Quarterly Supplementary Data

12 Months Ended

Dec. 31, 2020

Quarterly Financial Information Disclosure [Abstract]

Quarterly Supplementary Data

Quarterly Supplementary Data

This table includes unaudited quarterly financial information for the years ended December 31, 2020 and 2019:

(Dollars in millions, except per share data)	Quarter
	1st		2nd		3rd		4th		Full year
2020
Revenues	$	(99)	$	2,714	$	2,227	$	2,694	$	7,536
Income (loss) before income taxes	(1,576)		1,145		614		1,316		1,499
Net income (loss)	(1,226)		909		484		1,049		1,216
Net income (loss) per common share—basic	(7.56)		5.65		3.01		6.52		7.55
Net income (loss) per common share—diluted	(7.56)		5.63		2.99		6.47		7.49
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

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 without actual realization of those gains and losses.