Company: MTZ
Filing Date: 2025-02-28
Form Type: 10-K
Source: 0000015615-25-000021
Chunk: 601

Company: MASTEC INC
Filing Date: 2025-02-28
Form: 10-K
Item: Item 1
Chunk 601
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, some of the underlying shares may be sold to cover the required tax withholdings.  Some participants may choose the net share settlement method to cover withholding tax requirements, in which case shares are not issued, but are treated as common stock repurchases in the consolidated financial statements, as they reduce the number of shares that would have been issued upon vesting.  The Company then pays the corresponding withholding taxes to the appropriate taxing authorities in cash on behalf of the recipient.  Withheld shares, which are valued at the market price on the date of vesting, are recorded as a reduction to additional paid-in capital, and related payments to taxing authorities are reflected within financing activities in the consolidated statements of cash flows.  For the years ended December 31, 2024, 2023 and 2022, shares withheld in connection with stock-based compensation arrangements totaled 33,451, 118,636 and 49,418, respectively, and related payments to taxing authorities totaled $2.9 million, $10.3 million and $4.1 million, respectively.The Company has certain employee stock purchase plans (collectively, “ESPPs”) under which shares of the Company’s common stock are available for purchase by eligible participants.  Under the ESPPs, eligible participants are permitted to purchase MasTec, Inc. common stock at 85% of the fair market value of the shares on the date of purchase, which occurs on the last trading day of each two week offering period.  At the Company’s discretion, share purchases may be satisfied by delivering either newly issued common shares, or common shares reacquired on the open market or in privately negotiated transactions.Collective Bargaining Agreements and Multiemployer PlansCertain of MasTec’s subsidiaries, including certain subsidiaries in Canada, are party to various collective bargaining agreements with unions representing certain of their employees.  These agreements require the subsidiaries party to the agreements to pay specified wages, provide certain benefits to their union employees and contribute certain amounts to multiemployer pension and other multiemployer benefit plans and trusts (“MEPPs”).  These contributions are recorded as a component of employee wages and salaries within costs of revenue, excluding depreciation and amortization.  Contributions are generally based on fixed amounts per hour per employee for employees covered under these plans.  Multiemployer plan contribution rates are determined annually and are assessed on a “pay-as-you-go” basis based on union employee payrolls.  The Pension Protection Act of 2006, as amended (the “PPA”), requires under