Business Context and Reporting Period
Company: International Seaways, Inc.
Filing Type: Form 8-K (Current Report)
Date of Report: May 14, 2018
Context: This filing addresses the recasting of financial information originally presented in the Company's Annual Report on Form 10-K for the year ended December 31, 2017. The recasting reflects the retrospective application of new Financial Accounting Standards Board (FASB) updates adopted in the quarter ended March 31, 2018.
Key Financial Metrics
This Form 8-K does not contain specific numerical values for revenue, profit, cash flow, margins, debt, or liquidity. Instead, it serves as a notice that the financial data in the previously filed 2017 Form 10-K has been adjusted. The specific recast figures are located in Exhibit 99.1 attached to this filing.
Material Changes Versus Prior Period
The filing details a material change in the presentation of financial data due to the retrospective application of the following accounting standards:
- ASU 2017-07 (ASC 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost.
- ASU 2016-18 (ASC 230): Statement of Cash Flows: Restricted Cash.
- ASU 2016-15 (ASC 230): Classification of Certain Cash Receipts and Cash Payments.
These changes affect Item 6 (Selected Financial Data), Item 7 (Management Discussion and Analysis), Item 8 (Financial Statements), and Schedule I of the 2017 Form 10-K. The Company explicitly states there are no other revisions or updates to the 2017 Form 10-K.
Guidance, Outlook, and Risks
Management Commentary: The Company clarifies that this Current Report is not an amendment to or a restatement of the 2017 Form 10-K, but rather a recasting of specific sections to align with new accounting standards. Investors are advised to read this report in conjunction with the original Form 10-K.
Risks and Contingencies: No new risks, contingencies, or unusual items are disclosed in this filing. The filing does not provide updated guidance or outlook beyond the accounting adjustments.
Investor Verification Checklist
- Review Exhibit 99.1 attached to this filing to view the specific recast financial statements and selected financial data.
- Compare the recast figures in Exhibit 99.1 against the original 2017 Form 10-K to understand the impact of the accounting standard changes on pension costs, restricted cash, and cash flow classifications.
- Verify that no other sections of the 2017 Form 10-K have been altered, as stated in the filing.