| Recent Accounting Standards [Table Text Block] |
Opening Balance Adjustments
The following table summarizes the effects of adopting Revenue Recognition - Contracts with Customers and Financial Instruments - Recognition and Measurement on our financial statements for the fiscal year beginning December 31, 2017 as an adjustment to the opening balance:
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Adjustments from |
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(In Millions)
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Balance as of Dec 30, 2017 |
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Revenue Standard |
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Financial Instruments Update |
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Other1
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Opening Balance as of Dec 31, 2017 |
Assets: |
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Accounts receivable, net |
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$ |
5,607 |
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$ |
(530 |
) |
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$ |
— |
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$ |
— |
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$ |
5,077 |
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Inventories |
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$ |
6,983 |
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$ |
47 |
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$ |
— |
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$ |
— |
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$ |
7,030 |
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Other current assets |
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$ |
2,908 |
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$ |
64 |
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$ |
— |
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$ |
(8 |
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$ |
2,964 |
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Equity investments |
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$ |
— |
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$ |
— |
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$ |
8,579 |
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$ |
— |
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$ |
8,579 |
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Marketable equity securities |
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$ |
4,192 |
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$ |
— |
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$ |
(4,192 |
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$ |
— |
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$ |
— |
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Other long-term assets |
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$ |
7,602 |
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$ |
— |
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$ |
(4,387 |
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$ |
(43 |
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$ |
3,172 |
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Liabilities: |
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Deferred income |
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$ |
1,656 |
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$ |
(1,356 |
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$ |
— |
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$ |
— |
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$ |
300 |
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Other accrued liabilities |
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$ |
7,535 |
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$ |
81 |
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$ |
— |
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$ |
— |
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$ |
7,616 |
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Long-term deferred tax liabilities |
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$ |
3,046 |
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$ |
191 |
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$ |
— |
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$ |
(20 |
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$ |
3,217 |
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Stockholders' equity: |
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Accumulated other comprehensive income (loss) |
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$ |
862 |
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$ |
— |
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$ |
(1,745 |
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$ |
(45 |
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$ |
(928 |
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Retained earnings |
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$ |
42,083 |
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$ |
665 |
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$ |
1,745 |
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$ |
14 |
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$ |
44,507 |
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1 |
Includes adjustments from the adoption of "Income Taxes - Intra-Entity Transfers of Assets Other Than Inventory" and "Income Statement—Reporting 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 statements of income and balance sheets:
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For the fiscal year ended December 29, 2018 |
(In Millions) |
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As reported |
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Adjustments |
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Without new revenue standard |
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Net revenue |
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$ |
70,848 |
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$ |
(616 |
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$ |
70,232 |
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Cost of sales |
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27,111 |
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(206 |
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26,905 |
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Gross margin |
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43,737 |
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(410 |
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43,327 |
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Marketing, general and administrative |
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6,750 |
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(70 |
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6,680 |
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Operating income |
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23,316 |
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(340 |
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22,976 |
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Income before taxes |
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23,317 |
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(340 |
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22,977 |
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Provision for taxes |
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2,264 |
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(64 |
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2,200 |
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Net income |
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$ |
21,053 |
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$ |
(276 |
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$ |
20,777 |
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Assets: |
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Accounts receivable |
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$ |
6,722 |
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$ |
216 |
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$ |
6,938 |
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Inventories |
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$ |
7,253 |
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$ |
62 |
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$ |
7,315 |
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Other current assets |
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$ |
3,162 |
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$ |
4 |
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$ |
3,166 |
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Liabilities: |
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Deferred income |
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$ |
— |
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$ |
1,846 |
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$ |
1,846 |
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Other accrued liabilities |
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$ |
7,919 |
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$ |
(514 |
) |
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$ |
7,405 |
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Deferred income taxes |
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$ |
1,665 |
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$ |
(109 |
) |
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$ |
1,556 |
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Equity: |
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Retained earnings |
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$ |
50,172 |
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$ |
(941 |
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$ |
49,231 |
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