Business Context and Reporting Period
Company: Air Products & Chemicals, Inc.
Filing Type: Form 8-K (Current Report)
Date of Report: January 26, 2018
Context: The filing provides supplemental financial information regarding the retrospective application of Accounting Standards Update (ASU) No. 2017-07, which improves the presentation of net periodic pension and postretirement benefit costs.
Key Financial Metrics
This filing does not contain specific numerical values for revenue, profit, cash flow, margins, debt, or liquidity. It serves as a disclosure notice directing investors to Exhibit 99.1 for supplemental data reflecting the new accounting presentation. The filing notes that non-GAAP ("adjusted") financial measures are included in the exhibit alongside reconciliations to GAAP measures.
Material Changes
- Accounting Presentation: The Company elected to early adopt ASU No. 2017-07 in the first quarter of fiscal year 2018.
- Retrospective Application: Income statement presentation requirements have been applied retrospectively to all periods presented in the supplemental information.
Guidance, Outlook, and Risks
Management Commentary: The supplemental information is presented for illustrative and informational purposes only. The Company explicitly states that non-GAAP measures are not substitutes for GAAP measures and should not be considered in isolation.
Legal Status: The information in Items 7.01 and 9.01 is being furnished, not filed. Consequently, it will not be incorporated by reference into any registration statement under the Securities Act of 1933 unless specifically identified. The Company states this furnishing does not constitute an admission that the information is material or complete.
Investor Verification Checklist
- Review Exhibit 99.1 for the specific supplemental financial tables and non-GAAP reconciliations.
- Verify the impact of the retrospective application of ASU No. 2017-07 on historical pension and postretirement benefit cost reporting.
- Confirm that the non-GAAP measures align with the Company's standard definitions used in other reports.
- Note that this 8-K does not contain new operational guidance or earnings forecasts.