Company: MTZ
Filing Date: 2025-02-28
Form Type: 10-K
Source: 0000015615-25-000021
Chunk: 828

Company: MASTEC INC
Filing Date: 2025-02-28
Form: 10-K
Item: Item 1
Chunk 828
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 contingencies.  Costs incurred for litigation are expensed as incurred.  Liabilities for estimated losses are accrued if the potential loss from any claim or legal proceeding is considered probable and the amount can be reasonably estimated.  Significant judgment is required in both the determination of probability of loss and the determination as to whether the amount is reasonably estimable.  Accruals are based on information available at the time of the assessment due to the uncertain nature of such matters.  As additional information becomes available, management reassesses potential liabilities related to pending claims and litigation and may revise its previous estimates, which could materially affect the Company’s results of operations in a given period.Comprehensive Income (Loss)Comprehensive income or loss is a measure of net income and other changes in equity that result from transactions other than those with shareholders.  Comprehensive income or loss and related accumulated comprehensive income or loss balances consist of net income, foreign currency translation adjustments, primarily from fluctuations in foreign currency exchange rates of the Company’s foreign subsidiaries with a functional currency other than the U.S. dollar, unrealized gains and losses from certain investment activities and net income or loss attributable to non-controlling interests.

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Recent Accounting Pronouncements See the recent accounting pronouncements discussion below for information pertaining to the effects of recently adopted and other recent accounting pronouncements.Accounting Pronouncements Adopted in 2024The Company adopted Financial Accounting Standards Board (“FASB”) Accounting Standards Update (“ASU”)  2023-01, Leases (Topic 842): Common Control Arrangements (“ASU 2023-01”) in the first quarter of 2024.  ASU 2023-01 clarifies the accounting for leasehold improvements associated with common control leases, thereby reducing diversity in practice.  The provisions of this ASU that apply to public companies include a requirement for entities to amortize leasehold improvements associated with common control leases over the useful life of the common control group.  The adoption of ASU 2023-01 did not have a material effect on the Company’s consolidated financial statements.The Company adopted FASB ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”) retrospectively as of and for the year ended December 31, 2024.  ASU 2023-07, which was issued to enhance segment reporting disclosures, requires disclosure of significant segment expenses that are regularly provided to the chief operating decision maker (“CODM