| 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 Customers, Financial 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:
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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 |
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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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Deferred income taxes |
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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 |
) |
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 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."
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The following table summarizes the impacts of adopting the new revenue standard on our consolidated condensed statement of income and balance sheet:
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For the period ended March 31, 2018 |
(In Millions) |
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As reported |
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Adjustments |
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Without new revenue standard |
Income Statement |
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Net revenue |
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$ |
16,066 |
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$ |
(462 |
) |
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$ |
15,604 |
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Cost of sales |
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6,335 |
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(156 |
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6,179 |
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Gross margin |
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9,731 |
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(306 |
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9,425 |
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Marketing, general and administrative |
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1,900 |
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(52 |
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1,848 |
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Operating income |
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4,470 |
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(254 |
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4,216 |
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Income before taxes |
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5,011 |
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(254 |
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4,757 |
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Provision for taxes |
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557 |
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(47 |
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510 |
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Net income |
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$ |
4,454 |
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$ |
(207 |
) |
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$ |
4,247 |
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Balance Sheet |
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Assets: |
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Accounts receivable |
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$ |
4,879 |
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$ |
346 |
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$ |
5,225 |
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Inventories |
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$ |
7,146 |
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$ |
51 |
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$ |
7,197 |
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Other current assets |
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$ |
3,408 |
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$ |
(14 |
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$ |
3,394 |
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Liabilities: |
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Deferred income |
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$ |
— |
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$ |
1,670 |
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$ |
1,670 |
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Other accrued liabilities |
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$ |
9,586 |
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$ |
(181 |
) |
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$ |
9,405 |
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Deferred income taxes |
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$ |
1,564 |
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$ |
(229 |
) |
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$ |
1,335 |
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Equity: |
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Retained earnings |
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$ |
44,418 |
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$ |
(877 |
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$ |
43,541 |
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