Restructurings, exit costs, and impairments under 8-K Items 2.05/2.06.
FMC CORP announced a restructuring with charges of Total severance charges and related benefit costs estimated in the range of $85 to $100 million affecting Global (including voluntary separation program in select jurisdictions and workforce reduction in Brazil) (Global workforce reduction of approximately 8%).
“The Company estimates total severance charges and related benefit costs for actions associated with Project Focus to be in the range of $85 to $100 million.”
FMC CORP announced a restructuring with charges of Pre-tax restructuring charges in the range of approximately $180 to $215 million in connection with Project Focus affecting Global (Global workforce reduction of approximately 8%).
“The Company expects to incur pre-tax restructuring charges in the range of approximately $180 to $215 million, which is subject to future changes, in connection with Project Focus.”
Bumble Inc. announced a restructuring with charges of approximately $20 million to $25 million affecting global workforce (approximately 350 roles).
“On February 27, 2024, the Company announced that it intends to reduce its global workforce by approximately 350 roles to better align its operating model with future strategic priorities and to drive stronger operating leverage. As a result, the Company expects to incur approximately $20 million to $25 million of non-recurring charges, consisting primarily of employee severance, benefits, and related charges, for impacted employees.”
Unity Software Inc. announced a impairment with charges of $15.6 million of impairment charges on operating lease assets for the fourth quarter of 2023, and expects to incur immaterial amounts of further impairment char affecting office closures.
“In connection with the preparation of its financial statements to be reported in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, the Company concluded that it incurred approximately $15.6 million of impairment charges on operating lease assets for the fourth quarter of 2023, and expects to incur immaterial amounts of further impairment charges on operating lease assets, in the first and second quarters of 2024.”
Unity Software Inc. announced a restructuring with charges of $195 million in employee separation costs affecting workforce (reduce approximately 1,800 employee roles, or approximately 25% of its then current workforce).
“the fact that severance charges were still being analyzed and finalized. The Company now estimates that it will recognize, primarily in the first quarter of 2024, approximately $195 million in employee separation costs in connection with these decisions, largely driven by the modification of equity awards. This Current Report on Form 8-K contains forward-looking”
Axalta Coating Systems Ltd. announced a restructuring with charges of approximately $75 - $110 million (approximately 600 employees).
“first quarter of 2024 and be completed by 2026. In connection with the 2024 Transformation Initiative, the Company estimates that it will incur pre-tax costs of approximately $75 - $110 million in the aggregate, of which $65 - $90 million represents severance and other exit-related costs and $10 - $20 million represents non-cash accelerated depreciation”
Elanco Animal Health Inc announced a restructuring with charges of $50 to $55 million affecting across our global organization (approximately 420 personnel).
“On February 22, 2024, the Board of Directors of Elanco Animal Health Incorporated authorized a restructuring plan with respect to its workforce (the “Restructuring Plan”) to improve operational efficiencies and better align the Company’s organizational structure with current business needs, top strategic priorities and key growth opportunities. The restructuring plan will result in the elimination of approximately 420 personnel across our global organization. Expected pre-tax charges associated with the restructuring plan total $50 to $55 million in 2024, including $40 to $45 million of cash-based severance costs, a majority of which will be paid in 2024.”
Expedia Group, Inc. announced a restructuring with charges of Total pre-tax charges and cash expenditures associated with the restructuring actions, all of which are expected to be recorded in 2024, are expected to be $80 affecting Not specified (workforce reduction impacting approximately 1,500 employees).
“On February 22, 2024, Expedia Group, Inc. (the “ Company ”) committed to restructuring actions to recalibrate resources in light of the Company’s organizational and technological transformation. Subject to compliance with local consultation obligations where applicable, the restructuring actions are expected to result in a workforce reduction impacting approximately 1,500 employees and the communication of such actions to a portion of affected employees was commenced on February 26, 2024. Total pre-tax charges and cash expenditures associated with the restructuring actions, all of which are expected to be recorded in 2024, are expected to be $80 million to $100 million, and are predominately employee severance and compensation benefits costs.”
