Bristow layoffs, on the record
Every job cut, severance charge and restructuring Bristow reported in its annual reports, 2017 to 2019, quoted from the filings. Headcount went from 4,374 employees to 3,716.
Headcount, as reported
| Annual report | Employees | As of |
|---|---|---|
| 10-K for 2017 | 4,374 employees | March 31, 2017 |
| 10-K for 2018 | 4,058 | March 31, 2018 |
| 10-K for 2019 | 3,716 | March 31, 2019 |
Job cuts, severance and restructuring
Our summaryOrganizational restructuring program in fiscal 2017 with severance for separation programs across the global organization to increase efficiency and reduce costs.
Word for word“Organizational restructuring costs of $20.9 million ( $15.0 million net of tax), which include severance expense of $16.9 million related to separation programs across our global organization designed to increase efficiency and reduce costs, and other restructuring costs of $4.0 million; $7.6 million of the restructuring costs are included in direct costs and $13.3 million are included in general and administrative expense, ” 10-K for 2017
Our summaryVoluntary and involuntary separation programs recorded as part of restructuring efforts, excluded from adjusted EBITDA.
Word for word“During fiscal years 2017 and 2016, we recorded $4.5 million and $5.2 million, respectively, in severance expense resulting from voluntary and involuntary separation programs as part of our restructuring efforts, which is excluded from adjusted EBITDA and adjusted EBITDA margin.” 10-K for 2017
Our summarySeverance and restructuring costs recorded in the Americas region, including lower headcount from restructuring.
Word for word“During fiscal years 2017 and 2016, we recorded accelerated depreciation expense on aircraft exiting our fleet of $3.9 million and $6.0 million, respectively, and we recorded severance expense related to organizational restructuring efforts of $1.2 million and $2.1 million, respectively.” 10-K for 2017
Our summarySeverance recorded in the Asia Pacific region for organizational restructuring activities.
Word for word“during fiscal years 2017 and 2016, we recorded $2.9 million and $2.3 million, respectively, in severance expense related to organizational restructuring activities.” 10-K for 2017
Our summaryOrganizational restructuring costs in the Corporate region, including severance.
Word for word“During fiscal years 2017 and 2016, we recorded $10.9 million and $7.7 million, respectively, related to organizational restructuring costs, and fiscal years 2017 and 2016 include $7.6 million and $5.4 million, respectively, of inventory impairments, and fiscal year 2016 includes the impairment of $10.2 million of Bristow Academy's goodwill, all of which are included in operating loss and excluded from adjusted EBITDA.” 10-K for 2017
Our summaryFiscal 2016 organizational restructuring with severance for separation programs across the global organization to increase efficiency and reduce costs.
Word for word“Organizational restructuring costs of $27.0 million ( $19.1 million net of tax), which includes severance expense of $22.5 million related to separation programs across our global organization designed to increase efficiency and reduce costs and other restructuring costs of $4.5 million; $12.8 million of the restructuring costs are included in direct costs and $14.2 million are included in general and administrative expense, ” 10-K for 2017
Our summaryInvoluntary separation program initiated in July 2015 combined with a prior voluntary program, with severance in the Europe Caspian or related region.
Word for word“The involuntary separation program initiated in July 2015, combined with a prior voluntary separation program, resulted in $6.7 million in severance expense during fiscal year 2016, which is excluded from adjusted EBITDA and adjusted EBITDA margin.” 10-K for 2017
Our summarySeverance in the Americas region for restructuring of the region and planned closure of Alaska operations.
Word for word“we recorded $1.6 million in costs associated with the restructuring of this region and planned closure of our Alaska operations which related primarily to employee severance and retention costs.” 10-K for 2017
Our summarySeverance and separation agreement with an executive departing the company.
Word for word“Akel and the Company have entered into a Separation Agreement and Release in Full, dated June 7, 2016 to specify the terms of his departure from the Company, pursuant to which he will receive benefits generally consistent with the termination without cause terms set forth in the Bristow Group Inc. Management Severance Benefits Plan for U.S. Employees effective June 4, 2014 and the Amended and Restated Severance Benefits Agreement between Mr. Akel and the Company dated April 20, 2012.” 10-K for 2017
Our summaryCompany carried out organizational restructuring with separation programs across its global organization to increase efficiency and reduce costs, recording severance expense of $22.3 million within total organizational restructuring costs of $23.6 million.
