Broadcom Cayman layoffs, on the record
Every job cut, severance charge and restructuring Broadcom Cayman reported in its annual reports, 2015 to 2017, quoted from the filings. Headcount went from approximately 15,700 to approximately 14,000.
Headcount, as reported
| Annual report | Employees | As of |
|---|---|---|
| 10-K for 2016 | approximately 15,700 | As of October 30, 2016 |
| 10-K for 2017 | approximately 14,000 | October 29, 2017 |
Job cuts, severance and restructuring
Our summaryBegan cost reduction activities in connection with the Broadcom Merger, planning to eliminate about 3,100 positions globally; about 1,900 had been eliminated by year end.
Word for word“In connection with the Broadcom Merger, we began the implementation of cost reduction activities, including the expected elimination of a total of approximately 3,100 positions from our workforce across all business and functional areas on a global basis.” 10-K for 2016
Our summaryRecorded restructuring charges mainly from employee termination costs and lease exit costs tied to the BRCM acquisition, and expects about $50 million more restructuring charges in future periods from the merger.
Word for word“Restructuring charges were due primarily to employee termination costs of approximately $418 million , and lease termination and other exit costs of $29 million, primarily resulting from the BRCM acquisition.” 10-K for 2016
Our summaryRecognized restructuring costs for employee termination and lease and other exit costs related to the Emulex acquisition, plus LSI-related termination costs.
Word for word“In fiscal year 2015, we recognized $34 million and $11 million of employee termination costs and lease and other exit costs, respectively, for restructuring activities in connection with the Emulex acquisition.” 10-K for 2016
Our summaryClosed a fabrication facility, incurring employee termination and lease exit costs.
Word for word“In fiscal year 2014, we recognized $13 million and $3 million of employee termination costs and lease exit costs, respectively, in connection with the closure of a fabrication facility.” 10-K for 2016
Our summaryAfter the Broadcom Merger, the company began cost reduction activities that eliminated about 3,700 positions worldwide, with employee termination costs recorded in fiscal 2017 and 2016.
Word for word“In connection with the Broadcom Merger, we began the implementation of cost reduction activities, including the elimination of a total of approximately 3,700 positions from our workforce across all business and functional areas on a global basis.” 10-K for 2017
Our summaryThe company said it had substantially completed the restructuring activities tied to the Broadcom Merger.
Word for word“As of October 29, 2017 , we were substantially complete with the restructuring activities related to the Broadcom Merger.” 10-K for 2017
Our summaryThe company recorded employee termination and lease and exit costs in fiscal 2015 for the Emulex and LSI acquisitions.
Word for word“In fiscal year 2015, we recognized $60 million of employee termination costs and $17 million for lease and other exit costs in connection with the Emulex and LSI acquisitions.” 10-K for 2017
Broadcom Cayman 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 Broadcom Cayman’s annual reports (10-K for 2017, 10-K for 2016, 10-K for 2015) and the financial data it files with the SEC, as of 2017-12-21. 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.