Economics
AT&T Takes $17 Billion Charge for Pension Change
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AT&T Inc., the largest U.S. phone company, said it will cut $17 billion from retained earnings and book an expense for last quarter as it changes the way it handles accounting for its pension fund.
The company will deduct $2.7 billion, or 28 cents a share, in non-cash expenses in the fourth quarter, Dallas-based AT&T said in a regulatory filing today. AT&T is changing how it recognizes gains and losses for funds that pay for pension and other post-retirement benefits.