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Accounting Policies (Policies) | 9 Months Ended
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Sep. 30, 2014
Accounting Policies |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements. In May 2014, the Financial Accounting Standards Board (FASB) issued a new standard for revenue recognition, Accounting Standards Codification 606 (ASC 606). The purpose of ASC 606 is to provide a single, comprehensive revenue recognition model for all contracts with customers to improve comparability across industries. ASC 606 is effective for the Company for annual periods beginning January 1, 2017. The Company is currently evaluating the impact the adoption of this new standard will have on its results of operations. In April 2014, the FASB issued Accounting Standards Update 2014-8 (ASU 2014-8), “Reporting of Discontinued Operations and Disclosure of Disposals of Components of an Entity,” which changes the criteria for determining which disposals can be presented as discontinued operations and modifies the related disclosure requirements. ASU 2014-8 is effective for the Company beginning January 1, 2015, with early adoption allowed for new disposals not previously classified as discontinued operations.
Revision of Previously Issued Financial Statements | Revision of Previously Issued Financial Statements. During the first quarter ended March 31, 2014, the Company identified an error in the accounting for certain of its investments in private equity limited partnership funds. The investments were inappropriately accounted for under the cost basis versus the equity method. The impact of the error was to under report the investment value (included in other assets on the consolidated balance sheets) and to over (under) state equity investment earnings (loss) (included in other income (expense), net in the consolidated statements of operations). We have revised our three-month and nine-month periods ended September 30, 2013 consolidated statement of operations and prior year consolidated balance sheet in these financial statements to reflect the investment accounted for as an equity investment. Retained earnings and other comprehensive income were adjusted for the changes in net income. Other historic periods will be revised, as detailed below, in our future filings. This error is not considered material to any prior period financial statement. This revision has no effect on our consolidated statement of cash flows. The following table presents the impact of the revisions on the Company’s previously issued full-year consolidated statement of operations (in millions):
|  | Year ended December 31, |
|  | 2013 |  | 2012 |  | 2011 |
Other income (expense), net |  |  |  |  |  |  |
As reported |  | $ | (239 | ) | $ | (229 | ) | $ | (177 | )
Correction |  | 16 |  | — |  | 9 |
As revised |  | $ | (223 | ) | $ | (229 | ) | $ | (168 | )
Income (loss) from continuing operations, before income taxes |  |  |  |  |  |  |
As reported |  | $ | 434 |  | $ | 73 |  | $ | (392 | )
Correction |  | 16 |  | — |  | 9 |
As revised |  | $ | 450 |  | $ | 73 |  | $ | (383 | )
Income (loss) from continuing operations |  |  |  |  |  |  |
As reported |  | $ | 323 |  | $ | (18 | ) | $ | (352 | )
Correction |  | 16 |  | — |  | 9 |
As revised |  | $ | 339 |  | $ | (18 | ) | $ | (343 | )
Net income (loss) |  |  |  |  |  |  |
As reported |  | $ | 313 |  | $ | (79 | ) | $ | (533 | )
Correction |  | 16 |  | — |  | 9 |
As revised |  | $ | 329 |  | $ | (79 | ) | $ | (524 | )
The following table presents the impact of the revisions on the Company’s previously issued quarterly consolidated statements of operations (in millions):
|  | Three Months Ended |  | Three Months Ended |
|  | Dec. 31 |  | Sep. 30 |  | June 30 |  | Mar. 31 |  | Dec. 31 |  | Sep. 30 |  | June 30 |  | Mar. 31 |
|  | 2013 |  | 2012 |
Other income (expense), net |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
As reported |  | $ | (71 | ) | $ | (58 | ) | $ | (57 | ) | $ | (53 | ) | $ | (57 | ) | $ | (57 | ) | $ | (66 | ) | $ | (49 | )
Correction |  | 3 |  | 6 |  | 1 |  | 6 |  | 4 |  | 7 |  | (2 | ) | (9 | )
As revised |  | $ | (68 | ) | $ | (52 | ) | $ | (56 | ) | $ | (47 | ) | $ | (53 | ) | $ | (50 | ) | $ | (68 | ) | $ | (58 | )
Income (loss) from continuing operations, before income taxes |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
As reported |  | $ | 70 |  | $ | 154 |  | $ | 131 |  | $ | 79 |  | $ | (26 | ) | $ | 51 |  | $ | (12 | ) | $ | 60 |
Correction |  | 3 |  | 6 |  | 1 |  | 6 |  | 4 |  | 7 |  | (2 | ) | (9 | )
As revised |  | $ | 73 |  | $ | 160 |  | $ | 132 |  | $ | 85 |  | $ | (22 | ) | $ | 58 |  | $ | (14 | ) | $ | 51 |
Income (loss) from continuing operations |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
As reported |  | $ | 50 |  | $ | 116 |  | $ | 92 |  | $ | 65 |  | $ | (63 | ) | $ | 35 |  | $ | (43 | ) | $ | 53 |
Correction |  | 3 |  | 6 |  | 1 |  | 6 |  | 4 |  | 7 |  | (2 | ) | (9 | )
As revised |  | $ | 53 |  | $ | 122 |  | $ | 93 |  | $ | 71 |  | $ | (59 | ) | $ | 42 |  | $ | (45 | ) | $ | 44 |
Net income (loss) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
As reported |  | $ | 56 |  | $ | 114 |  | $ | 87 |  | $ | 56 |  | $ | (80 | ) | $ | 24 |  | $ | (67 | ) | $ | 44 |
Correction |  | 3 |  | 6 |  | 1 |  | 6 |  | 4 |  | 7 |  | (2 | ) | (9 | )
As revised |  | $ | 59 |  | $ | 120 |  | $ | 88 |  | $ | 62 |  | $ | (76 | ) | $ | 31 |  | $ | (69 | ) | $ | 35 |
The following table presents the impact of the revisions on the Company’s previously issued consolidated balance sheets (in millions):
|  | As of |  |  |
|  | Dec. 31 |  | Sep. 30 |  | June 30 |  | Mar. 31 |  | As of |
|  | 2013 |  | Dec. 31, 2012 |
Other assets |  |  |  |  |  |  |  |  |  |  |
As reported |  | $ | 161 |  | $ | 166 |  | $ | 173 |  | $ | 182 |  | $ | 184 |
Correction |  | 24 |  | 21 |  | 15 |  | 14 |  | 8 |
As revised |  | $ | 185 |  | $ | 187 |  | $ | 188 |  | $ | 196 |  | $ | 192 |
Total assets |  |  |  |  |  |  |  |  |  |  |
As reported |  | $ | 6,933 |  | $ | 7,059 |  | $ | 7,062 |  | $ | 6,779 |  | $ | 6,875 |
Correction |  | 24 |  | 21 |  | 15 |  | 14 |  | 8 |
As revised |  | $ | 6,957 |  | $ | 7,080 |  | $ | 7,077 |  | $ | 6,793 |  | $ | 6,883 |

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