| 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):
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For the Three-Months Ended |
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(in millions, except for per share data) |
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March 31, 2019 |
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June 30, 2019 |
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Sept. 30, 2019 |
|
Dec. 31, 2019 |
Total revenue |
$ |
33,143 |
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|
$ |
31,268 |
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|
$ |
38,842 |
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|
$ |
38,328 |
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Total expenses |
26,211 |
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|
25,258 |
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|
35,518 |
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|
28,751 |
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Income before equity method investments |
6,932 |
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|
6,010 |
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|
3,324 |
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|
9,577 |
|
Income (loss) from equity method investments |
4,506 |
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|
7,624 |
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|
5,984 |
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|
46,060 |
|
Income (loss) before income taxes |
11,438 |
|
|
13,634 |
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|
9,308 |
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|
55,637 |
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Income tax (expense) benefit |
2,270 |
|
|
(839 |
) |
|
(132 |
) |
|
(9,396 |
) |
Net income (loss) |
13,708 |
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|
12,795 |
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|
9,176 |
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|
46,241 |
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Net income (loss) attributable to controlling stockholders |
$ |
13,646 |
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$ |
12,740 |
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$ |
9,102 |
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$ |
46,076 |
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Basic earnings (loss) per common share |
$ |
0.22 |
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$ |
0.20 |
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$ |
0.14 |
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$ |
0.70 |
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Diluted earnings (loss) per common share |
0.21 |
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|
0.19 |
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|
0.13 |
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|
0.66 |
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For the Three-Months Ended |
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(in millions, except for per share data) |
|
March 31, 2018 |
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June 30, 2018 |
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Sept. 30, 2018 |
|
Dec. 31, 2018 |
Total revenue |
$ |
28,192 |
|
|
$ |
36,135 |
|
|
$ |
35,383 |
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$ |
39,686 |
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Total expenses |
27,117 |
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|
29,212 |
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|
29,541 |
|
|
31,745 |
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Income before equity method investments |
1,075 |
|
|
6,923 |
|
|
5,842 |
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|
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 |
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|
16,574 |
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|
9,099 |
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Net income (loss) attributable to controlling stockholders |
$ |
(1,222 |
) |
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$ |
17,261 |
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$ |
16,483 |
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$ |
9,055 |
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Basic earnings (loss) per common share |
$ |
(0.03 |
) |
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$ |
0.32 |
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$ |
0.30 |
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$ |
0.16 |
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Diluted earnings (loss) per common share |
(0.03 |
) |
|
0.32 |
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|
0.30 |
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|
0.16 |
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