The funds will be used for corporate purposes, including the severance costs associated with a cutback involving more than 25,000 workers this year.

Not counting severance costs, the 2,400 planned job cuts could save more than $200 million a year.

The latest fourth quarter included other expense of $308,000 after tax, primarily relating to certain severance costs.

Xerox took a special charge of $175 million in the latest quarter to pay for severance costs associated with the job cuts.

As a result, the company will take a charge of $374 million, or 56 cents a share, against third-quarter earnings to account for severance costs.

The company, which is based in Montreal, said that it expected the severance costs associated with the layoffs would total $26 million.

McGraw-Hill said that $75 million of the special charge would go into a reserve to pay severance costs and other expenses.

And he would have assumed the $35 million in severance costs.

The company will establish a $60 million reserve to cover severance costs of the 1,000 job cuts.

Environmental cleanup costs, and severance costs associated with plant closings were also a factor.