Mead Johnson Nutrition layoffs, on the record
Every job cut, severance charge and restructuring Mead Johnson Nutrition reported in its annual reports, 2014 to 2016, quoted from the filings. Headcount went from approximately 7,700 to approximately 7,600.
Headcount, as reported
| Annual report | Employees | As of |
|---|---|---|
| 10-K for 2014 | approximately 7,700 | December 31, 2014 |
| 10-K for 2015 | approximately 7,660 | December 31, 2015 |
| 10-K for 2016 | approximately 7,600 | December 31, 2016 |
Job cuts, severance and restructuring
Our summaryRecorded severance and other costs as a Specified Item expense in 2014.
Word for word“Severance and other costs 1.5 2.6 Administrative penalty (China) — 33.4 Pension curtailment (5.4 ) — Legal, settlements and related costs 10.3 9.2 Specified Items expense/(income) $ 63.3 $ 33.2 Tax matters and the income tax impact on Specified Items (23.7 ) 1.5 Specified Items attributable to Noncontrolling Interests — (3.8 ) Specified Items after taxes $ 39.6 $ 30.9 For the year ended December 31, 2014 , Specified Items included actuarial losses related to defined benefit pension and other post-employment benefit plans, which were primarily driven by a change in mortality assumptions during 2014 and discount rate movements within each year.” 10-K for 2014
Our summaryRecorded severance and other costs within other (income)/expenses-net in 2014.
Word for word“Severance and other costs 1.3 2.2 8.0 Gain on sale of investment (4.0 ) — — Gain on sale of non-core intangible assets — — (6.5 ) Legal settlements (1.9 ) 7.0 — Pension curtailment gain (5.4 ) — — Other—net (2.8 ) (3.4 ) 6.4 Other (income)/expenses—net $ (12.3 ) $ 48.5 $ 4.8 Foreign exchange (gains)/losses - net for the year ended December 31, 2014 includes a gain of $14.0 million , as a result of the Company’s exchange of Bolivares Fuertes for U.S. dollars through a Venezuelan government exchange at a rate more favorable than the rate used to remeasure net monetary assets of its Venezuelan subsidiary.” 10-K for 2014
Our summaryRecorded severance and other costs within other (income)/expenses-net in 2013 and 2012 as well, prior-year comparatives.
Word for word“Foreign exchange (gains)/losses—net $ 9.3 $ (3.1 ) Administrative penalty (China) 33.4 — Severance and other costs 2.2 8.0 Gain on sale of non-core intangible assets — (6.5 ) Legal settlements 7.0 — Other—net (3.4 ) 6.4 Other (income)/expenses—net $ 48.5 $ 4.8 Earnings before Interest and Income Taxes E BIT from our three reportable segments, Asia, Latin America and North America/Europe, is reduced by Corporate and Other expenses.” 10-K for 2014
Our summaryCompany approved a business productivity program called Fuel for Growth, expected to run over three years to improve operating efficiencies and reduce costs.
Word for word“During the third quarter of 2015, the Company approved a plan to implement a business productivity program referred to as "Fuel for Growth."” 10-K for 2015
Our summaryCompany recorded restructuring, severance and other related costs as a Specified Item, tied largely to Fuel for Growth.
Word for word“Restructuring, severance and other related costs $ 28.3 $ 1.5 Legal settlements and related costs 13.7 10.3 Pension and other post-employment adjustments 8.2 51.5 Marketable securities gain - net (5.6 ) — Specified Items expense/(income) 44.6 63.3 Tax matters and the income tax impact on Specified Items (11.2 ) (23.7 ) Specified Items after taxes $ 33.4 $ 39.6 For the year ended December 31, 2015 , Specified Items included charges related to the Company’s business productivity program referred to as “Fuel for Growth” (see “ – Fuel for Growth” below for further discussion), payments made in connection with the SEC settlement disclosed by the Company in July 2015 and a marketable securities gain (see “Item 8. Financial Statements – Note 18.” 10-K for 2015
Our summaryCompany recorded severance and other costs within other (income)/expenses, primarily related to Fuel for Growth.
Word for word“In 2015 , severance charges were primarily related to Fuel for Growth.” 10-K for 2015
Our summaryCompany expects Fuel for Growth to reduce annual operating expenses and anticipates further incremental charges in 2016, while contemplating additional program activities.
Word for word“The Company is contemplating additional program activities and anticipates incremental charges in 2016 of approximately $25.0 to $30.0 million.” 10-K for 2015
Our summaryThe company is carrying out its multi-year Fuel for Growth productivity program to improve efficiency and cut costs, which it approved in the third quarter of 2015.
Word for word“During the third quarter of 2015, the Company approved a plan to implement a business productivity program referred to as “Fuel for Growth,” which is expected to be implemented over a three-year period.” 10-K for 2016
Our summaryThe company recorded restructuring charges for the Fuel for Growth initiatives in 2016, included in restructuring, severance and other related costs.
Word for word“Restructuring, severance and other related costs include $29.2 million of charges related to the Company’s ongoing Fuel for Growth initiatives.” 10-K for 2016
Our summaryIn 2015 the company recorded restructuring charges for Fuel for Growth, mostly severance.
Word for word“For the year ended December 31, 2015 , Specified Items included restructuring charges of $25.1 million related to the Company’s ongoing Fuel for Growth initiatives, payments of $12.0 million made in connection with the SEC settlement disclosed by the Company in July 2015, losses of $8.2 million related to the remeasurement of defined benefit pension and other post-employment benefit plans and a $5.6 million gain due to the sale of marketable securities.” 10-K for 2016
Mead Johnson Nutrition 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 Mead Johnson Nutrition’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 2017-02-27. 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.