will record $120.2 million in costs related to slashing jobs and other restructuring, according to an 8-K filing with the
Securities and Exchange Commission
filed late Thursday.
The figure is part of the previously announced $200 million to $250 million in charges that the company expects to record during its fiscal fourth quarter. The company reported its
fourth-quarter results on Wednesday of this week.
"The restructuring plan was approved by the company's board of directors to better align the company's manufacturing capacity in certain higher-cost geographies and to properly size its manufacturing sites with perceived current market conditions," the filing reads.
Jabil will pay $81.2 million in employee severance and benefits. Material impairment expenses include valuation allowances against net deferred tax assets of $35.6 million and $3.4 million in fixed-asset impairment fees.
The remaining charges in Jabil's restructuring plans have not been finalized.
Jabil shares dipped 19 cents to $28.77 in Thursday trading.