Company: MTZ
Filing Date: 2025-10-30
Form Type: 10-Q
Source: 0000015615-25-000128
Chunk: 21

Company: MASTEC INC
Filing Date: 2025-10-30
Form: 10-Q
Item: Part I, Item 1
Chunk 21
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 Communications segment.Equity InvestmentsThe Company’s equity investments as of September 30, 2025 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 joint ventures; and (v) certain other equity investments.As of September 30, 2025 and December 31, 2024, the aggregate carrying value of the Company’s equity investments, which are recorded within other long-term assets in the consolidated balance sheets, totaled approximately $328 million and $330 million, respectively.  There were no impairments related to these investments in any of the three or nine months ended September 30, 2025 or 2024.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.  Cumulative undistributed earnings from the Waha JVs, which represents cumulative equity in earnings for the Waha JVs less distributions of earnings, totaled $144.5 million as of September 30, 2025.  The Company’s net investment in the Waha JVs, which differs from its proportionate share of the net assets of the Waha JVs due primarily to equity 

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method goodwill associated with capitalized investment costs, totaled approximately $288 million and $287 million as of September 30, 2025 and December 31, 2024, respectively.  The table below reflects the investment activity of the Waha JVs for the periods indicated (in millions):Three Months EndedSeptember 30, Nine Months EndedSeptember 30, 2025202420252024Equity in earnings (a)$7.3 $7.6 $23.3 $21.7 Distributions of earnings (b)7.2 4.7 17.1 14.0 (a)Equity in earnings related to the Company’s proportionate share