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COV > SEC Filings for COV > Form 8-K on 11-Jul-2014All Recent SEC Filings

Show all filings for COVIDIEN PLC

Form 8-K for COVIDIEN PLC


11-Jul-2014

Results of Operations and Financial Condition, Other Events, Financial Statements an


Item 2.02 Results of Operations and Financial Condition

As previously reported in Covidien plc's Annual Report on Form 10-K for the year ended September 27, 2013 (the "2013 Form 10-K") and in Covidien's Form 10-Q for the first quarter ended December 27, 2013 and second quarter ended March 28, 2014, Covidien currently is involved in litigation in various courts against manufacturers of pelvic mesh products alleging personal injuries resulting from the implantation of those products. Two subsidiaries of Covidien have supplied pelvic mesh products to one of the manufacturers named in the litigation and Covidien is indemnifying that manufacturer on certain claims. The litigation includes a federal multi-district litigation in the United States District Court for the Northern District of West Virginia and cases in various state courts and jurisdictions outside the United States. Generally, complaints allege design and manufacturing claims, failure to warn, breach of warranty, fraud, violations of state consumer protection laws and loss of consortium claims. During the quarter ended June 27, 2014, Covidien received additional information regarding the nature of products liability claims and potential exposure based on access to medical records, discussions with plaintiff attorneys and settlements by other manufacturers. Accordingly, Covidien recorded a pre-tax legal charge of approximately $180 million in the third quarter of fiscal 2014.



Item 8.01 Other Events

Covidien plc (the "Company") is filing this Form 8-K to recast financial information and certain related disclosures in the Company's 2013 Form 10-K to reflect the changes made to the Company's operating segments, product revenue groupings and geographic sales. Effective October 1, 2013, Covidien realigned its operating segments such that the Medical Supplies business in Western Europe is now managed by the Medical Devices segment. In addition, certain costs that were previously included in corporate expense, primarily information technology and certain shared service costs, are now reflected in Covidien's reportable segments, consistent with the way in which management measures and evaluates segment performance. Covidien also changed its product revenue groupings and the manner in which it reports geographic sales such that geographic sales are now primarily based on customer location rather than the location of the selling entity. These changes have no impact on the consolidated results of operations of Covidien. This update is consistent with the presentation of such information included in the Company's Form 10-Q for the first quarter ended December 27, 2013 and second quarter ended March 28, 2014.
Exhibit 99.1 filed with this Form 8-K and incorporated into this Item 8.01 by reference revise Part I, Item 1. Business, Part I, Item 2. Properties, Part II, Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations and Part II, Item 8. Financial Statements and Supplementary Data contained in the 2013 Form 10-K to reflect the changes discussed above and supersede those portions of the 2013 Form 10-K.
Information in the 2013 Form 10-K has not been updated for other events or developments that occurred subsequent to the filing of the 2013 Form 10-K with the SEC. For additional information related to developments since the filing of the 2013 Form 10-K, refer to the Company's Forms 10-Q for the periods ended December 27, 2013 and March 28, 2014 and the Company's Forms 8-K filed since the filing of the 2013 Form 10-K, including Item 2.02 of this Form 8-K. The information in the Form 8-K, including the exhibits, should be read in conjunction with the 2013 Form 10-K and subsequent SEC filings.




Item 9.01 Financial Statements and Exhibits

Exhibit No.   Description

23.1          Consent of Deloitte & Touche LLP.

99.1          Updated Part I, Item 1. Business, Part I, Item 2. Properties, Part II,
              Item 7. Management's Discussion and Analysis of Financial Condition
              and Results of Operations, Part II, Item 8. Financial Statements and
              Supplementary Data from Covidien plc's Annual Report on Form 10-K for
              the fiscal year ended September 27, 2013.

101           The following financial information from this Form 8-K formatted in
              Extensible Business Reporting Language (XBRL): (i) Consolidated
              Statements of Income, (ii) Consolidated Statements of Comprehensive
              Income, (iii) Consolidated Balance Sheets, (iv) Consolidated
              Statements of Cash Flows, (v) Consolidated Statements of Changes in
              Equity, and (vi) Notes to the Consolidated Financial Statements.


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