The corporate tax bill for the health care overhaul rose some more on Wednesday, with Boeing Co. and Lockheed Martin announcing a combined $246 million in charges because they're losing a deduction for some prescription drug expenses for retirees.
So far at least 14 companies have disclosed some $1.8 billion in charges prompted by the health care overhaul, including $1 billion from AT&T.
Boeing on Wednesday announced a charge of $150 million. Lockheed Martin said it would take a $96 million charge.
Other announcements on Wednesday included a $41 million non-cash charge announced by diversified manufacturer Ingersoll-Rand and $10 million charge for aerospace supplier Goodrich Corp.
Boeing and the other companies currently receive a government subsidy to keep prescription drug benefits for retirees. So far, they've been able to deduct all of their expenses, even though the government was paying some of the bill. That ends in 2013 under the new health care overhaul. Lockheed Martin said that the future deduction showed up as an asset, so losing it shows up as a charge.
Companies are announcing the charges now because accounting rules say they have to book them during the period a new law is enacted.