Company: MTZ
Filing Date: 2025-02-28
Form Type: 10-K
Source: 0000015615-25-000021
Chunk: 639

Company: MASTEC INC
Filing Date: 2025-02-28
Form: 10-K
Item: Item 1
Chunk 639
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 shares were delivered with shares reacquired by the Company on the open market.  For both the years ended December 31, 2024 and 2023, compensation expense associated with the Company’s ESPPs totaled approximately $1.5 million, and for the year ended December 31, 2022, such compensation expense totaled approximately $1.3 million.401(k) Plan.  MasTec has a 401(k) plan covering all eligible employees, which allows participants to contribute up to 75% of their pre-tax annual compensation to the plan, subject to certain limitations.  Company contributions under the plan are based upon a percentage of the employee’s salary, subject to certain limitations as defined by the plan.  During the years ended December 31, 2024, 2023 and 2022, matching contributions totaled approximately $35.3 million, $36.1 million and $30.2 million, respectively.Deferred Compensation Plans.  MasTec offers a deferred compensation plan to eligible highly compensated employees.  These employees are allowed to contribute a percentage of their pre-tax annual compensation to the deferred compensation plan.  The Company also offers a deferred compensation plan to its Board of Directors, under which directors may elect to defer the receipt of compensation for their services.  The Company also has remaining obligations under other deferred compensation plans, primarily related to acquired companies.  Total deferred compensation plan assets, which are included within other long-term assets in the consolidated balance sheets, totaled $29.0 million and $26.0 million as of December 31, 2024 and 2023, respectively.  Total deferred compensation plan liabilities, which are included within other long-term liabilities in the consolidated balance sheets, totaled $35.4 million and $32.7 million as of December 31, 2024 and 2023, respectively.

 Note 10 – Other Retirement Plans 

Multiemployer PlansAs discussed in Note 1 - Business, Basis of Presentation and Significant Accounting Policies, certain of MasTec’s subsidiaries are party to various collective bargaining agreements with unions representing certain of their employees, which require the Company to pay specified wages, provide certain benefits to their union employees and contribute certain amounts to MEPPs.  The PPA defines the funding rules for defined benefit pension plans and establishes funding classifications for U.S.-registered multiemployer pension plans.  Under the PPA, plans are classified into one of five categories based on multiple factors, which categories are also referred to as a plan’s