Exelon to Take $65M Health Care Charge
Stock quotes in this article:EXC
CHICAGO (TheStreet) -- Add Exelon(EXC) to the list of companies taking first-quarter charges related to President Obama's health care overhaul.
The Chicago-based power generation company said Thursday in a filing with the Securities and Exchange Commission that it expects to record total noncash aftertax charges of about $65 million. The recently passed health care legislation removes a tax break for companies that cover retirees' prescriptions through Medicare. Although the change will not take effect until 2013, accounting rules require companies to record the full impact of the legislation in the quarter in which it is signed into law. Other major companies, including AT&T(T), Boeing(BA), Verizon(VZ), Caterpillar(CAT), AK Steel(AKS) and 3M(MMM), have announced charges relating to the legislation, and more are expected to follow. Exelon shares gained 47 cents Thursday to close at $44.28. U.S. stock markets were closed Friday in observance of the Good Friday holiday. Several major companies have already outlined first-quarter charges related to Obamacare>To order reprints of this article, click here: ReprintsTheStreet Premium Services For Personal Service: 877-471-2967
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