The impact on publicly traded companies of the passage and signing of the Tax Cuts and Jobs Act of 2017 is just now becoming visible as the first Q4 2017 earnings releases are posted on the national newswires. To provide insight into the impact and response on corporate America, the NYSE summarized the tax implications in the earnings releases last week of the first 60 companies having reported that are included in the S&P1500 (which is made up of the S&P500, S&P Small Cap 600 and the S&P Mid Cap 400).
NOTE: Stewart Information Services Corporation is NOT included in these 60 firms and has not yet released Q4 2017 earnings.
The findings and summaries are included in the following sections.
Companies Included in the 60 Reporting Firms
Average Number of times the word Tax was Mentioned in Prepared Remarks Plus Q&A on Conference Calls
Did Companies Address a Current One-Time Adjustment Due to Tax Changes?
How Companies Reported Their Future Expected Effective Tax Rate
Not all firms have overseas operations, but still 20 of the 60 firms mentioned they will repatriate cash.
While a sample of 60 out of 1,500 is no way representative of the underlying population, these are very insightful initial findings of the Tax Cut and Jobs Creation Act on corporate America.