Summary
This 8-K filing from The Williams Companies, Inc. (WMB) primarily serves to provide updated financial information related to the divestiture of its power business. On May 21, 2007, WMB announced an agreement to sell its power business to Bear Energy, LP for $512 million. This report details the subsequent revision of historical financial data presented in its Form 10-K for the fiscal year ended December 31, 2006, and its Form 10-Q for the quarter ended March 31, 2007. The revisions are made in accordance with accounting standards for discontinued operations (SFAS No. 144). Investors should note that specific sections of these prior filings, including selected financial data, management's discussion and analysis, market risk disclosures, financial statements, and computations of the ratio of earnings to fixed charges, have been restated to segregate the financial performance and position of the divested power business. This filing itself does not contain new operational updates beyond these financial restatements.
Key Highlights
- 1Williams Companies, Inc. (WMB) is filing an 8-K to report revisions to historical financial information.
- 2The revisions are due to the sale of the company's power business to Bear Energy, LP for $512 million, announced on May 21, 2007.
- 3Financial data from the Form 10-K (FY 2006) and Form 10-Q (Q1 2007) have been restated to reflect the power business as discontinued operations.
- 4The restatements apply to various financial reporting sections, including selected financial data, MD&A, market risk disclosures, and financial statements.
- 5Computations of the Ratio of Earnings to Fixed Charges for relevant periods have also been revised and are included as exhibits.
- 6The filing includes consents from the independent registered public accounting firm, Ernst & Young LLP, for the revised financial statements.