Originally published Friday, March 26, 2010 at 1:18 PM

3M sees 1Q charge of $85M-$90M for health reform

3M Co., which makes a myriad of products including Post-Its and Scotch Tape, said Friday it expects to take a one-time noncash charge of $85 million to $90 million due to changes in tax deductions relating to the newly enacted health care law.

The Associated Press

NEW YORK —

3M, which is based in Maplewood, Minn., is one of a number of major companies that have had to take a charge on their books to account for a change in the tax treatment of Medicare Part D reimbursements in the future.

The charge is equivalent to 12 cents per share. The company's earnings forecast for this year, which it released in January, did not include the impact of the change.

Earlier this week, AK Steel Corp., Caterpillar Inc., Deere & Co. and Valero Energy announced similar accounting charges, saying the health care law that President Barack Obama signed Tuesday will raise their expenses.

AT&T Inc. said Friday it would take a $1 billion in the first quarter.

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