Reynolds American layoffs, on the record
Every job cut, severance charge and restructuring Reynolds American reported in its annual reports, 2014 to 2016, quoted from the filings.
Headcount, as reported
| Annual report | Employees | As of |
|---|---|---|
| 10-K for 2014 | approximately 5,300 full-time employees and approximately 100 part-time employees | December 31, 2014 |
| 10-K for 2015 | approximately 5,600 full-time employees and approximately 100 part-time employees | December 31, 2015 |
| 10-K for 2016 | approximately 5,500 full-time employees and approximately 50 part-time employees | At December 31, 2016 |
Job cuts, severance and restructuring
Our summaryIn 2012 RAI announced a business analysis to reinvest resources, under which the total U.S. workforce of RAI and its subsidiaries would decline by a net of about 10% by the end of 2015.
Word for word“In 2012, RAI announced that it and its subsidiaries, RJR Tobacco and RAI Services Company, referred to as RAISC, had completed a business analysis designed to identify resources to reinvest in their businesses.” 10-K for 2014
Our summaryRecorded a restructuring charge for employee severance, benefits and pension-related costs under existing severance plans.
Word for word“Under existing severance plans, $111 million of severance, benefits and related costs and $38 million of pension-related benefits comprised a restructuring charge of $149 million during 2012.” 10-K for 2014
Our summaryWorkforce reduction in 2012 due to changes in organizational structure of RJR Tobacco, RAI and RAISC triggered pension curtailment charges and special termination benefits recorded as restructuring expense.
Word for word“A workforce reduction in 2012, due to changes in the organizational structure of RJR Tobacco, RAI and RAISC, met RAI's curtailment threshold as a major event for pension plans.” 10-K for 2014
Our summaryRestructuring liability for employee severance and benefits was utilized over time, with remaining balance reported at year end 2014.
Word for word“Utilized in 2014 (17 ) Balance as of December 31, 2014 $ 40 Note 6 — Income Per Share The components of the calculation of income per share were as follows: For the Years Ended December 31, 2014 2013 2012 Income from continuing operations $ 1,445 $ 1,718 $ 1,272 Income from discontinued operations 25 — — Net income $ 1,470 $ 1,718 $ 1,272 Basic weighted average shares, in thousands 533,160 544,925 565,570 Effect of dilutive potential shares: Restricted stock units 1,810 2,024 2,303 Diluted weighted average shares, in thousands 534,970 546,949 567,873 Note 7 — Inventories The major components of inventories at December 31 were as follows: 2014 2013 Leaf tobacco $ 1,125 $ 1,049 Other raw materials 90 66 Work in process 72 70 Finished products 171 130 Other 27 18 1,485 1,333 LIFO allowance (204 ) (206 ) $ 1,281 $ 1,127 102 Table of Contents NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — continued Inventories valued under the LIFO method were $456 million and $519 million at December 31, 2014 and 2013, respectively, net of the LIFO allowance. The LIFO allowance reflects the excess of the current cost of LIFO inventories at December 31, 2014 and 2013, over the amount at which these inventories were carried on the consolidated balance sheets.” 10-K for 2014
Our summaryIn 2012 RAI announced a business analysis that reduced its total U.S. workforce, with the restructuring completed by the end of 2015.
Word for word“As a result of this initiative, the total U.S. workforce of RAI and its subsidiaries declined by a net of approximately 10% upon the completion of the restructuring by the end of 2015.” 10-K for 2015
Our summaryThe company reported restructuring and/or asset impairment charges in 2015 and 2012.
Word for word“(2) Includes restructuring and/or asset impairment charges of $99 million and $149 million for the years ended December 31, 2015 and 2012, respectively.” 10-K for 2016
Reynolds American 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 Reynolds American’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 2017-02-09. 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.