Verizon Communications Inc 8-K, filed Jan 17, 2024
Verizon Communications Inc (VZ)
8-K
2024-01-17
For: 2024-01-17
View Original
Added on
April 11, 2026
About this 8-K
Verizon Communications Inc filed this 8-K on January 17, 2024.
Items reported
- Item 8.01: Other events
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_____________________________________________________________________________
FORM 8-K
______________________________________________________________________________
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report: January 17, 2024
(Date of earliest event reported)
______________________________________________________________________________
(Exact name of registrant as specified in its charter)
_______________________________________________________________________________
| (State or other jurisdiction of incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) | |||||||||
| (Address of principal executive offices) | (Zip Code) | ||||||||||
Registrant’s telephone number, including area code: (212 ) 395-1000
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Securities registered pursuant to Section 12(b) of the Act:
| Title of Each Class | Trading Symbol(s) | Name of Each Exchange on Which Registered | ||||||||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 8.01. Other Events.
As Verizon Communications Inc. (Verizon) has previously disclosed, in 2023, Verizon Business Group (Business) experienced secular declines, as well as continuing competitive and macroeconomic pressure, in wireline revenue across its customer groups. In the fourth quarter of 2023, in connection with its annual budget process, Verizon completed a comprehensive five-year strategic planning review of its Business reporting unit resulting in lower financial projections compared to the prior year five-year strategic planning cycle. The revised projections were used as a key input into the Business reporting unit’s annual goodwill impairment test performed in the fourth quarter of 2023. The impairment test determined that the fair value of the Business reporting unit was less than its carrying value. As a result, in the fourth quarter of 2023, Verizon recorded a non-cash goodwill impairment charge of approximately $5.8 billion (before and after-tax), resulting in the goodwill balance of the Business reporting unit of $1.7 billion as of December 31, 2023.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| Verizon Communications Inc. | ||||||||||||||||||||
| (Registrant) | ||||||||||||||||||||
| Date: | January 17, 2024 | /s/ Mary-Lee Stillwell | ||||||||||||||||||
| Mary-Lee Stillwell | ||||||||||||||||||||
| Senior Vice President and Controller | ||||||||||||||||||||