Item 8.01. Other Events

On January 26, 2022, the Administrative Court of Appeal in Stockholm, Sweden (the "Appellate Court"), issued a ruling in a tax dispute involving the Swedish Tax Authority ("STA") and a subsidiary of FLIR Systems, Inc. ("FLIR"), which Teledyne Technologies Incorporated ("Teledyne") acquired on May 14, 2021. The Appellate Court generally affirmed a lower court ruling made in March 2020 resulting in FLIR being assessed an estimated aggregate amount of taxes, penalties and interest of SEK 2.8 billion ($303.0 million). Teledyne does not intend to appeal the decision and expects to pay the tax in the first quarter of 2022. Teledyne plans to continue supporting its businesses and over 500 personnel in Sweden.

Following the quarter ending September 2018, FLIR first disclosed a proposed tax assessment by the STA for the tax year ending December 31, 2012, related to use of tax credits applied against capital gains at one of FLIR's subsidiaries in Sweden. In March 2020, FLIR received an adverse judgment from the First Instance Court of Sweden regarding the STA's assessment. FLIR then appealed the decision to the Appellate Court. On January 26, 2022, the Appellate Court generally affirmed the lower court ruling.

Following Teledyne's acquisition due diligence and extensive analysis including consultation with outside specialists, Teledyne recorded a liability for this uncertain tax position that reflected the most likely outcome for this tax matter.

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