AT&T links $1 billion charge to new health-care law
By Frank Ahrens
Telecom giant AT&T said Friday that it would be forced to record a $1 billion non-cash charge on its first-quarter earnings to account for increased costs associated with the health-care legislation signed into law this week by President Obama.
The company also said it may have to cut health-care benefits to employees and retirees.
You've already seen some of this: Caterpillar, John Deere and Valero said they would have to take balance-sheet charges because the bill will increase the cost of health-care benefits to its employees. Also today, 3M said it would take a charge of up to $90 million. AT&T's charge is the biggest so far.
March 26, 2010; 6:08 PM ET
Categories: 44 The Obama Presidency , Health Care
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