Unisys Revises Estimate of One-Time, Non-Cash, Pre-Tax Settlement Charge Related to Previously Announced Purchase of Group Annuity Contracts

Rhea-AI Summary

Unisys (UIS) revises its estimate for the one-time, non-cash, pre-tax settlement charge related to annuity purchase agreements to transfer a portion of its U.S. pension obligations from approximately $244 million to $179 million.

BLUE BELL, Pa., Dec. 14, 2023 /PRNewswire/ -- Unisys (NYSE: UIS) announced in a previous statement released on November 27, 2023, annuity purchase agreements to transfer a portion of its U.S. pension obligations. In the release, the company anticipated the action would result in a one-time, non-cash, pre-tax settlement charge of approximately $244 million. The company is revising that estimate to approximately $179 million. The settlement charge will be finalized and communicated as part of the company's year-end 2023 financial results.

About Unisys
Unisys is a global technology solutions company that powers breakthroughs for the world's leading organizations. Our solutions – digital workplace; cloud, applications & infrastructure; enterprise computing; and business process – help our clients challenge the status quo and create new possibilities. To learn how we deliver breakthroughs for our clients – and have been pushing the possible for 150 years – visit unisys.com and follow us on LinkedIn. #Unisys150.

Forward-Looking Statements
Any statements contained in this release that are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. Unisys cautions readers that the assumptions forming the basis for forward-looking statements include many factors that are beyond Unisys' ability to control or estimate precisely and are made based upon management's current expectations, assumptions and beliefs as of this date concerning future developments and their potential effect upon Unisys. There can be no assurance that future developments will be in accordance with management's expectations, assumptions and beliefs or that the effect of future developments on Unisys will be those anticipated by management. Forward-looking statements in this release include the impact on the U.S. pension. Additional information and factors that could cause actual results to differ materially from Unisys' expectations are contained in Unisys' filings with the U.S. Securities and Exchange Commission (SEC), including Unisys' Annual Reports on Form 10-K and subsequent Quarterly Reports on Form 10-Q, recent Current Reports on Form 8-K, and other SEC filings, which are available at the SEC's web site, http://www.sec.gov. Information included in this release is representative as of the date of this release only and while Unisys periodically reassesses material trends and uncertainties affecting Unisys' results of operations and financial condition in connection with its preparation of management's discussion and analysis of results of operations and financial condition contained in its Quarterly and Annual Reports filed with the SEC, Unisys does not, by including this statement, assume any obligation to review or revise any particular forward-looking statement referenced herein in light of future events.

RELEASE NO.: [1214/9934]

Unisys and other Unisys products and services mentioned herein, as well as their respective logos, are trademarks or registered trademarks of Unisys Corporation. Any other brand or product referenced herein is acknowledged to be a trademark or registered trademark of its respective holder.

UIS-C

View original content to download multimedia:https://www.prnewswire.com/news-releases/unisys-revises-estimate-of-one-time-non-cash-pre-tax-settlement-charge-related-to-previously-announced-purchase-of-group-annuity-contracts-302015954.html

SOURCE Unisys Corporation

FAQ

What did Unisys (UIS) announce regarding its U.S. pension obligations?

Unisys announced annuity purchase agreements to transfer a portion of its U.S. pension obligations.

What is the revised estimate for the one-time settlement charge related to the annuity purchase agreements?

The revised estimate is approximately $179 million, down from $244 million.

When will the settlement charge be finalized and communicated?

The settlement charge will be finalized and communicated as part of the company's year-end 2023 financial results.