Company: MTZ
Filing Date: 2025-05-01
Form Type: 10-Q
Source: 0000015615-25-000052
Chunk: 175

Company: MASTEC INC
Filing Date: 2025-05-01
Form: 10-Q
Item: Part I, Item 4
Chunk 175
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Tec maintains insurance policies for workers’ compensation, general liability and automobile liability, which are subject to per claim deductibles.  The Company is self-insured up to the amount of the deductible.  The Company also maintains excess umbrella coverage.  The Company manages certain of its insurance liabilities indirectly through its wholly-owned captive insurance company, which reimburses claims up to the applicable insurance limits.  Captive insurance-related cash balances totaled approximately $2.6 million and $2.2 million as of March 31, 2025 and December 31, 2024, respectively, which amounts are generally not available for use in the Company’s other operations.As of March 31, 2025 and December 31, 2024, MasTec’s estimated gross liability for unpaid claims and associated expenses, including incurred but not reported losses related to these policies, totaled $254.9 million and $251.0 million, respectively, of which $188.1 million and $184.1 million was reflected within other long-term liabilities, with the remainder reflected within other accrued expenses, in the consolidated balance sheets as of the respective periods.  Related insurance recoveries/receivables totaled $24.6 million and $24.4 million as of March 31, 2025 and December 31, 2024, respectively, of which $21.6 million and $21.4 million was reflected within other long-term assets, with the remainder reflected within other current assets, in the consolidated balance sheets as of the respective periods.MasTec also maintains an insurance policy with respect to employee group medical claims, which is subject to annual per employee maximum losses.  MasTec’s estimated liability for employee group medical claims totaled $5.1 million and $4.7 million as of March 31, 2025 and December 31, 2024, respectively.The Company is required to post collateral, generally in the form of letters of credit, surety bonds and cash to certain of its insurance carriers.  Insurance-related letters of credit for the Company’s workers’ compensation, general liability and automobile liability policies amounted to $8.7 million as of both March 31, 2025 and December 31, 2024.  Outstanding surety bonds related to self-insurance programs amounted to $190.2 million and $196.3 million as of March 31, 2025 and December 31, 2024, respectively.Collective Bargaining Agreements and Multiemployer Plans.