Tyco International Files 8K - Other Events
May 31 2016 - 4:38PM
Dow Jones News
Tyco International PLC (TYC) filed a Form 8K - Other Events -
with the U.S Securities and Exchange Commission on May 31,
2016.
As previously reported, Tyco International plc (the "Company"),
as Audit Managing Party under each Tax Sharing Agreement dated
September 25, 2007 (among the Company, TE Connectivity Ltd. and
Covidien plc (which on January 26, 2015 was acquired by and now
operates as a subsidiary of Medtronic plc) and dated September 28,
2012 (among the Company, The ADT Corporation and Pentair Ltd.
(along with TE Connectivity and Covidien, the "Parties")), entered
into Stipulations of Settled Issues with the Internal Revenue
Service (the "IRS") intended to resolve all Federal tax disputes
related to the previously disclosed intercompany debt issues for
the Company's 1997 - 2000 audit cycle before the U.S. Tax Court.
The Stipulations of Settled Issues were contingent upon the IRS
Appeals Division applying the same settlement terms to all
intercompany debt issues on appeal for subsequent audit cycles
(2001 - 2007). On May 17, 2016 the IRS Office of Appeals issued
fully-executed Forms 870-AD that effectively settle the matters on
appeal on the same terms as those set forth in the Stipulations of
Settled Issues, and on May 31, 2016, the U.S. Tax Court entered
decisions consistent with the Stipulations of Settled Issues. As a
result, all aspects of this controversy that were before the U.S.
Tax Court and Appeals Division of the IRS have been finally
resolved for audit cycles 1997 - 2007. During the second quarter of
fiscal 2016, the Company paid $120 million to TE Connectivity Ltd.
and $2 million to Covidien, representing its share of the total
amount payable to the IRS in connection with this matter. The
Company does not expect to recognize any additional charges related
to this matter, as the Company had previously recorded sufficient
reserves with respect to this controversy and its obligations under
the Tax Sharing Agreements.
The full text of this SEC filing can be retrieved at:
http://www.sec.gov/Archives/edgar/data/833444/000083344416000181/form8-k.htm
Any exhibits and associated documents for this SEC filing can be
retrieved at:
http://www.sec.gov/Archives/edgar/data/833444/000083344416000181/0000833444-16-000181-index.htm
Public companies must file a Form 8-K, or current report, with
the SEC generally within four days of any event that could
materially affect a company's financial position or the value of
its shares.
(END) Dow Jones Newswires
May 31, 2016 16:23 ET (20:23 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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