Cover Page
Cover Page - shares | 9 Months Ended | |
Sep. 30, 2023 | Oct. 30, 2023 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2023 | |
Document Transition Report | false | |
Entity File Number | 001-08106 | |
Entity Registrant Name | MasTec, Inc. | |
Entity Incorporation, State or Country Code | FL | |
Entity Tax Identification Number | 65-0829355 | |
Entity Address, Address Line One | 800 S. Douglas Road, 12th Floor | |
Entity Address, City or Town | Coral Gables, | |
Entity Address, State or Province | FL | |
Entity Address, Postal Zip Code | 33134 | |
City Area Code | 305 | |
Local Phone Number | 599-1800 | |
Title of 12(b) Security | Common Stock, $0.10 Par Value | |
Trading Symbol | MTZ | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 78,823,118 | |
Entity Central Index Key | 0000015615 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Income Statement [Abstract] | ||||
Revenue | $ 3,257,077 | $ 2,513,484 | $ 8,715,851 | $ 6,769,677 |
Costs of revenue, excluding depreciation and amortization | 2,857,118 | 2,187,835 | 7,701,392 | 5,949,262 |
Depreciation | 115,033 | 91,291 | 325,318 | 263,487 |
Amortization of intangible assets | 42,266 | 27,979 | 126,252 | 81,242 |
General and administrative expenses | 180,640 | 125,068 | 520,709 | 404,243 |
Interest expense, net | 62,556 | 26,885 | 174,664 | 62,313 |
Equity in earnings of unconsolidated affiliates, net | (6,787) | (6,059) | (23,434) | (19,423) |
Other (income) expense, net | (16,623) | 174 | (26,332) | (1,897) |
Income (loss) before income taxes | 22,874 | 60,311 | (82,718) | 30,450 |
(Provision for) benefit from income taxes | (7,569) | (11,089) | 34,231 | 68 |
Net income (loss) | 15,305 | 49,222 | (48,487) | 30,518 |
Net income attributable to non-controlling interests | 1,009 | 326 | 2,215 | 388 |
Net income (loss) attributable to MasTec, Inc. | $ 14,296 | $ 48,896 | $ (50,702) | $ 30,130 |
Earnings (loss) per share (Note 2): | ||||
Basic earnings (loss) per share (in dollars per share) | $ 0.18 | $ 0.66 | $ (0.65) | $ 0.41 |
Basic weighted average common shares outstanding (in shares) | 77,640 | 73,936 | 77,418 | 74,386 |
Diluted earnings (loss) per share (in dollars per share) | $ 0.18 | $ 0.65 | $ (0.65) | $ 0.38 |
Diluted weighted average common shares outstanding (in shares) | 78,455 | 75,073 | 77,418 | 75,576 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income (loss) | $ 15,305 | $ 49,222 | $ (48,487) | $ 30,518 |
Other comprehensive income: | ||||
Foreign currency translation (losses) gains, net of tax | (863) | (3,382) | 816 | (4,212) |
Unrealized gains on investment activity, net of tax | 3,649 | 10,070 | 4,048 | 31,667 |
Comprehensive income (loss) | 18,091 | 55,910 | (43,623) | 57,973 |
Comprehensive income attributable to non-controlling interests | 1,009 | 326 | 2,215 | 388 |
Comprehensive income (loss) attributable to MasTec, Inc. | $ 17,082 | $ 55,584 | $ (45,838) | $ 57,585 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 214,174 | $ 370,592 |
Accounts receivable, net of allowance | 1,542,913 | 1,399,732 |
Contract assets | 1,967,046 | 1,729,886 |
Inventories, net | 129,146 | 117,969 |
Prepaid expenses | 82,344 | 122,308 |
Other current assets | 102,910 | 118,640 |
Total current assets | 4,038,533 | 3,859,127 |
Property and equipment, net | 1,729,840 | 1,754,101 |
Operating lease right-of-use assets | 403,070 | 279,534 |
Goodwill, net | 2,118,866 | 2,045,041 |
Other intangible assets, net | 821,329 | 946,299 |
Other long-term assets | 418,089 | 409,157 |
Total assets | 9,529,727 | 9,293,259 |
Current liabilities: | ||
Current portion of long-term debt, including finance leases | 175,340 | 171,916 |
Current portion of operating lease liabilities | 131,781 | 96,516 |
Accounts payable | 1,213,859 | 1,109,867 |
Accrued salaries and wages | 248,458 | 181,888 |
Other accrued expenses | 331,396 | 365,971 |
Contract liabilities | 506,457 | 406,232 |
Other current liabilities | 204,002 | 163,647 |
Total current liabilities | 2,811,293 | 2,496,037 |
Long-term debt, including finance leases | 3,029,939 | 3,052,193 |
Long-term operating lease liabilities | 279,302 | 194,050 |
Deferred income taxes | 455,009 | 571,401 |
Other long-term liabilities | 240,463 | 238,391 |
Total liabilities | 6,816,006 | 6,552,072 |
Commitments and contingencies (Note 14) | ||
Equity | ||
Preferred stock, $1.00 par value: authorized shares - 5,000,000; issued and outstanding shares – none | 0 | 0 |
