AIG 2008 Annual Report Download - page 321

Listed below are the tax years that remain subject to examination by major tax jurisdictions:
At December 31, 2008
Major Tax Jurisdictions Open Tax Years
United States ...................................................... 2000-2007
France ........................................................... 2005-2007
Hong Kong ....................................................... 2003-2007
Japan............................................................ 2001-2007
Korea ........................................................... 2003-2007
Malaysia ......................................................... 2002-2007
Singapore ........................................................ 2001-2007
Taiwan .......................................................... 2000-2007
Thailand ......................................................... 2006-2007
United Kingdom ................................................... 2006-2007
The reserve for Uncertain Tax Position increased in 2008 by approximately $2 billion primarily relating to
expenses incurred in connection with the Federal Facility and foreign tax credits associated with cross border
financing transactions.
21. Quarterly Financial Information (Unaudited)
The following quarterly financial information for each of the three months ended March 31, June 30,
September 30 and December 31, 2008 and 2007 is unaudited. However, in the opinion of management, all
adjustments (consisting only of normal recurring adjustments) necessary for a fair statement of the results of
operations for such periods have been made.
Consolidated Statements of Operations
2008 2007 2008 2007 2008 2007 2008 2007
March 31, June 30, September 30, December 31,
Three Months Ended
(In millions, except per share data)
Total revenues(a)(b) ....... $ 14,031 $30,645 $19,933 $31,150 $ 898 $29,836 $(23,758) $18,433
Income (loss) before income
taxes and minority
interest(a)(b) .......... (11,264) 6,172 (8,756) 6,328 (28,185) 4,879 (60,556) (8,436)
Net income (loss)(c) ...... $ (7,805) $ 4,130 $ (5,357) $ 4,277 $(24,468) $ 3,085 $(61,659) $ (5,292)
Earnings (loss) per common
share:
Basic . . . . . . . . . . . . . . . $ (3.09) $ 1.58 $ (2.06) $ 1.64 $ (9.05) $ 1.20 $ (22.95) $ (2.08)
Diluted.............. $ (3.09) $ 1.58 $ (2.06) $ 1.64 $ (9.05) $ 1.19 $ (22.95) $ (2.08)
Weighted average shares
outstanding:
Basic . . . . . . . . . . . . . . . 2,528 2,612 2,605 2,602 2,703 2,576 2,704 2,550
Diluted.............. 2,528 2,621 2,605 2,613 2,703 2,589 2,704 2,550
(a) Both revenues and income (loss) before income taxes and minority interest include (i) an unrealized market
valuation loss of $9.1 billion, $5.6 billion, $7.1 billion, and $6.9 billion, in the first, second, third and fourth
quarter of 2008, respectively, and $352 million and $11.1 billion in the third and fourth quarter of 2007,
respectively, on AIGFP’s super senior credit default swap portfolio and (ii) other-than-temporary impairment
charges of $5.6 billion, $6.8 billion, $19.9 billion, and $18.6 billion in the first, second, third and fourth
quarter of 2008, respectively, and $3.3 billion in the fourth quarter of 2007.
AIG 2008 Form 10-K 315
American International Group, Inc., and Subsidiaries
Notes to Consolidated Financial Statements — (Continued)