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Basis of Presentation and Significant Accounting Policies (Tables) | 9 Months Ended
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Sep. 30, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
Impact of Adoption of Accounting Standard Updates |
Adoption of the standard related to pension and postretirement benefit costs impacted our prior period condensed consolidated statements of income as follows:
|  | Three Months Ended October 1, 2017
(MILLIONS OF DOLLARS) |  | As Previously Reported |  |  | Effect of Change Higher/(Lower) |  |  | As Restated |
Cost of sales |  | $ | 2,847 |  |  | $ | (3 | ) |  | $ | 2,844 |
Selling, informational and administrative expenses |  | 3,500 |  |  | 4 |  |  | 3,504 |
Research and development expenses |  | 1,859 |  |  | 6 |  |  | 1,865 |
Restructuring charges and certain acquisition-related costs |  | 149 |  |  | (35 | ) |  | 114 |
Other (income)/deductions––net |  | 51 |  |  | 28 |  |  | 79 |
Income from continuing operations before provision for taxes on income |  | 3,585 |  |  | — |  |  | 3,585 |
|  | Nine Months Ended October 1, 2017
(MILLIONS OF DOLLARS) |  | As Previously Reported |  |  | Effect of Change Higher/(Lower) |  |  | As Restated |
Cost of sales |  | $ | 7,980 |  |  | $ | (9 | ) |  | $ | 7,972 |
Selling, informational and administrative expenses |  | 10,233 |  |  | 16 |  |  | 10,249 |
Research and development expenses |  | 5,346 |  |  | 21 |  |  | 5,367 |
Restructuring charges and certain acquisition-related costs |  | 377 |  |  | (110 | ) |  | 267 |
Other (income)/deductions––net |  | (16 | ) |  | 81 |  |  | 65 |
Income from continuing operations before provision for taxes on income |  | 11,351 |  |  | — |  |  | 11,351 |
Adoption of the standards impacted our condensed consolidated balance sheet as follows:
|  |  |  | Effect of New Accounting Standards Higher/(Lower) |  |
(MILLIONS OF DOLLARS) |  | As Previously Reported Balance at December 31, 2017 |  |  | Revenues |  |  | Financial Assets and Liabilities |  |  | Income Tax Accounting |  |  | Reclassification of Certain Tax Effects from AOCI |  |  | Balance at January 1, 2018 |
Trade accounts receivable |  | $ | 8,221 |  |  | $ | 13 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 8,234 |
Inventories |  | 7,578 |  |  | (11 | ) |  | — |  |  | — |  |  | — |  |  | 7,567 |
Current tax assets |  | 3,050 |  |  | (11 | ) |  | — |  |  | (3 | ) |  | — |  |  | 3,036 |
Noncurrent deferred tax assets and other noncurrent tax assets |  | 1,855 |  |  | (17 | ) |  | — |  |  | — |  |  | — |  |  | 1,838 |
Other noncurrent assets |  | 3,227 |  |  | — |  |  | — |  |  | (204 | ) |  | — |  |  | 3,023 |
Other current liabilities |  | 11,115 |  |  | (123 | ) |  | — |  |  | — |  |  | — |  |  | 10,992 |
Noncurrent deferred tax liabilities |  | 3,900 |  |  | 106 |  |  | — |  |  | (18 | ) |  | — |  |  | 3,988 |
Other noncurrent liabilities |  | 6,149 |  |  | (459 | ) |  | — |  |  | — |  |  | — |  |  | 5,690 |
Retained earnings |  | 85,291 |  |  | 450 |  |  | 419 |  |  | (189 | ) |  | 495 |  |  | 86,466 |
Accumulated other comprehensive loss |  | (9,321 | ) |  | — |  |  | (419 | ) |  | — |  |  | (495 | ) |  | (10,235 | )
Adoption of the standards related to the classification of certain transactions in the statement of cash flows and the presentation of restricted cash in the statement of cash flows impacted our condensed consolidated statement of cash flows as follows:
|  | Nine Months Ended October 1, 2017
|  |  |  | Effect of New Accounting Standards Inflow/(Outflow) |  |
(MILLIONS OF DOLLARS) |  | As Previously Reported |  |  | Cash Flow Classification |  |  | Restricted Cash |  |  | As Restated |
