Chicago Bridge & Iron Co N V layoffs, on the record
Every job cut, severance charge and restructuring Chicago Bridge & Iron Co N V reported in its annual reports, 2015 to 2017, quoted from the filings. Headcount went from approximately 42,000 to approximately 26,400.
Headcount, as reported
| Annual report | Employees | As of |
|---|---|---|
| 10-K for 2015 | approximately 42,000 | December 31, 2015 |
| 10-K for 2016 | approximately 42,100 | December 31, 2016 |
| 10-K for 2017 | approximately 26,400 | At December 31, 2017 |
Job cuts, severance and restructuring
Our summaryIntegration related costs in 2014 covered facility consolidations, personnel relocation and severance related costs, and systems integration costs, totaling $39.7 million.
Word for word“Integration related costs were $39.7 million for 2014 and primarily related to facility consolidations, including the associated accrued future lease costs for vacated facilities and unutilized capacity, personnel relocation and severance related costs, and systems integration costs.” 10-K for 2015
Our summaryIntegration related costs in 2013 covered facility consolidations, personnel relocation and severance related costs, and systems integration costs, with acquisition related costs for the Shaw Acquisition including change-in-control and severance related costs.
Word for word“Acquisition and integration related costs were $39,685 and $95,737 for 2014 and 2013, respectively.” 10-K for 2015
Our summarySale of the Nuclear Operations led to a non-cash pre-tax charge tied to goodwill and intangible asset impairment and a loss on net assets sold, along with a reduction in backlog.
Word for word“Results for 2015 include the impact of the sale of our Nuclear Operations, which resulted in a non-cash pre-tax charge of approximately $1.5 billion (approximately $1.1 billion after-tax) related to the impairment of goodwill (approximately $453.1 million ) and intangible assets (approximately $79.1 million ) and a loss on net assets sold (approximately $973.7 million ), as well as a reduction in our backlog (approximately $7.3 billion ).” 10-K for 2015
Our summaryThe company recorded restructuring costs in 2017 for facility consolidations, severance and other employee costs, professional fees and other items, tied to its announced cost reduction, facility rationalization and strategic initiatives.
Word for word“During 2017, we recognized approximately $114,500 of restructuring related costs associated with facility consolidations, severance and other employee related costs, professional fees, and other miscellaneous costs, resulting primarily from our publicly announced cost reduction, facility rationalization and strategic initiatives, as described below.” 10-K for 2017
Our summaryThe company recorded severance and other employee related costs in 2017, including severance, incentive plan costs from the Combination Agreement, and union employee obligations from facility closures.
Word for word“Severance and Other Employee Related Costs— Severance and other employee related costs totaled approximately $33,700 for 2017, and included approximately $9,600 for severance costs, approximately $7,100 for incremental incentive plan costs resulting from the Combination Agreement, and approximately $17,000 of union employee related obligations resulting from the facility closures described above.” 10-K for 2017
| Fiscal year ended | Restructuring charges | Restructuring costs incurred |
|---|---|---|
| 2016-12-31 | $0 | — |
| 2017-12-31 | $114.5 million | $114.5 million |
Chicago Bridge & Iron Co N V 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 Chicago Bridge & Iron Co N V’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 2018-02-21. 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.