Company: MTZ
Filing Date: 2025-07-31
Form Type: 10-Q
Source: 0000015615-25-000079
Chunk: 195

Company: MASTEC INC
Filing Date: 2025-07-31
Form: 10-Q
Item: Part I, Item 4
Chunk 195
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 increase in contract assets was driven primarily by ordinary course project activity, including in connection with increased project volume primarily within the Company’s Communications segment.  For the six months ended June 30, 2025 and 2024, the Company recognized revenue of approximately $668.9 million and $374.1 million, respectively, related to amounts that were included in deferred revenue as of the end of each respective prior year, resulting primarily from the advancement of physical progress on the related projects during the respective periods.The Company is party to certain non-recourse financing arrangements in the ordinary course of business, under which certain receivables are sold to a financial institution in return for a nominal fee.  The Company has certain additional non-recourse financing arrangements under which it continues to manage collections for the transferred receivables, and for which the corresponding servicing assets or liabilities are not material.  For the six months ended June 30, 2025 and 2024, the Company sold approximately $236 million and $228 million, respectively, of receivables under financing arrangements for which it continues to manage collections for the transferred receivable, and, as of June 30, 2025 and December 31, 2024, outstanding sold receivables related thereto totaled approximately $128 million and $84 million, respectively, which amounts are excluded from accounts receivable, net of allowance, in the consolidated balance sheets.  The Company’s involvement in the collection process for these receivables is not considered to constitute significant continuing involvement, and, therefore, the receivables are accounted for as a sale under ASC Topic 860, Transfers and Servicing.  Cash collections from the sale of receivables are reflected within operating activities in the consolidated statements of cash flows.  The Company is also party to arrangements with certain customers that allow for early collection of receivables for a nominal fee, at the Company’s option.  Discount charges related to the above described financing arrangements, which are included within interest expense, net, totaled approximately $6.6 million and $5.1 million for the three months ended June 30, 2025 and 2024, respectively, and totaled approximately $12.0 million and $10.3 million for the six months ended June 30, 2025 and 2024, respectively.

15

Note 6 – Debt

The following table provides details of the carrying values of debt as of the periods indicated (in millions):DescriptionMaturity DateJune 30,202