Word for word“Organizational restructuring costs of $23.6 million ( $17.6 million net of tax), which includes severance expense of $22.3 million related to separation programs across our global organization designed to increase efficiency and reduce costs and other restructuring costs of $1.3 million; $11.6 million of restructuring costs are included in direct costs and $12.0 million are included in general and administrative expense; and” 10-K for 2018
Our summaryCompany recorded organizational restructuring costs with severance from separation programs across its global organization in fiscal 2017.
Word for word“Organizational restructuring costs of $20.9 million ( $15.0 million net of tax), which includes severance expense of $16.9 million related to separation programs across our global organization designed to increase efficiency and reduce costs and other restructuring costs of $4.0 million; $7.6 million of the restructuring costs are included in direct costs and $13.3 million are included in general and administrative expense,” 10-K for 2018
Our summaryIn the Europe Caspian region, company recorded severance from voluntary and involuntary separation programs as part of restructuring efforts.
Word for word“During fiscal years 2018 and 2017, we recorded $8.0 million and $4.5 million, respectively, in severance expense resulting from voluntary and involuntary separation programs as part of our restructuring efforts, which is excluded from adjusted EBITDA and adjusted EBITDA margin.” 10-K for 2018
Our summaryIn the Asia Pacific region, company recorded severance expense related to organizational restructuring activities.
Word for word“During fiscal years 2018 and 2017, we recorded $3.9 million and $2.9 million, respectively, in severance expense related to organizational restructuring activities.” 10-K for 2018
Our summaryIn the Americas region, company recorded severance expense related to organizational restructuring efforts.
Word for word“Additionally, we recorded severance expense related to organizational restructuring efforts of $0.4 million and $1.2 million for fiscal years 2018 and 2017, respectively.” 10-K for 2018
Our summaryCorporate and other recorded organizational restructuring costs, and general and administrative expense fell partly due to reduction in headcount.
Word for word“During fiscal years 2018 and 2017, we recorded $9.5 million and $10.9 million related to organizational restructuring costs, respectively, which, along with the inventory impairment charges discussed above, are excluded from adjusted EBITDA.” 10-K for 2018
Our summaryThe company recorded organizational restructuring costs in fiscal 2019 for separation programs across its global organization meant to improve efficiency and cut costs.
Word for word“Organizational restructuring costs of $11.9 million ( $11.0 million net of tax), or $0.31 per share, included in direct cost and general and administrative expense, resulting from separation programs across our global organization designed to increase efficiency and reduce costs, and” 10-K for 2019
Our summaryIn fiscal 2018 the company recorded restructuring costs, mostly severance, for separation programs across its global organization.
Word for word“Organizational restructuring costs of $23.6 million ($17.6 million net of tax), which includes severance expense of $22.3 million related to separation programs across our global organization designed to increase efficiency and reduce costs and other restructuring costs of $1.3 million; $11.6 million of restructuring costs are included in direct costs and $12.0 million are included in general and administrative expense; and” 10-K for 2019
Our summaryLower headcount from restructuring cut salaries and benefits in direct costs, and cut severance costs and salaries in general and administrative expense.
Word for word“Direct cost decreased 3.9% , or $43.5 million , year-over-year, primarily due to a $41.3 million reduction in salaries and benefits from lower headcount across all regions as a result of organizational restructuring efforts and a $15.5 million decrease in rent expense from the return of leased aircraft, partially offset by a $9.9 million increase in fuel primarily resulting from an increase in fuel prices and a $3.4 million increase in various other direct costs.” 10-K for 2019
Our summaryBristow and certain subsidiaries filed for Chapter 11 and entered a restructuring support agreement to restructure the company's debt and equity.
Word for word“On May 11, 2019, Bristow Group Inc. and certain of its subsidiaries filed voluntary petitions commencing the Chapter 11 Cases under the Bankruptcy Code.” 10-K for 2019
Our summaryThe retiring CEO became entitled to severance under the Company's Management Severance Benefits Plan.
Word for word“Pursuant to the Severance Plan and subject to Mr. Baliff’s execution and non-revocation of a release of claims against the Company, upon his termination of employment, Mr. Baliff became entitled to: (a) severance of $1,442,000 , equal to two times Mr. Baliff’s base salary; (b) Company payment of Mr.” 10-K for 2019
Bristow 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 Bristow’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 2019-10-28. 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.