Discontinued Operations (Tables)

9 Months Ended

Oct. 02, 2011

Schedule of Disposal Groups Including Discontinued Operations Income Statement [Table Text Block]

The following amounts, substantially all of which relate to our Capsugel business, have been segregated from continuing operations and included in Discontinued operations—net of tax in our Condensed Consolidated Statements of Income:

	Three Months Ended						Nine Months Ended
(millions of dollars)	Oct. 2, 2011			Oct. 3, 2010			Oct. 2, 2011		Oct. 3, 2010
Revenues	$	116		$	176		$	507	$	545
Pre-tax (loss)/income from discontinued operations	$	(7	)	$	29		$	78	$	106
Provision for taxes on income(a)		6			3			39		30
(Loss)/income from discontinued operations––net of tax		(13	)		26			39		76
Pre-tax gain/(loss) on sale of discontinued operations		1,695			(12	)		1,683		(9	)
Provision/(benefit) for taxes on income(b)		367			(1	)		367		––
Discontinued operations––net of tax	$	1,315		$	15		$	1,355	$	67

(a) Includes a deferred tax expense of $13 million for the first nine months of 2011.

(b) Includes a deferred tax expense of $162 million for the third quarter and first nine months of 2011.

Schedule of Disposal Groups Including Discontinued Operations Balance Sheet [Table Text Block]

The following assets and liabilities, which in 2010 include the assets and liabilities related to our Capsugel business, have been segregated and included in Assets of discontinued operations and other assets held for sale and Liabilities of discontinued operations, as appropriate, in our Condensed Consolidated Balance Sheets:

(millions of dollars)	Oct. 2, 2011		Dec. 31, 2010
Accounts receivable	$	––	$	186
Inventories		––		130
Taxes and other current assets		12		47
Property, plant and equipment		110		1,009
Goodwill		––		19
Identifiable intangible assets		––		3
Taxes and other noncurrent assets		––		45
Assets of discontinued operations and other assets held for sale	$	122	$	1,439
Current liabilities	$	––	$	124
Other liabilities		––		27
Liabilities of discontinued operations	$	––	$	151