Company: MTZ
Filing Date: 2025-02-28
Form Type: 10-K
Source: 0000015615-25-000021
Chunk: 1065

Company: MASTEC INC
Filing Date: 2025-02-28
Form: 10-K
Item: Item 1A
Chunk 1065
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 During the fourth quarter of 2024, the Company renamed its Oil and Gas segment as the Pipeline Infrastructure segment to better represent the nature of the segment’s operations, end markets and customer characteristics.  There was no change to the composition of the segment or its historical results.Principles of ConsolidationThe accompanying consolidated financial statements include MasTec, Inc. and its subsidiaries and include the accounts of all majority owned subsidiaries over which the Company exercises control and, when applicable, entities in which the Company has a controlling financial interest.  All significant intercompany balances and transactions have been eliminated in consolidation.  Other parties’ interests in entities that MasTec consolidates are reported as non-controlling interests within equity.  Net income or loss attributable to non-controlling interests is reported as a separate line item below net income or loss.  Investments in entities for which the Company does not have a controlling financial interest, but over which it has the ability to exert significant influence, are accounted for under the equity method of accounting.  For equity investees in which the Company has an undivided interest in the assets, liabilities and profits or losses of an unincorporated entity, but does not exercise control over the entity, the Company consolidates its proportional interest in the accounts of the entity.  When appropriate, prior year amounts are reclassified to conform with the current period presentation.Translation of Foreign CurrenciesThe assets and liabilities of foreign subsidiaries with a functional currency other than the U.S. dollar are translated into U.S. dollars at period-end exchange rates and revenue and expenses are translated at average rates of exchange during the applicable period, with resulting translation gains or losses included within other comprehensive income or loss.  Substantially all of the Company’s foreign operations use their local currency as their functional currency.  For foreign operations for which the local currency is not the functional currency, the operation’s non-monetary assets are remeasured into U.S. dollars at historical exchange rates.  All other accounts are remeasured at current exchange rates.  Gains or losses from remeasurement are included in other income or expense, net.  Currency gains or losses resulting from transactions executed in currencies other than the functional currency are included in other income or expense, net.In these consolidated financial statements, “$” means U.S. dollars unless otherwise noted.Management EstimatesThe preparation of consolidated financial statements in accordance with U.S. GAAP requires the use of estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes.  These