Business Context and Reporting Period
Company: Bristol-Myers Squibb Company
Filing Type: Form 8-K (Current Report)
Date of Report: April 28, 2009
Context: This filing announces the submission of the Form 10-Q for the quarter ended March 31, 2009, and the release of revised consolidated financial statements for the years ended December 31, 2008, 2007, and 2006. These revisions supersede the financial statements previously filed in the 2008 Annual Report on Form 10-K.
Key Financial Metrics
The filing text does not provide specific numerical values for revenue, profit, cash flow, margins, debt, or liquidity. The document serves as a notice of accounting restatements rather than a source of new operational data.
Material Changes Versus Prior Period
The filing details two primary accounting changes affecting the presentation of financial data for 2006, 2007, and 2008:
- Segment Reporting Changes: Effective January 1, 2009, the Company changed its reporting segments. Revised statements reflect the retroactive effect of the new measurement of segment income and reconciliation to pre-tax income.
- Adoption of SFAS No. 160: Revised statements reflect the retrospective presentation and disclosure requirements of Statement of Financial Accounting Standards No. 160, "Noncontrolling Interests in Consolidated Financial Statements."
Specific line items revised include the Consolidated Statements of Earnings, Balance Sheets, and Cash Flows, as well as Notes 1, 3, 7, 12, 19, 22, and 26 to the financial statements.
Guidance, Outlook, and Management Commentary
The filing does not contain forward-looking guidance, management commentary on future operations, or specific risk factors beyond the disclosure of the accounting changes. The Management's Discussion and Analysis (MD&A) was revised to align with the new segment measurement and SFAS No. 160 requirements.
Important Facts for Investor Verification
- Verify the specific impact of the segment reporting changes on historical profitability metrics by reviewing the revised financial statements in Exhibit 99.1.
- Confirm the treatment of noncontrolling interests in the revised balance sheets and equity sections per SFAS No. 160.
- Review the Form 10-Q for the quarter ended March 31, 2009, for current period operational results, as this 8-K only references the filing.
- Note that the Independent Registered Public Accounting Firm (Deloitte & Touche LLP) has consented to the inclusion of the revised financial statements.