I isolated out Life Insurance and Annuity Products Company Brighthouse Financial because it recorded Net Derivatives Gains of a massive $6.9 bil in the 1Q of 2020.
Here's a quote from the Company's 1Q 2020 earnings release which clearly explains why Brighthouse Financial's Reported Net Derivatives Gains and Losses are mismatched with the balance sheet amounts which under GAAP are not reported at Fair Values.
"During the quarter, as a result of significantly lower equity markets and lower interest rates, the value of our hedges, which the company uses to protect its balance sheet against adverse market conditions, increased, as expected, while corresponding liabilities are not reflected at fair value under U.S. GAAP accounting, and thus are less sensitive to market movements."
With the rising equity markets in the 2Q of 2020, I think some of these 1Q of 2020 Net Derivatives Gains should reverse course and result in Net Derivative Losses in the 2Q of 2020.
The table below shows the US GAAP Pretax Income (Loss) From Continuing Operations for the first quarter of both 2020 and 2019 for each of these 85 North Carolina Companies.
| US | US | |||
| GAAP | GAAP | |||
| Pretax | Pretax | |||
| Income | Income | |||
| (Loss) | (Loss) | Better | ||
| First | First | (Worse) | ||
| North Carolina Companies | Quarter | Quarter | % | |
| All Cos Filing 1Q 2020 Financial Statements With SEC | City HQs | 2020 | 2019 | Change |
| mils $ | mils $ | |||
| Brighthouse Financial | Charlotte | 6,252 | (953) | |
| Bank of America | Charlotte | 4,531 | 8,767 | |
| Honeywell Intl | Charlotte | 1,935 | 1,842 | |
| Lowes | Mooresville | 1,786 | 1,255 | |
| Truist Financial | Charlotte | 1,287 | 975 | |
| Duke Energy | Charlotte | 1,027 | 988 | |
| Highwoods Properties | Raleigh | 191 | 8 | |
| Old Dominion Freight Line | Thomasville | 181 | 180 | |
| Sealed Air | Charlotte | 147 | 95 | |
| Nucor Corp | Charlotte | 146 | 690 | |
| Albemarle | Charlotte | 115 | 154 | |
| Trane Texhnologies plc | Davidson | 104 | 168 | |
| IQVIA Holdings | Durham | 102 | 109 | |
| Premier Inc | Charlotte | 77 | 87 | |
| First Citizens Bancshares | Raleigh | 74 | 145 | |
| Curtiss-Wright | Davidson | 70 | 70 | |
| Qorvo | Greensboro | 65 | 50 | |
| Advance Auto Parts | Raleigh | 60 | 191 | |
| PRA Health Sciences | Raleigh | 58 | 72 | |
| Ingles Markets | Asheville | 53 | 19 | |
| Syneos Health | Morrisville | 42 | (20) | |
| BMC Stock Holdings | Raleigh | 29 | 26 | |
| SPX Corp | Charlotte | 29 | 5 | |
| Martin Marietta Materials | Raleigh | 26 | 38 | |
| First Bancorp | Southern Pines | 23 | 28 | |
| Coca-Cola Bottling | Charlotte | 21 | (9) | |
| Enpro Industries | Charlotte | 18 | 11 | |
| LendingTree | Charlotte | 16 | (7) | |
| cbdMD | Charlotte | 15 | (33) | |
| Extended Stay America | Charlotte | 9 | 35 | |
| Insteel Industries | Mount Airy | 6 | 1 | |
| Biodelivery Sciences International | Raleigh | 5 | (4) | |
| Peoples Bancorp of North Carolina | Newton | 3 | 4 | |
| Channeladvisor | Morrisville | 2 | (2) | |
| Homestreet Bancshares | Asheville | 1 | 3 | |
| JELD-WEN Holding | Charlotte | 1 | 26 | |
| HG Holdings | Charlotte | 1 | 1 | |
| Select Bancorp | Dunn | 1 | 4 | |
| UW Harrie Capital Corp | Albemarle | 0 | 1 | |
| Issuer Direct | Morrisville | 0 | 0 | |
| Air T | Denver | 0 | 5 | |
| Manufactured Housing Properties | Pineville | (0) | (1) | |
| SPX FLOW | Charlotte | (1) | 26 | |
| Ballantyne Strong | Charlotte | (1) | (3) | |
| Cicero | Cary | (1) | (1) | |
| Mgt Capital Investments | Raleigh | (1) | (2) | |
| MobileSmith | Raleigh | (3) | (2) | |
| Tenax Therapeutics | Morrisville | (3) | (2) | |
| Bandwith | Raleigh | (4) | (6) | |
| Fennec Pharmaceuticals | Research Triangle Park | (4) | (3) | |
| 9 Meters Biopharma | Raleigh | (4) | (4) | |
| Charles v& Colvard Ltd | Morrisville | (6) | 1 | |
| Novan | Morrisville | (6) | (7) | |
| Heat Biologics | Morrisville | (6) | (6) | |
| vTv Therapeutics | High Point | (7) | (4) | |
| Hanesbrands | Winston-Salem | (9) | 94 | |
| Investors Title Company | Chapel Hill | (9) | 8 | |
| Chimerix | Durham | (10) | (18) | |
| DATA443 Risk Mitigation | Morrisville | (10) | 6 | |
| Kontoor Brands | Greensboro | (11) | 28 | |
| Live Oak Bancshares | Wilmington | (15) | 3 | |
| Liquidia Technologies | Morrisville | (15) | (14) | |
| Transenterix | Morrisville | (17) | (23) | |
| Culp | High Point | (18) | 2 | |
| PPD Inc | Wilmington | (19) | (17) | |
| Precision Biosciences | Durham | (27) | (32) | |
| Tanger Factory Outlet Centers | Greensboro | (28) | 66 | |
| G1 Therapeutics | Research Triangle Park | (31) | (24) | |
| Cato | Charlotte | (38) | 26 | |
| Biocryst Pharmaceuticals | Durham | (38) | (31) | |
| Unify | Greensboro | (40) | 2 | |
| James River Group Hldgs Ltd | Chapel Hill | (41) | 25 | |
| Capitala Finance | Charlotte | (42) | (0) | |
| Aeri Pharmaceuticals | Durham | (49) | (48) | |
| Cree Inc | Durham | (64) | (20) | |
| Ingersall Rand | Davidson | (96) | 59 | |
| Barings BDC | Charlotte | (113) | 33 | |
| Dentsply Sirona | Charlotte | (130) | 54 | |
| CommScope Holdings | Hickory | (191) | (1) | |
| Sonic Automotive | Charlotte | (243) | 61 | |
| NN, Inc | Charlotte | (264) | (18) | |
| Laboratory Corp of America | Burlington | (268) | 255 | |
| HF Foods Group | Greensboro/ City of Industry, CA | (340) | 2 | |
| V F Corp | Greensboro | (390) | 105 | |
| Cornerstone Building Brands | Cary | (560) | (84) | |
| Total 84 North Carolina Co … No Brighthouse Financial | 9,083 | 16,465 | -45% | |
| Total all 85 North Carolina Companies | 15,335 | 15,512 | -1% |
