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Inventories and Contracts in Progress | 6 Months Ended
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Jun. 30, 2018
Inventory Disclosure [Abstract] |
Inventories and Contracts in Progress [Text Block] | Inventories and Contracts in Progress
(dollars in millions) | June 30, 2018 |  | December 31, 2017
Raw materials | $ | 2,298 |  |  | $ | 2,038 |
Work-in-process | 2,306 |  |  | 3,366 |
Finished goods | 4,375 |  |  | 3,845 |
Contracts in progress | — |  |  | 10,205 |
| 8,979 |  |  | 19,454 |
Less: |  |  |
Progress payments, secured by lien, on U.S. Government contracts | — |  |  | (236 | )
Billings on contracts in progress | — |  |  | (9,337 | )
| $ | 8,979 |  |  | $ | 9,881 |
Inventories as of December 31, 2017 include capitalized contract development costs of $127 million related to certain aerospace programs at UTC Aerospace Systems. Upon adoption of the New Revenue Standard, these costs are recorded as contract fulfillment costs included in Other assets. Prior to the adoption of the New Revenue Standard, within our commercial aerospace business, inventory costs attributable to new engine offerings were recognized based on the average cost per unit expected over the life of each contract using the units-of-delivery method of percentage of completion accounting. Under this method, costs of initial engine deliveries in excess of the projected contract per unit average cost were capitalized and these capitalized amounts were subsequently expensed as additional engines are delivered for engines with costs below the projected contract per unit average cost over the life of the contract. As of December 31, 2017, inventory included $438 million of such capitalized amounts. Upon adoption of the New Revenue Standard, these amounts are no longer included in inventory. In addition, amounts previously reported as Contracts in progress have been reclassified as contract assets in accordance with the New Revenue Standard.

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- Definition The entire disclosure for inventory. Includes, but is not limited to, the basis of stating inventory, the method of determining inventory cost, the classes of inventory, and the nature of the cost elements included in inventory. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 330 -URI http://asc.fasb.org/topic&trid=2126998 + Details
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