] | 0 | [4] |
Earnings(a) | -54 | [2],[4] | -61 | [2],[4] | -131 | [2],[4] | -264 | [2],[4] |
Certain significant items [Member] | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ||||
Revenues | 65 | [5] | 67 | [5] | 193 | [5] | 67 | [5] |
Earnings(a) | -548 | [2],[5] | -744 | [2],[5] | -1,803 | [2],[5] | 180 | [2],[5] |
Other unallocated [Member] | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ||||
Revenues | 0 | 0 | 0 | 0 | ||||
Earnings(a) | -149 | [2] | -75 | [2] | -359 | [2] | -422 | [2] |
Global Innovative Pharmaceutical [Member] | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ||||
Revenues | 3,490 | 3,640 | 10,114 | 10,672 | ||||
Earnings(a) | 2,063 | [2] | 2,250 | [2] | 5,838 | [2] | 6,464 | [2] |
Global Vaccines, Oncology and Consumer Healthcare [Member] | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ||||
Revenues | 2,511 | 2,215 | 7,264 | 6,668 | ||||
Earnings(a) | 1,235 | [2] | 1,039 | [2] | 3,447 | [2] | 3,099 | [2] |
Global Established Pharmaceutical [Member] | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ||||
Revenues | 6,239 | 6,675 | 18,742 | 20,458 | ||||
Earnings(a) | 3,993 | [2] | 4,173 | [2] | 12,219 | [2] | 13,034 | [2] |
Reportable Segments [Member] | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ||||
Revenues | 12,240 | 12,530 | 36,119 | 37,798 | ||||
Earnings(a) | $7,291 | [2] | $7,462 | [2] | $21,504 | [2] | $22,597 | [2] |
[1] | Amounts may not add due to rounding. | |||||||
[2] | Income from continuing operations before provision for taxes on income. | |||||||
[3] | Other business activities includes the revenues and operating results of Pfizer CentreSource, our contract manufacturing and bulk pharmaceutical chemical sales operation, and the costs managed by our Worldwide Research and Development organization and our Pfizer Medical organization. | |||||||
[4] | For a description, see the “Other Costs and Business Activities†section above. | |||||||
[5] | Certain significant items are substantive, unusual items that, either as a result of their nature or size, would not be expected to occur as part of our normal business on a regular basis.For Revenues in the third quarter and first nine months of 2014, certain significant items represent revenues related to our transitional manufacturing and supply agreements with Zoetis. For additional information, see Note 2B. Acquisition, Divestiture, Licensing Arrangements and Equity-Method Investments: Divestiture.For Earnings in the third quarter of 2014, certain significant items includes: (i) income related to our transitional manufacturing and supply agreements with Zoetis of $8 million, (ii) charges for certain legal matters of $28 million, (iii) restructuring charges and implementation costs associated with our cost-reduction initiatives that are not associated with an acquisition of $54 million, (iv) certain asset impairments of $242 million, (v) a charge for an additional year of Branded Prescription Drug Fee of $215 million and (vi) other charges of $18 million. For additional information, see Note 3. Restructuring Charges and Other Costs Associated with Acquisitions and Cost-Reduction/Productivity Initiatives and Note 4. Other (Income)/Deductions—Net.For Revenues in the third quarter and first nine months of 2013, certain significant items represent revenues related to our transitional manufacturing and supply agreements with Zoetis. For additional information, see Note 2B. Acquisition, Divestiture, Licensing Arrangements and Equity-Method Investments: Divestiture.For Earnings in the third quarter of 2013, certain significant items includes: (i) income related to our transitional manufacturing and supply agreements with Zoetis of $10 million, (ii) restructuring charges and implementation costs associated with our cost-reduction initiatives that are not associated with an acquisition of $262 million, (iii) certain asset impairments of $217 million, (iv) other charges of $266 million and (v) costs associated with a patent litigation settlement of $9 million. For additional information, see Note 3. Restructuring Charges and Other Costs Associated with Acquisitions and Cost-Reduction/Productivity Initiatives and Note 4. Other (Income)/Deductions—Net.For