Selected Quarterly Financial Data (Unaudited)

12 Months Ended

Dec. 31, 2020

Quarterly Financial Information Disclosure [Abstract]

Selected Quarterly Financial Data (Unaudited)

SELECTED QUARTERLY FINANCIAL DATA (Unaudited)

2020 (in millions, except per share amounts)	First Quarter		Second Quarter		Third Quarter		Fourth Quarter		Total
Total revenues	$	7,908	$	7,401	$	8,275	$	8,397	$	31,981
Total expenses	7,188		7,486		7,289		6,781		28,744
Income (loss) before income taxes	720		(85)		986		1,616		3,237
Income tax expense (benefit)	120		(45)		159		306		540
Net income (loss)	$	600	$	(40)	$	827	$	1,310	$	2,697
Net income (loss) per share (1):
Basic	$	2.34	$	(0.16)	$	3.24	$	5.13	$	10.56
Diluted	2.33		(0.16)		3.23		5.10		10.52
2019 (in millions, except per share amounts)	First Quarter		Second Quarter		Third Quarter		Fourth Quarter		Total
Total revenues	$	7,671	$	7,834	$	8,013	$	8,063	$	31,581
Total expenses	6,704		7,169		7,581		6,989		28,443
Income before income taxes	967		665		432		1,074		3,138
Income tax expense	171		108		36		201		516
Net income	$	796	$	557	$	396	$	873	$	2,622
Net income per share (1):
Basic	$	3.01	$	2.11	$	1.52	$	3.37	$	10.01
Diluted	2.99		2.10		1.50		3.35		9.92

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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.