Company: MTZ
Filing Date: 2025-02-28
Form Type: 10-K
Source: 0000015615-25-000021
Chunk: 2625

Company: MASTEC INC
Filing Date: 2025-02-28
Form: 10-K
Item: Item 7
Chunk 2625
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’s Clean Energy and Infrastructure, Power Delivery and Pipeline Infrastructure segments, which were partially offset by decreases related to acquisitions within the Company’s Communications segment.  Fair value adjustments totaled a decrease, net, of approximately $12.6 million for the year ended December 31, 2023, and related to a net decrease in the Company’s Communications segment, partially offset by net increases, primarily within the Company’s Clean Energy and Infrastructure and Power Delivery segments.  The decrease in the Communications segment for the year ended December 31, 2023 included a reduction of approximately $12.3 million related to mandatorily redeemable non-controlling interests.  In 2023, the Company acquired the remaining interests of an entity with which it had a mandatorily redeemable non-controlling interest arrangement.  For the year ended December 31, 2022, fair value adjustments totaled a decrease, net, of approximately $1.2 million and related primarily to the Company’s Communications segment.  For the years ended December 31, 2024, 2023 and 2022, Earn-out payments totaled approximately $26.1 million, $38.8 million and $37.8 million, respectively, including approximately $1.7 million related to mandatorily redeemable non-controlling interests during 2023.Equity InvestmentsThe Company’s equity investments as of December 31, 2024 include: (i) the Company’s 33% equity interests in Trans-Pecos Pipeline, LLC (“TPP”) and Comanche Trail Pipeline, LLC (“CTP,” and together with TPP, the “Waha JVs”); (ii) a 15% equity interest in Cross Country Infrastructure Services, Inc. (“CCI”); (iii) the Company’s 50% equity interests in each of FM Technology Holdings, LLC, FM USA Holdings, LLC and All Communications Solutions Holdings, LLC, collectively “FM Tech”; (iv) the Company’s interests in certain proportionately consolidated non-controlled contractual joint ventures; and (v) certain other equity investments.As of December 31, 2024 and 2023, the aggregate 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