Earnings in the first nine months of 2014, certain significant items includes: (i) income related to our transitional manufacturing and supply agreements with Zoetis of $25 million, (ii) charges for certain legal matters of $726 million, (iii) certain asset impairments of $356 million, (iv) a charge for an additional year of Branded Prescription Drug Fee of $215 million, (v) restructuring charges and implementation costs associated with our cost-reduction initiatives that are not associated with an acquisition of $400 million and (vi) other charges of $130 million. For additional information, see Note 3. Restructuring Charges and Other Costs Associated with Acquisitions and Cost-Reduction/Productivity Initiatives and Note 4. Other (Income)/Deductions—Net.For Earnings in the first nine months of 2013, certain significant items includes: (i) income related to our transitional manufacturing and supply agreements with Zoetis of $10 million, (ii) patent litigation settlement income of $1.3 billion, (iii) restructuring charges and implementation costs associated with our cost-reduction initiatives that are not associated with an acquisition of $662 million, (iv) net credits for certain legal matters of $99 million, (v) certain asset impairments of $706 million, (vi) the gain associated with the transfer of certain product rights to Hisun Pfizer of $459 million, (vii) costs associated with the separation of Zoetis of $18 million and (viii) other charges of $344 million. For additional information, see Note 3. Restructuring Charges and Other Costs Associated with Acquisitions and Cost-Reduction/Productivity Initiatives and Note 4. Other (Income)/Deductions—Net. |
Segment_Geographic_and_Other_R4
Segment, Geographic and Other Revenue Information (Parenthetical) (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Millions, unless otherwise specified | Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ||||
Income from continuing operations before provision for taxes on income | $3,587 | [1],[2] | $3,573 | [2] | $10,437 | [1],[2] | $12,655 | [1],[2] |
Gain (loss) related to litigation settlement | 0 | [3] | -9 | [3] | 0 | [3] | 1,342 | [3] |
Gain associated with the transfer of certain product rights(e) | 0 | [4] | 0 | [4] | 0 | [2],[4] | -459 | [2],[4] |
Costs associated with the Zoetis IPO(h) | 0 | [5] | 0 | [5] | 0 | [5] | 18 | [5] |
Certain significant items [Member] | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ||||
Income from continuing operations before provision for taxes on income | -548 | [1],[6] | -744 | [1],[6] | -1,803 | [1],[6] | 180 | [1],[6] |
Other legal matters, net | 28 | ' | 726 | -99 | ||||
Cost reduction and productivity initiatives excluding acquisition related costs | 54 | 262 | 400 | 662 | ||||
Other nonoperating income (expense) | -18 | -266 | -130 | -344 | ||||
Certain asset impairments and related charges | 242 | 217 | 356 | 706 | ||||
Branded prescription drug fee | 215 | ' | 215 | ' | ||||
Gain (loss) related to litigation settlement | ' | -9 | ' | 1,300 | ||||
Gain associated with the transfer of certain product rights(e) | ' | ' | ' | -459 | ||||
Certain significant items [Member] | Zoetis Disposal [Member] | ' | ' | ' | ' | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ||||
Income from continuing operations before provision for taxes on income | -8 | -10 | -25 | -10 | ||||
Costs associated with the Zoetis IPO(h) | ' | ' | ' | $18 | ||||
[1] | Income from continuing operations before provision for taxes on income. | |||||||
[2] | Amounts may not add due to rounding. | |||||||
[3] | In the first nine months of 2013, reflects income from a litigation settlement with Teva Pharmaceuticals Industries Ltd. (Teva) and Sun Pharmaceutical Industries Ltd. (Sun) for patent-infringement damages resulting from their “at-risk†launches of generic Protonix in the U.S. As of September 28, 2014, approximately $128 million is not yet due and is included in Other current assets. | |||||||
[4] | In the first nine months of 2013, represents the gain associated with the transfer of certain product rights to Hisun Pfizer. For additional information, see Note 2D. Acquisition, Divestiture, Licensing Arrangements and Equity-Method Investments: Equity-Method Investments. | |||||||
