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On the Record · Cypress Semiconductor

Cypress Semiconductor layoffs, on the record

Every job cut, severance charge and restructuring Cypress Semiconductor reported in its annual reports, 2017 to 2019, quoted from the filings. Headcount went from 6,099 to 5,871.

Headcount, as reported

Annual reportEmployeesAs of
10-K for 20176,099December 31, 2017
10-K for 20185,846December 30, 2018
10-K for 20195,871December 29, 2019

Job cuts, severance and restructuring

  1. Our summaryBegan a reduction in workforce under the 2017 Restructuring Plan, eliminating about 80 positions worldwide across various functions. In December 2017 · Affected: approximately 80 positions

    Word for word“In December 2017, the Company began implementation of a reduction in workforce ("2017 Plan") which will result in elimination of approximately 80 positions worldwide across various functions.” 10-K for 2017

  2. Our summaryReduction in workforce under the 2016 Restructuring Plan eliminated about 430 positions worldwide across various functions; 2017 restructuring charges related to it were recorded. In September 2016 · Affected: approximately 430 positions

    Word for word“In September 2016, the Company began implementation of a reduction in workforce ("2016 Plan") resulting in the elimination of approximately 430 positions worldwide across various functions.” 10-K for 2017

  3. Our summarySpansion Integration-Related Restructuring Plan with cost reduction and restructuring activities after the Merger, including severance, lease termination and asset impairment; no charges recorded in fiscal 2017. Cost: restructuring charge of $90.1 million primarily consists of severance costs, lease termination costs and impairment of property, plant and equipment

    Word for word“During fiscal 2015, restructuring charge of $90.1 million primarily consists of severance costs, lease termination costs and impairment of property, plant and equipment.” 10-K for 2017

  4. Our summaryBegan a 2018 reduction in workforce that eliminated about 75 positions across various functions. During the first quarter of fiscal 2018 · Affected: approximately 75 positions

    Word for word“During the first quarter of fiscal 2018, the Company began implementation of a reduction in workforce (the "2018 Plan") which resulted in elimination of approximately 75 positions across various functions.” 10-K for 2018

  5. Our summaryIncreased the 2018 reduction in workforce by about 50 more positions. In the third quarter of fiscal 2018 · Affected: approximately 50 positions

    Word for word“In the third quarter of fiscal 2018, the Company increased the reduction in workforce under the 2018 plan by approximately 50 positions across various functions.” 10-K for 2018

  6. Our summaryRecorded restructuring costs of personnel costs under the 2018 Plan. Year ended December 30, 2018

    Word for word“The restructuring costs of $ 4.9 million during the year ended December 30, 2018 consist of personnel costs.” 10-K for 2018

  7. Our summaryRecorded a restructuring charge of personnel costs under the 2017 Plan. Year ended December 30, 2018 · Cost: $2.4 million

    Word for word“The restructuring charge of $2.4 million during the year ended December 30, 2018 consists of personnel costs.” 10-K for 2018

  8. Our summaryRecorded lease termination and other restructuring charges under the Spansion integration restructuring plan, including a termination agreement for an exited office building. Year ended December 30, 2018

    Word for word“Lease termination costs and other related charges 9,757 540 — Other — 1,069 — Total restructuring and other charges $ 16,842 $ 9,088 $ 26,131 The following table summarizes the restructuring costs by line item recorded in the Consolidated Statements of Operations: Year Ended December 30, 2018 December 31, 2017 January 1, 2017 (in thousands) Cost of revenues 3,271 548 1,420 Research and development 1,786 5,915 15,956 Selling, general and administrative 11,785 2,625 8,755 Total restructuring costs 16,842 9,088 26,131 Roll-forward of the restructuring reserves Restructuring activity under the Company's various restructuring plan was as follows: Year Ended December 30, 2018 (In thousands) 2018 Plan 2017 Plan 2016 Plan Spansion Integration plan Total Accrued balance as of January 3,2016 $ — $ — $ — $ 21,487 $ 21,487 Provision — — 26,261 (130 ) 26,131 Cash payments and other adjustments — — (5,157 ) (7,138 ) (12,295 ) Accrued balance as of January 1, 2017 — — 21,104 14,219 35,323 Provision — 6,464 2,624 — 9,088 Cash payments and other adjustments — (325 ) (22,985 ) (2,922 ) (26,232 ) Accrued balance as of December 31, 2017 — 6,139 743 11,297 18,179 Provision 4,898 2,421 (234 ) 9,757 16,842 Cash payments and other adjustments (4,650 ) (8,530 ) (509 ) (6,796 ) (20,485 ) Accrued balance as of December 30, 2018 $ 248 $ 30 $ — $ 14,258 $ 14,536 87 NOTE 12.” 10-K for 2018

  9. Our summaryThe company began carrying out a restructuring plan (the 2018 Plan) in the first quarter of 2018, which raised restructuring costs in cost of revenues. Cost: $3.3 million and $0.6 million

    Word for word“Included in the cost of revenues are restructuring costs of $3.3 million and $0.6 million for fiscal 2018 and fiscal 2017, respectively.” 10-K for 2019
As filedReported in the company's financial data (XBRL), each linked to its filing
Fiscal year endedRestructuring chargesCash paid for restructuring
2017-01-01$26.1 million$12.3 million
2017-12-31$9.1 million$26.2 million
2018-12-30$16.8 million$20.5 million
2019-12-29$3 million$17.5 million

Cypress Semiconductor 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 Cypress Semiconductor’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 2020-02-21. 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.