Company: MTZ
Filing Date: 2025-05-01
Form Type: 10-Q
Source: 0000015615-25-000052
Chunk: 104

Company: MASTEC INC
Filing Date: 2025-05-01
Form: 10-Q
Item: Part I, Item 2
Chunk 104
---
 2025 and December 31, 2024, the carrying values of assets associated with the Company’s consolidated VIEs totaled approximately $134.4 million and $134.8 million, respectively, which amounts consisted primarily of accounts receivable, net of allowance and contract assets.  The carrying values of liabilities associated with the Company’s consolidated VIEs totaled approximately $131.9 million and $132.8 million as of March 31, 2025 and December 31, 2024, respectively, which amounts consisted primarily of accounts payable.  The Company has not provided, nor is it obligated to provide, any financial support to any of its consolidated VIEs.The carrying values of the Company’s VIEs that are not consolidated totaled approximately $22 million and $23 million as of March 31, 2025 and December 31, 2024, respectively, which amounts are recorded within other long-term assets in the consolidated balance sheets.  Management believes that the Company’s maximum exposure to loss for its non-consolidated VIEs, inclusive of additional financing commitments, approximated $27 million and $34 million as of March 31, 2025 and December 31, 2024, respectively.

13

Note 5 – Accounts Receivable, Net of Allowance, and Contract Assets and Liabilities

The following table provides details of accounts receivable, net of allowance, and contract assets (together, “accounts receivable, net”) as of the periods indicated (in millions):March 31,2025December 31,2024Contract billings$1,363.9 $1,400.6 Less allowance(18.8)(19.1)Accounts receivable, net of allowance$1,345.1 $1,381.5 Retainage$293.2 $335.3 Unbilled receivables1,223.1 1,220.5 Contract assets$1,516.3 $1,555.8 Contract billings represent the amount of performance obligations that have been billed but not yet collected, whereas contract assets consist of unbilled receivables and retainage.  Unbilled receivables, which are included in contract assets, represent the estimated value of unbilled work for projects with performance obligations recognized over time.  Unbilled receivables include amounts for work performed for which the Company has an unconditional right to receive payment and that are not subject