PROVIDENCE – Textron Inc. said in a U.S. Securities and Exchange Commission filing Friday that it expects an extra tax expense in the range of $250 million to $300 million related to revaluation of deferred tax assets and the repatriation tax on undistributed earnings of certain non-U.S. subsidiaries due to the new tax bill passed in December.
Earlier Friday, Duetsche Bank reported that deferred tax assets would cost the company $1.8 billion due to the new tax law.
Textron also said in its filing that it expects to incur more losses for its 2017 fourth quarter due to expanded restructuring plans. The new plan is expected to cost $45 million, including $20 million in asset impairments and severance costs that the company expects to have completed by the first quarter of 2018.
The restructuring is expected to mostly take place in the company’s Bell, Textron Systems and Industrial segments.
The company could not be reached for comment by time of publication.
Chris Bergenheim is the PBN web editor.
