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S > SEC Filings for S > Form 8-K/A on 23-Apr-2014All Recent SEC Filings

Show all filings for SPRINT CORP

Form 8-K/A for SPRINT CORP


Costs Associated with Exit or Disposal Activities

Item 2.05 Costs Associated with Exit or Disposal Activities.

On January 16, 2014, the Company began implementation of a workforce reduction plan to reduce costs and better meet the changing dynamics of the marketplace. The plan includes steps to, among other things, improve operational efficiencies and reduce costs, as a result of which the Company expects to incur material charges under generally accepted accounting principles. This reduction is expected to be largely completed by June 30, 2014 and will include management and non-management positions throughout the Company.

The Company previously reported and recognized a charge of approximately $165 million in the fourth quarter of 2013 for severance and related costs. This charge for the severance and related costs was determined based on an existing employee benefit severance plan and based on the information available as of the date of the Original Filing. The Company expects to recognize an additional charge of approximately $15 million in the three month period ended March 31, 2014 for severance and related costs relating to this workforce reduction plan. The majority of the above estimated charges are expected to result in cash expenditures by December 31, 2014.

This Amendment Filing contains statements that are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include statements regarding the anticipated future charges and cash expenditures relating to the reduction in force. All of the charges in this Amendment Filing are estimates and are subject to change. These forward-looking statements give the Company's current expectations and are based upon management's expectations that involve a number of risks and uncertainties, any of which could cause actual results to differ materially from those expressed in or implied by the forward-looking statements. Such risks and uncertainties include, but are not limited to the following: separation costs that differ from original estimates because of the timing of employee terminations and the amounts of related charges. The company undertakes no obligation to publicly update forward-looking statements, whether as a result of new information, future events or otherwise. You are advised, however, to consult any further disclosures the company makes on related subjects in its reports on Form 10-Q, 8-K and 10-K submitted to the SEC. You should understand that it is not possible to predict or identify all risk factors. Consequently, you should not consider any such list to be a complete set of all potential risks or uncertainties.

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