Stratrix
On the Record · FTS International

FTS International layoffs, on the record

Every job cut, severance charge and restructuring FTS International reported in its annual reports, 2018 to 2020, quoted from the filings. Headcount went from approximately 1,780 to approximately 1,250.

Headcount, as reported

Annual reportEmployeesAs of
10-K for 2018approximately 1,780December 31, 2018
10-K for 2019approximately 1,250December 31, 2019

Job cuts, severance and restructuring

  1. Our summaryRecorded employee severance costs tied to corporate and operating restructuring initiatives. During 2016 · Cost: $0.8 million

    Word for word“During 2016, we incurred employee severance costs of $0.8 million in connection with our corporate and operating restructuring initiatives.” 10-K for 2018

  2. Our summaryRecorded lease abandonment charges related to facility actions. In 2017 and 2016

    Word for word“In 2017 and 2016, we recognized expense of $0.6 million and $2.0 million, respectively, in connection with these actions.” 10-K for 2018

  3. Our summaryReported employee severance costs within impairments and other charges for 2015, as shown in the selected financial data footnote. In 2015 · Cost: $13.1 million

    Word for word“In 2015, this amount includes $572.9 million of impairments related to goodwill, intangible assets, and property and equipment; a $24.5 million write-down of excess inventory; $13.1 million of employee severance costs; $11.0 million of supply commitment charges related to our firm purchase commitments for fracturing sand; $1.8 million of lease abandonment charges; and a gain of $3.4 million related to an acquisition earn-out adjustment.” 10-K for 2018

  4. Our summaryRestructured and amended its largest sand supply contract, reducing the total remaining commitment through 2024. May 2019

    Word for word“In May 2019, we restructured and amended our largest sand supply contract to reduce the total remaining commitment through 2024 by approximately $162 million.” 10-K for 2019

  5. Our summaryThe company and two subsidiaries filed voluntary Chapter 11 petitions in Texas to restructure under a prepackaged plan. On September 22, 2020

    Word for word“NOTE 2 —RESTRUCTURING On September 22, 2020, FTS International, Inc., FTS International Services, LLC, and FTS International Manufacturing, LLC filed petitions for voluntary relief (the “Chapter 11 Cases”) under Chapter 11 of Title 11 of the United States Code (the “Bankruptcy Code”) in the United States Bankruptcy Court for the Southern District of Texas, Houston Division (the “Bankruptcy Court”).” 10-K for 2020

  6. Our summaryThe company restructured and amended its largest sand supply contract, which lowered its remaining purchase commitment. In May 2019 · Cost: approximately $ 162 million

    Word for word“In May 2019, the Predecessor Company restructured and amended our largest sand supply contract to reduce the total remaining commitment through 2024 by approximately $ 162 million.” 10-K for 2020
As filedReported in the company's financial data (XBRL), each linked to its filing
Fiscal year endedSeverance costs
2016-12-31$800,000

FTS International 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 FTS International’s annual reports (10-K for 2020, 10-K for 2019, 10-K for 2018) and the financial data it files with the SEC, as of 2021-03-05. 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.