UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington D.C. 20549

FORM 8-K

CURRENT REPORT


Pursuant to Section 13 or 15 (d) of the Securities Exchange Act of 1934


September 27, 2016
(Date of Report)
(Date of earliest event reported)

JOHN WILEY & SONS, INC.
(Exact name of registrant as specified in its charter)

New York
(State or jurisdiction of incorporation)

 
0-11507
13-5593032
 
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Commission File Number
IRS Employer Identification Number
 
111 River Street, Hoboken NJ
07030
 
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Address of principal executive offices
Zip Code
 
Registrant’s telephone number, including area code:
(201) 748-6000
   
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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 (see General Instruction A.2. below):
  [ ] Written communications pursuant to Rule 425 under the Securities Act(17 CFR 230.425)
  [ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act(17 CFR 240.14a-12)
  [ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act
       (17 CFR 240.14d-2(b))
  [ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act
      (17 CFR   240.13e-4(c))



 
 

 
 

Item 2.04 Triggering Events That Accelerate or Increase a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement
 
 
 

Wiley Receives Unfavorable Tax Judgement in Germany
German Federal Court decision concludes multi-year tax appeal


September 27, 2016 (Hoboken, NJ) – John Wiley & Sons, Inc. (NYSE: JWa and JWb), a global provider of knowledge and learning solutions, today announced that the German Federal Fiscal Court has issued an unfavorable final judgement in Wiley’s longstanding tax appeal.  The finance court denied the argument that Wiley was entitled to claim additional tax depreciation deductions over 15 years related to a fiscal year 2003 reorganization of several German subsidiaries.
 
With this decision, Wiley will forfeit the $62 million in cash it has already deposited to-date (representing tax benefits received for the fiscal years 2003 through 2015 plus related interest) and record a predominately non-cash income tax charge of approximately $49 million ($0.84 per share) in its second fiscal quarter.  The charge includes cash tax payments totaling approximately $5 million with respect to fiscal years 2016-18.   Beyond the second quarter charge, the decision will not impact Wiley’s future effective income tax rate.  No further appeals are available beyond these proceedings.
 
 
 
 
 
 
 

 

 
SIGNATURES


Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized



 
JOHN WILEY & SONS, INC.
 
Registrant



 
By 
/s/ Mark Allin
 
   
Mark Allin
 
   
President and
 
   
Chief Executive Officer
 




 
By 
/s/ John A. Kritzmacher
 
   
John A. Kritzmacher
 
   
Chief Financial Officer and
 
   
Executive Vice President, Technology and Operations
 
       


 
Dated: September 27, 2016