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Tags: Verizon Accounting

Verizon Moves $20.2 Billion in Pension Losses to the Past

Friday, 21 January 2011 09:21 AM

Following in the footsteps of rival AT&T, Verizon is changing its accounting in a way that effectively moves $20.2 billion worth of future losses into the past.

Verizon Communications Inc. says it will recognize losses and gains in its pension plan the same year they occur, rather than amortizing them over time, as is standard practice. That allows it to reduce previous years' results by $20.2 billion, an amount that will then not weigh on future results.

AT&T Inc. last week became the first company to announce similar accounting changes. Analysts expect the maneuver will be copied by other companies seeking to put the effect on their pension plans of the 2008 financial crash behind them, and out of future financial statements.

© Copyright 2022 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.


Companies
Following in the footsteps of rival AT T, Verizon is changing its accounting in a way that effectively moves $20.2 billion worth of future losses into the past.Verizon Communications Inc. says it will recognize losses and gains in its pension plan the same year they occur,...
Verizon Accounting
122
2011-21-21
Friday, 21 January 2011 09:21 AM
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