Spectra Energy layoffs, on the record
Every job cut, severance charge and restructuring Spectra Energy reported in its annual reports, 2014 to 2016, quoted from the filings. Headcount went from approximately 5,900 to approximately 6,000.
Headcount, as reported
| Annual report | Employees | As of |
|---|---|---|
| 10-K for 2014 | approximately 5,900 | December 31, 2014 |
| 10-K for 2015 | approximately 6,000 | December 31, 2015 |
| 10-K for 2016 | approximately 6,000 | December 31, 2016 |
Job cuts, severance and restructuring
Our summaryAnnounced a reduction in force affecting about 20 percent of corporate staff functions as part of a cost-reduction effort, and plans to close or reduce the workforce of certain regional offices.
Word for word“As part of an effort to reduce costs, we announced a reduction in force in January 2015 affecting approximately 20 percent of our corporate staff functions.” 10-K for 2014
Our summaryEliminated certain corporate employee positions as the initial phase of a cost reduction plan, recording employee termination costs.
Word for word“In January 2015, we announced the initial phase of this cost reduction plan, which involved the elimination of certain corporate employee positions.” 10-K for 2015
Our summaryDCP Midstream, an affiliate included in the filing, announced a headcount reduction of about 10 percent that eliminated certain operational and corporate positions.
Word for word“In April 2016, we announced an approximate 10 percent headcount reduction, which involved the elimination of certain operational and corporate positions, as part of our ongoing effort to create efficiencies, reduce costs and transform our business.” 10-K for 2016
Our summaryDCP Midstream recorded one-time employee termination costs for the 2016 headcount reduction.
Word for word“As a result of this headcount reduction, we recorded one-time employee termination costs of approximately $13 million, which are included in restructuring costs within total operating costs and expenses in our consolidated statements of operations for the year ended December 31, 2016.” 10-K for 2016
Our summaryDCP Midstream expects to incur a small amount of additional severance costs for this phase of its restructuring plan.
Word for word“Additionally, we expect to incur further severance costs of less than $1 million related to this phase of our restructuring plan.” 10-K for 2016
Spectra Energy 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 Spectra Energy’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 2017-02-24. 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.