Xylem Inc. Form 8-K Summary
Business Context and Reporting Period
This Current Report on Form 8-K was filed by Xylem Inc. on April 27, 2012. The filing serves to correct a specific disclosure error made in the Company's Proxy Statement filed on March 29, 2012, regarding the terms of its agreement with its independent registered public accounting firm, Deloitte & Touche LLP.
Financial Metrics
The filing text does not provide a clear value for revenue, profit, cash flow, margins, debt, or liquidity. This report is strictly a corrective disclosure regarding legal agreements and contains no financial performance data.
Material Changes
The material change involves the correction of a statement under "Proposal 2—Ratification of Appointment of the Independent Registered Public Accounting Firm." The Company previously incorrectly stated that its agreement with Deloitte included a provision limiting awards based on punitive or exemplary damages under dispute resolution procedures. The filing clarifies that the agreement does not include such a limitation.
Outlook, Risks, and Management Commentary
Management clarified that the dispute resolution clause in the agreement with Deloitte expressly states that it "shall apply to the fullest extent of the law, whether in contract, statute, tort (such as negligence), or otherwise." No other risks, contingencies, or unusual items were disclosed in this filing.
Key Facts for Investor Verification
- The Company's agreement with Deloitte & Touche LLP does not limit awards based on punitive or exemplary damages.
- The dispute resolution procedures apply to the fullest extent of the law, including torts such as negligence.
- This filing corrects a misstatement in the Proxy Statement dated March 29, 2012.