OnKure Therapeutics, Inc. announced a restructuring with charges of approximately $1.7 million (approximately 20%).
“the Company expects to complete a second workforce reduction of approximately 20% on February 29, 2024 (the “Second Reduction”). In connection with the Second Reduction, the Company estimates that it will incur charges of approximately $1.7 million associated with cash severance payments and other employee termination-related costs in the first quarter of 2024.”
Domtar CORP announced a restructuring with charges of approximately $32 million affecting Ashdown, Arkansas facility (Ashdown Mill).
“The curtailment will result in an aggregate pre-tax charge to earnings of approximately $32 million, which includes an estimated $31 million in non-cash charges relating to the accelerated depreciation of the carrying amounts of manufacturing equipment and the write-off of related spare parts, and $1 million related to other costs.”
BuzzFeed, Inc. announced a restructuring with charges of $2.5 million to $4.0 million (approximately 16% percent reduction in the current workforce).
“of providing, where required, WARN notice, and severance, including outplacement services and benefits continuation. We estimate that the foregoing charges will range between $2.5 million to $4.0 million, and we expect the charges will be recognized primarily in the first quarter of 2024, with the majority of such charges anticipated to be paid by the end of the”
Sonder Holdings Inc. announced a restructuring with charges of $2 million to $3 million (approximately 106 corporate roles, or 17% of the corporate workforce).
“the reduction in force to be substantially complete by the end of the first quarter of 2024. Total costs and cash expenditures for the reduction in force are estimated at $2 million to $3 million, substantially all of which are related to employee severance and benefits costs and will be recognized in the first quarter of 2024. The Company expects to pay the”
Toast, Inc. announced a restructuring with charges of approximately $45 to $55 million (approximately 550 employees).
“Plan by the end of fiscal year 2024. As part of this Restructuring Plan, the Company expects to incur restructuring and restructuring-related charges of approximately $45 to $55 million, primarily related to severance and severance-related costs and certain other costs related to facilities. Substantially all of these charges are expected to be”
Aurinia Pharmaceuticals Inc. announced a restructuring with charges of approximately $11 - $15 million affecting AUR200 and AUR300 research and development programs.
“This will result in a one-time charge in the first quarter of 2024 of approximately $11 - $15 million and expected operational cost savings of approximately $50 - $55 million annually, with approximately 75% being recognized in 2024 excluding the one-time restructuring charge in the first quarter of 2024.”
CISCO SYSTEMS, INC. announced a restructuring with charges of approximately $800 million (approximately 5 percent of Cisco’s global workforce).
“On February 14, 2024, Cisco announced a restructuring plan in order to realign the organization and enable further investment in key priority areas. This restructuring plan will impact approximately 5 percent of Cisco’s global workforce. Cisco currently estimates that it will recognize pre-tax charges to its GAAP financial results of approximately $800 million consisting of severance and other one-time termination benefits and other costs.”
Dutch Bros Inc. announced a restructuring with charges of approximately $24 million to $31 million affecting support operations staff (approximately 40% of its total support operations staff).
“provided by the Company. These communications were largely completed by February 9, 2024. The Company anticipates incurring, or has incurred, aggregate charges of approximately $24 million to $31 million related to this initiative, consisting of (i) approximately $19 million to $26 million in employee-related costs, including relocation, retention and transition”
Aterian, Inc. announced a restructuring with charges of $0.9 million affecting globally (approximately 21 employees and 27 contractors).
“this reduction by the end of the first quarter of 2024. The Company expects to recognize restructuring charges in connection with the plan, primarily related to severance, of $0.9 million. The Company expects the charges will be recognized primarily in the first quarter of 2024, with the majority of such charges anticipated to be paid by the end of the first”
LianBio announced a restructuring with charges of approximately $17.2 million in costs primarily related to employee severance and, in some cases, retention bonuses affecting over 50 full-time employees, or approximately 50% of the Company’s current employee base (reduction in force of over 50 full-time employees, or approximately 50% of the Company’s current employee base, in the f).
