RETIREMENT AND OTHER BENEFIT PROGRAMS (Tables)

12 Months Ended

Dec. 31, 2017

Compensation And Retirement Disclosure [Abstract]

Reconciliation of Pension and OPEB Plan Obligations, Assets and Funded Status

The benefit plan information in the table below pertains to all of the company’s pension and OPEB plans, both in the United States and in other countries.

	Pension benefits						OPEB
as of and for the years ended December 31 (in millions)	2017			2016			2017			2016
Benefit obligations
Beginning of period	$	5,717		$	5,423		$	243		$	266
Service cost		91			93			1			2
Interest cost		180			183			7			8
Participant contributions		5			5			—			—
Actuarial loss		333			298			2			10
Benefit payments		(251	)		(234	)		(18	)		(20	)
Settlements		(9	)		(6	)		—			—
Acquisitions		2			—			—			—
Plan amendments		(7	)		—			—			(23	)
Foreign exchange and other		98			(45	)		—			—
End of period		6,159			5,717			235			243
Fair value of plan assets
Beginning of period		4,501			3,698			—			—
Actual return on plan assets		708			309			—			—
Employer contributions		242			752			18			20
Participant contributions		5			5			—			—
Benefit payments		(251	)		(234	)		(18	)		(20	)
Settlements		(9	)		(6	)		—			—
Foreign exchange and other		52			(23	)		—			—
End of period		5,248			4,501			—			—
Funded status at December 31	$	(911	)	$	(1,216	)	$	(235	)	$	(243	)
Amounts recognized in the consolidated balance sheets
Noncurrent asset	$	65		$	42		$	—		$	—
Current liability		(24	)		(23	)		(19	)		(19	)
Noncurrent liability		(952	)		(1,235	)		(216	)		(224	)
Net liability recognized at December 31	$	(911	)	$	(1,216	)	$	(235	)	$	(243	)

Information Relating to Individual Plans in Funded Status that have ABO in Excess of Plan Assets

The following table is information relating to the individual plans in the funded status table above that have an ABO in excess of plan assets.

as of December 31 (in millions)	2017		2016
ABO	$	5,398	$	5,153
Fair value of plan assets		4,674		4,190

Information Relating to Individual Plans in Funded Status that have PBO in Excess of Plan Assets

The following table is information relating to the individual plans in the funded status table above that have a PBO in excess of plan assets (many of which also have an ABO in excess of assets, and are therefore also included in the table directly above).

as of December 31 (in millions)	2017		2016
PBO	$	5,875	$	5,523
Fair value of plan assets		4,899		4,265

Expected Net Pension and OPEB Plan Payments for Next 10 Years

Expected Net Pension and OPEB Plan Payments for the Next 10 Years

(in millions)	Pension benefits		OPEB
2018	$	250	$	20
2019		260		19
2020		271		18
2021		283		17
2022		294		17
2023 through 2027		1,626		73
Total expected net benefit payments for next 10 years	$	2,984	$	164

Summary of Pre-Tax losses Included in AOCI

The following table is a summary of the pre-tax losses included in AOCI at December 31, 2017 and December 31, 2016.

(in millions)	Pension benefits			OPEB
Actuarial loss (gain)	$	1,660		$	(76	)
Prior service credit and transition obligation		(12	)		(88	)
Total pre-tax loss recognized in AOCI at December 31, 2017	$	1,648		$	(164	)
Actuarial loss (gain)	$	1,885		$	(89	)
Prior service credit and transition obligation		(5	)		(103	)
Total pre-tax loss recognized in AOCI at December 31, 2016	$	1,880		$	(192	)

Summary of Net-of-Tax Amounts Recorded in OCI Relating to Pension and OPEB Plans

The following table is a summary of the net-of-tax amounts recorded in OCI relating to pension and OPEB plans.

years ended December 31 (in millions)	2017		2016			2015
Gain (loss) arising during the year, net of tax expense (benefit) of $16 in 2017, ($72) in 2016 and $44 in 2015	$	50	$	(191	)	$	45
Distribution to Baxalta, net of tax expense of $73		—		—			198
Amortization of loss to earnings, net of tax benefit of $46 in 2017, $36 in 2016 and $61 in 2015		91		94			120
Pension and other employee benefits (loss) gain	$	141	$	(97	)	$	363

Summary of Pre-tax Amounts Expected to be Amortized to Net Periodic Benefit Cost in 2018

With respect to the AOCI balance at December 31, 2017, the following table is a summary of the pre-tax amounts expected to be amortized to net periodic benefit cost in 2018.

(in millions)	Pension benefits			OPEB
Actuarial loss/(gain)	$	174		$	(10	)
Prior service credit and transition obligation		(1	)		(15	)
Total pre-tax amount expected to be amortized from AOCI to net pension and OPEB cost in 2018	$	173		$	(25	)

Net Periodic Benefit Cost - Continuing Operations

Net Periodic Benefit Cost – Continuing Operations

years ended December 31 (in millions)	2017			2016			2015
Pension benefits
Service cost	$	91		$	93		$	128
Interest cost		180			183			211
Expected return on plan assets		(291	)		(298	)		(270	)
Amortization of net losses and other deferred amounts		163			149			192
Settlement losses		—			2			2
Net pension costs related to discontinued operations		—			—			(43	)
Net periodic pension benefit cost	$	143		$	129		$	220
OPEB
Service cost	$	1		$	2		$	4
Interest cost		7			8			14
Amortization of net loss and prior service credit		(26	)		(19	)		(11	)
Curtailment		—			(4	)		—
Net periodic OPEB cost	$	(18	)	$	(13	)	$	7

