Exelon to Take $65M Health Care Charge

The energy provider says it will take a first-quarter charge of about $65 million related to the president's recently passed health care overhaul.
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CHICAGO (

TheStreet

) --Add

Exelon

(EXC) - Get Report

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) - Get Report

,

Boeing

(BA) - Get Report

,

Verizon

(VZ) - Get Report

,

Caterpillar

(CAT) - Get Report

,

AK Steel

(AKS) - Get Report

and

3M

(MMM) - Get Report

, 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

This article was written by a staff member of TheStreet.com.