Quarterly report pursuant to Section 13 or 15(d)

RECENT ACCOUNTING PRONOUNCEMENTS (Tables)

v3.10.0.1
RECENT ACCOUNTING PRONOUNCEMENTS (Tables)
9 Months Ended
Sep. 30, 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 September 30, 2018 and December 31, 2017 included within this Form 10-Q.  
(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 consolidated statement of operations, which reflects the adoption of the new ASUs, is as follows (in millions):
 
Three months ended September 30, 2017
 
As Previously Reported
 
Adjustments (a)
 
Adjustments (b)
 
Adjustments (c)
 
As Recast
Revenue
$
15,978

 
$
195

 
$

 
$

 
$
16,173

Operating Expenses:
 
 
 
 
 
 
 
 
 
Compensation and benefits
8,221

 

 
216

 

 
8,437

Repairs and maintenance
398

 
1

 

 

 
399

Depreciation and amortization
572

 

 

 

 
572

Purchased transportation
2,652

 
180

 

 

 
2,832

Fuel
636

 

 

 

 
636

Other occupancy
282

 

 

 

 
282

Other expenses
1,182

 
21

 

 

 
1,203

Total Operating Expenses
13,943

 
202

 
216

 

 
14,361

Operating Profit
2,035

 
(7
)
 
(216
)
 

 
1,812

Other Income and (Expense):
 
 
 
 
 
 
 
 
 
Investment income and other
20

 

 
216

 

 
236

Interest expense
(111
)
 

 

 

 
(111
)
Total Other Income and (Expense)
(91
)
 

 
216

 

 
125

Income Before Income Taxes
1,944

 
(7
)
 

 

 
1,937

Income Tax Expense (Benefit)
680

 
(2
)
 

 

 
678

Net Income
$
1,264

 
$
(5
)
 
$

 
$

 
$
1,259

Basic Earnings Per Share
$
1.45

 
$

 
$

 
$

 
$
1.45

Diluted Earnings Per Share
$
1.45

 
$
(0.01
)
 
$

 
$

 
$
1.44

(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. 













 
Nine months ended September 30, 2017
 
As Previously Reported
 
Adjustments (a)
 
Adjustments (b)
 
Adjustments (c)
 
As Recast
Revenue
$
47,043

 
$
567

 
$

 
$

 
$
47,610

Operating Expenses:
 
 
 
 
 
 
 
 
 
Compensation and benefits
24,457

 

 
575

 

 
25,032

Repairs and maintenance
1,180

 
1

 

 

 
1,181

Depreciation and amortization
1,688

 

 

 

 
1,688

Purchased transportation
7,461

 
530

 

 

 
7,991

Fuel
1,873

 

 

 

 
1,873

Other occupancy
845

 

 

 

 
845

Other expenses
3,504

 
30

 

 

 
3,534

Total Operating Expenses
41,008

 
561

 
575

 

 
42,144

Operating Profit
6,035

 
6

 
(575
)
 

 
5,466

Other Income and (Expense):
 
 
 
 
 
 
 
 
 
Investment income and other
49

 

 
575

 

 
624

Interest expense
(324
)
 

 

 

 
(324
)
Total Other Income and (Expense)
(275
)
 

 
575

 

 
300

Income Before Income Taxes
5,760

 
6

 

 

 
5,766

Income Tax Expense (Benefit)
1,954

 
3

 

 

 
1,957

Net Income
$
3,806

 
$
3

 
$

 
$

 
$
3,809

Basic Earnings Per Share
$
4.36

 
$
0.01

 
$

 
$

 
$
4.37

Diluted Earnings Per Share
$
4.35

 
$

 
$

 
$

 
$
4.35

 
 
 
 
 
 
 
 
 
 
(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):
 
Nine Months Ended September 30, 2017
 
As Previously Reported
 
Adjustments (a)
 
Adjustments (b)
 
Adjustments (c)
 
As Recast
Net Income
$
3,806

 
$
3

 
$

 
$

 
$
3,809

Adjustments to reconcile net income to net cash from operating activities:
 
 
 
 
 
 
 
 
 
Deferred tax (benefit) expense
295

 
3

 

 

 
298

Other assets
185

 
(34
)
 

 

 
151

Accounts payable
(411
)
 
13

 

 

 
(398
)
Accrued wages and withholdings
117

 
17

 

 

 
134

Other liabilities
(580
)
 
(2
)
 

 

 
(582
)
Cash flows from operating activities
4,418

 

 

 

 
4,418

Purchase of marketable securities
(1,468
)
 

 

 
3

 
(1,465
)
Net cash used in investing activities
(3,618
)
 

 

 
3

 
(3,615
)
Net decrease in cash, cash equivalents and restricted cash
(58
)
 

 

 
3

 
(55
)
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
$
3,418

 
$

 
$

 
$
448

 
$
3,866

(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