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 | — | 1 | ||||||||||||
|
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. |