Eaton to Recognize a $25 Million Non-Cash Income Tax Charge in the First Quarter of 2010 due to Health Care & Education Recon...
01 Aprile 2010 - 2:05PM
Business Wire
Diversified industrial manufacturer Eaton Corporation (NYSE:ETN)
announced today that the new health care reform act and education
reconciliation bill (the Health Care and Education Reconciliation
Act of 2010, H. R. 4872) will increase the company’s income tax
expense by $25 million through a non-cash, one-time charge taken in
the first quarter of 2010.
The $25 million charge relates to the write-off of deferred
income tax assets because the new law eliminates the non-taxable
nature of the retiree drug subsidy received by the company.
Although this change in income tax deductibility does not take
effect until 2013, Eaton is required to recognize the charge in the
first quarter of 2010 when the Act was signed into law. This charge
was not considered in guidance for first quarter or full year
2010.
Eaton Corporation is a diversified power management company with
2009 sales of $11.9 billion. Eaton is a global technology leader in
electrical components and systems for power quality, distribution
and control; hydraulics components, systems and services for
industrial and mobile equipment; aerospace fuel, hydraulics and
pneumatic systems for commercial and military use; and truck and
automotive drivetrain and powertrain systems for performance, fuel
economy and safety. Eaton has approximately 70,000 employees and
sells products to customers in more than 150 countries. For more
information, visit www.eaton.com.
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