Selected Quarterly Financial Data (Unaudited)

12 Months Ended

Dec. 31, 2018

Quarterly Financial Information Disclosure [Abstract]

Selected Quarterly Financial Data (Unaudited)

SELECTED QUARTERLY FINANCIAL DATA (Unaudited)

2018 (in millions, except per share amounts)	First Quarter		Second Quarter		Third Quarter		Fourth Quarter		Total
Total revenues	$	7,286	$	7,477	$	7,723	$	7,796	$	30,282
Total expenses	6,508		6,846		6,917		7,050		27,321
Income before income taxes	778		631		806		746		2,961
Income tax expense	109		107		97		125		438
Net income	$	669	$	524	$	709	$	621	$	2,523
Net income per share (1):
Basic	$	2.45	$	1.93	$	2.65	$	2.33	$	9.37
Diluted	2.42		1.92		2.62		2.32		9.28
2017 (in millions, except per share amounts)	First Quarter		Second Quarter		Third Quarter		Fourth Quarter		Total
Total revenues	$	6,942	$	7,184	$	7,325	$	7,451	$	28,902
Total expenses	6,182		6,394		7,005		6,591		26,172
Income before income taxes	760		790		320		860		2,730
Income tax expense (2)	143		195		27		309		674
Net income	$	617	$	595	$	293	$	551	$	2,056
Net income per share (1):
Basic	$	2.19	$	2.13	$	1.06	$	2.00	$	7.39
Diluted	2.17		2.11		1.05		1.98		7.33

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(1) Due to the use of an average number of shares for each quarter, the sum of the quarterly earnings per share may not equal the total earnings per share for the full year.

(2) Income tax expense for the fourth quarter and full year of 2017 included a net charge of $129 million to reflect the change in tax laws and tax rates enacted in the U.S. on December 22, 2017 as part of the Tax Cuts and Jobs Act of 2017, resulting primarily from revaluing the Company’s deferred tax assets and liabilities and the tax imposed on accumulated foreign earnings.