NEC layoffs, on the record
Every job cut, severance charge and restructuring NEC reported in its annual reports, 2004 to 2020, quoted from the filings.
Headcount, as reported
| Annual report | Employees | As of |
|---|---|---|
| 20-F for 2004 | approximately 143,300 | March 31, 2004 |
| 20-F for 2005 | approximately 147,800 | March 31, 2005 |
| 20-F for 2020 | 109,390, 110,595 and 112,638 | As of March 31, 2018, 2019 and 2020 |
Job cuts, severance and restructuring
Our summaryIn fiscal 2002, NEC restructured and reorganized manufacturing operations in its IT Solutions, Network Solutions and Electron Devices businesses, including a workforce reduction of about 13,000 employees.
Word for word“As a result of the above restructuring, the Company incurred a restructuring charge of ¥285,914 million for fiscal 2002.” 20-F for 2004
Our summaryIn fiscal 2003, NEC carried out workforce reductions and rationalization of production facilities in its IT Solutions, Network Solutions and Electron Devices businesses.
Word for word“As a result, the Company incurred restructuring charges of ¥55,407 million.” 20-F for 2004
Our summaryIn fiscal 2004, NEC implemented restructuring in systems integration, computer platforms, broadband, mobile and other areas, mainly through workforce reductions and disposal of facilities in the mobile area.
Word for word“As a result, the Company incurred a restructuring charge of ¥17,162 million.” 20-F for 2004
Our summaryNEC amended its pension and severance plans, including a point-based severance benefits system and a cash balance pension plan, and transferred a substitutional portion of pension fund liabilities to the government.
Word for word“Effective August 1, 2003, NEC Corporation and a certain subsidiary in Japan amended their severance indemnity plans by introducing a “point-based benefits system,” under which benefits are calculated based on accumulated points allocated to employees each year according to their job classification and their performance.” 20-F for 2004
Our summaryImplemented restructuring activities including workforce reductions and production facility rationalization in IT Solutions, Network Solutions and Electron Devices.
Word for word“During the year ended March 31, 2003, the Company implemented restructuring activities including workforce reductions and rationalization of production facilities in IT Solutions business, Network Solutions business and Electron Devices business.” 20-F for 2005
Our summaryRecorded personnel costs for reducing employees in the FY2003 restructuring.
Word for word“These charges primarily consisted of loss on disposal and write-down of assets of ¥23,435 million, personnel costs of ¥19,481 million for reduction of approximately 5,400 employees, which excludes employees who left through normal attrition, and others of ¥12,491 million.” 20-F for 2005
Our summaryImplemented restructuring in systems integration, computer platforms, broadband, mobile and other areas, mainly workforce reductions and facility disposals, including a mobile reduction.
Word for word“The charge consisted of losses on disposal and write-down of assets of ¥6,691 million, personnel costs of ¥7,302 million for the reduction of approximately 1,000 employees, which excludes employees who left through normal attrition, and others of ¥3,169 million.” 20-F for 2005
Our summaryImplemented restructuring in systems integration and personal solutions, with a restructuring charge recorded.
Word for word“During the year ended March 31, 2005, the Company implemented restructuring activities in the area of systems integration and personal solutions, and therefore, the Company incurred a restructuring charge of ¥5,854 million.” 20-F for 2005
Our summaryPersonnel costs for reducing employees in the IT Solution business under the FY2005 restructuring.
Word for word“The charge for the IT Solution business consisted of personnel costs for the reduction of approximately 600 employees, which excludes employees who left through normal attrition.” 20-F for 2005
Our summaryThe company recorded restructuring costs for improvements in its business structure in fiscal 2018, 2019 and 2020, included in other operating expenses.
Word for word“We recorded restructuring costs related to improvements in our business structure in the amounts of ¥2.7 billion, ¥26.9 billion and ¥1.1 billion for the fiscal years ended March 31, 2018, 2019 and 2020, respectively.” 20-F for 2020
NEC 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 NEC’s annual reports (20-F for 2020, 20-F for 2005, 20-F for 2004) and the financial data it files with the SEC, as of 2020-06-30. 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.