Graphic Packaging International layoffs, on the record
Every job cut, severance charge and restructuring Graphic Packaging International reported in its annual reports, 2018 to 2020, quoted from the filings. Headcount went from approximately 18,000 to approximately 18,775.
Headcount, as reported
| Annual report | Employees | As of |
|---|---|---|
| 10-K for 2018 | approximately 18,000 | As of December 31, 2018 |
| 10-K for 2019 | approximately 18,000 | December 31, 2019 |
| 10-K for 2020 | approximately 18,775 | December 31, 2020 |
Job cuts, severance and restructuring
Our summaryThe company recorded restructuring costs in 2019, including severance costs and other charges, accelerated depreciation, and inventory and asset write-offs.
Word for word“The following table summarizes the costs incurred during 2019 related to restructuring: In millions Location in Statement of Operations December 31, 2019 Severance costs and other (a) Business Combinations, Shutdown and Other Special Charges and Gain on Sale of Assets, Net $ 7.7 Accelerated depreciation Cost of Sales 4.7 Inventory and asset write-offs Business Combinations, Shutdown and Other Special Charges and Gain on Sale of Assets, Net 2.5 Total $ 14.9 (a) Costs incurred include activities for post-employment benefits, retention bonuses, incentives and professional services.” 10-K for 2019
Our summaryThe company expects further restructuring charges for post-employment benefits, retention bonuses and incentives, and for accelerated depreciation and inventory and asset write-offs.
Word for word“The Company currently expects to incur charges associated with these exit activities for post-employment benefits, retention bonuses and incentives in the range of $ 15 million to $ 20 million and for accelerated depreciation and inventory and asset write-offs in the range of $ 50 million to $ 60 million.” 10-K for 2019
Our summaryThe company expects to incur exit-related charges for post-employment benefits, retention bonuses and incentives, plus accelerated depreciation and write-offs, when it closes two smaller CRB mills in 2022.
Word for word“In conjunction with the closure of the two smaller CRB Mills in 2022, the Company currently expects to incur charges associated with these exit activities for post-employment benefits, retention bonuses and incentives in the range of $ 15 million to $ 20 million and for accelerated depreciation and inventory and asset write-offs in the range of $ 50 million to $ 60 million.” 10-K for 2020
| Fiscal year ended | Restructuring charges | Restructuring costs incurred | Cash paid for restructuring |
|---|---|---|---|
| 2017-12-31 | — | $0 | — |
| 2018-12-31 | — | $0 | — |
| 2019-12-31 | $14.9 million | $10.2 million | $600,000 |
| 2020-12-31 | $50.6 million | $24.6 million | $5.9 million |
Graphic Packaging International 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 Graphic Packaging International’s annual reports (10-K for 2020, 10-K for 2019, 10-K for 2018) and the financial data it files with the SEC, as of 2021-02-16. 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.