[5] | Represents costs incurred in connection with the IPO of an approximate 19.8% ownership interest in Zoetis. Includes expenditures for banking, legal, accounting and similar services. For additional information, see Note 2B. Acquisition, Divestiture, Licensing Arrangements and Equity-Method Investments: Divestiture. | |||||||
[6] | Certain significant items are substantive, unusual items that, either as a result of their nature or size, would not be expected to occur as part of our normal business on a regular basis.For Revenues in the third quarter and first nine months of 2014, certain significant items represent revenues related to our transitional manufacturing and supply agreements with Zoetis. For additional information, see Note 2B. Acquisition, Divestiture, Licensing Arrangements and Equity-Method Investments: Divestiture.For Earnings in the third quarter of 2014, certain significant items includes: (i) income related to our transitional manufacturing and supply agreements with Zoetis of $8 million, (ii) charges for certain legal matters of $28 million, (iii) restructuring charges and implementation costs associated with our cost-reduction initiatives that are not associated with an acquisition of $54 million, (iv) certain asset impairments of $242 million, (v) a charge for an additional year of Branded Prescription Drug Fee of $215 million and (vi) other charges of $18 million. For additional information, see Note 3. Restructuring Charges and Other Costs Associated with Acquisitions and Cost-Reduction/Productivity Initiatives and Note 4. Other (Income)/Deductions—Net.For Revenues in the third quarter and first nine months of 2013, certain significant items represent revenues related to our transitional manufacturing and supply agreements with Zoetis. For additional information, see Note 2B. Acquisition, Divestiture, Licensing Arrangements and Equity-Method Investments: Divestiture.For Earnings in the third quarter of 2013, certain significant items includes: (i) income related to our transitional manufacturing and supply agreements with Zoetis of $10 million, (ii) restructuring charges and implementation costs associated with our cost-reduction initiatives that are not associated with an acquisition of $262 million, (iii) certain asset impairments of $217 million, (iv) other charges of $266 million and (v) costs associated with a patent litigation settlement of $9 million. For additional information, see Note 3. Restructuring Charges and Other Costs Associated with Acquisitions and Cost-Reduction/Productivity Initiatives and Note 4. Other (Income)/Deductions—Net.For Earnings in the first nine months of 2014, certain significant items includes: (i) income related to our transitional manufacturing and supply agreements with Zoetis of $25 million, (ii) charges for certain legal matters of $726 million, (iii) certain asset impairments of $356 million, (iv) a charge for an additional year of Branded Prescription Drug Fee of $215 million, (v) restructuring charges and implementation costs associated with our cost-reduction initiatives that are not associated with an acquisition of $400 million and (vi) other charges of $130 million. For additional information, see Note 3. Restructuring Charges and Other Costs Associated with Acquisitions and Cost-Reduction/Productivity Initiatives and Note 4. Other (Income)/Deductions—Net.For Earnings in the first nine months of 2013, certain significant items includes: (i) income related to our transitional manufacturing and supply agreements with Zoetis of $10 million, (ii) patent litigation settlement income of $1.3 billion, (iii) restructuring charges and implementation costs associated with our cost-reduction initiatives that are not associated with an acquisition of $662 million, (iv) net credits for certain legal matters of $99 million, (v) certain asset impairments of $706 million, (vi) the gain associated with the transfer of certain product rights to Hisun Pfizer of $459 million, (vii) costs associated with the separation of Zoetis of $18 million and (viii) other charges of $344 million. For additional information, see Note 3. Restructuring Charges and Other Costs Associated with Acquisitions and Cost-Reduction/Productivity Initiatives and Note 4. Other (Income)/Deductions—Net. |
