Quarterly report pursuant to Section 13 or 15(d)

Recent Accounting Standards (Tables)

v3.10.0.1
Recent Accounting Standards (Tables)
9 Months Ended
Sep. 29, 2018
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]  
Schedule of New Accounting Pronouncements and Changes in Accounting Principles [Table Text Block]
The following table summarizes the effects of adopting Revenue Recognition - Contracts with CustomersFinancial Instruments - Recognition and Measurement, and other accounting standards on our financial statements for the fiscal year beginning December 31, 2017 as an adjustment to the opening balance:
 
 
 
 
Adjustments from
 
 

(In Millions)
 
Balance as of
Dec 30, 2017
 
Revenue Standard
 
Financial Instruments Standard
 
Other1 
 
Opening Balance as of
Dec 31, 2017
Assets:
 
 
 
 
 
 
 
 
 
 
Accounts receivable
 
$
5,607

 
$
(530
)
 
$

 
$

 
$
5,077

Inventories
 
$
6,983

 
$
47

 
$

 
$

 
$
7,030

Other current assets
 
$
2,908

 
$
64

 
$

 
$
(8
)
 
$
2,964

Equity investments
 
$

 
$

 
$
8,579

 
$

 
$
8,579

Marketable equity securities
 
$
4,192

 
$

 
$
(4,192
)
 
$

 
$

Other long-term assets
 
$
7,602

 
$

 
$
(4,387
)
 
$
(43
)
 
$
3,172

 
 
 
 
 
 
 
 
 
 
 
Liabilities:
 
 
 
 
 
 
 
 
 
 
Deferred income
 
$
1,656

 
$
(1,356
)
 
$

 
$

 
$
300

Other accrued liabilities
 
$
7,535

 
$
81

 
$

 
$

 
$
7,616

Deferred income taxes
 
$
3,046

 
$
191

 
$

 
$
(20
)
 
$
3,217

 
 
 
 
 
 
 
 
 
 
 
Stockholders' equity:
 
 
 
 
 
 
 
 
 
 
Accumulated other comprehensive income (loss)
 
$
862

 
$

 
$
(1,745
)
 
$
(45
)
 
$
(928
)
Retained earnings
 
$
42,083

 
$
665

 
$
1,745

 
$
14

 
$
44,507


1 
Includes adjustments from adoption of "Income Taxes - Intra-Entity Transfers of Assets Other Than Inventory" and "Income StatementReporting Comprehensive Income - Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income."
The following table summarizes the impacts of adopting the new revenue standard on our consolidated condensed statements of income and balance sheets:
 
 
Three Months Ended September 29, 2018
 
Nine Months Ended September 29, 2018
(In Millions)
 
As reported
 
Adjustments
 
Without new revenue standard
 
As reported
 
Adjustments
 
Without new revenue standard
Income Statement
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net revenue
 
$
19,163

 
$
118

 
$
19,281

 
$
52,191

 
$
(266
)
 
$
51,925

Cost of sales
 
6,803

 
46

 
6,849

 
19,681

 
(136
)
 
19,545

Gross margin
 
12,360

 
72

 
12,432

 
32,510

 
(130
)
 
32,380

Marketing, general and administrative
 
1,605

 

 
1,605

 
5,230

 
(70
)
 
5,160

Operating income
 
7,349

 
72

 
7,421

 
17,092

 
(60
)
 
17,032

Income before taxes
 
7,142

 
72

 
7,214

 
17,682

 
(60
)
 
17,622

Provision for taxes
 
744

 
20

 
764

 
1,824

 
(4
)
 
1,820

Net income
 
$
6,398

 
$
52

 
$
6,450

 
$
15,858

 
$
(56
)
 
$
15,802

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
As of September 29, 2018
(In Millions)
 
 
 
 
 
 
 
As reported
 
Adjustments
 
Without new revenue standard
Balance Sheet
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Assets:
 
 
 
 
 
 
 
 
 
 
 
 
Accounts receivable
 
 
 
 
 
 
 
$
5,457

 
$
446

 
$
5,903

Inventories
 
 
 
 
 
 
 
$
7,401

 
$
23

 
$
7,424

Other current assets
 
 
 
 
 
 
 
$
3,546

 
$
4

 
$
3,550

 
 
 
 
 
 
 
 
 
 
 
 
 
Liabilities:
 
 
 
 
 
 
 
 
 
 
 
 
Deferred income
 
 
 
 
 
 
 
$

 
$
1,668

 
$
1,668

Other accrued liabilities
 
 
 
 
 
 
 
$
9,835

 
$
(334
)
 
$
9,501

Deferred income taxes
 
 
 
 
 
 
 
$
1,485

 
$
(140
)
 
$
1,345

 
 
 
 
 
 
 
 
 
 
 
 
 
Equity:
 
 
 
 
 
 
 
 
 
 
 
 
Retained earnings
 
 
 
 
 
 
 
$
47,094

 
$
(721
)
 
$
46,373