Boeing’s CEO said Tuesday that the aerospace giant will be “pruning the portfolio” over the next year after announcing nearly $12 billion in annual losses.

The company’s year was its worst since 2020, when the coronavirus pandemic all but grounded the aviation industry.

But Boeing is “going to continue to be in our core areas” of aircraft and defense, President and CEO Kelly Ortberg said during a conference call with investors. Any trims will “not be a major restructuring … think more pruning the portfolio, not cutting down the tree,” he said.