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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (date of earliest event reported) January 7, 1998
WITCO CORPORATION
(Exact name of Registrant as Specified in its Charter)
Delaware 1-4654 13-1870000
(State or Other (Commission (I.R.S. Employer
Jurisdiction of File Number) Identification No.)
Incorporation)
One American Lane, Greenwich, Connecticut 06831
(Address of Principal Executive Officers) (Zip Code)
(203)552-2000
(Registrant's telephone number, including area code)
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Item 5. Other Events
On November 20, 1997, the Emerging Issues Task Force ("EITF") of the
Financial Accounting Standards Board announced a final consensus on Issue No.
97-13, "Accounting for Costs Incurred in Connection with a Consulting Contract
or Internal Project That Combines Business Process Reeingineering and
Information Technology Transformation." Issue No. 97-13 addresses accounting for
third party or internally generated costs associated with projects that combine
business process reengineering activities and information technology
transformation. The EITF consensus concludes that business process reengineering
costs incurred in connection with an overall information technology
transformation project should be expensed as incurred. In addition, Issue No.
97-13 requires that if such costs were previously capitalized as of the
beginning of the quarter including November 20, 1997, any remaining unamortized
portion of those costs should be written off as a cumulative effect of a change
in accounting in that quarter.
The Company is currently involved in a major project that combines
business process reengineering and information technology transformation. Both
third parties and Company personnel are engaged in this project. A material
amount of business process reengineering activities have been previously
capitalized and, therefore, the Company is anticipating a write-off in the
fourth quarter of 1997 showing the cumulative effect of this change in
accounting. Beginning with the fourth quarter of 1997, the Company will include
the continuing costs of these activities as operating expenses either shown
separately or as part of restructuring charges. The Company is currently
analyzing the impact of the EITF provisions and will record the adjustment in
the 1997 fourth quarter and will include related disclosure in its Form 10-K for
the year ended December 31, 1997.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, hereunto duly authorized.
WITCO CORPORATION
/s/ Dustan E. McCoy
Name: Dustan E. McCoy
Title: Senior Vice President, General Counsel
and Corporate Secretary
Dated: January 7, 1998
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