Company: MTZ
Filing Date: 2025-02-28
Form Type: 10-K
Source: 0000015615-25-000021
Chunk: 204

Company: MASTEC INC
Filing Date: 2025-02-28
Form: 10-K
Item: Item 5
Chunk 204
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angible assets that have been recorded in connection with our acquisitions of businesses.  Goodwill and indefinite-lived intangible assets are not amortized, but instead are tested for impairment at least annually.  Finite-lived intangible assets are amortized over their useful lives, which are generally based on contractual or legal rights, in a manner consistent with the pattern in which the related benefits are expected to be consumed.

We perform our annual impairment tests of goodwill and indefinite-lived intangible assets during the fourth quarter of each year, and on a quarterly basis, we monitor these assets for potential indicators of impairment.  Goodwill is required to be tested for impairment at the reporting unit level.  A reporting unit is an operating segment, or one level below the operating segment, which is referred to as a component.

We reassessed the reporting unit structure of our Power Delivery operating segment in the first quarter of 2024.  As a result of this assessment, the reporting units within our Power Delivery operating segment were restructured to more closely align with the segment’s end markets and to better correspond with the operational management reporting structure of the segment, including from the effects of our recent transformative acquisition efforts.  Under the new reporting unit structure, each of the five components within our Power Delivery operating segment is a reporting unit.  For additional details of the restructuring and the related assessment, refer to Note 1 - Business, Basis of Presentation and Significant Accounting Policies in the notes to the audited consolidated financial statements, which is incorporated by reference.

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Following is a summary of goodwill and intangible assets, net, by segment as of December 31, 2024:

CommunicationsClean Energy and InfrastructurePower DeliveryPipeline InfrastructureTotalGoodwill (in millions)$647.6 $742.3 $294.3 $518.9 $2,203.1   Percentage of total29.4 %33.7 %13.4 %23.6 %100.0 %Other intangible assets, net (in millions)$37.4 $288.4 $318.5 $83.1 $727.4   Percentage of total5.1 %39.6 %43.8 %11.4 %100.0 %

For the year ended December 31, 2024, we performed a qualitative assessment for our goodwill and indefinite-lived intangible assets by examining relevant events and circumstances that could have an effect on their fair values, such as: macro