Ilg layoffs, on the record
Every job cut, severance charge and restructuring Ilg reported in its annual reports, 2015 to 2017, quoted from the filings. Headcount went from approximately 5,600 to approximately 11,600.
Headcount, as reported
| Annual report | Employees | As of |
|---|---|---|
| 10-K for 2015 | approximately 5,600 | December 31, 2015 |
| 10-K for 2016 | approximately 10,500 | December 31, 2016 |
| 10-K for 2017 | approximately 11,600 | As of December 31, 2017 |
Job cuts, severance and restructuring
Our summaryThe filing reports $2.2 million of lower restructuring expenses in 2015 compared with the prior year within general and administrative expense.
Word for word“This increase was partly offset by $2.2 million of lower restructuring expenses incurred in the 69 Table of Contents prior year, a favorable $1.6 million change related to our estimated accrual for the European Union value added tax matter discussed in Note 16 accompanying our consolidated financial statements, and a $0.5 million legal settlement recorded in the prior year.” 10-K for 2015
Our summaryThe filing reports $1.9 million of additional restructuring expenses in 2014, mainly for exiting contractual commitments and costs of workforce reorganizations.
Word for word“Additionally, in 2014, we incurred $1.9 million of additional restructuring expenses, consisting mainly of estimated costs of exiting contractual commitments and costs associated with workforce reorganizations, an increase of $4.5 million in overall compensation and other employee related costs (excluding incremental expenses from acquired businesses), and an unfavorable year-over-year change of $0.7 million in our estimated accrual for European Union VAT, as well as certain other miscellaneous cost increases.” 10-K for 2015
Our summaryThe filing describes restructuring charges that are primarily related to workforce reductions as part of acquisition related and restructuring costs, but reports no specific layoff or severance program in the 2016 period.
Word for word“Additionally, this item includes certain restructuring charges primarily related to workforce reductions, costs associated with integrating acquired businesses and estimated costs of exiting contractual commitments.” 10-K for 2016
Our summaryThe filing reports acquisition related and restructuring costs of $22 million for 2016, compared with $8 million in 2015.
Word for word“Acquisition related and restructuring costs 22 8 6 Other non-operating foreign currency remeasurements 7 (4) (2) Impact of purchase accounting 15 1 2 Other special items (163) — (4) Income tax impact on adjusting items(1) (16) (2) (1) Adjusted net income $ 130 $ 76 $ 80 Earnings per share attributable to common stockholders: Basic $ 2.62 $ 1.28 $ 1.38 Diluted $ 2.60 $ 1.26 $ 1.36 Adjusted earnings per share: Basic $ 1.29 $ 1.33 $ 1.40 Diluted $ 1.28 $ 1.32 $ 1.39 Weighted average number of common stock outstanding: Basic 100,868 57,400 57,343 Diluted 101,732 57,989 57,953 Year Ended December 31, 2016 2015 2014 Basic Diluted Basic Diluted Basic Diluted Earnings per share $ 2.62 $ 2.60 $ 1.28 $ 1.26 $ 1.38 $ 1.36 Acquisition related and restructuring costs 0.21 0.21 0.13 0.13 0.12 0.12” 10-K for 2016
Our summaryThe filing notes that general and administrative expense was reduced by $2 million of lower restructuring expenses incurred in the prior year.
Word for word“This increase was partly offset by $2 million of lower restructuring expenses incurred in the prior year, a favorable $2 million change related to our estimated accrual for the European Union value added tax matter discussed in Note 16 accompanying our consolidated financial statements, and a $1 million legal settlement recorded in the prior year.” 10-K for 2016
Ilg 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 Ilg’s annual reports (10-K for 2017, 10-K for 2016, 10-K for 2015) and the financial data it files with the SEC, as of 2018-03-01. 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.