Company: MTZ
Filing Date: 2025-10-30
Form Type: 10-Q
Source: 0000015615-25-000128
Chunk: 126

Company: MASTEC INC
Filing Date: 2025-10-30
Form: 10-Q
Item: Part I, Item 2
Chunk 126
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 table below reflects the investment activity of the Waha JVs for the periods indicated (in millions):Three Months EndedSeptember 30, Nine Months EndedSeptember 30, 2025202420252024Equity in earnings (a)$7.3 $7.6 $23.3 $21.7 Distributions of earnings (b)7.2 4.7 17.1 14.0 (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 nine months ended September 30, 2025, and made equity contributions of approximately $0.2 million for the nine months ended September 30, 2024.  The Company received distributions of approximately $0.5 million and $1.9 million from these entities for the nine months ended September 30, 2025 and 2024, respectively.  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 $0.9 million and $2.9 million for the three and nine months ended September 30, 2025, respectively, and totaled approximately $1.9 million and $4.2 million for the three and nine months ended September 30, 2024, respectively.  As of September 30, 2025 and December 31, 2024, related amounts payable to these entities totaled approximately $0.4 million and $0.3 million, respectively.  In addition, the Company advanced approximately $0.1 million to certain of these entities for the nine months ended September 30, 2024.  As of September 30, 2025 and December 31, 2024, receivables related to these arrangements totaled approximately $4.0 million and $4.1 million, respectively.Variable Interest Entities.  The Company has determined that certain of its investment arrangements are variable interest entities (“VIEs”).  Management assesses its VIEs on an ongoing basis to determine if the Company is the primary beneficiary and if consolidation is required.  As of September 30, 2025,