Federal-Mogul Holdings layoffs, on the record
Every job cut, severance charge and restructuring Federal-Mogul Holdings reported in its annual reports, 2014 to 2016, quoted from the filings. Headcount went from 48,600 to approximately 53,000.
Headcount, as reported
| Annual report | Employees | As of |
|---|---|---|
| 10-K for 2014 | 48,600 | December 31, 2014 |
| 10-K for 2015 | 53,700 | December 31, 2015 |
| 10-K for 2016 | approximately 53,000 | December 31, 2016 |
Job cuts, severance and restructuring
Our summaryThe company recorded net restructuring expenses that rose from prior years, as part of its ongoing restructuring activities to streamline operations and relocate manufacturing to lower-cost locations.
Word for word“During the years ended December 31, 2014 , 2013 and 2012 , the Company recorded $ 86 million , $40 million and $26 million , respectively, in net restructuring expenses.” 10-K for 2014
Our summaryThe board approved a restructuring plan to reduce or eliminate capacity at several high-cost facilities and move production to lower-cost locations.
Word for word“In response to these trends, the Company’s board of directors approved a restructuring plan to reduce or eliminate capacity at several high cost facilities and transfer production to lower cost locations.” 10-K for 2014
Our summaryCompany recorded net restructuring expenses in 2015, primarily severance and other charges tied to its EMEA locations, aimed at reshaping the aftermarket distribution network, reducing production complexities, and reducing inefficiencies in indirect and fixed cost structures.
Word for word“This charge includes $89 million of costs related to severance and other charges primarily focused on reducing inefficiencies in the cost structure of recent acquisitions and the EMEA aftermarket.” 10-K for 2015
Our summaryCompany reported restructuring charges and asset impairments split between the Powertrain and Motorparts segments.
Word for word“Restructuring charges and asset impairments were comprised of $62 million related to the Powertrain segment and $59 million related to the Motorparts segment.” 10-K for 2015
Our summaryCompany expects to complete the restructuring programs initiated for 2015 and incur further restructuring and other charges.
Word for word“We expect to complete these programs in 2017 and incur additional restructuring and other charges of approximately $10 million .” 10-K for 2015
Our summaryCompany expects to complete previously initiated restructuring programs and incur further charges.
Word for word“For programs previously initiated, we expect to complete these programs in 2018 and incur additional restructuring and other charges of approximately $10 million .” 10-K for 2015
Our summaryCompany recorded severance and other restructuring charges in 2015 by segment, including employee costs and facility closure items, with the restructuring liability at year end.
Word for word“The $80 million restructuring liability at December 31, 2015 includes $71 million of current accrued liabilities and $9 million of other accrued liabilities.” 10-K for 2015
Our summaryThe company recorded net restructuring expenses in 2016, 2015 and 2014 to streamline operations and cut costs.
Word for word“During the years ended December 31, 2016 , 2015 , and 2014 , we recorded $ 27 million , $92 million and $89 million in net restructuring expenses.” 10-K for 2016
Our summaryIn 2016 the company recorded restructuring charges that included severance and other costs aimed at optimizing its cost structure.
Word for word“This charge includes $27 million of costs related to severance and other charges, net primarily focused on optimizing our cost structure.” 10-K for 2016
Our summaryRestructuring in 2016 mainly hit Powertrain locations and aimed to reduce production complexity and inefficiencies in indirect and fixed costs.
Word for word“Restructuring expenses for the year ended December 31, 2016 primarily related to our Powertrain locations and were aimed at reducing production complexities, and reducing inefficiencies in indirect and fixed cost structures.” 10-K for 2016
Our summaryRestructuring charges fell in 2016 because 2015 had higher severance charges from restructuring in EMEA and ROW.
Word for word“Restructuring charges and asset impairments, net decreased by $ 77 million for the year ended December 31, 2016 compared to the year ended December 31, 2015 .” 10-K for 2016
| Fiscal year ended | Restructuring charges | Cash paid for restructuring |
|---|---|---|
| 2016-12-31 | $34 million | $50 million |
Federal-Mogul 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 Federal-Mogul Holdings’s annual reports (10-K for 2016, 10-K for 2015, 10-K for 2014) and the financial data it files with the SEC, as of 2017-02-22. 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.