Segment_Geographic_and_Other_R5
Segment, Geographic and Other Revenue Information - Revenues By Geographic Area (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Millions, unless otherwise specified | Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ||||
Revenues | $12,361 | [1] | $12,643 | [1] | $36,487 | [1] | $38,026 | [1] |
Percentage change in revenue | -2.00% | ' | -4.00% | ' | ||||
United States [Member] | ' | ' | ' | ' | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ||||
Revenues | 4,842 | 5,186 | 14,023 | 15,190 | ||||
Percentage change in revenue | -7.00% | ' | -8.00% | ' | ||||
Developed Europe [Member] | ' | ' | ' | ' | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ||||
Revenues | 2,837 | [2] | 2,785 | [2] | 8,641 | [2] | 8,502 | [2] |
Percentage change in revenue | 2.00% | [2] | ' | 2.00% | [2] | ' | ||
Developed Rest Of World [Member] | ' | ' | ' | ' | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ||||
Revenues | 1,816 | [3] | 1,992 | [3] | 5,404 | [3] | 6,139 | [3] |
Percentage change in revenue | -9.00% | [3] | ' | -12.00% | [3] | ' | ||
Emerging Markets [Member] | ' | ' | ' | ' | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ||||
Revenues | $2,866 | [4] | $2,680 | [4] | $8,419 | [4] | $8,195 | [4] |
Percentage change in revenue | 7.00% | [4] | ' | 3.00% | [4] | ' | ||
[1] | Amounts may not add due to rounding. | |||||||
[2] | Developed Europe region includes the following markets: Western Europe, Finland and the Scandinavian countries. Revenues denominated in euros were $2.2 billion and $2.1 billion in the third quarter of 2014 and 2013, respectively, and $6.6 billion and $6.4 billion in the first nine months of 2014 and 2013, respectively. | |||||||
[3] | Developed Rest of World region includes the following markets: Australia, Canada, Japan, New Zealand and South Korea. | |||||||
[4] | Emerging Markets region includes, but is not limited to, the following markets: Asia (excluding Japan and South Korea), Latin America, the Middle East, Eastern Europe, Africa, Turkey and Central Europe. |
Segment_Geographic_and_Other_R6
Segment, Geographic and Other Revenue Information - Revenues By Geographic Area (Parenthetical) (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Millions, unless otherwise specified | Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ||||
Revenues | $12,361 | [1] | $12,643 | [1] | $36,487 | [1] | $38,026 | [1] |
Developed Europe [Member] | ' | ' | ' | ' | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ||||
Revenues | 2,837 | [2] | 2,785 | [2] | 8,641 | [2] | 8,502 | [2] |
Euro Member Countries, Euro | Developed Europe [Member] | ' | ' | ' | ' | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ||||
Revenues | $2,200 | $2,100 | $6,600 | $6,400 | ||||
[1] | Amounts may not add due to rounding. | |||||||
[2] | Developed Europe region includes the following markets: Western Europe, Finland and the Scandinavian countries. Revenues denominated in euros were $2.2 billion and $2.1 billion in the third quarter of 2014 and 2013, respectively, and $6.6 billion and $6.4 billion in the first nine months of 2014 and 2013, respectively. |
Segment_Geographic_and_Other_R7
Segment, Geographic and Other Revenue Information - Revenues By Products (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
In Millions, unless otherwise specified | Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 | Sep. 28, 2014 | Sep. 29, 2013 | ||||||||||||||||||||
