Avangrid layoffs, on the record
Every job cut, severance charge and restructuring Avangrid reported in its annual reports, 2021 to 2023, quoted from the filings. Headcount went from 7,348 to 7,999.
Headcount, as reported
| Annual report | Employees | As of |
|---|---|---|
| 10-K for 2021 | 7,348 | December 31, 2021 |
| 10-K for 2022 | 7,579 | December 31, 2022 |
| 10-K for 2023 | 7,999 | December 31, 2023 |
Job cuts, severance and restructuring
Our summaryThe filing reports restructuring charges for 2020 and 2019 and none for 2021, tied to workforce reduction and severance costs in the Networks segment and a cost-mitigation initiative.
Word for word“Restructuring and severance related charges relate to costs resulting from restructuring actions involving initial targeted voluntary workforce reductions and related costs in our plan to vacate a lease, predominantly within the Networks segment and costs to implement an initiative to mitigate costs and achieve sustainable growth.” 10-K for 2021
| Fiscal year ended | Severance costs | Restructuring charges | Cash paid for restructuring |
|---|---|---|---|
| 2017-12-31 | $15 million | $20 million | $14 million |
| 2018-12-31 | $3 million | $4 million | $4 million |
| 2019-12-31 | $4 million | $6 million | — |
| 2020-12-31 | $2 million | $6 million | — |
| 2021-12-31 | — | $0 | — |
| 2022-12-31 | — | $0 | — |
Avangrid 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 Avangrid’s annual reports (10-K for 2023, 10-K for 2022, 10-K for 2021) and the financial data it files with the SEC, as of 2024-02-22. 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.