Seems I was wrong on the increased Tax Deductibility
This is a clipping from our Most Recent earnings call
"Before I talk about the operating results for the segments, I'd like to mention the tax benefits in our GAAP results, since they were significant this quarter. We recorded a benefit of $1.53 billion from the TCJA. This primarily includes a provisional benefit of $1.15 billion from the remeasurement of the company's net U.S. deferred tax liability for lower tax rates, which we have excluded from adjusted earnings; a benefit of approximately $200 million from an incremental pension contribution made in February and deductible against the company's prior year taxes at 35%; and a benefit of approximately $170 million, attributable to the phase-in of the reduced tax rate applied to the company's year-to-date earnings."
The contribution to our U.S. pension plans of $1.5 billion was debt financed. Our U.S. pension plans are currently fully funded. While the funding shows up on the financial statements as a reduction in operating cash flow, they provide a tremendous immediate return in terms of tax savings, as well as lower PBGC premiums versus funding the plan at a later date."
CFO Alan Graf