Accounting Policies Accounting Policies (Tables)

9 Months Ended

Sep. 29, 2018

Accounting Policies [Abstract]

Schedule of New Accounting Pronouncements and Changes in Accounting Principles [Table Text Block]

Impacts to Previously Reported Results

Adoption of the standards related to revenue recognition, pension and cash flow impacted our previously reported results as follows:

(Dollars in millions, except per share data)	As of December 30, 2017
Consolidated Balance Sheet	Previously Reported		Revenue Recognition ASU			Restated
Other assets	$	1,026	$	1		$	1,027
Other current liabilities	$	1,431	$	43		$	1,474
Deferred income taxes	$	363	$	(8	)	$	355
Retained earnings	$	7,103	$	(34	)	$	7,069

(Dollars in millions, except per share data)	Quarter ended September 30, 2017
Consolidated Statement of Income	Previously Reported			Revenue Recognition ASU			Pension ASU		Restated
Net sales	$	3,273		$	(27	)	$	—	$	3,246
Cost of goods sold	$	2,041		$	(21	)	$	54	$	2,074
Selling, general and administrative expense	$	768		$	6		$	65	$	839
Other income (expense), net	$	(2	)	$	—		$	119	$	117
Income taxes	$	104		$	(3	)	$	—	$	101
Net income	$	297		$	(9	)	$	—	$	288
Per share amounts:
Basic earnings	$	0.86		$	(0.03	)	$	—	$	0.83
Diluted earnings	$	0.85		$	(0.02	)	$	—	$	0.83

(Dollars in millions, except per share data)	Year-to-date period ended September 30, 2017
Consolidated Statement of Income	Previously Reported			Revenue Recognition ASU			Pension ASU		Restated
Net sales	$	9,714		$	(45	)	$	—	$	9,669
Cost of goods sold	$	6,013		$	(54	)	$	153	$	6,112
Selling, general and administrative expense	$	2,424		$	15		$	120	$	2,559
Other income (expense), net	$	(5	)	$	—		$	273	$	268
Income taxes	$	248		$	(2	)	$	—	$	246
Net income	$	841		$	(4	)	$	—	$	837
Per share amounts:
Basic earnings	$	2.41		$	(0.01	)	$	—	$	2.40
Diluted earnings	$	2.39		$	(0.01	)	$	—	$	2.38

(Dollars in millions, except per share data)	Year-to-date period ended September 30, 2017
Consolidated Statement of Cash Flows	Previously Reported			Revenue Recognition ASU			Cash Flow ASU			Restated
Net income	$	841		$	(4	)	$	—		$	837
Deferred income taxes	$	(20	)	$	(1	)	$	—		$	(21	)
Other	$	32		$	—		$	14		$	46
Trade receivables	$	(223	)	$	—		$	(945	)	$	(1,168	)
All other current assets and liabilities, net	$	83		$	5		$	—		$	88
Net cash provided by (used in) operating activities	$	1,121		$	—		$	(931	)	$	190
Collections of deferred purchase price on securitized trade receivables	$	—		$	—		$	945		$	945
Investment in unconsolidated entities, net proceeds	$	14		$	—		$	(14	)	$	—
Net cash provided by (used in) investing activities	$	(363	)	$	—		$	931		$	568