Company: MTZ
Filing Date: 2025-05-01
Form Type: 10-Q
Source: 0000015615-25-000052
Chunk: 80

Company: MASTEC INC
Filing Date: 2025-05-01
Form: 10-Q
Item: Part I, Item 8
Chunk 80
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.  ASU 2023-05 was effective prospectively for all joint ventures with a formation date on or after January 1, 2025, with early adoption permitted on a retrospective basis for joint ventures formed before January 1, 2025.  The prospective adoption of this ASU did not have a material effect on the Company’s consolidated financial statements.

9

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”) to enhance transparency and decision usefulness of income tax disclosures.  ASU 2023-09 requires greater standardization and disaggregation of categories within an entity’s tax rate reconciliation disclosure, as well as disclosure of income taxes paid by jurisdiction, among other requirements.  ASU 2023-09 is effective for annual periods beginning after December 15, 2024, with early adoption permitted.  ASU 2023-09 is effective on a prospective basis, with retrospective application permitted.  The Company is currently evaluating the effects of this ASU on its income tax disclosures.In March 2024, the Securities and Exchange Commission (the “SEC”) adopted final rules under SEC Release No. 33-11275, The Enhancement and Standardization of Climate-Related Disclosures for Investors, which requires registrants to provide certain climate-related disclosures in registration statements and annual reports.  The new rules were scheduled to begin to phase in for fiscal years beginning on or after January 1, 2025, on a prospective basis.  In April 2024, the SEC voluntarily stayed implementation of the final rules pending certain legal challenges to the rules.  In March 2025, the SEC stated that it had ended its defense of the rules requiring disclosure of climate-related risks and greenhouse gas emissions.  The Company is currently monitoring developments related to the rules.In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses (“ASU 2024-03”) to enhance the transparency and clarity of the components of specific expense categories in the income statement.  ASU 2024-03 requires disclosure of additional information about specific expense categories underlying certain income statement expense line items.  In January 2025, the FASB issued ASU 2025-01,