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Except as described below, we are not aware of any legal proceedings that we believe could have, individually or in the aggregate, a material adverse effect on our business, results of operations or financial condition.
−Removed: On November 25, 2020, the Company and Michael S.
−Removed: Ryan, the former chief accounting officer of the Company, settled all outstanding claims with respect to Mr.
−Removed: Ryan’s objections to the dismissal of his 2016 complaint to the Occupational Safety and Health Administration of the U.S.
−Removed: Department of Labor alleging a lack of compliance with U.S.
−Removed: GAAP and certain SEC rules and regulations by the Company.
−Removed: Such settlement did not involve a material amount nor any admission of wrongdoing by either party.
During 2010, we were notified by the Spanish Taxing Authorities (“STA”) (in this case, by the Regional Inspection Office of the Special Madrid Tax Unit) that an audit of some of our Spanish subsidiaries was being initiated for 2006 and 2007.
On June 29, 2012, the STA issued a final assessment to Laureate Netherlands Holding B.V.
−Removed: (f/k/a Iniciativas Culturales de España, S.L.) (“ICE”), our Spanish holding company, for approximately EUR 11.1 million ($13.5 million at December 31, 2020), including interest, for those two years based on its rejection of the tax deductibility of financial expenses related to certain intercompany acquisitions and the application of the Spanish ETVE regime.
+Added: (f/k/a Iniciativas Culturales de España, S.L.) (“ICE”), our former Spanish holding company, for approximately EUR 11.1 million ($13.5 million at December 31, 2021), including interest, for those two years based on its rejection of the tax deductibility of financial expenses related to certain intercompany acquisitions and the application of the Spanish ETVE regime.
On July 25, 2012, we filed a claim with the Regional Economic-Administrative Court challenging this assessment, and, in the same month, we issued a cash-collateralized letter of credit for the assessment amount, in order to suspend the payment of the tax due.
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The payments were made using cash that collateralized the letters of credit discussed above.
−Removed: In October of 2018, the STA issued
−Removed: a final assessment to our Spanish holding company for the 2011 through 2013 period of approximately EUR 4.1 million ($5.0 million at December 31, 2020).
−Removed: As of December 31, 2020, the Company has posted a cash-collateralized letter of credit of approximately $5.5 million for the assessment, plus a surcharge.
+Added: In October of 2018, the STA issued a final assessment to our Spanish holding company for the 2011 through 2013 period of approximately EUR 4.1 million ($5.0 million at December 31, 2021).
+Added: As of December 31, 2021, the Company has posted a cash-collateralized letter of credit for the assessment, plus a surcharge.
The Company has appealed this assessment to the Highest Administrative Court.
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ICE intends to appeal the referred assessment before the Administrative Central Court, and, in order to do so, ICE has posted a cash-collateralized letter of credit of approximately EUR 4.3 million ($5.3 million at December 31, 2021).
−Removed: Finally, the referred tax audit was extended in June 2019 to the non-resident income tax for the second semester of fiscal year 2015.
−Removed: On March 11, 2020, ICE received a preliminary assessment of approximately EUR 21.6 million ($26.4 million at December 31, 2020).
−Removed: This assessment is not final, and we intend to challenge the referred assessment before the STA.
+Added: On July 22, 2021, the Spanish National Court issued a decision on our appeal regarding the STA audits of ICE for the fiscal years 2006-2007 and 2008-2010.
+Added: Based on our understanding of the decision, the matter is not yet resolved in favor of either us or the STA.
+Added: During the third quarter of 2021, both the Company and the STA appealed the Spanish National Court decision.
+Added: The Spanish Supreme Court to date has not yet ruled on whether or not the appeals will be considered.
+Added: During the fourth quarter of 2021, we made payments to the STA totaling approximately $9.3 million for the final assessments that were issued in October 2018 and January 2020.
Mine Safety Disclosures
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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.