Company: MTZ
Filing Date: 2025-05-01
Form Type: 10-Q
Source: 0000015615-25-000052
Chunk: 90

Company: MASTEC INC
Filing Date: 2025-05-01
Form: 10-Q
Item: Part I, Item 8
Chunk 90
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ables are sold to a financial institution in return for a nominal fee.  The Company has certain additional non-recourse financing arrangements under which it continues to manage collections for the transferred receivables, and for which the corresponding servicing assets or liabilities are not material.  For the three month periods ended March 31, 2025 and 2024, the Company sold approximately $104 million and $98 million, respectively, of receivables under financing arrangements for which it continues to manage collections for the transferred receivable, and, as of March 31, 2025 and December 31, 2024, outstanding sold receivables related thereto totaled approximately $102 million and $84 million, respectively, which amounts are excluded from accounts receivable, net of allowance, in the consolidated balance sheets.  The Company’s involvement in the collection process for these receivables is not considered to constitute significant continuing involvement, and, therefore, the receivables are accounted for as a sale under ASC Topic 860, Transfers and Servicing.  Cash collections from the sale of receivables are reflected within operating activities in the consolidated statements of cash flows.  The Company is also party to arrangements with certain customers that allow for early collection of receivables for a nominal fee, at the Company’s option.  Discount charges related to the above described financing arrangements, which are included within interest expense, net, totaled approximately $5.3 million and $5.1 million for the three month periods ended March 31, 2025 and 2024, respectively.

14

Note 6 – Debt

The following table provides details of the carrying values of debt as of the periods indicated (in millions):DescriptionMaturity DateMarch 31,2025December 31,2024Senior credit facility:November 1, 2026Revolving loans$39.6 $43.1 Term loan328.1 332.5 4.500% Senior NotesAugust 15, 2028600.0 600.0 5.900% Senior NotesJune 15, 2029550.0 550.0 6.625% Senior Notes August 15, 202971.8 71.6 Five-Year Term Loan FacilityOctober 7, 2027281.3 285.0 Finance lease and other obligations376.3 356.5 Total debt obligations$2,247.1 $2,238.7 Less