The Hits Keep On Coming...

More company to keep Henry from getting lonely:

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): March 23, 2010

 

PRUDENTIAL FINANCIAL, INC.

(Exact name of registrant as specified in its charter)

 

New Jersey		001-16707		22-3703799
(State or other jurisdiction of incorporation)		(Commission File Number)		(I.R.S. Employer Identification No.)

751 Broad Street

Newark, New Jersey 07102

(Address of principal executive offices and zip code)

(973) 802-6000

(Registrant’s telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

 

¨	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

¨	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

¨	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

¨	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 

 

---

Item 2.06

Material Impairments.

See the response to Item 8.01 below, which is incorporated herein by reference.

 

Item 8.01

Other Events.

The Patient Protection and Affordable Care Act, signed into law on March 23, 2010, and The Health Care and Education Reconciliation Act of 2010, expected to be signed into law on March 30, 2010 (together, the “Act”), will reduce the tax deduction available to Prudential Financial, Inc. (the “Company”) for retiree health care costs beginning in 2013. The federal government currently provides a subsidy, on a tax-free basis, to companies, including the Company and its subsidiaries, that provide certain retiree prescription drug benefits (the “Medicare Part D subsidy”). The Act would reduce the tax deductibility of retiree health care costs to the extent of any Medicare Part D subsidy received beginning in 2013.

In order to reflect the anticipated increase in taxes due to the change in law, the Company has incurred a charge for the impairment of deferred tax assets in an amount of approximately $100 million for the quarter ending March 31, 2010. The impairment reduces net income, as determined under generally accepted accounting principles, but is excluded from adjusted operating income of the Company’s Financial Services Businesses.

• • •

“Adjusted operating income” differs from, and should not be viewed as a substitute for, net income determined in accordance with generally accepted accounting principles, but is the financial measure that the Company uses to analyze the operations of each segment in managing its Financial Services Businesses.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: March 29, 2010

 

PRUDENTIAL FINANCIAL, INC.
By:		/s/ John M. Cafiero
		Name:		John M. Cafiero
		Title:		Vice President and Assistant Secretary

Comments

[Dan from Madison]

I think Henry will need a bigger room...

[Dan from Madison]

The 8-k is up for Catepillar too, another $100m. Holy crap.

[mojo]

Those BASTARDS! How DARE they obey the law without permission!

[Dan from Madison]

There are going to be a f*ckload of 8-k's coming out in the next week I would imagine. Plenty to keep these pages well stocked.

[Buck O'Fama]

What Nostrilitus Waxman is not seeing is all the private companies pouring over the POS bill that he didn't read, and they are asking themselves "How am I gonna pay for this crap?" Private companies don't have to issue 8-Ks or make any public disclosures; their response will come without much fanfare. In local papers, look for layoffs, delay or cancel of new hires (they will extend hours for existing people if need be) cancellation of expansion plans, if any (new plants and facilities will be built in China and India.) It has nothing to do with wanting to make the Socialist gasbags look bad. King Obama and the tin-pot barons in Congress have no clue why private sector employment takes place; it's only when capital can turn a profit from it. Otherwise, you might as well just invest your money in muni bonds; less headaches and no taxes. And no congressional show trials. Fuck them all.

[mojo]

Darth Waxman: "I find your lack of subservience...disturbing."

[Allen]

"People are going to love it when they find out the details of this plan."

Bwahahaha! Yeah, if you count retirees scared silly about what this is going to do to their plan as "loving it."

OK, I've got Boeing, Xerox, and IBM coming out next with an 8-K on this. By the end of April, we'll probably have about 10 million pissed off seniors wondering what's going to happen to their plan.

I'm sure the companies will take the heat for it though. They'd never remind their retirees that it's the law now. Bwahahahaha!

[Guesst]

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I don't know if union retirees are affected. Did the Rats cut a deal with the unions to exclude their people or not?

[Guesst]

How many thousands of jobs are going to be created to process paperwork, track down non/compliance types, price fix drugs and coverage, etc?

I've yet to see hardcore numbers.