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Inventories
 6 Months Ended
Jun. 30, 2018
Inventories  
Inventories

 

Note 7.  Inventories

 

Inventories are composed of the following:

                                                                                                                                                                                                                                                                               

(In millions)

 

 

 

 

 

June 30,
2018

 

December 30,
2017

Finished goods

 

 

 

 

$
1,725

$
1,790

Work in process

 

 

 

 

 
1,483

 
2,238

Raw materials and components

 

 

 

 

 
717

 
804

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
3,925

 
4,832

Progress/milestone payments

 

 

 

 

 

—

 
(682)

 

 

 

 

 

 

 

 

 

Total

 

 

 

 

$
3,925

$
4,150

 

 

 

 

 

 

 

 

 

 

Upon adoption of ASC 606, $199 million of inventories, net of progress/milestone payments, primarily related to our U.S. Government contracts, were reclassified from inventories to contract assets or liabilities depending on the net position of the contract as discussed in Note 15.  In addition, $100 million of inventories were reclassified to assets of businesses held for sale at June 30, 2018 as disclosed in Note 3.