Company: MTZ
Filing Date: 2025-02-28
Form Type: 10-K
Source: 0000015615-25-000021
Chunk: 1863

Company: MASTEC INC
Filing Date: 2025-02-28
Form: 10-K
Item: Item 3
Chunk 1863
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, distributions from these entities totaled approximately $1.9 million, and for both the years ended December 31, 2023 and 2022, there were no distributions from these entities.  The Company has subcontracting arrangements with certain of these entities for the performance of construction services, and expenses recognized in connection with these arrangements totaled approximately $5.4 million, $2.7 million and $14.2 million for the years ended December 31, 2024, 2023 and 2022, respectively.  As of  December 31, 2024 and 2023, related amounts payable to these entities totaled approximately $0.3 million and $0.1 million, respectively.  In addition, the Company has advanced amounts to certain of these entities, which for the years ended December 31, 2024, 2023 and 2022, totaled approximately $0.1 million, $0.7 million and $3.3 million, respectively.  As of  December 31, 2024 and 2023, receivables related to these arrangements totaled approximately $4.1 million and $4.0 million, respectively.Variable Interest Entities.  The Company has determined that certain of its investment arrangements are VIEs.  See Note 1 - Business, Basis of Presentation and Significant Accounting Policies for additional information.  As of December 31, 2024, management determined that the Company is the primary beneficiary of two of its VIEs, and accordingly, has consolidated these entities within the Company’s financial statements, with the other parties’ interests accounted for as non-controlling interests.The Company’s consolidated VIEs include an electric utility contractor in which the Company acquired a 49% interest in the first quarter of 2024.  As of December 31, 2024 and 2023, the carrying values of assets associated with the Company’s consolidated VIEs totaled approximately $134.8 million and $1.7 million, respectively, which amounts consisted primarily of accounts receivable, net of allowance and contract assets.  The carrying values of liabilities associated with the Company’s consolidated VIEs totaled approximately $132.8 million and $1.6 million as of December 31, 2024 and 2023, respectively, which amounts consisted primarily of accounts payable.  The Company has not provided, nor is it obligated to provide, any financial support to any of its consolidated VIEs.The carrying values of the Company’s V