SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
(Amendment No. 2)
Pursuant to Section 13 or 15(d) of The
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): October 18, 2012
(Exact name of registrant as specified in its charter)
(State or other jurisdiction
701 First Avenue
|(Address of principal executive offices)||(Zip Code)|
(Registrants telephone number, including area code)
(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
|¨||Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)|
|¨||Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)|
|¨||Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))|
|¨||Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))|
This Form 8-K/A amends and updates the disclosures made in the Form 8-K filed by Yahoo! Inc. (the Company) on October 24, 2012, as amended by Amendment No. 1 to Form 8-K filed by the Company on November 8, 2012.
|Item 2.05||Costs Associated with Exit or Disposal Activities.|
On October 24, 2012, the Company filed a Form 8-K to disclose that it had begun notifying employees whose employment would be terminated as a result of the Companys plan to close its Korean business by December 31, 2012. At that time, the Company was unable to estimate the pre-tax cash and non-cash charges and total charges it expected to incur in connection with this action.
On November 8, 2012, the Company filed Amendment No. 1 to Form 8-K to disclose its estimate of the pre-tax cash and non-cash charges it expected to incur in connection with its plan to close the Korean business, other than certain contract termination charges that were not yet estimable. The Company disclosed that it expected to incur pre-tax cash charges of approximately $5 million related to severance pay expenses and approximately $2 million related to lease termination charges, as well as pre-tax non-cash charges related to goodwill and other asset impairments totaling approximately $87 million.
The Company now estimates that the other contract termination charges it will incur in connection with its plan to close the Korean business will total approximately $9 million on a pre-tax cash basis. The Company also now estimates that it will recognize a non-cash credit of approximately $16 million related to the reversal of previously recorded cumulative foreign currency translation adjustments. Accordingly, the Company now estimates that it will incur total pre-tax charges of approximately $86 million in connection with this action. The Company expects to recognize $83 million of these total charges during the quarter ended December 31, 2012. The Company expects to recognize the remaining charges through June 30, 2013. Approximately $2 million of the remaining charges are expected to result in future cash expenditures.
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
|Name: Ken Goldman|
|Title: Chief Financial Officer|
Date: January 11, 2013