PharMerica layoffs, on the record
Every job cut, severance charge and restructuring PharMerica reported in its annual reports, 2014 to 2016, quoted from the filings. Headcount went from approximately 6,000 to approximately 5,700.
Headcount, as reported
| Annual report | Employees | As of |
|---|---|---|
| 10-K for 2014 | approximately 6,000 | December 31, 2014 |
| 10-K for 2015 | approximately 5,800 | December 31, 2015 |
| 10-K for 2016 | approximately 5,700 | December 31, 2016 |
Job cuts, severance and restructuring
Our summaryCompany ran a restructuring plan, begun in July 2013 after losing two significant customers, to right-size its cost structure by adjusting workforce and facility plans; 2014 restructuring charges were recorded.
Word for word“The Corporation recorded restructuring costs and other related charges of approximately $4.4 million and $3.3 million during the years ended December 31, 2013 and December 31, 2014, respectively.” 10-K for 2014
Our summaryRestructuring charges consisted mainly of employee severance and facility costs, with severance paid and accrued amounts tracked in a restructuring liability.
Word for word“The restructuring charges primarily included severance pay, the buy-out of employment agreements, lease terminations, and other exit-related asset disposals, professional fees and facility exit costs.” 10-K for 2014
Our summaryRestructuring plan begun in July 2013 after losing two significant customers, aimed at right-sizing the cost structure by adjusting workforce and facility plans; restructuring costs recorded in 2015 relate to a specialty pharmacy restructuring and centralization initiative.
Word for word“The Corporation recorded restructuring costs and other related charges of approximately $4.4 million, $3.3 million and $0.5 million during the years ended December 31,2013, 2014, and 2015, respectively.” 10-K for 2015
Our summaryRestructuring and impairment charges recorded in 2015 for the specialty infusion business restructuring and centralization initiative.
Word for word“Restructuring and impairment charges were $0.5 million for the year ended December 31, 2015 compared to $3.3 million for the year ended December 31, 2014.” 10-K for 2015
Our summaryRestructuring liability for employee severance and facility costs remaining at year end 2015.
Word for word“The liability at December 31, 2015 represents amounts not yet paid relating to actions taken in connection with the program (primarily lease payments and severance costs).” 10-K for 2015
Our summaryThe company recorded restructuring and impairment charges in 2016 for restructuring and centralizing its specialty infusion business.
Word for word“Restructuring and impairment charges were $2.9 million for the year ended December 31, 2016 compared to $0.5 million for the year ended December 31, 2015.” 10-K for 2016
Our summaryThe company began a restructuring plan after losing two significant customers, including steps to adjust its workforce and facility plans to fit expected business needs.
Word for word“The Corporation's restructuring plan included steps to right size its cost structure by adjusting its workforce and facility plans to reflect anticipated business needs.” 10-K for 2016
Our summaryThe company recorded restructuring charges for 2014 through 2016, mainly severance pay, employment agreement buy-outs, lease terminations and facility exit costs.
Word for word“The Corporation recorded restructuring costs and other related charges of approximately $3.3 million, $0.5 million and $2.9 million during the years ended December 31, 2014, 2015 and 2016, respectively.” 10-K for 2016
Our summaryThe company finished a restructuring and centralization initiative for its specialty infusion business that began in 2015.
Word for word“In addition, in the year ended December 31, 2015, the Corporation began a restructuring and centralization initiative related to its specialty infusion business which was completed in 2016.” 10-K for 2016
| Fiscal year ended | Restructuring costs incurred | Cash paid for restructuring |
|---|---|---|
| 2016-12-31 | $2.9 million | $3.3 million |
PharMerica 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 PharMerica’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 2017-02-24. 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.