8-K/AOther EventsExhibits & Filings

AGILENT TECHNOLOGIES, INC. 8-K/A Report, Corporate Update (Dec 21, 2015)

Filed December 21, 2015For Securities:A

Summary

Agilent Technologies, Inc. (Agilent) filed an Amendment No. 1 to its Form 8-K on December 21, 2015, to provide revised unaudited financial information. This amendment specifically revises the reconciliations between Generally Accepted Accounting Principles (GAAP) and non-GAAP financial information for fiscal years 2014 and 2013. The primary driver for these revisions is the identification and correction of out-of-period income tax adjustments. These adjustments resulted in an overstatement of the provision for income taxes by $45 million in fiscal year 2014 and $10 million in fiscal year 2013. Agilent provides non-GAAP information to offer investors a supplemental view of operational performance, excluding items like restructuring and amortization, to enhance the understanding of core financial performance and future prospects. The company emphasizes that this non-GAAP information is not a substitute for GAAP and may differ from other companies' non-GAAP reporting.

Key Highlights

  • 1Agilent Technologies filed an amendment to a prior 8-K to revise financial reconciliations.
  • 2The revisions pertain to unaudited non-GAAP financial information for fiscal years 2014 and 2013.
  • 3The amendment corrects out-of-period income tax adjustments.
  • 4Income tax provisions were overstated by $45 million in FY2014 and $10 million in FY2013 due to these adjustments.
  • 5Agilent provides non-GAAP financial information for enhanced investor understanding of core operations.
  • 6Non-GAAP information excludes items such as restructuring and amortization.
  • 7The furnished information is not considered 'filed' for SEC liability purposes.

Frequently Asked Questions

The main purpose of this filing is to amend a previous 8-K to provide revised reconciliations between GAAP and non-GAAP financial information for fiscal years 2014 and 2013. This revision is necessary due to the identification of out-of-period income tax adjustments.

The financial information was revised to correct out-of-period income tax adjustments. These adjustments led to an overstatement of the provision for income taxes in previous periods.

The out-of-period income tax adjustments resulted in an overstatement of the provision for income taxes by $45 million for fiscal year 2014 and $10 million for fiscal year 2013. The revised reconciliations reflect these corrections.

Agilent provides non-GAAP financial information to offer supplemental insights into its operational performance, excluding certain items like restructuring and amortization. The company believes this enhances investors' understanding of core financial performance and future prospects, presenting results 'through the eyes of management'.