Company: MTZ
Filing Date: 2025-06-26
Form Type: 11-K
Source: 0000015615-25-000062
Chunk: 6

Company: MASTEC INC
Filing Date: 2025-06-26
Form: 11-K
Chunk 6
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-dividend date. Net appreciation includes the Plan’s gains and losses on investment bought and sold as well as held during the year.

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Notes Receivable from Participants

Notes receivable from participants are stated at cost, plus accrued interest, which approximates fair value and measured at their unpaid principal balance plus any accrued unpaid interest. Interest income is recorded on the accrual basis. Related fees are recorded as administrative expenses and are expensed when they are incurred.

Administrative Expenses

All administrative expenses of the Plan are chargeable to the Plan as allowed under ERISA. The Company may, at its sole discretion, pay any such expenses, in whole or in part.

Benefit Payments

Benefits are recorded when paid. At December 31, 2024 and 2023, there were $129,520 and $1,058,802, respectively, allocated to accounts of persons who had elected to withdraw from the Plan, but had not been paid.

NOTE C — FAIR VALUE MEASUREMENT

The framework for measuring fair value provides a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels of the fair value hierarchy under FASB ASC 820 are described as follows:

Level 1: Inputs to the valuation methodology are unadjusted quoted prices in active markets for identical assets or liabilities that the Plan has the ability to access at measurement date.

Level 2: Inputs to the valuation methodology include:

a. Quoted prices for similar assets or liabilities in active markets

b. Quoted prices for identical or similar assets or liabilities in inactive markets

c. Inputs other than quoted prices that are observable for the asset or liability

d. Inputs that are derived principally from or corroborated by observable market data by correlation or other means

If the asset or liability has a specified (contractual) term, the Level 2 input must be observable for substantially the full term of the assets or liability.

Level 3: Inputs to the valuation methodology are unobservable and significant to the fair value measurement.

The asset or liability’s fair value measurement level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement.

Asset Valuation Techniques:

Valuation techniques maximize the use of relevant observable inputs and minimize the use of unobservable inputs