Company: MTZ
Filing Date: 2025-02-28
Form Type: 10-K
Source: 0000015615-25-000021
Chunk: 184

Company: MASTEC INC
Filing Date: 2025-02-28
Form: 10-K
Item: Item 4
Chunk 184
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October; and a company specializing in the production of concrete and aggregate products, which acquisition was effective in August; (ii) within the Company’s Pipeline Infrastructure segment: an infrastructure construction company focusing on water, sewer and utility projects and with expertise in excavation and site work, which acquisition was effective in January; (iii) within the Company’s Communications segment: a telecommunications company specializing 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