28th Apr 2009 07:00
Verizon Communications Inc.
Notice of filing with Securities and Exchange Commission
On April 24, 2009 Verizon Communications Inc. (Verizon) filed a Current Report on Form 8-K with the U.S. Securities and Exchange Commission (SEC) disclosing its adoption of Statement of Financial Accounting Standards No. 160, Noncontrolling Interests in Consolidated Financial Statements-an amendment of ARB No. 51 , (SFAS No. 160), as of January 1, 2009. Upon the adoption of SFAS No. 160, Verizon retrospectively changed the classification and presentation of non-controlling interest, previously referred to as minority interest. The adoption of SFAS No. 160 had no net effect on earnings attributable to Verizon or on operating cash flow. Concurrent with the adoption of SFAS No. 160, Verizon reclassified the components of Wireline revenues to align its financial presentation to the continued evolution of its Wireline business. Accordingly, there are four marketing channels within the Wireline segment: Mass Markets, Global Enterprise, Global Wholesale and Other. As a convenience to investors, Verizon made available its historical consolidated and segment financial information for the past eight quarters presented in accordance with the requirements of SFAS No. 160 and reflecting the reclassification of the components of its Wireline revenues.
Verizon also disclosed that on January 9, 2009, Cellco Partnership d/b/a Verizon Wireless closed its previously announced acquisition of Alltel Corporation (Alltel). As a convenience to investors who may want to consider the effects of this acquisition, Verizon made available unaudited pro forma financial and operating information for each of the four quarters of 2008 and for the year-ended December 31, 2008.
These reports may be viewed in more detail on the SEC website at www.sec.gov and on the Verizon website at www.verizon.com.
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