MOLINE, Ill. (AP) -- Deere & Co. said Thursday that the new health care reform law will raise its fiscal 2010 expenses by approximately $150 million.
The farm equipment maker said most of the after-tax expenses will likely be incurred in the second quarter and that its 2010 earnings forecast of about $1.3 billion did not account for the expense hike because it was given prior to the law's signing.
Deere, based in Moline, Ill., is the second company this week to indicate that the new law will increase its costs. On Wednesday, heavy-equipment maker Caterpillar Inc. said the new law would create a $100 million drag on its first-quarter earnings.
House Democratic leaders said they are prepared to finish work by late Thursday on a package of fixes to the big health care law signed by President Barack Obama. The fix-it bill hit a snag in the Senate in the middle of the night as Republicans learned they would be able to kill some language in the bill that relates to Pell grants for low-income college students.
Democrats described the situation as a minor glitch, but did not rule out that Republicans might be able to remove additional sections of the bill.
The president signed the landmark legislation into law on Tuesday.
Shares of Deere & Co. gained 95 cents to $61.44 in morning trading.
