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Politics : Politics for Pros- moderated

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From: Paul Smith	4/1/2010 7:39:13 PM
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April 1 (Bloomberg) -- Verizon Communications Inc., the second-largest U.S. phone company, will incur $970 million in expenses related to the U.S. health-care overhaul signed into law last month. The one-time, non-cash expense 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 costs after losing a tax benefit for retiree plans. The costs may reduce corporate profits by as much as $14 billion as companies factor in the impact of the health-care reforms, according to benefits consulting firm Towers Watson.

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