25. QUARTERLY FINANCIAL INFORMATION (UNAUDITED)
Consolidated Statements of Income (Loss)
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Three Months Ended | ||||||||||||||||||||||||
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March 31, | June 30, | September 30, | December 31, | |||||||||||||||||||||
| (dollars in millions, except per share data) |
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2013 |
2012 |
2013 |
2012 |
2013 |
2012 |
2013 |
2012 |
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Total revenues |
$ |
16,962 |
|
$ | 18,649 |
$ |
18,426 |
|
$ | 17,338 |
$ |
15,944 |
|
$ | 17,865 |
$ |
17,346 |
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$ | 17,169 | |||||
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Income (loss) from continuing operations before income taxes |
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2,875 |
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4,584 |
|
3,165 |
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1,751 |
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1,178 |
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2,595 |
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2,150 |
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(6,039 | ) | ||||||||
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Income (loss) from discontinued operations, net of income taxes |
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73 |
|
13 |
|
18 |
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(5 | ) |
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(18 |
) |
1 |
|
11 |
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(8 | ) | |||||||
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Net income (loss) |
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2,231 |
|
3,449 |
|
2,758 |
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2,339 |
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2,130 |
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1,861 |
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1,973 |
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(3,949 | ) | ||||||||
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Net income (loss) from continuing operations attributable to noncontrolling interests: |
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Nonvoting, callable, junior, and senior preferred interests |
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– |
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208 |
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– |
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– |
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– |
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– |
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– |
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– | |||||||||
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Other |
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25 |
|
33 |
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27 |
|
7 |
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(40 |
) |
5 |
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(5 |
) |
9 | |||||||||
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Total net income (loss) attributable to noncontrolling interests |
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25 |
|
241 |
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27 |
|
7 |
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(40 |
) |
5 |
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(5 |
) |
9 | |||||||||
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Net income (loss) attributable to AIG* |
$ |
2,206 |
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$ | 3,208 |
$ |
2,731 |
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$ | 2,332 |
$ |
2,170 |
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$ | 1,856 |
$ |
1,978 |
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$ | (3,958 | ) | ||||
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Earnings (loss) per common share attributable to AIG common shareholders: |
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Basic: |
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Income (loss) from continuing operations |
$ |
1.44 |
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$ | 1.70 |
$ |
1.84 |
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$ | 1.33 |
$ |
1.48 |
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$ | 1.13 |
$ |
1.34 |
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$ | (2.68 | ) | ||||
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Income (loss) from discontinued operations |
$ |
0.05 |
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$ | 0.01 |
$ |
0.01 |
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$ | – |
$ |
(0.01 |
) |
$ | – |
$ |
0.01 |
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$ | – | |||||
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Diluted: |
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Income (loss) from continuing operations |
$ |
1.44 |
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$ | 1.70 |
$ |
1.83 |
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$ | 1.33 |
$ |
1.47 |
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$ | 1.13 |
$ |
1.33 |
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$ | (2.68 | ) | ||||
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Income (loss) from discontinued operations |
$ |
0.05 |
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$ | 0.01 |
$ |
0.01 |
|
$ | – |
$ |
(0.01 |
) |
$ | – |
$ |
0.01 |
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$ | – | |||||
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Weighted average shares outstanding: |
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Basic |
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1,476,471,097 |
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1,875,972,970 |
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1,476,512,720 |
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1,756,689,067 |
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1,475,053,126 |
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1,642,472,814 |
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1,468,725,573 |
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1,476,457,586 | |||||||||
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Diluted |
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1,476,678,931 |
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1,876,002,775 |
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1,482,246,618 |
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1,756,714,475 |
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1,485,322,858 |
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1,642,502,251 |
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1,480,654,482 |
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1,476,457,586 | |||||||||
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Noteworthy quarterly items — income (expense): |
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Other-than-temporary impairments |
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(74 |
) |
(618 | ) |
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(86 |
) |
(216 | ) |
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(56 |
) |
(114 | ) |
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(111 |
) |
(219 | ) | |||||
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Net (gain) loss on sale of divested businesses |
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– |
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3 |
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47 |
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– |
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– |
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– |
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1 |
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6,733 | |||||||||
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Adjustment to federal deferred tax valuation allowance |
|
761 |
|
347 |
|
509 |
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1,239 |
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1,154 |
|
205 |
|
741 |
|
116 | |||||||||
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Net gain (loss) on extinguishment of debt |
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(340 |
) |
(21 | ) |
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(38 |
) |
(11 | ) |
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(81 |
) |
– |
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(192 |
) |
– | |||||||
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Change in fair value of AIA securities |
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– |
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1,795 |
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– |
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(493 | ) |
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– |
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527 |
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– |
|
240 | ||||||||
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Change in fair value of Maiden Lane Interests |
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– |
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1,498 |
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– |
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1,306 |
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– |
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330 |
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– |
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– | |||||||||
* Net income attributable to AIG for the three-month period ended December 31, 2013 includes $327 million of net charges primarily related to income taxes to correct prior 2013 quarters presented. Such amounts are not material to any period presented.
