Maxar Technologies layoffs, on the record
Every job cut, severance charge and restructuring Maxar Technologies reported in its annual reports, 2020 to 2022, quoted from the filings. Headcount went from 4,300 to 4,600.
Headcount, as reported
| Annual report | Employees | As of |
|---|---|---|
| 10-K for 2020 | 4,300 | December 31, 2020 |
| 10-K for 2021 | 4,400 | December 31, 2021 |
| 10-K for 2022 | 4,600 | December 31, 2022 |
Job cuts, severance and restructuring
Our summaryCompany enacted a restructuring plan in 2018 to reduce headcount at its Palo Alto manufacturing facility and implement overhead and efficiency initiatives.
Word for word“In response to changes in the geostationary communications satellite market, in 2018 the Company enacted a restructuring plan to reduce headcount at its Palo Alto manufacturing facility and to implement enterprise improvement initiatives aimed at reducing overhead costs, reducing general and administrative costs, increasing supply chain value and increasing efficiency of production processes.” 10-K for 2020
Our summaryCompany announced another restructuring plan with cost-saving measures including a workforce reduction; the reduction was substantially completed in the first half of 2019.
Word for word“In February 2019, the Company announced another restructuring plan to implement cost-saving measures, including a reduction in the Company's workforce.” 10-K for 2020
Our summaryThe filing reports a $15 million decrease in restructuring expenses in the year's operating expense comparison.
Word for word“These increases were partially offset by a $15 million decrease in restructuring expenses, a $9 million decrease in transaction and integration related expenses and a $7 million decrease in travel related expenses driven by our COVID-19 operating posture.” 10-K for 2021
Our summaryMaxar recorded $18 million of restructuring costs in 2022, which included a $5 million write-off of fixed assets tied to outsourcing certain contract manufacturing components in Space Infrastructure.
Word for word“The Company incurred restructuring costs of $ 18 million for the year ended December 31, 2022, which included $ 5 million in restructuring costs incurred from the disposal of fixed assets related to the write-off of certain assets related to the outsourcing of certain components of contract manufacturing within the Space Infrastructure segment.” 10-K for 2022
Our summaryMaxar said its 2022 restructuring costs were mainly retention costs, severance costs and asset write-offs linked to outsourcing some contract manufacturing in Space Infrastructure.
Word for word“costs for 2022 are primarily related to retention costs, severance costs and the write-off of certain assets related to the outsourcing of certain components of contract manufacturing within the Space Infrastructure segment.” 10-K for 2022
Our summaryMaxar reported restructuring costs of $2 million in 2021 and none in 2020.
Word for word“The Company incurred restructuring costs of $ 2 million and $ 0 million for the years ended December 31, 2021 and 2020, respectively.” 10-K for 2022
| Fiscal year ended | Severance costs | Restructuring charges | Cash paid for restructuring |
|---|---|---|---|
| 2016-12-31 | — | $4 million | — |
| 2017-12-31 | — | $36 million | — |
| 2018-12-31 | — | $13 million | $11 million |
| 2019-12-31 | $3 million | $18 million | $19 million |
| 2020-12-31 | — | $0 | $2 million |
| 2021-12-31 | — | $2 million | — |
| 2022-12-31 | — | $18 million | $10 million |
Maxar Technologies 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 Maxar Technologies’s annual reports (10-K for 2022, 10-K for 2021, 10-K for 2020) and the financial data it files with the SEC, as of 2023-02-22. 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.