US Airways 2008 Annual Report Download - page 168

Table of Contents
US Airways, Inc.
Notes to Consolidated Financial Statements — (Continued)
14. Valuation and qualifying accounts (in millions)
Balance at Balance
Beginning at 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 $ 38 $ 18 $ 8 $ 48
Year ended December 31, 2007 $ 29 $ 10 $ 1 $ 38
Year ended December 31, 2006 $ 24 $ 9 $ 4 $ 29
Valuation allowance on deferred tax asset, net:
Year ended December 31, 2008 $ 83 $ 560 $ — $ 643
Year ended December 31, 2007 $ 263 $ — $ 180 $ 83
Year ended December 31, 2006 $ 440 $ — $ 177 $ 263
15. 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 $ 2,867 $ 3,287 $ 3,293 $ 2,797
Operating expenses 3,060 3,825 3,981 3,151
Operating loss (193) (538) (688) (354)
Nonoperating expenses, net (31) (21) (164) (159)
Income tax provision (benefit) — — 3 (3)
Net loss (224) (559) (855) (510)
2007
Operating revenues $ 2,761 $ 3,185 $ 3,065 $ 2,802
Operating expenses 2,631 2,890 2,863 2,905
Operating income (loss) 130 295 202 (103)
Nonoperating expenses, net (23) (4) (10) (2)
Income tax provision (benefit) 3 8 5 (9)
Net income (loss) 104 283 187 (96)
16. Subsequent events
On January 15, 2009, US Airways flight 1549 was involved in an accident in New York that resulted in the aircraft landing in the
Hudson River. The Airbus A320 aircraft was en route to Charlotte from LaGuardia with 150 passengers and a crew of 5 (2 pilots and 3
flight attendants) onboard. All aboard survived and there were no serious
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