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Quarterly Data (Unaudited)
 12 Months Ended
Dec. 31, 2015
Quarterly Financial Information Disclosure [Abstract]  
Quarterly Data (Unaudited)
QUARTERLY DATA (UNAUDITED)
The information presented below reflects all adjustments, which, in the opinion of management, are of a normal and recurring nature necessary to present fairly the results of operations for the quarterly periods presented (dollars in millions, except per share amounts): 
 
2015
 
2014
 
First
 
Second
 
Third
 
Fourth
 
First
 
Second
 
Third
 
Fourth
Total net revenue
$
456

 
$
445

 
$
73

 
$
454

 
$
475

 
$
438

 
$
440

 
$
461

Net income (loss)
$
40

 
$
292

 
$
(153
)
 
$
89

 
$
97

 
$
69

 
$
86

 
$
41

Earnings (loss) per share:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Basic
$
0.14

 
$
1.01

 
$
(0.53
)
 
$
0.31

 
$
0.34

 
$
0.24

 
$
0.30

 
$
0.14

Diluted
$
0.14

 
$
0.99

 
$
(0.53
)
 
$
0.30

 
$
0.33

 
$
0.24

 
$
0.29

 
$
0.14


In the first quarter of 2015, the decrease in net income was primarily due to a $73 million pre-tax loss on early extinguishment of debt. In the third quarter of 2015, the decrease in total net revenue and net income was primarily driven by the reclassification from accumulated comprehensive loss of $370 million of losses related to cash flow hedges as a result of the termination of $4.4 billion in legacy wholesale funding obligations. Net income for the third quarter of 2015 was also reduced by a $39 million pre-tax loss on early extinguishment of debt, primarily related to the termination of the wholesale funding obligations. See Note 12—Other Borrowings, and Note 13—Corporate Debt for additional information.
In the fourth quarter of 2014, the decrease in net income was primarily due to a $59 million pre-tax loss on early extinguishment of debt related to the redemption of the 6 3/4% Notes and 6% Notes.