Baker Hughes Holdings layoffs, on the record
Every job cut, severance charge and restructuring Baker Hughes Holdings reported in its annual reports, 2020 to 2022, quoted from the filings. Headcount went from approximately 55,000 to approximately 55,000.
Headcount, as reported
| Annual report | Employees | As of |
|---|---|---|
| 10-K for 2020 | approximately 55,000 | December 31, 2020 |
| 10-K for 2021 | approximately 54,000 | December 31, 2021 |
| 10-K for 2022 | approximately 55,000 | December 31, 2022 |
Job cuts, severance and restructuring
Our summaryApproved a 2020 restructuring plan in response to the COVID-19 pandemic and oil and gas price decline, designed to right-size operations, which was later increased by $0.3 billion.
Word for word“In the first quarter of 2020, we approved a plan for restructuring and other actions totaling $1.8 billion, which was increased by $0.3 billion as we took further actions during the year to address the continuing industry challenges.” 10-K for 2020
Our summaryRestructuring plan included headcount reductions in certain geographical locations along with product line rationalization.
Word for word“In 2020, we recognized $1,866 million in restructuring, impairment and other charges, compared to $342 million in 2019.” 10-K for 2020
Our summaryRecorded employee termination expenses from reducing headcount in certain geographical locations and other restructuring charges.
Word for word“Restructuring and impairment charges were primarily related to employee termination expenses from reducing our headcount in certain geographical locations, and product line rationalization, including plant closures and related expenses such as property, plant and equipment impairments, and other incremental costs that were a direct result of the restructuring plans.” 10-K for 2020
Our summaryMade cash payments primarily for employee severance from restructuring activities and separation-related costs.
Word for word“Included in our cash flows from operating activities for 2020 and 2019 are payments of $670 million and $307 million, respectively, made primarily for employee severance as a result of our Baker Hughes Holdings LLC 2020 FORM 10-K | 33 restructuring activities and separation-related costs including the build-out of information technology infrastructure as a result of GE separation activities.” 10-K for 2020
Our summaryThe company recorded restructuring, impairment and other charges in 2021 primarily tied to initiatives in its OFS segment to right-size structural costs.
Word for word“In 2021, we recognized $209 million in restructuring, impairment and other charges.” 10-K for 2021
Our summaryThe company recorded employee-related termination expenses in 2021 from reducing headcount in certain geographical locations, within its restructuring and impairment charges.
Word for word“Restructuring and impairment charges were primarily related to employee termination expenses from reducing our headcount in certain geographical locations, and product line rationalization, including facility closures and related expenses such as property, plant and equipment impairments, and contract termination fees.” 10-K for 2021
Our summaryThe company announced a restructuring plan in the first quarter of 2020 that included product line rationalization and headcount reductions in certain geographical locations.
Word for word“These charges primarily related to the restructuring plan announced in the first quarter of 2020, which included product line rationalization actions, headcount reductions in certain geographical locations, and other initiatives to right-size operations for anticipated activity levels and market conditions.” 10-K for 2021
Our summaryThe company recorded employee-related termination expenses in 2020 within its restructuring charges.
Word for word“Details of these charges are as follows: 2021 2020 2019 Property, plant and equipment $ 7 $ 385 $ 107 Employee-related termination expenses 99 464 179 Asset relocation costs 20 15 4 Contract termination fees 2 23 12 Other incremental costs 10 16 12 Total $ 138 $ 903 $ 314” 10-K for 2021
Our summaryThe company recorded restructuring charges in 2019 primarily for consolidating facilities and reducing headcount across various functions.
Word for word“In 2019, we recorded restructuring, impairment and other charges of $ 342 million.” 10-K for 2021
Our summaryThe company made restructuring and GE separation related payments in 2021, net of proceeds from facility disposals.
Word for word“Restructuring and GE separation related payments were $175 million on a net basis in 2021 and include the proceeds from the disposal of certain facilities, which are reflected below in investing activities.” 10-K for 2021
Our summaryThe company announced a restructuring and reorganization that combined its four segments into two operating segments.
Word for word“In September 2022, we announced a restructuring and reorganization effective October 1, 2022, to create two operating segments focused on different growth profiles and designed to simplify our operations and enhance profitability.” 10-K for 2022
Our summaryThe company recorded restructuring, impairment and other charges in 2022, mostly for suspending its Russia operations, the move to two segments, and footprint projects in OFSE.
Word for word“In 2022 , we recognized $682 million of restructuring, impairment and other charges, primarily related to the suspension of substantially all of our operations in Russia, as well as, costs incurred to facilitate our reorganization into two segments and the implementation of certain projects in our OFSE segment to optimize their global footprint.” 10-K for 2022
| Fiscal year ended | Severance costs | Restructuring charges |
|---|---|---|
| 2016-12-31 | — | $293 million |
| 2017-12-31 | — | $385 million |
| 2018-12-31 | — | $304 million |
| 2019-12-31 | $184 million | $314 million |
| 2020-12-31 | $134 million | $903 million |
| 2021-12-31 | $60 million | $138 million |
| 2022-12-31 | $23 million | $196 million |
Baker Hughes Holdings filed 1 restructuring notice (Form 8-K, Item 2.05) since 2016. This page shows what the company reported to the SEC, not news reports or state layoff notices.
Read from Baker Hughes Holdings’s annual reports (10-K for 2022, 10-K for 2021, 10-K for 2020) and the financial data it files with the SEC, as of 2023-02-14. 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.