AT&T is taking a $1 billion noncash accounting charge during the first quarter as part of the health care overhaul. Benefits being received by current and retired workers might be cut from the telecommunications company.
AT&T is not the only major company to announce the noncash accounting charge. AK Steel, John Deere, 3M and Valero Energy announced the same thing at different dollar amounts. 3M said they would take a charge of about $85-$90 million. [NYT]