Summary
Verizon Communications Inc. (VZ) filed an 8-K report on December 29, 2010, primarily to update its financial reporting to reflect significant divestitures completed in 2010. These actions included the divestment of overlapping properties from the Alltel acquisition in the first half of the year and the spin-off of certain local exchange and landline assets in 14 states on July 1, 2010. This filing serves to reclassify the financial results associated with these divested operations. Consequently, the financial statements, accompanying report from independent auditors, and Management's Discussion and Analysis (MD&A) within this 8-K supersede those previously reported in Verizon's 2009 Form 10-K. Investors should note that this report's financial updates are specific to these divestitures and do not reflect subsequent operational changes; for a comprehensive view of Verizon's financial performance and developments since its 2009 10-K, investors should refer to the subsequent 10-Q filings for the quarters ended March 31, June 30, and September 30, 2010.
Key Highlights
- 1Verizon is updating its 2009 financial reporting to reflect divestitures of wireless and landline assets completed in 2010.
- 2The report supersedes financial statements, auditor reports, and MD&A from the 2009 10-K with revised information.
- 3Divestitures include overlapping properties from the Alltel acquisition and a spin-off of local exchange/landline assets.
- 4The reclassification impacts the Domestic Wireless and Wireline segments' operating results.
- 5A deferred revenue adjustment, previously disclosed in the Q2 2010 10-Q, is also reflected in these updated financials.
- 6This filing does not update for any other events or developments occurring after the 2009 10-K.
- 7Investors are directed to subsequent 10-Q filings for a more current financial picture.