Midcoast Energy Partners layoffs, on the record
Every job cut, severance charge and restructuring Midcoast Energy Partners reported in its annual reports, 2014 to 2016, quoted from the filings.
Job cuts, severance and restructuring
Our summaryThe company cut costs through a workforce reduction, which increased its severance costs.
Word for word“In addition, in December of 2014, the company took actions to reduce its costs through a workforce reduction, which increased severance costs by $4.3 million for the year ended December 31, 2014, as compared with the year ended December 31, 2013.” 10-K for 2014
Our summaryTook actions to reduce costs through a workforce reduction, which increased severance costs.
Word for word“In addition, in December 2014, the company took actions to reduce its costs through a workforce reduction, which increased severance costs by $4.3 million for the year ended December 31, 2014, as compared with the year ended December 31, 2013.” 10-K for 2015
Our summaryRecognized severance costs associated with a transaction, included in Operating and maintenance expense.
Word for word“In addition, we recognized $1.3 million in severance costs associated with the transaction, which is included in “Operating and maintenance” expense on our consolidated statement of income.” 10-K for 2015
Our summaryThe company reduced its workforce in 2016 as part of cost reduction efforts and incurred severance costs.
Word for word“As part of our workforce reductions in 2016, we incurred severance costs of $1.8 million.” 10-K for 2016
Midcoast Energy Partners 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 Midcoast Energy Partners’s annual reports (10-K for 2016, 10-K for 2015, 10-K for 2014) and the financial data it files with the SEC, as of 2017-02-16. 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.