A thrust bearing for a rotary machine includes first, second and third layers. The second layer includes a corrugated foil arranged between the first and third layers. The corrugated foil includes a wall having peaks engaging the first layer and valleys engaging the third layer. A depression is arranged in the wall between first and second peaks. The depression is spaced from the first and third layers. The first layer includes multiple arcuate top foils that are arranged adjacent to a thrust runner of a rotatable shaft. A corresponding number of arcuate corrugated foils may be used to support the top foils. The third layer, which is provided by an annular main plate, includes multiple arcuate spacers arranged circumferentially on the main plate. The spacers are generally aligned with a trailing edge of the top foils. The depressions decrease the stiffness of the bump foils. The spacers direct the axial load through the thrust bearing in a desired manner.