Company: MTZ
Filing Date: 2025-02-28
Form Type: 10-K
Source: 0000015615-25-000021
Chunk: 1456

Company: MASTEC INC
Filing Date: 2025-02-28
Form: 10-K
Item: Item 1C
Chunk 1456
---
570.0 $6.1 $576.1 Current assets34.5 1.6 36.1 Property and equipment222.5 30.1 252.6 Long-term assets, primarily operating lease right-of-use assets40.6 0.3 40.9 Amortizing intangible assets362.2 5.9 368.1 Accounts payable(136.5)(4.6)(141.1)Contract liabilities(151.3)(1.5)(152.8)Current liabilities, primarily accrued expenses(326.2)(1.4)(327.6)Long-term debt, including finance lease obligations(330.8)(0.2)(331.0)Long-term liabilities, primarily operating lease liabilities and deferred income taxes(105.3)(0.2)(105.5)Total identifiable net assets$179.7 $36.1 $215.8 Goodwill568.8 15.4 584.2 Total net assets acquired, including goodwill$748.5 $51.5 $800.0 Amortizing intangible assets related to the IEA acquisition are primarily composed of customer relationships, and to a lesser extent, trade names and backlog.  Customer relationship and trade name intangible assets for IEA, in the aggregate, totaled approximately $321 million, which each had a weighted average life of approximately 14 years, based on IEA’s operational history and established relationships with, and the nature of, its customers, which are primarily in the renewable energy and specialty civil industries.  Backlog intangible assets for IEA totaled approximately $42 million, with a weighted average life of approximately 1 year based on the estimated cash flows expected to be derived from future work on the acquired customer contracts.  The weighted average life of amortizing intangible assets in the aggregate for the IEA acquisition was 13 years.  Amortizing intangible assets related to “All other” acquisitions are primarily composed of customer relationships with an aggregate weighted average life of 9 years.  Amortizing intangible assets are amortized in a manner consistent with the pattern in which the related benefits are expected to be consumed.Consideration transferred for IEA in the table above includes approximately 2.7 million shares of MasTec common stock, valued at approximately $174 million based on the market price of MasTec common stock on the date of closing.  Total cash paid for