Accounting Policies Accounting Policies (Tables)

12 Months Ended

Dec. 29, 2018

Accounting Policies [Abstract]

Schedule of New Accounting Pronouncements and Changes in Accounting Principles [Table Text Block]

Adoption of the standards related to revenue recognition, pension and cash flow impacted our previously reported 2017 results as follows:

(Dollars in millions, except per share data)	Year ended December 30, 2017
Consolidated Statement of Income	Previously Reported			Revenue Recognition ASU			Pension ASU		Restated
Net sales	$	12,923		$	(69	)	$	—	$	12,854
Cost of goods sold	$	7,901		$	(71	)	$	325	$	8,155
Selling, general and administrative expense	$	3,076		$	19		$	217	$	3,312
Other income (expense), net	$	(16	)	$	—		$	542	$	526
Income taxes	$	412		$	(2	)	$	—	$	410
Net income	$	1,269		$	(15	)	$	—	$	1,254
Per share amounts:
Basic earnings	$	3.65		$	(0.04	)	$	—	$	3.61
Diluted earnings	$	3.62		$	(0.04	)	$	—	$	3.58

(Dollars in millions, except per share data)	As of December 30, 2017
Consolidated Balance Sheet	Previously Reported		Revenue Recognition ASU			Restated
Other assets	$	1,026	$	1		$	1,027
Other current liabilities	$	1,431	$	43		$	1,474
Deferred income taxes	$	363	$	(8	)	$	355
Retained earnings	$	7,103	$	(34	)	$	7,069

(Dollars in millions, except per share data)	Year ended December 30, 2017
Consolidated Statement of Cash Flows	Previously Reported			Revenue Recognition ASU			Cash Flow ASU			Restated
Net income	$	1,269		$	(15	)	$	—		$	1,254
Deferred income taxes	$	(56	)	$	(2	)	$	—		$	(58	)
Trade receivables	$	(57	)	$	—		$	(1,243	)	$	(1,300	)
All other current assets and liabilities, net	$	(30	)	$	17		$	—		$	(13	)
Net cash provided by (used in) operating activities	$	1,646		$	—		$	(1,243	)	$	403
Collections of deferred purchase price on securitized trade receivables	$	—		$	—		$	1,243		$	1,243
Net cash provided by (used in) investing activities	$	(1,094	)	$	—		$	1,243		$	149

Adoption of the standards related to revenue recognition, pension and cash flow impacted our previously reported 2016 results as follows:

(Dollars in millions, except per share data)	Year ended December 31, 2016
Consolidated Statement of Income	Previously Reported			Revenue Recognition ASU			Pension ASU			Restated
Net sales	$	13,014		$	(49	)	$	—		$	12,965
Cost of goods sold	$	8,259		$	(73	)	$	(55	)	$	8,131
Selling, general and administrative expense	$	3,360		$	17		$	(26	)	$	3,351
Other income (expense), net	$	(62	)	$	—		$	(81	)	$	(143	)
Income taxes	$	233		$	2		$	—		$	235
Net income	$	695		$	5		$	—		$	700
Per share amounts:
Basic earnings	$	1.98		$	0.01		$	—		$	1.99
Diluted earnings	$	1.96		$	0.01		$	—		$	1.97

(Dollars in millions, except per share data)	Year ended December 31, 2016
Consolidated Statement of Cash Flows	Previously Reported			Revenue Recognition ASU			Cash Flow ASU			Restated
Net income	$	695		$	5		$	—		$	700
Deferred income taxes	$	(26	)	$	2		$	—		$	(24	)
Other	$	(62	)	$	—		$	144		$	82
Trade receivables	$	21		$	—		$	(501	)	$	(480	)
All other current assets and liabilities, net	$	53		$	(7	)	$	—		$	46
Net cash provided by (used in) operating activities	$	1,628		$	—		$	(357	)	$	1,271
Collections of deferred purchase price on securitized trade receivables	$	—		$	—		$	501		$	501
Net cash provided by (used in) investing activities	$	(893	)	$	—		$	501		$	(392	)
Debt extinguishment costs	$	—		$	—		$	(144	)	$	(144	)
Net cash provided by (used in) financing activities	$	(642	)	$	—		$	(144	)	$	(786	)