Company: MTZ
Filing Date: 2025-10-30
Form Type: 10-Q
Source: 0000015615-25-000128
Chunk: 150

Company: MASTEC INC
Filing Date: 2025-10-30
Form: 10-Q
Item: Part I, Item 2
Chunk 150
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the “Franchise”) in which Jorge Mas and José R. Mas are majority owners.  Construction services include, and have included, the construction of a soccer facility and stadium as well as utility and wireless infrastructure services.  Construction services related to site preparation for a new soccer complex began in 2023.  For the three months ended September 30, 2025 and 2024, revenue under these arrangements totaled approximately $16.5 million and $5.0 million, respectively, and totaled approximately $46.1 million and $13.7 million for the nine months ended September 30, 2025 and 2024, respectively.  As of September 30, 

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2025 and December 31, 2024, amounts receivable related to these arrangements totaled approximately $31.6 million and $12.8 million, respectively.  Payments for other expenses related to the Franchise totaled approximately $0.2 million for both the three months ended September 30, 2025 and 2024, and totaled approximately $0.8 million for both the nine months ended September 30, 2025 and 2024.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.  The Company made no payments in connection with these agreements during 2025.  For the nine months ended September 30, 2024, the Company paid approximately $0.4 million, net, in connection with these agreements.  As of both September 30, 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