Company: MTZ
Filing Date: 2025-02-28
Form Type: 10-K
Source: 0000015615-25-000021
Chunk: 381

Company: MASTEC INC
Filing Date: 2025-02-28
Form: 10-K
Item: Item 6
Chunk 381
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 of the consideration paid and net assets acquired, as adjusted, for the Company’s 2022 acquisitions (in millions):Acquisition consideration:IEAAll otherTotalCash, net of cash acquired$564.5 $48.7 $613.2 Shares transferred173.7 — 173.7 Estimated fair value of warrants10.3 — 10.3 Estimated fair value of contingent consideration— 2.8 2.8 Total consideration$748.5 $51.5 $800.0 Identifiable assets acquired and liabilities assumed:Accounts receivable and contract assets$570.0 $6.1 $576.1 Current assets34.5 1.6 36.1 Property and equipment222.5 30.1 252.6 Long-term assets, primarily operating lease right-of-use assets40.6 0.3 40.9 Amortizing intangible assets362.2 5.9 368.1 Accounts payable(136.5)(4.6)(141.1)Contract liabilities(151.3)(1.5)(152.8)Current liabilities, primarily accrued expenses(326.2)(1.4)(327.6)Long-term debt, including finance lease obligations(330.8)(0.2)(331.0)Long-term liabilities, primarily operating lease liabilities and deferred income taxes(105.3)(0.2)(105.5)Total identifiable net assets$179.7 $36.1 $215.8 Goodwill568.8 15.4 584.2 Total net assets acquired, including goodwill$748.5 $51.5 $800.0 Amortizing intangible assets related to the IEA acquisition are primarily composed of customer relationships, and to a lesser extent, trade names and backlog.  Customer relationship and trade name intangible assets for IEA, in the aggregate, totaled approximately $321 million, which each had a weighted average life of approximately 14 years, based on IEA’s operational history and established relationships with, and the nature of, its customers, which are primarily in the renewable energy and specialty civil industries.  Backlog intangible assets for IEA totaled approximately $42 million, with a weighted average life of approximately 1 year based on the estimated cash flows expected to be derived from future work on the acquired customer contracts.  The weighted average life of amort