Company: MTZ
Filing Date: 2025-02-28
Form Type: 10-K
Source: 0000015615-25-000021
Chunk: 2022

Company: MASTEC INC
Filing Date: 2025-02-28
Form: 10-K
Item: Item 3
Chunk 2022
---
 starts within the Company’s Clean Energy and Infrastructure segment.  For the years ended December 31, 2024, 2023 and 2022, the Company recognized revenue of approximately $416.8 million, $363.3 million and $270.7 million, respectively, related to amounts that were included in deferred revenue as of December 31, 2023, 2022 and 2021, respectively, resulting primarily from the advancement of physical progress on the related projects during the respective periods.The Company is party to certain non-recourse financing arrangements in the ordinary course of business, under which certain receivables are sold to a financial institution in return for a nominal fee.  The Company has certain additional non-recourse financing arrangements under which it continues to manage collections for the transferred receivables, and for which the corresponding servicing assets or liabilities are not material.  For the years ended December 31, 2024 and 2023, the Company sold approximately $442 million and $131 million, respectively, of receivables under financing arrangements for which it continues to manage collections for the transferred receivable, and, as of December 31, 2024 and 2023, outstanding sold receivables related thereto totaled approximately $84 million and $64 million, respectively, which amounts are excluded from accounts receivable, net of allowance, in the consolidated balance sheets.  The Company’s involvement in the collection process for these receivables is not considered to constitute significant continuing involvement, and, therefore, the receivables are accounted for as a sale under ASC Topic 860, Transfers and Servicing.  Cash collections from the sale of receivables are reflected within operating activities in the consolidated statements of cash flows.  The Company is also party to arrangements with certain customers that allow for early collection of receivables for a nominal fee, at the Company’s option.  Discount charges related to the above described financing arrangements, which are included within interest expense, net, totaled approximately $20.7 million, $12.9 million and $9.0 million for the years ended December 31, 2024, 2023 and 2022, respectively.

Note 6 – Property and Equipment, Net

The following table provides details of property and equipment, net, including property and equipment held under finance leases as of the dates indicated (in millions):December 31,20242023Estimated Useful Lives(in years)Land$67.4 $68