USFreightways will have $70 million accounting charge

USFreightways Corp. said today it would have first-quarter costs of $70 million for an accounting change. The trucking company will write down goodwill, the difference between the value of assets acquired and the price paid, for its USF Worldwide freight-forwarding unit under new accounting rules. The Chicago-based company said it will no longer routinely write down goodwill gradually, a process that

USFreightways Corp. said today it would have first-quarter costs of $70 million for an accounting change. The trucking company will write down goodwill, the difference between the value of assets acquired and the price paid, for its USF Worldwide freight-forwarding unit under new accounting rules.

The Chicago-based company said it will no longer routinely write down goodwill gradually, a process that reduced per-share results by 17 cents last year. New guidelines call for companies to leave goodwill on balance sheets and test it periodically.

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