Navigators sees $20M charge to Q4 net income due to Tax Cuts and Jobs Act
The Navigators Group announced the expected impact on Q4 results due to the Tax Cuts and Jobs Act of 2017 that was signed into law by President Trump on December 22, 2017. As a result of the Tax Act, The Navigators Group, expects to recognize a one-time non-cash tax charge related to the re-measurement of net deferred tax assets and the tax on deemed repatriation of unremitted foreign earnings and profits in its Q4 financial results. This charge is estimated to impact Q4 net income by approximately $20M, but will not affect the company's net operating earnings, a non-GAAP financial measure. Based on its preliminary assessment, the company expects the Tax Act to have a beneficial impact on future period net income and net operating earnings.