| 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):
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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 |
Assets: |
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Other current assets |
$ |
1,133 |
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$ |
170 |
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$ |
— |
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$ |
— |
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$ |
1,303 |
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Total current assets |
15,548 |
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|
170 |
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— |
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— |
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15,718 |
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Deferred income tax assets |
265 |
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1 |
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— |
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— |
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|
266 |
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Total Assets |
$ |
45,403 |
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$ |
171 |
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$ |
— |
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$ |
— |
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$ |
45,574 |
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Liabilities: |
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Accounts payable |
$ |
3,872 |
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$ |
62 |
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$ |
— |
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$ |
— |
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$ |
3,934 |
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Accrued wages and withholdings |
2,521 |
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|
87 |
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— |
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— |
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2,608 |
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Other current liabilities(1)
|
905 |
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29 |
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— |
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— |
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|
934 |
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Total current liabilities |
12,708 |
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178 |
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— |
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— |
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12,886 |
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Deferred income tax liabilities |
757 |
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(1 |
) |
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— |
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— |
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|
756 |
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Shareowners' Equity: |
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Retained earnings |
5,858 |
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(6 |
) |
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— |
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— |
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5,852 |
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Total Shareowners' Equity |
1,030 |
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(6 |
) |
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— |
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— |
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1,024 |
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Total Liabilities and Shareowners' Equity |
$ |
45,403 |
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$ |
171 |
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$ |
— |
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$ |
— |
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$ |
45,574 |
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(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):
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Three months ended March 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 |
$ |
15,315 |
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$ |
195 |
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$ |
— |
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$ |
— |
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$ |
15,510 |
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Operating Expenses: |
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Compensation and benefits |
8,131 |
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— |
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180 |
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— |
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8,311 |
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Repairs and maintenance |
390 |
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— |
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— |
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— |
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|
390 |
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Depreciation and amortization |
554 |
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— |
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— |
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— |
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|
554 |
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Purchased Transportation |
2,366 |
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|
179 |
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— |
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— |
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2,545 |
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Fuel |
621 |
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— |
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— |
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— |
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|
621 |
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Other occupancy |
299 |
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— |
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— |
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— |
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|
299 |
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Other expenses |
1,170 |
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3 |
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— |
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— |
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1,173 |
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Total Operating Expenses |
13,531 |
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182 |
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|
180 |
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— |
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13,893 |
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Operating Profit |
1,784 |
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13 |
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(180 |
) |
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— |
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1,617 |
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Other Income and (Expense): |
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Investment income and other |
15 |
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— |
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180 |
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— |
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|
195 |
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Interest expense |
(102 |
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— |
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— |
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— |
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(102 |
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Total Other Income and (Expense) |
(87 |
) |
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— |
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180 |
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— |
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|
93 |
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Income Before Income Taxes |
1,697 |
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13 |
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— |
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— |
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1,710 |
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Income Tax Expense |
539 |
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5 |
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— |
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— |
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|
544 |
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Net Income |
$ |
1,158 |
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$ |
8 |
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$ |
— |
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$ |
— |
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$ |
1,166 |
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Basic earnings per share |
$ |
1.32 |
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$ |
0.01 |
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$ |
— |
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$ |
— |
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$ |
1.33 |
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Diluted earnings per share |
$ |
1.32 |
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$ |
0.01 |
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$ |
— |
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$ |
— |
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$ |
1.33 |
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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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Three months ended March 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 |
$ |
1,158 |
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$ |
8 |
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$ |
— |
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$ |
— |
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$ |
1,166 |
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Adjustments to reconcile net income to net cash from operating activities: |
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Deferred tax (benefit) expense |
94 |
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5 |
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— |
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— |
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|
99 |
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Other assets |
397 |
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(14 |
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— |
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— |
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|
383 |
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Accounts payable |
(675 |
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2 |
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— |
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— |
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(673 |
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Accrued wages and withholdings |
(35 |
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1 |
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— |
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— |
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(34 |
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Other liabilities |
(272 |
) |
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(2 |
) |
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— |
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— |
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(274 |
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Cash flows from operating activities |
239 |
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— |
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— |
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— |
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239 |
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Purchase of marketable securities |
(519 |
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— |
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— |
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10 |
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(509 |
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Net cash used in investing activities |
(920 |
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— |
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— |
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10 |
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(910 |
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Net decrease in cash, cash equivalents and restricted cash |
(789 |
) |
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— |
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— |
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10 |
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(779 |
) |
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 |
$ |
2,687 |
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$ |
— |
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$ |
— |
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$ |
455 |
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$ |
3,142 |
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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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