Spectrum Brands Legacy layoffs, on the record
Every job cut, severance charge and restructuring Spectrum Brands Legacy reported in its annual reports, 2015 to 2017, quoted from the filings. Headcount went from approximately 15,700 to approximately 16,800.
Headcount, as reported
| Annual report | Employees | As of |
|---|---|---|
| 10-K for 2016 | approximately 15,700 | September 30, 2016 |
| 10-K for 2017 | approximately 16,800 | September 30, 2017 |
Job cuts, severance and restructuring
Our summaryCompleted a company-wide restructuring initiative (global cost reduction) during fiscal 2015 with cumulative costs of $101.8 million.
Word for word“Costs associated with the initiative, which was completed during the year ended September 30, 2015, were $101.8 million.” 10-K for 2015
Our summaryRecorded restructuring and related charges under the global expense rationalization initiatives, including severance and termination benefits in fiscal 2015.
Word for word“Global expense rationalization initiatives 17.1 13.4 11.3 Global cost reduction initiatives 1.2 1.3 16.4 Other restructuring activities 0.1 3.7 6.3 Total restructuring and related charges $ 28.7 $ 22.9 $ 34.0 Reported as: Cost of goods sold $ 2.1 $ 3.7 $ 10.0 Operating expense 26.6 19.2 24.0” 10-K for 2015
Our summaryImplemented HHI business rationalization initiatives in the Hardware & Home Improvement segment, including headcount reductions, facility exits and a sale of part of the operations.
Word for word“These initiatives include d headcount reductions, the exit of certain facilities and the sale of a portion of the global Hardware & Home Improvement operations.” 10-K for 2015
Our summaryGAC business rationalization: series of initiatives to consolidate operations and reduce costs, including headcount reductions and exit of certain facilities, implemented in the third quarter of fiscal 2016.
Word for word“GAC Business Rationalization Initiatives – During the third quarter of the fiscal year ended September 30, 2016, the Company implemented a series of initiatives through the GAC segment to consolidate certain operations and reduce operating costs.” 10-K for 2016
Our summaryHeadcount reduction initiatives in the GBA and PET segments and in Corporate, completed as of September 30, 2016.
Word for word“These initiatives consisted of headcount reductions in the GBA and PET, and within Corporate.” 10-K for 2016
Our summaryOther small restructuring activities across the organization to reduce costs, with expected total costs of about $6 million.
Word for word“Total costs associated with these initiatives are expected to be approximately $6 million, of which $ 2.9 million has been incurred to date.” 10-K for 2016
Our summaryRestructuring and related charges recorded in fiscal 2016 across global expense, HHI, GAC and other initiatives, including termination benefits.
Word for word“The following summarizes restructuring and related charges for the years ended September 30, 2016, 2015, and 2014, and cumulative costs on restructuring initiatives as of September 30, 2016, by cost type:” 10-K for 2016
Our summaryThe company is carrying out targeted restructuring initiatives, including the HHI Distribution Center Consolidation and the GAC Business Rationalization Initiatives, to align operations with market conditions.
Word for word“We continue to engage in targeted restructuring initiatives, such as the HHI Distribution Center Consolidation and GAC Business Rationalization Initiatives , to align our business operations in response to current and anticipated future market conditions and investment strategy.” 10-K for 2017
Our summaryRestructuring and related charges within operating expenses rose in fiscal 2017, mainly because of the HHI and GAC restructuring initiatives.
Word for word“Operating expenses for the year ended Se ptember 30, 2017 increased $49.7 million or 3.9% due to an increase in selling and general and administrative expenses of $23.6 million primarily from the incremental expenses from the operations of acquired businesses during the year and costs associated with the pet recall previously discussed, increase in restructuring and related charges of $29.5 million primarily attributable to the HHI and GAC restructuring initiatives discussed above, and impairment charges from intangible assets of $16.3 million; offset by decreased acquisition and integration related charges of $15.8 million primarily from reduced integration costs from the GAC and HHI acquisitions .” 10-K for 2017
| Fiscal year ended | Restructuring charges | Cash paid for restructuring |
|---|---|---|
| 2016-09-30 | $14 million | $6.1 million |
| 2017-09-30 | $60.4 million | $5.7 million |
Spectrum Brands Legacy 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 Spectrum Brands Legacy’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 2017-11-16. 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.