Summit Materials layoffs, on the record
Every job cut, severance charge and restructuring Summit Materials reported in its annual reports, 2022 to 2023, quoted from the filings. Headcount went from approximately 5,500 to approximately 5,300.
Headcount, as reported
| Annual report | Employees | As of |
|---|---|---|
| 10-K for 2022 | approximately 5,500 | January 1, 2022 |
| 10-K for 2022 | approximately 4,800 | December 31, 2022 |
| 10-K for 2023 | approximately 5,300 | December 30, 2023 |
Job cuts, severance and restructuring
Our summaryThe filing reports severance related costs within general and administrative expense for 2021, which rose over 2020.
Word for word“Our general and administrative expenses in 2021 increased $13.9 million over 2020, due to $3.4 million in severance related costs, an increase in consulting fees as we seek to optimize organizational efficiencies and increases in labor and benefits, offset by a decrease of $10.6 million in CEO transition costs, which occurred in 2020.” 10-K for 2022
Our summaryThe filing notes that many hourly and certain salaried employees are subject to seasonal layoffs, with the scope varying from season to season.
Word for word“Because of the seasonal nature of our industry, many of our hourly and certain of our salaried employees are subject to seasonal layoffs.” 10-K for 2022
Summit Materials 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 Summit Materials’s annual reports (10-K for 2023, 10-K for 2022, 10-K for 2022) and the financial data it files with the SEC, as of 2024-02-15. 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.