records healthcare related charge
In response to inquiries, U.S. Steel Corporation
announced that it will record a charge of approximately $27 million
in the first quarter of 2010 to adjust deferred tax assets as
a result of a change in the tax treatment of Medicare Part D
subsidies under the recently enacted Patient Protection and Affordable
Care Act and the Health Care and Education Reconciliation Act
of 2010 (the Acts).
While this change under the Acts does not
become effective until 2013, United States’ generally accepted
accounting principles require that the impact of changes in tax
law be immediately recognized in income in the period of enactment.
Based upon the Medicare Part D subsidies
expected to be received in 2010, the annual cash tax increase
of this aspect of the Acts would be less than $10 million.