“to meet its ongoing operational costs through funds retained after the special dividend. As a result of the wind down, the Company estimates that it will incur approximately $17.2 million in costs primarily related to employee severance and, in some cases, retention bonuses. The Company expects to record a significant portion of these charges in the first half of”
MARKETWISE, INC. announced a restructuring affecting Legacy Research Group business (Legacy Research) (104 employees at Legacy Research, which represents approximately 18% of the Company’s total employees, who will either b).
“On February 8, 2024, the Board of Directors (the “Board”) of MarketWise, Inc. (the “Company”), committed to a strategic realignment and reorganization plan (the “Reorganization”) impacting its Legacy Research Group business (“Legacy Research”). As part of the Reorganization, the Company will wind-down the operations of Legacy Research.”
Maplebear Inc. announced a restructuring with charges of approximately $19 to $24 million affecting workforce (approximately 250 employees).
“2024. Any local separations will be determined at the time and as required by any local consultation or process requirements. The Company estimates it will incur approximately $19 to $24 million in non-recurring charges in connection with the Restructuring Plan, predominantly related to cash expenditures for employee transition and severance payments and”
KVH INDUSTRIES INC DE announced a impairment with charges of approximately $1.9 million.
“the Company expects to record a charge of approximately $1.9 million related to the write-off of capitalized costs and remaining contract costs related to the discontinuation of a project for implementing a new manufacturing-centric accounting system.”
KVH INDUSTRIES INC DE announced a impairment with charges of between $4 million and $6 million.
“The Company currently estimates that the increase will range between $4 million and $6 million.”
KVH INDUSTRIES INC DE announced a restructuring with charges of approximately $3.3 million affecting manufacturing activities at its facility in Middletown, Rhode Island (approximately 75 employees, or approximately 20% of its total workforce).
“and the remaining terminations are expected to be completed by the end of the second quarter of 2024. The Company expects to incur aggregate severance charges of approximately $3.3 million, consisting of approximately $3.0 million of cash charges and approximately $0.3 million of non-cash charges arising from pre-existing contractual obligations to accelerate”
SYNLOGIC, INC. announced a restructuring with charges of approximately $6 million affecting corporate (approximately 90%).
“On February 8, 2024, the Company announced that it is implementing a reduction in workforce by approximately 90%. The decision was based on cost-reduction initiatives intended to reduce the Company’s ongoing operating expenses and maximize shareholder value as the Company plans to pursue strategic options. The Company expects to complete substantially all of the reduction in workforce by the end of the fiscal quarter ending March 31, 2024. The Company estimates that it will incur approximately $6 million of costs in connection with the reduction in workforce related to severance pay and other related termination benefits.”
Science 37 Holdings, Inc. announced a restructuring with charges of between $1.0 million and $1.3 million (approximately 73 employees (representing approximately 23.2% of total employees prior to these actions)).
“program will generate annual gross cash savings between $12.0 million to $13.0 million. Total cash expenditures for the cost reduction program are estimated to be between $1.0 million and $1.3 million, substantially all of which are expected to be related to employee severance costs. The Company expects to recognize most of these pre-tax reduction in force”
AMYRIS, INC. announced a restructuring with charges of approximately $1.0 million (approximately 80 employees).
“On February 7, 2024, the Company announced the termination or separation of approximately 80 employees, effective February 7, 2024. The Company previously announced reductions in force in June 2023, August 2023 and December 2023. In connection with this February reduction in force, certain impacted employees will be provided severance benefits, including cash severance payments and reimbursement of medical insurance premiums. The Company expects to record a one-time charge of approximately $1.0 million related to the reduction in its workforce, consisting primarily of one-time severance payments upon termination of the employees.”
