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Accounting Principles and Practices Accounting Principles and Practices (Tables) | 6 Months Ended
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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 |

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