ACCOUNTING AND DISCLOSURE CHANGES

3 Months Ended

Mar. 31, 2015

ACCOUNTING AND DISCLOSURE CHANGES

ACCOUNTING AND DISCLOSURE CHANGES

NOTE 2ACCOUNTING AND DISCLOSURE CHANGES

In April 2015, the Financial Accounting Standards Board (FASB) issued rules to simplify the presentation of debt issuance costs by requiring that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with the presentation of debt discounts.  These rules are effective for annual periods beginning after December 15, 2015 and interim periods within those fiscal years, with early adoption of the rules permitted for financial statements which have not been previously issued.  We early adopted the new rule by retrospectively reclassifying unamortized debt issuance costs of $68 million at December 31, 2014.  The amount was previously reflected in other assets.