What Would It Take For Pfizer To Cut Its Dividend?

Pfizer (PFE) has returned 23.1% over the past year and trades about 5% below its three-year high. Yet one question keeps coming back on its earnings calls: would it ever cut the dividend? An analyst asked it outright on the August call, and another tied it to a big acquisition in May. So what would a cut take, and what would it change.