Lumen Technologies cutting workforce by less than 7%; expects $90–$100M severance costs

Lumen Technologies, Inc.

Workforce reduction via involuntary and voluntary separations totaling less than 7% of employees.
Severance and related costs estimated at $90–$100 million, expensed in Q2 2024.
Reductions expected to be substantially complete by end of Q2 2024.
Part of ongoing transformation and cost reduction initiatives aligned with strategic priorities.
No other material impairment or exit costs anticipated from this plan.

item 2.05

Key facts

Extracted from this filing and checked against the source text.

Restructurings & Charges SEC 8-K Item 2.05/2.06 confidence 0.9

Lumen Technologies, Inc. announced a restructuring with charges of approximately $90 to $100 million (less than 7%).

Type: restructuring
Charge: approximately $90 to $100 million
Headcount: less than 7%

Exact text from the filing

completed by the end of the second quarter of 2024. As a result of this plan, the Company expects to incur severance and related costs in the range of approximately $90 to $100 million, substantially all of which we expect to record in the second quarter of 2024. Other than these costs, the Company does not expect to incur any material impairment

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Lumen Technologies, Inc. filing history →

Source: SEC EDGAR

accession 0001193125-24-107066

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