Company: MTZ
Filing Date: 2025-05-01
Form Type: 10-Q
Source: 0000015615-25-000052
Chunk: 273

Company: MASTEC INC
Filing Date: 2025-05-01
Form: 10-Q
Item: Part I, Item 6
Chunk 273
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 noted below.MasTec purchases, rents and leases equipment and purchases various types of supplies and services used in its business, and from time to time, rents equipment to, sells certain supplies, or performs construction services on behalf of, related entities.  For the three month periods ended March 31, 2025 and 2024, payments to these related entities totaled approximately $7.4 million and $10.3 million, respectively, and revenue from such arrangements totaled approximately $1.6 million and $4.4 million, respectively.  Payables associated with such arrangements totaled approximately $4.9 million and $2.8 million as of March 31, 2025 and December 31, 2024, respectively.  As of March 31, 2025 and December 31, 2024, accounts receivable, net, less deferred revenue related to these arrangements totaled receivables of approximately $1.4 million and $3.9 million, respectively.During the three month period ended March 31, 2025, the Company paid no amounts on behalf of or to former owners, and during three month period ended March 31, 2024, the Company paid $0.2 million of such amounts, which are obligated to be repaid under the provisions of the related purchase agreements.  As of March 31, 2025, there were no related amounts receivable, and as of December 31, 2024, amounts receivable for such payments totaled approximately $0.2 million.Additionally, the Company has certain arrangements with a related entity, including a fee arrangement in conjunction with a $15.0 million letter of credit issued by the Company on behalf of this entity.  Income recognized in connection with these arrangements totaled approximately $0.2 million for both the three month periods ended March 31, 2025 and 2024.  As of March 31, 2025 and December 31, 2024, related amounts receivable totaled approximately $0.5 million and $0.4 million, respectively.  This letter of credit was cancelled as of March 31, 2025.

22

Non-controlling interests in entities consolidated by the Company represent ownership interests held by members of management of certain of the Company’s subsidiaries.  The Company sold certain minority interests in these entities to members of management of a MasTec subsidiary for $7.1 million of notes receivable in a prior year.  These notes,