Masonite International layoffs, on the record
Every job cut, severance charge and restructuring Masonite International reported in its annual reports, 2022 to 2023, quoted from the filings. Headcount went from approximately 10,300 to over 10,000.
Headcount, as reported
| Annual report | Employees | As of |
|---|---|---|
| 10-K for 2022 | approximately 10,300 | January 2, 2022 |
| 10-K for 2023 | over 10,000 | — |
| 10-K for 2023 | over 10,000 | — |
Job cuts, severance and restructuring
Our summaryInitiated the 2021 Plan, reorganizing Architectural segment manufacturing, closing one stile and rail facility and reducing related headcount.
Word for word“In May 2021, we initiated further actions to improve overall business performance including the reorganization of our specialty door manufacturing capacity in our Architectural reportable segment.” 10-K for 2022
Our summaryContinued the 2020 Plan, closing Architectural segment facilities and reducing related headcount, which began in the fourth quarter of 2020.
Word for word“The reorganization of our manufacturing capacity involves specific facilities in the Architectural segment and costs associated with the closure of these facilities and related headcount reductions began taking place in the fourth quarter of 2020 (collectively, the "2020 Plan").” 10-K for 2022
Our summaryContinued the 2019 Plan, closing plants in the North American Residential and Architectural segments with related headcount reductions, plus additional overhead and SG&A workforce restructuring.
Word for word“In the fourth quarter of 2019, we initiated additional restructuring actions related to both manufacturing capacity and reduction of our overhead and selling, general and administration workforce.” 10-K for 2022
Our summaryCompleted the 2018 Plan, closing one North American Residential facility and reducing related headcount as part of a new automated facility.
Word for word“In addition, in the North American Residential segment we announced a new facility that will optimize and expand capacity through increased automation, which resulted in the closure of one existing facility and related headcount reductions beginning in the second quarter of 2019 (collectively, the "2018 Plan").” 10-K for 2022
Our summaryReported restructuring costs for the year, related to severance and closure charges under the 2021, 2020 and 2019 Plans.
Word for word“Restructuring costs in the year ended January 2, 2022, were $5.6 million, compared to $8.2 million in the year ended January 3, 2021.” 10-K for 2022
Our summaryNoted the company may restructure parts of its global workforce again in future.
Word for word“In addition, we have in the past and may again in the future, restructure portions of our global workforce to simplify and streamline our organization, improve our cost structure and strengthen our overall business.” 10-K for 2022
Our summaryIn December 2022 the company began a plan (the 2022 Plan) to optimize manufacturing capacity and reduce overhead and SG&A workforce, mainly in North American Residential, with actions in Architectural and head offices; costs include severance and closure charges and continue through 2023.
Word for word“In December 2022, we began implementing a plan to improve overall business performance that includes the optimization of our manufacturing capacity and reduction of our overhead and selling, general and administration workforce primarily in our North American Residential reportable segment as well as actions in the Architectural reportable segment and in our head offices (collectively, the "2022 Plan").” 10-K for 2023
Our summaryRestructuring costs for fiscal 2022 were recorded, primarily closure costs tied to the 2022 Plan.
Word for word“Restructuring costs in the year ended January 1, 2023, were $1.9 million, compared to $5.6 million in the year ended January 2, 2022.” 10-K for 2023
Our summaryThe 2021 Plan closed a stile and rail facility in Architectural and reduced headcount; severance and closure charges continued through 2021 and the plan is substantially complete.
Word for word“The reorganization of our manufacturing capacity involves specific facilities in the Architectural segment and costs associated with the reorganization of these facilities, which resulted in the closure of one existing stile and rail facility and related headcount reductions beginning in the second quarter of 2021 (collectively, the "2021 Plan").” 10-K for 2023
Our summaryThe 2019 Plan closed plants in North American Residential and Architectural with related headcount reductions, plus overhead and SG&A workforce reductions; costs included severance, retention and closure charges; substantially complete.
Word for word“The reorganization of our manufacturing capacity involves specific plants in the North American Residential and Architectural segments and costs associated with the closure of these plants and related headcount reductions began taking place in the first quarter of 2019 (collectively, the "2019 Plan").” 10-K for 2023
Our summaryRestructuring costs in fiscal 2021 related to severance and closure costs under the 2021, 2020 and 2019 Plans.
