USFreightways hit with accounting charges

LTL conglomerate USFreightways Corp. expects to take special charges in the range of 16 to 20 cents per share in the first quarter of 2002, mainly because of changes to accounting standards. The Chicago-based carrier plans to report a non-cash goodwill impairment loss of $70 million at subsidiary USF Worldwide under Statement of Financial Accounting Standard No. 142 along with an approximately $13

LTL conglomerate USFreightways Corp. expects to take special charges in the range of 16 to 20 cents per share in the first quarter of 2002, mainly because of changes to accounting standards.

The Chicago-based carrier plans to report a non-cash goodwill impairment loss of $70 million at subsidiary USF Worldwide under Statement of Financial Accounting Standard No. 142 along with an approximately $13 million charge for relinquishing its interest in USF Asia Group Ltd.

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