8-KOther EventsExhibits & Filings

COHERENT CORP. 8-K Report, Corporate Update (Dec 27, 2018)

Filed December 27, 2018For Securities:COHR

Summary

This 8-K filing by COHERENT CORP. (formerly II-VI Incorporated) serves to provide a recast of historical financial statements for the fiscal year ended June 30, 2018, as originally reported in their 2018 Form 10-K. The recast is driven by two primary factors: a realignment of the company's operating segments and the adoption of a new accounting standard (ASU 2017-07) related to the presentation of net periodic pension and postretirement benefit costs. Importantly, the company emphasizes that these changes do not impact the historical consolidated financial position, results of operations, or cash flows previously reported. This filing is intended to present a clearer and more consistent financial picture following these adjustments.

Key Highlights

  • 1The company is recasting its financial statements for the fiscal year ended June 30, 2018, and prior periods, to reflect changes in operating segment structure and accounting standards.
  • 2Operating segments have been realigned, with the "Laser Systems Group" moved from "II-VI Laser Solutions" to "II-VI Photonics", and "Integrated Photonics, Inc." moved from "II-VI Photonics" to "II-VI Performance Products", effective July 1, 2018.
  • 3The company adopted ASU 2017-07 regarding the presentation of net periodic pension and postretirement benefit costs, effective July 1, 2018.
  • 4Under ASU 2017-07, certain benefit costs previously included in Cost of Goods Sold, R&D, and SG&A expenses are now presented in "Other expense (income), net".
  • 5The recast financial statements are included in Exhibit 99.1 and have been reviewed by Ernst & Young LLP, with their report remaining substantively unchanged.
  • 6The company explicitly states that these changes have no impact on historical consolidated financial position, results of operations, or cash flows.
  • 7This filing is for informational purposes regarding financial statement presentation and does not update previously disclosed information beyond these specific changes.

Frequently Asked Questions

The main purpose of this filing is to provide a recast of COHERENT CORP.'s (formerly II-VI Incorporated) historical financial statements for the year ended June 30, 2018, and prior periods. This recast is due to the realignment of operating segments and the adoption of a new accounting standard for pension and postretirement benefits.

No, the company explicitly states that these changes have no impact on the historical consolidated financial position, results of operations, or cash flows. The recast is purely a presentational change to align with updated segment structures and accounting standards.

The company realigned its operating segments effective July 1, 2018. The "Laser Systems Group" was moved from "II-VI Laser Solutions" to "II-VI Photonics", and "Integrated Photonics, Inc." was moved from "II-VI Photonics" to "II-VI Performance Products".

ASU 2017-07 requires companies to present certain components of net pension and postretirement benefit cost separately. For COHERENT CORP., benefit costs (excluding service costs) that were previously embedded in Cost of Goods Sold, R&D, and SG&A expenses are now reported in "Other expense (income), net" in the Consolidated Statements of Earnings.