Stratrix
On the Record · GTT Communications

GTT Communications layoffs, on the record

Every job cut, severance charge and restructuring GTT Communications reported in its annual reports, 2017 to 2019, quoted from the filings. Headcount went from 1,257 to approximately 3,100.

Headcount, as reported

Annual reportEmployeesAs of
10-K for 20171,257December 31, 2017
10-K for 2018approximately 3,200 full-time equivalent employeesDecember 31, 2018
10-K for 2019approximately 3,100December 31, 2019

Job cuts, severance and restructuring

  1. Our summaryIncurred severance, restructuring and other exit costs of $22.4 million in 2017 relating to the 2017 acquisitions. year ended December 31, 2017 · Cost: $22.4 million

    Word for word“For the year ended December 31, 2017 , we incurred restructuring charges of $22.4 million relating to 2017 Acquisitions.” 10-K for 2017

  2. Our summaryPaid cash for severance and exit costs during 2017, described as non-recurring cash payments. year ended December 31, 2017 · Cost: $15.9 million cash paid for severance and exit costs

    Word for word“Cash provided by operating activities during the year ended December 31, 2017 included $15.9 million cash paid for severance and exit costs, $19.1 million cash paid for transaction and integration costs, and a working capital use of $14.2 million .” 10-K for 2017

  3. Our summaryIncurred restructuring charges related to the 2016 acquisition of Telnes. year ended December 31, 2016 · Cost: $0.9 million

    Word for word“We incurred restructuring charges of $0.9 million for the year ended December 31, 2016 related to the acquisition of Telnes.” 10-K for 2017

  4. Our summaryIncurred severance and restructuring costs tied to the 2015 acquisitions of One Source and MegaPath.

    Word for word“The decrease was due to the fact that we closed two large acquisitions in 2015 (One Source and MegaPath), compared to one small acquisition in 2016 (Telnes).” 10-K for 2017

  5. Our summaryPaid cash for severance and exit costs during 2015. year ended December 31, 2015 · Cost: $8.0 million cash paid for severance and exit costs

    Word for word“Cash provided by operating activities during the year ended December 31, 2015 included $8.0 million cash paid for severance and exit costs, $6.1 million cash paid for transaction and integration costs, and a working capital use of $21.2 million .” 10-K for 2017

  6. Our summaryRecorded accrued restructuring liability at year end 2017.

    Word for word“Restructuring 9.7 3.2 Interest 22.9 0.7 Fiber pair repurchase 10.0 — Accrued taxes 9.6 1.8 Other 7.6 3.2 $ 89.0 $ 36.9 NOTE 7 — DEFERRED REVENUE” 10-K for 2017

  7. Our summaryThe company incurred severance, restructuring and other exit costs tied to its 2018 acquisitions. For the year ended December 31, 2018 · Cost: $37.1 million

    Word for word“For the year ended December 31, 2018 , we incurred severance, restructuring and other exit costs of $37.1 million relating to the 2018 Acquisitions.” 10-K for 2018

  8. Our summaryThe company paid cash for severance and exit costs during 2018. Year ended December 31, 2018 · Cost: $34.7 million cash paid for severance and exit costs

    Word for word“Cash provided by operating activities during the year ended December 31, 2018 included $34.7 million cash paid for severance and exit costs and $34.3 million cash paid for transaction and integration costs.” 10-K for 2018

  9. Our summaryThe company reported a restructuring accrual on its balance sheet at year end 2018. December 31, 2018

    Word for word“Carrier costs 101.1 13.8 Restructuring 25.6 9.7 Interest rate swaps 22.4 — Interest 3.2 22.9 Acquisition holdbacks 6.7 14.0 Fiber pair repurchase — 10.0 Accrued taxes 2.8 9.6 Selling, general and administrative 8.3 2.1 Accrued capital expenditures 7.7 — Other 12.1 7.6 $ 226.8 $ 103.0 F - 26 NOTE 8 — DEFERRED REVENUE The total deferred revenue as of December 31, 2018 and 2017 was $371.2 million and $148.9 million , respectively, consisting of unamortized prepaid services, IRUs, and deferred non-recurring revenue.” 10-K for 2018

  10. Our summaryThe company recorded severance, restructuring and other exit costs in 2019, mostly tied to the 2018 acquisitions and the termination of certain facility leases. For the year ended December 31, 2019 · Cost: $13.0 million

    Word for word“For the year ended December 31, 2019 , we incurred severance, restructuring and other exit costs of $13.0 million relating primarily to the 2018 Acquisitions and charges incurred in connection the termination of certain facility leases.” 10-K for 2019

  11. Our summaryThe company paid cash for severance and exit costs in 2019, along with transaction and integration costs. during the year ended December 31, 2019 · Cost: $25.3 million

    Word for word“Cash provided by operating activities during the year ended December 31, 2019 included $25.3 million cash paid for severance and exit costs and $20.9 million cash paid for transaction and integration costs.” 10-K for 2019
As filedReported in the company's financial data (XBRL), each linked to its filing
Fiscal year endedRestructuring chargesCash paid for restructuring
2016-12-31$900,000$4.5 million
2017-12-31$22.4 million$15.9 million
2018-12-31$37.1 million$34.7 million
2019-12-31$13 million$25.3 million

GTT Communications 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 GTT Communications’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 2020-03-02. 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.