Extract to table

Under ASC 740-10-25, a tax position must first be evaluated to determine whether it is "more likely than not" (i

If the threshold is not met, no tax benefit is recognized, and the entire tax benefit associated with the position must be reserved

Reassessment Triggering Events Under ASC 740-10-25-14, an entity is required to reassess its unrecognized tax benefits at each reporting date based on new information that may bear on the recognition or measurement of the tax positions

Accordingly, the UTP reserve attributable to TY 2017–2020 must be de-recognized and replaced with the known settlement amount

Because the Closing Agreement constitutes a conclusive and binding resolution of all uncertainty with respect to the TY 2017–2020 transfer pricing positions, the UTP reserve attributable to those years must be fully de-recognized under ASC 740-10-25-14

Accordingly, the UTP reserve must be replaced with the actual settlement liability