Company: MTZ
Filing Date: 2025-02-28
Form Type: 10-K
Source: 0000015615-25-000021
Chunk: 1462

Company: MASTEC INC
Filing Date: 2025-02-28
Form: 10-K
Item: Item 1C
Chunk 1462
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 related to mandatorily redeemable non-controlling interests.  In 2023, the Company acquired the remaining interests of an entity with which it had a mandatorily redeemable non-controlling interest arrangement.  For the year ended December 31, 2022, fair value adjustments totaled a decrease, net, of approximately $1.2 million and related primarily to the Company’s Communications segment.  For the years ended December 31, 2024, 2023 and 2022, Earn-out payments totaled approximately $26.1 million, $38.8 million and $37.8 million, respectively, including approximately $1.7 million related to mandatorily redeemable non-controlling interests during 2023.Equity InvestmentsThe Company’s equity investments as of December 31, 2024 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 December 31, 2024 and 2023, the aggregate carrying value of the Company’s equity investments totaled approximately $330 million and $319 million, respectively.  As of both December 31, 2024 and 2023, equity investments measured on an adjusted cost basis, including the Company’s $15 million investment in CCI, totaled approximately $18 million.  Except for one investment for which the Company recorded an impairment loss totaling approximately $3 million in the third quarter of 2023, there were no impairments related to these investments in any of the years ended December 31, 2024, 2023 or 2022.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.  Equity in earnings related to the Company’s proportionate share of income from the Waha JVs, which is included within the