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Quotes & Info
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| GIS > SEC Filings for GIS > Form 8-K on 29-Jan-2009 | All Recent SEC Filings |
29-Jan-2009
Other Events
On January 26, 2009, the Eighth Circuit Court of Appeals issued an opinion reversing an earlier District Court decision ruling in favor of the company on an uncertain tax matter. In its opinion, the Eighth Circuit Court of Appeals specifically disagreed with the Ninth Circuit Court of Appeals' analysis of a similar tax case. As a result of the Eighth Circuit Court opinion, we will reverse a $30 million income tax benefit recognized in the third quarter of fiscal 2008 and $23 million in cumulative income tax benefits recognized in fiscal years 1992 through 2007. This $53 million tax adjustment will be recorded in the third quarter of fiscal 2009. We expect to make cash payments of approximately $30 million to settle the matter, primarily in fiscal 2009. We are evaluating an appeal of the ruling to the U. S. Supreme Court.
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