Consolidated Communications Holdings layoffs, on the record
Every job cut, severance charge and restructuring Consolidated Communications Holdings reported in its annual reports, 2021 to 2023, quoted from the filings. Headcount went from approximately 3,200 to approximately 3,180.
Headcount, as reported
| Annual report | Employees | As of |
|---|---|---|
| 10-K for 2021 | approximately 3,200 | December 31, 2021 |
| 10-K for 2022 | approximately 3,200 | December 31, 2022 |
| 10-K for 2023 | approximately 3,180 | December 31, 2023 |
Job cuts, severance and restructuring
Our summaryCompany reported a reduction in headcount that lowered employee labor costs in 2021 compared to 2020.
Word for word“However, employee labor costs declined due to an increase in capitalized costs for the fiber network expansion in 2021 as well as a reduction in headcount.” 10-K for 2021
Our summaryCompany reported that a decline in integration and severance costs from cost savings initiatives lowered selling, general and administrative costs in 2020 versus 2019, and that a reduction in headcount lowered salaries and benefits.
Word for word“Selling, general and administrative costs decreased $23.7 million during 2020 compared to 2019 primarily due a decline in integration and severance costs in connection with cost savings initiatives.” 10-K for 2021
Our summaryCompany incurred severance costs as part of cost saving initiatives.
Word for word“As part of cost saving initiatives, we incurred severance costs of $ 7.5 million during the quarter ended December 31, 2020.” 10-K for 2021
Our summaryThe company's Adjusted EBITDA reconciliation notes that other, net includes acquisition and transaction related costs including integration and severance, for the years 2020 through 2022.
Word for word“(1) Other, net includes dividend income, income attributable to noncontrolling interests in subsidiaries, acquisition and transaction related costs including integration and severance, non-cash pension and post-retirement benefits and certain other miscellaneous items.” 10-K for 2022
Our summaryThe company started a business simplification and cost savings plan in July 2023 that includes a workforce reduction, facility consolidation and elimination, and a review of product offerings.
Word for word“In July 2023, we initiated a business simplification and cost savings initiative plan intended to further align our company as a fiber-first provider, improve operating efficiencies, lower our cost structure and ultimately improve the overall customer experience.” 10-K for 2023
Our summaryThe company recognized severance costs in 2023 tied to its cost savings plan and workforce reduction.
Word for word“In connection with the cost savings initiative plan and reduction in workforce, we recognized severance costs of $17.4 million in 2023.” 10-K for 2023
Our summaryThe company paid out severance in cash during 2023 under its cost savings initiatives.
Word for word“In addition, we paid severance costs of $21.0 million in 2023 in connection with cost savings initiatives.” 10-K for 2023
Our summaryThe company expects the cost savings initiatives to produce annual savings starting in the second half of 2023.
Word for word“These cost savings initiatives are expected to result in annualized savings of approximately $30.0 million commencing in the second half of 2023.” 10-K for 2023
Consolidated Communications Holdings has filed no restructuring notice (Form 8-K, Item 2.05) since 2016. Companies file one only for a cut they judge material, so many announced layoffs never appear as one. This page shows what the company reported to the SEC, not news reports or state layoff notices.
Read from Consolidated Communications Holdings’s annual reports (10-K for 2023, 10-K for 2022, 10-K for 2021) and the financial data it files with the SEC, as of 2024-03-05. 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.