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Quarterly Supplementary Data
 12 Months Ended
Dec. 31, 2019
Quarterly Financial Information Disclosure [Abstract]  
Quarterly Supplementary Data Quarterly Supplementary Data
This table includes unaudited quarterly financial information for the years ended December 31, 2019 and 2018:
(Dollars in millions, except per share data)
 
Quarter
 
 
 
 
1st
 
2nd
 
3rd
 
4th
 
Full year
2019
 
 

 
 

 
 

 
 

 
 

Revenues
 
$
2,159

 
$
1,913

 
$
1,700

 
$
2,152

 
$
7,924

Income before income taxes
 
867

 
530

 
294

 
781

 
2,472

Net income
 
695

 
428

 
248

 
626

 
1,997

Net income per common share—basic
 
4.27

 
2.62

 
1.51

 
3.84

 
12.24

Net income per common share—diluted
 
4.22

 
2.59

 
1.49

 
3.79

 
12.10

 
 
 
 
 
 
 
 
 
 
 
2018
 
 

 
 

 
 

 
 

 
 

Revenues
 
$
1,224

 
$
1,558

 
$
1,915

 
$
710

 
$
5,407

(Loss) income before income taxes
 
(50
)
 
264

 
618

 
(581
)
 
251

Net (loss) income
 
(31
)
 
217

 
553

 
(452
)
 
287

Net (loss) income per common share—basic
 
(0.19
)
 
1.33

 
3.40

 
(2.78
)
 
1.76

Net (loss) income per common share—diluted
 
(0.19
)
 
1.32

 
3.38

 
(2.78
)
 
1.75

 
 
 
 
 
 
 
 
 
 
 

 
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.