Quarterly report pursuant to Section 13 or 15(d)

RECENT ACCOUNTING PRONOUNCEMENTS (Tables)

v3.8.0.1
RECENT ACCOUNTING PRONOUNCEMENTS (Tables)
3 Months Ended
Mar. 31, 2018
Accounting Changes and Error Corrections [Abstract]  
Schedule of New Accounting Pronouncements and Changes in Accounting Principles
Impacted consolidated balance sheet line items, which reflect the adoption of the new ASUs, are as follows (in millions):
 
December 31, 2017
 
As previously reported
 
Adjustments (a)
 
Adjustments (b)
 
Adjustments (c)
 
As Recast
Assets:
 
 
 
 
 
 
 
 
 
Other current assets
$
1,133

 
$
170

 
$

 
$

 
$
1,303

Total current assets
15,548

 
170

 

 

 
15,718

Deferred income tax assets
265

 
1

 

 

 
266

Total Assets
$
45,403

 
$
171

 
$

 
$

 
$
45,574

Liabilities:
 
 
 
 
 
 
 
 
 
Accounts payable
$
3,872

 
$
62

 
$

 
$

 
$
3,934

Accrued wages and withholdings
2,521

 
87

 

 

 
2,608

Other current liabilities(1)
905

 
29

 

 

 
934

Total current liabilities
12,708

 
178

 

 

 
12,886

Deferred income tax liabilities
757

 
(1
)
 

 

 
756

Shareowners' Equity:
 
 
 
 
 
 
 
 
 
Retained earnings
5,858

 
(6
)
 

 

 
5,852

Total Shareowners' Equity
1,030

 
(6
)
 

 

 
1,024

Total Liabilities and Shareowners' Equity
$
45,403

 
$
171

 
$

 
$

 
$
45,574

(1) The caption "Other current liabilities" was presented separately from "Hedge margin liabilities" of $17 million in the Form 10-K at December 31, 2017. These captions have been collapsed in the consolidated balance sheets as of March 31, 2018 and December 31, 2017 included within this Form 10-Q.  

The unaudited consolidated statement of operations, which reflects the adoption of the new ASUs, is as follows (in millions):
 
Three months ended March 31, 2017
 
As previously reported
 
Adjustments (a)
 
Adjustments (b)
 
Adjustments (c)
 
As Recast
Revenue
$
15,315

 
$
195

 
$

 
$

 
$
15,510

Operating Expenses:
 
 
 
 
 
 
 
 
 
Compensation and benefits
8,131

 

 
180

 

 
8,311

Repairs and maintenance
390

 

 

 

 
390

Depreciation and amortization
554

 

 

 

 
554

Purchased Transportation
2,366

 
179

 

 

 
2,545

Fuel
621

 

 

 

 
621

Other occupancy
299

 

 

 

 
299

Other expenses
1,170

 
3

 

 

 
1,173

Total Operating Expenses
13,531

 
182

 
180

 

 
13,893

Operating Profit
1,784

 
13

 
(180
)
 

 
1,617

Other Income and (Expense):
 
 
 
 
 
 
 
 
 
Investment income and other
15

 

 
180

 

 
195

Interest expense
(102
)
 

 

 

 
(102
)
Total Other Income and (Expense)
(87
)
 

 
180

 

 
93

Income Before Income Taxes
1,697

 
13

 

 

 
1,710

Income Tax Expense
539

 
5

 

 

 
544

Net Income
$
1,158

 
$
8

 
$

 
$

 
$
1,166

Basic earnings per share
$
1.32

 
$
0.01

 
$

 
$

 
$
1.33

Diluted earnings per share
$
1.32

 
$
0.01

 
$

 
$

 
$
1.33

(a) Recast to reflect the adoption of Revenue from Contracts with Customers.
(b) Recast to reflect the adoption of Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost.
(c) Recast to reflect the adoption of Restricted Cash.

The unaudited impacted consolidated statement of cash flows line items, which reflect the adoption of the new ASUs, are as follows (in millions):
 
Three months ended March 31, 2017
 
As previously reported
 
Adjustments (a)
 
Adjustments (b)
 
Adjustments (c)
 
As Recast
Net Income
$
1,158

 
$
8

 
$

 
$

 
$
1,166

Adjustments to reconcile net income to net cash from operating activities:
 
 
 
 
 
 
 
 
 
Deferred tax (benefit) expense
94

 
5

 

 

 
99

Other assets
397

 
(14
)
 

 

 
383

Accounts payable
(675
)
 
2

 

 

 
(673
)
Accrued wages and withholdings
(35
)
 
1

 

 

 
(34
)
Other liabilities
(272
)
 
(2
)
 

 

 
(274
)
Cash flows from operating activities
239

 

 

 

 
239

Purchase of marketable securities
(519
)
 

 

 
10

 
(509
)
Net cash used in investing activities
(920
)
 

 

 
10

 
(910
)
Net decrease in cash, cash equivalents and restricted cash
(789
)
 

 

 
10

 
(779
)
Cash, cash equivalents and restricted cash at the beginning of period
3,476

 

 

 
445

 
3,921

Cash, cash equivalents and restricted cash at the end of period
$
2,687

 
$

 
$

 
$
455

 
$
3,142

(a) Recast to reflect the adoption of Revenue from Contracts with Customers.
(b) Recast to reflect the adoption of Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost.
(c) Recast to reflect the adoption of Restricted Cash