Company: MTZ
Filing Date: 2025-07-31
Form Type: 10-Q
Source: 0000015615-25-000079
Chunk: 21

Company: MASTEC INC
Filing Date: 2025-07-31
Form: 10-Q
Item: Part I, Item 1
Chunk 21
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 equity investments, which are recorded within other long-term assets in the consolidated balance sheets, totaled approximately $330 million.  There were no impairments related to these investments in any of the three or six months ended June 30, 2025 or 2024.The Waha JVs.  The Waha JVs own and operate certain pipeline infrastructure that transports natural gas to the Mexican border for export.  The Company’s investments in the Waha JVs are accounted for as equity method investments.  Cumulative undistributed earnings from the Waha JVs, which represents cumulative equity in earnings for the Waha JVs less distributions of earnings, totaled $144.5 million as of June 30, 2025.  The Company’s net investment in the Waha JVs, which differs from its proportionate share of the net assets of the Waha JVs due primarily to equity method goodwill associated with capitalized investment costs, totaled approximately $289 million and $287 million as of June 30, 2025 and December 31, 2024, respectively.  The table below reflects the investment activity of the Waha JVs for the periods indicated (in millions):Three Months EndedJune 30, Six Months EndedJune 30, 2025202420252024Equity in earnings (a)$7.8 $6.4 $16.0 $14.1 Distributions of earnings (b)6.1 5.1 9.8 9.3 (a)Equity in earnings related to the Company’s proportionate share of income from the Waha JVs is included within the Company’s Other segment.(b)Distributions of earnings from the Waha JVs are included within operating cash flows.Other Investments.  The Company has equity interests in certain other entities that are accounted for as equity method investments.  The Company made no equity contributions to these other entities for the six months ended June 30, 2025, and made equity contributions of approximately $0.2 million for the six months ended June 30, 2024.  The Company has subcontracting arrangements with certain of these entities for the performance of construction services, and expenses recognized in connection with these arrangements totaled approximately $0.6 million and $2.0 million for the three and six months ended June 30, 2025, respectively, and totaled approximately $1.2 million and $2.4 million for the three and six months ended June 30,