Company: MTZ
Filing Date: 2025-07-31
Form Type: 10-Q
Source: 0000015615-25-000079
Chunk: 439

Company: MASTEC INC
Filing Date: 2025-07-31
Form: 10-Q
Item: Part I, Item 13
Chunk 439
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Note 13 – Related Party Transactions

The Company rents and leases equipment and purchases certain supplies and servicing from CCI, an entity in which Juan Carlos Mas, who is an immediate family member of the Company’s CEO and its Chairman of the Board, serves as the chairman.  Additionally, a member of management of a MasTec subsidiary and an entity that is owned by the Mas family are minority owners of CCI.  For the three months ended June 30, 2025 and 2024, MasTec paid CCI approximately $1.2 million and $2.8 million, respectively, and for the six months ended June 30, 2025 and 2024, MasTec paid approximately $2.7 million and $8.6 million, respectively, for such services.  Amounts payable to CCI totaled approximately $1.1 million and $0.7 million as of June 30, 2025 and December 31, 2024, respectively.  The Company also rents equipment to CCI and revenue from such rentals totaled approximately $0.3 million for the six months ended June 30, 2025, and for both the three and six months ended June 30, 2024, revenue from such rentals totaled approximately $0.2 million.MasTec has a subcontracting arrangement with an entity for the performance of construction services, the minority owners of which include an entity controlled by Jorge Mas and José R. Mas, along with two members of management of a MasTec subsidiary.  For the three months ended June 30, 2025 and 2024, MasTec incurred subcontracting expenses in connection with this arrangement of approximately $1.3 million and $1.2 million, respectively, and for the six months ended June 30, 2025 and 2024, subcontracting expenses totaled approximately $1.4 million and $4.9 million, respectively.  Related amounts payable totaled approximately $1.3 million as of June 30, 2025 MasTec has an aircraft leasing arrangement with an entity that is owned by Jorge Mas.  For the three months ended June 30, 2025 and 2024, payments related to this leasing arrangement totaled approximately $1.4 million and $1.6 million, respectively, and for the six months ended June 30, 2025 and 2024, MasTec paid approximately $2.8 million and $2.9 million