The Wall Street Journal-20080112-Earnings Digest Brief -- Ingersoll-Rand Co-- Manufacturer Takes A --36-277 Million Charge
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Earnings Digest Brief -- Ingersoll-Rand Co.: Manufacturer Takes A $277 Million Charge
Roundup
Ingersoll-Rand Co. took a noncash aftertax charge to earnings from discontinued operations of $277 million covering its liability for all pending and estimated future asbestos claims through 2053. The Hamilton, Bermuda, manufacturer said the charge results from an increase in its recorded liability for asbestos claims to $755 million from $217 million. The company said the charge was partly offset by an $89 million increase in its assets for probable asbestos-related insurance recoveries, which now total $250 million. The company had previously estimated those costs seven years in the future and determined in the fourth quarter that it could make a reasonable estimate for its total liability.