Common stock, $0.10 par value: authorized shares - 145,000,000; issued shares - 98,638,673 and 98,615,105 (including 1,329,340 and 2,047,130 of unvested stock awards) as of September 30, 2023 and December 31, 2022, respectively | 9,864 | 9,862 |
Capital surplus | 1,254,444 | 1,246,590 |
Retained earnings | 2,145,040 | 2,195,742 |
Accumulated other comprehensive loss | (46,091) | (50,955) |
Treasury stock, at cost: 19,813,055 and 19,933,055 shares as of September 30, 2023 and December 31, 2022, respectively | (659,913) | (663,910) |
Total MasTec, Inc. shareholders’ equity | 2,703,344 | 2,737,329 |
Non-controlling interests | 10,377 | 3,858 |
Total equity | 2,713,721 | 2,741,187 |
Total liabilities and equity | $ 9,529,727 | $ 9,293,259 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Sep. 30, 2023 | Dec. 31, 2022 |
Preferred stock, par value (in dollars per share) | $ 1 | $ 1 |
Preferred stock, shares authorized (in shares) | 5,000,000 | 5,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.10 | $ 0.10 |
Common stock, shares authorized (in shares) | 145,000,000 | 145,000,000 |
Common stock, shares issued (in shares) | 98,638,673 | 98,615,105 |
Treasury stock, shares (in shares) | 19,813,055 | 19,933,055 |
Common Stock | ||
Common stock, shares issued (in shares) | 98,638,673 | 98,615,105 |
Restricted Stock Awards | Common Stock | ||
Unvested stock awards (in shares) | 1,329,340 | 2,047,130 |
Consolidated Statements of Equi
Consolidated Statements of Equity - USD ($) $ in Thousands | Total | Total MasTec, Inc. Shareholders’ Equity | Common Stock | Treasury Stock | Capital Surplus | Retained Earnings | Accumulated Other Comprehensive Loss | Non-Controlling Interests |
Beginning balance, common shares outstanding (in shares) at Dec. 31, 2021 | 95,371,211 | |||||||
Beginning balance at Dec. 31, 2021 | $ 2,543,861 | $ 2,539,809 | $ 9,537 | $ (586,955) | $ 1,033,615 | $ 2,162,388 | $ (78,776) | $ 4,052 |
Beginning balance, treasury shares (in shares) at Dec. 31, 2021 | (18,941,926) | |||||||
Condensed Unaudited Consolidated Statements of Equity | ||||||||
Net (loss) income | 30,518 | 30,130 | 30,130 | 388 | ||||
Other comprehensive income | 27,455 | 27,455 | 27,455 | |||||
Non-cash stock-based compensation | 18,870 | 18,870 | 18,870 | |||||
Issuance of restricted shares, net (in shares) | 145,450 | |||||||
Issuance of restricted shares, net | 0 | 0 | $ 15 | (15) | ||||
Shares withheld for taxes, net of other stock issuances (in shares) | (49,016) | |||||||
Shares withheld for taxes, net of other stock issuances | (4,122) | (4,122) | $ (5) | (4,117) | ||||
Issuance of shares in connection with acquisition (in shares) | 133,157 | |||||||
Issuance of shares in connection with acquisition | $ 11,222 | 11,222 | $ 4,336 | 6,886 | ||||
Acquisition of treasury stock, at cost (in shares) | (1,124,000) | (1,124,286) | ||||||
Acquisition of treasury stock, at cost | $ (81,291) | (81,291) | $ (81,291) | |||||
Ending balance, common shares outstanding (in shares) at Sep. 30, 2022 | 95,467,645 | |||||||
Ending balance at Sep. 30, 2022 | 2,546,513 | 2,542,073 | $ 9,547 | $ (663,910) | 1,055,239 | 2,192,518 | (51,321) | 4,440 |
Ending balance, treasury shares (in shares) at Sep. 30, 2022 | (19,933,055) | |||||||
Beginning balance, common shares outstanding (in shares) at Jun. 30, 2022 | 95,491,405 | |||||||
Beginning balance at Jun. 30, 2022 | 2,484,942 | 2,480,828 | $ 9,549 | $ (663,910) | 1,049,576 | 2,143,622 | (58,009) | 4,114 |
Beginning balance, treasury shares (in shares) at Jun. 30, 2022 | (19,933,055) | |||||||
Condensed Unaudited Consolidated Statements of Equity | ||||||||
Net (loss) income | 49,222 | 48,896 | 48,896 | 326 | ||||
Other comprehensive income | 6,688 | 6,688 | 6,688 | |||||
Non-cash stock-based compensation | 5,698 | 5,698 | 5,698 | |||||
Forfeiture of restricted shares, net (in shares) | (23,312) | |||||||
Forfeiture of restricted shares, net | 0 | $ (2) | 2 | |||||
Shares withheld for taxes, net of other stock issuances (in shares) | (448) | |||||||
Shares withheld for taxes, net of other stock issuances | $ (37) | (37) | (37) | |||||
Acquisition of treasury stock, at cost (in shares) | 0 | |||||||
Ending balance, common shares outstanding (in shares) at Sep. 30, 2022 | 95,467,645 | |||||||
Ending balance at Sep. 30, 2022 | $ 2,546,513 | 2,542,073 | $ 9,547 | $ (663,910) | 1,055,239 | 2,192,518 | (51,321) | 4,440 |
