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Restructuring Charges and Other Costs Associated with Acquisitions and Cost-Reduction/Productivity Initiatives (Tables)

3 Months Ended

Apr. 04, 2021

Restructuring and Related Activities [Abstract]

Schedule of Acquisitions and Cost-Reduction/Productivity Initiatives

The following summarizes acquisitions and cost-reduction/productivity initiatives costs and credits, which are composed primarily of the Transforming to a More Focused Company program:
						Three Months Ended
(MILLIONS)						April 4, 2021						March 29, 2020
Restructuring charges/(credits):
Employee terminations						$	22					$	10
Asset impairments						(4)						31
Restructuring charges/(credits)(a)						18						41
Transaction costs(b)						—						3
Integration costs and other(c)						5						10
Restructuring charges and certain acquisition-related costs						23						54
Net periodic benefit costs recorded in Other (income)/deductions––net(d)						8						1
Additional depreciation––asset restructuring recorded in our condensed consolidated statements of income as follows(e):
Cost of sales						10						5
Research and development expenses						—						(5)
Total additional depreciation––asset restructuring						10						—
Implementation costs recorded in our condensed consolidated statements of income as follows(f):
Cost of sales						11						8
Selling, informational and administrative expenses						64						15
Total implementation costs						75						22
Total costs associated with acquisitions and cost-reduction/productivity initiatives						$	116					$	77

(a)Represents acquisition-related costs ($6 million credit in 2021) and cost-reduction/productivity initiatives ($25 million charge in 2021 and a $40 million charge in 2020).

(b)Represents external costs for banking, legal, accounting and other similar services.

(c)Represents external, incremental costs directly related to integrating acquired businesses, such as expenditures for consulting and the integration of systems and processes, and certain other qualifying costs.

(d)Amount for the three months ended March 29, 2020 includes the impact of a change in accounting principle. See Note 1C.

(e)Represents the impact of changes in the estimated useful lives of assets involved in restructuring actions.

(f)Represents external, incremental costs directly related to implementing our non-acquisition-related cost-reduction/productivity initiatives.

Schedule of Components and Changes in Restructuring Accruals

The following summarizes the components and changes in restructuring accruals:
(MILLIONS)						Employee Termination Costs						Asset Impairment Charges						Exit Costs						Accrual
Balance, December 31, 2020(a)						$	782					$	—					$	15					$	798
Provision						22						(4)						—						18
Utilization and other(b)						(102)						4						—						(99)
Balance, April 4, 2021(c)						$	702					$	—					$	15					$	717

(a)Included in Other current liabilities ($628 million) and Other noncurrent liabilities ($169 million).

(b)Includes adjustments for foreign currency translation.

(c)Included in Other current liabilities ($561 million) and Other noncurrent liabilities ($156 million).

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- Definition

Tabular disclosure of costs incurred for restructuring including, but not limited to, exit and disposal activities, remediation, implementation, integration, asset impairment, and charges against earnings from the write-down of assets.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 420
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 5.P.3)
-URI http://asc.fasb.org/extlink&oid=115931487&loc=d3e140864-122747

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 420
-SubTopic 10
-Section 50
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-URI http://asc.fasb.org/extlink&oid=6394359&loc=d3e17939-110869

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 420
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB TOPIC 5.P.4)
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- Definition

Tabular disclosure of an entity's restructuring reserve that occurred during the period associated with the exit from or disposal of business activities or restructurings for each major type of cost. This element may also include a description of any reversal and other adjustment made during the period to the amount of an accrued liability for restructuring activities. This element may be used to encapsulate the roll forward presentations of an entity's restructuring reserve by type of cost and in total, and explanation of changes that occurred in the period.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 420
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
-URI http://asc.fasb.org/extlink&oid=6394359&loc=d3e17939-110869

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 420
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 5.P.4(b)(2))
-URI http://asc.fasb.org/extlink&oid=115931487&loc=d3e140904-122747

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