To date, I can figure out some of the layoffs. HAL is laying off project contract workers and personnel involved on projects that were shutdown/cut back. Also, administrative, SAP whiz kids let go. The cuts are across the board, but mfg, supply chain, contract seem to be getting hit hard. So if you were working on something that got cut, you're gone. I do see that they are retaining key people that keep things rolling, the people who actually make the company profitable and solve problems. There have been a few, where I didn't see them coming. If you're good at what you do, I wouldn't worry, you will be able to find another job. US land will bear the brunt of these layoffs, with fringe areas where job volume is small will be shut down.
Looking down the road, there is always a transition period. It's not going to happen overnight, people with knowledge/ skills will be able to determine what they want to do. Remaining positive is imperative, morale at the office when layoffs occur will be very low, so it's important to stay positive.
Who gets spun-off? I don't know. I just know that you better have something that they need to make $$$.