Ending balance, treasury shares (in shares) at Sep. 30, 2022 | (19,933,055) | |||||||
Beginning balance, common shares outstanding (in shares) at Dec. 31, 2022 | 98,615,105 | 98,615,105 | ||||||
Beginning balance at Dec. 31, 2022 | $ 2,741,187 | 2,737,329 | $ 9,862 | $ (663,910) | 1,246,590 | 2,195,742 | (50,955) | 3,858 |
Beginning balance, treasury shares (in shares) at Dec. 31, 2022 | (19,933,055) | (19,933,055) | ||||||
Condensed Unaudited Consolidated Statements of Equity | ||||||||
Net (loss) income | $ (48,487) | (50,702) | (50,702) | 2,215 | ||||
Other comprehensive income | 4,864 | 4,864 | 4,864 | |||||
Non-cash stock-based compensation | 24,336 | 24,336 | 24,336 | |||||
Issuance of restricted shares, net (in shares) | 137,406 | |||||||
Issuance of restricted shares, net | 0 | 0 | $ 14 | (14) | ||||
Shares withheld for taxes, net of other stock issuances (in shares) | (117,950) | |||||||
Shares withheld for taxes, net of other stock issuances | (5,410) | (5,410) | $ (12) | (5,398) | ||||
Issuance of shares in connection with acquisition (in shares) | 4,112 | |||||||
Issuance of shares in connection with acquisition | 403 | 403 | 403 | |||||
Purchase of non-controlling interests (in shares) | 120,000 | |||||||
Purchase of non-controlling interests | (10,000) | (7,476) | $ 3,997 | (11,473) | (2,524) | |||
Acquisition-related assumption of non-controlling interest | $ 6,828 | 6,828 | ||||||
Acquisition of treasury stock, at cost (in shares) | 0 | |||||||
Ending balance, common shares outstanding (in shares) at Sep. 30, 2023 | 98,638,673 | 98,638,673 | ||||||
Ending balance at Sep. 30, 2023 | $ 2,713,721 | 2,703,344 | $ 9,864 | $ (659,913) | 1,254,444 | 2,145,040 | (46,091) | 10,377 |
Ending balance, treasury shares (in shares) at Sep. 30, 2023 | (19,813,055) | (19,813,055) | ||||||
Beginning balance, common shares outstanding (in shares) at Jun. 30, 2023 | 98,674,249 | |||||||
Beginning balance at Jun. 30, 2023 | $ 2,688,420 | 2,679,052 | $ 9,867 | $ (659,913) | 1,247,231 | 2,130,744 | (48,877) | 9,368 |
Beginning balance, treasury shares (in shares) at Jun. 30, 2023 | (19,813,055) | |||||||
Condensed Unaudited Consolidated Statements of Equity | ||||||||
Net (loss) income | 15,305 | 14,296 | 14,296 | 1,009 | ||||
Other comprehensive income | 2,786 | 2,786 | 2,786 | |||||
Non-cash stock-based compensation | 7,246 | 7,246 | 7,246 | |||||
Forfeiture of restricted shares, net (in shares) | (35,183) | |||||||
Forfeiture of restricted shares, net | 0 | $ (3) | 3 | |||||
Shares withheld for taxes, net of other stock issuances (in shares) | (393) | |||||||
Shares withheld for taxes, net of other stock issuances | $ (36) | (36) | (36) | |||||
Acquisition of treasury stock, at cost (in shares) | 0 | |||||||
Ending balance, common shares outstanding (in shares) at Sep. 30, 2023 | 98,638,673 | 98,638,673 | ||||||
Ending balance at Sep. 30, 2023 | $ 2,713,721 | $ 2,703,344 | $ 9,864 | $ (659,913) | $ 1,254,444 | $ 2,145,040 | $ (46,091) | $ 10,377 |
Ending balance, treasury shares (in shares) at Sep. 30, 2023 | (19,813,055) | (19,813,055) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Cash flows from operating activities: | ||
Net (loss) income | $ (48,487) | $ 30,518 |
Adjustments to reconcile net (loss) income to net cash provided by operating activities: | ||
Depreciation | 325,318 | 263,487 |
Amortization of intangible assets | 126,252 | 81,242 |
Non-cash stock-based compensation expense | 24,336 | 18,870 |
Benefit from deferred income taxes | (77,781) | (9,293) |
Equity in earnings of unconsolidated affiliates, net | (23,434) | (19,423) |
Gains on sales of assets, net | (19,082) | (21,914) |
Non-cash interest expense, net | 4,354 | 2,574 |
Other non-cash items, net | 3,827 | 1,601 |
Changes in assets and liabilities, net of acquisitions: | ||
Accounts receivable | (118,448) | (22,065) |
Contract assets | (244,340) | (383,053) |
Inventories | 24,569 | (36,130) |
Other assets, current and long-term portion | 76,234 | 34,060 |
Accounts payable and accrued expenses | 104,755 | 293,899 |
Contract liabilities | 70,976 | (66,027) |
Other liabilities, current and long-term portion | (32,477) | (49,675) |
Net cash provided by operating activities | 196,572 | 118,671 |
Cash flows from investing activities: | ||
Cash paid for acquisitions, net of cash acquired | (68,817) | (71,841) |
Capital expenditures | (157,369) | (213,325) |
Proceeds from sales of property and equipment | 55,936 | 47,195 |
