Summary
This 8-K filing by COHERENT CORP. (formerly II-VI Incorporated) serves to provide investors with updated and recast historical financial information to reflect a revised business segment structure. Effective July 1, 2019, the Company combined its former Laser Solutions and Performance Materials segments into a new 'Compound Semiconductors' segment. This filing does not represent a restatement of previously issued financial statements, nor does it impact the Company's historical consolidated financial position, results of operations, or cash flows. Investors should note that this report primarily offers a reformatting of historical data to align with the new segment reporting. Key sections of the Company's 2019 Form 10-K, including the Business description, Management's Discussion and Analysis, and Financial Statements, have been revised and incorporated by reference. The accompanying financial statement notes that were updated primarily relate to segment reporting and business structure. The independent auditor's report remains unchanged, with the exception of dual dating to reflect this reissuance of footnote information.
Key Highlights
- 1Company is providing recast historical financial information to reflect a new business segment structure.
- 2The revised segment structure, effective July 1, 2019, combines former Laser Solutions and Performance Materials into 'Compound Semiconductors'.
- 3This filing does not constitute a restatement of previously issued financial statements.
- 4The changes had no impact on the Company's historical consolidated financial position, results of operations, or cash flows.
- 5Revisions are incorporated by reference into the Company's 2019 Form 10-K, impacting Business, MD&A, and Financial Statements sections.
- 6Specifically, certain notes to the consolidated financial statements have been updated, primarily concerning segment and geographic reporting, goodwill, and revenue recognition.