Company: MTZ
Filing Date: 2025-02-28
Form Type: 10-K
Source: 0000015615-25-000021
Chunk: 1282

Company: MASTEC INC
Filing Date: 2025-02-28
Form: 10-K
Item: Item 1A
Chunk 1282
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  Under ASU 2023-07, the disclosures that are currently required on an annual basis under Topic 280, Segment Reporting, pertaining to reportable segment profit or loss and assets will also be required for interim periods.  The Company has determined that the effects of adopting this ASU only impacted its disclosures and the adoption of  ASU 2023-07 did not have a material effect on its consolidated financial statements or results of its operations.  See Note 13 - Segments and Related Information for additional information.Accounting Pronouncements to be Adopted in 2025In August 2023, the FASB issued ASU 2023-05, Business Combinations—Joint Venture Formations (Subtopic 805-60): Recognition and Initial Measurement (“ASU 2023-05”) to clarify existing guidance and reduce diversity in practice in the accounting for joint ventures.  ASU 2023-05 addresses the accounting for contributions made to a joint venture upon formation in a joint venture’s separate financial statements.  The provisions of this ASU require that a joint venture initially measure all contributions received upon its formation at fair value, largely consistent with Topic 805, Business Combinations.  The amendments in this ASU are not applicable to the formation of proportionately consolidated joint ventures.  ASU 2023-05 is effective prospectively for all joint ventures with a formation date on or after January 1, 2025, with early adoption permitted on a retrospective basis for joint ventures formed before January 1, 2025.  The Company does not expect that this ASU will have a material effect on the Company’s consolidated financial statements.In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”) to enhance transparency and decision usefulness of income tax disclosures.  ASU 2023-09 requires greater standardization and disaggregation of categories within an entity’s tax rate reconciliation disclosure, as well as disclosure of income taxes paid by jurisdiction, among other requirements.  ASU 2023-09 is effective for annual periods beginning after December 15, 2024, with early adoption permitted.  ASU 2023-09 is effective on a prospective basis, with retrospective application permitted.  The Company is currently evaluating the effects of this ASU on its income tax disclosures.Other Recently Issued Accounting PronouncementsIn March 2024,