Search
 

AT&T reports $7.6 billion non-cash gain on pension, benefit plan

The increase is due to an adjustment in the carriers assumptions on interest rates and a better-than-expected return on assets, Dallas-based AT&T said in a filing.

By Crayton Harrison | Updated on January 22, 2014
Jan. 22 (Bloomberg) — AT&T Inc., the biggest U.S. phone company, said its fourth-quarter results will include a non-cash gain of about $7.6 billion to account for changes in its pension fund and retiree benefit plans. The increase is due to an adjustment in the carrier’s assumptions on interest rates and a better-than-expected return on assets, Dallas-based AT&T said in a filing. Updated estimates for mortality and other demographic changes offset some of the gains, the company said. AT&T is scheduled to report its quarterly earnings on Jan. 28. Leaving out one-time items such as the pension benefit, profit will be 51 cents a share, up from 44 cents a year earlier, on sales of $33.1 billion, according to the average of analysts’ estimates compiled by Bloomberg. The company said today it’s also taking a $500 million charge in the quarter for a voluntary retirement package accepted by 4,200 employees. It didn’t provide further information about its results for the period.

Copyright 2018 Bloomberg. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

Complete your profile to continue reading and get FREE access to BenefitsPRO.com, part of your ALM digital membership.

Your access to unlimited BenefitsPRO.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical BenefitsPRO.com information including cutting edge post-reform success strategies, access to educational webcasts and videos, resources from industry leaders, and informative Newsletters.
  • Exclusive discounts on ALM, BenefitsPRO magazine and BenefitsPRO.com events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com

Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Recommended Stories

BenefitsPRO

Join BenefitsPRO

Don’t miss crucial news and insights you need to navigate the shifting employee benefits industry. Join BenefitsPRO.com now!

  • Unlimited access to BenefitsPRO.com - your roadmap to thriving in a disrupted environment
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com
  • Exclusive discounts on BenefitsPRO.com and ALM events.

Already have an account? Sign In Now
Join BenefitsPRO

Copyright © 2024 ALM Global, LLC. All Rights Reserved.