Word for word“Restructuring costs in the prior year period related to severance and closure costs associated with the 2021, 2020 and 2019 Plans.” 10-K for 2023
Our summaryRestructuring costs of $8,236 thousand were recorded in the year ended January 3, 2021.
Word for word“Restructuring costs 1,904 5,567 8,236 Asset impairment — 69,900 51,515 Loss on disposal of subsidiaries 850 8,590 2,091 Operating income 326,527 219,292 143,890 Interest expense, net 41,331 46,123 46,807 Loss on extinguishment of debt — 13,583 — Other (income) expense, net ( 5,001 ) 15,620 ( 5,217 ) Income before income tax expense 290,197 143,966 102,300 Income tax expense 71,753 44,772 28,611 Net income 218,444 99,194 73,689 Less: net income attributable to non-controlling interests 4,211 4,693 4,652 Net income attributable to Masonite $ 214,233 $ 94,501 $ 69,037 Basic earnings per common share attributable to Masonite $ 9.51 $ 3.91 $ 2.81 Diluted earnings per common share attributable to Masonite $ 9.41 $ 3.85 $ 2.77 Comprehensive income: Net income $ 218,444 $ 99,194 $ 73,689 Other comprehensive (loss) income: Foreign currency translation (loss) gain ( 35,637 ) ( 3,175 ) 19,820 Pension and other post-retirement adjustment ( 4,718 ) 2,250 ( 3,163 ) Pension settlement charges — 15,654 — Amortization of actuarial net losses 22 1,336 1,002 Income tax (expense) benefit related to other comprehensive (loss) income ( 846 ) ( 5,518 ) 632 Other comprehensive (loss) income, net of tax: ( 41,179 ) 10,547 18,291 Comprehensive income 177,265 109,741 91,980 Less: comprehensive income attributable to non-controlling interests 3,674 4,759 4,837 Comprehensive income attributable to Masonite $ 173,591 $ 104,982 $ 87,143 See accompanying notes to the consolidated financial statements.” 10-K for 2023
Our summaryThe company began a plan in December 2023 to optimize manufacturing capacity and reduce overhead and selling, general and administration workforce, mainly in the Europe segment.
Word for word“In December 2023, we began implementing a plan to improve overall business performance that includes the optimization of our manufacturing capacity and reduction of our overhead and selling, general and administration workforce primarily in our Europe reportable segment (collectively, the "2024 Plan").” 10-K for 2023
Our summaryThe company expects additional charges for the 2024 Plan, which covers severance and plant closure costs.
Word for word“As of December 31, 2023, we expect to incur approximately $6 million to $9 million of additional charges related to the 2024 Plan.” 10-K for 2023
Our summaryThe company reported restructuring costs for 2023, mainly severance and closure costs under the 2022 Plan.
Word for word“Restructuring costs in the year ended December 31, 2023, were $10.1 million, compared to $1.9 million in the year ended January 1, 2023.” 10-K for 2023
Our summaryThe 2022 Plan involves closing specific North American Residential plants and related headcount reductions, with severance and closure charges continuing through 2024.
Word for word“The optimization of our manufacturing capacity involves specific plants in the North American Residential segment and costs associated with the closure of these plants and related headcount reductions.” 10-K for 2023
| Fiscal year ended | Restructuring charges | Cash paid for restructuring |
|---|---|---|
| 2017-01-01 | $1.4 million | $1.4 million |
| 2017-12-31 | $850,000 | $3 million |
| 2018-12-30 | $1.6 million | $1.3 million |
| 2019-12-29 | $9.8 million | $8.9 million |
| 2021-01-03 | $8.2 million | $8 million |
| 2022-01-02 | $5.6 million | $7.3 million |
| 2023-01-01 | $1.9 million | $2 million |
| 2023-12-31 | $10.1 million | $9.9 million |
Masonite International filed 1 restructuring notice (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 Masonite International’s annual reports (10-K for 2023, 10-K for 2023, 10-K for 2022) and the financial data it files with the SEC, as of 2024-02-29. 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.