Company: MTZ
Filing Date: 2025-07-31
Form Type: 10-Q
Source: 0000015615-25-000079
Chunk: 212

Company: MASTEC INC
Filing Date: 2025-07-31
Form: 10-Q
Item: Part I, Item 4
Chunk 212
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 and vendors.  If the Company fails to perform under a contract or to pay its subcontractors and vendors, the customer may demand that the surety make payments or provide services under the bond.  The Company must reimburse the surety for expenses or outlays it incurs.  As of June 30, 2025 and December 31, 2024, outstanding performance and payment bonds approximated $8.5 billion and $7.6 billion, respectively, and estimated costs to complete projects secured by these bonds totaled $2.6 billion and $2.2 billion, respectively.  Included in these balances as of June 30, 2025 and December 31, 2024 are $1,255.1 million and $838.7 million, respectively, of outstanding performance and payment bonds issued on behalf of the Company’s proportionately consolidated non-controlled contractual joint ventures, representing the Company’s proportionate share of the total bond obligation for the related projects.Investment and Strategic Arrangements.  The Company holds undivided interests, ranging from 85% to 90%, in multiple proportionately consolidated non-controlled contractual joint ventures that provide infrastructure construction services for electrical transmission projects, as well as undivided interests, ranging from 25% to 50%, in each of five civil construction projects.  Income and/or loss incurred by these joint ventures is generally shared proportionally by the respective joint venture members, with the members of the joint ventures jointly and severally liable for all of the obligations of the joint venture.  The respective joint venture agreements provide that each joint venture partner indemnify the other party for any liabilities incurred by such joint venture in excess of its ratable portion of such liabilities.  Thus, it is possible that the Company could be required to pay or perform obligations in excess of its share if the other joint venture partners fail or refuse to pay or perform their respective share of the obligations.  As of June 30, 2025, the Company was not aware of material claims against it in connection with these arrangements.  Included in the Company’s cash balances as of June 30, 2025 and December 31, 2024 are amounts held by entities that are proportionately consolidated totaling $37.8 million and $46.7 million, respectively.  These amounts are available to support the operations of those entities, but are not available for the Company’s other operations.The Company has other investment and strategic arrangements, under which it may incur costs or provide financing, performance,