KELLANOVA announced a restructuring with charges of cumulative pretax charges of approximately $120 million affecting European cereal supply chain network (employee-related costs totaling approximately $50 million, which will include severance and other related benefits (subj).
“expected to begin contributing to gross margin improvements in late 2026. This proposed reorganization is expected to result in cumulative pretax charges of approximately $120 million. Cash costs are expected to be approximately $80 million across three years. The Company currently anticipates employee-related costs totaling approximately $50 million, which”
KELLANOVA announced a restructuring with charges of cumulative pretax charges of approximately $75 million affecting North America frozen supply chain network (employee-related costs totaling approximately $10 million, which will include severance and other termination benefits).
“to gross margin improvements in the second half of 2024 and reaching full-run rate in 2025. This project is expected to result in cumulative pretax charges of approximately $75 million. Cash costs are expected to be approximately $20 million. The Company currently anticipates employee-related costs totaling approximately $10 million, which will include”
HERSHEY CO announced a restructuring with charges of $200 million to $250 million affecting supply chain and manufacturing-related spend, selling, general and administrative expenses ($45 million to $60 million as we facilitate workforce reductions).
“On February 2, 2024, the Board of Directors of the Company approved a multi-year productivity initiative (“Advancing Agility & Automation” or “AAA”) to improve supply chain and manufacturing-related spend, optimize selling, general and administrative expenses, leverage new technology and business models to further simplify and automate processes, and generate long-term savings. The Company estimates that the AAA Initiative will result in total pre-tax costs of $200 million to $250 million from inception through 2026.”
SENSIENT TECHNOLOGIES CORP announced a restructuring with charges of approximately $40 million affecting Flavors & Extracts and Color segments (approximately 130 positions).
“If all contemplated actions were taken, the Company would also expect the Plan to cost approximately $40 million, including approximately $8 million in future cash expenditures in connection with the Plan. The expected total Plan costs are primarily related to non-cash impairment charges (approximately $22 million), employee separation costs (approximately $5 million), and non-cash inventory charges (approximately $3 million). If all contemplated actions were taken, the Company would potentially reduce headcount by approximately 130 positions, which would be primarily in the Flavors & Extracts and Color segments, related to certain production and selling and administrative positions.”
IMPINJ INC announced a restructuring with charges of in the range of $1.7 million to $2.0 million (approximately 10% of the Company’s employees).
“financial, business and R&D objectives for long-term growth. The Company expects the reduction-in-force charges, comprising primarily severance benefits, to be in the range of $1.7 million to $2.0 million. The Company expects most of these charges to be recognized in the Company’s first and second fiscal quarters of 2024. This Item 2.05 contains forward-looking”
FORRESTER RESEARCH, INC. announced a impairment with charges of approximately $3.8 million affecting 150 Spear Street, San Francisco, California.
“The Company anticipates incurring a non-cash asset impairment charge of approximately $3.8 million in the first quarter of 2024 in connection with this reduction in space.”
FORRESTER RESEARCH, INC. announced a restructuring with charges of approximately $3.5 million to $3.9 million affecting various geographies and functions (approximately 3% of its employees).
“On February 8, 2024, the Company announced a reduction in its workforce of approximately 3% of its employees across various geographies and functions. Notification to affected persons commenced December 20, 2023 and is expected to be completed by February 29, 2024. The Company expects to incur pre-tax expenses of approximately $3.5 million to $3.9 million in the fourth quarter of 2023 and the first quarter of 2024 related principally to cash severance and related benefit costs for terminated employees.”
MATTEL INC /DE/ announced a restructuring with charges of between $130 and $170 million affecting global supply chain, including its manufacturing footprint ($90 to $105 million).
