Annual report pursuant to Section 13 and 15(d)

Selected Quarterly Financial Data (Unaudited) (Tables)

v3.19.3.a.u2
Selected Quarterly Financial Data (Unaudited) (Tables)
12 Months Ended
Dec. 31, 2019
Quarterly Financial Information Disclosure [Abstract]  
Summary of Quarterly Financial Data
The following table summarizes our quarterly financial data which, in the opinion of management, reflects all adjustments, consisting only of normal recurring adjustments, necessary for a fair presentation of our results of operations (Amounts for the individual quarters when aggregated may not agree to the full year due to rounding):
 
For the Three-Months Ended
 
(in millions, except for  per share data)
 
March 31, 2019
 
June 30, 2019
 
Sept. 30, 2019
 
Dec. 31, 2019
Total revenue
$
33,143

 
$
31,268

 
$
38,842

 
$
38,328

Total expenses
26,211

 
25,258

 
35,518

 
28,751

Income before equity method investments
6,932

 
6,010

 
3,324

 
9,577

Income (loss) from equity method investments
4,506

 
7,624

 
5,984

 
46,060

Income (loss) before income taxes
11,438

 
13,634

 
9,308

 
55,637

Income tax (expense) benefit
2,270

 
(839
)
 
(132
)
 
(9,396
)
Net income (loss)
13,708

 
12,795

 
9,176

 
46,241

Net income (loss) attributable to controlling stockholders
$
13,646

 
$
12,740

 
$
9,102

 
$
46,076

Basic earnings (loss) per common share
$
0.22

 
$
0.20

 
$
0.14

 
$
0.70

Diluted earnings (loss) per common share
0.21

 
0.19

 
0.13

 
0.66

 
For the Three-Months Ended
 
(in millions, except for  per share data)
 
March 31, 2018
 
June 30, 2018
 
Sept. 30, 2018
 
Dec. 31, 2018
Total revenue
$
28,192

 
$
36,135

 
$
35,383

 
$
39,686

Total expenses
27,117

 
29,212

 
29,541

 
31,745

Income before equity method investments
1,075

 
6,923

 
5,842

 
7,941

Income (loss) from equity method investments
(2,285
)
 
10,583

 
11,671

 
2,192

Income (loss) before income taxes
(1,210
)
 
17,506

 
17,513

 
10,133

Income tax (expense) benefit
(18
)
 
(153
)
 
(939
)
 
(1,034
)
Net income (loss)
(1,228
)
 
17,353

 
16,574

 
9,099

Net income (loss) attributable to controlling stockholders
$
(1,222
)
 
$
17,261

 
$
16,483

 
$
9,055

Basic earnings (loss) per common share
$
(0.03
)
 
$
0.32

 
$
0.30

 
$
0.16

Diluted earnings (loss) per common share
(0.03
)
 
0.32

 
0.30

 
0.16