Westmoreland Coal layoffs, on the record
Every job cut, severance charge and restructuring Westmoreland Coal reported in its annual reports, 2015 to 2017, quoted from the filings. Headcount went from approximately 3,248 to approximately 2,950.
Headcount, as reported
| Annual report | Employees | As of |
|---|---|---|
| 10-K for 2015 | approximately 3,248 | — |
| 10-K for 2016 | approximately 3,200 | — |
| 10-K for 2017 | approximately 2,950 | — |
Job cuts, severance and restructuring
Our summaryCompany reported restructuring charges of $0.7 million in 2015 under its Acquisition Restructuring Plans, consisting of one-time employee termination benefits.
Word for word“Charges related to the Acquisition Restructuring Plans were comprised of one-time employee termination benefits and impacted all segments except for our Power Segment.” 10-K for 2015
Our summaryCompany made cash payments settling its restructuring liabilities during 2015.
Word for word“Payments in settlement of our restructuring liabilities $ (9.0 ) Cash used by operating activities” 10-K for 2015
Our summaryCompany recorded restructuring charges during 2014 related to the Canadian Acquisition and GP Acquisition, with total expected charges of $15.2 million.
Word for word“Total expected restructuring charges related to the Acquisition Restructuring Plans of $15.2 million have been recorded to the restructuring expense line item within our consolidated statements of operations as they were incurred.” 10-K for 2015
Our summaryCompany recorded a $2.8 million severance charge at the WMLP acquisition date of December 31, 2014.
Word for word“Both periods presented are comprised of Kemmerer mine operations, with 2014 also including $2.8 million of WMLP expenses related to severance charges that occurred on the December 31, 2014 WMLP acquisition date.” 10-K for 2015
Our summaryCompany completed its ROVA Restructuring Plan, renegotiating the remaining years of the ROVA contract with Virginia Power, with all actions completed.
Word for word“Total restructuring charges related to the ROVA Restructuring Plan were $5.5 million and all were recorded to the restructuring expense line item within our consolidated statements of operations as they were incurred.” 10-K for 2015
Our summaryWestmoreland recorded restructuring charges tied to its 2014 Acquisition Restructuring Plans, comprised of one-time employee termination benefits, with the balance fully paid out by the end of 2016.
Word for word“During 2014, the Company initiated strategic changes related to the Canadian Acquisition and the GP Acquisition (collectively, the "Acquisition Restructuring Plans").” 10-K for 2016
Our summaryThe company said it hired financial and restructuring advisors to explore strategic alternatives for its balance sheet, which may include a Chapter 11 reorganization.
Word for word“On March 7, 2018, we announced that we have retained Centerview Partners as financial advisors and Alvarez & Marsal North America, LLC as restructuring advisors, to explore strategic alternatives to strengthen the Company’s balance sheet and maximize the value of the Company, which may include, but not limited to, seeking reorganization under Chapter 11 of the U.S. Bankruptcy Code.” 10-K for 2017
Our summaryThe company reported restructuring charges in earlier years, tied in 2014 to its Canada and WMLP general partner acquisitions.
Word for word“Restructuring charges of $0.7 million , $15.0 million and $5.1 million in 2015, 2014 and 2013, respectively.” 10-K for 2017
Our summaryThe company said cost reductions lowered 2017 operating costs but still brought some severance-related costs and costs from redundancies.
Word for word“These factors, in turn, generally lowered operating costs in 2017 compared with 2016 and 2015, although we did incur some additional costs, including severance-related costs and additional costs resulting from redundancies created during these changes.” 10-K for 2017
| Fiscal year ended | Restructuring charges | Cash paid for restructuring |
|---|---|---|
| 2016-12-31 | $0 | $900,000 |
| 2017-12-31 | $0 | — |
Westmoreland Coal 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 Westmoreland Coal’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 2018-04-02. 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.