Largely because the new tax law will cut the deferred tax assets of its U.S. operations, Deutsche Bank expects to take a non-cash tax charge of 1.5 billion euros ($1.8 billion) for the fourth quarter of 2017.

The adjustment, which would be reported under International Financial Reporting Standards, reflects an estimate of the cutting of the U.S. federal tax rate applicable to Deutsche Bank’s U.S. operations to 21% from 35%.

The Frankfurt, Germany-based company, which trades on the New York Stock Exchange as well as the Frankfurt exchange, expects the big U.S. corporate cut to now reduce the corporation’s overall effective tax rate on average to the lower end of its previously communicated 30-35% range, based on its current mix of taxable income.

Deutsche Bank is one of a number of companies that have in the last few days reported the effect that The Tax Cuts and Jobs Act, signed into law by President Trump on December 22, would have on their 2018 financials. On Friday, Morgan Stanley estimated that it would take a one-time, $1.25 billion writedown of its net income as a result of the effect of the rate cuts on its deferred tax assets for the quarter ending December 31, 2017.

The writedown would stem “primarily from the re-measurement of certain net deferred tax assets using the lower enacted corporate tax rate,” according to a Morgan Stanley 8-K.

In contrast, Darden Restaurants announced on Monday that it would record $70 million in non-cash net tax benefits resulting from legislation for the company’s fiscal third quarter ending February 25.

In the same press release, the restaurant chain said it had plans to invest $20 million of its earnings from continuing operations in its workforce during fiscal 2018.

Separate from the boost in non-cash benefits, Darden estimated that the impact of the lower corporate tax rates under the tax act would cut its fiscal 2018 effective tax rate to 18% from 25%.