Company: MTZ
Filing Date: 2025-02-28
Form Type: 10-K
Source: 0000015615-25-000021
Chunk: 1906

Company: MASTEC INC
Filing Date: 2025-02-28
Form: 10-K
Item: Item 3
Chunk 1906
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5 million and $27.2 million as of December 31, 2024 and 2023, respectively.In any given year, the Company may engage in certain transactions on behalf of or to former owners of acquired businesses (“former owners”) and/or entities in which members of subsidiary management have ownership or commercial interests (“related entities or entity”).  A summary of these related party transactions for the years ended December 31, 2024, 2023 and 2022 is noted below.MasTec purchases, rents and leases equipment and purchases various types of supplies and services used in its business, and from time to time, rents equipment to, sells certain supplies, or performs construction services on behalf of, related entities.  For the years ended December 31, 2024, 2023 and 2022, payments to these related entities totaled approximately $33.7 million, $42.5 million and $35.0 million, respectively, and revenue from such arrangements totaled approximately $18.4 million, $14.0 million and $10.4 million, respectively.  Payables associated with such arrangements totaled approximately $2.8 million and $2.7 million as of December 31, 2024 and 2023, respectively.  As of December 31, 2024, accounts receivable, net, less deferred revenue related to these arrangements totaled a receivable of approximately $3.9 million, and as of December 31, 2023, totaled a liability of approximately $0.4 million.The Company paid $0.3 million, $0.6 million and $1.5 million during the years ended December 31, 2024, 2023 and 2022, respectively, on behalf of or to former owners, which are obligated to be repaid under the provisions of the related purchase agreements.  Amounts receivable for such payments totaled approximately $0.2 million and $2.6 million as of December 31, 2024 and 2023, respectively.

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Additionally, the Company has certain arrangements with a related entity, including a fee arrangement totaling $0.8 million annually in each of the years ended December 31, 2024, 2023 and 2022 in conjunction with a $15.0 million letter of credit issued by the Company on behalf of the related entity.  As of both December 31, 2024 and 2023, related amounts receivable totaled approximately $0.