AVX layoffs, on the record
Every job cut, severance charge and restructuring AVX reported in its annual reports, 2017 to 2019, quoted from the filings. Headcount went from approximately 14,920 to approximately 15,100.
Headcount, as reported
| Annual report | Employees | As of |
|---|---|---|
| 10-K for 2018 | approximately 14,920 | March 31, 2018 |
| 10-K for 2019 | approximately 15,100 | As of March 31, 2019 |
Job cuts, severance and restructuring
Our summaryRecorded a tax benefit tied to a restructuring of certain foreign subsidiaries, a corporate restructuring rather than a workforce reduction.
Word for word“The tax rate for fiscal 2015 was impacted by net income tax benefits of $70.3 million primarily attributable to the reversal of valuation allowances of $50.0 million related to the forecasted future utilization of net operating loss carryforwards (“NOL’s”) in our European operations and net tax benefits of $17.5 million primarily due to the U.S. tax benefits related to the restructuring of certain foreign subsidiaries.” 10-K for 2017
Our summaryThe filing says the company has incurred restructuring costs in the past and expects to incur more in the future, tied to streamlining manufacturing and logistics and moving operations to lower-cost regions. No specific program, date, headcount reduction or dollar amount is given.
Word for word“In addition, as a result of our efforts to streamline manufacturing and logistics operations and to enhance operations in lower operating cost regions we have incurred restructuring costs in the past and are likely to incur restructuring costs in the future in response to competitive pressures.” 10-K for 2018
AVX 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 AVX’s annual reports (10-K for 2019, 10-K for 2018, 10-K for 2017) and the financial data it files with the SEC, as of 2019-05-17. 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.