LSC Communications layoffs, on the record
Every job cut, severance charge and restructuring LSC Communications reported in its annual reports, 2017 to 2019, quoted from the filings. Headcount went from approximately 24,000 to approximately 20,000.
Headcount, as reported
| Annual report | Employees | As of |
|---|---|---|
| 10-K for 2017 | approximately 24,000 | December 31, 2017 |
| 10-K for 2018 | approximately 22,000 | December 31, 2018 |
| 10-K for 2019 | approximately 20,000 | As of December 31, 2019 |
Job cuts, severance and restructuring
Our summaryRecorded employee termination costs for 776 employees in 2017, of whom 459 were terminated by year end, mainly tied to four Print facility closures and reorganization of business units.
Word for word“$13 million for employee termination costs for an aggregate of 776 employees, of whom 459 were terminated as of or prior to December 31, 2017, primarily related to four facility closures in the Print segment and the reorganization of certain business units; and” 10-K for 2017
Our summaryClosed four manufacturing facilities in the Print segment and reorganized certain business units as part of restructuring actions to reduce cost structure.
Word for word“These restructuring actions included the closure of four manufacturing facilities during 2017 in the Print segment and the reorganization of certain business units.” 10-K for 2017
Our summaryRecorded total restructuring, impairment and other charges, including other restructuring charges for facility exits and a terminated supplier contract.
Word for word“For the year ended December 31, 2017, the Company recorded restructuring, impairment and other charges of $129 million.” 10-K for 2017
Our summaryRecorded employee termination costs for 222 employees, mainly tied to Print facility closures and reorganization of certain operations.
Word for word“Net restructuring charges of $8 million for employee termination costs for an aggregate of 222 employees, substantially all of whom were terminated as of or prior to December 31, 2017, primarily related to one facility closure in the Print segment, the expected closure of another facility in the first quarter of 2017 in the Print segment and the reorganization of certain operations;” 10-K for 2017
Our summaryRecorded employee termination costs for 766 employees, mainly tied to two Print facility closures, the Courier integration and reorganization, plus a Courier executive severance payout.
Word for word“Net restructuring charges of $20 million of employee termination costs for 766 employees, substantially all of whom were terminated as of or prior to December 31, 2017, primarily related to two facility closures in the Print segment, the integration of Courier and the reorganization of certain operations;” 10-K for 2017
Our summaryCommitted to pay severance related to employee restructuring activities and recorded restructuring severance payments.
Word for word“As of December 31, 2017, the Company had commitments of $8 million for severance payments related to employee restructuring activities.” 10-K for 2017
Our summaryRecorded 2018 restructuring, impairment and other charges, including employee-related charges for 811 employees, of whom 282 were terminated by year end, tied to facility closures and reorganization.
Word for word“For the year ended December 31, 2018, the Company incurred employee-related charges of $14 million for an aggregate of 811 employees, of whom 282 were terminated as of or prior to December 31, 2018, primarily related to two facility closures in the Magazines, Catalogs and Logistics segment, one facility closure in the Office Products segment and the reorganization of certain business units and corporate functions.” 10-K for 2018
Our summaryRecorded 2017 employee termination costs tied to facility closures in the Book and Magazines, Catalogs and Logistics segments and reorganization of business units.
Word for word“For the year ended December 31, 2017, the Company incurred employee-related restructuring charges of $13 million for an aggregate of 776 employees, substantially all of whom were terminated as of or prior to December 31, 2018.” 10-K for 2018
Our summaryRecorded 2016 employee termination costs for facility closures and reorganization of certain operations.
Word for word“For the year ended December 31, 2016, the Company recorded net restructuring charges of $8 million for employee termination costs for an aggregate of 222 employees, substantially all of whom were terminated as of or prior to December 31, 2018.” 10-K for 2018
Our summaryClosed two manufacturing facilities in the Magazine, Catalog and Logistics segment under restructuring actions taken in 2018 and early 2019.
Word for word“These restructuring actions included the closure of two manufacturing facilities in the Magazine, Catalog and Logistics segment.” 10-K for 2018
Our summaryThe company started several restructuring actions in 2019 and early 2020 to cut its overall cost structure.
Word for word“The Company has initiated several restructuring actions during 2019 and early in 2020 to further reduce the Company’s overall cost structure.” 10-K for 2019
Our summaryThe restructuring included closing manufacturing facilities across several segments.
Word for word“These restructuring actions included the closure of five manufacturing facilities in the Magazine, Catalog and Logistics segment, three in the Office Products segment and one each in the Book and Mexico segments.” 10-K for 2019
Our summaryThe company recorded pre-tax restructuring, impairment and other charges in 2019.
Word for word“• 2019 : Pre-tax restructuring, impairment and other charges of $148 million ($122 million after-tax); pre-tax charge of $23 million ($16 million after-tax) for acquisition, merger and disposition-related expenses; pre-tax gain of $26 million (after-tax benefit of $19 million) on the sale of land and a building associated with a plant closure in the Magazines, Catalogs and Logistics segment in the fourth quarter of 2019; termination fee received from Quad of $45 million (after-tax benefit of $34 million); settlement of retirement obligations of $137 million ($102 million after-tax); and income tax expense of $67 million related to a valuation allowance recorded on the Company’s deferred tax assets.” 10-K for 2019
| Fiscal year ended | Severance costs | Restructuring charges | Cash paid for restructuring |
|---|---|---|---|
| 2016-12-31 | $8 million | $15 million | $26 million |
| 2017-12-31 | $13 million | $37 million | $34 million |
| 2018-12-31 | $14 million | $28 million | $29 million |
| 2019-12-31 | $30 million | $67 million | $41 million |
LSC Communications 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 LSC Communications’s annual reports (10-K for 2019, 10-K for 2018, 10-K for 2017) and the financial data it files with the SEC, as of 2020-03-02. 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.