Pinnacle Foods layoffs, on the record
Every job cut, severance charge and restructuring Pinnacle Foods reported in its annual reports, 2015 to 2017, quoted from the filings. Headcount went from approximately 4,300 to approximately 4,900.
Headcount, as reported
| Annual report | Employees | As of |
|---|---|---|
| 10-K for 2015 | approximately 4,300 | December 27, 2015 |
| 10-K for 2016 | approximately 5,100 | December 25, 2016 |
| 10-K for 2017 | approximately 4,900 | December 31, 2017 |
Job cuts, severance and restructuring
Our summaryRecorded employee severance and restructuring-type charges, including severance costs paid or to be paid to terminated employees, in fiscal 2015 acquisition, merger and other restructuring charges.
Word for word“Employee severance (3) 687 3,465 Total other adjustments $ 12,926 $ (130,050 )” 10-K for 2015
Our summaryRecorded fiscal 2015 restructuring charges, integration costs and business optimization expenses, mainly integration costs of the Garden Protein and Wish-Bone acquisitions, within acquisition, merger and other restructuring charges.
Word for word“(2) For fiscal 2015, primarily represents integration costs of the Garden Protein and Wish-Bone acquisitions.” 10-K for 2015
Our summaryWind down of the Boulder Brands private label gluten free bakery operation in the United Kingdom, with charges recorded in Other expense (income), net.
Word for word“In conjunction with the wind down, we incurred charges of $4.3 million in the fourth quarter of 2016 which were recorded in Other expense (income), net.” 10-K for 2016
Our summaryRestructuring charges and integration costs recorded related to the Boulder Brands and Garden Protein acquisitions.
Word for word“We recorded $32.9 million of restructuring charges and integration costs related to the Boulder Brands and Garden Protein acquisitions, of which $30.0 million was recorded in Administrative expenses, $1.5 million in Costs of products sold, $1.0 million in Marketing and selling expenses and $0.2 million in Research and development expenses.” 10-K for 2016
Our summaryRestructuring charges recorded as a result of the Boulder Brands acquisition, primarily employee termination and retention benefits.
Word for word“As a result of the Boulder Brands acquisition, the Company incurred $19.2 million of restructuring charges in 2016, primarily related to employee termination and retention benefits and were recorded in Administrative expenses in the Consolidated Statements of Operations.” 10-K for 2016
Our summaryAccrued restructuring charges for Boulder Brands remained on the balance sheet at year end after payments.
Word for word“The following table summarizes total restructuring charges accrued as of December 25, 2016 .” 10-K for 2016
Our summaryEmployee severance costs recorded under acquisition, merger and other restructuring charges.
Word for word“Employee severance (3) 240 687 Total other adjustments $ 46,100 $ 12,926 _________________ (1) For fiscal 2016, represents Boulder Brands acquisition costs.” 10-K for 2016
Our summaryThe company exited certain low-margin Aunt Jemima frozen breakfast products, which led to restructuring charges including workforce reductions.
Word for word“On May 8, 2017, in connection with the Company's ongoing portfolio strategic assessment and margin roadmap, it exited certain low-margin and non-strategic Aunt Jemima retail and foodservice frozen breakfast products following the Company's voluntary Recall (as defined in Note 14 to the Consolidated Financial Statements, Commitments and Contingencies).” 10-K for 2017
Our summaryThe company recorded total charges for the Aunt Jemima exit, including employee termination costs.
Word for word“In fiscal 2017, the Company recorded $63.2 million of charges related to the Exit (as defined in Note 10 to the Consolidated Financial Statements, Restructuring Charges) which consisted of non-cash intangible asset impairment charges of $31.2 million , non-cash accelerated depreciation charges of $22.6 million , non-cash charges to adjust inventory to net realizable value of $4.6 million , $3.3 million of contract termination and other fees in addition to employee termination costs of $1.5 million .” 10-K for 2017
| Fiscal year ended | Restructuring charges | Cash paid for restructuring |
|---|---|---|
| 2016-12-25 | $19.1 million | $11.6 million |
Pinnacle Foods 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 Pinnacle Foods’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 2018-03-01. 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.