Time layoffs, on the record
Every job cut, severance charge and restructuring Time reported in its annual reports, 2014 to 2016, quoted from the filings. Headcount went from approximately 7,000 to approximately 7,450.
Headcount, as reported
| Annual report | Employees | As of |
|---|---|---|
| 10-K for 2014 | approximately 7,000 | December 31, 2014 |
| 10-K for 2015 | approximately 7,200 | December 31, 2015 |
| 10-K for 2016 | approximately 7,450 | December 31, 2016 |
Job cuts, severance and restructuring
Our summaryBegan a restructuring plan to streamline the organizational structure, aimed at operational flexibility, faster decisions and cross-brand products.
Word for word“In the first quarter of 2014 , we initiated a restructuring plan that included streamlining our organizational structure to enhance operational flexibility, speed decision making and spur the development of new cross-brand products and services.” 10-K for 2014
Our summaryExpanded the 2014 restructuring plan to international operations, mainly through headcount reductions to centralize functions.
Word for word“As part of this plan, we incurred restructuring charges of $28 million .” 10-K for 2014
Our summaryRecorded restructuring charges tied to headcount reductions, real estate consolidations and the integration of the AMG acquisition.
Word for word“Similarly, we incurred restructuring 47 charges of $164 million during the first three quarters of 2014 as part of a plan aimed at headcount reductions and certain real estate consolidations as well as the integration of acquisitions, including Affluent Media Group ("AMG") (formerly "American Express Publishing" or "AEP") in October 2013 ("AMG Acquisition").” 10-K for 2014
Our summaryIncurred restructuring and severance charges primarily related to headcount reductions under the 2013 restructuring plan.
Word for word“As a result, during the year ended December 31, 2013 , we incurred Restructuring and severance charges of $63 million related primarily to headcount reductions.” 10-K for 2014
Our summaryAnnounced plans to relocate the New York City headquarters employees to Brookfield Place.
Word for word“In addition, in May 2014, we announced plans to relocate the approximately 2,700 employees at our New York City headquarters from the Time & Life Building at 1271 Avenue of the Americas to Brookfield Place at 225 Liberty Street.” 10-K for 2014
Our summaryReported the number of accrued employee terminations in each year, including 2014.
Word for word“The total number of accrued employee terminations in each of the years ended December 31, 2014 , 2013 and 2012 , was approximately 1,500 , 600 and 170 , respectively.” 10-K for 2014
Our summaryCompany-wide restructuring plans to streamline the organization, with charges recorded for 2015, including headcount reductions and real estate consolidations.
Word for word“In 2015, we incurred charges of $191 million associated with company-wide restructuring plans intended to streamline our organizational structure, to drive operational efficiencies and to create the appropriate infrastructure to support our long-range plan.” 10-K for 2015
Our summaryRestructuring plans expanded in the fourth quarter of 2015, primarily consisting of real estate consolidations and headcount reductions.
Word for word“In the fourth quarter of 2015, we expanded our restructuring plans.” 10-K for 2015
Our summaryEmployee terminations recognized from restructuring and headcount reductions.
Word for word“The total number of employee terminations recognized in the years ended December 31, 2015 and 2014 was approximately 500 and 1,500 , respectively.” 10-K for 2015
Our summaryRestructuring and severance costs for 2015 related to headcount reductions and real estate consolidations, including exit from the Time and Life Building.
Word for word“Exit costs primarily related to the remaining rent obligations at the Time and Life Building, our former corporate headquarters at 1271 Avenue of the Americas, when we ceased use of the premises in the fourth quarter of 2015.” 10-K for 2015
Our summaryCompany stated it does not expect significant severance or exit costs in 2016.
Word for word“We do not currently expect significant severance or exit costs in 2016.” 10-K for 2015
Our summaryThe company announced a realignment program to unify and centralize its editorial, advertising sales and brand development organizations.
Word for word“In July 2016, we announced an extensive realignment program that is intended to unify and centralize the editorial, advertising sales and brand development organizations.” 10-K for 2016
Our summaryThe company recorded restructuring and severance costs in 2016, 2015 and 2014 tied to headcount reductions and real estate consolidations.
Word for word“For the years ended December 31, 2016, 2015 and 2014 , we incurred net Restructuring and severance costs of $77 million , $191 million and $192 million , respectively, related to headcount reductions and real estate consolidations.” 10-K for 2016
Our summaryThe company reported the number of employee terminations recognized in 2015 and 2014, with related restructuring costs.
Word for word“The total number of employee terminations recognized in the years ended December 31, 2015 and 2014 was approximately 500 and 1,500, respectively.” 10-K for 2016
Our summaryThe company recorded restructuring and severance costs in the fourth quarter of 2016 mainly for headcount reductions.
Word for word“The results for the three months ended December 31, 2016 included: Restructuring and severance costs of $23 million primarily related to headcount reductions; and Asset impairments of $3 million related to an impairment of a definite-lived intangible asset identified in connection with our annual Goodwill impairment test.” 10-K for 2016
| Fiscal year ended | Restructuring charges | Cash paid for restructuring |
|---|---|---|
| 2016-12-31 | $77 million | $181 million |
Time 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 Time’s annual reports (10-K for 2016, 10-K for 2015, 10-K for 2014) and the financial data it files with the SEC, as of 2017-02-27. 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.