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Summary of Significant Accounting Policies (Tables) | 3 Months Ended
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Apr. 01, 2018
Accounting Policies [Abstract] |
Schedule of New Accounting Pronouncements | As required by the transition provisions of this update, the Company made the following reclassifications to the 2017 fiscal first quarter Consolidated Statement of Earnings to retroactively apply classification of the service cost component and the other components of NPBC:
(Dollars In millions) | Increase (Decrease) to Net Expense
Cost of products sold | $ | 23 |
Selling, marketing and administrative expenses | 26 |
Research and development expense | 10 |
Other (income) expense, net | (59 | )
Earnings before provision for taxes on income | $ | — |
The following table summarizes the cumulative effect adjustments made to the 2018 opening balance of retained earnings upon adoption of the new accounting standards mentioned above:
(Dollars in Millions) |  | Cumulative Effect Adjustment Increase (Decrease) to Retained Earnings
ASU 2014-09 - Revenue from Contracts with Customers |  | $ | (47 | )
ASU 2016-01 - Financial Instruments |  | 232 |
ASU 2016-16 - Income Taxes: Intra-Entity Transfers |  | 1,311 |
Total |  | $ | 1,496 |
In accordance with the new standard requirements, the disclosure of the impact of adoption on the Company's Consolidated Statement of Earnings and Balance Sheet was as follows:
Statement of Earnings - For the fiscal three months ended April 1, 2018
(Dollars in millions) | As Reported |  | Effect of change |  | Balance without adoption of ASC 606
Sales to customers | $ | 20,009 |  |  | (29 | ) |  | 19,980 |
Net earnings | 4,367 |  |  | (25 | ) |  | 4,342 |
Balance Sheet - As of April 1, 2018
| As Reported |  | Effect of change |  | Balance without adoption of ASC 606
Assets | 156,625 |  |  | 19 |  |  | 156,644 |
Liabilities | 93,370 |  |  | (3 | ) |  | 93,367 |
Equity | $ | 63,255 |  |  | 22 |  |  | 63,277 |

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