Summary
Verizon Communications Inc. (VZ) filed an 8-K on September 10, 2010, primarily to disclose the availability of unaudited historical financial and operating information. This information has been reclassified to reflect the impact of divesting overlapping properties in 105 markets and the spin-off of local exchange and landline assets in 14 states, both of which were conducted to satisfy regulatory conditions related to the Alltel Corporation acquisition in January 2009. This reclassification allows investors to better analyze the ongoing performance of Verizon's core domestic wireless and wireline businesses by presenting historical results as if these divested assets had not been part of the reported segments for the past six quarters. The filing also notes the inclusion of the impact of a deferred revenue adjustment previously disclosed in Verizon's second quarter 2010 10-Q. The supplemental information, provided as Exhibit 99 and also posted on Verizon's Investor Relations website, is furnished for convenience and is not deemed filed with the SEC, meaning it's not automatically incorporated into other SEC filings unless specifically referenced.
Key Highlights
- 1Verizon is providing updated historical financial and operating data to reflect divestitures related to the Alltel acquisition.
- 2Overlapping properties in 105 markets across 24 states were divested in the first half of 2010.
- 3Local exchange and landline assets in 14 states were spun off on July 1, 2010.
- 4The reclassified information covers the past six quarters.
- 5The purpose is to help investors analyze the performance of continuing operations by isolating the impact of divested assets.
- 6Information also includes a previously disclosed deferred revenue adjustment.
- 7Supplemental data is available as Exhibit 99 and on the Verizon Investor Relations website.