General Mills Inc. (NYSE: GMI) announced late Monday that it expects to record a charge of $34 million, or 10 cents per share, for its fiscal fourth quarter, according to Associated Press.
The charge is due to the recent national health care legislation passed by Congress and signed by President Barack Obama.
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General Mills, like other companies, is no longer able to take a tax deduction equal to the subsidies it receives for providing certain prescription drug benefits for its retirees. Accounting rules require the company take the charge during the period the legislation is enacted.
Excluding the impact of this change, the company reaffirmed its guidance for the fiscal year, saying it still expects to earn $4.57 to $4.59 per share.
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