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Summary of Significant Accounting Policies (Tables) | 6 Months Ended
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Jul. 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 second quarter and fiscal six months 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
|  | Fiscal Second Quarter Ended |  | Fiscal Six Months Ended
Cost of products sold |  | $ | 23 |  |  | 46 |
Selling, marketing and administrative expenses |  | 27 |  |  | 53 |
Research and development expense |  | 11 |  |  | 21 |
Other (income) expense, net |  | (61 | ) |  | (120 | )
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 six months ended July 1, 2018
(Dollars in millions) | As Reported |  | Effect of change |  | Balance without adoption of ASC 606
Sales to customers | $ | 40,839 |  |  | (40 | ) |  | 40,799 |
Net earnings | 8,321 |  |  | (33 | ) |  | 8,288 |
Statement of Earnings - For the fiscal second quarter ended July 1, 2018
(Dollars in millions) | As Reported |  | Effect of change |  | Balance without adoption of ASC 606
Sales to customers | $ | 20,830 |  |  | (11 | ) |  | 20,819 |
Net earnings | 3,954 |  |  | (8 | ) |  | 3,946 |
Balance Sheet - As of July 1, 2018
| As Reported |  | Effect of change |  | Balance without adoption of ASC 606
Assets | 155,365 |  |  | 24 |  |  | 155,389 |
Liabilities | 92,476 |  |  | 10 |  |  | 92,486 |
Equity | $ | 62,889 |  |  | 14 |  |  | 62,903 |

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- Definition Tabular disclosure of changes in accounting principles, including adoption of new accounting pronouncements, that describes the new methods, amount and effects on financial statement line items. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=64853466&loc=d3e22580-107794 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 45 -Paragraph 13 -URI http://asc.fasb.org/extlink&oid=68064558&loc=d3e765-108305 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=64853466&loc=d3e22499-107794 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.10-01.(b)(6)) -URI http://asc.fasb.org/extlink&oid=27015980&loc=d3e46468-122699 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=64853466&loc=d3e22583-107794 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 45 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=68064558&loc=d3e725-108305 + Details
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