Microchip to Repatriate $500 Million

It will add a charge to its third-quarter results.
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Microchip Technologies

(MCHP) - Get Report

plans to repatriate $500 million of foreign earnings under a recently enacted law that facilitates such transfers.

The company will record an additional tax expense of $30.6 million in its previously reported third quarter. The expense will cut its third quarter earnings to 19 cents from 33 cents a share.

The company added that it also plans to pursue a ruling from a government tax authority that could cut the charge related to the repatriation by $6 million.

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