Company: MTZ
Filing Date: 2025-07-31
Form Type: 10-Q
Source: 0000015615-25-000079
Chunk: 22

Company: MASTEC INC
Filing Date: 2025-07-31
Form: 10-Q
Item: Part I, Item 1
Chunk 22
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2024, respectively.  As of June 30, 2025 and December 31, 2024, related amounts payable to these entities totaled approximately $0.2 million and $0.3 million, respectively.  In addition, the Company advanced approximately $0.1 million to certain of these entities for the six months ended June 30, 2024.  As of June 30, 2025 and December 31, 2024, receivables related to these arrangements totaled approximately $4.0 million and $4.1 million, respectively.Variable Interest Entities.  The Company has determined that certain of its investment arrangements are variable interest entities (“VIEs”).  Management assesses its VIEs on an ongoing basis to determine if the Company is the primary beneficiary and if consolidation is required.  As of June 30, 2025, management determined that the Company is the primary beneficiary of two of its VIEs, and accordingly, has consolidated these entities within the Company’s financial statements, with the other parties’ interests accounted for as non-controlling interests.The Company’s consolidated VIEs include an electric utility contractor in which the Company acquired a 49% interest in the first quarter of 2024.  As of June 30, 2025 and December 31, 2024, the carrying values of assets associated with the Company’s consolidated VIEs totaled approximately $140.9 million and $134.8 million, respectively, which amounts consisted primarily of accounts receivable, net of allowance and contract assets.  The carrying values of liabilities associated with the Company’s consolidated VIEs totaled approximately $136.8 million and $132.8 

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million as of June 30, 2025 and December 31, 2024, respectively, which amounts consisted primarily of accounts payable.  The Company has not provided, nor is it obligated to provide, any financial support to any of its consolidated VIEs.The carrying values of the Company’s VIEs that are not consolidated totaled approximately $22 million and $23 million as of June 30, 2025 and December 31, 2024, respectively, which amounts are recorded within other long-term assets in the consolidated balance sheets.  Management believes that the Company’s maximum exposure to loss for its non-consolidated VIEs, inclusive of additional financing commitments, approximated $30 million and $34 million as of June 30, 2025 and December 31,