2 unchanged sentences
The lawsuit is related to a dispute over work performed on a pipeline construction project.
−Removed: On November 9, 2021, the Company was awarded $5.8 million, none of which has been recognized in the Company’s consolidated financial statements.
−Removed: The Defendant filed motions to request a new trial or a renewed judgement as a matter of law, which were denied by the judge.
−Removed: As of August 15, 2022, the Company has filed motions to submit claims for interest and legal fees to the court and expects all responses to those claims to be filed by mid-September 2022.
−Removed: The Company anticipates that a final judgement order will be issued by the end of calendar year 2022.
−Removed: A party to a civil lawsuit usually has 30 days from the entry of judgment to file a notice of appeal.
+Added: On November 21, 2022, a Judgment Order was issued, and the Company was awarded $13.1 million, of which $5.8 million was the jury award, $1.6 million was for attorney’s fees, and $5.7 million was for penalties and interest.
+Added: The amounts awarded by the Judgment Order have not been recognized in the Company’s consolidated financial statements as of December 31, 2022.
+Added: The Company’s attorney’s fees have been expensed as incurred.
+Added: On December 16, 2022, the Defendant filed a notice of appeal with the court.
On November 12, 2021, the Company received a withdrawal liability claim from a pension plan to which the Company made pension contributions for union construction employees performing covered work in a particular jurisdiction.
3 unchanged sentences
The Company must comply with the demand under federal pension law;
−Removed: however, the Company firmly believes no withdrawal liability exists and plans to seek arbitration to resolve the matter.
−Removed: If successfully arbitrated, the Company expects to receive repayment of all installment payments made, currently included within prepaid assets in the accompanying consolidated balance sheets.
−Removed: Other than described above, at June 30, 2022, the Company was not involved in any legal proceedings other than in the ordinary course of business.
+Added: however, the Company firmly believes no withdrawal liability exists.
+Added: The Company is in negotiations with the pension fund to resolve the matter and all future payments have been suspended as part of the negotiation.
+Added: The Company has expensed all $164,000 in payments made through December 31, 2022 and does not expect any future liabilities related to this claim.
+Added: Other than described above, at December 31, 2022, the Company was not involved in any legal proceedings other than in the ordinary course of business.
The Company is a party from time to time to various lawsuits, claims and other legal proceedings that arise in the ordinary course of business.
1 unchanged sentence
With respect to all such lawsuits, claims, and proceedings, we record reserves when it is probable that a liability has been incurred and the amount of loss can be reasonably estimated.
−Removed: At June 30, 2022, the Company does not believe that any of these proceedings, separately or in aggregate, would be expected to have a material adverse effect on our financial position, results of operations or cash flows.
+Added: At December 31, 2022, the Company does not believe that any of these proceedings, separately or in aggregate, would be expected to have a material adverse effect on our financial position, results of operations or cash flows.
Please see the information disclosed in the “Risk Factors” section of our Annual Report on Form 10-K as filed with the Securities and Exchange Commission on December 22, 2022.
1 unchanged sentence
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.