Company: MTZ
Filing Date: 2025-02-28
Form Type: 10-K
Source: 0000015615-25-000021
Chunk: 2888

Company: MASTEC INC
Filing Date: 2025-02-28
Form: 10-K
Item: Item 8
Chunk 2888
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2024, the Company was not aware of material future claims against it in connection with these arrangements.  For the year ended December 31, 2023, the Company provided $0.5 million of project-related financing to its contractual joint ventures, which amount was outstanding as of both the years ended December 31, 2024 and 2023.One of the Company’s subsidiaries has a subcontracting arrangement with a contractual joint venture in which it holds a 35% undivided interest, for which the related project was completed in 2022.  Outstanding performance guarantees on behalf of this contractual joint venture totaled Canadian $9.7 million as of both December 31, 2024 and 2023, or approximately $6.7 million and $7.3 million, respectively.  The Company has other investment and strategic arrangements, under which it may incur costs or provide financing, performance, financial and/or other guarantees.  See Note 4 - Fair Value of Financial Instruments and Note 15 - Related Party Transactions for additional information pertaining to the Company’s investment and strategic arrangements.Self-Insurance.  MasTec maintains insurance policies for workers’ compensation, general liability and automobile liability, which are subject to per claim deductibles.  The Company is self-insured up to the amount of the deductible.  The Company also maintains excess umbrella coverage.  The Company manages certain of its insurance liabilities indirectly through its wholly-owned captive insurance company, which reimburses claims up to the applicable insurance limits.  Captive insurance-related cash balances totaled approximately $2.2 million and $1.2 million as of December 31, 2024 and 2023, respectively, which amounts are generally not available for use in the Company’s other operations.As of December 31, 2024 and 2023, MasTec’s estimated liability for unpaid claims and associated expenses, including incurred but not reported losses related to these policies, totaled $251.0 million and $209.7 million, respectively, of which $184.1 million and $141.0 million, respectively, were reflected within other long-term liabilities in the consolidated balance sheets.  MasTec also maintains an insurance policy with respect to employee group medical claims, which is subject to annual per employee maximum losses.  MasTec’s estimated liability for employee group medical claims totaled $4.7 million and $4.1 million as of December 31, 2024 and 2023, respectively.The Company is required to post collateral,