Company: MTZ
Filing Date: 2025-02-28
Form Type: 10-K
Source: 0000015615-25-000021
Chunk: 1244

Company: MASTEC INC
Filing Date: 2025-02-28
Form: 10-K
Item: Item 1A
Chunk 1244
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31, 2024.  Revenue and expense related to our foreign operations are, for the most part, denominated in the functional currency of the foreign operation, which minimizes the impact that fluctuations in exchange rates would have on net income or loss.  We are, however, subject to fluctuations in foreign currency exchange rates when transactions are denominated in currencies other than the functional currencies and for our foreign operations with a functional currency other than the local currency.  Such activity was not material to our operations in 2024.  Translation gains or losses, which are recorded in other comprehensive income or loss, result from translation of the assets and liabilities of our foreign subsidiaries into U.S. dollars.  For the year ended December 31, 2024, foreign currency translation losses, net, totaled approximately $2.9 million and related primarily to our activities in Canada and Mexico.

Our exposure to fluctuations in foreign currency exchange rates could increase in the future if we continue to expand our operations outside of the United States.  We seek to manage foreign currency exposure by minimizing our consolidated net asset and liability positions in currencies other than the functional currency, which exposure was not significant to our consolidated financial position as of December 31, 2024.  We may enter into foreign currency derivative contracts in the future to manage such exposure.

Other Market Risk

As discussed in Note 4 - Fair Value of Financial Instruments in the notes to the audited consolidated financial statements, which is incorporated by reference, we have certain investments that may be subject to market risk and could be subject to volatility based on market conditions.

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ITEM  8.    FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

Index to Consolidated Financial Statements

 PageReport of Independent Registered Public Accounting Firm (PricewaterhouseCoopers LLP; Miami, Florida; PCAOB ID#238)52Report of Independent Registered Public Accounting Firm (BDO USA, P.C.; Miami, Florida; PCAOB ID#243)54Report of Independent Registered Public Accounting Firm (Deloitte & Touche LLP; Indianapolis, Indiana; PCAOB ID#34)55Consolidated Statements of Operations56Consolidated Statements of Comprehensive Income (Loss)57Consolidated Balance Sheets58Consolidated Statements of Equity59Consolidated Statements of Cash Flows60Notes to Consolidated Financial Statements611.Business, Basis of Presentation and Significant Accounting Policies612.Earnings Per Share703.Acquisitions, Goodwill and Other Intangible Assets, Net724.Fair Value of Financial Instruments