Nonoperating Income (Expense)

9 Months Ended

Sep. 29, 2017

Component of Operating Income [Abstract]

Nonoperating Income (Expense)

NONOPERATING INCOME (EXPENSE)

The Company received $265 million of cash proceeds from the sale of marketable equity securities during the first quarter of 2016. The Company recorded a pretax gain related to this sale of $223 million ($140 million after-tax or $0.20 per diluted share) during the nine-month period ended September 30, 2016.

In the third quarter of 2016, the Company redeemed approximately $1.9 billion in aggregate principal amount of outstanding indebtedness and paid an aggregate of $188 million in make-whole premiums in connection with those redemptions, plus accrued and unpaid interest. The payment of these make-whole premiums, net of certain deferred gains of $9 million, are reflected as a loss on early extinguishment of borrowings in the accompanying Consolidated Condensed Statement of Earnings of $179 million ($112 million after-tax or 0.16 per diluted share) in the three and nine-month periods ended September 30, 2016.