Operating Activities |  |  |  |  |  |  |  |
Other adjustments, net |  | $ | (561 | ) |  | $ | (43 | ) |  | $ | — |  |  | $ | (604 | )
Other changes in assets and liabilities, net of acquisitions and divestitures |  | (3,644 | ) |  | — |  |  | 28 |  |  | (3,616 | )
Investing Activities |  |  |  |  |  |  |  |
Proceeds from redemptions/sales of short-term investments |  | 5,783 |  |  | — |  |  | (5 | ) |  | 5,778 |
Proceeds from redemptions/sales of long-term investments |  | 2,417 |  |  | — |  |  | (14 | ) |  | 2,403 |
Financing Activities |  |  |  |  |  |  |  |
Principal payments on short-term borrowings |  | (7,691 | ) |  | 33 |  |  | — |  |  | (7,659 | )
Net proceeds from short-term borrowings with original maturities of three months or less |  | 555 |  |  | 10 |  |  | — |  |  | 566 |
Net increase in cash and cash equivalents and restricted cash and cash equivalents |  | 184 |  |  | — |  |  | 9 |  |  | 193 |
Cash and cash equivalents and restricted cash and cash equivalents, beginning |  | 2,595 |  |  | — |  |  | 70 |  |  | 2,666 |
Cash and cash equivalents and restricted cash and cash equivalents, ending |  | 2,779 |  |  | — |  |  | 79 |  |  | 2,858 |
Reconciliation of Cash, Cash Equivalents and Restricted Cash |
The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the condensed consolidated balance sheet that sum to the total of the same amounts shown in the condensed consolidated statements of cash flows:
(MILLIONS OF DOLLARS) |  | September 30, 2018 |  |  | December 31, 2017 |
Cash and cash equivalents |  | $ | 3,559 |  |  | $ | 1,342 |
Restricted cash and cash equivalents in Short-term investments |  | 40 |  |  | — |
Restricted cash and cash equivalents in Long-term investments |  | 59 |  |  | — |
Restricted cash and cash equivalents in Other current assets |  | — |  |  | 14 |
Restricted cash and cash equivalents in Other noncurrent assets |  | — |  |  | 75 |
Total cash and cash equivalents and restricted cash and cash equivalents shown in the condensed consolidated balance sheets |  | $ | 3,658 |  |  | $ | 1,431 |
Reconciliation of Cash, Cash Equivalents and Restricted Cash |
The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the condensed consolidated balance sheet that sum to the total of the same amounts shown in the condensed consolidated statements of cash flows:
(MILLIONS OF DOLLARS) |  | September 30, 2018 |  |  | December 31, 2017 |
Cash and cash equivalents |  | $ | 3,559 |  |  | $ | 1,342 |
Restricted cash and cash equivalents in Short-term investments |  | 40 |  |  | — |
Restricted cash and cash equivalents in Long-term investments |  | 59 |  |  | — |
Restricted cash and cash equivalents in Other current assets |  | — |  |  | 14 |
Restricted cash and cash equivalents in Other noncurrent assets |  | — |  |  | 75 |
Total cash and cash equivalents and restricted cash and cash equivalents shown in the condensed consolidated balance sheets |  | $ | 3,658 |  |  | $ | 1,431 |
Schedule of Balance Sheet Classification of Accruals |
The following table provides information about the balance sheet classification of these accruals:
(MILLIONS OF DOLLARS) |  | September 30, 2018 |  |  | December 31, 2017 |
Reserve against Trade accounts receivable, less allowance for doubtful accounts |  | $ | 1,297 |  |  | $ | 1,352 |
Other current liabilities: |  |  |  |
Accrued rebates |  | 3,235 |  |  | 2,674 |
Other accruals |  | 641 |  |  | 512 |
Other noncurrent liabilities |  | 374 |  |  | 385 |
Total accrued rebates and other accruals |  | $ | 5,548 |  |  | $ | 4,923 |

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