Company: MTZ
Filing Date: 2025-07-31
Form Type: 10-Q
Source: 0000015615-25-000079
Chunk: 387

Company: MASTEC INC
Filing Date: 2025-07-31
Form: 10-Q
Item: Part I, Item 7
Chunk 387
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, respectively.MasTec performs construction services on behalf of a professional Miami soccer franchise (the “Franchise”) in which Jorge Mas and José R. Mas are majority owners.  Construction services include, and have included, the construction of a soccer facility and stadium as well as wireless infrastructure services.  Construction services related to site preparation for a new soccer complex began in 2023.  For the three months ended June 30, 2025 and 2024, revenue under these arrangements totaled approximately $18.7 million and $3.6 million, respectively, and totaled approximately $29.6 million and $8.7 million for the six months ended June 30, 2025 and 2024, respectively.  As of June 30, 2025 and December 31, 2024, amounts receivable related to these arrangements totaled approximately $17.3 million and $12.8 million, respectively.  Payments for other expenses related to the Franchise totaled approximately $0.2 million and $0.4 million for the three months ended June 30, 2025 and 2024, respectively, and totaled approximately $0.6 million for both the six months ended June 30, 2025 and 2024.MasTec has a subcontracting arrangement to perform construction services for an entity in which José R. Mas had a minority interest, and a member of management of a MasTec subsidiary owned the remaining interest.  On January 1, 2024, MasTec acquired José R. Mas’ interest in this entity for approximately $0.7 million.MasTec has split dollar life insurance agreements with trusts, for one of which Jorge Mas is a trustee, and for the other of which José R. Mas is a trustee.  The Company made no payments in connection with these agreements during 2025.  For both the three and six months ended June 30, 2024, the Company paid approximately $0.7 million in connection with these agreements.  As of both June 30, 2025 and December 31, 2024, life insurance assets associated with these agreements totaled approximately $27.5 million.In any given year, the Company may engage in certain transactions on behalf of or to former owners of acquired businesses (“former owners”) and/or entities in which members of subsidiary management have ownership or commercial interests (“related entities or entity”).  A summary of these related party transactions for the periods indicated is noted below.M