Maxim Integrated Products layoffs, on the record
Every job cut, severance charge and restructuring Maxim Integrated Products reported in its annual reports, 2019 to 2021, quoted from the filings. Headcount went from 7,131 persons to approximately 7,100.
Headcount, as reported
| Annual report | Employees | As of |
|---|---|---|
| 10-K for 2019 | 7,131 persons | June 29, 2019 |
| 10-K for 2020 | 7,115 persons | June 27, 2020 |
| 10-K for 2021 | approximately 7,100 | the end of fiscal year 2021 |
Job cuts, severance and restructuring
Our summaryCompany recorded severance and restructuring expenses under various restructuring plans designed to reduce costs, primarily from reorganizing business units and functions and employee enrollments in voluntary separation programs.
Word for word“During the fiscal year ended June 29, 2019 , the Company recorded $5.6 million in "Severance and restructuring expenses" in the Consolidated Statements of Income related to various restructuring plans designed to reduce costs.” 10-K for 2019
Our summaryCompany recorded severance and restructuring expenses under various restructuring plans, primarily tied to reorganizing business units and functions and voluntary separation programs.
Word for word“During the fiscal year ended June 30, 2018 , the Company recorded $15.1 million in "Severance and restructuring expenses" in the Consolidated Statements of Income related to various restructuring plans designed to reduce costs.” 10-K for 2019
Our summaryCompany recorded severance and restructuring expenses for reorganizing business units and functions and closing the Dallas, Texas campus, including ceasing wafer level packaging manufacturing operations.
Word for word“During the fiscal year ended June 24, 2017 , the Company recorded $12.5 million in "Severance and restructuring expenses" in the Consolidated Statements of Income related to various restructuring plans designed to reduce costs.” 10-K for 2019
Our summarySeverance and restructuring expenses fell because the company ran fewer restructuring programs and activities in fiscal 2019.
Word for word“The $9.4 million decrease was primarily due to fewer restructuring programs and activities during fiscal year 2019.” 10-K for 2019
Our summaryThe income statement reports severance and restructuring expenses for fiscal 2020 of $5,363 thousand.
Word for word“Severance and restructuring expenses 5,363 5,632 15,060 Other operating expenses (income), net 929 143 ( 1,607 ) Total operating expenses 746,258 753,408 792,673 Operating income 686,394 747,098 833,448 Interest and other income (expense), net ( 8,298 ) 7,323 ( 8,563 ) Income before taxes 678,096 754,421 824,885 Provision (benefit) for income taxes 23,402 ( 73,065 ) 357,567 Net income $ 654,694 $ 827,486 $ 467,318 Earnings per share: Basic $ 2.43 $ 3.01 $ 1.66 Diluted $ 2.41 $ 2.97 $ 1.64 Weighted-average shares used in the calculation of earnings per share: Basic 269,341 274,966 280,979 Diluted 272,028 278,777 285,674 Dividends declared and paid per share $ 1.92 $ 1.84 $ 1.56 See accompanying Notes to Consolidated Financial Statements.” 10-K for 2020
Our summaryThe filing describes the risk that exiting product lines or restructuring operations could adversely affect customer relationships; no specific program is announced.
Word for word“The nature of our business requires strategic changes from time to time, including restructuring our operations and divesting and consolidating certain product lines and businesses.” 10-K for 2020
Our summaryThe company reported higher severance and restructuring expenses in fiscal 2021 than in 2020, with the pending ADI Merger adding change in control related benefits.
Word for word“Severance and restructuring expenses were $13.4 million and $5.4 million in fiscal years 2021 and 2020, respectively, which represented 0.5% and 0.2% of net revenues for each respective period.” 10-K for 2021
Our summaryThe company said the increase in severance and restructuring expense came from more restructuring activity, which now includes change in control related benefits because of the pending ADI Merger.
Word for word“The $8.0 million increase was due to increased restructuring activities which, as a result of the pending ADI Merger, now include change in control related benefits.” 10-K for 2021
| Fiscal year ended | Restructuring charges | Cash paid for restructuring |
|---|---|---|
| 2017-06-24 | $12.7 million | $19.5 million |
| 2018-06-30 | — | $12.6 million |
| 2019-06-29 | $5.6 million | — |
| 2020-06-27 | $5.4 million | — |
| 2021-06-26 | $13.4 million | — |
Maxim Integrated Products 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 Maxim Integrated Products’s annual reports (10-K for 2021, 10-K for 2020, 10-K for 2019) and the financial data it files with the SEC, as of 2021-08-20. 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.