Verizon warned investors, in an SEC filing today, to expect a $500 million bump in expenses in Q2 tied to this week’s $4.48 billion acquisition of Yahoo’s assets.

The charge is for “severance, acquisition and integration related expenses,” the company says.

Yesterday the telco kicked off its planned layoff of 2,100 employees. That’s about 15% of the workforce at a new unit — called Oath — that blends AOL and Yahoo assets including HuffPost, Yahoo Sports, AOL.com, Makers, Tumblr, Build Studios, Yahoo Finance, and Yahoo Mail.

Verizon says today that it “expects to realize over $1 billion in cumulative operating expense synergies from the transaction through 2020.”

Investors took the disclosure in stride: Verizon shares are virtually flat today.

Yahoo continues to exist as an investment company, based in New York City. It primarily owns 15% of Chinese e-retailer Alibaba and 36% of Yahoo Japan. On Friday it plans to change its name to Altaba, and change its Nasdaq trading symbol to AABA from YHOO.