Moody's pro forma analysis from 2016 audits showed negligible change in the operating cash flow margin, with slight a positive difference for not-for-profit hospitals and universities. The new guidance is viewed favorably in that it "will help provide a clearer picture of operating income and operating cash flow." Moody's still considers pensions and other post-employment benefits (OPEBs) long-term liabilities and thinks this relative to balance sheet burden. But the rating agency has a sharp eye on the impact the moves will have on pensions and OPEBs on operating expenses.