US Airways 2008 Annual Report Download - page 125

Table of Contents
US Airways Group, Inc.
Notes to Consolidated Financial Statements — (Continued)
16. Valuation and qualifying accounts (in millions)
Balance at Balance at
Beginning End
Description of Period Additions Deductions of Period
Allowance for doubtful receivables:
Year ended December 31, 2008 $ 4 $ 10 $ 8 $ 6
Year ended December 31, 2007 $ 8 $ 9 $ 13 $ 4
Year ended December 31, 2006 $ 10 $ 7 $ 9 $ 8
Allowance for inventory obsolescence:
Year ended December 31, 2008 $ 40 $ 21 $ 10 $ 51
Year ended December 31, 2007 $ 30 $ 12 $ 2 $ 40
Year ended December 31, 2006 $ 24 $ 10 $ 4 $ 30
Valuation allowance on deferred tax asset, net:
Year ended December 31, 2008 $ 77 $ 573 $ — $ 650
Year ended December 31, 2007 $ 263 $ — $ 186 $ 77
Year ended December 31, 2006 $ 446 $ — $ 183 $ 263
17. Selected quarterly financial information (unaudited)
Summarized quarterly financial information for 2008 and 2007 is as follows (in millions):
1st Quarter 2nd Quarter 3rd Quarter 4th Quarter
2008
Operating revenues $ 2,840 $ 3,257 $ 3,261 $ 2,761
Operating expenses 3,036 3,793 3,950 3,139
Operating loss (196) (536) (689) (378)
Nonoperating expenses, net (40) (31) (173) (166)
Income tax provision (benefit) — — 3 (3)
Net loss (236) (567) (865) (541)
Loss per common share:
Basic: $ (2.56) $ (6.16) $ (8.45) $ (4.74)
Diluted: $ (2.56) $ (6.16) $ (8.45) $ (4.74)
Shares used for computation (in thousands):
Basic 92,023 92,137 102,406 114,106
Diluted 92,023 92,137 102,406 114,106
2007
Operating revenues $ 2,732 $ 3,155 $ 3,036 $ 2,776
Operating expenses 2,616 2,866 2,834 2,850
Operating income (loss) 116 289 202 (74)
Nonoperating expenses, net (47) (18) (21) (13)
Income tax provision (benefit) 3 8 4 (8)
Net income (loss) 66 263 177 (79)
Earnings (loss) per common share:
Basic: $ 0.73 $ 2.88 $ 1.93 $ (0.87)
Diluted: $ 0.70 $ 2.77 $ 1.87 $ (0.87)
Shares used for computation (in thousands):
Basic 91,363 91,477 91,542 91,761
Diluted 96,223 95,613 95,492 91,761
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