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TXN > SEC Filings for TXN > Form 8-K on 19-Nov-2012All Recent SEC Filings

Show all filings for TEXAS INSTRUMENTS INC

Form 8-K for TEXAS INSTRUMENTS INC


19-Nov-2012

Costs Associated with Exit or Disposal Activities, Regulation FD Disclosure


ITEM 2.05. Costs Associated with Exit or Disposal Activities

On November 14, 2012, Texas Instruments Incorporated ("TI") announced that it will reduce costs and focus investments in its Wireless business on embedded markets with greater potential for sustainable growth. Cost reductions include the elimination of about 1,700 jobs worldwide. TI estimates that these actions will be substantially complete by the end of 2013.

Total charges for these actions are estimated to be about $325 million, of which about $220 million is for severance and related benefits and most of the remainder is for noncash impairments of intangible assets related to the Wireless business, including goodwill. Most of these charges will be recognized in the fourth quarter of 2012. The severance and related benefits will result in future cash expenditures.

As a result of these actions, TI expects annualized savings of about $450 million by the end of 2013.



ITEM 7.01. Regulation FD Disclosure

On November 14, 2012, TI issued a news release announcing the actions described in Item 2.05 above. The news release is attached hereto as Exhibit 99.

                              ITEM 9.01. Exhibits




Designation
of Exhibit
  in this
  Report      Description of Exhibit

    99        Registrant's News Release (furnished pursuant to Item 7.01)
              Dated November 14, 2012

"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995:

This report includes forward-looking statements intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. These forward-looking statements generally can be identified by phrases such as TI or its management "expects," "estimates" or other words or phrases of similar import. Similarly, statements herein that describe TI's business strategy, outlook, objectives, plans, intentions, goals or anticipated cost savings also are forward-looking statements. All such forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements, including but not limited to the ability of TI to complete its cost-reduction actions in a timely manner and to realize opportunities for our OMAP processor and wireless connectivity product lines in embedded markets; and the other risks and important factors contained and identified in the Risk Factors discussion in Item 1A of TI's Form 10-Q for the quarter ended March 31, 2012. The forward-looking statements included in this report are made only as of the date of this report, and TI undertakes no obligation to update the forward-looking statements to reflect subsequent events or circumstances.

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