UNITED STATES
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CURRENT REPORT
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Item 2.05 Costs Associated with Exit or Disposal Activities.
On September 26, 2023, the Board of Directors of Jabil Inc. (the “Company”) approved a restructuring plan to (i) realign the Company’s cost base for stranded costs associated with the Company’s sale and realignment of its Mobility business and (ii) optimize the Company’s global footprint. This action includes headcount reductions across our Selling, General and Administrative (“SG&A”) cost base and capacity realignment (the “2024 Restructuring Plan”). The 2024 Restructuring Plan reflects the Company’s intention only and restructuring decisions, and the timing of such decisions, at certain locations are still subject to consultation with the Company’s employees and their representatives.
Based on the analysis done to date, the Company currently expects to recognize approximately $300 million in pre-tax restructuring and other related costs over the course of the Company’s 2024 fiscal year. The charges relating to the 2024 Restructuring Plan are currently expected to result in net cash expenditures of approximately $200 million that will be payable over the course of the Company’s fiscal years 2024 and 2025. The exact timing of these charges and cash outflows, as well as the estimated cost ranges by category type, have not been finalized. This information will be subject to the finalization of timetables for the transition of functions, consultation with employees and their representatives as well as the statutory severance requirements of the jurisdictions impacted, and the amount and timing of the actual charges may vary due to a variety of factors. The Company’s estimates for the charges discussed above exclude any potential income tax effects.
To the extent required by applicable rules, the Company will file one or more amendments to this Current Report on Form 8-K as details of the 2024 Restructuring Plan are refined and estimates of related costs and charges are finalized.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| JABIL INC. | ||||||
| (Registrant) | ||||||
| October 2, 2023 | By: | /s/ MICHAEL DASTOOR | ||||
| Michael Dastoor | ||||||
| Chief Financial Officer | ||||||