Company: MTZ
Filing Date: 2025-02-28
Form Type: 10-K
Source: 0000015615-25-000021
Chunk: 2671

Company: MASTEC INC
Filing Date: 2025-02-28
Form: 10-K
Item: Item 7
Chunk 2671
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31, 2024, accounts receivable, net, less deferred revenue related to these arrangements totaled a receivable of approximately $3.9 million, and as of December 31, 2023, totaled a liability of approximately $0.4 million.The Company paid $0.3 million, $0.6 million and $1.5 million during the years ended December 31, 2024, 2023 and 2022, respectively, on behalf of or to former owners, which are obligated to be repaid under the provisions of the related purchase agreements.  Amounts receivable for such payments totaled approximately $0.2 million and $2.6 million as of December 31, 2024 and 2023, respectively.

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Additionally, the Company has certain arrangements with a related entity, including a fee arrangement totaling $0.8 million annually in each of the years ended December 31, 2024, 2023 and 2022 in conjunction with a $15.0 million letter of credit issued by the Company on behalf of the related entity.  As of both December 31, 2024 and 2023, related amounts receivable totaled approximately $0.4 million.Non-controlling interests in entities consolidated by the Company represent ownership interests held by members of management of certain of the Company’s subsidiaries.  In 2023, the Company sold certain minority interests in these entities to members of management of a MasTec subsidiary, within the Company’s Pipeline Infrastructure segment, for $7.1 million of notes receivable.  These notes, of which approximately $3.2 million and $6.9 million was outstanding as of December 31, 2024 and 2023, respectively, bear interest at a rate of 5.0% per annum, and are recorded within other current or long-term assets, as appropriate, in the consolidated financial statements.  See Note 3 - Acquisitions, Goodwill and Other Intangible Assets, Net for additional information.  In 2023, the Company acquired the remaining 15% equity interests in one of its subsidiaries from two members of subsidiary management for $10.0 million in cash, plus 120,000 shares of MasTec common stock, valued at approximately $11.6 million.

95

Item 9.     CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE

None

Item 9A.