Company: MTZ
Filing Date: 2025-05-01
Form Type: 10-Q
Source: 0000015615-25-000052
Chunk: 157

Company: MASTEC INC
Filing Date: 2025-05-01
Form: 10-Q
Item: Part I, Item 4
Chunk 157
---
 business combinations; changes in the expected fair value of future payment obligations; and payments.  The following table provides a reconciliation of changes in Earn-out liabilities measured at fair value for the periods indicated (in millions):Three Months Ended March 31, 20252024Balance as of beginning of period (a)$112.7 $77.4 Fair value adjustments (b)0.9 (6.1)Payments(0.5)— Balance as of end of period (a)$113.1 $71.3 (a)Earn-out liabilities included within other current liabilities totaled approximately $61.0 million and $70.0 million as of March 31, 2025 and December 31, 2024, respectively.(b)For the three month period ended March 31, 2025, fair value adjustments related primarily to increases within the Company’s Clean Energy and Infrastructure and Pipeline Infrastructure segments, which were partially offset by decreases related to acquisitions within the Company’s Power Delivery segment.  For the three month period ended March 31, 2024, such adjustments related primarily to acquisitions within the Company’s Communications segment.

12

Equity InvestmentsThe Company’s equity investments as of March 31, 2025 include: (i) the Company’s 33% equity interests in Trans-Pecos Pipeline, LLC (“TPP”) and Comanche Trail Pipeline, LLC (“CTP,” and together with TPP, the “Waha JVs”); (ii) a 15% equity interest in Cross Country Infrastructure Services, Inc. (“CCI”); (iii) the Company’s 50% equity interests in each of FM Technology Holdings, LLC, FM USA Holdings, LLC and All Communications Solutions Holdings, LLC, collectively “FM Tech”; (iv) the Company’s interests in certain proportionately consolidated non-controlled contractual joint ventures; and (v) certain other equity investments.As of March 31, 2025 and December 31, 2024, the aggregate carrying value of the Company’s equity investments totaled approximately $331 million and $330 million, respectively.  There were no impairments related to these investments in either of the three month periods ended March 31, 2025 or 2024.The Waha JVs.  The Waha JVs own and operate certain pipeline infrastructure that transports natural gas to the Mexican border for export.  The Company’s investments in the Waha JVs are accounted for as equity method investments.  Cumulative undistributed earnings from