Company: MTZ
Filing Date: 2025-02-28
Form Type: 10-K
Source: 0000015615-25-000021
Chunk: 890

Company: MASTEC INC
Filing Date: 2025-02-28
Form: 10-K
Item: Item 1
Chunk 890
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 2023 and 2022, respectively, on behalf of or to former owners, which are obligated to be repaid under the provisions of the related purchase agreements.  Amounts receivable for such payments totaled approximately $0.2 million and $2.6 million as of December 31, 2024 and 2023, respectively.

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Additionally, the Company has certain arrangements with a related entity, including a fee arrangement totaling $0.8 million annually in each of the years ended December 31, 2024, 2023 and 2022 in conjunction with a $15.0 million letter of credit issued by the Company on behalf of the related entity.  As of both December 31, 2024 and 2023, related amounts receivable totaled approximately $0.4 million.Non-controlling interests in entities consolidated by the Company represent ownership interests held by members of management of certain of the Company’s subsidiaries.  In 2023, the Company sold certain minority interests in these entities to members of management of a MasTec subsidiary, within the Company’s Pipeline Infrastructure segment, for $7.1 million of notes receivable.  These notes, of which approximately $3.2 million and $6.9 million was outstanding as of December 31, 2024 and 2023, respectively, bear interest at a rate of 5.0% per annum, and are recorded within other current or long-term assets, as appropriate, in the consolidated financial statements.  See Note 3 - Acquisitions, Goodwill and Other Intangible Assets, Net for additional information.  In 2023, the Company acquired the remaining 15% equity interests in one of its subsidiaries from two members of subsidiary management for $10.0 million in cash, plus 120,000 shares of MasTec common stock, valued at approximately $11.6 million.

95

Item 9.     CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE

None

Item 9A.     CONTROLS AND PROCEDURES 

Evaluation of Disclosure Controls and Procedures.  As of the end of the period covered by this Form 10-K, our management, with the participation of our Chief Executive Officer and Chief Financial Officer, evaluated the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rule 13a-15(e) under the Securities Exchange Act of 1934