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Limitation on Net Operating Losses in 2018
Thursday, January 4, 2018

According to the newly enacted tax law, corporate Net Operating Losses will be limited for losses occurring AFTER 2017. The deduction is limited to 80% of the taxpayer’s taxable income.

If the law were in effect today, we were wondering which firms would be impacted. Keep in mind that these firms are not currently impacted, but could be for the 2018 tax year.

Recipe:

  • Get Calcbench fired up either by using the Excel Add-In or the Multi-company page (or the API if you are daring)
  • Select a peer group and a Time Period (e.g. 2016 Full Year)
  • Get two metrics
    • Earnings before tax (EBT)
    • Deferred Tax Assets – Net Operating Losses (NOL)
  • Create the flag. If NOL greater than 80% of EBT, losses could be limited.
  • Without further ado, here’s the data :

    All dollar values in MILLIONS.


    Company EarningsBeforeTaxes NOL’s EBT_Threshold
    General Motors Co $11,684 $14,608 $9,347
    Medtronic plc $4,602 $26,590 $3,682
    DowDuPont Inc. $4,413 $10,580 $3,530
    American Airlines Group Inc. $4,299 $3,853 $3,439
    Hp Inc $3,761 $8,725 $3,009
    Southern Co $3,480 $3,000 $2,784
    Thermo Fisher Scientific Inc. $2,024 $4,435 $1,619
    Sempra Energy $1,830 $2,304 $1,464
    Waste Management Inc $1,822 $2,025 $1,458
    Aon plc $1,669 $1,345 $1,335
    PG&E Corp $1,462 $1,851 $1,170
    Mondelez International, Inc. $1,454 $3,517 $1,163
    Delphi Automotive PLC $1,425 $1,415 $1,140
    Abbott Laboratories $1,413 $2,384 $1,130
    Stanley Black & Decker, Inc. $1,226 $1,240 $981
    Goodyear Tire & Rubber Co /OH/ $1,207 $1,503 $966
    TE Connectivity Ltd. $1,162 $2,938 $930
    American Tower Corp /MA/ $1,126 $1,767 $901
    Becton Dickinson & Co $1,074 $1,101 $859
    Johnson Controls International plc $1,061 $4,483 $849
    Motorola Solutions, Inc. $844 $927 $675
    E Trade Financial Corp $838 $676 $670
    Interpublic Group Of Companies, Inc. $830 $1,012 $664
    Cms Energy Corp $826 $871 $661
    Charter Communications, Inc. /MO/ $820 $4,127 $656
    Seagate Technology plc $815 $5,600 $652
    Newell Brands Inc $815 $1,511 $652
    Hartford Financial Services Group Inc/DE $804 $1,894 $643
    TransDigm Group INC $768 $653 $614
    Conagra Brands Inc. $730 $1,113 $584
    Equifax Inc $728 $715 $583
    DOVER Corp $689 $1,282 $551
    Centerpoint Energy Inc $686 $962 $549
    PENTAIR plc $561 $1,462 $449
    Ventas Inc $519 $589 $415
    Arconic Inc. $414 $1,540 $331
    People’s United Financial, Inc. $410 $1,400 $328
    Xylem Inc. $340 $387 $272
    Netflix Inc $261 $209 $208
    Perkinelmer Inc $244 $467 $195
    Mosaic Co $242 $204 $194
    Boston Scientific Corp $177 $798 $142
    Leucadia National Corp $162 $1,263 $129
    Nisource Inc/DE $161 $646 $129
    Equinix Inc $160 $468 $128
    IHS Markit Ltd. $142 $622 $114
    Caterpillar Inc $139 $4,055 $111
    Aes Corp $137 $2,116 $110
    BALL Corp $125 $425 $100
    Mylan N.V. $122 $4,000 $97
    Incyte Corp $107 $481 $86
    UDR, Inc. $106 $91 $85
    Microchip Technology Inc $90 $92 $72
    Sba Communications Corp $87 $1,200 $70
    Qorvo, Inc. $27 $41 $22
    Salesforce Com Inc $25 $1,018 $20
    Global Payments Inc $0 $15 $0
    Vertex Pharmaceuticals Inc / MA ($67) $1,232 N/A
    Helmerich & Payne, Inc. ($73) $39 N/A
    American International Group Inc ($74) $12,116 N/A
    Ralph Lauren Corp ($105) $64 N/A
    Computer Sciences Corp ($174) $5,584 N/A
    Newmont Mining Corp /DE/ ($214) $216 N/A
    CF Industries Holdings, Inc. ($226) $425 N/A
    Symantec Corp ($262) $82 N/A
    Micron Technology Inc ($281) $11,880 N/A
    Williams Companies Inc ($375) $964 N/A
    EQT Corp ($395) $283 N/A
    Range Resources Corp ($396) $1,200 N/A
    First Solar, Inc. ($472) $86 N/A
    Autodesk Inc ($524) $174 N/A
    News Corp ($615) $473 N/A
    Frontier Communications Corp ($623) $687 N/A
    Cimarex Energy Co ($623) $10 N/A
    Coty Inc. ($658) $1,328 N/A
    Cabot Oil & Gas Corp ($660) $352 N/A
    Nrg Energy, Inc. ($875) $1,457 N/A
    Pioneer Natural Resources Co ($959) $635 N/A
    Broadcom Ltd ($1,107) $1,773 N/A
    Newfield Exploration Co /DE/ ($1,208) $301 N/A
    Marathon Oil Corp ($1,235) $1,065 N/A
    Entergy Corp /DE/ ($1,382) $334 N/A
    Eog Resources Inc ($1,558) $315 N/A
    Apache Corp ($1,682) $2,519 N/A
    Noble Energy Inc ($1,772) $474 N/A
    Occidental Petroleum Corp /DE/ ($1,845) $0 N/A
    Schlumberger Limited/NV ($1,905) $186 N/A
    PERRIGO Co plc ($2,024) $292 N/A
    BAKER HUGHES a GE Co LLC ($2,040) $1,111 N/A
    Chevron Corp ($2,160) $6,030 N/A
    Concho Resources Inc ($2,339) $478 N/A
    National Oilwell Varco Inc ($2,623) $153 N/A
    Allergan plc ($2,832) $702 N/A
    Freeport-Mcmoran Inc ($3,472) $2,898 N/A
    Anadarko Petroleum Corp ($3,829) $648 N/A
    Hess Corp ($3,854) $5,767 N/A
    Devon Energy Corp/DE ($3,877) $777 N/A
    Chesapeake Energy Corp ($4,589) $2,587 N/A
    Conocophillips ($5,530) $0 N/A
    Halliburton Co ($7,625) $1,647 N/A
    Firstenergy Corp ($9,232) $7,062 N/A

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