Company: MTZ
Filing Date: 2025-02-28
Form Type: 10-K
Source: 0000015615-25-000021
Chunk: 2006

Company: MASTEC INC
Filing Date: 2025-02-28
Form: 10-K
Item: Item 3
Chunk 2006
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 December 31, 2023$646.9 $742.0 $270.8 $466.7 $2,126.4 Additions from new business combinations— 0.3 23.5 53.4 77.2 Measurement period adjustments0.7 — — — 0.7 Currency translation adjustments— — — (1.2)(1.2)Goodwill, net, as of December 31, 2024$647.6 $742.3 $294.3 $518.9 $2,203.1 Accumulated impairment loss (a)— — — (110.3)(110.3)Goodwill, gross, as of December 31, 2024$647.6 $742.3 $294.3 $629.2 $2,313.4 (a)    Accumulated impairment loss includes the effects of currency translation gains and/or losses.(b)    Measurement period adjustments represent adjustments, net, to preliminary estimates of fair value within the measurement period of up to one year from the date of acquisition.  Measurement period adjustments, net, for the year ended December 31, 2023 were primarily the result of (i) updated valuations of, and estimated useful lives for, certain fixed assets, and (ii) updated estimates related to certain assets and liabilities, including contract assets and contingent liabilities.  For the year ended December 31, 2023, these updates resulted in (i) related to fixed assets, a decrease in depreciation expense of approximately $6 million, and (ii) related to contracts assets and liabilities, an increase in revenue of approximately $35 million and a decrease in costs of revenue, excluding depreciation and amortization, of approximately $8 million.  Measurement period adjustments for the year ended December 31, 2023 also included a decrease in deferred tax liabilities of approximately $36 million, an increase in contingent liabilities of approximately $28 million, including for insurance, legal and other matters, and fair value increases of approximately $10 million for certain property and equipment.The following table provides a reconciliation of changes in other intangible assets, net, for the periods indicated (in millions):Other Intangible Assets, NetCustomer Relationships and BacklogTrade Names (a)Other (b)TotalOther intangible assets, gross, as of December 31, 2022$