Company: MTZ
Filing Date: 2025-02-28
Form Type: 10-K
Source: 0000015615-25-000021
Chunk: 1659

Company: MASTEC INC
Filing Date: 2025-02-28
Form: 10-K
Item: Item 1C
Chunk 1659
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 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, generally in the form of letters of credit, surety bonds and cash to certain of its insurance carriers.  Insurance-related letters of credit for the Company’s workers’ compensation, general liability and automobile liability policies amounted to 

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$8.7 million and $9.6 million as of December 31, 2024 and 2023, respectively.  Outstanding surety bonds related to self-insurance programs amounted to $196.3 million and $192.7 million as of December 31, 2024 and 2023, respectively.Employment Agreements.  The Company has employment agreements with certain executives and other employees, which provide for compensation and certain other benefits and for severance payments under certain circumstances