Summary
Keysight Technologies, Inc. (KEYS) filed an 8-K on June 25, 2019, to provide revised historical financial information related to its previously filed Annual Report on Form 10-K for the year ended October 31, 2018. The primary driver for this revision is an organizational change implemented to better align the company's services business with its customers and end markets, which necessitates a restatement of segment reporting. Investors should note that this filing does not introduce new operational events or financial performance data beyond what was presented in the original 10-K, but rather corrects and clarifies how prior period results are presented under the new segment structure. In addition to the segment reorganization, the company is also retrospectively adopting Accounting Standards ASU 2017-07, which impacts the presentation of net periodic pension cost and net periodic postretirement benefit cost. This 8-K includes revised sections of the Annual Report, specifically Item 1 (Business), Item 7 (Management's Discussion and Analysis), and Item 8 (Financial Statements and Supplementary Data), to reflect these changes. Investors are advised to read this filing in conjunction with the original 10-K and any subsequent filings for a complete understanding of Keysight's financial position and operational reporting.
Key Highlights
- 1Keysight Technologies is filing an 8-K to revise historical financial information from its FY2018 10-K.
- 2The revisions are primarily due to an organizational change realigning the services business with customers and end markets.
- 3This organizational change impacts the company's segment reporting.
- 4The company is also retrospectively adopting ASU 2017-07 concerning the presentation of pension costs.
- 5Revised business, MD&A, and financial statement sections are included as exhibits.
- 6This filing serves to correct and clarify prior reporting, not to introduce new events or performance data post-10-K filing.