Summary
This Form 8-K/A filing from Western Digital Corporation (WDC) serves as an amendment to a previous filing on January 23, 2013. The company is providing updated information regarding its voluntary separation program, initiated to realign its cost structure with market demands. The amendment clarifies the estimated financial impact of this program, which was not fully determinable at the time of the initial filing. Investors should note that WDC now estimates approximately $55 million in pre-tax charges related to cash severance and other termination benefits due to this program. The majority of these charges, around $52 million, are expected to result in future cash outlays. The company anticipates recognizing most of these costs by the fourth quarter of fiscal year 2013.
Key Highlights
- 1Western Digital Corporation (WDC) filed an 8-K/A to amend and update disclosures about a voluntary separation program.
- 2The program was initially announced on January 23, 2013, to realign the company's cost structure.
- 3WDC now estimates total pre-tax charges of approximately $55 million related to this program.
- 4These charges primarily consist of cash severance and other termination benefits.
- 5The company anticipates recognizing substantially all of these charges by the fourth quarter of fiscal year 2013.
- 6Approximately $52 million of the estimated charges are expected to result in future cash expenditures.