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QUARTERLY FINANCIAL INFORMATION (Unaudited)
 12 Months Ended
Dec. 31, 2019
Quarterly Financial Information Disclosure [Abstract]  
QUARTERLY FINANCIAL INFORMATION (Unaudited)
QUARTERLY FINANCIAL INFORMATION
(Unaudited)
A summary of our quarterly unaudited results of operations for the years ended December 31, 2019 and 2018 follows:
 
2019
 
First
 
Second
 
Third
 
Fourth
 
(in millions, except per share results)
Total revenues
$
16,107

 
$
16,245

 
$
16,241

 
$
16,295

Income before income taxes and equity in net earnings
746

 
1,229

 
888

 
593

Net income
566

 
940

 
689

 
512

Basic earnings per common share (1)
$
4.18

 
$
6.96

 
$
5.16

 
$
3.87

Diluted earnings per common share (1)
$
4.16

 
$
6.94

 
$
5.14

 
$
3.84

 
 
 
 
 
 
 
 
 
2018
 
First
 
Second
 
Third
 
Fourth
 
(in millions, except per share results)
Total revenues
$
14,279

 
$
14,259

 
$
14,206

 
$
14,168

Income before income taxes and equity in net earnings
707

 
19

 
901

 
436

Net income
491

 
193

 
644

 
355

Basic earnings per common share (1)
$
3.56

 
$
1.40

 
$
4.68

 
$
2.60

Diluted earnings per common share (1)
$
3.53

 
$
1.39

 
$
4.65

 
$
2.58

(1)
The calculation of earnings per common share is based on the weighted average shares outstanding during each quarter and, accordingly, the sum may not equal the total for the year.