Weighted-Average Assumptions Used in Determining Benefit Obligations at Measurement Date

Weighted-Average Assumptions Used in Determining Benefit Obligations at the Measurement Date

	Pension benefits						OPEB
	2017			2016			2017			2016
Discount rate
U.S. and Puerto Rico plans		3.62	%		4.09	%		3.51	%		3.89	%
International plans		2.02	%		2.05	%	n/a			n/a
Rate of compensation increase
U.S. and Puerto Rico plans		3.65	%		3.75	%	n/a			n/a
International plans		3.05	%		3.08	%	n/a			n/a
Annual rate of increase in the per-capita cost	n/a			n/a				6.25	%		6.25	%
Rate decreased to	n/a			n/a				5.00	%		5.00	%
by the year ended	n/a			n/a			2023			2022

Weighted-Average Assumptions Used in Determining Net Periodic Benefit Cost

	Pension benefits									OPEB
	2017			2016			2015			2017			2016			2015
Discount rate
U.S. and Puerto Rico plans		4.09	%		4.36	%		4.00	%		3.89	%		4.12	%		3.95	%
International plans		2.03	%		2.60	%		2.26	%	n/a			n/a			n/a
Expected return on plan assets
U.S. and Puerto Rico plans		6.50	%		7.00	%		7.25	%	n/a			n/a			n/a
International plans		5.77	%		6.07	%		6.20	%	n/a			n/a			n/a
Rate of compensation increase
U.S. and Puerto Rico plans		3.75	%		3.75	%		3.76	%	n/a			n/a			n/a
International plans		3.11	%		3.37	%		3.33	%	n/a			n/a			n/a
Annual rate of increase in the per-capita cost	n/a			n/a			n/a				6.25	%		6.50	%		6.00	%
Rate decreased to	n/a			n/a			n/a				5.00	%		5.00	%		5.00	%
by the year ended	n/a			n/a			n/a			2023			2022			2019

Fair Value of Pension Plan Assets and Liabilities

The following tables summarize the bases used to measure the pension plan assets and liabilities that are carried at fair value on a recurring basis.

				Basis of fair value measurement
(in millions)	Balance at December 31, 2017			Quoted prices in active markets for identical assets (Level 1)			Significant other observable inputs (Level 2)			Significant unobservable inputs (Level 3)		Measured at NAV
Assets
Fixed income securities
Cash and cash equivalents	$	230		$	12		$	218		$	—	$	—
U.S. government and government agency issues		641			—			641			—		—
Corporate bonds		1,052			16			1,036			—		—
Equity securities
Common stock:
Large cap		711			711			—			—		—
Mid cap		406			406			—			—		—
Small cap		89			89			—			—		—
Total common stock		1,206			1,206			—			—		—
Mutual funds		390			144			246			—		—
Common/collective trust funds		1,174			—			217			8		949
Partnership investments		413			—			—			—		413
Other holdings		142			10			122			10		—
Collateral held on loaned securities		193			—			193			—		—
Liabilities
Collateral to be paid on loaned securities		(193	)		(53	)		(140	)		—		—
Fair value of pension plan assets	$	5,248		$	1,335		$	2,533		$	18	$	1,362

				Basis of fair value measurement
(in millions)	Balance at December 31, 2016			Quoted prices in active markets for identical assets (Level 1)			Significant other observable inputs (Level 2)			Significant unobservable inputs (Level 3)		Measured at NAV
Assets
Fixed income securities
Cash and cash equivalents	$	443		$	16		$	427		$	—	$	—
U.S. government and government agency issues		457			—			457			—		—
Corporate bonds		850			13			837			—		—
Equity securities
Common stock:
Large cap		545			545			—			—		—
Mid cap		371			371			—			—		—
Small cap		94			94			—			—		—
Total common stock		1,010			1,010			—			—		—
Mutual funds		336			118			218			—		—
Common/collective trust funds		900			—			143			6		751
Partnership investments		388			—			—			—		388
Other holdings		117			10			97			10		—
Collateral held on loaned securities		126			—			126			—		—
Liabilities
Collateral to be paid on loaned securities		(126	)		(37	)		(89	)		—		—
Fair value of pension plan assets	$	4,501		$	1,130		$	2,216		$	16	$	1,139

Changes in Fair Value Measurements that Used Significant Unobservable Inputs

The following table is a reconciliation of changes in fair value measurements that used significant unobservable inputs (Level 3).

(in millions)	Total		Common/collective trust funds		Other holdings
Balance at December 31, 2015	$	8	$	6	$	2
Purchases, sales and settlements		8		—		8
Balance at December 31, 2016		16		6		10
Actual return on plan assets still held at year end		2		2		—
Balance at December 31, 2017	$	18	$	8	$	10

Funded Status Percentage of Pension Plans

The following table details the funded status percentage of the company’s pension plans as of December 31, 2017, including certain plans that are unfunded in accordance with the guidelines of the company’s funding policy outlined above.

	United States and Puerto Rico					International
as of December 31, 2017 (in millions)	Qualified plans			Nonqualified plan		Funded plans			Unfunded plans		Total
Fair value of plan assets	$	4,426		n/a		$	822		n/a		$	5,248
PBO		4,629		$	223		908		$	399		6,159
Funded status percentage		96	%	n/a			91	%	n/a			85	%