Company: MTZ
Filing Date: 2025-02-28
Form Type: 10-K
Source: 0000015615-25-000021
Chunk: 1248

Company: MASTEC INC
Filing Date: 2025-02-28
Form: 10-K
Item: Item 1A
Chunk 1248
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 to complete certain contracts recognized over time, is a critical audit matter are (i) the significant judgment by management in determining the estimated contract costs to complete certain contracts recognized over time; and (ii) a high degree of auditor judgment, subjectivity, and effort in performing procedures and evaluating audit evidence related to management’s estimate of costs to complete certain contracts recognized over time. 

Addressing the matter involved performing procedures and evaluating audit evidence in connection with forming our overall opinion on the consolidated financial statements. These procedures included testing the effectiveness of controls relating to the revenue recognition process, including controls related to the determination of estimated costs to complete certain contracts recognized over time. These procedures also included, among others, for a sample of contracts, (i) testing management’s process for determining the estimated contract costs to complete; (ii) testing the completeness and accuracy of underlying data used by management related to actual costs to date; and (iii) evaluating the reasonableness of certain significant judgments and assumptions considered by management specific to each contract. Evaluating the significant judgments and assumptions related to estimated contract costs to complete involved evaluating whether the significant judgments and assumptions used by management were reasonable, considering (i) the terms of the contracts and other documents that support those estimates; (ii) actual costs to date to assess the reasonableness of the estimate of the remaining costs to complete; (iii) management’s ability to reasonably estimate costs to complete by performing a comparison of the total estimated contract costs as compared with prior period estimates, including evaluating the timely identification of circumstances that may warrant a modification to the estimated contract costs to complete; and (iv) evaluating management’s methodologies and the consistency of management’s methodologies over the lives of contracts.

/s/ PricewaterhouseCoopers LLP

Miami, Florida

February 28, 2025

We have served as the Company’s auditor since 2024.

53

Report of Independent Registered Public Accounting Firm

Shareholders and Board of Directors

MasTec, Inc. 

Coral Gables, Florida

Opinion on the Consolidated Financial Statements

We have audited the accompanying consolidated balance sheet of MasTec, Inc. (the “Company”) as of December 31, 2023, the related consolidated statements of operations and comprehensive income, equity, and cash flows for each of the two years in the period ended December 31, 2023, and the related notes and financial statement schedule listed in the accompanying index (collectively referred to as the “consolidated financial statements”). In our opinion