XML 129 R98.htm IDEA: XBRL DOCUMENT v3.22.4
Pension and Postretirement Benefit Plans and Defined Contribution Plans - Obligations and Funded Status (Details) - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Amounts recorded in our consolidated balance sheet:      
Noncurrent liabilities $ (2,250) $ (3,724)  
Pension Plan [Member] | Group Annuity Contract [Member]      
Change in benefit obligation      
Benefit obligation, ending 586    
Change in plan assets      
Fair value, ending 588    
Postretirement Benefits Plan [Member]      
Change in benefit obligation      
Benefit obligation, beginning [1] 995 1,238  
Service cost 29 36 $ 38
Interest cost 27 29 49
Employee contributions 75 78  
Plan amendments 24 (116)  
Changes in actuarial assumptions and other [2] (593) (117)  
Foreign exchange impact (5) 1  
Upjohn spin-off [3] 0 0  
Acquisitions/divestitures, net 0    
Curtailments and special termination benefits (3) (8)  
Settlements [4] (39) 0  
Benefits paid (101) (147)  
Benefit obligation, ending [1] 410 995 1,238
Change in plan assets      
Fair value, beginning 753 588  
Actual return on plan assets (106) 89  
Company contributions 65 145  
Employee contributions 75 78  
Foreign exchange impact 0 0  
Upjohn spin-off [3] 0 0  
Acquisitions/divestitures, net 0 0  
Settlements [4] (39) 0  
Benefits paid (101) (147)  
Fair value, ending 647 753 588
Funded status 238 (241)  
Amounts recorded in our consolidated balance sheet:      
Noncurrent assets 322 0  
Current liabilities (6) (6)  
Noncurrent liabilities (78) (235)  
Funded status 238 (241)  
Pre-tax components of cumulative amounts recognized in Accumulated other comprehensive loss:      
Prior service (costs)/credits 413 581  
U.S. [Member] | Pension Plan [Member]      
Change in benefit obligation      
Benefit obligation, beginning [1] 17,150 18,306  
Service cost 0 0 0
Interest cost 534 455 533
Employee contributions 0 0  
Plan amendments 0 0  
Changes in actuarial assumptions and other [2] (4,187) (331)  
Foreign exchange impact (1) 0  
Upjohn spin-off [3] 0 0  
Acquisitions/divestitures, net 61 0  
Curtailments and special termination benefits 18 17  
Settlements [4] (1,698) (785)  
Benefits paid (457) (512)  
Benefit obligation, ending [1] 11,420 17,150 18,306
Change in plan assets      
Fair value, beginning 16,346 16,094  
Actual return on plan assets (3,550) 1,405  
Company contributions 230 143  
Employee contributions 0 0  
Foreign exchange impact 0 0  
Upjohn spin-off [3] 0 0  
Acquisitions/divestitures, net 1    
Settlements [4] (1,698) (785)  
Benefits paid (457) (512)  
Fair value, ending 10,871 16,346 16,094
Funded status (549) (805)  
Amounts recorded in our consolidated balance sheet:      
Noncurrent assets 346 447  
Current liabilities (110) (138)  
Noncurrent liabilities (785) (1,113)  
Funded status (549) (805)  
Pre-tax components of cumulative amounts recognized in Accumulated other comprehensive loss:      
Prior service (costs)/credits (4) (6)  
Pension plans with an ABO in excess of plan assets:      
Fair value of plan assets [5] 86 120  
ABO [5] 981 1,371  
Pension plans with a PBO in excess of plan assets:      
Fair value of plan assets [5] 86 120  
PBO [5] 981 1,371  
U.S. [Member] | Postretirement Benefits Plan [Member]      
Change in plan assets      
Fair value, beginning [6] 753    
Fair value, ending [6] 647 753  
International [Member] | Pension Plan [Member]      
Change in benefit obligation      
Benefit obligation, beginning [1] 11,657 12,001  
Service cost 116 130 146
Interest cost 157 146 164
Employee contributions 9 10  
Plan amendments 0 0  
Changes in actuarial assumptions and other [2] (2,931) 89  
Foreign exchange impact (1,065) (298)  
Upjohn spin-off [3] 37 3  
Acquisitions/divestitures, net (50) 0  
Curtailments and special termination benefits (10) (2)  
Settlements [4] (64) (47)  
Benefits paid (359) (374)  
Benefit obligation, ending [1] 7,497 11,657 12,001
Change in plan assets      
Fair value, beginning 10,729 9,811  
Actual return on plan assets (2,624) 1,106  
Company contributions 156 451  
Employee contributions 9 10  
Foreign exchange impact (1,037) (229)  
Upjohn spin-off [3] 45 2  
Acquisitions/divestitures, net 9    
Settlements [4] (64) (47)  
Benefits paid (359) (374)  
Fair value, ending 6,865 10,729 $ 9,811
Funded status (632) (928)  
Amounts recorded in our consolidated balance sheet:      
Noncurrent assets 783 1,480  
Current liabilities (27) (33)  
Noncurrent liabilities (1,388) (2,376)  
Funded status (632) (928)  
Pre-tax components of cumulative amounts recognized in Accumulated other comprehensive loss:      
Prior service (costs)/credits (34) (35)  
Pension plans with an ABO in excess of plan assets:      
Fair value of plan assets [5] 343 1,304  
ABO [5] 1,600 3,344  
Pension plans with a PBO in excess of plan assets:      
Fair value of plan assets [5] 1,081 1,381  
PBO [5] 2,496 3,789  
Defined benefit plan, accumulated benefit obligation $ 7,200 $ 11,200  
[1] For the U.S. pension plans, the benefit obligation is both the PBO and ABO as these plans are frozen and future benefit accruals no longer increase with future compensation increases. For the international pension plans, the benefit obligation is the PBO. The ABO for our international pension plans was $7.2 billion in 2022 and $11.2 billion in 2021. For the postretirement plans, the benefit obligation is the ABO.
[2] For both 2022 and 2021, primarily includes actuarial gains resulting from increases in discount rates, offset by increases in inflation assumptions for the international plan.
[3] For more information, see Note 2B.
[4] As a result of a group annuity contract entered into between Pfizer and a third party insurance company in July 2022, the third party insurance company assumed future benefit obligations and responsibility for the annuity payments of certain retirees in the Pfizer Consolidated Pension Plan. As of December 31, 2022, $586 million of benefit obligations and $588 million of plan assets are associated with this contract. We expect to finalize the remaining regulatory approvals for this transaction in due course.
[5] Our main U.S. qualified plan, U.S. postretirement plan and many of our international plans were overfunded as of December 31, 2022.
[6] Reflects postretirement plan assets, which support a portion of our U.S. retiree medical plans.