Related Party Transactions |
9 Months Ended |
|---|---|
Sep. 30, 2026 | |
| Related Party Transactions [Abstract] | |
| Related Party Transactions | Related Party Transactions The Company rents and leases equipment and purchases certain supplies and servicing from CCI. Prior to and through a portion of the first quarter of 2026, CCI was an entity in which Juan Carlos Mas, an immediate family member of the Company’s CEO and its Chairman of the Board, served as the chairman. Additionally, a member of management of a MasTec subsidiary and an entity owned by the Mas family were minority owners of CCI until such ownership interests were sold during the first quarter of 2026, at which time the related-party relationship ended. MasTec paid CCI approximately $1.8 million for the three months ended September 30, 2025, and $2.3 million and $4.5 million for the nine months ended September 30, 2026 and 2025, respectively, for such services. Amounts payable to CCI totaled approximately $0.8 million as of December 31, 2025. The Company also rented equipment to CCI and revenue from such rentals totaled approximately $0.3 million for the nine months ended September 30, 2025. 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. MasTec incurred subcontracting expenses in connection with this arrangement of approximately $4.9 million and $2.0 million for the three months ended September 30, 2026 and 2025, respectively, and $6.7 million and $3.4 million for the nine months ended September 30, 2026 and 2025, respectively. Related amounts payable totaled approximately $4.0 million as of September 30, 2026, and were immaterial as of December 31, 2025. MasTec has an aircraft leasing arrangement with an entity that is owned by Jorge Mas. Payments related to this leasing arrangement totaled approximately $1.4 million for both the three months ended September 30, 2026 and 2025, and $4.3 million and $4.2 million for the nine months ended September 30, 2026 and 2025, respectively. 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 utility and wireless infrastructure services. Construction services related to site preparation for this new soccer complex began in 2023 and stadium construction is expected to be completed by the end of 2026. Revenue under these arrangements totaled approximately $6.5 million and $16.5 million for the three months ended September 30, 2026 and 2025, respectively, and $50.9 million and $46.1 million for the nine months ended September 30, 2026 and 2025, respectively. As of September 30, 2026 and December 31, 2025, amounts receivable related to these arrangements totaled approximately $20.5 million and $37.5 million, respectively. Payments for other expenses related to the Franchise totaled approximately $0.3 million and $0.2 million for the three months ended September 30, 2026 and 2025, respectively, and $1.4 million and $0.8 million for the nine months ended September 30, 2026 and 2025, respectively. MasTec has split dollar life insurance agreements with trusts, for one of which Jorge Mas is a trustee, and for the other of which José R. Mas is a trustee. As of both September 30, 2026 and December 31, 2025, life insurance assets associated with these agreements totaled approximately $27.5 million. In any given year, the Company may engage in certain transactions on behalf of or to former owners of acquired businesses (“former owners”) and/or entities in which members of subsidiary management have ownership or commercial interests (“related entities or entity”). A summary of these related party transactions for the periods indicated is 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. Payments to these related entities totaled approximately $9.9 million and $10.6 million for the three months ended September 30, 2026 and 2025, respectively, and $37.3 million and $27.3 million for the nine months ended September 30, 2026 and 2025, respectively. Revenue from such arrangements totaled approximately $4.1 million and $3.6 million for the three months ended September 30, 2026 and 2025, respectively, and $11.3 million and $8.6 million for the nine months ended September 30, 2026 and 2025, respectively. Payables associated with such arrangements totaled approximately $3.7 million and $4.2 million as of September 30, 2026 and December 31, 2025, respectively. As of September 30, 2026 and December 31, 2025, accounts receivable, net, less deferred revenue related to these arrangements totaled approximately $2.9 million and $3.9 million, respectively. 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, which accrued interest at a rate of 5.0% per annum. As of December 31, 2025, these notes receivable had an outstanding balance of approximately $0.4 million, which was repaid in 2026.
|