Goodrich To Take $10 Million Charge In 1Q On Health-Care Law
March 31 2010 - 8:28AM
Dow Jones News
Goodrich Corp. (GR) expects to record a $10 million
first-quarter charge related to the recently enacted federal
health-care legislation, joining many other companies who have said
their results will be impacted by the recently passed U.S.
health-care overhaul.
The provider of aircraft products and services to the aerospace
industry said the charge will be about 8 cents a share. It is
related to the part of the new law that prevents companies from
deducting tax-free subsidies it receives from the federal
government for providing retirees with prescription-drug benefits.
Employers currently can deduct the entire cost of providing the
coverage.
Many other companies have made similar announcements, taking the
charges now even though the changes in the health-care law don't
take effect until 2013. Administration officials have said
companies are exaggerating the impact of the loss of the deduction
because of their general opposition to the new law.
Shares closed Tuesday at $71.54 and were inactive premarket. The
stock has risen 89% in the past year.
-By Nathan Becker, Dow Jones Newswires; 212-416-2855;
nathan.becker@dowjones.com;
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