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Summary of Accounting Policies Summary of Accounting Policies (Tables) | 12 Months Ended
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Dec. 31, 2018
Accounting Policies [Abstract] |
Impact of Adopting New Standards | The following table provides the effects of adopting ASC 606 on the Consolidated Statement of Income:
Year Ended December 31, 2018 | As Reported |  | Effects of Adopting ASC 606 |  | Amounts Without Adoption of ASC 606
Sales | $ | 42,294 |  |  | $ | (2 | ) |  | $ | 42,292 |
Cost of sales | 13,509 |  |  | (6 | ) |  | 13,503 |
Income before taxes | 8,701 |  |  | 4 |  |  | 8,705 |
Taxes on income | 2,508 |  |  | 1 |  |  | 2,509 |
Net income attributable to Merck & Co., Inc. | 6,220 |  |  | 3 |  |  | 6,223 |
The following table provides the effects of adopting ASC 606 on the Consolidated Balance Sheet:
December 31, 2018 | As Reported |  | Effects of Adopting ASC 606 |  | Amounts Without Adoption of ASC 606
Assets |  |  |  |  |
Accounts receivable | $ | 7,071 |  |  | $ | (13 | ) |  | $ | 7,058 |
Inventories | 5,440 |  |  | 7 |  |  | 5,447 |
Liabilities |  |  |  |  |
Accrued and other current liabilities | 10,151 |  |  | (3 | ) |  | 10,148 |
Income taxes payable | 1,971 |  |  | (1 | ) |  | 1,970 |
Equity |  |  |  |  |
Retained earnings | 42,579 |  |  | (2 | ) |  | 42,577 |
The impact of adopting the above standards is as follows:
($ in millions) | ASU 2014-09 (Revenue) |  | ASU 2016-01 (Financial Instruments) |  | ASU 2016-16 (Intra-Entity Transfers of Assets Other than Inventory) |  | ASU 2017-12 (Derivatives and Hedging) |  | ASU 2018-02 (Reclassification of Certain Tax Effects) |  | Total
Assets - Increase (Decrease) |  |  |  |  |  |  |  |  |  |  |
Accounts receivable | $ | 5 |  |  |  |  |  |  |  |  |  |  | $ | 5 |
Liabilities - Increase (Decrease) |  |  |  |  |  |  |  |  |  |  |
Income Taxes Payable |  |  |  |  |  |  | (3 | ) |  |  |  | (3 | )
Debt |  |  |  |  |  |  | 14 |  |  |  |  | 14 |
Deferred Income Taxes |  |  |  |  | (54 | ) |  |  |  |  |  | (54 | )
Equity - Increase (Decrease) |  |  |  |  |  |  |  |  |  |  |
Retained earnings | 5 |  |  | 8 |  |  | 54 |  |  | (11 | ) |  | 266 |  |  | 322 |
Accumulated other comprehensive loss |  |  | (8 | ) |  |  |  |  |  | (266 | ) |  | (274 | )

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