US Airways 2010 Annual Report Download - page 142
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Table of Contents
resolution that would allow a slot transaction with Delta to proceed. However, US Airways cannot predict the outcome of these
discussions or the related judicial proceeding, or whether a slot transaction with Delta will be completed.
16. Selected Quarterly Financial Information (unaudited)
Summarized quarterly financial information for 2010 and 2009 is as follows (in millions):
1st Quarter 2nd Quarter 3rd Quarter 4th Quarter
2010
Operating revenues $ 2,685 $ 3,209 $ 3,217 $ 2,944
Operating expenses 2,695 2,847 2,906 2,826
Operating income (loss) (10) 362 311 118
Nonoperating expenses, net (13) (67) (47) (54)
Income tax provision — — 1 —
Net income (loss) (23) 295 263 64
2009
Operating revenues $ 2,491 $ 2,696 $ 2,758 $ 2,664
Operating expenses 2,517 2,575 2,757 2,638
Operating income (loss) (26) 121 1 26
Nonoperating expenses, net (69) (52) (69) (110)
Income tax benefit — — — (38)
Net income (loss) (95) 69 (68) (46)
US Airways' 2010 and 2009 fourth quarter results were impacted by recognition of the following items:
Fourth quarter 2010 operating expenses included a $6 million non-cash charge related to the decline in market value of certain spare
parts. Nonoperating expenses, net included an $11 million settlement gain, offset by $5 million in non-cash charges related to the write
off of debt issuance costs.
Fourth quarter 2009 operating expenses included $33 million of net special charges consisting of $16 million in non-cash impairment
charges due to the decline in fair value of certain indefinite lived intangible assets associated with international routes, $5 million in
aircraft costs as a result of capacity reductions, $6 million in severance charges and $6 million in costs related to the 2009 liquidity
improvement program. Nonoperating expenses, net included $49 million in non-cash charges associated with the sale of 10 Embraer 190
aircraft and write off of related debt discount and issuance costs. Income tax benefit includes $21 million of a non-cash income tax
benefit related to gains recorded within other comprehensive income, a $14 million tax benefit related to a legislation change allowing
US Airways to carry back 100% of 2008 AMT net operating losses, resulting in the recovery of AMT amounts paid in prior years and a
$3 million tax benefit related to the reversal of the deferred tax liability associated with the indefinite lived intangible assets that were
impaired during 2009.
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