Company: MTZ
Filing Date: 2025-02-28
Form Type: 10-K
Source: 0000015615-25-000021
Chunk: 1885

Company: MASTEC INC
Filing Date: 2025-02-28
Form: 10-K
Item: Item 3
Chunk 1885
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falls.

85

The number of union employees employed at a given time, and the plans in which they participate, vary depending upon the location and number of ongoing projects and the need for union resources in connection with those projects.  Total contributions to multiemployer plans and the related number of employees covered by these plans for the periods indicated were as follows: Multiemployer PlansCovered EmployeesContributions (in millions)For the Years Ended December 31:LowHighPensionOther MultiemployerTotal20246,960 9,448 $108.6 $41.8 $150.4 20236,806 11,025 $118.4 $59.1 $177.5 20226,601 7,136 $89.0 $56.3 $145.3 The fluctuations in the number of employees covered under multiemployer plans and associated contributions in the table above related primarily to the timing of activity for the Company’s union resource-based projects, as well as the effects of the Company’s acquisitions.  For the year ended December 31, 2024, multiemployer plan activity was driven primarily by project work within the Company’s Power Delivery and Pipeline Infrastructure operations, whereas for the year ended December 31, 2023, activity was driven primarily by project work within the Company’s Power Delivery and Pipeline Infrastructure operations, and, to a lesser extent, by acquisition-related project work within the Company’s Clean Energy and Infrastructure operations.  For the year ended December 31, 2022, activity was driven primarily by acquisition-related project work within the Company’s Power Delivery operations, and, to a lesser extent, its Pipeline Infrastructure operations.

Note 11 – Equity 

Share ActivityThe Company’s share repurchase program provides for the repurchase, from time to time, of MasTec common shares in open market transactions or in privately negotiated transactions in accordance with applicable securities laws.  The timing and the amount of any repurchases is determined based on market conditions, legal requirements, cash flow and liquidity needs, and other factors.  The Company’s share repurchase program, under which the Company undertakes share repurchases for strategic purposes, including (i) when management believes that the market price of the Company’s stock is undervalued, (ii) such repurchases will enhance long-term shareholder value, (iii) the Company has adequate liquidity, and (iv) management believes that such repurchases are appropriate uses of capital, do not have an expiration date and may