Company: MTZ
Filing Date: 2025-02-28
Form Type: 10-K
Source: 0000015615-25-000021
Chunk: 288

Company: MASTEC INC
Filing Date: 2025-02-28
Form: 10-K
Item: Item 5
Chunk 288
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 carrying value of the Company’s equity investments totaled approximately $330 million and $319 million, respectively.  As of both December 31, 2024 and 2023, equity investments measured on an adjusted cost basis, including the Company’s $15 million investment in CCI, totaled approximately $18 million.  Except for one investment for which the Company recorded an impairment loss totaling approximately $3 million in the third quarter of 2023, there were no impairments related to these investments in any of the years ended December 31, 2024, 2023 or 2022.The Waha JVs.  The Waha JVs own and operate certain pipeline infrastructure that transports natural gas to the Mexican border for export.  The Company’s investments in the Waha JVs are accounted for as equity method investments.  Equity in earnings related to the Company’s proportionate share of income from the Waha JVs, which is included within the Company’s Other segment, totaled approximately $30.8 million, $30.3 million and $30.2 million for the years ended December 31, 2024, 2023 and 2022, respectively.  Distributions of earnings from the Waha JVs, which are included within operating cash flows, totaled approximately $18.0 million, $15.4 million and $14.4 million for the years ended December 31, 2024, 2023 and 2022, respectively.  Cumulative undistributed earnings from the Waha JVs, which represents cumulative equity in earnings for the Waha JVs less distributions of earnings, totaled $138.3 million as of December 31, 2024.  The Company’s net investment in the Waha JVs, which differs from its proportionate share of the net assets of the Waha JVs due primarily to equity method goodwill associated with capitalized investment costs, totaled approximately $287 million and $274 million as of December 31, 2024 and 2023, respectively.The Waha JVs are party to separate non-recourse financing facilities, each of which are secured by pledges of the equity interests in the respective entities, as well as a first lien security interest over virtually all of their assets.  The Waha JVs are also party to certain interest rate swaps (the “Waha JV swaps”), which are accounted for as qualifying cash flow hedges.  The Company reflects its proportionate share of any unrealized fair market value gains or losses from fluctuations