Company: MTZ
Filing Date: 2025-02-28
Form Type: 10-K
Source: 0000015615-25-000021
Chunk: 2855

Company: MASTEC INC
Filing Date: 2025-02-28
Form: 10-K
Item: Item 8
Chunk 2855
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 December 31, 2024 and 2023, outstanding sold receivables related thereto totaled approximately $84 million and $64 million, respectively, which amounts are excluded from accounts receivable, net of allowance, in the consolidated balance sheets.  The Company’s involvement in the collection process for these receivables is not considered to constitute significant continuing involvement, and, therefore, the receivables are accounted for as a sale under ASC Topic 860, Transfers and Servicing.  Cash collections from the sale of receivables are reflected within operating activities in the consolidated statements of cash flows.  The Company is also party to arrangements with certain customers that allow for early collection of receivables for a nominal fee, at the Company’s option.  Discount charges related to the above described financing arrangements, which are included within interest expense, net, totaled approximately $20.7 million, $12.9 million and $9.0 million for the years ended December 31, 2024, 2023 and 2022, respectively.

Note 6 – Property and Equipment, Net

The following table provides details of property and equipment, net, including property and equipment held under finance leases as of the dates indicated (in millions):December 31,20242023Estimated Useful Lives(in years)Land$67.4 $68.5 Buildings and leasehold improvements100.5 90.7 3-40Machinery, equipment and vehicles3,022.4 3,013.9 2-20Office equipment, furniture and internal-use software349.2 330.2 3-7Construction in progress32.5 56.0 Total property and equipment$3,572.0 $3,559.3 Less accumulated depreciation and amortization(2,023.1)(1,907.8)Property and equipment, net$1,548.9 $1,651.5 As of December 31, 2024 and 2023, the gross amount of capitalized internal-use software totaled $228.2 million and $212.7 million, respectively, and, net of accumulated amortization, totaled $51.1 million and $49.8 million, respectively.  Accrued capital expenditures, the effects of which are excluded from capital expenditures in the Company’s consolidated statements of cash flows given their non-cash nature, totaled $7.0 million and $4.4 million as of December