Quarterly report pursuant to Section 13 or 15(d)

Subsequent Event

v2.4.0.8
Subsequent Event
6 Months Ended
Jun. 30, 2013
Subsequent Events [Abstract]  
Subsequent Event
NOTE 21 – Subsequent Event

On July 17, 2013, the U.K. 2013 Finance Bill was enacted, which reduced the U.K. corporate income tax rate by three percent to 20 percent. Two percent of the reduction will become effective on April 1, 2014 and the additional one percent reduction on April 1, 2015. These reductions will favorably affect income tax expense on future U.K. earnings but also require the Corporation to remeasure, in the period of enactment, its U.K. net deferred tax assets using the lower tax rates. As a result, in the three months ending September 30, 2013, the Corporation will record a charge to income tax expense of approximately $1.1 billion in aggregate for these reductions.