Company: MTZ
Filing Date: 2025-02-28
Form Type: 10-K
Source: 0000015615-25-000021
Chunk: 281

Company: MASTEC INC
Filing Date: 2025-02-28
Form: 10-K
Item: Item 5
Chunk 281
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 in wireline services, which acquisition was effective as of the end of May; and (iv) within the Company’s Power Delivery segment: a company specializing in the construction of overhead high voltage transmission lines, which acquisition was effective in July.The following table summarizes, as of December 31, 2023, the fair values of the consideration paid and net assets acquired, as adjusted, for the Company’s 2022 acquisitions (in millions):Acquisition consideration:IEAAll otherTotalCash, net of cash acquired$564.5 $48.7 $613.2 Shares transferred173.7 — 173.7 Estimated fair value of warrants10.3 — 10.3 Estimated fair value of contingent consideration— 2.8 2.8 Total consideration$748.5 $51.5 $800.0 Identifiable assets acquired and liabilities assumed:Accounts receivable and contract assets$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