Boeing Takes a $150 Million Charge

Another day, another big company takes it in the bottom line:

Boeing Co. will take a charge of $150 million due to the recent health care overhaul legislation, the aircraft maker said Wednesday.

The charge will hurt earnings by 20 cents per share in the first quarter of 2010.

In 2013 Boeing will no longer be able to claim an income tax deduction related to certain prescription drug benefits for retirees. Accounting rules require that the company take the charge during the period the legislation is enacted.

What's interesting about this to me is it comes several days after several other large companies were commanded to come to Washington to explain their massive Obamacare write-downs. Boeing has to know their name will be added to the list of Henry Waxman's show trial participants, and yet accounting principles and federal regulatons required they make this announcement. That pretty much confirms that the announcement is not just revenge on Democrats for passing the bill, but the actual effect this bill will have on their business.

Waxman's hearing won't go as smoothly as he thinks it will. He's going to learn some things about this bill he should have known before he voted for it.