Esterline Technologies layoffs, on the record
Every job cut, severance charge and restructuring Esterline Technologies reported in its annual reports, 2016 to 2018, quoted from the filings. Headcount went from 13,572 to 12,609.
Headcount, as reported
| Annual report | Employees | As of |
|---|---|---|
| 10-K for 2016 | 13,572 | September 30, 2016 |
| 10-K for 2017 | 13,255 | September 29, 2017 |
| 10-K for 2018 | 12,609 | September 28, 2018 |
Job cuts, severance and restructuring
Our summaryCompany consolidated certain facilities and created cost efficiencies through shared services in sales, general and administrative and support functions, with costs for facility exit, relocation, asset write-offs and severance; fiscal 2016 restructuring expense was $8.7 million.
Word for word“In fiscal 2016, restructuring expense totaled $8.7 million, as more fully described in the following table: In Thousands Write Off of Exit & Property, Relocation Plant & of Facilities Equipment Severance Total Cost of sales $ 3,364 $ 336 $ 150 $ 3,850 Restructuring charges 4,369 - 504 4,873 Total $ 7,733 $ 336 $ 654 $ 8,723” 10-K for 2016
Our summaryCompany reported restructuring costs for fiscal 2015 of $11.7 million, later recast to $14.6 million, including severance, facility relocation and asset write-offs.
Word for word“For fiscal 2015, unaudited and recast restructuring expense totaled $14.6 million, as more fully described in the following table: In Thousands Write Off of Exit & Property, Relocation Plant & of Facilities Equipment Severance Total Cost of sales $ 5,486 $ 265 $ 687 $ 6,438 Restructuring charges 5,496 595 2,052 8,143 Total $ 10,982 $ 860 $ 2,739 $ 14,581” 10-K for 2016
Our summaryRestructuring program to consolidate facilities and create cost efficiencies through shared services, announced December 5, 2013; costs were incurred in fiscal 2016 and fiscal 2015 and none in fiscal 2017.
Word for word“NOTE 16: Restructuring On December 5, 2013, the Company announced the acceleration of its plans to consolidate certain facilities and create cost efficiencies through shared services in sales, general and administrative and support functions.” 10-K for 2017
Our summaryRestructuring costs were recorded covering exit and relocation of facilities, write-offs of property, plant and equipment, and severance; there were no restructuring expenses in fiscal 2017.
Word for word“Total restructuring expenses were $8.7 million, or 0.4% of sales, in fiscal 2016, of which $4.9 million is reported separately as restructuring expenses and $3.8 million is included in cost of goods sold.” 10-K for 2017
Our summaryThe company announced a plan to consolidate facilities and create cost efficiencies through shared services; it recorded restructuring expense in fiscal 2016 and none in fiscal 2018 or 2017.
Word for word“On December 5, 2013, the Company announced the acceleration of its plans to consolidate certain facilities and create cost efficiencies through shared services in sales, general and administrative and support functions.” 10-K for 2018
Our summaryRestructuring expense for the program totaled $8.7 million in fiscal 2016, mainly for facility exit and relocation, asset write-offs and severance.
Word for word“Restructuring expense totaled $8.7 million in fiscal 2016.” 10-K for 2018
| Fiscal year ended | Severance costs | Restructuring charges |
|---|---|---|
| 2016-09-30 | $654,000 | $4.9 million |
| 2017-09-29 | — | $0 |
| 2018-09-28 | — | $0 |
Esterline Technologies 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 Esterline Technologies’s annual reports (10-K for 2018, 10-K for 2017, 10-K for 2016) and the financial data it files with the SEC, as of 2018-11-21. 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.