Payments for other investments | (1,899) | (3,723) |
Proceeds from other investments | 425 | 0 |
Other investing activities, net | 41 | 0 |
Net cash used in investing activities | (171,683) | (241,694) |
Cash flows from financing activities: | ||
Proceeds from credit facilities | 3,256,200 | 2,578,000 |
Repayments of credit facilities | (3,268,763) | (2,429,583) |
Payments of finance lease obligations | (120,198) | (131,259) |
Repurchases of common stock | 0 | (81,291) |
Payments of acquisition-related contingent consideration | (21,638) | (35,149) |
Payments for acquisition-related contingent assets | 0 | (17,636) |
Payments to non-controlling interests, including acquisition of interests and distributions | (11,660) | 0 |
Payments for stock-based awards | (10,293) | (4,061) |
Other financing activities, net | (5,235) | (18,499) |
Net cash used in financing activities | (181,587) | (139,478) |
Effect of currency translation on cash | 280 | (2,559) |
Net decrease in cash and cash equivalents | (156,418) | (265,060) |
Cash and cash equivalents - beginning of period | 370,592 | 360,736 |
Cash and cash equivalents - end of period | 214,174 | 95,676 |
Supplemental cash flow information: | ||
Interest paid | 187,353 | 69,327 |
Income taxes paid, net of refunds | 15,023 | 1,827 |
Supplemental disclosure of non-cash information: | ||
Additions to property and equipment from finance leases | $ 113,195 | $ 184,700 |
Business, Basis of Presentation
Business, Basis of Presentation and Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2023 | |
Accounting Policies [Abstract] | |
Business, Basis of Presentation and Significant Accounting Policies | Business, Basis of Presentation and Significant Accounting Policies Nature of the Business MasTec, Inc. (collectively with its subsidiaries, “MasTec” or the “Company”) is a leading infrastructure construction company operating mainly throughout North America across a range of industries. The Company’s primary activities include the engineering, building, installation, maintenance and upgrade of communications, energy, utility and other infrastructure, such as: power delivery services, including transmission, distribution, environmental planning and compliance; wireless, wireline/fiber and customer fulfillment activities; power generation, primarily from clean energy and renewable sources; pipeline distribution infrastructure, including natural gas, carbon capture sequestration, water and pipeline integrity services; heavy civil; industrial infrastructure; and environmental remediation services. MasTec’s customers are primarily in these industries. MasTec reports its results under five reportable segments: (1) Communications; (2) Clean Energy and Infrastructure; (3) Oil and Gas; (4) Power Delivery and (5) Other. Basis of Presentation The accompanying consolidated financial statements are unaudited and have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) for interim financial information and with the instructions for Form 10-Q and Rule 10-01 of Regulation S-X. Pursuant to these rules and regulations, certain information and footnote disclosures normally included in the annual audited consolidated financial statements prepared in accordance with U.S. GAAP have been condensed or omitted. The accompanying consolidated balance sheet as of December 31, 2022 is derived from the Company’s audited financial statements as of that date. Because certain information and footnote disclosures have been condensed or omitted, these consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto as of and for the year ended December 31, 2022 contained in the Company’s 2022 Annual Report on Form 10-K (the “2022 Form 10-K”). In management’s opinion, all normal and recurring adjustments considered necessary for a fair presentation of the financial position, results of operations and cash flows for the periods presented have been included. When appropriate, prior year amounts are reclassified to conform with the current period presentation. Interim period operating results do not necessarily indicate the results that may be expected for any other interim period or for the full fiscal year. The Company believes that the disclosures made in these consolidated financial statements are adequate to make the information not misleading. Principles of Consolidation The accompanying consolidated financial statements include MasTec, Inc. and its subsidiaries