Verizon Communications Inc., the second-largest U.S. phone company, became the latest company to record a cost related to the U.S. health-care overhaul, saying it will incur a $970 million expense.
The one-time, non-cash cost will be taken in the first quarter, New York-based Verizon said late today in a regulatory filing.
Verizon follows AT&T Inc., the biggest U.S. carrier, Deere & Co., Caterpillar Inc. and other companies in disclosing similar expenses after losing a tax benefit for retiree plans. The costs may reduce corporate profits by as much as $14 billion as companies account for the impact of the health-care reforms, according to benefits consulting firm Towers Watson.
Thursday, April 01, 2010
Verizon Sees $970 Million Cost From Health-Care Law (Update3) - Bloomberg.com
Posted by macbeach at 11:05 PM