Monsanto layoffs, on the record
Every job cut, severance charge and restructuring Monsanto reported in its annual reports, 2015 to 2017, quoted from the filings.
Headcount, as reported
| Annual report | Employees | As of |
|---|---|---|
| 10-K for 2015 | about 22,500 | Aug. 31, 2015 |
| 10-K for 2016 | approximately 20,800 | Aug. 31, 2016 |
| 10-K for 2017 | approximately 20,500 regular employees worldwide and approximately 2,800 temporary employees | Aug. 31, 2017 |
Job cuts, severance and restructuring
Our summaryApproved the 2015 Restructuring Plan to realign resources, streamline commercial, enabling and R&D efforts, and exit the sugarcane business.
Word for word“On Oct. 6, 2015, the company approved actions to realign resources to increase productivity, enhance competitiveness by delivering cost improvements and support long-term growth (2015 Restructuring Plan).” 10-K for 2015
Our summaryRecorded fiscal 2015 workforce reduction costs under the 2015 Restructuring Plan, split roughly evenly between the United States and outside the United States.
Word for word“The $217 million in work force reductions was split relatively evenly between the United States and outside of the United States.” 10-K for 2015
Our summaryRecorded total pretax restructuring charges under the 2015 Restructuring Plan, including cost of goods sold and restructuring charges.
Word for word“In fiscal year 2015, pretax restructuring charges of $493 million were recorded.” 10-K for 2015
Our summaryMonsanto approved the 2015 Restructuring Plan, initially on Oct. 6, 2015 and expanded with additional actions on Jan. 5, 2016, to realign resources and streamline commercial, enabling, supply chain and R&D efforts.
Word for word“On Oct. 6, 2015, we approved actions to realign resources to increase productivity, enhance competitiveness by delivering cost improvements and support long-term growth.” 10-K for 2016
Our summaryThe 2015 Restructuring Plan includes estimated work force reductions, including severance and related benefits, expected to be completed by the end of fiscal year 2018.
Word for word“These pretax charges are currently estimated to be comprised of the following categories: $420 million to $465 million in work force reductions, including severance and related benefits; $130 million to $150 million in facility closures / exit costs, including contract termination costs; $450 million to $485 million in asset impairments and write-offs related to property, plant and equipment, inventory and goodwill and other assets.” 10-K for 2016
Our summaryIn fiscal 2016 Monsanto recorded restructuring charges under the 2015 Restructuring Plan, including work force reduction charges.
Word for word“Work Force Reductions $ 179 $ 10 $ 189 $ 204 $ 13 $ 217 $ 383 $ 23 $ 406 Facility Closures/Exit Costs 23 5 28 — — — 23 5 28 Asset Impairments and Write-offs: Property, plant and equipment 41 2 43 81 — 81 122 2 124 Inventory 42 — 42 51 — 51 93 — 93 Goodwill and other assets 42 20 62 144 — 144 186 20 206 Total Restructuring Charges, Net $ 327 $ 37 $ 364 $ 480 $ 13 $ 493 $ 807 $ 50 $ 857” 10-K for 2016
Our summaryMonsanto recorded restructuring charges in fiscal 2015 under the 2015 Restructuring Plan, including work force reduction charges.
Word for word“Total Restructuring charges recognized in fourth quarter 2015 $ 217 $ — $ 276 $ 493 Asset impairments and write-offs — — (276 ) (276 ) Ending Liability as of Aug. 31, 2015 $ 217 $ — $ — $ 217” 10-K for 2016
Our summaryMonsanto made cash payments against its severance and workforce reduction liability under the 2015 Restructuring Plan.
Word for word“Net restructuring charges recognized in fiscal year 2016 $ 189 28 147 364 Cash payments (164 ) (28 ) — (192 ) Asset impairments and write-offs — — (147 ) (147 ) Foreign currency impact 2 — — 2 Ending Liability as of Aug. 31, 2016 $ 244 $ — $ — $ 244” 10-K for 2016
Our summaryThe company approved a restructuring plan to realign resources, with later added actions making up the 2015 Restructuring Plan, including estimated total pretax charges and workforce reduction costs.
Word for word“Cumulative pretax charges related to the 2015 Restructuring Plan are estimated to be $900 million to $965 million .” 10-K for 2017
Our summaryThe company expects part of the 2015 Restructuring Plan charges to be for workforce reductions including severance and related benefits.
Word for word“These pretax charges are currently estimated to be comprised of the following categories: $325 million to $350 million in work force reductions, including severance and related benefits; $95 million to $115 million in facility closures / exit costs, including contract termination costs; $480 million to $500 million in asset impairments and write-offs related to property, plant and equipment, inventory and goodwill and other assets.” 10-K for 2017
Our summaryThe company reversed previously recognized restructuring expense in fiscal 2017 because estimates for workforce reductions changed.
Word for word“Restructuring charges fluctuated $333 million to a net reversal of expense of $36 million in fiscal 2017 compared to $297 million of expense in fiscal 2016 due to the timing of expense recognition related to workforce reductions, changes in the related estimates and decreased asset impairments.” 10-K for 2017
Our summaryThe company had accrued amounts for severance and related benefit costs at the end of fiscal 2017 and 2016.
Word for word“As of Aug. 31, 2017, and 2016, we had $44 million and $244 million, respectively, accrued related to severance and related benefit costs.” 10-K for 2017
| Fiscal year ended | Restructuring charges |
|---|---|
| 2016-08-31 | $297 million |
| 2017-08-31 | −$36 million |
Monsanto 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 Monsanto’s annual reports (10-K for 2017, 10-K for 2016, 10-K for 2015) and the financial data it files with the SEC, as of 2017-10-27. 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.