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Related Party Transactions
9 Months Ended
Sep. 30, 2014
Related Party Transactions [Abstract]  
Related Party Transactions
Note 17 - Related Party Transactions
MasTec purchases, rents and leases equipment used in its business from a number of different vendors on a non-exclusive basis, including Cross Country Pipeline Supply, Inc. (“CCP”), in which MasTec invested $15 million in the fourth quarter of 2013, and which is accounted for as a cost method investment. Juan Carlos Mas, who is the brother of Jorge Mas, Chairman of MasTec's Board of Directors, and Jose Mas, MasTec's Chief Executive Officer, serves as the chairman of CCP. In addition, an entity owned by the Mas family, including Jorge and Jose Mas, is a minority shareholder of CCP. MasTec paid CCP approximately $1.9 million and $4.6 million for equipment rentals, leases and servicing for the three and nine month periods ended September 30, 2014, respectively.
MasTec leases employees to a customer, in which Jorge Mas and Jose Mas own a minority interest. For the three month periods ended September 30, 2014 and 2013, MasTec charged approximately $0.2 million and $0.1 million, respectively, to this customer. For the nine month periods ended September 30, 2014 and 2013, MasTec charged approximately $0.5 million and $0.4 million, respectively, to this customer. As of both September 30, 2014 and December 31, 2013, receivables of $0.1 million attributable to this arrangement were outstanding. The Company also provides satellite communication services to this customer. For the three month periods ended September 30, 2014 and 2013, satellite communication revenues relating to this customer were approximately $0.3 million and $0.4 million, respectively. For the nine month periods ended September 30, 2014 and 2013, satellite communication revenues relating to this customer were approximately $0.8 million and $1.0 million, respectively. As of both September 30, 2014 and December 31, 2013, outstanding receivables from this arrangement totaled $0.4 million.
See Note 3 - Acquisitions for discussion of the Company's equity method investments and contractual joint venture.
Split Dollar Agreements
In August 2014, Jose Mas, the Company and Jorge Mas, Juan Carlos Mas and Patricia Mas, as trustees of the Jose Ramon Mas Irrevocable Trust, dated December 7, 2012 (the “trust”) entered into a split dollar life insurance agreement that replaces the prior split dollar agreement and eliminates the deferred bonus agreement with Jose Mas. Under the new split dollar agreement, MasTec is the sole owner of each of the policies subject to the agreement. The Company will make the premium payments under each of such policies. Upon the death of Jose Mas or the survivor of Jose Mas and his wife (collectively, the “insureds”) under the applicable policy, MasTec is entitled to receive a portion of the death benefit under such policy equal to the greater of (i) premiums paid by the Company on such policy and (ii) the then cash value of such policy (excluding surrender charges or other similar charges or reductions) immediately before the triggering death. The balance of the death benefit is payable to the trust or other beneficiary designated by the trustees. In the event of the Company’s bankruptcy or dissolution, the trust shall have the assignable option to purchase any or all of the policies subject to the split dollar agreement from the Company. The purchase price for each policy shall be the greater of (x) premiums paid by the Company on such policy or (y) the then cash value of such policy (excluding surrender charges or other similar charges or reductions). The total maximum face amount of the insurance for policies subject to the split dollar agreement is capped at $75 million. The Company is designated as the named fiduciary under the split dollar agreement, and the policy may not be surrendered without the express written consent of the trust.

For the three month period ended September 30, 2014, the Company made no payments in connection with the agreements for Jose Mas, and for the nine month period ended September 30, 2014, payments were less than $0.1 million. There were no payments made in connection with the agreements for Jose Mas in either of the three or nine month periods ended September 30, 2013. MasTec also has a split dollar agreement with Jorge Mas. The Company paid approximately $1.3 million and $1.8 million in connection with this agreement for the three and nine month periods ended September 30, 2014, respectively, and paid approximately $1.1 million and $1.2 million in connection with this agreement for the three and nine month periods ended September 30, 2013, respectively. As of September 30, 2014 and December 31, 2013, life insurance assets associated with these agreements of $11.1 million and $10.2 million, respectively, were included within other long-term assets in the condensed unaudited consolidated balance sheets. For additional information regarding the split dollar and deferred bonus agreements with Jorge Mas, see Note 17 - Related Party Transactions in the notes to the Company's consolidated financial statements included in its Annual Report on Form 10-K for the year ended December 31, 2013.