8-KOther Events

Seagate Technology Holdings plc 8-K Report (Apr 20, 2004)

Filed April 20, 2004For Securities:STX

Summary

Seagate Technology Holdings plc (STX) filed an 8-K on April 20, 2004, to report its financial results for the quarter ended April 2, 2004. The filing primarily highlights the recording of a significant $125 million income tax benefit related to a tax indemnification from a past transaction in November 2000. This benefit substantially impacted the company's net income and earnings per share for the quarter.

Key Highlights

  • 1Seagate Technology Holdings plc reported financial results for the quarter ended April 2, 2004.
  • 2A press release detailing these results was filed as Exhibit 99.1 to the 8-K.
  • 3The company recognized a $125 million income tax benefit in the current quarter.
  • 4This tax benefit is associated with a tax indemnification from the 2000 purchase of Seagate Delaware by New SAC.
  • 5The company presented both GAAP and non-GAAP financial measures.
  • 6Non-GAAP measures for net income and earnings per share excluded the $125 million income tax benefit.
  • 7Seagate believes non-GAAP measures provide a useful alternative for assessing operating performance by excluding certain one-time, non-cash items.

Frequently Asked Questions

The main event is Seagate Technology Holdings plc reporting its financial results for the quarter ended April 2, 2004. A significant aspect of this reporting is the recording of a $125 million income tax benefit.

The $125 million income tax benefit is related to a tax indemnification amount recorded in connection with the purchase of the operating assets of Seagate Delaware by New SAC in November 2000. This amount was recorded as an income tax benefit in the current quarter.

Seagate reported non-GAAP measures for net income and earnings per share to provide investors with an alternative method for measuring the company's operating performance. These non-GAAP figures exclude the $125 million income tax benefit, which is considered a one-time, non-cash item.

The information contained in the report and the attached press release is considered 'furnished,' not 'filed,' for purposes of Section 18 of the Securities Exchange Act of 1934.