HP 2015 Annual Report Download - page 115
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Table of Contents
HP's restructuring activities in fiscal 2015 summarized by plan were as follows:
In connection with the Separation, on September 14, 2015, HP's Board of Directors approved a cost saving and investment proposal which includes a
restructuring plan (the "2015 Plan") which will be implemented through fiscal 2018. As part of the 2015 Plan, HP expects up to approximately 33,300
employees to exit the company by the end of 2018. These workforce reductions are primarily associated with the ES segment. The changes to the workforce
will vary by country, based on local legal requirements and consultations with employee works councils and other employee representatives, as appropriate.
HP estimates that it will incur aggregate pre-tax charges through fiscal 2018 of approximately $2.9 billion in connection with the 2015 Plan, of which the
estimated cost for HP Inc. is approximately $280 million. Total estimated charges as a result of workforce reductions are approximately $2.4 billion and total
estimated charges for real estate consolidation are approximately $506 million.
113
Severance $ — $ 390 $ — $ — $ 390 $ 390 $ 2,355
Infrastructure and other — 1 (1) — — 1 506
Total 2015 Plan — 391 (1) — 390 391 2,861
Severance and EER 955 566 (1,101) (78) 342 4,959 4,959
Infrastructure and other 98 74 (120) (4) 48 589 589
Total 2012 Plan 1,053 640 (1,221) (82) 390 5,548 5,548
Severance 7 (4) (1) (1) 1 2,625 2,625
Infrastructure 54 (10) (20) — 24 1,424 1,424
Total Other Plans 61 (14) (21) (1) 25 4,049 4,049
Total restructuring plans $ 1,114 $ 1,017 $ (1,243) $ (83) $ 805 $ 9,988 $ 12,458
Reflected in Consolidated
Balance Sheets:
Accrued restructuring $ 898 $ 689
Other liabilities $ 216 $ 116
Source: HP INC, 10-K, December 16, 2015 Powered by Morningstar® Document Research℠
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