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QUARTERLY FINANCIAL INFORMATION (Unaudited)
 12 Months Ended
Dec. 31, 2016
Quarterly Financial Information Disclosure [Abstract]  
QUARTERLY FINANCIAL INFORMATION (Unaudited)
QUARTERLY FINANCIAL INFORMATION
(Unaudited)
A summary of our quarterly unaudited results of operations for the years ended December 31, 2016 and 2015 follows:
 
2016
 
First
 
Second
 
Third
 
Fourth (2)(3)
 
(in millions, except per share results)
Total revenues
$
13,800

 
$
14,007

 
$
13,694

 
$
12,878

Income (loss) before income taxes
500

 
636

 
902

 
(486
)
Net income (loss)
254

 
311

 
450

 
(401
)
Basic earnings (loss) per common share
$
1.70

 
$
2.08

 
$
3.01

 
$
(2.68
)
Diluted earnings (loss) per common share (1)
$
1.68

 
$
2.06

 
$
2.98

 
$
(2.68
)
 
 
 
 
 
 
 
 
 
2015
 
First
 
Second
 
Third
 
Fourth (4)
 
(in millions, except per share results)
Total revenues
$
13,833

 
$
13,732

 
$
13,363

 
$
13,361

Income before income taxes
744

 
793

 
648

 
246

Net income
430

 
431

 
314

 
101

Basic earnings per common share
$
2.86

 
$
2.88

 
$
2.11

 
$
0.68

Diluted earnings per common share (1)
$
2.82

 
$
2.85

 
$
2.09

 
$
0.67


(1)
The calculation of diluted earnings per common share is based on the weighted average shares outstanding during each quarter and, accordingly, the sum may not equal the total for the year. In addition, for 2016, the sum of quarterly amounts does not equal full year results due to the anti-dilutive impact of a loss in the fourth quarter. The loss position in the fourth quarter required the use of basic weighted-average common shares outstanding in the calculation of diluted loss per share.
(2)
The fourth quarter of 2016 includes an expense of $505 million ($318 million after tax, or 2.11 per diluted common share) for reserve strengthening associated with our closed block of long-term care insurance policies.
(3)
Total revenue for 2016 includes a reduction of $583 million ($367 million after-tax, or $2.43 per diluted common share) in premiums associated with the write-off of risk corridor receivables.
(4)
The fourth quarter of 2015 includes an expense of $176 million ($112 million after tax, or $0.74 per diluted common share) for a premium deficiency reserve associated with our individual commercial medical policies compliant with the Health Care Reform Law associated with the 2016 coverage year.