Company: MTZ
Filing Date: 2025-05-01
Form Type: 10-Q
Source: 0000015615-25-000052
Chunk: 360

Company: MASTEC INC
Filing Date: 2025-05-01
Form: 10-Q
Item: Part I, Item 13
Chunk 360
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, 2025 and December 31, 2024,  respectively.  Payments for other expenses related to the Franchise totaled approximately $0.4 million and $0.2 million for the three month periods ended March 31, 2025 and 2024, respectively.MasTec has a subcontracting arrangement to perform construction services for an entity in which José R. Mas had a minority interest, and a member of management of a MasTec subsidiary owned the remaining interest.  On January 1, 2024, MasTec acquired José R. Mas’ interest in this entity for approximately $0.7 million.MasTec has split dollar life insurance agreements with trusts, for one of which Jorge Mas is a trustee, and for the other of which José R. Mas is a trustee.  As of both March 31, 2025 and December 31, 2024, life insurance assets associated with these agreements totaled approximately $27.5 million.In any given year, the Company may engage in certain transactions on behalf of or to former owners of acquired businesses (“former owners”) and/or entities in which members of subsidiary management have ownership or commercial interests (“related entities or entity”).  A summary of these related party transactions for the periods indicated is noted below.MasTec purchases, rents and leases equipment and purchases various types of supplies and services used in its business, and from time to time, rents equipment to, sells certain supplies, or performs construction services on behalf of, related entities.  For the three month periods ended March 31, 2025 and 2024, payments to these related entities totaled approximately $7.4 million and $10.3 million, respectively, and revenue from such arrangements totaled approximately $1.6 million and $4.4 million, respectively.  Payables associated with such arrangements totaled approximately $4.9 million and $2.8 million as of March 31, 2025 and December 31, 2024, respectively.  As of March 31, 2025 and December 31, 2024, accounts receivable, net, less deferred revenue related to these arrangements totaled receivables of approximately $1.4 million and $3.9 million, respectively.During the three month period ended March 31, 2025, the Company paid no amounts on behalf of or to former owners, and during three month period ended March 31, 2024, the Company paid $0.