Company: MTZ
Filing Date: 2025-02-28
Form Type: 10-K
Source: 0000015615-25-000021
Chunk: 2052

Company: MASTEC INC
Filing Date: 2025-02-28
Form: 10-K
Item: Item 3
Chunk 2052
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 Energy and Infrastructure27.0 30.9 35.8 Power Delivery67.8 50.8 83.4 Pipeline Infrastructure27.5 76.0 49.0 Other— — — Corporate4.9 5.7 8.0 Consolidated capital expenditures$148.9 $192.9 $263.4 Foreign Operations.  MasTec operates primarily within the United States and Canada, and, to a far lesser extent, the Caribbean, India and Mexico.  Revenue derived from foreign operations totaled $93.3 million, $95.1 million and $149.9 million for the years ended December 31, 2024, 2023 and 2022, respectively.  Revenue from foreign operations was derived primarily from the Company’s Canadian operations in its Pipeline Infrastructure segment.  As of December 31, 2024, 2023 and 2022, long-lived assets held by the Company’s businesses in foreign countries included property and equipment, net, of $25.3 million, $17.5 million and $21.0 million, respectively, and intangible assets and goodwill, net, of $108.8 million, $32.6 million and $35.5 million, for the respective periods.  Substantially all of the Company’s long-lived and intangible assets and goodwill in foreign countries relate to its Canadian operations.  As of each of December 31, 2024, 2023 and 2022, amounts due from customers from which foreign revenue was derived accounted for approximately 1% of the Company’s consolidated net accounts receivable position, which is calculated as accounts receivable, net, less deferred revenue.  Significant Customers.  No customer represented greater than 10% of the Company’s total consolidated revenue in any of the years ended December 31, 2024, 2023 or 2022.  Revenue from governmental entities for the years ended December 31, 2024, 2023 and 2022 totaled approximately 13%, 11% and 7% of total revenue, respectively, substantially all of which was derived from its U.S. operations.

Note 14 – Commitments and Contingencies 

MasTec is subject to a variety of legal cases, claims and other disputes that arise from time to time in the ordinary course of its business, including project contract price and other project disputes, other project-related liabilities and