Company: MTZ
Filing Date: 2025-05-01
Form Type: 10-Q
Source: 0000015615-25-000052
Chunk: 158

Company: MASTEC INC
Filing Date: 2025-05-01
Form: 10-Q
Item: Part I, Item 4
Chunk 158
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 the Waha JVs, which represents cumulative equity in earnings for the Waha JVs less distributions of earnings, totaled $142.8 million as of March 31, 2025.  The Company’s net investment in the Waha JVs, which differs from its proportionate share of the net assets of the Waha JVs due primarily to equity method goodwill associated with capitalized investment costs, totaled approximately $289 million and $287 million as of March 31, 2025 and December 31, 2024, respectively.  The table below reflects the investment activity of the Waha JVs for the periods indicated (in millions):Three Months Ended March 31, 20252024Equity in earnings (a)$8.3 $7.7 Distributions of earnings (b)3.7 4.2 (a)Equity in earnings related to the Company’s proportionate share of income from the Waha JVs is included within the Company’s Other segment.(b)Distributions of earnings from the Waha JVs are included within operating cash flows.Other Investments.  The Company has equity interests in certain other entities that are accounted for as equity method investments.  The Company made no equity contributions to these other entities for the three month period ended March 31, 2025, and made equity contributions of approximately $0.1 million for the three month period ended March 31, 2024.  The Company has subcontracting arrangements with certain of these entities for the performance of construction services, and expenses recognized in connection with these arrangements totaled approximately $1.3 million and $1.2 million for the three month periods ended March 31, 2025 and 2024, respectively.  As of both March 31, 2025 and December 31, 2024, related amounts payable to these entities totaled approximately $0.3 million.  In addition, the Company advanced approximately $0.1 million to certain of these entities in the first quarter of 2024.  As of both March 31, 2025 and December 31, 2024, receivables related to these arrangements totaled approximately $4.1 million.Variable Interest Entities.  The Company has determined that certain of its investment arrangements are variable interest entities (“VIEs”).  Management assesses its VIEs on an ongoing basis to determine if the Company is the primary beneficiary and if consolidation is required.  As of March 31, 2025,