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Subsequent Event
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6 Months Ended | |||
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Jun. 30, 2012
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| Subsequent Events [Abstract] | ||||
| Subsequent Events |
On July 17, 2012, the U.K. 2012 Finance Bill was enacted, which reduced the U.K. corporate income tax rate by two percent to 23 percent. The first one percent reduction was effective on April 1, 2012, and the second reduction will be effective April 1, 2013. These reductions will reduce income tax expense on future U.K. earnings but also require the Corporation to remeasure its U.K. net deferred tax assets using the lower tax rates. In the three months ending September 30, 2012, the Corporation will record a charge to income tax expense of approximately $800 million for the remeasurement.
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- Details
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- Definition
The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. No definition available.
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