The biggest entitlement legislation in a generation is causing barely a ripple in corporate America.

The Patient Protection and Affordable Care Act — otherwise known as Obamacare — is putting such a small dent in the profits of U.S. companies that many refer to its impact as "not material" or "not significant," according to a Bloomberg review of conference-call transcripts and interviews with major U.S. employers.

That's even after a provision went into effect this year requiring companies with 50 or more full-time workers to provide coverage, and after more workers are choosing to enroll in existing company coverage because of another requirement that all Americans get insured.