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Summary of Significant Accounting Principles and Practices (Tables) | 12 Months Ended
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Dec. 31, 2018
Accounting Policies [Abstract] |
Schedule of estimated useful lives of assets | Depreciation and amortization are computed using the straight-line method over the estimated useful lives of the assets, which are generally as follows:
Asset Description |  | Expected Life
Software |  | Lesser of the life of an associated license, or 4 to 7 years
Leasehold improvements |  | Lesser of estimated useful life or lease term, not to exceed 10 years
Furniture, fixtures and equipment |  | 4 to 10 years
Computer equipment |  | 4 to 6 years
Buildings |  | 35 years
Automobiles |  | 6 years
Schedule of other intangible assets by asset class | Amortization basis and estimated useful lives by intangible asset type are generally as follows:
Intangible Asset Description |  | Amortization Basis |  | Expected Life
Customer-related and contract-based |  | In line with underlying cash flows |  | 7 to 20 years
Tradenames |  | Straight-line |  | 1 to 3 years
Technology and other |  | Straight-line |  | 5 to 7 years
Other intangible assets by asset class are as follows (in millions):
| As of December 31
| 2018 |  | 2017
| Gross Carrying Amount |  | Accumulated Amortization and Impairment |  | Net Carrying Amount |  | Gross Carrying Amount |  | Accumulated Amortization and Impairment |  | Net Carrying Amount
Customer related and contract based | 2,240 |  |  | 1,444 |  |  | 796 |  |  | 2,550 |  |  | 1,415 |  |  | 1,135 |
Tradenames | 1,027 |  |  | 740 |  |  | 287 |  |  | 1,047 |  |  | 533 |  |  | 514 |
Technology and other | 391 |  |  | 325 |  |  | 66 |  |  | 416 |  |  | 332 |  |  | 84 |
Total | $ | 3,658 |  |  | $ | 2,509 |  |  | $ | 1,149 |  |  | $ | 4,013 |  |  | $ | 2,280 |  |  | $ | 1,733 |
Schedule of New Accounting Pronouncements and Changes in Accounting Principles | Consolidated Statement of Financial Position
|  | As of December 31, 2018
(millions) |  | As Reported |  | Adjustments |  | Balances Without Adoption of ASC 606
Assets |  |  |  |  |  |  |  |
Receivables, net |  | $ | 2,760 |  |  | $ | (301 | ) |  | $ | 2,459 |
Other current assets |  | $ | 618 |  |  | $ | (319 | ) |  | $ | 299 |
Deferred tax assets |  | $ | 561 |  |  | $ | 137 |  |  | $ | 698 |
Other non-current assets |  | $ | 448 |  |  | $ | (155 | ) |  | $ | 293 |
Liabilities |  |  |  |  |  |  |  |
Other current liabilities |  | $ | 936 |  |  | $ | (43 | ) |  | $ | 893 |
Deferred tax liabilities |  | $ | 181 |  |  | $ | (28 | ) |  | $ | 153 |
Other non-current liabilities |  | $ | 1,097 |  |  | $ | 2 |  |  | $ | 1,099 |
Equity |  |  |  |  |  |  |  |
Total equity |  | $ | 4,219 |  |  | $ | (569 | ) |  | $ | 3,650 |
The following tables summarize the impacts of adopting ASC 606 on the Company’s Consolidated Statement of Income, Financial Position, and Cash Flows as of and for the twelve months ended December 31, 2018. Consolidated Statement of Income
|  | Twelve months ended December 31, 2018
(millions) |  | As Reported |  | Adjustments |  | Balances Without Adoption of ASC 606
Revenue |  |  |  |  |  |
Total revenue |  | $ | 10,770 |  |  | $ | (61 | ) |  | $ | 10,709 |
Expenses |  |  |  |  |  |
Compensation and benefits |  | $ | 6,103 |  |  | $ | 51 |  |  | $ | 6,154 |
Other general expenses |  | $ | 1,500 |  |  | $ | (1 | ) |  | $ | 1,499 |
Other income (expense) |  | $ | (25 | ) |  | $ | 1 |  |  | $ | (24 | )
Income taxes |  | $ | 146 |  |  | $ | (34 | ) |  | $ | 112 |
As a result of applying the modified retrospective method to adopt ASC 606, the following adjustments were made to the 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 |
Upon adoption of the guidance, the presentation of the results reflect a change in Operating income (loss) offset by an equal and offsetting change in Other income (expense) for each period, as follows:
|  | Years ended December 31
|  | 2017 |  | 2016
|  | As Reported |  | Adjustments |  | As Adjusted |  | As Reported |  | Adjustments |  | As Adjusted
Operating income (loss) (1) |  | $ | 979 |  |  | $ | 86 |  |  | $ | 1,065 |  |  | $ | 1,638 |  |  | $ | 173 |  |  | $ | 1,811 |
Other income (expense) |  | $ | (39 | ) |  | $ | (86 | ) |  | $ | (125 | ) |  | $ | 36 |  |  | $ | (173 | ) |  | $ | (137 | )
(1) | Reclassification from Operating income is recorded in Compensation and benefits.
Consolidated Statement of Cash Flows
|  | Twelve months ended December 31, 2018
(millions) |  | As Reported |  | Adjustments |  | Balances Without Adoption of ASC 606
Cash flows from operating activities |  |  |  |  |  |  |  |
Net income |  | $ | 1,174 |  |  | $ | (78 | ) |  | $ | 1,096 |
Receivables, net |  | $ | (127 | ) |  | $ | 49 |  |  | $ | (78 | )
Accounts payable and accrued liabilities |  | $ | 25 |  |  | $ | 8 |  |  | $ | 33 |
Current income taxes |  | $ | 34 |  |  | $ | (34 | ) |  | $ | — |
Other assets and liabilities |  | $ | 2 |  |  | $ | 55 |  |  | $ | 57 |
As a result of applying the modified retrospective method to adopt ASC 606, the following adjustments were made to the 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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