Summary
Air Products & Chemicals, Inc. (APD) filed an 8-K on January 26, 2018, to disclose the retrospective application of Accounting Standards Update (ASU) No. 2017-07, which modifies the presentation of net periodic pension and postretirement benefit costs. The company elected to early adopt this guidance in the first quarter of fiscal year 2018, applying the income statement presentation requirements retrospectively to all prior periods presented. This filing includes supplemental financial information, which will be available on the company's website. Notably, this supplemental information presents non-GAAP "adjusted" financial measures alongside reconciliations to GAAP. Investors should be aware that these non-GAAP measures are provided for illustrative and informational purposes and are not intended to replace or be considered in isolation from GAAP measures. The information furnished in this report is not considered filed and will not be incorporated into future SEC filings unless explicitly stated.
Key Highlights
- 1Air Products & Chemicals (APD) is early adopting new accounting guidance (ASU 2017-07) for pension and postretirement benefit costs.
- 2The adoption is effective for the first quarter of fiscal year 2018 and is applied retrospectively to all periods presented.
- 3The primary purpose of the filing is to provide supplemental financial information reflecting these presentation changes.
- 4Supplemental information will include both GAAP and non-GAAP (adjusted) financial measures.
- 5Non-GAAP measures are presented for informational purposes and should not be considered a substitute for GAAP measures.
- 6The supplemental information will be available on the company's website.
- 7The filing emphasizes that the furnished information is not considered 'filed' for purposes of SEC registration statements.