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Accounting Principles and Practices Accounting Principles and Practices (Tables)
 6 Months Ended
Jun. 30, 2018
Accounting Policies [Abstract]  
Schedule of New Accounting Pronouncements and Changes in Accounting Principles
The following tables summarize the impacts of adopting ASC 606 on the Company’s Condensed Consolidated Statement of Income, Financial Position, and Cash Flows as of and for the three and six months ended June 30, 2018.
Condensed Consolidated Statement of Income
 
 
Three months ended June 30, 2018
 
Six months ended June 30, 2018
(millions)
 
As Reported
 
Adjustments
 
Balances Without Adoption of ASC 606
 
As Reported
 
Adjustments
 
Balances Without Adoption of ASC 606
Revenue
 
 

 
 
 
 

 
 
 
 
 
 
Total revenue
 
$
2,561

 
$
3

 
$
2,564

 
$
5,651

 
$
(410
)
 
$
5,241

Expenses
 
 

 
 
 
 

 
 
 
 
 
 
Compensation and benefits
 
$
1,494

 
$
(13
)
 
$
1,481

 
$
3,110

 
$
(78
)
 
$
3,032

Other general expenses
 
$
535

 
$
2

 
$
537

 
$
853

 
$
2

 
$
855

Other income (expense)
 
$
(3
)
 
$
(1
)
 
$
(4
)
 
$
(18
)
 
$
—

 
$
(18
)
Income taxes
 
$
(144
)
 
$
7

 
$
(137
)
 
$
(30
)
 
$
(75
)

$
(105
)
Upon adoption of the guidance, the presentation of the results reflect a change in Operating income offset by an equal and offsetting change in Other income (expense) for the period ended June 30, 2017 as follows:
 
 
Three Months Ended
June 30, 2017
 
Six Months Ended
June 30, 2017
 
 
As Reported
 
Adjustments
 
As Adjusted
 
As Reported
 
Adjustments
 
As Adjusted
Operating income (loss) (1)
 
$
(118
)
 
$
(9
)
 
$
(127
)
 
$
225

 
$
(17
)
 
$
208

Other income (expense)
 
$
(5
)
 
$
9

 
$
4

 
$
(15
)
 
$
17

 
$
2

(1)
Reclassification from Operating income is recorded in Compensation and benefits.
Condensed Consolidated Statement of Cash Flows
 
 
Six months ended June 30, 2018
(millions)
 
As Reported
 
Adjustments
 
Balances Without Adoption of ASC 606
Cash flows from operating activities
 
 

 
 
 
 

Net income
 
$
668

 
$
(259
)
 
$
409

Deferred income taxes
 
$
(93
)
 
$
(29
)
 
$
(122
)
Receivables, net
 
$
(371
)
 
$
405

 
$
34

Accounts payable and accrued liabilities
 
$
(495
)
 
$
8

 
$
(487
)
Current income taxes
 
$
(144
)
 
$
(46
)
 
$
(190
)
Other assets and liabilities
 
$
301

 
$
(79
)
 
$
222

Condensed Consolidated Statement of Financial Position
 
 
As of June 30, 2018
(millions)
 
As Reported
 
Adjustments
 
Balances Without Adoption of ASC 606
Assets
 
 

 
 
 
 

Receivables, net
 
$
2,992

 
$
(657
)
 
$
2,335

Other current assets
 
$
732

 
$
(216
)
 
$
516

Deferred tax assets
 
$
452

 
$
128

 
$
580

Other non-current assets
 
$
404

 
$
(144
)
 
$
260

 
 
 
 
 
 
 
Liabilities
 
 

 
 
 
 

Other current liabilities
 
$
1,121

 
$
(61
)
 
$
1,060

Deferred tax liabilities
 
$
294

 
$
(71
)
 
$
223

Other non-current liabilities
 
$
1,088

 
$
1

 
$
1,089

 
 
 
 
 
 
 
Equity
 
 

 
 
 
 

Total equity
 
$
4,618

 
$
(758
)
 
$
3,860

As a result of applying the modified retrospective method to adopt ASC 606, the following adjustments were made to the Condensed Consolidated Statement of Financial Position as of January 1, 2018:
 
 
December 31,
2017
 
 
 
January 1,
2018
(millions)
 
As Reported
 
Adjustments
 
As Adjusted
Assets
 
 

 
 
 
 

Receivables, net
 
$
2,478

 
$
252

 
$
2,730

Other current assets
 
$
289

 
$
298

 
$
587

Deferred tax assets
 
$
389

 
$
(128
)
 
$
261

Other non-current assets
 
$
307

 
$
145

 
$
452

 
 
 
 
 
 
 
Liabilities
 
 

 
 
 
 

Accounts payable and accrued liabilities
 
$
1,961

 
$
8

 
$
1,969

Other current liabilities
 
$
870

 
$
13

 
$
883

Deferred tax liabilities
 
$
127

 
$
42

 
$
169

Other non-current liabilities
 
$
1,102

 
$
(3
)
 
$
1,099

 
 
 
 
 
 
 
Equity
 
 

 
 
 
 

Total equity
 
$
4,648

 
$
507

 
$
5,155