and include the accounts of all majority owned subsidiaries over which the Company exercises control and, when applicable, entities in which the Company has a controlling financial interest. All significant intercompany balances and transactions have been eliminated in consolidation. Other parties’ interests in entities that MasTec consolidates are reported as non-controlling interests within equity, except for mandatorily redeemable non-controlling interests, which are recorded within other liabilities. Net income or loss attributable to non-controlling interests is reported as a separate line item below net income or loss. Investments in entities for which the Company does not have a controlling financial interest, but over which it has the ability to exert significant influence, are accounted for under the equity method of accounting. For equity investees in which the Company has an undivided interest in the assets, liabilities and profits or losses of an unincorporated entity, but does not exercise control over the entity, the Company consolidates its proportional interest in the accounts of the entity. Translation of Foreign Currencies The assets and liabilities of foreign subsidiaries with a functional currency other than the U.S. dollar are translated into U.S. dollars at period-end exchange rates, with resulting translation gains or losses included within other comprehensive income or loss. Revenue and expenses are translated into U.S. dollars at average rates of exchange during the applicable period. Substantially all of the Company’s foreign operations use their local currency as their functional currency. For foreign operations for which the local currency is not the functional currency, the operation’s non-monetary assets are remeasured into U.S. dollars at historical exchange rates. All other accounts are remeasured at current exchange rates. Gains or losses from remeasurement are included in other income or expense, net. Currency gains or losses resulting from transactions executed in currencies other than the functional currency are included in other income or expense, net. In these consolidated financial statements, “$” means U.S. dollars unless otherwise noted. Management Estimates The preparation of consolidated financial statements in accordance with U.S. GAAP requires the use of estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. These estimates are based on historical experience and various other assumptions that management believes to be reasonable under the circumstances, including the potential future effects of macroeconomic trends and events, such as inflation and interest rate levels; uncertainty from potential market volatility; other market, industry and regulatory factors, including uncertainty related to the implementation and pace of governmental programs and initiatives and project permitting issues, and other regulatory matters or uncertainty; supply chain disruptions; climate-related matters; global events, such as military conflicts; and public health matters. These estimates form the basis for making judgments about the Company’s operating results and the carrying values of assets and liabilities that are not readily apparent from other sources. While management believes that such estimates are reasonable when considered in conjunction with the Company’s consolidated financial position and results of operations taken as a whole, actual results could differ materially from these estimates. Key estimates include: the recognition of revenue and project profit or loss, which the Company defines as project revenue less project costs of revenue, including project-related depreciation, in particular, on construction contracts accounted for under the cost-to-cost method, for which the recorded amounts require estimates of costs to complete and the amount and probability of variable consideration included in the contract transaction price; fair value estimates, including those related to goodwill and intangible assets, long-lived and other assets, equity investments, acquisition-related liabilities, including contingent consideration, other liabilities and debt obligations; asset lives used in computing depreciation and amortization; fair values of financial instruments; allowances for credit losses; self-insurance liabilities; certain other accruals and allowances; income taxes; and the estimated effects of litigation and other