The Home Depot paying U.S. employees up to $1,000 bonuses

The Home Depot said it will pay a one-time cash bonus for U.S. hourly associates of up to $1,000 in the fourth quarter of fiscal 2017, following the passing of the tax reform bill.  

Bonuses will be paid in addition to the company's Success Sharing bonuses for hourly associates, the Home Depot reported today.

"We are pleased to be able to provide this additional reward to our associates for continuing to deliver outstanding customer service," Craig Menear, Home Depot chairman, CEO and president, said in a prepared statement. "This incremental investment in our associates was made possible by the new tax reform bill."

The Home Depot also said that it estimates the impact of Tax Cuts and Jobs Act of 2017 will result in additional net tax expense of approximately $150 million in the fourth quarter of fiscal 2017 primarily related to taxes on unremitted offshore earnings.

The Atlanta-based home improvement giant said it is still evaluating all the provisions of the tax reform legislation and estimates that the net impact of tax reform on its 2018 tax provision and cash taxes paid will be beneficial. The Home Depot is scheduled to provide its fourth quarter and full year 2017 earnings on Feb. 20.

Additionally, The Home Depot said that it “intends to invest in its associates, its stores and the customer experience” following the tax cuts.

The Home Depot is the world’s largest home improvement retailer with 2,284 retail stores in the United States, Puerto Rico, the U.S. Virgin Islands, Canada, Guam, and Mexico.