Company: MTZ
Filing Date: 2025-02-28
Form Type: 10-K
Source: 0000015615-25-000021
Chunk: 1342

Company: MASTEC INC
Filing Date: 2025-02-28
Form: 10-K
Item: Item 1A
Chunk 1342
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 under certain events, including a change in control of the Company.  The company paid approximately $0.4 million, $1.4 million and $1.8 million, net, in connection with these agreements for the years ended December 31, 2024, 2023 and 2022, respectively.  Life insurance assets associated with these agreements, which amounts are included within other long-term assets, totaled approximately $27.5 million and $27.2 million as of December 31, 2024 and 2023, respectively.In any given year, the Company may engage in certain transactions on behalf of or to former owners of acquired businesses (“former owners”) and/or entities in which members of subsidiary management have ownership or commercial interests (“related entities or entity”).  A summary of these related party transactions for the years ended December 31, 2024, 2023 and 2022 is noted below.MasTec purchases, rents and leases equipment and purchases various types of supplies and services used in its business, and from time to time, rents equipment to, sells certain supplies, or performs construction services on behalf of, related entities.  For the years ended December 31, 2024, 2023 and 2022, payments to these related entities totaled approximately $33.7 million, $42.5 million and $35.0 million, respectively, and revenue from such arrangements totaled approximately $18.4 million, $14.0 million and $10.4 million, respectively.  Payables associated with such arrangements totaled approximately $2.8 million and $2.7 million as of December 31, 2024 and 2023, respectively.  As of December 31, 2024, accounts receivable, net, less deferred revenue related to these arrangements totaled a receivable of approximately $3.9 million, and as of December 31, 2023, totaled a liability of approximately $0.4 million.The Company paid $0.3 million, $0.6 million and $1.5 million during the years ended December 31, 2024, 2023 and 2022, respectively, on behalf of or to former owners, which are obligated to be repaid under the provisions of the related purchase agreements.  Amounts receivable for such payments totaled approximately $0.2 million and $2.6 million as of December 31, 2024 and 2023, respectively.

94

Additionally, the