In an SEC filing, Verizon Communications disclosed several significant items to impact its financial results for the third quarter of 2024. These include a severance charge related to a voluntary separation program for U.S.-based management employees, affecting around 4,800 workers, with over half leaving by September 2024. The company anticipates recording a charge between $1.7 billion and $1.9 billion, or $1.3 billion to $1.4 billion after taxes. Additionally, Verizon will cease use of certain real estate assets and exit non-strategic business areas as part of its transformation efforts, leading to asset and business rationalization charges between $230 million and $380 million, or $170 million to $290 million after taxes.
• Severance charge: $1.7B to $1.9B ($1.3B to $1.4B after-tax)
• Headcount reduction: 4,800 employees, with over half leaving by September 2024
• Asset and business rationalization charges: $230M to $380M ($170M to $290M after-tax)