IHS Markit layoffs, on the record
Every job cut, severance charge and restructuring IHS Markit reported in its annual reports, 2019 to 2021, quoted from the filings. Headcount went from more than 15,500 to more than 16,000.
Headcount, as reported
| Annual report | Employees | As of |
|---|---|---|
| 10-K for 2019 | more than 15,500 | As of November 30, 2019 |
| 10-K for 2020 | more than 16,000 | As of November 30, 2020 |
| 10-K for 2021 | more than 16,000 | November 30, 2021 |
Job cuts, severance and restructuring
Our summaryRestructuring charges were recorded in fiscal 2019, totaling $17.3 million, up from $1.7 million in 2018.
Word for word“Restructuring charges 17.3 1.7 — Acquisition-related costs 28.8 80.7 103.1 Acquisition-related performance compensation 41.5 54.1 9.9 Loss on debt extinguishment 7.0 4.7 — Gain on sale of assets (115.3 ) — — Pension mark-to-market and settlement (gain) expense 1.8 (6.5 ) 5.4 Share of joint venture results not attributable to Adjusted EBITDA 0.9 0.5 (1.2 ) Adjusted EBITDA attributable to noncontrolling interest (3.1 ) (2.7 ) (0.8 ) Adjusted EBITDA $ 1,778.9 $ 1,564.9 $ 1,389.9 14 % 13 % Adjusted EBITDA as a percentage of revenue 40.3 % 39.0 % 38.6 % As a percentage of revenue, Adjusted EBITDA increased 130 basis points in 2019 and 40 basis points in 2018, primarily as a result of strengthening revenue results and the associated business leverage benefit.” 10-K for 2019
Our summaryThe company eliminated 378 positions in 2017 tied to integration efforts associated with the Merger, with acquisition-related costs including severance charges.
Word for word“We eliminated 378 positions in 2017 related to integration efforts associated with the Merger.” 10-K for 2019
Our summaryAcquisition-related costs in 2019 included employee severance charges and retention costs, along with contract termination costs for facility consolidations.
Word for word“During 2019, we incurred approximately $ 70.3 million in costs associated with acquisitions and divestitures, of which $ 41.5 million was performance compensation expense related to the aM acquisition described in Note 3, and the remainder was associated with employee severance charges and retention costs, contract termination costs for facility consolidations, and legal and professional fees.” 10-K for 2019
Our summaryImplemented cost reduction programs in 2020 in response to the COVID-19 pandemic, recording restructuring charges mainly for employee severance.
Word for word“During 2020, in an effort to moderate the impact of the COVID-19 pandemic on our business, we implemented cost reduction programs and incurred approximately $ 127.3 million of restructuring charges, comprised primarily of employee severance charges.” 10-K for 2020
Our summaryRecorded restructuring costs for employee severance and other termination benefits, with $103.0 million of the 2020 restructuring costs incurred for that category.
Word for word“Employee Severance and Other Termination Benefits Contract Termination and Other Costs Total Balance at November 30, 2019 $ 2.9 $ 0.8 $ 3.7 Add: Restructuring costs incurred 103.0 24.3 127.3 Less: Amount paid ( 51.6 ) ( 14.3 ) ( 65.9 ) Balance at November 30, 2020 $ 54.3 $ 10.8 $ 65.1” 10-K for 2020
Our summaryEvaluated office facilities to determine where the company could exit, consolidate, or otherwise optimize use of office space, as part of its COVID-19 response.
Word for word“As part of our effort to moderate the impact of the COVID-19 pandemic, we also evaluated our office facilities to determine where we could exit, consolidate, or otherwise optimize our use of office space throughout the company.” 10-K for 2020
Our summaryIncurred acquisition-related costs in 2020, including employee severance charges and retention costs, contract termination costs for facility consolidations, and legal and professional fees.
Word for word“In 2020, 2019, and 2018, we incurred $45.3 million, $70.3 million, and $134.8 million, respectively, of costs associated with acquisitions, including employee severance charges and retention costs, contract termination costs for facility consolidations (prior to the adoption of ASC Topic 842), legal and professional fees, and compensation costs of $6.9 million in 2020, $41.5 million in 2019, and $54.1 million in 2018, related to the performance awards granted in connection with the purchase of aM.” 10-K for 2020
Our summaryContinued the 2020 restructuring program in 2021 with cost reduction programs, mostly employee severance charges.
Word for word“During 2021, in an ongoing effort of our 2020 restructuring program, we continued cost reduction programs and incurred approximately $ 18.2 million of restructuring charges, comprised primarily of employee severance charges.” 10-K for 2021
Our summaryReported total restructuring and impairment charges for 2021, 2020 and 2019.
Word for word“In 2021, 2020, and 2019, we incurred approxim ately $31.4 million, $161.1 million, and $17.3 million, respectively, of direct and incremental costs associated with restructuring and impairment charges.” 10-K for 2021
| Fiscal year ended | Restructuring charges | Restructuring costs incurred | Cash paid for restructuring |
|---|---|---|---|
| 2016-11-30 | $22.8 million | $24.7 million | $30.5 million |
| 2017-11-30 | $0 | — | — |
| 2018-11-30 | $1.7 million | — | — |
| 2019-11-30 | $17.3 million | — | — |
| 2020-11-30 | $127.3 million | — | $65.9 million |
| 2021-11-30 | $18.2 million | — | $67.4 million |
IHS Markit 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 IHS Markit’s annual reports (10-K for 2021, 10-K for 2020, 10-K for 2019) and the financial data it files with the SEC, as of 2022-01-24. 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.