Sprint layoffs, on the record
Every job cut, severance charge and restructuring Sprint reported in its annual reports, 2017 to 2019, quoted from the filings. Headcount went from approximately 28,000 to approximately 28,500.
Headcount, as reported
| Annual report | Employees | As of |
|---|---|---|
| 10-K for 2017 | approximately 28,000 | March 31, 2017 |
| 10-K for 2018 | approximately 30,000 | March 31, 2018 |
| 10-K for 2019 | approximately 28,500 | March 31, 2019 |
Job cuts, severance and restructuring
Our summarySprint recorded severance and exit costs of $66 million in the fiscal year ended March 31, 2017, including severance tied to workforce reductions.
Word for word“We recognized severance and exit costs of $66 million .” 10-K for 2017
Our summarySprint recorded severance and exit costs in fiscal 2016 that included $216 million of severance primarily associated with reductions in work force.
Word for word“In addition, we recognized severance and exit costs which included $216 million of severance primarily associated with reductions in work force and $195 million of lease and access exit costs primarily associated with tower and cell site leases and backhaul access contracts for which we will no longer be receiving any economic benefit, of which $2 million was recognized as "Cost of services" in the consolidated statements of operations.” 10-K for 2017
Our summarySprint recorded severance and exit costs in fiscal 2015 that included $253 million of severance primarily associated with reductions in work force.
Word for word“Severance and exit costs included $253 million of severance primarily associated with reductions in work force and $13 million of lease exit costs primarily associated with tower and cell sites as well as facility closures.” 10-K for 2017
Our summarySprint disclosed that major cost cutting initiatives are expected to continue and may include headcount reductions, and that it may incur future material severance and exit charges.
Word for word“Additionally, major cost cutting initiatives are expected to continue, which may include headcount reductions, among other actions, to reduce operating expenses and improve our operating cash flows.” 10-K for 2017
Our summarySprint recognized severance and exit costs of $80 million for fiscal 2018, primarily due to reductions in work force.
Word for word“We recognized severance and exit costs of $80 million primarily due to reductions in work force.” 10-K for 2018
Our summarySprint's severance liability activity table shows severance costs of $79 million recognized in fiscal 2018, with $27 million in cash payments and other, leaving $64 million.
Word for word“Severance costs 12 79 (2) (27 ) 64 Access exit costs 40 3 (3) (24 ) 19 $ 301 $ 80 $ (133 ) $ 248 _________________ (1) For the year ended March 31, 2018, we recognized a benefit of $2 million ( $5 million benefit Wireless, $3 million costs Wireline).” 10-K for 2018
Our summarySprint recorded $85 million of severance and exit costs in fiscal 2019, mainly for access termination charges, lease exit costs and workforce reductions.
Word for word“We recognized severance and exit costs of $85 million primarily due to access termination charges, lease exit costs and reductions in work force.” 10-K for 2019
Our summarySprint warned that ongoing network and cost-cutting initiatives could lead to further material charges, including severance.
Word for word“As a result of these ongoing activities, we may incur future material charges associated with lease and access exit costs, severance, asset impairments, and accelerated depreciation, among others.” 10-K for 2019
| Fiscal year ended | Severance costs | Restructuring charges | Cash paid for restructuring |
|---|---|---|---|
| 2017-03-31 | $20 million | $68 million | $292 million |
| 2018-03-31 | $79 million | $80 million | $133 million |
| 2019-03-31 | $23 million | $85 million | $160 million |
Sprint 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 Sprint’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 2019-05-29. 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.