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New Accounting Standards (Tables)
 9 Months Ended
Sep. 30, 2018
Accounting Changes and Error Corrections [Abstract]  
Schedule of New Accounting Pronouncements
The cumulative effect of the changes made to our consolidated January 1, 2018 balance sheet for the adoption of ASU 2014-09, “Revenue – Revenue from Contracts with Customers” and ASU 2018-02, “Other Comprehensive Income – Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income” were as follows:
 
 
Balance at
December 31, 2017
 
Adjustments Due to ASU 2014-09
 
Adjustments Due to ASU 2018-02
 
Balance at
January 1, 2018
Assets
 
 
 
 
 
 
 
 
Other assets (1)
 
$
2,057

 
$
167

 
$
—

 
$
2,224

Stockholders’ Equity
 
 
 
 
 
 
 
 
Retained earnings
 
14,408

 
167

 
33

 
14,608

Accumulated other comprehensive income
 
(152
)
 
—

 
(33
)
 
(185
)
(1) Adjustment is comprised of an increase in capitalized contract costs of $219 million, partially offset by an increase in deferred tax liabilities of $52 million.

In accordance with the new revenue standard requirements, the disclosure of the impact of adoption on our condensed consolidated statement of income and condensed consolidated balance sheet were as follows:
 
 
Three Months Ended September 30, 2018
Statement of Income
 
As Reported
 
Balances Without Adoption of ASU 2014-09
 
Effect of Change
Higher/(Lower)
Expenses Excluding Interest
 
 
 
 
 
 
Compensation and benefits
 
$
737

 
$
744

 
$
(7
)
Taxes on income
 
296

 
294

 
2

Net Income
 
923

 
918

 
5


 
 
Nine Months Ended September 30, 2018
Statement of Income
 
As Reported
 
Balances Without Adoption of ASU 2014-09
 
Effect of Change
Higher/(Lower)
Expenses Excluding Interest
 
 
 
 
 
 
Compensation and benefits
 
$
2,252

 
$
2,279

 
$
(27
)
Taxes on income
 
780

 
773

 
7

Net Income
 
2,572

 
2,552

 
20


 
 
As of September 30, 2018
Balance Sheet
 
As Reported
 
Balances Without Adoption of ASU 2014-09
 
Effect of Change
Higher/(Lower)
Assets
 
 
 
 
 
 
Other assets (1)
 
$
2,092

 
$
1,905

 
$
187

Stockholders’ Equity
 
 
 
 
 
 
Retained earnings
 
16,615

 
16,428

 
187

(1) Adjustment is comprised of an increase in capitalized contract costs of $246 million, partially offset by an increase in deferred tax liabilities of $59 million.