Current Report on Form 8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

 

 

FORM 8-K

 

 

CURRENT REPORT

 

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

 

Date of report (date of earliest event reported): March 15, 2004

 

 

SEAGATE TECHNOLOGY

(Exact Name of Registrant as Specified in its Charter)

 

 

Cayman Islands   001-31560   98-0355609

(State or Other Jurisdiction

of Incorporation)

  

(Commission

File Number)

  

(IRS Employer

Identification Number)

 

P.O. Box 309GT, Ugland House, South Church Street,

George Town, Grand Cayman, Cayman Islands

   NA
(Address of Principal Executive Office)   (Zip Code)

 

Registrant’s telephone number, including area code: (345) 949-8066

 

NA

(Former Name or Former Address, if Changed Since Last Report)

 

Item 5. Other Events and Required FD Disclosure.

 

As of January 2, 2004, the Company’s balance sheet for accrued income taxes included $125 million for potential tax indemnification amounts due to VERITAS Software Corporation (“VERITAS”) pursuant to the Indemnification Agreement entered into between Seagate Technology, Inc. (“Seagate Delaware”), New SAC and VERITAS in connection with the purchase of the operating assets of Seagate Delaware by New SAC in November 2000. The Internal Revenue Service has completed its review of Seagate Delaware’s federal tax returns for the periods prior to the acquisition date of the operating assets, and on March 15, 2004, VERITAS received written confirmation from the Internal Revenue Service that the congressional Joint Committee on Taxation had completed its review and had taken no exception to the Internal Revenue Service’s conclusions. These conclusions result in no additional tax being assessed on VERITAS. The Company will record the full $125 million indemnification amount as an income tax benefit in the current quarter ending on April 2, 2004 and a corresponding increase to net income after tax. There will be no cash impact to the Company resulting from this settlement.

SIGNATURE

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

   

SEAGATE TECHNOLOGY

Date: March 15, 2004

  

By:

  

/s/ WILLIAM L. HUDSON

   

Name:

  

William L. Hudson

   

Title:

  

Executive Vice President,

General Counsel and Secretary