Business Acquisitions and Divestitures (Tables)

12 Months Ended

Dec. 29, 2019

Schedule of Preliminary Amounts Recognized for Assets Acquired and Liabilities Assumed



(Dollars in Millions)
Cash & Cash equivalents	469
Inventory⁽¹⁾	759
Accounts Receivable	485
Other current assets	93
Property, plant and equipment	104
Goodwill	6,161
Intangible assets	25,010
Deferred Taxes	99
Other non-current assets	19
Total Assets Acquired	33,199

Current liabilities	956
Deferred Taxes	1,776
Other non-current liabilities	413
Total Liabilities Assumed	3,145

Net Assets Acquired	30,054

⁽¹⁾Includes adjustment of $642 million to write-up the acquired inventory to its estimated fair value.

Purchase Price Allocation of Identifiable Intangible Assets

The purchase price allocation to the identifiable intangible assets is as follows:



(Dollars in Millions)
Intangible assets with definite lives:
Patents and trademarks*	$	24,230
Total amortizable intangibles	24,230

In-process research and development	780
Total intangible assets	$	25,010

Schedule of Pro Forma Results

The following table provides pro forma results of operations for the fiscal year ended December 31, 2017, as if Actelion had been acquired as of January 4, 2016. The pro forma results include the effect of certain purchase accounting adjustments such as the estimated changes in depreciation and amortization expense on the acquired tangible and intangible assets. However, pro forma results do not include any anticipated cost savings or other effects of the planned integration of Actelion.

Accordingly, such amounts are not necessarily indicative of the results if the acquisition had occurred on the dates indicated or which may occur in the future.



	Unaudited Pro forma Consolidated Results
(Dollars in Millions Except Per Share Data)	2017

Net Sales	77,681
Net Earnings	1,509
Diluted Net Earnings per Common Share	0.55