Selected Quarterly Financial Data

12 Months Ended

Dec. 31, 2015

Quarterly Financial Information Disclosure [Abstract]

SELECTED QUARTERLY FINANCIAL DATA

SELECTED QUARTERLY FINANCIAL DATA (Unaudited)

Selected financial data by calendar quarter were as follows (in millions):

	First Quarter			Second Quarter			Third Quarter			Fourth Quarter			Full Year
2015
Total revenue (a)	$	2,282		$	2,338		$	2,478		$	2,599		$	9,697
Depreciation on vehicles subject to operating leases	(816		)	(858		)	(956		)	(1,010		)	(3,640		)
Interest expense	(638		)	(599		)	(582		)	(597		)	(2,416		)
Total financing margin and other revenue	828			881			940			992			3,641
Provision for credit losses	67			72			100			108			347
Net income	306			340			365			352			1,363
2014
Total revenue (a)	$	2,159		$	2,234		$	2,312		$	2,291		$	8,996
Depreciation on vehicles subject to operating leases	(705		)	(742		)	(801		)	(840		)	(3,088		)
Interest expense	(666		)	(673		)	(663		)	(654		)	(2,656		)
Total financing margin and other revenue	788			819			848			797			3,252
Provision for credit losses	31			27			57			82			197
Net income (b)	312			264			718			411			1,705

__________

(a) Represents Total financing revenue, Insurance premiums earned, and Other income, net.

(b) The third quarter net income includes favorable tax items of approximately $360 million resulting from a change in our method for measuring currency gains and losses in computing earnings of our European operations under U.S. tax law. See Note 10 for additional information.