Northrop Grumman Innovation Systems layoffs, on the record
Every job cut, severance charge and restructuring Northrop Grumman Innovation Systems reported in its annual reports, 2015 to 2017, quoted from the filings. Headcount went from approximately 12,300 to approximately 13,900.
Headcount, as reported
| Annual report | Employees | As of |
|---|---|---|
| 10-K for 2015 | approximately 12,300 | March 31, 2015 |
| 10-K for 2016 | approximately 12,700 | December 31, 2016 |
| 10-K for 2017 | approximately 13,900 | December 31, 2017 |
Job cuts, severance and restructuring
Our summaryCompany reported severance and other employee-related costs from the Distribution and Merger in fiscal 2015.
Word for word“2015 - Costs associated with the Distribution and Merger, including: $34.9 million for professional services; $9.6 million for severance and other employee-related costs; $26.6 million for debt extinguishment; and $16.0 million for 29 facility rationalization costs.” 10-K for 2015
Our summaryCompany executed business restructuring initiatives to reduce its fixed cost structure, including consolidating the Eden Prairie corporate facility and management restructuring.
Word for word“During fiscal 2015 the Company executed business restructuring initiatives aimed at reducing the Company's fixed cost structure and realigning the business as a result of the Distribution of Sporting Group and the Merger with Orbital.” 10-K for 2015
Our summaryCompany incurred termination costs for management restructuring in the fourth quarter of fiscal 2015.
Word for word“In the fourth quarter of fiscal 2015, the Company incurred termination costs for management restructure.” 10-K for 2015
Our summaryCompany recorded termination benefits and other costs from a segment realignment in fiscal 2012.
Word for word“2012 - Litigation charge of $36.5 million for LUU flares lawsuit settlement and $9.0 million for segment realignment charges including: termination benefits, asset impairment charges and costs associated with the closure of certain facilities.” 10-K for 2015
Our summaryCompany recorded restructuring costs in the 2015 transition period, principally tied to consolidating corporate facilities.
Word for word“Additionally, we recorded restructuring costs of $28 million in the 2015 transition period principally in connection with the consolidation of corporate facilities.” 10-K for 2016
Our summaryThe company carried out business restructuring initiatives to lower its fixed cost structure, and a restructuring liability for these actions, mostly lease losses on terminated leases, remains.
Word for word“The remaining restructuring liability for these actions relates primarily to lease losses on terminated leases and was $16 million at December 31, 2017 and $20 million at December 31, 2016.” 10-K for 2017
| Fiscal year ended | Restructuring charges | Cash paid for restructuring |
|---|---|---|
| 2016-12-31 | −$1 million | $9 million |
Northrop Grumman Innovation Systems 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 Northrop Grumman Innovation Systems’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 2018-02-22. 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.