Costs Associated With Exit or Disposal Activities
- Item 2.05.
The Company currently expects to record in the aggregate approximately $60 million to $100 million in pre-tax restructuring charges associated with the Restructuring Program. Included in these pre-tax charges are approximately $55 million to $70 million related to employee severance arrangements and approximately $5 million to $30 million related to the consolidation of leased facilities and other charges associated with the Restructuring Program. Substantially all of these charges will result in future cash expenditures. The Company currently anticipates completing the majority of the activities related to the Restructuring Program during the fourth quarter of 2017 and during fiscal year 2018.
Consistent with its previously-announced plans intended to accelerate the transformation to a cloud-based subscription business, increase strategic focus, and improve operational efficiency, on October 4, 2017, Citrix Systems, Inc. (the “Company”) announced a restructuring program to support these initiatives (the “Restructuring Program”). The Restructuring Program will include, among other things, the elimination of full-time positions and facilities consolidation. Any position elimination proposals in countries outside the United States will be subject to local law and consultation requirements.