Company: MTZ
Filing Date: 2025-02-28
Form Type: 10-K
Source: 0000015615-25-000021
Chunk: 161

Company: MASTEC INC
Filing Date: 2025-02-28
Form: 10-K
Item: Item 4
Chunk 161
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 the assets, liabilities and profits or losses of an unincorporated entity, but does not exercise control over the entity, the Company consolidates its proportional interest in the accounts of the entity.Equity investments, other than those accounted for as equity method investments or those that are proportionately consolidated, are measured at fair value if their fair values are readily determinable.  Equity investments that do not have readily determinable fair values are measured at cost, adjusted for changes from observable market transactions, if any, less impairment, which is referred to as the “adjusted cost basis.”  The Company evaluates such investments for impairment by considering a variety of factors, including the earnings performance of the related investments, as well as the economic environment and market conditions in which the investees operate.  Fair value measurements for the Company’s equity investments, which are recognized in other income or expense, as appropriate, were based on Level 3 inputs for the years ended December 31, 2024 and 2023.For further information pertaining to the Company’s equity investments, see Note 4 - Fair Value of Financial Instruments.

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Deferred Financing CostsDeferred financing costs relate to the Company’s debt instruments, the short and long-term portions of which are reflected as deductions from the carrying amounts of the related debt instrument, including the Company’s senior unsecured credit facility.  Deferred financing costs are amortized over the terms of the related debt instruments using the effective interest method.  Deferred financing costs, net of accumulated amortization, totaled $14.6 million and $13.5 million as of December 31, 2024 and 2023, respectively.  Amortization expense associated with deferred financing costs, which is included within interest expense, net, totaled $4.6 million, $4.1 million and $3.6 million for the years ended December 31, 2024, 2023 and 2022, respectively.  For the years ended December 31, 2024 and 2022, the Company deferred $6.1 million and $2.8 million, respectively, of financing costs in connection with its debt instruments, and no financing costs were deferred for the year ended December 31, 2023.  For further information pertaining to the Company’s debt instruments, see Note 7 - Debt.Other Long-Term AssetsOther long-term assets consist primarily of investments in unconsolidated entities, life insurance assets, deferred compensation plan assets and miscellaneous receivables.Long-Lived AssetsThe Company’s long