The vast majority of studies on discounting have focused on simple delayed outcomes, but most everyday decisions are more complicated. The present experiment focused on one such scenario, an iconic self-control situation in which immediate gains are followed by delayed losses. The same participants were studied in all conditions to permit examination of individual differences in choice behavior using intercorrelations and factor analysis. Consistent with previous research, the hyperboloid model accurately described the form of the discounting function and discounting was not affected by the amount of the delayed loss when it was presented alone. However, replicating other studies, smaller delayed losses were discounted more steeply than larger ones when presented in combination with immediate gains. Exploratory factor analysis revealed two factors, one loading primarily on loss-only conditions and the other loading primarily on conditions involving outcomes that combined gains and losses. These results imply that there are individual differences in how one combines gains and losses and that this characteristic of individual decision making might be an important predictor of decisions in the many everyday choice situations that involve complex outcomes.