Discontinued Operations (Tables)

9 Months Ended

Sep. 30, 2017

Discontinued Operations and Disposal Groups [Abstract]

Discontinued Operations

The following table presents the financial results of the Divested Business (in millions):

	Three months ended September 30						Nine months ended September 30
	2017			2016			2017		2016
Revenue
Total revenue	$	—		$	559		$	698	$	1,606
Expenses
Total operating expenses	14			491			640		1,443
Operating income from discontinued operations	(14		)	68			58		163
Other income	(1		)	(1		)	10		—
Income from discontinued operations before income taxes	(15		)	67			68		163
Income taxes	(6		)	25			14		61
Income from discontinued operations excluding gain, net of tax	(9		)	42			54		102
Gain on sale of discontinued operations, net of tax	5			—			803		—
Income from discontinued operations, net of tax	$	(4	)	$	42		$	857	$	102

The following table presents the aggregate carrying amounts of the classes of assets and liabilities presented as discontinued operations within the Company’s Condensed Consolidated Statements of Financial Position (in millions):

	September 30, 2017 (1)		December 31, 2016
ASSETS
Cash and cash equivalents	$	—	$	5
Receivables, net	—		483
Fiduciary assets	—		526
Goodwill	—		1,337
Intangible assets, net	—		333
Fixed assets, net	—		215
Other assets	—		295
TOTAL ASSETS	$	—	$	3,194
LIABILITIES
Accounts payable and accrued liabilities	$	—	$	197
Fiduciary liabilities	—		526
Other liabilities	—		356
TOTAL LIABILITIES	$	—	$	1,079

(1) All assets and liabilities associated with the Divested Business were sold on May 1, 2017.