Company: MTZ
Filing Date: 2025-02-28
Form Type: 10-K
Source: 0000015615-25-000021
Chunk: 1656

Company: MASTEC INC
Filing Date: 2025-02-28
Form: 10-K
Item: Item 1C
Chunk 1656
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 of the years ended December 31, 2024, 2023 or 2022.  Revenue from governmental entities for the years ended December 31, 2024, 2023 and 2022 totaled approximately 13%, 11% and 7% of total revenue, respectively, substantially all of which was derived from its U.S. operations.

Note 14 – Commitments and Contingencies 

MasTec is subject to a variety of legal cases, claims and other disputes that arise from time to time in the ordinary course of its business, including project contract price and other project disputes, other project-related liabilities and acquisition purchase price disputes.  MasTec cannot provide assurance that it will be successful in recovering all or any of the potential damages it has claimed or in defending claims against the Company.  The outcome of such cases, claims and disputes cannot be predicted with certainty and an unfavorable resolution of one or more of them could have a material adverse effect on the Company’s business, financial condition, results of operations and cash flows.Acquired Legacy Solar Matter.  On April 28, 2023, a jury found IEA, its subsidiary, IEA Constructors, LLC (“IEAC” and, together with IEA, the “IEA Entities”), and IEAC’s customer, Silicon Ranch Corporation (“SRC”), liable to plaintiffs H&L Farms LLC (“H&L Farms”), Shaun Harris and Amie Harris following a trial in the U.S. District Court for the Middle District of Georgia, Columbus Division (the “Court”).  The suit, filed in August 2021, arose out of a project that commenced in 2021 involving the construction by IEAC of a solar farm for SRC.

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The plaintiffs brought various causes of action under Georgia law, arising out of the defendants’ alleged failure to exercise appropriate efforts to prevent and remediate soil erosion and sedimentary run-off that flowed from SRC’s property into a 21-acre lake on plaintiffs’ property.  The trial resulted in a jury award to the various plaintiffs of compensatory damages aggregating $10.5 million, apportioned 30% to SRC, 40% to IEA and 30% to IEAC, and an award of $25 million in punitive damages against SRC and $50 million in punitive damages against each of the IEA Entities.  The Court also issued an injunction requiring the defendants to eliminate the transport of sediment from SRC’s property to the plaintiffs’ property beyond what had been occurring naturally before construction