Company: MTZ
Filing Date: 2025-05-01
Form Type: 10-Q
Source: 0000015615-25-000052
Chunk: 216

Company: MASTEC INC
Filing Date: 2025-05-01
Form: 10-Q
Item: Part I, Item 5
Chunk 216
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 aggregate purchase price totaling $40.3 million, which completed the Company’s March 2020 share repurchase program.  In addition, on May 1, 2025, the Company’s Board of Directors authorized a new $250 million share repurchase program (the “2025 Share Repurchases Program”), which has no expiration date.Accumulated Other Comprehensive LossUnrealized foreign currency translation activity, net, for both the three month periods ended March 31, 2025 and 2024 relates primarily to the Company’s activities in Canada and Mexico.  Other unrealized activity within accumulated comprehensive loss for both the three month periods ended March 31, 2025 and 2024 relates to unrealized investment gains or losses associated with interest rate swaps for the Waha JVs.

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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 month periods ended March 31, 2025 and 2024, the Company’s consolidated effective tax rates were (37.8)% and 24.3%, respectively.  The Company’s effective tax rate for the three month period ended March 31, 2025 included an income tax benefit primarily due to the reversal of uncertain tax position liabilities related to a state audit, offset, in part, by an increase in income tax expense due to higher pre-tax income.  For the three month period ended March 31, 2024, the Company’s effective tax rate included the effect of an increase in non-deductible expenses as compared with the same period in the prior year.

Note 11 – Segments and Related Information

Segment DiscussionThe Company manages its operations under five operating segments, which represent its five reportable segments: (1) Communications; (2) Clean Energy and Infrastructure; (3) Power Delivery; (4) Pipeline Infrastructure and (5) Other.  The reportable segments comprise the structure used by the Company’s Chief Executive Officer who is determined to be the Chief Operating Decision Maker (“CODM”) to make key operating decisions and assess performance.  This structure is generally focused on broad end-user markets for the Company’s labor-based construction services.  All five reportable segments derive their revenue primarily from the