Laying off thousands of Sprint employees isn't cheap

While Sprint Corp. reports it will realize $400 million in labor cost savings for the fiscal year, it will likely get hit by a hefty severage-related charge.

According to the Kansas City Business Journal, the Overland Park, Kan.-based company reported plans to pay $265 million related to layoffs for the third quarter.

Sprint recently announced that it plans to lay off an additional 2,000 people to reach a targeted $1.5 billion in annual cost reductions. Since December 2012, the company's headcount has decreased from 39,000 to 31,000.

Read more from the Kansas City Business Journal.