8-KOther EventsExhibits & Filings

AGILENT TECHNOLOGIES, INC. 8-K Report, Corporate Update (Jan 25, 2019)

Filed January 25, 2019For Securities:A

Summary

Agilent Technologies, Inc. (A) filed this Form 8-K primarily to report the retrospective adoption of Accounting Standards Update (ASU) No. 2017-07, effective November 1, 2018. This accounting change impacts the presentation of net periodic pension and postretirement benefit costs, requiring only the service cost component to be included in operating expenses. The other components of these costs will be presented outside of operating income. While this change alters the presentation of financial statements, particularly operating income, Agilent explicitly states it has no impact on net income. The company is furnishing this report to provide restated historical financial statements, including condensed consolidated statements of operations and selected segment information for various periods in fiscal years 2017 and 2018. Investors should note that this information is furnished and not deemed "filed" under SEC regulations, meaning it does not carry the same legal implications as a standard filing.

Key Highlights

  • 1Adoption of ASU 2017-07 impacting presentation of pension and postretirement benefit costs.
  • 2Service cost component of benefit costs now included in operating expenses.
  • 3Other components of benefit costs (interest, asset return, etc.) will be presented outside operating income.
  • 4The accounting change has no impact on Agilent's net income.
  • 5Company is providing restated historical financial statements for 2017 and 2018 fiscal periods.
  • 6Information is furnished, not filed, and does not carry the same legal liabilities as a standard filing.
  • 7Includes condensed consolidated statements of operations and selected segment information for various periods.

Frequently Asked Questions

The primary reason for this 8-K filing is Agilent Technologies' adoption of a new accounting standard (ASU 2017-07) which changes how net periodic pension and postretirement benefit costs are presented in their financial statements. This requires retrospective application, hence the need to provide restated historical financial data.

No, Agilent explicitly states that this accounting change has no impact on net income. It's a change in presentation within the statement of operations, not a change in the underlying economics or profitability of the company.

Agilent is providing furnished condensed consolidated statements of operations and selected segment information for various fiscal quarters and full fiscal years of 2017 and 2018. This allows investors to see the historical financial data as it would be presented under the new accounting standard.

No, the information in this report, including the attached exhibits, is being 'furnished' and is not deemed 'filed' for purposes of Section 18 of the Securities Exchange Act of 1934. This means it does not subject the company to the same liabilities or legal scrutiny as a standard filed document.