Company: MTZ
Filing Date: 2025-02-28
Form Type: 10-K
Source: 0000015615-25-000021
Chunk: 1285

Company: MASTEC INC
Filing Date: 2025-02-28
Form: 10-K
Item: Item 1A
Chunk 1285
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 Inc. (“IEA”) acquisition.(e)    For the year ended December 31, 2022, weighted average common stock equivalents related to additional contingent payments to the former owners of an acquired business totaled approximately 105,000, whereas for the years ended December 31, 2024 and 2023, there were no such weighted average common stock equivalents.Share repurchases.  There were no share repurchases under the Company’s share repurchase program for the years ended December 31, 2024 or December 31, 2023.  For the year ended December 31, 2022, the Company repurchased approximately 1,124,000 shares of its common stock, the effect of which on the Company’s weighted average shares outstanding for the related period was a reduction of approximately 731,000 shares.  See Note 11 - Equity for details of the Company’s share repurchase transactions.Shares issued for acquisitions.  The Company has issued shares of its common stock in connection with certain acquisitions.  In the fourth quarter of 2024 and second quarter of 2022, the Company issued approximately 93,000 shares and 133,000 shares, respectively, in connection with the acquisition of Henkels & McCoy Holdings, Inc., formerly known as Henkels & McCoy Group, Inc. (“HMG”).  In 2022, the Company issued approximately 2,758,000 shares in connection with the acquisition of IEA, for which the effect in 2022 was an increase of approximately 637,000 weighted average shares.  In 2023, the Company issued an additional 4,000 shares of its common stock in connection with this acquisition.  See Note 3 - Acquisitions, Goodwill and Other Intangible Assets, Net for additional information.

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Note 3 – Acquisitions, Goodwill and Other Intangible Assets, Net 

The following table provides a reconciliation of changes in goodwill by reportable segment for the periods indicated (in millions):CommunicationsClean Energy and InfrastructurePower DeliveryPipeline InfrastructureTotal GoodwillGoodwill, gross, as of December 31, 2022$606.1 $703.3 $270.1 $582.2 $2,161.7 Accumulated impairment loss (a)— — — (116.7)(116.7)Goodwill, net, as of December 31, 2022$606.1 $703.