Quarterly Financial Data (Unaudited)

12 Months Ended

Dec. 31, 2013

Quarterly Financial Information Disclosure [Abstract]

Quarterly Financial Data (Unaudited)

Quarterly Financial Data (Unaudited)

	First Quarter		Second Quarter	Third Quarter		Fourth Quarter	Total
	(Dollars in millions, except per share amounts)
2013
Operating revenues	$	4,513	4,525	4,515		4,542	18,095
Operating income (loss)	782		715	(685	)	641	1,453
Net income (loss)	298		269	(1,045	)	239	(239	)
Basic earnings (loss) per common share	0.48		0.45	(1.76	)	0.41	(0.40	)
Diluted earnings (loss) per common share	0.48		0.44	(1.76	)	0.41	(0.40	)
2012
Operating revenues	$	4,610	4,612	4,571		4,583	18,376
Operating income	654		657	736		666	2,713
Net income	200		74	270		233	777
Basic earnings per common share	0.32		0.12	0.43		0.37	1.25
Diluted earnings per common share	0.32		0.12	0.43		0.37	1.25

During the third quarter of 2012, we discovered and corrected an error that resulted in an overstatement of depreciation expense in the amount of $30 million in 2011 and $15 million in the first six months of 2012. The total reduction in depreciation expense of $45 million was recognized in the third quarter of 2012.

The net loss of $1.045 billion in the third quarter of 2013 is primarily due to a goodwill impairment charge of $1.1 billion and a charge of $233 million in connection with a tentative settlement in a litigation matter.