Company: MTZ
Filing Date: 2025-02-28
Form Type: 10-K
Source: 0000015615-25-000021
Chunk: 2498

Company: MASTEC INC
Filing Date: 2025-02-28
Form: 10-K
Item: Item 7
Chunk 2498
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 – Income Taxes

The components of income or loss before income taxes for the periods indicated were as follows (in millions):For the Years Ended December 31,202420232022Domestic$255.7 $(84.9)$66.7 Foreign(4.7)2.2 (23.6)Total$251.0 $(82.7)$43.1 The provision for income taxes for the periods indicated were as follows (in millions):For the Years Ended December 31,202420232022Current:Federal$68.9 $90.2 $(9.8)Foreign7.8 1.8 3.6 State and local9.3 13.5 5.8 $86.0 $105.5 $(0.4)Deferred:Federal$(26.2)$(119.7)$5.9 Foreign0.0 (0.1)0.6 State and local(8.3)(21.1)3.1 $(34.5)$(140.9)$9.6 Provision for (benefit from) income taxes$51.5 $(35.4)$9.2 The tax effects of significant items comprising the Company’s net deferred tax liability as of the dates indicated were as follows (in millions):December 31,20242023Deferred tax assets:Accrued insurance$54.0 $51.2 Operating loss carryforwards and tax credits93.3 87.5 Compensation and benefits45.1 34.9 Bad debt4.6 3.8 Other20.5 24.4 Capitalized expenses332.6 243.7 Valuation allowance(64.7)(60.4)Total deferred tax assets$485.4 $385.1 Deferred tax liabilities:Property and equipment$299.7 $345.9 Goodwill112.9 95.0 Other intangible assets75.8 96.7 Gain on remeasurement of equity investee7.3 7.3 Revenue recognition203.0 81.3 Investments in unconsolidated entities117.6 113.3 Other31.9 36.0 Total deferred tax liabilities$848.2 $775.5 Net deferred tax liabilities$(362.8)$(390.4)

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