Company: MTZ
Filing Date: 2025-02-28
Form Type: 10-K
Source: 0000015615-25-000021
Chunk: 1881

Company: MASTEC INC
Filing Date: 2025-02-28
Form: 10-K
Item: Item 3
Chunk 1881
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 and 2022, matching contributions totaled approximately $35.3 million, $36.1 million and $30.2 million, respectively.Deferred Compensation Plans.  MasTec offers a deferred compensation plan to eligible highly compensated employees.  These employees are allowed to contribute a percentage of their pre-tax annual compensation to the deferred compensation plan.  The Company also offers a deferred compensation plan to its Board of Directors, under which directors may elect to defer the receipt of compensation for their services.  The Company also has remaining obligations under other deferred compensation plans, primarily related to acquired companies.  Total deferred compensation plan assets, which are included within other long-term assets in the consolidated balance sheets, totaled $29.0 million and $26.0 million as of December 31, 2024 and 2023, respectively.  Total deferred compensation plan liabilities, which are included within other long-term liabilities in the consolidated balance sheets, totaled $35.4 million and $32.7 million as of December 31, 2024 and 2023, respectively.

 Note 10 – Other Retirement Plans 

Multiemployer PlansAs discussed in Note 1 - Business, Basis of Presentation and Significant Accounting Policies, certain of MasTec’s subsidiaries are party to various collective bargaining agreements with unions representing certain of their employees, which require the Company to pay specified wages, provide certain benefits to their union employees and contribute certain amounts to MEPPs.  The PPA defines the funding rules for defined benefit pension plans and establishes funding classifications for U.S.-registered multiemployer pension plans.  Under the PPA, plans are classified into one of five categories based on multiple factors, which categories are also referred to as a plan’s “zone status”: Green (safe), Yellow (endangered), Orange (seriously endangered), and Red (critical or critical and declining).  Factors included in the determination of a plan’s zone status include: funded percentage, cash flow position and whether the plan is projecting a minimum funding deficiency.A multiemployer plan that is so underfunded as to be in “endangered,” “seriously endangered,” “critical,” or “critical and declining” status, as determined under the PPA, is required to adopt a funding improvement plan (“FIP”) or a rehabilitation plan (“RP”), which, among other actions, could include decreased benefits and increased employer contributions, which could take the form of a surcharge on benefit contributions.  These actions are intended to improve their funding status over a period of years.  If a