Company: MTZ
Filing Date: 2025-02-28
Form Type: 10-K
Source: 0000015615-25-000021
Chunk: 2894

Company: MASTEC INC
Filing Date: 2025-02-28
Form: 10-K
Item: Item 8
Chunk 2894
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é R. Mas trust”).  The Company is the sole owner of each of the policies and is designated as the named fiduciary under each split dollar agreement, and the policies subject to the split dollar agreement may not be surrendered without the express written consent of the applicable trust.  The total maximum face amount of the insurance policies subject to the split dollar agreements is capped at $200 million in the case of Jorge Mas and $75 million in the case of José R. Mas.  Upon the death of the applicable executive or the survivor of the applicable executive and his wife, the Company is entitled to receive a portion of the death benefit under the policy equal to the greater of (i) premiums paid by the Company on the policy and (ii) the then cash value of the policy, excluding surrender charges or other similar charges or reductions, immediately before the triggering death.  In addition, each executive is entitled to purchase the applicable policy under certain events, including a change in control of the Company.  The company paid approximately $0.4 million, $1.4 million and $1.8 million, net, in connection with these agreements for the years ended December 31, 2024, 2023 and 2022, respectively.  Life insurance assets associated with these agreements, which amounts are included within other long-term assets, totaled approximately $27.5 million and $27.2 million as of December 31, 2024 and 2023, respectively.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 years ended December 31, 2024, 2023 and 2022 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 years ended December 31, 2024, 2023 and 2022, payments to these related entities totaled approximately $33.7 million, $42.5 million and $35.0 million, respectively, and revenue from such arrangements totaled approximately $18.4 million, $14.0 million and $10.4 million, respectively.  Payables associated with such arrangements totaled approximately $2.8