Kansas City Southern layoffs, on the record
Every job cut, severance charge and restructuring Kansas City Southern reported in its annual reports, 2020 to 2022, quoted from the filings. Headcount went from approximately 6,522 to approximately 7,190.
Headcount, as reported
| Annual report | Employees | As of |
|---|---|---|
| 10-K for 2020 | approximately 6,522 | December 31, 2020 |
| 10-K for 2021 | approximately 7,082 | December 31, 2021 |
| 10-K for 2022 | approximately 7,190 | As of December 31, 2022 |
Job cuts, severance and restructuring
Our summaryOffered a voluntary separation program to its management employees, resulting in a restructuring charge.
Word for word“In the second quarter of 2020, the Company offered a voluntary separation program ("VSP") to its management employees, which resulted in a restructuring charge of $9.7 million for the year ended December 31, 2020, consisting of severance and benefit costs that will be paid out in either lump-sum payments or incrementally over a six to twelve-month period.” 10-K for 2020
Our summaryRecorded restructuring charges for the 2020 year, primarily the voluntary separation program and purchase of impaired leased locomotives.
Word for word“For the year ended December 31, 2020, the Company recognized $17.0 million of restructuring charges primarily related to the VSP of $9.7 million and the purchase of impaired, leased locomotives of $6.0 million.” 10-K for 2020
Our summaryAdopted four restructuring plans under Precision Scheduled Railroading initiatives that included asset impairments, workforce reductions and contract restructuring.
Word for word“As a result of the PSR initiatives in 2019, management approved four separate restructuring plans that totaled $168.8 million.” 10-K for 2020
Our summaryDuring 2020 the company recorded additional restructuring charges tied to its Precision Scheduled Railroading initiatives and to the purchase and disposal of equipment.
Word for word“During 2020, the Company recognized approximately $ 7.3 million in additional restructuring charges related to PSR and the purchase and disposal of equipment.” 10-K for 2022
| Fiscal year ended | Cash paid for restructuring |
|---|---|
| 2017-12-31 | $0 |
| 2018-12-31 | $0 |
| 2019-12-31 | $6.3 million |
| 2020-12-31 | $10 million |
Kansas City Southern 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 Kansas City Southern’s annual reports (10-K for 2022, 10-K for 2021, 10-K for 2020) and the financial data it files with the SEC, as of 2023-02-03. 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.