Quarterly Supplementary Data

12 Months Ended

Dec. 31, 2018

Quarterly Financial Information Disclosure [Abstract]

Quarterly Supplementary Data

Quarterly Supplementary Data

This table includes unaudited quarterly financial information for the years ended December 31, 2018 and 2017:

(Dollars in millions, except per share data)	Quarter
	1st			2nd		3rd		4th			Full year
2018
Revenues	$	1,224		$	1,558	$	1,915	$	710		$	5,407
Income (loss) before income taxes	(50		)	264		618		(581		)	251
Net income (loss)	(31		)	217		553		(452		)	287
Net income (loss) per common share—basic	(0.19		)	1.33		3.40		(2.78		)	1.76
Net income (loss) per common share—diluted	(0.19		)	1.32		3.38		(2.78		)	1.75
2017
Revenues	$	1,523		$	1,386	$	1,412	$	1,411		$	5,732
Income before income taxes	276			128		129		197			730
Net income	201			100		102		642			1,045
Net income per common share—basic	1.22			0.61		0.62		3.92			6.36
Net income per common share—diluted	1.21			0.60		0.61		3.88			6.29

The sum of the quarterly reported per share amounts may not equal the full year as each is computed independently. Revenues including investment gains and losses, which are integral to our financial results over the long term, may cause this value to fluctuate substantially because we have substantial discretion in the timing of investment sales. Also, applicable accounting standards require us to recognize gains and losses from certain changes in fair values of securities and embedded derivatives without actual realization of those gains and losses.