JOY Global layoffs, on the record
Every job cut, severance charge and restructuring JOY Global reported in its annual reports, 2014 to 2016, quoted from the filings. Headcount went from approximately 15,400 to approximately 10,000.
Headcount, as reported
| Annual report | Employees | As of |
|---|---|---|
| 10-K for 2014 | approximately 15,400 | As of October 31, 2014 |
| 10-K for 2015 | approximately 13,400 | October 30, 2015 |
| 10-K for 2016 | approximately 10,000 | October 28, 2016 |
Job cuts, severance and restructuring
Our summaryFiscal 2014 product development, selling and administrative expenses fell partly because of reduced restructuring activities and cost reduction programs.
Word for word“The decrease in product development, selling and administrative expense of $73.7 million , or 11% , was primarily driven by lower sales volumes, lower incentive-based compensation expense, reduced restructuring activities and savings from the Company's cost reduction programs.” 10-K for 2014
Our summaryUnderground segment recorded higher restructuring costs in fiscal 2013 within its lower product development, selling and administrative expenses.
Word for word“and lower product development, selling and administrative expenses of $19.3 million, which included an increase in restructuring costs of $13.3 million.” 10-K for 2014
Our summarySurface segment recorded higher restructuring costs in fiscal 2013 within its lower product development, selling and administrative expenses.
Word for word“and lower product development, selling and administrative expenses of $20.4 million, which includes an increase in restructuring costs of $6.8 million.” 10-K for 2014
Our summaryCompany cited reduced headcount and other cost reduction actions as a driver of lower product development, selling and administrative expense, while also noting increased restructuring charges.
Word for word“The decrease in product development, selling and administrative expense of $56.8 million , or 8% , was primarily driven by lower sales volumes, lower incentive-based compensation expense, decreased pension and bad debt expenses, decreased amortization of intangibles, lower acquisition costs, reduced headcount and other cost reduction actions, as well as recoveries related to longwall deliveries and development activity.” 10-K for 2014
Our summaryCompany froze certain U.S. bargaining units' defined benefit plans, recording a non-cash pension curtailment charge.
Word for word“which includes a $7.8 million non-cash pension curtailment charge resulting from actions taken during fiscal 2014 to freeze certain of our U.S. bargaining units' defined benefit plans at the end of the calendar year.” 10-K for 2014
Our summaryCompany pursued fiscal 2015 restructuring programs, including severance and termination agreements and facility closures, to align its cost structure with demand, with employee severance and termination costs recorded under product development, selling and administrative expense.
Word for word“Restructuring charges incurred in fiscal 2015 have consisted of employee severance and termination costs and accelerated depreciation.” 10-K for 2015
Our summaryCompany announced it would continue restructuring measures, including severance and termination agreements and facility closures, and expects additional restructuring charges in fiscal 2016.
Word for word“The Company expects to incur additional restructuring charges in the range of $30.0 million to $40.0 million in fiscal 2016.” 10-K for 2015
Our summaryCompany recorded cost savings from headcount reductions and other restructuring activities, which partly offset higher product development, selling and administrative expense.
Word for word“These increases were partially offset by lower performance based compensation, favorable foreign currency impacts and cost savings from headcount reductions and other restructuring activities.” 10-K for 2015
Our summaryJoy Global continued its Restructuring Program, which includes severance and termination agreements and facility closures or idling, to match its cost structure to expected demand.
Word for word“These costs include entering into severance and termination agreements and full or partial closures and idling of certain facilities in order to better align the Company's overall cost structure with anticipated levels of future demand.” 10-K for 2016
Our summaryThe company expects total Restructuring Program charges and cash costs through fiscal 2017.
Word for word“For the Restructuring Program, total restructuring charges are currently anticipated to be approximately $141 million through fiscal 2017, with total expected cash costs related to the Restructuring Program estimated to be approximately $88 million .” 10-K for 2016
Our summaryThe company expects further restructuring charges in fiscal 2017 to keep its workforce and cost structure in line with demand.
Word for word“For the 2017 fiscal year, total restructuring charges are anticipated to be approximately $9 million , with estimated cash costs of up to $5 million .” 10-K for 2016
Our summaryThe company recognized expense for contractual termination benefits under its qualified pension plan for certain employees affected by restructuring in the Underground division.
Word for word“During fiscal 2016, we recognized $9.4 million of estimated contractual termination benefits under the Joy Global qualified pension plan for benefits to be provided to certain employees as part of restructuring activities in our Underground division.” 10-K for 2016
| Fiscal year ended | Restructuring costs incurred |
|---|---|
| 2016-10-28 | $96.2 million |
JOY Global 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 JOY Global’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 2016-12-16. 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.