Company: MTZ
Filing Date: 2025-02-28
Form Type: 10-K
Source: 0000015615-25-000021
Chunk: 887

Company: MASTEC INC
Filing Date: 2025-02-28
Form: 10-K
Item: Item 1
Chunk 887
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, 2023 and 2022, MasTec paid CCI $11.7 million, $7.3 million and $4.0 million, respectively, for such services, and related amounts payable totaled approximately $0.7 million and $4.6 million as of December 31, 2024 and 2023, respectively.  The Company also rents equipment to CCI and revenue from such rentals totaled approximately $0.5 million and $0.3 million for the years ended December 31, 2024 and 2022, respectively, and for the year ended December 31, 2023, there was no revenue from such arrangements.MasTec has a subcontracting arrangement with an entity for the performance of construction services, the minority owners of which include an entity controlled by Jorge Mas and José R. Mas, along with two members of management of a MasTec subsidiary.  For the years ended December 31, 2024, 2023 and 2022, MasTec incurred subcontracting expenses in connection with this arrangement of approximately $5.8 million, $8.7 million and $0.2 million, respectively.  Related amounts payable were immaterial as of December 31, 2024, and totaled approximately $3.1 million as of December 31, 2023.MasTec has an aircraft leasing arrangement with an entity that is owned by Jorge Mas.  For the years ended December 31, 2024, 2023 and 2022, MasTec paid approximately $6.3 million, $2.7 million and $2.6 million, respectively, related to this leasing arrangement.  Related amounts payable were immaterial as of December 31, 2024, and totaled approximately $0.2 million as of December 31, 2023.MasTec performs construction services on behalf of a professional Miami soccer franchise (the “Franchise”) in which Jorge Mas and José R. Mas are majority owners.  Construction services include, and have included, the construction of a soccer facility and stadium as well as wireless infrastructure services.  In the third quarter of 2023, construction services related to site preparation for a new soccer complex began.  For the years ended December 31, 2024 and 2023, revenue under these arrangements totaled approximately $24.9 million and $10.7 million, respectively, and related amounts receivable totaled approximately     $12.