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