Microsemi layoffs, on the record
Every job cut, severance charge and restructuring Microsemi reported in its annual reports, 2015 to 2017, quoted from the filings.
Headcount, as reported
| Annual report | Employees | As of |
|---|---|---|
| 10-K for 2015 | approximately 2,000 persons domestically and 1,700 persons at our international facilities | At the end of 2015 |
| 10-K for 2016 | approximately 2,000 persons domestically and 2,400 persons at our international facilities | At the end of 2016 |
| 10-K for 2017 | approximately 2,100 persons domestically and 2,400 persons at our international facilities | At the end of 2017 |
Job cuts, severance and restructuring
Our summaryRecorded net provisions for employee severance in restructuring, covering approximately 250 individuals in engineering, manufacturing, administration and sales.
Word for word“Employee severance covered approximately 250 individuals in engineering, manufacturing, administration and sales and is expected to be paid within the next twelve months.” 10-K for 2015
Our summaryRecorded provisions for contract termination costs, mainly for operating lease liabilities on exited space.
Word for word“We recorded provisions for contract termination costs of $2.6 million for 2015, primarily for the fair value at the cease-use date of operating lease liabilities for space we have exited.” 10-K for 2015
Our summaryRecorded provisions for other restructuring costs, consisting of facility and equipment impairments and facility relocation costs.
Word for word“We recorded provisions for other associated costs for restructuring of $3.9 million for 2015, which consisted of facility and equipment impairments and facility relocation costs.” 10-K for 2015
Our summaryReported total restructuring and severance charges for the year, compared with prior years.
Word for word“Restructuring charges amounted to $15.4 million in 2015 compared to $31.5 million in 2014 and $9.9 million in 2013 .” 10-K for 2015
Our summaryReported restructuring cash payments that reduced operating cash flow over three years.
Word for word“During 2015 , 2014 and 2013, net cash provided by operating activities was reduced by restructuring activities resulting in payments of $19.5 million , $25.2 million and $11.3 million , respectively.” 10-K for 2015
Our summaryRecorded a reversal of a prior restructuring provision for a facility lease termination settled below estimate.
Word for word“We recorded a $1.1 million reversal of prior provision related to a facility lease termination that was settled at an amount less than estimated.” 10-K for 2015
Our summaryRecorded net provisions for employee severance as part of restructuring, mostly tied to the PMC acquisition and integration.
Word for word“We recorded net provisions for employee severance of $52.0 million for 2016 , of which $45.6 million directly related to the acquisition and integration of PMC.” 10-K for 2016
Our summaryRecorded provisions for contract termination costs, mainly for operating lease liabilities on space the company exited.
Word for word“We recorded provisions for contract termination costs of $5.1 million for 2016 , primarily for the fair value at the cease-use date of operating lease liabilities for space we have exited.” 10-K for 2016
Our summaryRecorded net provisions for other associated restructuring costs, consisting of facility and equipment impairments and facility relocation costs.
Word for word“We recorded net provisions for other associated costs for restructuring of $4.0 million for 2016 , which consisted of facility and equipment impairments and facility relocation costs.” 10-K for 2016
Our summaryReported total restructuring and severance charges for the year, compared with prior years.
Word for word“Restructuring charges amounted to $60.7 million in 2016 compared to $15.4 million in 2015 and $31.5 million in 2014 .” 10-K for 2016
Our summaryReported a $0.3 million reversal of a prior restructuring provision after a facility lease termination settled for less than estimated.
Word for word“We recorded a $0.3 million reversal of prior provision related to a facility lease termination that was settled at an amount less than estimated.” 10-K for 2016
Our summaryDisclosed that it has current plans to combine certain operations, and may further consolidate, close, sell or divest facilities or product lines, which could bring workforce reduction and severance costs.
Word for word“We have in the past closed, combined, sold or disposed of certain of our operations, have current plans to combine certain of our operations and may determine to do so in the future, which could reduce our sales volume, profitability and result in significant restructuring costs.” 10-K for 2016
Our summaryThe company recorded net provisions for employee severance in 2017 as part of its restructuring activities.
Word for word“We recorded net provisions for employee severance of $14.7 million for 2017 .” 10-K for 2017
Our summaryThe company recorded total restructuring charges for 2017, down from the prior two years, mainly for severance and facility shutdown costs and actions following acquisitions.
Word for word“Restructuring charges amounted to $23.2 million in 2017 compared to $60.7 million in 2016 and $15.4 million in 2015 .” 10-K for 2017
Our summaryThe company recorded provisions for contract termination costs in 2017, mainly for lease liabilities on space it exited.
Word for word“We recorded provisions for contract termination costs of $6.7 million for 2017 , primarily for the fair value at the cease-use date of operating lease liabilities for space we have exited.” 10-K for 2017
Our summaryThe company recorded net provisions for other restructuring costs in 2017, covering facility and equipment impairments and relocation costs.
Word for word“We recorded net provisions for other associated costs for restructuring of $1.9 million for 2017 , which consisted of facility and equipment impairments and facility relocation costs.” 10-K for 2017
Our summaryThe company said its 2017 severance covered employees in several functions and will be paid within a year.
Word for word“Employee severance covered individuals in engineering, manufacturing, administration and sales and is expected to be paid within the next twelve months.” 10-K for 2017
| Fiscal year ended | Restructuring charges |
|---|---|
| 2016-10-02 | $60.7 million |
| 2017-10-01 | $23.2 million |
Microsemi 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 Microsemi’s annual reports (10-K for 2017, 10-K for 2016, 10-K for 2015) and the financial data it files with the SEC, as of 2017-11-14. 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.