Quarterly Financial Data (Unaudited)

12 Months Ended

Dec. 31, 2015

Quarterly Financial Information Disclosure [Abstract]



	First Quarter		Second Quarter	Third Quarter	Fourth Quarter	Total
	(Dollars in millions, except per share amounts)
2015
Operating revenues	$	4,451	4,419	4,554	4,476	17,900
Operating income	649		549	656	751	2,605
Net income	192		143	205	338	878
Basic earnings per common share	0.34		0.26	0.37	0.62	1.58
Diluted earnings per common share	0.34		0.26	0.37	0.62	1.58
2014
Operating revenues	$	4,538	4,541	4,514	4,438	18,031
Operating income	653		655	619	483	2,410
Net income	203		193	188	188	772
Basic earnings per common share	0.35		0.34	0.33	0.33	1.36
Diluted earnings per common share	0.35		0.34	0.33	0.33	1.36

During the third quarter of 2015, we recognized an incremental $158 million of revenue associated with the FCC's CAF Phase 2 support program, and an additional incremental $57 million in the fourth quarter of 2015. During the fourth quarter of 2015, we also recognized a tax benefit of approximately $34 million related to affiliate debt rationalization, research and development tax credits of $28 million for 2011 through 2015, and a $16 million tax decrease due to changes in state taxes caused by apportionment changes, state tax rate changes and the changes in the expected utilization of net operating losses ("NOLs").

During the fourth quarter of 2014, we recognized a $60 million tax benefit associated with a deduction for the tax basis for worthless stock in a wholly-owned foreign subsidiary as a result of developments in bankruptcy proceedings involving its sole asset that occurred in the first quarter of 2014. During the fourth quarter of 2014, we also recognized a pension settlement charge of $63 million.