The managers issuing layoffs aren't doing that of their own volition. There's (simply put) an xls spreadsheet with a bunch of employees. Somewhere they draw a line. If you're above the line, you get laid off, if you're below, you're fine (for now).
Now, where they draw the line changes from year to year, and it depends on the country and local labor laws, but generally speaking:
You're more likely to be cut if you're
High-grade role and been in that grade for several years
Are a manager/director with no or only a handful of direct reports
Are above a certain age
Have been hired in the last year
Then they take a second look. Could the list be construed to discriminate against age or gender? Then it will be adjusted and a few names will be switched. Anybody have any special protection, like works council members? Then they'll be taken off the list (unless Cisco really wants to get rid of you - then they'll go to court if necessary).
And that's basically it. There's no performance indicator playing a role at all. Individuals get laid off or fired because of performance. LRs happen based on budget allocations.
If you got Friends in High Enough Places, they might be able to take you off the list, but this has become very rare in recent years. More likely you're laid off and then your friend is able to offer you another role in your notice period.
But anyway: Once the lists are decided, managers are informed who, how, and when they need to have "the conversation(s)".
Thought that this was a good post and that @XS8EWlU-fhwi gave a good insight into how layoffs are actually done at Cisco.