Company: MTZ
Filing Date: 2025-02-28
Form Type: 10-K
Source: 0000015615-25-000021
Chunk: 1324

Company: MASTEC INC
Filing Date: 2025-02-28
Form: 10-K
Item: Item 1A
Chunk 1324
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 $105.5 $(0.4)Deferred:Federal$(26.2)$(119.7)$5.9 Foreign0.0 (0.1)0.6 State and local(8.3)(21.1)3.1 $(34.5)$(140.9)$9.6 Provision for (benefit from) income taxes$51.5 $(35.4)$9.2 The tax effects of significant items comprising the Company’s net deferred tax liability as of the dates indicated were as follows (in millions):December 31,20242023Deferred tax assets:Accrued insurance$54.0 $51.2 Operating loss carryforwards and tax credits93.3 87.5 Compensation and benefits45.1 34.9 Bad debt4.6 3.8 Other20.5 24.4 Capitalized expenses332.6 243.7 Valuation allowance(64.7)(60.4)Total deferred tax assets$485.4 $385.1 Deferred tax liabilities:Property and equipment$299.7 $345.9 Goodwill112.9 95.0 Other intangible assets75.8 96.7 Gain on remeasurement of equity investee7.3 7.3 Revenue recognition203.0 81.3 Investments in unconsolidated entities117.6 113.3 Other31.9 36.0 Total deferred tax liabilities$848.2 $775.5 Net deferred tax liabilities$(362.8)$(390.4)

87

In assessing the ability to realize the Company’s deferred tax assets, management considers whether it is more likely than not that some portion, or all, of its deferred tax assets will not be realized.  The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which these temporary differences become deductible.  Management considers the Company’s projected future taxable income and prudent and feasible tax planning strategies in making this assessment.  The Company’s valuation allowances as of both December 31, 2024 and 2023 are related primarily to foreign and state net operating losses and deferred tax assets.The Company’s deferred tax assets for its state net operating loss carryforwards, which may be carried forward from 5 years to indefinitely, depending on the jurisdiction, totaled approximately $28