Company: MTZ
Filing Date: 2025-10-30
Form Type: 10-Q
Source: 0000015615-25-000128
Chunk: 8

Company: MASTEC INC
Filing Date: 2025-10-30
Form: 10-Q
Item: Part I, Item 1
Chunk 8
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 these consolidated financial statements are adequate to make the information not misleading.In the first quarter of 2025, the Company made changes to its Communications segment and Power Delivery segment structures to more closely align with the segments’ end markets and to better correspond with the operational management reporting structures of both segments.  These changes included moving a component with utility operations previously reported in the Communications segment to the Power Delivery segment.  These changes did not impact the Company’s consolidated financial statements, but did impact its reportable segments, including historical financial information.  See Note 10 – Segments and Related Information for additional information pertaining to the Company’s reportable segments.  The segments are reported on a comparable basis for all periods presented.Principles of ConsolidationThe accompanying consolidated financial statements include MasTec, Inc. and its subsidiaries and include the accounts of all majority owned subsidiaries over which the Company exercises control and, when applicable, entities in which the Company has a controlling financial interest.  All significant intercompany balances and transactions have been eliminated in consolidation.  Other parties’ interests in entities that MasTec consolidates are reported as non-controlling interests within equity.  Net income or loss attributable to non-controlling interests is reported as a separate line item below net income or loss.  Investments in entities for which the Company does not have a controlling financial interest, but over which it has the ability to exert significant influence, are accounted for under the equity method of accounting.  For equity investees in which the Company has an undivided interest in the assets, liabilities and profits or losses of an unincorporated entity, but does not exercise control over the entity, the Company consolidates its proportional interest in the accounts of the entity.Translation of Foreign CurrenciesThe assets and liabilities of foreign subsidiaries with a functional currency other than the U.S. dollar are translated into U.S. dollars at period-end exchange rates and revenue and expenses are translated at average rates of exchange during the applicable period, with resulting translation gains or losses included within other comprehensive income or loss.  Substantially all of the Company’s foreign operations use their local currency as their functional currency.  For foreign operations for which the local currency is not the functional currency, the operation’s non-monetary assets are remeasured into U.S. dollars at historical exchange rates.  All other accounts are remeasured at current exchange rates.  Gains or losses from remeasurement are included in other income or expense, net.  Currency gains or losses resulting from transactions executed in currencies