Cytec Industries Inc. CYT announced it
has changed its method of accounting for its continuing pension and other
postemployment benefit (OPEB) plans to a more preferable method as permitted
under generally accepted accounting principles in the United States (GAAP).
The new accounting method, referred to as mark-to-market (MTM), was adopted in
the second quarter of 2013, and will be retrospectively applied to the
Company's financial results for all periods. See the adjusted statements of
income on pages 4, 6-10, and 13-17 in the accompanying Schedules providing for
the effect of the accounting change on the statements of income for the first
quarter of 2013, and for the full year and each quarter of 2012 and 2011,
respectively.
Under the newly adopted method of accounting for actuarial gains and losses
for its pension and OPEB plans, the Company expects its 2013 pension and OPEB
costs to be lower than previously anticipated by approximately $30 million,
pre-tax, excluding any potential MTM adjustment.
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