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[Member] | Global Vaccines, Oncology and Consumer Healthcare [Member] | Global Vaccines, Oncology and Consumer Healthcare [Member] | Global Vaccines, Oncology and Consumer Healthcare [Member] | Global Vaccines, Oncology and Consumer Healthcare [Member] | Global Vaccines, Oncology and Consumer Healthcare [Member] | Global Vaccines, Oncology and Consumer Healthcare [Member] | Global Vaccines, Oncology and Consumer Healthcare [Member] | Global Vaccines, Oncology and Consumer Healthcare [Member] | Global Vaccines, Oncology and Consumer Healthcare [Member] | Global Vaccines, Oncology and Consumer Healthcare [Member] | Global Vaccines, Oncology and Consumer Healthcare [Member] | Global Vaccines, Oncology and Consumer Healthcare [Member] | Global Vaccines, Oncology and Consumer Healthcare [Member] | Global Vaccines, Oncology and Consumer Healthcare [Member] | Global Vaccines, Oncology and Consumer Healthcare [Member] | Global Vaccines, Oncology and Consumer Healthcare [Member] | Global Vaccines, Oncology and Consumer Healthcare [Member] | Global Vaccines, Oncology and Consumer Healthcare [Member] | Global Vaccines, Oncology and Consumer Healthcare [Member] | Global Vaccines, Oncology and Consumer Healthcare [Member] | Global Vaccines, Oncology and Consumer Healthcare [Member] | |||||||||||||||||||||||||
Lyrica [Member] | Lyrica [Member] | Lyrica [Member] | Lyrica [Member] | Viagra [Member] | Viagra [Member] | Viagra [Member] | Viagra [Member] | Alliance revenues [Member] | Alliance revenues [Member] | Alliance revenues [Member] | Alliance revenues [Member] | Enbrel (Outside the U.S. and Canada) [Member] | Enbrel (Outside the U.S. and Canada) [Member] | Enbrel (Outside the U.S. and Canada) [Member] | Enbrel (Outside the U.S. and Canada) [Member] | BeneFIX [Member] | BeneFIX [Member] | BeneFIX [Member] | BeneFIX [Member] | Genotropin [Member] | Genotropin [Member] | Genotropin [Member] | Genotropin [Member] | ReFacto AF/ Xyntha [Member] | ReFacto AF/ Xyntha [Member] | ReFacto AF/ Xyntha [Member] | ReFacto AF/ Xyntha [Member] | Chantix / Champix [Member] | Chantix / Champix [Member] | Chantix / Champix [Member] | Chantix / Champix [Member] | Effexor [Member] | Effexor [Member] | Effexor [Member] | Effexor [Member] | Inspra [Member] | Inspra [Member] | Inspra [Member] | Inspra [Member] | Somavert [Member] | Somavert [Member] | Somavert [Member] | Somavert [Member] | Diflucan [Member] | Diflucan [Member] | Diflucan [Member] | Diflucan [Member] | All Other Biopharmaceutical Products [Member] | All Other Biopharmaceutical Products [Member] | All Other Biopharmaceutical Products [Member] | All Other Biopharmaceutical Products [Member] | Celebrex [Member] | Celebrex [Member] | Celebrex [Member] | Celebrex [Member] | Lipitor [Member] | Lipitor [Member] | Lipitor [Member] | Lipitor [Member] | Zyvox [Member] | Zyvox [Member] | Zyvox [Member] | Zyvox [Member] | Norvasc [Member] | Norvasc [Member] | Norvasc [Member] | Norvasc [Member] | Premarin family [Member] | Premarin family [Member] | Premarin family [Member] | Premarin family [Member] | Vfend [Member] | Vfend [Member] | Vfend [Member] | Vfend [Member] | Pristiq [Member] | Pristiq [Member] | Pristiq [Member] | Pristiq [Member] | Xalatan Xalacom [Member] | Xalatan Xalacom [Member] | Xalatan Xalacom [Member] | Xalatan Xalacom [Member] | Medrol [Member] | Medrol [Member] | Medrol [Member] | Medrol [Member] | Zoloft [Member] | Zoloft [Member] | Zoloft [Member] | Zoloft [Member] | Relpax [Member] | Relpax [Member] | Relpax [Member] | Relpax [Member] | Rapamune [Member] | Rapamune [Member] | Rapamune [Member] | Rapamune [Member] | Sulperazon [Member] | Sulperazon [Member] | Sulperazon [Member] | Sulperazon [Member] | Fragmin [Member] | Fragmin [Member] | Fragmin [Member] | Fragmin [Member] | Tygacil [Member] | Tygacil [Member] | Tygacil [Member] | Tygacil [Member] | Zithromax / Zmax [Member] | Zithromax / Zmax [Member] | Zithromax / Zmax [Member] | Zithromax / Zmax [Member] | Epi Pen [Member] | Epi Pen [Member] | Epi Pen [Member] | Epi Pen [Member] | Zosyn / Tazocin [Member] | Zosyn / Tazocin [Member] | Zosyn / Tazocin [Member] | Zosyn / Tazocin [Member] | Toviaz [Member] | Toviaz [Member] | Toviaz [Member] | Toviaz [Member] | Xeljanz [Member] | Xeljanz [Member] | Xeljanz [Member] | Xeljanz [Member] | Cardura [Member] | Cardura [Member] | Cardura [Member] | Cardura [Member] | Xanax/Xanax XR [Member] | Xanax/Xanax XR [Member] | Xanax/Xanax XR [Member] | Xanax/Xanax XR [Member] | Neurontin [Member] | Neurontin [Member] | Neurontin [Member] | Neurontin [Member] | Protonix / Pantoprazole [Member] | Protonix / Pantoprazole [Member] | Protonix / Pantoprazole [Member] | Protonix / Pantoprazole [Member] | Unasyn [Member] | Unasyn [Member] | Unasyn [Member] | Unasyn [Member] | Detrol Detrol LA [Member] | Detrol Detrol LA [Member] | Detrol Detrol LA [Member] | Detrol Detrol LA [Member] | Depo-Provera [Member] | Depo-Provera [Member] | Depo-Provera [Member] | Depo-Provera [Member] | BMP2 [Member] | BMP2 [Member] | BMP2 [Member] | BMP2 [Member] | Dalacin/Cleocin [Member] | Dalacin/Cleocin [Member] | Dalacin/Cleocin [Member] | Dalacin/Cleocin [Member] | All Other Biopharmaceutical Products [Member] | All Other Biopharmaceutical Products [Member] | All Other Biopharmaceutical Products [Member] | All Other Biopharmaceutical Products [Member] | Prevnar/ Prevenar family [Member] | Prevnar/ Prevenar family [Member] | Prevnar/ Prevenar family [Member] | Prevnar/ Prevenar family [Member] | Sutent [Member] | Sutent [Member] | Sutent [Member] | Sutent [Member] | Xalkori [Member] | Xalkori [Member] | Xalkori [Member] | Xalkori [Member] | Inlyta [Member] | Inlyta [Member] | Inlyta [Member] | Inlyta [Member] | All Other Biopharmaceutical Products [Member] | All Other Biopharmaceutical Products [Member] | All Other Biopharmaceutical Products [Member] | All Other Biopharmaceutical Products [Member] | Consumer Healthcare [Member] | Consumer Healthcare [Member] | Consumer Healthcare [Member] | Consumer Healthcare [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from External Customer [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||||
Revenues | $12,361 | [1] | $12,643 | [1] | $36,487 | [1] | $38,026 | [1] | $11,419 | $11,742 | $33,626 | $35,398 | $64 | $75 | $208 | $225 | $121 | [2] | $113 | [2] | $368 | [2] | $229 | [2] | $1,317 | [3] | $1,135 | [3] | $3,783 | [3] | $3,335 | [3] | $427 | [4] | $460 | [4] | $1,227 | [5] | $1,405 | [5] | $233 | [6] | $684 | [6] | $681 | [6] | $2,187 | [6] | $3,490 | $3,640 | $10,114 | $10,672 | $955 | $932 | $2,846 | $2,769 | $212 | $213 | $640 | $619 | $173 | $183 | $534 | $570 | $160 | $148 | $477 | $433 | $158 | $154 | $475 | $486 | $86 | $96 | $263 | $326 | $57 | $53 | $179 | $164 | $59 | $56 | $168 | $159 | $42 | $59 | $139 | $164 | $105 | $128 | $342 | $398 | $6,239 | $6,675 | $18,742 | $20,458 | $764 | $752 | $2,150 | $2,120 | $490 | $533 | $1,489 | $1,704 | $339 | $319 | $1,008 | $1,007 | $270 | $303 | $830 | $917 | $264 | $276 | $786 | $793 | $174 | $193 | $572 | $557 | $178 | $173 | $547 | $516 | $124 | $140 | $371 | $434 | $101 | $107 | $322 | $343 | $104 | $116 | $310 | $341 | $92 | $83 | $277 | $263 | $96 | $91 | $270 | $261 | $90 | $78 | $270 | $222 | $90 | $83 | $266 | $263 | $85 | $92 | $241 | $271 | $67 | $84 | $235 | $283 | $79 | $85 | $231 | $230 | $80 | $104 | $229 | $293 | $69 | $57 | $211 | $174 | $85 | $35 | $205 | $68 | $64 | $70 | $199 | $221 | $63 | $69 | $189 | $204 | $51 | $50 | $158 | $158 | $55 | $42 | $153 | $137 | $52 | $49 | $152 | $158 | $54 | $131 | $149 | $437 | $54 | $50 | $147 | $143 | $56 | $48 | $147 | $159 | $50 | $50 | $137 | $149 | $1,540 | $1,675 | $4,642 | $5,063 | $2,511 | $2,215 | $7,264 | $6,668 | $1,139 | $959 | $3,163 | $2,855 | $287 | $278 | $865 | $892 | $112 | $73 | $308 | $193 | $102 | $83 | $291 | $217 | $50 | $35 | $143 | $112 | $821 | $788 | $2,494 | $2,399 |
[1] | Amounts may not add due to rounding. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[2] | Other includes revenues generated from Pfizer CentreSource, our contract manufacturing and bulk pharmaceutical chemical sales organization, and also includes the revenues related to our transitional manufacturing and supply agreements with Zoetis. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[3] | Lyrica revenues from all of Europe are included in GEP. All other Lyrica revenues are included in GIP. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[4] | Emerging Markets region includes, but is not limited to, the following markets: Asia (excluding Japan and South Korea), Latin America, the Middle East, Eastern Europe, Africa, Turkey and Central Europe. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[5] | Viagra revenues from the U.S. and Canada are included in GIP. All other Viagra revenues are included in GEP. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[6] | Includes Enbrel (GIP, in the U.S. and Canada through October 31, 2013), Spiriva (GEP), Rebif (GIP), Aricept (GEP) and Eliquis (GIP). |