Snyder's-lance layoffs, on the record
Every job cut, severance charge and restructuring Snyder's-lance reported in its annual reports, 2016 to 2017, quoted from the filings. Headcount went from approximately 5,000 to approximately 5,900.
Headcount, as reported
| Annual report | Employees | As of |
|---|---|---|
| 10-K for 2016 | approximately 5,000 | January 2, 2016 |
| 10-K for 2016 | approximately 6,100 | December 31, 2016 |
| 10-K for 2017 | approximately 5,900 | December 30, 2017 |
Job cuts, severance and restructuring
Our summaryCompany recorded severance and other related expenses in 2014 under its Margin Improvement and Restructuring Plan.
Word for word“We also incurred severance and other related expenses of $2.8 million in 2014 in conjunction with our Margin Improvement and Restructuring Plan.” 10-K for 2016
Our summaryCompany recorded approximately $4 million associated with its margin improvement and restructuring plan in 2014 pretax income.
Word for word“2014 pretax income was impacted by a gain on the revaluation of our prior equity investment in Late July of approximately $17 million, impairment charges of approximately $13 million and approximately $4 million associated with our margin improvement and restructuring plan.” 10-K for 2016
Our summaryCompany recorded impairment charges in 2014, including intangible and fixed asset impairments.
Word for word“During 2014, we recorded $13.0 million in total impairment charges, with $7.3 million in impairment of intangible assets and $5.7 million in impairment of fixed assets.” 10-K for 2016
Our summaryCompany recorded 2015 asset impairment charges tied to transferring production for certain products.
Word for word“2015 pretax income was impacted by approximately $8 million in transaction-related fees associated with the pending acquisition of Diamond, approximately $12 million in asset impairment charges primarily related to the transfer of production location for certain products and approximately $6 million in settlements of certain litigation.” 10-K for 2016
Our summaryCompany disclosed that Diamond key employees may collect change-in-control severance if constructive termination occurs during integration, a possible future severance obligation.
Word for word“In addition, pursuant to change-in-control provisions in their respective employment agreements with Diamond, key employees of Diamond are entitled to receive severance payments upon a constructive termination of employment.” 10-K for 2016
Our summaryCompany recorded severance and professional fees tied to Merger and integration activities in 2012 and 2011, and a closing of the Corsicana, Texas manufacturing facility in 2011.
Word for word“(10) 2011 pretax income was impacted by approximately $20 million in severance costs and professional fees related to Merger and integration activities, approximately $10 million in asset impairment charges related to the IBO conversion, approximately $3 million in charges related to closing the Corsicana, Texas manufacturing facility, approximately $9 million in expense reductions related to a change in the vacation plan and approximately $9 million in gains on the sale of route businesses associated with the IBO conversion.” 10-K for 2016
Our summaryRecorded Diamond Foods transaction and integration expenses that included severance and retention benefits for Diamond Foods personnel.
Word for word“These expenses in continuing operations included $17.5 million of severance and retention benefits and $16.4 million of accelerated stock-based compensation, which related primarily to change in control provisions and severance agreements with Diamond Foods personnel.” 10-K for 2016
Our summaryRecorded severance and retention costs for the Diamond Foods executive team tied to change in control and severance agreements.
Word for word“Transaction and integration expenses in continuing operations for 2016, include $17.5 million of severance and retention benefits, and $16.4 million of accelerated stock-based compensation, which was recognized due to the change in control and severance agreements for the Diamond Foods executive team.” 10-K for 2016
Our summaryThe Board approved closing the Perry, Florida manufacturing plant and a further workforce reduction across the company as part of the Transformation Plan.
Word for word“As a part of the plan, on June 26, 2017, our Board of Directors approved the closure of our manufacturing facility in Perry, Florida and an incremental reduction in workforce across the organization.” 10-K for 2017
Our summaryThe company reported it had eliminated about 300 jobs during 2017 under the Transformation Plan.
Word for word“In 2017, we have eliminated approximately 300 jobs.” 10-K for 2017
Our summaryThe company reported that Transformation Plan charges in 2017 included severance and related costs, asset impairments, professional fees and other items.
Word for word“Charges 9,011 8,859 7,278 4,454 29,602 Cash spent (7,420 ) — (7,278 ) (309 ) (15,007 ) Non-cash settlements/adjustments (440 ) (8,859 ) — (4,145 ) (13,444 ) Liability balance, December 30, 2017 $ 1,151 $ — $ — $ — $ 1,151 (1) This represents only the accrued severance and related costs for the Transformation Plan.” 10-K for 2017
| Fiscal year ended | Restructuring charges | Cash paid for restructuring |
|---|---|---|
| 2017-12-30 | $29.6 million | $15 million |
Snyder's-lance 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 Snyder's-lance’s annual reports (10-K for 2017, 10-K for 2016, 10-K for 2016) and the financial data it files with the SEC, as of 2018-02-28. 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.