Company: MTZ
Filing Date: 2025-05-01
Form Type: 10-Q
Source: 0000015615-25-000052
Chunk: 20

Company: MASTEC INC
Filing Date: 2025-05-01
Form: 10-Q
Item: Part I, Item 1
Chunk 20
---
”) as of the periods indicated (in millions):March 31,2025December 31,2024Contract billings$1,363.9 $1,400.6 Less allowance(18.8)(19.1)Accounts receivable, net of allowance$1,345.1 $1,381.5 Retainage$293.2 $335.3 Unbilled receivables1,223.1 1,220.5 Contract assets$1,516.3 $1,555.8 Contract billings represent the amount of performance obligations that have been billed but not yet collected, whereas contract assets consist of unbilled receivables and retainage.  Unbilled receivables, which are included in contract assets, represent the estimated value of unbilled work for projects with performance obligations recognized over time.  Unbilled receivables include amounts for work performed for which the Company has an unconditional right to receive payment and that are not subject to the completion of any other specific task, other than the billing itself.  Retainage represents a portion of the contract amount that has been billed, but for which the contract allows the customer to retain a portion of the billed amount until final contract settlement.  For the three month period ended March 31, 2025, provisions for credit losses totaled a recovery of approximately $0.7 million and for the three month period ended March 31, 2024, provisions for credit losses totaled approximately $5.2 million, both of which included certain project-specific reserves.  Impairment losses on contract assets were not material in either period.Contract liabilities, which are generally classified within current liabilities on the Company’s consolidated balance sheets, consist primarily of deferred revenue.  Under certain contracts, the Company may be entitled to invoice the customer and receive payments in advance of performing the related contract work.  In those instances, the Company recognizes a liability for advance billings in excess of revenue recognized, which is referred to as deferred revenue.  Contract liabilities also include the amount of any accrued project losses.  Total contract liabilities, including accrued project losses, totaled approximately $766.2 million and $735.6 million as of March 31, 2025 and December 31, 2024, respectively, of which deferred revenue comprised approximately $753.5 million and $725.1 million, respectively.  For the three month periods ended March 31, 2025 and