Company: MTZ
Filing Date: 2025-02-28
Form Type: 10-K
Source: 0000015615-25-000021
Chunk: 1097

Company: MASTEC INC
Filing Date: 2025-02-28
Form: 10-K
Item: Item 1A
Chunk 1097
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 cash acquired, and an earn-out liability valued at $1 million.  As of December 31, 2024, the remaining potential undiscounted earn-out liabilities for the 2023 acquisitions was estimated to be up to $1 million; however, there is no maximum payment amount.  See Note 4 - Fair Value of Financial Instruments for fair value estimates and other details related to the Company’s earn-out arrangements.  Approximately $42 million of the goodwill balance related to the 2023 acquisitions is expected to be tax deductible as of December 31, 2024.2022 Acquisitions.  During 2022, MasTec completed five acquisitions, which included all of the equity interests of the following: (i) within the Company’s Clean Energy and Infrastructure segment: IEA, a leading utility-scale infrastructure solutions provider in North America, with expertise in renewable energy and heavy civil projects, as well as rail and environmental remediation services, which acquisition was effective in 

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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.