Thursday, March 25, 2010

AT&T to take $1 Billion Accounting Charge for Health Care

AT&T will take a non-cash charge of approximately $1 billion in the first quarter of 2010 to reflect the impact of the new health care legislation signed into law by President Obama. In an SEC filing, AT&T said the new legislation will result in an additional tax burden on the firm and therefore it is evaluating prospective changes to the active and retiree health care benefits offered by the company. AT&T currently has about 282,000 employees.