Pipeline company Kinder Morgan Inc. (NYSE: KMI) said on Jan. 24 that it expects U.S. tax reform to result in a one-time, $1.4 billion charge against earnings and added that it would be better off in the long run.

In a presentation to analysts, Houston-based Kinder said the charge was caused by lower tax rates affecting the value of its deferred tax assets.

Kinder Morgan said on Jan. 17 that the charge was an initial estimate and would be applied against fourth-quarter 2017 earnings.

The company said it would be better off over a 10-year period because of a newfound ability to fully expense capital spending on certain assets, as well as a lower corporate tax rate.

Kinder Morgan shares were down 1% at $19.25 in afternoon trading in New York.

The U.S. tax overhaul is likely to spur spending by refiners and pipeline companies, industry lobbyists and analysts said last month.