Company: MTZ
Filing Date: 2025-07-31
Form Type: 10-Q
Source: 0000015615-25-000079
Chunk: 322

Company: MASTEC INC
Filing Date: 2025-07-31
Form: 10-Q
Item: Part I, Item 6
Chunk 322
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 120.84 Vested(171,055)87.85 Canceled/forfeited(34,469)100.98 Non-vested restricted shares, as of June 30, 20251,304,396 $86.36 (a)    Includes 1,000 restricted stock units as of December 31, 2024.

Note 9 – Equity

Share RepurchasesThe Company’s share repurchase program provides for the repurchase, from time to time, of MasTec common shares in open market transactions or in privately negotiated transactions in accordance with applicable securities laws.  For the three and six months ended June 30, 2025, the Company repurchased 0.4 million and 0.7 million shares of its common stock, respectively, for an aggregate purchase price totaling $40.3 million and $77.3 million, respectively, which completed the Company’s $150 million March 2020 share repurchase program.  There were no share repurchases under the Company’s share repurchase program during the six months ended June 30, 2024.  In May 2025, the Company’s Board of Directors authorized a new $250 million share repurchase program, for which the full amount remains available for future share repurchases as of June 30, 2025.  The Company’s share repurchase program does not have an expiration date and may be modified or suspended at any time at the Company’s discretion.Accumulated Other Comprehensive LossUnrealized foreign currency translation activity, net, in each of the three and six months ended June 30, 2025 and 2024 relates primarily to the Company’s activities in Canada and Mexico.  Other unrealized activity within accumulated comprehensive loss in each of the three and six months ended June 30, 2025 and 2024 relates to unrealized investment gains or losses associated with interest rate swaps for the Waha JVs.

Note 10 – Income Taxes

In determining the quarterly provision for income taxes, management uses an estimated annual effective tax rate based on forecasted annual pre-tax income, permanent tax differences, statutory tax rates and tax planning opportunities in the various jurisdictions in which the Company operates.  The effect of significant discrete items is separately recognized in the quarter(s) in which they occur.  For the three months ended June 30, 2025 and 2024, the Company’s consolidated effective tax rates were 25.4% and 30.7