KLX layoffs, on the record
Every job cut, severance charge and restructuring KLX reported in its annual reports, 2016 to 2018, quoted from the filings. Headcount went from approximately 1,000 to approximately 3,000.
Headcount, as reported
| Annual report | Employees | As of |
|---|---|---|
| 10-K for 2016 | approximately 1,000 | As of January 31, 2016 |
| 10-K for 2017 | approximately 2,800 | January 31, 2017 |
| 10-K for 2018 | approximately 3,000 | January 31, 2018 |
Job cuts, severance and restructuring
Our summaryThe company recorded a non-cash impairment charge on ESG assets during 2015, which included goodwill, identifiable intangibles and PP&E.
Word for word“As a result, during 2015, the Company determined that the carrying value of ESG's assets were impaired, resulting in an approximate $640.2 pre-tax (approximately $402.7 after-tax) non-cash impairment charge.” 10-K for 2016
Our summaryThe company recorded non-recurring fourth-quarter costs for acquisition and integration, severance and other Spin-off related costs in the year ended December 31, 2014.
Word for word“(4) Net loss in the fourth quarter includes $32.4 of non ‑recurring costs, including acquisition and integration costs, severance and other Spin ‑off related costs.” 10-K for 2016
Our summaryThe company recorded non-recurring costs including severance, Spin-off costs and exit taxes related to an international tax planning initiative.
Word for word“(3) Net loss in the fourth quarter includes non-recurring costs, including acquisition and integration costs, severance, other Spin-off related costs and exit taxes related to a major international tax planning initiative aggregating approximately $98.0 ( $26.2 in the third quarter).” 10-K for 2016
Our summaryThe filing reports a fourth-quarter net loss that includes non-recurring costs for acquisition and integration, severance and other spin-off related costs.
Word for word“(4) Net loss in the fourth quarter includes $32.4 of non‑recurring costs, including acquisition and integration costs, severance and other Spin‑off related costs.” 10-K for 2017
Our summaryThe company cut its ESG segment workforce from 2014 peak levels to align capacity and labor costs with current business conditions.
Word for word“This represents a reduction of approximately 600 employees, or approximately 38% of our ESG workforce, from peak levels in 2014 in 15 Table of Contents order to align our capacity and associated labor costs with current business conditions.” 10-K for 2018
Our summaryThe company restructured the Eagle Ford Geo Region, the ESG segment's only unprofitable region, and recorded related costs along with other items.
Word for word“SG&A, as a percentage of revenues, improved by 100 basis points in Fiscal 2017 as compared with the prior year primarily due to increased operating leverage at ESG and a 10 basis point improvement at ASG, including $5.8 of costs primarily associated with the process being conducted by our Board of Directors to review strategic alternatives, the transition to the new ASG global distribution and operations 46 Table of Contents center, a restructuring of the Eagle Ford Geo Region, which was the ESG segment’s only unprofitable region and other matters.” 10-K for 2018
KLX 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 KLX’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 2018-03-19. 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.