The following tables present amounts previously reported and adjusted amounts presented in the above table. See Note 1 herein for a description of the changes.
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Three Months Ended | ||||||||||||||||||
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March 31, 2013 | June 30, 2013 | September 30, 2013 | ||||||||||||||||
| (dollars in millions, except per share data) |
As Previously Reported |
As Currently Reported |
As Previously Reported |
As Currently Reported |
As Previously Reported |
As Currently Reported |
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Total revenues |
$ | 15,888 | $ | 16,962 | $ | 17,315 | $ | 18,426 | $ | 14,826 | $ | 15,944 | |||||||
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Income (loss) from continuing operations before income taxes |
2,832 | 2,875 | 3,147 | 3,165 | 1,179 | 1,178 | |||||||||||||
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Income (loss) from discontinued operations, net of income taxes |
93 | 73 | 33 | 18 | (42 | ) | (18 | ) | |||||||||||
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Earnings (loss) per common share attributable to AIG common shareholders: |
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Basic: |
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Income (loss) from continuing operations |
$ | 1.43 | $ | 1.44 | $ | 1.83 | $ | 1.84 | $ | 1.50 | $ | 1.48 | |||||||
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Income (loss) from discontinued operations |
$ | 0.06 | $ | 0.05 | $ | 0.02 | $ | 0.01 | $ | (0.03 | ) | $ | (0.01 | ) | |||||
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Diluted: |
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Income (loss) from continuing operations |
$ | 1.43 | $ | 1.44 | $ | 1.82 | $ | 1.83 | $ | 1.49 | $ | 1.47 | |||||||
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Income (loss) from discontinued operations |
$ | 0.06 | $ | 0.05 | $ | 0.02 | $ | 0.01 | $ | (0.03 | ) | $ | (0.01 | ) | |||||
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Three Months Ended | ||||||||||||||||||||||||
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March 31, 2012 | June 30, 2012 | September 30, 2012 | December 31, 2012 | |||||||||||||||||||||
| (dollars in millions, except per share data) |
As Previously Reported |
As Currently Reported |
As Previously Reported |
As Currently Reported |
As Previously Reported |
As Currently Reported |
As Previously Reported |
As Currently Reported |
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Total revenues |
$ | 17,497 | $ | 18,649 | $ | 16,221 | $ | 17,338 | $ | 16,722 | $ | 17,865 | $ | 15,854 | $ | 17,169 | |||||||||
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Income (loss) from continuing operations before income taxes |
4,466 | 4,584 | 1,669 | 1,751 | 2,558 | 2,595 | 629 | (6,039 | ) | ||||||||||||||||
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Income (loss) from discontinued operations, net of income taxes |
64 | 13 | 179 | (5 | ) | 37 | 1 | (4,332 | ) | (8 | ) | ||||||||||||||
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Earnings (loss) per common share attributable to AIG common shareholders: |
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Basic: |
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Income (loss) from continuing operations |
$ | 1.68 | $ | 1.70 | $ | 1.23 | $ | 1.33 | $ | 1.11 | $ | 1.13 | $ | 0.25 | $ | (2.68 | ) | ||||||||
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Income (loss) from discontinued operations |
$ | 0.03 | $ | 0.01 | $ | 0.10 | $ | – | $ | 0.02 | $ | – | $ | (2.93 | ) | $ | – | ||||||||
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Diluted: |
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Income (loss) from continuing operations |
$ | 1.68 | $ | 1.70 | $ | 1.23 | $ | 1.33 | $ | 1.11 | $ | 1.13 | $ | 0.25 | $ | (2.68 | ) | ||||||||
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Income (loss) from discontinued operations |
$ | 0.03 | $ | 0.01 | $ | 0.10 | $ | – | $ | 0.02 | $ | – | $ | (2.93 | ) | $ | – | ||||||||