Check the appropriate box below if the Form filing is intended to simultaneously satisfy the filing obligations of any registrant under any of the following provisions:

 

 

 

 

Securities registered pursuant to Section 12(b) of the Act:

 

Indicate by check mark whether any registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule of the Securities Exchange Act of 1934 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. 

 

 

 

On April 19, 2024, Lumen Technologies, Inc. (the “Company,” “we,” “us” and “our”) finalized plans to reduce our workforce by less than 7% through a combination of involuntary and voluntary separations. These reductions are a part of our efforts to change our workforce composition to reflect our ongoing transformation and cost reduction opportunities that align with the Company’s shapeshifting and focus on its strategic priorities. These initiatives are expected to be substantially 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 or exit costs related to this plan.

Except for historical and factual information, the matters set forth in this Current Report on words such as “expects,” “anticipates,” “will,” “plans” and similar expressions are forward-looking statements as defined by the federal securities laws, and are subject to the “safe harbor” protections thereunder. These forward-looking statements are not guarantees of future results and are based on current expectations only, and are subject to various uncertainties, including uncertainties regarding the number of employees who will voluntarily depart and the number of employees who will be involuntarily terminated. Actual events and results may differ materially from those anticipated by us in those statements. Factors that could affect actual results include, but are not limited to, the risks referenced from time to time in our filings with the U.S. Securities and Exchange Commission. We may change our intentions or plans discussed in our forward-looking statements without notice at any time and for any reason.

 

 

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Pursuant to the requirements of the Securities Exchange Act of 1934, Lumen Technologies, Inc., Level 3 Parent, LLC, and Qwest Corporation have duly caused this Current Report on Form to be signed on their behalf by the undersigned officer hereunto duly authorized.

 

 

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