“with the Program, which are expected to be completed beginning 2024 through 2026, are $200 million. Mattel estimates the total cost associated with the Program will be between $130 and $170 million. Total expected cash expenditures under the program are expected to be between $130 and $165 million. The costs associated with the Program are expected to”
Warner Music Group Corp. announced a restructuring with charges of approximately $140 million of total non-recurring pre-tax charges or approximately $105 million of total after-tax charges affecting Recorded Music and Music Publishing businesses; non-core owned and operated media properties including in-house ad sales function (approximately 600 or 10%).
“600 or 10%, a majority of which will be related to the O&O Media Properties, Corporate and various support functions. The Plan is expected to result in approximately $140 million of total non-recurring pre-tax charges or approximately $105 million of total after-tax charges. The pre-tax charges include approximately $85 million in severance payments and”
Rallybio Corp announced a restructuring with charges of approximately $3.3 million affecting Rallybio (approximately 45% of its current positions).
“On February 6, 2024, Rallybio announced the prioritization of its portfolio and a workforce reduction to focus resources on its Phase 2-ready clinical stage programs, RLYB212 and RLYB116. As part of this effort, Rallybio will eliminate approximately 45% of its current positions. As a result of these actions, Rallybio expects to incur charges of approximately $3.3 million, excluding share-based compensation expense.”
DOCUSIGN, INC. announced a restructuring with charges of approximately $28 to $32 million affecting Sales & Marketing organizations (approximately 6%, with the majority in the Company’s Sales & Marketing organizations).
“workforce by approximately 6%, with the majority in the Company’s Sales & Marketing organizations. The Company currently estimates that it will incur charges of approximately $28 to $32 million in connection with the Restructuring Plan, consisting primarily of cash expenditures for employee transition, notice period and severance payments, employee”
FLEXSTEEL INDUSTRIES INC announced a restructuring with charges of $2.5 million and $3.2 million affecting Dublin, Georgia manufacturing plant (approximately $2.0 million to $2.5 million for employee separations).
“the company expects to incur pre-tax restructuring and related expenses between $2.5 million and $3.2 million. The one-time costs include approximately $2.0 million to $2.5 million for employee separations and $0.5 million to $0.7 million for other expenses directly related to the closure.”
Snap Inc announced a restructuring with charges of $55 million to $75 million (approximately 10% of our global full time employees).
“support our growth over time, we have made the difficult decision to restructure our team. As a result, we currently estimate that we will incur pre-tax charges in the range of $55 million to $75 million, primarily consisting of severance and related costs, and other charges, of which $45 million to $55 million are expected to be future cash expenditures. The”
ESTEE LAUDER COMPANIES INC announced a restructuring with charges of restructuring and other charges totaling between $500 million and $700 million, before taxes affecting reorganization and rightsizing of certain areas of the Company (net reduction in the range of approximately 1,800 to 3,000 positions globally).
“The Company expects that the restructuring program will result in restructuring and other charges totaling between $500 million and $700 million, before taxes, consisting of employee-related costs, contract terminations, asset write-offs and other costs associated with implementing these initiatives.”
Streamex Corp. announced a restructuring with charges of approximately $713,924 (sixteen employees).
“On January 28, 2024, management of the Company commenced a workforce reduction intended to reduce annual cash burn by approximately 50%, which was completed as of January 31, 2024. The workforce reduction consisted of the departure of sixteen employees, effective as of January 31, 2024 (the “Effective Date”) and included the departure of John Sieckhaus, the Company’s Chief Operating Officer, and Gray Fleming, the Company’s Chief Commercial Officer. In connection with the reduction in force, the Company estimates it will incur total aggregate costs of approximately $713,924, which consists of one-time departure fees and severance packages for employees in equity, based on factors including years of employment, in the estimated amount of $135,288 and retention bonuses paid in equity in the estimated amount of $578,636.”
Merck & Co., Inc. announced a restructuring with charges of approximately $4.0 billion affecting the Company's Human Health global manufacturing network … and also optimize the Animal Health global manufacturing network.
