Alcoa Sees $80M Charge for ObamaCare

The Street.com | 04/05/10 | TSC Staff

[Need4Truth]

NEW YORK (TheStreet) -- Alcoa (AA) said it expects to take an $80 million charge to cover costs associated with new health care legislation, according to a filing with the Securities and Exchange Commission.

[Need4Truth]

Here’s another 3 for Mr. Waxman’s party (assuming he doesn’t have a change of heart and quietly cancel it):

Hartford Financial Services Group Inc 20 million
Norfolk Southern Corp 27 million
Otter Tail Corp 1.7 million

[devolve]

.

A Saudi deal on aluminum?

With Islam center in the mideast -

How will WWIII come out?

Any hope out there?

Hey you union workers (former workers that is -) at Alcoa -

Did you know there 5 people standing in front of you for each McJob now?

And Hussein Junior just banned using nukes to respond if we are attacked..... As at Pearl Harbor.....

[BluH2o]

Add Kroger to the list, followed shortly by P&G (Proctor & Gamble).

The Kroger Co., the nation's largest grocery-store chain, said Monday that its fiscal 2010 tax expenses would be $1.5 million to $2 million higher due to the recent health-care reform law.

The 10-year, $940-billion legislation is intended to cover 32 million uninsured Americans and provide benefits such as restricting premiums and ending the practice of denying coverage for pre-existing conditions.

Kroger said it was taking the charge due to a change that the reform law makes to taxes related to reimbursements for the Medicare prescription-drug benefit.

[potlatch]

My brother works for Alcoa in Texas City. He’s a Chemical Engineer. Doubt he is a union member. There is one near my town too and they do have union.

Actually when I first posted I was thinking of Dow Chemical, which took over Union Carbide.

[devolve]

.

Wow

Your brother

I’ll bet we see many US industries shutting down plants under Obama

He is a job and company killer

Now GM/Chrysler/Obama have hit their profitable private competitor Toyota with a $116 million dollar fine!

$116,000,000

I can see Toyota plants and North American headquarters moving to Canada and Mexico soon!

Geithner wants to be able to seize them, grab pensions, grab investor’s stocks and bonds

America is becoming worse than Russia or Red China for citizens and businesses

[potlatch]

Yeah, I hope he isn't affected. His daughter is getting married next year.

Remember, I grew up in Texas City. Oil refineries and a Tin Smelter galore. Stinky city, lol..

[tpaige]

This is just the tip of the iceberg of unintended consequences. What can you expect when you have a bunch of academics and elites running something this large when they have never run anything larger than a classroom.

[Thunder90]

It is a China based demand, coupled with increased usage of oil products in Russia and other oil producing nations (leaving less for them to export).

[GWynand]

Hmmm. Most all the coal power plants that were going to be built have been halted due to the war against coal. Cap & Trade is in the air, and Alcoa suddenly can't get cheap power - so the factories shut down and production moves someplace with cheaper power. Great plan.

[devolve]

.

ALCOA will be keeping engineers here I would think

Obama is deliberately destroying the last of out manufacturing base and destroying the possibilty of corporations to make a profit or remain independent of a tyrannical fascist government

The lefties think they can just Nationalize huge complex corporation - and through sheer will - force them to perform and reap large profits - for them to spend on more expensive loser social programs

Toyota increased sales by 30% - and Obama Motors fined them $116,000,000 buckeroos

The democrats in Congress - and also in state office - like Secy of State - think Obama is a gift from the mating of Saul Alinsky and Satan

When the democrats in Congress tank like they did in VA, NJ, MA - Obama will become more nutty and power crazed

Expect him to attempt more radical leftist Executive Orders and threaten vetos on any sensible bills

His Muslim religion and Socialist/Marxist agendas will become more open and blantant

Obama is looking forward to nominating a far left raical to replace Justice Kennedy soon

Any dirt on any federal, state, or local democrat politician needs now to be exposed and broadcast

[Knitting A Conundrum]

Now my most freshly updated list (I need to put this into alpha order, or perhaps by dollar amount)

ATT 1 billion
Caterpillar 100 million
Deere & Co. 150 million
AK Steel 31 million
3M 90 million
Valero Energy 20 million
Prudential 100 million
Allegheny Tech 5 million
Illinois Tool Works (ITW) 22 million
Boeing 150 million
Xcel Energy 17 million
Goodrich Corp 10 million
Honeywell 13 million
Lockheed Martin Corp 96 million
Ingersoll-Rand Plc 41 million
Eaton Corp 25 million
Carpenter Technology Corp 5.9 million
Verizon 970 million
Exelon 65 million
Alcoa 80 million
Hartford Financial Services Group Inc 20 million
Norfolk Southern Corp 27 million
Otter Tail Corp 1.7 million
Kroger 1.5 mil - 2 million

[Need4Truth]

Here it is in alphabetical order:

3M 90 million
AK Steel 31 million
Alcoa 80 million
Allegheny Tech 5 million
ATT 1 billion
Boeing 150 million
Caterpillar 100 million
Carpenter Technology 5.9 million
Deere & Co. 150 million
Eaton Corp 25 million
Excelon Corp 65 million
Goodrich Corp 10 million
Hartford Financial Services Group Inc 20 million
Honeywell 13 million
Illinois Tool Works $22 Million
Ingersoll-Rand $41 Million
Kroger $1.5 – 2.0 million
Lockheed Martin Corp 96 million
Norfolk Southern Corp 27 million
Otter Tail Corp 1.7 million
Prudential 100 million
Valero Energy 20 million
Verizon 970 million
Xcel Energy 17 million

[HiTech RedNeck]

Waxman will need to reserve a ballroom for his hearings at this rat, er make that rate.

[HiTech RedNeck]

Why do we never hear from greens about the Chinese sewer that was once the Yangtze?

[Diana in Wisconsin]

AT&T has a gazillion retires that they're still paying for. Look for another round of layoffs in the near future from them. I have two friends that work for AT&T; they're scared chitless over 0bamacare. And with good reason.

[avacado]

Can’t wait for Toyota to take a $16.4 million charge!

[HipShot]

Remember that at&t reported an annual write off and Alcoa reported a quarterly right off. You may want to put the actual numbers for quarter/annual.

[HipShot]

right == write

Me fail english.

[Knitting A Conundrum]

Then I misread the ATT announcement. Everybody else, I believe is a quarterly charge. I will see what I can find out...or put them in separate categories.

[Knitting A Conundrum]

Checked my sources —

What data I’ve been collecting is for charges taken in the first quarter, and the news stories I’ve read say ATT is going to take that charge in the first quarter...

Do you have different data?

now if you mean ATT is going to eat one year’s charges in the first quarter, I haven’t been collecting that type of info, just what impact the charges various companies are announcing related to the health care change as it impacts first quarter profits.

But every news story I have consulted says ATT’s charges are for the first quarter.