Company: MTZ
Filing Date: 2025-02-28
Form Type: 10-K
Source: 0000015615-25-000021
Chunk: 1135

Company: MASTEC INC
Filing Date: 2025-02-28
Form: 10-K
Item: Item 1A
Chunk 1135
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 changes occurred in the first quarter of 2025, all periods presented in this Annual Report are reported under the historical segment structure.  The impact of these changes to reportable segments, including historical financial information, will be reflected beginning with the Company’s Quarterly Report on Form 10-Q for the quarter ending March 31, 2025.The accounting policies of the reportable segments are the same as those described in Note 1 - Business, Basis of Presentation and Significant Accounting Policies.  Intercompany revenue and costs among the reportable segments are accounted for as if the sales were to third parties because these items are based on negotiated fees between the segments involved.  All intercompany transactions and balances are eliminated in consolidation.  Intercompany revenue and costs between entities within a reportable segment are eliminated to arrive at segment totals.  Eliminations between segments are separately presented.  Corporate results include amounts related to corporate functions, including treasury and administration functions, including for legal and professional matters, including certain settlements, as well as changes in the fair value of Earn-outs, other liabilities and certain investments, acquisition-related transaction costs and other discrete items, including certain integration activities and debt transaction costs.  Segment results include certain allocations of centralized costs such as general liability, medical and workers’ compensation insurance and certain information technology and interest costs, as well as certain discrete items, including certain acquisition and business integration and/or streamlining costs.  Income tax expense, which is recorded within Corporate results, is managed on a consolidated basis and is not allocated to the reportable segments.Earnings before interest, taxes, depreciation and amortization (“EBITDA”) is the measure of profitability used by the Company’s CODM to manage its segments and for segment reporting purposes.  As appropriate, the Company supplements the reporting of its consolidated financial information determined in accordance with U.S. GAAP with certain non-U.S. GAAP financial measures, including EBITDA.  The Company believes these non-U.S. GAAP measures provide meaningful information and help investors understand the Company’s financial results and assess its prospects for future performance.  The Company uses EBITDA to evaluate its performance, both internally and as compared with its peers, because it excludes certain items that may not be indicative of the Company’s core operating results for its reportable segments, as well as items that can vary widely across different industries or among companies within the same industry.  Segment EBITDA is used to allocate resources, such as employees, financial and capital resources, for each segment and management monitors segment results compared