| Schedule of New Accounting Pronouncements and Changes in Accounting Principles [Table Text Block] |
We have recast our consolidated financial statements from amounts previously reported due to the adoption of new revenue recognition, pension and restricted cash standards. The unaudited consolidated statements of operations, which reflect the adoption of the new ASUs, are as follows (in millions):
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Twelve months ended December 31, 2017 |
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As Previously Reported |
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Adjustments (a) |
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Adjustments (b) |
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Adjustments (c) |
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As Recast |
Revenue |
$ |
65,872 |
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$ |
713 |
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$ |
— |
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$ |
— |
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$ |
66,585 |
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Operating Expenses: |
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Compensation and benefits |
34,588 |
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— |
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(11 |
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— |
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34,577 |
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Repairs and maintenance |
1,600 |
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1 |
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— |
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— |
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1,601 |
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Depreciation and amortization |
2,282 |
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— |
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— |
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— |
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2,282 |
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Purchased transportation |
10,989 |
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707 |
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— |
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— |
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11,696 |
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Fuel |
2,690 |
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— |
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— |
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— |
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2,690 |
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Other occupancy |
1,155 |
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— |
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— |
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— |
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1,155 |
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Other expenses |
5,039 |
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16 |
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— |
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— |
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5,055 |
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Total Operating Expenses |
58,343 |
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724 |
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(11 |
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— |
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59,056 |
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Operating Profit |
7,529 |
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(11 |
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11 |
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— |
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7,529 |
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Other Income and (Expense): |
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Investment income (expense) and other |
72 |
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— |
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(11 |
) |
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— |
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61 |
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Interest expense |
(453 |
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— |
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— |
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— |
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(453 |
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Total Other Income and (Expense) |
(381 |
) |
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— |
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(11 |
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— |
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(392 |
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Income Before Income Taxes |
7,148 |
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(11 |
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— |
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— |
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7,137 |
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Income Tax Expense (Benefit) |
2,238 |
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(6 |
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— |
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— |
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2,232 |
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Net Income |
$ |
4,910 |
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$ |
(5 |
) |
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$ |
— |
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$ |
— |
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$ |
4,905 |
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Basic Earnings Per Share |
$ |
5.64 |
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$ |
(0.01 |
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$ |
— |
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$ |
— |
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$ |
5.63 |
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Diluted Earnings Per Share |
$ |
5.61 |
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$ |
— |
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$ |
— |
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$ |
— |
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$ |
5.61 |
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(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):
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Twelve Months Ended December 31, 2017 |
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As Previously Reported |
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Adjustments (a) |
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Adjustments (b) |
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Adjustments (c) |
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As Recast |
Net Income |
$ |
4,910 |
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$ |
(5 |
) |
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$ |
— |
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$ |
— |
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$ |
4,905 |
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Adjustments to reconcile net income to net cash from operating activities: |
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Deferred tax (benefit) expense |
1,230 |
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(6 |
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— |
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— |
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1,224 |
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Other assets |
(982 |
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(2 |
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— |
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— |
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(984 |
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Accounts payable |
592 |
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7 |
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— |
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— |
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599 |
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Accrued wages and withholdings |
193 |
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7 |
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— |
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— |
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200 |
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Other liabilities |
(241 |
) |
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(2 |
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— |
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— |
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(243 |
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Other operating activities |
47 |
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1 |
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48 |
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Cash flows from operating activities |
1,479 |
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— |
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— |
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— |
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1,479 |
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Purchase of marketable securities |
(1,634 |
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— |
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— |
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4 |
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(1,630 |
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Net cash used in investing activities |
(4,975 |
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— |
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— |
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4 |
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(4,971 |
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Net decrease in cash, cash equivalents and restricted cash |
(156 |
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— |
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— |
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4 |
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(152 |
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Cash, cash equivalents and restricted cash at the beginning of period |
3,476 |
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— |
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— |
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445 |
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3,921 |
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Cash, cash equivalents and restricted cash at the end of period |
$ |
3,320 |
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$ |
— |
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$ |
— |
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$ |
449 |
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$ |
3,769 |
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(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.
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