Company: MTZ
Filing Date: 2025-02-28
Form Type: 10-K
Source: 0000015615-25-000021
Chunk: 2018

Company: MASTEC INC
Filing Date: 2025-02-28
Form: 10-K
Item: Item 3
Chunk 2018
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 JVs less distributions of earnings, totaled $138.3 million as of December 31, 2024.  The Company’s net investment in the Waha JVs, which differs from its proportionate share of the net assets of the Waha JVs due primarily to equity method goodwill associated with capitalized investment costs, totaled approximately $287 million and $274 million as of December 31, 2024 and 2023, respectively.The Waha JVs are party to separate non-recourse financing facilities, each of which are secured by pledges of the equity interests in the respective entities, as well as a first lien security interest over virtually all of their assets.  The Waha JVs are also party to certain interest rate swaps (the “Waha JV swaps”), which are accounted for as qualifying cash flow hedges.  The Company reflects its proportionate share of any unrealized fair market value gains or losses from fluctuations in interest rates associated with these swaps within other comprehensive income or loss, as appropriate.  For the years ended December 31, 2024 and 2022, the Company’s proportionate share of unrecognized unrealized activity on the Waha JV swaps totaled gains of approximately $0.5 million and $41.0 million, respectively, or $0.3 million and $30.9 million, net of tax, respectively, and for the year ended December 31, 2023, such activity totaled losses of approximately $5.0 million, or $3.7 million, net of tax.Other Investments.  The Company has equity interests in certain other entities that are accounted for as equity method investments.  As of December 31, 2024 and 2023, the Company had an investment of approximately $17 million and $18 million, respectively, in FM Tech, which  provides for additional funding upon the resolution of certain contingencies, which could range up to $7 million as of December 31, 2024.  The fair 

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value of the remaining contingent payments for FM Tech, which are included within other current liabilities, was estimated to be $3 million as of both December 31, 2024 and 2023.  For the years ended December 31, 2024, 2023 and 2022, the Company made equity contributions of approximately $0.4 million, $0.2 million and $1.3 million, respectively, to these other entities.  For the year ended December 31, 2024