Houghton Mifflin Harcourt layoffs, on the record
Every job cut, severance charge and restructuring Houghton Mifflin Harcourt reported in its annual reports, 2019 to 2021, quoted from the filings. Headcount went from approximately 3,400 to approximately 2,300.
Headcount, as reported
| Annual report | Employees | As of |
|---|---|---|
| 10-K for 2019 | approximately 3,400 | December 31, 2019 |
| 10-K for 2020 | approximately 2,600 | December 31, 2020 |
| 10-K for 2021 | approximately 2,300 | December 31, 2021 |
Job cuts, severance and restructuring
Our summaryCompany ran its 2019 Restructuring Plan, which resulted in a net elimination of approximately 10% of its workforce after accounting for new strategy-aligned positions.
Word for word“These actions, which we refer to as our 2019 Restructuring Plan, resulted in the net elimination of approximately 10% of our workforce, after taking into account new strategy-aligned positions that are expected to be added, and additional operating and capitalized cost reductions, including an approximately 20% reduction in previously planned content development expenditures over the next three years.” 10-K for 2019
Our summaryCompany recorded restructuring charges for its 2019 strategic transformation plan, mostly severance and termination benefits, in the fourth quarter of 2019.
Word for word“After considering additional headcount actions, implementation of the planned actions resulted in total charges of $15.8 million which was recorded in the fourth quarter of 2019.” 10-K for 2019
Our summaryCompany recorded restructuring, severance and other charges for the year, up from the prior year, mainly from the 2019 Restructuring Plan.
Word for word“Our restructuring/severance and other costs for the year ended December 31, 2019 increased by $10.3 million primarily due to 2019 Restructuring Plan activity.” 10-K for 2019
Our summaryCompany recorded an inventory obsolescence charge tied to its strategic transformation plan, included in cost of sales.
Word for word“Further, as part of such strategic transformation plan, we recorded an incremental $9.8 million inventory obsolescence charge in the fourth quarter of 2019 which is recorded in cost of sales in the statement of operations.” 10-K for 2019
Our summaryFinalized a voluntary retirement incentive program offered to U.S. employees at least 55 years old with at least five years of service.
Word for word“o n September 4, 2020, we finalized a voluntary retirement incentive program, which was offered to all U.S. based employees at least 55 years of age with at least five years of service.” 10-K for 2020
Our summaryBoard committed to a 2020 restructuring program including a reduction in force, resulting in a 22% workforce reduction net of new positions, with about 525 employees departing and completed in October 2020.
Word for word“The reduction in force resulted in the departure of approximately 525 employees and was completed in October 2020.” 10-K for 2020
Our summaryReported the total one-time, non-recurring cost of the 2020 restructuring program, including the voluntary retirement incentive program, all cash expenditures.
Word for word“The total one-time, non-recurring cost incurred in connection with the 2020 restructuring program, inclusive of the voluntary retirement incentive program (collectively the “2020 Restructuring Plan”), all of which represents cash expenditures, is approximately $33.6 million.” 10-K for 2020
Our summaryEnded the employee furlough program and director, executive and senior leadership salary reductions announced in March 2020.
Word for word“The four-day work week furlough program along with director, executive, and senior leadership salary reductions that we announced in March 2020 ended by the end of July.” 10-K for 2020
Our summaryThe company finalized a voluntary retirement incentive program for eligible U.S. employees as part of its 2020 cost restructuring.
Word for word“As part of this effort, o n September 4, 2020, we finalized a voluntary retirement incentive program, which was offered to all U.S. based employees at least 55 years of age with at least five years of service.” 10-K for 2021
Our summaryThe company reported the total one-time cash cost of the 2020 Restructuring Plan, including the voluntary retirement program.
Word for word“The total one-time, non-recurring cost incurred in connection with the 2020 restructuring program, inclusive of the voluntary retirement incentive program (collectively the “2020 Restructuring Plan”), all of which represented cash expenditures, was approximately $30.9 million.” 10-K for 2021
Our summaryThe company recorded non-cash restructuring charges in 2021 mainly for vacated office space once used by the HMH Books & Media business.
Word for word“In 2021, there were $12.3 million of non-cash restructuring/severance and other charges primarily related to vacated office space formerly utilized by employees of the HMH Books & Media business, of which $11.7 million is reflected as a reduction in operating lease assets and $1.6 million as a reduction in property, plant, and equipment.” 10-K for 2021
| Fiscal year ended | Restructuring charges | Cash paid for restructuring |
|---|---|---|
| 2016-12-31 | $0 | $11.3 million |
| 2017-12-31 | $38 million | $9.6 million |
| 2018-12-31 | $11.5 million | $6.8 million |
| 2019-12-31 | $20.7 million | $3.2 million |
| 2020-12-31 | $31.9 million | $758,000 |
| 2021-12-31 | $12.3 million | — |
Houghton Mifflin Harcourt 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 Houghton Mifflin Harcourt’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 2022-02-24. 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.