Covidien plc 8-K 2007
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): November 16, 2007
(Exact name of registrant as specified in its charter)
(Commission File Number)
131 Front Street
Hamilton, HM 12 Bermuda
(Address of Principal Executive Offices, including Zip Code)
(Registrants telephone number, including area code)
Second Floor, 90 Pitts Bay Road
Pembroke, HM 08 Bermuda
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
On November 23, 2007, the Companys management announced it will record a non-cash charge for the impairment of assets associated with its Retail Products segment for approximately $255 million.
This charge reflects a lower fair value of the segment based on continued adverse trends in raw material and energy costs, and a higher discount rate to reflect current market conditions.
The Company performed an asset impairment analysis during the fourth quarter of 2007 in accordance with Statement of Financial Accounting Standards (SFAS) No. 144. The asset impairment analysis was completed on November 16, 2007, and the charge will be included in the Companys fourth quarter results. We expect the majority of this charge will be allocated to goodwill.
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.