8-K 1 tin8k6262003.txt CURRENT REPORT ON FORM 8-K DATED JUNE 26, 2003 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 _________________ Date of Report: June 26, 2003 (Date of earliest event reported) TEMPLE-INLAND INC. (Exact Name of Registrant as Specified in its Charter) Delaware 001-08634 75-1903917 (State or Other (Commission (IRS Employer Jurisdiction File Number) Identification No.) of Incorporation) 1300 South MoPac Expressway, Austin, Texas 78746 (Address of Principal Executive Offices) (512) 434-5800 (Registrant's telephone number, including area code) Not Applicable (Former Name or Former Address, if Changed Since Last Report) 2 Item 5. Other Events. The Internal Revenue Service ("IRS") recently concluded its examination of Temple-Inland Inc.'s (the "Company") tax returns through 1996 including matters related to the Company's net operating losses and minimum tax credit carryforwards, which resulted from certain deductions following the Company's 1988 acquisition of Guaranty Bank and for which no financial accounting benefit had been recognized. In addition, the Company resolved certain state tax refund claims for the years 1991 through 1994. As a result, valuation allowances and tax accruals previously provided for these matters are no longer required. Accordingly, the Company will record a second quarter 2003 one- time tax benefit of approximately $165 million, or approximately $3.15 per diluted share. Of this one-time benefit, approximately $25 million represents expected cash refunds of previously paid taxes plus related interest. The remainder is a non-cash benefit. On June 26, 2003, the Company issued a press release announcing the conclusion of these income tax matters. A copy of the press release is furnished as exhibit 99.1 of this report. Item 7. Exhibits. (c) Exhibits. 99.1 Press release issued by the Company on June 26, 2003, announcing the conclusion of certain income tax matters. 3 SIGNATURE Pursuant to the requirements of the Securities and Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. TEMPLE-INLAND INC. Date: June 26, 2003 By: /s/ Louis R. Brill -------------------------- Name: Louis R. Brill Title: Vice President and Chief Accounting Officer 4 EXHIBIT INDEX Exhibit Description Page ------- ----------- ---- 99.1 Press release issued by the Company on June 26, 5 2003, announcing the conclusion of certain income tax matters.