01—Abstract
Summary
Summary of the 8-K filed June 29, 2020. Cited figures are marked; the original filing is the authoritative source.
This 8-K filing by II-VI Incorporated (now Coherent Corp.) provides an update on its business segment reporting, specifically addressing the revised segment structure implemented at the start of its 2020 fiscal year (July 1, 2019).
The company is presenting recast historical financial information to reflect the combination of its former Laser Solutions and Performance Materials businesses into a new 'Compound Semiconductors' segment. This filing's primary purpose is to provide investors with this recast historical data and to incorporate it by reference into other SEC filings, ensuring consistency in reporting. Crucially, the company emphasizes that these changes are solely for reporting segment structure and have had no impact on its consolidated financial position, results of operations, or cash flows.
This is not a restatement of previously issued financial statements. Investors should review the provided Exhibit 99.1, which contains the revised sections of the 2019 Form 10-K, alongside the original 2019 Form 10-K and subsequent filings.
02—Key points
Key Highlights
- II-VI Incorporated (now Coherent Corp.) is filing to provide recast historical financial information due to a revised business segment structure.
- The company's 2020 fiscal year began with two revised segments: Compound Semiconductors and Photonic Solutions.
- The new 'Compound Semiconductors' segment combines the former Laser Solutions and Performance Materials businesses.
- This filing incorporates recast historical financial data into SEC filings, including registration statements.
- The segment restructuring has NO impact on the Company's historical consolidated financial position, results of operations, or cash flows.
- This filing is NOT a restatement of previously issued financial statements.
- Exhibit 99.1 contains the revised sections of the 2019 Form 10-K related to the segment change.
03—Questions
Frequently Asked Questions
What is the main reason for this 8-K filing?
The primary reason for this 8-K filing is to provide investors with recast historical financial information that reflects the company's revised business segment structure, which became effective at the start of its 2020 fiscal year. This ensures consistent reporting across SEC filings.
Did this segment change affect the company's financial performance or position?
No, the company explicitly states that these changes are solely for reporting segment structure and have had no impact on its historical consolidated financial position, results of operations, or cash flows. This is not a restatement of previously issued financial statements.
What are the new business segments?
Effective July 1, 2019, the company began operating under two revised business segments: Compound Semiconductors and Photonic Solutions. The Compound Semiconductors segment is a combination of what were previously the Laser Solutions and Performance Materials business segments.
Where can I find the revised financial information?
The recast historical financial information, along with revised sections of the 2019 Form 10-K (Part I, Item 1; Part II, Item 7; and Part II, Item 8), is included in Exhibit 99.1 of this Form 8-K filing.
04—Continue