Travelport Worldwide layoffs, on the record
Every job cut, severance charge and restructuring Travelport Worldwide reported in its annual reports, 2016 to 2018, quoted from the filings.
Headcount, as reported
| Annual report | Employees | As of |
|---|---|---|
| 10-K for 2016 | approximately 4,000 full-time employees | December 31, 2016 |
| 10-K for 2017 | over 4,000 | December 31, 2017 |
| 10-K for 2018 | over 3,700 | December 31, 2018 |
Job cuts, severance and restructuring
Our summaryCommitted in November 2016 to a program to enhance and optimize operational and technological efficiency, including consolidating technology vendors, creating a centralized quality assurance function, and consolidating three U.S. technology hubs into two centers.
Word for word“In November 2016, the Company committed to undertake a course of action (the “Program”) to enhance and optimize the Company’s operational and technological efficiency.” 10-K for 2016
Our summaryExpects the restructuring program to be completed by mid-2018, with obligations paid in cash funded from operations.
Word for word“The Program is expected to be completed by mid-2018.” 10-K for 2016
Our summaryRecorded restructuring charges within selling, general and administrative expenses, with severance and employee-related costs based on a plan specifying positions to be eliminated.
Word for word“Total restructuring charges recognized of $21 million for the year ended December 31, 2016 are included within selling, general and administrative expenses in the consolidated statements of operations.” 10-K for 2016
Our summaryThe company committed in November 2016 to a program to enhance and optimize its operational and technological efficiency, which was substantially completed by December 31, 2017, with severance and employee-related obligations included in restructuring charges.
Word for word“In November 2016, the Company committed to undertake a course of action to enhance and optimize the Company's operational and technological efficiency.” 10-K for 2017
Our summaryThe company recorded restructuring charges for severance and employee-related obligations and implementation costs under the efficiency program.
Word for word“Restructuring charges recognized 4,427 3,354 7,781 Cash payments made (15,078 ) (5,040 ) (20,118 ) Balance as of December 31, 2017 $ 431 $ — $ 431 Cumulative costs through December 31, 2017 15,509 13,157 28,666 Future costs to be incurred — — — Total restructuring charges recognized of $8 million and $21 million for the years ended December 31, 2017 and 2016, respectively, are included within selling, general and administrative expenses in the consolidated statements of operations.” 10-K for 2017
Our summaryThe company recorded corporate and restructuring costs as a reconciling item, including restructuring activity, and described a technology transformation program that drove 2016 restructuring costs.
Word for word“Relates to costs associated with corporate development transactions and costs incurred to enhance our organization's efficiency, including restructuring activity (see Note 9—Restructuring Charges to our consolidated financial statements included in this Annual Report on Form 10-K).” 10-K for 2017
Our summaryThe company recorded severance charges for anticipated severances under its severance policies, as part of plans expected to produce savings in corporate and operational functions.
Word for word“As of December 31, 2018, the Company has recorded severance charges of $18 million which are included within selling, general and administrative expense on the Company’s consolidated statements of operations as the liability is probable and the amount can be reasonably estimated for anticipated severances in accordance with the Company’s severance policies for ongoing benefit arrangements.” 10-K for 2018
| Fiscal year ended | Severance costs | Restructuring charges | Cash paid for restructuring |
|---|---|---|---|
| 2016-12-31 | — | $20.9 million | $8.1 million |
| 2017-12-31 | — | $7.8 million | $20.1 million |
| 2018-12-31 | $18 million | $0 | $431,000 |
Travelport Worldwide filed 1 restructuring notice (Form 8-K, Item 2.05) since 2016. This page shows what the company reported to the SEC, not news reports or state layoff notices.
Read from Travelport Worldwide’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 2019-02-22. 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.