Chrysler Group LLC | 2013 | FY | 3


Note 24. Selected Quarterly Financial Data (unaudited)

Selected quarterly financial data consisted of the following (in millions of dollars):

 

     2013  
     First Quarter      Second Quarter      Third Quarter      Fourth Quarter  

Revenues, net

   $ 15,385       $ 17,994       $ 17,564       $ 21,201   

Gross margin

     2,249         2,666         2,683         3,148   

Interest expense

     263         265         256         251   

Loss on extinguishment of debt (1)

     —         23         —          

Income before income taxes

     198         544         610         852   

Net income (2)

     166         507         464         1,620   

 

     2012  
     First Quarter      Second Quarter      Third Quarter      Fourth Quarter  

Revenues, net

   $ 16,359       $ 16,795       $ 15,478       $ 17,152   

Gross margin

     2,568         2,543         2,562         2,761   

Interest expense

     277         278         273         266   

Income before income taxes

     506         541         437         458   

Net income

     473         436         381         378   

 

(1) In connection with the June 2013 amendment of our Senior Credit Facilities and the December 2013 re-pricing of the Tranche B Term Loan, we recognized a $24 million loss on extinguishment of debt. The loss consisted of the write off of $13 million of unamortized debt discounts and $3 million of unamortized debt issuance costs associated with the Senior Credit Facilities, as well as $8 million of call premium and other fees associated with the amendments. Refer to Item 7. Management Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources—Senior Credit Facilities, for additional information.
(2) Net income in the fourth quarter of 2013 includes a $962 million non-cash tax benefit related to the release of valuation allowances on deferred tax assets. Refer to Note 13, Income Taxes, for additional information.

us-gaap:QuarterlyFinancialInformationTextBlock