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SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED)
 12 Months Ended
Dec. 31, 2019
Quarterly Financial Information Disclosure [Abstract]  
SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED) SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED)

 
2019
2018
In millions of dollars, except per share amounts
Fourth
Third
Second
First
Fourth
Third
Second
First
Revenues, net of interest expense
$
18,378

$
18,574

$
18,758

$
18,576

$
17,124

$
18,389

$
18,469

$
18,872

Operating expenses
10,454

10,464

10,500

10,584

9,893

10,311

10,712

10,925

Provisions for credit losses and for benefits and claims
2,222

2,088

2,093

1,980

1,925

1,974

1,812

1,857

Income from continuing operations before income taxes
$
5,702

$
6,022

$
6,165

$
6,012

$
5,306

$
6,104

$
5,945

$
6,090

Income taxes(1)
703

1,079

1,373

1,275

1,001

1,471

1,444

1,441

Income from continuing operations
$
4,999

$
4,943

$
4,792

$
4,737

$
4,305

$
4,633

$
4,501

$
4,649

Income (loss) from discontinued operations, net of taxes
(4
)
(15
)
17

(2
)
(8
)
(8
)
15

(7
)
Net income before attribution of noncontrolling interests
$
4,995

$
4,928

$
4,809

$
4,735

$
4,297

$
4,625

$
4,516

$
4,642

Noncontrolling interests
16

15

10

25

(16
)
3

26

22

Citigroup’s net income
$
4,979

$
4,913

$
4,799

$
4,710

$
4,313

$
4,622

$
4,490

$
4,620

Earnings per share(2)
 

 

 

 

 

 

 

 

Basic
 

 

 

 

 

 

 

 

Income from continuing operations
$
2.16

$
2.09

$
1.94

$
1.88

$
1.65

$
1.74

$
1.62

$
1.68

Net income
2.16

2.09

1.95

1.88

1.65

1.73

1.63

1.68

Diluted
 
 
 
 
 
 
 
 
Income from continuing operations
2.15

2.08

1.94

1.87

1.65

1.74

1.62

1.68

Net income
2.15

2.07

1.95

1.87

1.64

1.73

1.63

1.68


This Note to the Consolidated Financial Statements is unaudited due to the Company’s individual quarterly results not being subject to an audit.
(1)
The fourth quarter of 2019 includes discrete tax items of roughly $540 million including an approximate $430 million benefit of a reduction in Citi’s valuation allowance related to its DTAs. The third quarter of 2019 includes discrete tax items of roughly $230 million, including an approximate $180 million benefit of a reduction in Citi’s valuation allowance related to its DTAs.
(2)
Due to averaging of shares, quarterly earnings per share may not sum to the totals reported for the full year.