Resolute Forest Products layoffs, on the record
Every job cut, severance charge and restructuring Resolute Forest Products reported in its annual reports, 2019 to 2021, quoted from the filings. Headcount went from approximately 7,100 to approximately 6,900.
Headcount, as reported
| Annual report | Employees | As of |
|---|---|---|
| 10-K for 2020 | approximately 7,100 | December 31, 2020 |
| 10-K for 2021 | approximately 6,900 | As at December 31, 2021 |
Job cuts, severance and restructuring
Our summaryTemporarily idled the Amos and Baie-Comeau paper mills, recording closure costs, impairment and related charges, including severance and other costs.
Word for word“In the fourth quarter of 2020, we recorded closure costs, impairment and other related charges of $55 million, related to the temporary idling of our Amos and Baie-Comeau paper mills, including accelerated depreciation charges of $38 million and severance and other costs of $17 million.” 10-K for 2020
Our summaryImplemented temporary or permanent layoffs as part of reducing its operational footprint in response to COVID-19.
Word for word“While we expect to continue to operate in all of our business segments in Canada and the U.S., we have reduced our operational footprint to levels consistent with essential or reduced needs, including the temporary idling of certain machines or facilities and implementing temporary or permanent layoffs.” 10-K for 2020
Our summaryRecorded 2020 closure costs, impairment and other related charges for the temporary idling of the Amos and Baie-Comeau paper mills, including severance and other costs.
Word for word“Due to the overall decrease in demand for newsprint, accelerated by the economic context surrounding the COVID-19 pandemic, the Amos and Baie-Comeau paper mills have been temporarily idled since April 2020.” 10-K for 2020
Our summaryRecorded 2019 closure costs and severance for the indefinite idling of the Augusta paper mill.
Word for word“This compares to closure costs, impairment and other related charges of $18 million in the year-ago period, mainly due to the indefinite idling of our paper mill at Augusta, including severance and other costs of $10 million and accelerated depreciation charges of $8 million.” 10-K for 2020
Our summarySold the Augusta and Thorold paper mills.
Word for word“In 2020, we recorded a net gain on disposition of assets of $11 million, compared to $2 million in 2019, which reflected: the sale of the Augusta paper mill for total cash consideration of $10 million, resulting in a net gain of $9 million; and the sale of the Thorold paper mill for total cash consideration of $4 million, resulting in a net gain of $2 million.” 10-K for 2020
Our summaryThe company announced the indefinite idling of pulp and paper operations at its Calhoun mill and recorded impairment, severance and other charges.
Word for word“In 2021, we recorded closure costs, impairment and other related charges of $142 million, related to the announcement on December 16, 2021, of the indefinite idling of pulp and paper operations at our Calhoun mill, which included: a fixed asset impairment charge of $124 million, additional provisions for severance and other costs of $13 million, as well as write-off of other assets of $5 million.” 10-K for 2021
Our summaryThe Amos and Baie-Comeau paper mills were temporarily idled in 2020, with severance and other costs recorded, and were then indefinitely idled in March 2021.
Word for word“We also recognized additional provisions for severance and other costs of $ 17 million, of which $ 8 million was paid in 2021.” 10-K for 2021
Our summaryThe company reported that it had to reduce its operations because of COVID-19, including temporary or permanent layoffs.
Word for word“While we have been able and expect to continue to operate in all of our business segments in Canada and the U.S., we had to reduce our operational footprint to levels consistent with sanitary constraints or reduced needs, including the temporary or indefinite idling of certain machines or facilities and implementing temporary or permanent layoffs.” 10-K for 2021
Resolute Forest Products 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 Resolute Forest Products’s annual reports (10-K for 2021, 10-K for 2020, 10-K for 2019) and the financial data it files with the SEC, as of 2022-03-01. 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.