National Instruments layoffs, on the record
Every job cut, severance charge and restructuring National Instruments reported in its annual reports, 2020 to 2022, quoted from the filings. Headcount went from approximately 7,000 to approximately 7,000.
Headcount, as reported
| Annual report | Employees | As of |
|---|---|---|
| 10-K for 2020 | approximately 7,000 | As of December 31, 2020 |
| 10-K for 2021 | approximately 7,000 | As of December 31, 2021 |
| 10-K for 2022 | approximately 7,000 | December 31, 2022 |
Job cuts, severance and restructuring
Our summaryAnnounced a workforce reduction plan in October 2020 to accelerate growth and optimize cost structure, with headcount cut about 3% in Q4 2020 and about 6% more expected over the next six to nine months.
Word for word“In October 2020, we announced a workforce reduction plan intended to accelerate our growth strategy and further optimize our cost structure.” 10-K for 2020
Our summaryBegan additional measures expected to reduce headcount by about 9% in total, with the remaining 6% expected over the next six to nine months, and expected to cut operating expenses by about $40 million per year.
Word for word“We expect our recent restructuring plan will reduce our operating expenses by approximately $40 million per year, which we expect to be offset by increases in operating expenses related to other strategic initiatives.” 10-K for 2020
Our summaryRecorded restructuring charges for the 2020 initiative, mainly employee severance, plus about $1 million for facilities vacated and assets abandoned.
Word for word“Total restructuring and other charges incurred during the year ended December 31, 2020 related to this initiative were $ 45.3 million primarily related to employee severance costs.” 10-K for 2020
Our summaryReported that since the first quarter of 2017 it has reduced overall employee headcount through restructuring efforts to minimize job duplication and improve efficiencies.
Word for word“Since the first quarter of 2017 through December 31, 2020, we have reduced overall employee headcount by approximately 7 % by taking steps to minimize job duplication or evaluate where we should shift and centralize activities, improve efficiencies, and rebalance our resources on higher return activities.” 10-K for 2020
Our summaryRecorded restructuring and related costs in prior years, including in 2019 and 2018.
Word for word“Total restructuring and other related costs $ 45,250 20,065 14,097 Total restructuring and other charges incurred during the year ended December 31, 2020 related to this initiative were $ 45.3 million primarily related to employee severance costs.” 10-K for 2020
Our summaryInitiated a 2021 restructuring plan resulting in the closure of its facilities in Aachen, Germany, to optimize research and development operations.
Word for word“On October 26, 2021, we initiated a restructuring plan (the “2021 Plan”) that will result in the site closure of our facilities in Aachen, Germany.” 10-K for 2021
Our summaryRecorded restructuring and other charges for 2021 primarily related to employee severance costs under the 2021 initiatives.
Word for word“Total restructuring and other charges incurred during the year ended December 31, 2021 related to the initiatives described above were $ 14.4 million primarily related to employee severance costs.” 10-K for 2021
Our summaryReported a restructuring liability for severance payments, recorded in accrued compensation.
Word for word“The restructuring liability of $ 11.5 million at December 31, 2021, relating primarily to severance payments associated with the restructuring activity, is recorded in the “accrued compensation” line item of the consolidated balance sheet.” 10-K for 2021
Our summaryReported a decrease in severance and other restructuring-related charges compared with 2020, with 2020 charges of $45,250 thousand under the 2020 restructuring activity.
Word for word“• $(30) million decrease in severance and other restructuring-related charges;” 10-K for 2021
Our summaryDescribed having implemented workforce reduction plans over the past several years to accelerate growth and optimize cost structure.
Word for word“Over the past several years we have implemented workforce reduction plans intended to accelerate our growth strategy and further optimize our cost structure.” 10-K for 2021
Our summaryThe company started a workforce reduction plan in early 2023 that is expected to cut worldwide headcount by about 4%, mostly in the first quarter.
Word for word“The 2023 Plan is expected to result in reductions to our worldwide headcount of approximately 4% during 2023, with a majority of the reductions occurring in the first quarter of 2023.” 10-K for 2022
Our summaryThe company recorded restructuring expenses for targeted headcount reductions during 2022 and for finishing activities under the 2021 Plan.
Word for word“During the year ended December 31, 2022, we incurred restructuring-related expenses of approximately $ 5.2 million related to targeted headcount reductions initiated during the year and the finalization of certain activities related to the 2021 Plan discussed below.” 10-K for 2022
Our summaryThe company began a voluntary separation program for eligible employees and recorded severance charges for those who left.
Word for word“During the fourth quarter of 2022, we also commenced a voluntary separation program for eligible employees, for which we incurred approximately $ 5.0 million of severance charges for employees who were voluntarily terminated.” 10-K for 2022
Our summaryThe company began a restructuring plan that closed its facilities in Aachen, Germany, to streamline research and development.
Word for word“On October 26, 2021, we initiated a restructuring plan (the “2021 Plan”) that resulted in the site closure of our facilities in Aachen, Germany.” 10-K for 2022
Our summaryThe company announced a workforce reduction plan in 2020 to speed up its growth strategy and improve its cost structure.
Word for word“On October 29, 2020, we announced a workforce reduction plan (the “2020 Plan”) intended to accelerate our growth strategy and further optimize our operations and cost structure.” 10-K for 2022
| Fiscal year ended | Restructuring charges | Cash paid for restructuring |
|---|---|---|
| 2017-12-31 | $17.1 million | $10.2 million |
| 2018-12-31 | $14.1 million | $16 million |
| 2019-12-31 | $20.1 million | $14 million |
| 2020-12-31 | $45.3 million | $25.8 million |
| 2021-12-31 | $14.4 million | $31.9 million |
| 2022-12-31 | $10.2 million | $11.7 million |
National Instruments filed 2 restructuring notices (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 National Instruments’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 2023-02-21. 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.