Washington GAS Light layoffs, on the record
Every job cut, severance charge and restructuring Washington GAS Light reported in its annual reports, 2018 to 2020, quoted from the filings. Headcount went from 1,648 to 1,539.
Headcount, as reported
| Annual report | Employees | As of |
|---|---|---|
| 10-K for 2018 | 1,648 | At September 30, 2018 |
| 10-K for 2019 | 1,574 | December 31, 2019 |
| 10-K for 2020 | 1,539 | December 31, 2020 |
Job cuts, severance and restructuring
Our summaryRecorded employee benefits related severance, retention and acceleration of incentive plans as part of merger-related costs in fiscal 2018.
Word for word“In fiscal year 2018, we recorded costs for accrued bill credits to customers, an accrual for our commitment of charitable contributions and community support, employee benefits related severance, retention and acceleration of incentive plans, and an impairment that was booked as part of the Merger with AltaGas.” 10-K for 2018
Our summaryReported merger-related severance costs tied to the retirement of senior executives following the merger.
Word for word“Severance costs are related to the retirement of senior executives following the merger.” 10-K for 2018
Our summaryReported severance costs in the merger-related cost table.
Word for word“Severance costs (4) 6.7 Other 2.7 Total $ 236.7 ` (1) See the Merger Commitments table below for details of merger related commitments.” 10-K for 2018
Our summaryReported cash payments for severance and retention costs due to the Merger in operating cash flows.
Word for word“The increase in net cash flows primarily reflects higher realized margins for both storage and transportation strategies at WGL Midstream and higher cash collections due to colder weather at Washington Gas, offset by cash payment of merger commitments, financial and legal advisory costs, severance costs, retention and acceleration of incentive plans due to the Merger.” 10-K for 2018
Our summaryExecutive officer Mr. McCallister retired and received a change-in-control severance lump sum under a separation agreement.
Word for word“In connection with his Good Reason Resignation, Mr. McCallister received the following: • A lump sum cash severance payment of $5,685,284 which equals the sum of three times his base salary and target short-term incentive opportunity plus the prorated FY2017 bonus payment described above” 10-K for 2018
Washington GAS Light 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 Washington GAS Light’s annual reports (10-K for 2020, 10-K for 2019, 10-K for 2018) and the financial data it files with the SEC, as of 2021-03-01. 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.