Billerud Americas layoffs, on the record
Every job cut, severance charge and restructuring Billerud Americas reported in its annual reports, 2019 to 2021, quoted from the filings. Headcount went from approximately 3,700 to approximately 1,600.
Headcount, as reported
| Annual report | Employees | As of |
|---|---|---|
| 10-K for 2019 | approximately 3,700 | December 31, 2019 |
| 10-K for 2020 | approximately 1,700 | December 31, 2020 |
| 10-K for 2021 | approximately 1,600 | December 31, 2021 |
Job cuts, severance and restructuring
Our summaryShut down and closed the Luke Mill, reducing coated freesheet capacity and eliminating positions there.
Word for word“The shutdown of the Luke Mill reduced our coated freesheet production capacity by approximately 450,000 tons and eliminated approximately 675 positions at the Luke Mill.” 10-K for 2019
Our summaryRecorded restructuring charges primarily associated with the closure of the Luke Mill, which rose from the prior year.
Word for word“Restructuring charges for the year ended December 31, 2019 increased $51 million compared to the year ended December 31, 2018 , primarily as a result of the closure of our Luke Mill” 10-K for 2019
Our summaryIncurred severance costs tied to the former Chief Executive Officer's employment agreement, recorded within selling, general and administrative costs.
Word for word“Higher Selling, general and administrative costs of $2 million driven by severance costs and equity compensation expense in connection with the former Chief Executive Officer pursuant to his employment agreement and, costs related to the Pixelle Sale and proxy solicitation, partially offset by reduced incentive expense in 2019 and continued cost cutting initiatives” 10-K for 2019
Our summaryRecorded other severance costs not associated with restructuring activities, as an adjustment to EBITDA.
Word for word“Other severance costs (8) 6 — 4 Strategic initiatives costs (9) 3 5 6 Shareholders proxy solicitation costs (10) — — 1 Extinguishment of NMTC obligation (11) (7 ) — — Other items, net (12) 3 3 1 Adjusted EBITDA (13) $ 134 $ 296 $ 251 (1) For 2017 and 2018, charges are primarily associated with the closure and relocation of the Memphis office headquarters and closure of the Wickliffe Mill.” 10-K for 2019
Our summaryIdled the Duluth Mill, with $3 million in severance and benefit costs recognized in the third quarter of 2020.
Word for word“We idled production at the Duluth Mill on July 1, 2020 and at the Wisconsin Rapids Mill on July 27, 2020.” 10-K for 2020
Our summaryIdled the Wisconsin Rapids Mill, with $5 million in severance and benefit costs recognized in the fourth quarter of 2020.
Word for word“In the third quarter of 2020, we recognized $3 million in severance and benefit costs, included in Costs of products sold, associated with the idling of our Duluth Mill and in the fourth quarter of 2020, we recognized $5 million in severance and benefit costs, included in Costs of products sold, associated with the idling of our Wisconsin Rapids Mill.” 10-K for 2020
Our summaryRecognized further charges for the Duluth Mill closure, including $1 million of additional severance due to a further reduction in remaining employees.
Word for word“In connection with the closure of the Duluth Mill, we recognized $65 million of accelerated depreciation which is included in Depreciation and amortization on the Consolidated Statement of Operations for the year ended December 31, 2020.” 10-K for 2020
Our summaryDecided to permanently shut down the No. 14 paper machine and certain other long-lived assets at the Wisconsin Rapids mill.
Word for word“On February 8, 2021, we decided to permanently shut down the No. 14 paper machine and certain other long-lived assets at our paper mill in Wisconsin Rapids, Wisconsin, while continuing to explore viable and sustainable alternatives with the remaining assets, including our converting operations, No. 16 paper machine and other remaining long-lived assets.” 10-K for 2020
Our summaryRecorded increased severance costs tied to headcount reduction initiatives in 2020.
Word for word“partially offset by increased severance costs incurred due to our headcount reduction initiatives and costs associated with the proxy solicitation contest” 10-K for 2020
Our summaryReported higher net operating expenses in 2020 that included severance costs.
Word for word“Higher net operating expenses of $84 million primarily driven by market downtime, costs incurred to idle our Duluth and Wisconsin Rapids mills, severance costs and an extension of the planned outage at our Quinnesec Mill, partially offset by cost reduction initiatives across our mill system, reduced corporate overhead and union ratification expense for signing bonuses and for the settlement of various work arrangement issues in 2019 that did not recur in 2020” 10-K for 2020
Our summaryThe company permanently shut down the No. 14 paper machine and certain other long-lived assets at its Wisconsin Rapids Mill and recorded accelerated depreciation.
Word for word“In connection with the permanent shutdown of the No. 14 paper machine and certain other long-lived assets, we recognized $84 million of accelerated depreciation which is included in Depreciation and amortization on the Consolidated Statement of Operations for the year ended December 31, 2021.” 10-K for 2021
Our summaryThe company recorded write-off charges within restructuring charges for property, plant and equipment, spare parts and inventory tied to the Wisconsin Rapids shutdown.
Word for word“In addition, we recognized $8 million in charges associated with the write-off of property, plant and equipment and spare parts and inventory which is included in Restructuring charges on the Consolidated Statement of Operations for the year ended December 31, 2021.” 10-K for 2021
Our summaryRestructuring charges rose in 2021, mainly due to the Duluth Mill shutdown in December 2020 and the Wisconsin Rapids machine shutdown in February 2021.
Word for word“Higher Restructuring charges of $11 million primarily associated with the permanent shutdown of our Duluth Mill in December 2020 and the No. 14 paper machine and certain other long-lived assets at our Wisconsin Rapids Mill in February 2021” 10-K for 2021
Our summaryIn 2020 the company incurred higher severance costs from headcount reduction initiatives, which raised selling, general and administrative costs.
Word for word“Lower Selling, general and administrative costs of $27 million primarily driven by cost reduction initiatives in connection with the sale of our Androscoggin and Stevens Point mills in February 2020 and lower equity compensation expense, partially offset by increased severance costs incurred due to our headcount reduction initiatives and costs associated with the proxy solicitation contest” 10-K for 2021
| Fiscal year ended | Restructuring charges |
|---|---|
| 2017-12-31 | $9 million |
| 2018-12-31 | $1 million |
| 2019-12-31 | $52 million |
| 2020-12-31 | $12 million |
| 2021-12-31 | $23 million |
Billerud Americas filed 5 restructuring notices (Form 8-K, Item 2.05) since 2016. This page shows what the company reported to the SEC, not news reports or state layoff notices.
Read from Billerud Americas’s annual reports (10-K for 2021, 10-K for 2020, 10-K for 2019) and the financial data it files with the SEC, as of 2022-02-28. Every quotation is word for word from the filing linked beside it; how these pages are built and checked. The full record is in its company data sheet.