| Schedule of New Accounting Pronouncements and Changes in Accounting Principles [Table Text Block] |
The following table summarizes the impacts of adopting the new revenue standard on our consolidated condensed statements of income and balance sheets:
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Three Months Ended June 30, 2018 |
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Six Months Ended June 30, 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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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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$ |
16,962 |
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$ |
78 |
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$ |
17,040 |
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$ |
33,028 |
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$ |
(384 |
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$ |
32,644 |
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Cost of sales |
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6,543 |
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(26 |
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6,517 |
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12,878 |
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(182 |
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12,696 |
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Gross margin |
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10,419 |
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104 |
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10,523 |
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20,150 |
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(202 |
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19,948 |
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Marketing, general and administrative |
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1,725 |
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(18 |
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1,707 |
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3,625 |
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(70 |
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3,555 |
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Operating income |
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5,273 |
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122 |
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5,395 |
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9,743 |
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(132 |
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9,611 |
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Income before taxes |
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5,529 |
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122 |
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5,651 |
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10,540 |
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(132 |
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10,408 |
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Provision for taxes |
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523 |
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23 |
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546 |
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1,080 |
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(24 |
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1,056 |
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Net income |
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$ |
5,006 |
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$ |
99 |
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$ |
5,105 |
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$ |
9,460 |
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$ |
(108 |
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$ |
9,352 |
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As of June 30, 2018 |
(In Millions) |
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As reported |
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Adjustments |
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Without new revenue standard |
Balance Sheet |
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Assets: |
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Accounts receivable |
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$ |
4,636 |
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$ |
482 |
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$ |
5,118 |
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Inventories |
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$ |
7,344 |
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$ |
34 |
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$ |
7,378 |
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Other current assets |
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$ |
3,398 |
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$ |
4 |
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$ |
3,402 |
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Liabilities: |
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Deferred income |
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$ |
— |
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$ |
1,677 |
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$ |
1,677 |
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Other accrued liabilities |
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$ |
7,317 |
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$ |
(181 |
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$ |
7,136 |
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Deferred income taxes |
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$ |
1,666 |
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$ |
(203 |
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$ |
1,463 |
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Equity: |
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Retained earnings |
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$ |
45,666 |
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$ |
(773 |
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$ |
44,893 |
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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 Standard |
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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 |
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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 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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