“expected to be substantially completed by the end of 2031, with the cumulative pretax costs to be incurred by the Company to implement the program estimated to be approximately $4.0 billion. Approximately 60% of the $4.0 billion will be non-cash, relating primarily to the accelerated depreciation of facilities to be closed or divested; the remainder of the costs”
Streamex Corp. announced a restructuring with charges of approximately $919,249 (sixteen employees).
“the Company estimates it will incur total aggregate costs of approximately $919,249, which consists of: payments for consulting services paid in equity in the estimated amount of $205,325; one-time departure fees and severance packages for employees in equity, based on factors including years of employment, in the estimated amount of $135,288; and retention bonuses paid in equity in the estimated amount of $578,636.”
ZUORA INC announced a restructuring with charges of approximately $11.0 million (8% reduction in headcount).
“and new roles will be hired in certain teams and locations. Approximately 60% of the net reduction is outside the United States. We expect to incur charges of approximately $11.0 million consisting primarily of termination benefits to the impacted employees, including severance payments, healthcare costs and job placement benefits. We expect substantially all of”
REV Group, Inc. announced a restructuring with charges of approximately $23 million to $29 million affecting ElDorado National (California) ("ENC") facility in Riverside, California.
“consistent cash generation and improved margin performance. In connection with implementing the Plan, the Company currently expects to incur pre-tax charges of approximately $23 million to $29 million, of which approximately $7 million to $8 million is expected to be cash expenditures. Of the aggregate pre-tax charges currently estimated, the Company estimates”
DermTech, Inc. announced a restructuring with charges of approximately $1.3 million affecting operations (approximately 30 employees, or approximately 15% of the Company's workforce).
“On January 29, 2024, the Board of Directors (the “Board”) of DermTech, Inc. (the “Company”) approved a restructuring plan to continue to align the Company’s resources with its previously announced strategic prioritization for the DermTech Melanoma Test, further streamline operations and reduce overall operating expenses. The restructuring includes operating expense reductions and a reduction in force (the “Reduction in Force”). These additional restructuring actions will primarily affect operations, but impact the entire organization, and will result in a workforce reduction of approximately 30 employees, or approximately 15% of the Company's workforce. The Company expects to achieve approximately $40 million in total operating expense reductions compared to fiscal 2022, when combined with its initial restructuring plan announced in June 2023. The Company estimates that it will incur aggregate pre-tax charges of approximately $1.3 million in connection with the Reduction in Force, prim”
ACCO BRANDS Corp announced a restructuring with charges of pre-tax restructuring charge for the period ended December 31, 2023 of approximately $13 million (headcount reductions).
“The Company expects to record a pre-tax restructuring charge for the period ended December 31, 2023 of approximately $13 million which is primarily employee termination and benefit costs.”
APOGEE ENTERPRISES, INC. announced a restructuring with charges of approximately $16 million to $18 million of pre-tax charges affecting Architectural Framing Systems Segment, Architectural Services Segment, Corporate Segment (approximately 250 employees).
“facility and certain administrative offices. The Company broadly communicated these actions internally on January 30, 2024. The Company expects to incur approximately $16 million to $18 million of pre-tax charges in connection with Project Fortify, including: approximately $7 million to $9 million of severance and employee related costs, $2 million to $3”
Comera Life Sciences Holdings, Inc. announced a restructuring (all of the Company’s employees, including all of its executive officers).
“On January 29, 2024, the Company’s board of directors approved the termination of all of the Company’s employees, including all of its executive officers, effective as of January 31, 2024.”
2seventy bio, Inc. announced a restructuring with charges of approximately $8 million affecting the entire company (approximately 14%).
“complete by the end of the second quarter of 2024. In connection with the workforce reduction and restructuring, the Company expects to incur one-time costs of approximately $8 million, primarily in the first half of 2024, relating to severance and retention packages and related benefits. The estimates of expenses and cash costs that the Company expects to”
Facts are extracted by an LLM and gated to those whose source quote is present verbatim in the filing text. Coverage is best-effort while backfill and monitoring mature; this is not yet a full-market index. See methodology.