Wrkco layoffs, on the record
Every job cut, severance charge and restructuring Wrkco reported in its annual reports, 2015 to 2017, quoted from the filings. Headcount went from approximately 41,400 to approximately 44,800.
Headcount, as reported
| Annual report | Employees | As of |
|---|---|---|
| 10-K for 2015 | approximately 41,400 | September 30, 2015 |
| 10-K for 2016 | approximately 39,000 | September 30, 2016 |
| 10-K for 2017 | approximately 44,800 | September 30, 2017 |
Job cuts, severance and restructuring
Our summaryCoshocton, OH medium mill to be permanently closed, with an expected initial charge primarily for asset impairments and severance.
Word for word“our expectation that we will permanently close our Coshocton, OH medium mill in late November, that we expect the closure to reduce our annual operating costs and enable us to avoid maintenance capital while continuing to serve our customers and that as a result of the closure, and that we expect to record an initial charge of approximately $130 million for primarily asset impairments and severance;” 10-K for 2015
Our summaryFiscal 2015 restructuring and other costs were recorded, including integration costs that primarily consist of severance and other employee costs tied to the Combination.
Word for word“Included in earnings for fiscal 2015 are $75.5 million of integration related costs related to the Combination which primarily consist of severance and other employee costs and professional services.” 10-K for 2015
Our summaryFiscal 2015 pension lump sum settlement offered to certain former employees, with special termination benefits recorded to restructuring in connection with the Combination.
Word for word“The fiscal 2015 special termination benefits were recorded to restructuring in connection with the Combination, and should be excluded from the calculation of pension funding more than expense.” 10-K for 2015
Our summaryRestructuring accrual activity in fiscal 2015 included accrued severance and other employee costs, with additional accruals and payments recorded.
Word for word“The following table represents a summary of and the changes in the restructuring accrual, which is primarily composed of lease commitments, accrued severance and other employee costs, as well as a reconciliation of the restructuring accrual to the line item “Restructuring and other costs, net” on our Consolidated Statements of Income for fiscal 2015 , 2014 and 2013 (in millions): 2015 2014 2013 Accrual at beginning of fiscal year $ 10.9 $ 21.8 $ 22.7 Accruals acquired in merger 2.9 — — Additional accruals 37.6 5.0 18.7 Payments (31.4 ) (14.1 ) (20.6 ) Adjustment to accruals 1.4 (1.8 ) 1.0 Accrual at end of fiscal year $ 21.4 $ 10.9 $ 21.8 Reconciliation of accruals and charges to restructuring and other costs, net: 2015 2014 2013 Additional accruals and adjustments to accruals (see table above) $ 39.0 $ 3.2 $ 19.7 Acquisition expense (income) 44.4 7.5 (3.6 ) Integration expenses 49.2 23.4 22.8 Divestiture expenses 6.3 — — Net property, plant and equipment 2.2 10.2 18.6 Severance and other employee costs 0.3 0.6 10.1 Equipment and inventory relocation costs 1.6 3.3 5.4 Facility carrying costs 3.9 5.3 5.7 Other expense (income) 0.5 2.1 (0.7 ) Total restructuring and other costs, net $ 147.4 $ 55.6 $ 78.0 Note 8.” 10-K for 2015
Our summaryCompany stated it may engage in additional restructuring initiatives in the future, and expects integration activities to continue for the next two fiscal years.
Word for word“We expect integration activities to continue for the next two fiscal years.” 10-K for 2015
Our summaryRestructuring and other costs, net were recorded for fiscal 2016, including facility closures and integration expenses tied to the Combination.
Word for word“We recorded aggregate pre-tax restructuring and other costs of $366.4 million , $140.8 million and $55.6 million for fiscal 2016 , 2015 and 2014 , respectively.” 10-K for 2016
Our summaryPermanent closures of the Coshocton, OH and Uncasville, CT medium mills, the Newberg, OR mill, and the Vapi, India linerboard mill were reported as facility closure costs.
Word for word“In fiscal 2016, our restructuring and other items included $241.7 million of pre-tax facility closure costs, which primarily related to the permanent closures of the Coshocton, OH and Uncasville, CT medium mills, the permanent closure of the Newberg, OR mill, the permanent closure of the Vapi, India linerboard mill, certain non-mill facility closures and costs at other previously closed facilities; $104.7 million of pre-tax integration expenses primarily including severance and other costs primarily associated with the Combination; $25.1 million of operating losses and transition and other costs primarily associated with operations in the process of being closed; $9.4 million of acquisition and divestiture expenses; and $10.6 million of severance and other employee costs in our Land and Development segment.” 10-K for 2016
Our summarySeverance and other employee costs were recorded in the Land and Development segment for personnel reductions.
Word for word“The Land and Development segment related charges in fiscal 2016 and cumulative charges reflect severance and other employee costs related to personnel reductions in the segment.” 10-K for 2016
Our summaryIntegration activities related to the Combination included severance and other employee costs, with integration expected to continue into fiscal 2017.
Word for word“We expect integration activities to continue during fiscal 2017.” 10-K for 2016
Our summaryThe company recorded pre-tax restructuring and other costs for fiscal 2017, 2016 and 2015.
Word for word“We recorded aggregate pre-tax restructuring and other costs of $196.7 million , $366.4 million and $140.8 million for fiscal 2017 , 2016 and 2015 , respectively.” 10-K for 2017
Our summaryRestructuring charges relate mainly to plant closures and employee costs from workforce reductions after mergers and acquisitions.
Word for word“Our restructuring charges are primarily associated with plant closures and employee costs due to merger and acquisition-related workforce reductions.” 10-K for 2017
Our summaryIn the Land and Development segment, restructuring charges were severance and employee costs tied to the accelerated monetization strategy and wind down of operations.
Word for word“In our Land and Development segment, the restructuring charges primarily relate to severance and other employee costs associated with the accelerated monetization strategy and wind down of operations.” 10-K for 2017
Our summaryOne-time severance benefit payments out of the pension plan, along with lump sum payments, triggered pension settlement accounting and a non-cash charge.
Word for word“In fiscal 2017, lump sum payments to certain beneficiaries of the Plan, together with several one-time severance benefit payments out of the Plan, triggered pension settlement accounting and resulted in a $32.6 million non-cash charge to our earnings.” 10-K for 2017
| Fiscal year ended | Restructuring costs incurred |
|---|---|
| 2016-09-30 | $294.9 million |
| 2017-09-30 | $113.4 million |
Wrkco 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 Wrkco’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 2017-11-20. 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.