Company: MTZ
Filing Date: 2025-02-28
Form Type: 10-K
Source: 0000015615-25-000021
Chunk: 2042

Company: MASTEC INC
Filing Date: 2025-02-28
Form: 10-K
Item: Item 3
Chunk 2042
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 be modified or suspended at any time at the Company’s discretion.  Share repurchases, which are recorded at cost and are held in the Company’s treasury, are funded with available cash or with availability under the Credit Facility.  The Company may use either authorized and unissued shares or treasury shares to meet share issuance requirements.  Treasury stock is recorded at cost.  Share repurchases are recorded as of the trade date, whereas payments for share repurchases are made on the date the trade is settled.There were no share repurchases under the Company’s share repurchase program for either of the years ended December 31, 2024 or 2023.  For the year ended December 31, 2022, the Company repurchased 1.1 million shares of its common stock for an aggregate purchase price of approximately $81.3 million.  Of the total repurchased shares, 0.1 million were repurchased for $8.6 million under the Company’s December 2018 $100 million share repurchase program, which completed the program.  The remaining 1.0 million shares were repurchased for $72.7 million under the Company’s March 2020 $150 million share repurchase program.  As of December 31, 2024, $77.3 million was available for future share repurchases under the Company’s March 2020 share repurchase program.During both the fourth quarter of 2024 and second quarter of 2022, the Company reissued approximately 0.1 million shares of its treasury stock with a cost basis of $3.1 million and $4.3 million, respectively, in settlement of certain Additional Payments in connection with the HMG acquisition.  For additional information related to shares issued for acquisitions, see Note 2 - Earnings Per Share and Note 3 - Acquisitions, Goodwill and Other Intangible Assets, Net.Accumulated Other Comprehensive LossA rollforward of activity within accumulated other comprehensive income (loss) for the periods indicated was as follows (in thousands):For the Years Ended December 31,202420232022Foreign CurrencyOtherTotalForeign CurrencyOtherTotalForeign CurrencyOtherTotalBalance as of January 1$(65,408)$12,411 $(52,997)$(67,103)$16,148 $(50,955)$(64,014)$(14,762)$(78,776)Unrealized (losses) gains, net of tax(2,949)349 (2,