contingencies. General Economic, Market and Regulatory Conditions The Company has experienced, and may continue to experience, direct and indirect negative effects on its business and operations from negative economic, market, and regulatory conditions, including the current level of market interest rates; continuing inflationary effects on the cost of fuel, labor and materials; supply chain disruptions; uncertainty related to the implementation and pace of spending under governmental programs and initiatives related to infrastructure and other industrial investment, delays and uncertainty related to project permitting and other regulatory matters or uncertainty; climate, environmental and sustainability-related matters; public health matters; changes in technology, tax and other incentives; and potential market volatility that could negatively affect demand for future projects, and/or delay existing project timing or cause increased project costs. The extent to which these conditions could affect the Company’s business, operations and financial results is uncertain as it will depend upon numerous evolving factors that management may not be able to accurately predict, and, therefore, any future impacts on the Company’s business, financial condition and/or results of operations cannot be quantified or predicted with specificity, including with respect to the effects of ongoing and recent geopolitical events, such as the political unrest and military conflicts in the Middle East and Ukraine, which could potentially increase volatility and uncertainty in the energy and capital markets. Significant Accounting Policies Revenue Recognition The Company recognizes revenue from contracts with customers when, or as, control of promised services and goods is transferred to customers. The amount of revenue recognized reflects the consideration to which the Company expects to be entitled in exchange for the services and goods transferred. The Company primarily recognizes revenue over time utilizing the cost-to-cost measure of progress, which best depicts the continuous transfer of control of goods or services to the customer, and correspondingly, when performance obligations are satisfied for the related contracts. Contracts. The Company derives revenue primarily from construction projects performed under: (i) master service and other service agreements, which generally provide a menu of available services in a specific geographic territory that are utilized on an as-needed basis, and are typically priced using either a time and materials or a fixed price per unit basis; and (ii) contracts for specific projects requiring the construction and installation of an entire infrastructure system, or specified units within an infrastructure system, which may be subject to one or multiple pricing options, including fixed price, unit price, time and materials, or cost plus a markup. Revenue derived from projects performed under master service and other service agreements totaled 37% and 52% of consolidated revenue for the three month periods ended September 30, 2023 and 2022, respectively, and totaled 42% and 54% for the nine month periods ended September 30, 2023 and 2022, respectively. For certain master service and other service agreements, revenue is recognized at a point in time, primarily for install-to-the-home and certain other wireless services in the Company’s Communications segment, and to a lesser extent, certain revenue in the Company’s Clean Energy and Infrastructure and Oil and Gas segments. Point in time revenue is recognized when the work order has been fulfilled, which, for the majority of the Company’s point in time revenue, is the same day it is initiated. Point in time revenue accounted for approximately 2% and 3% of consolidated revenue for the three and nine month periods ended September 30, 2023, respectively, and totaled approximately 4% for both the three and nine month periods ended September 30, 2022. The total contract transaction price and cost estimation processes used for recognizing revenue over time under the cost-to-cost method is primarily based on the professional knowledge and experience of the Company’s project managers, operational and financial professionals, and other professional expertise, as warranted. Management reviews estimates of total contract transaction price and total project costs on an ongoing basis. Changes in job performance, job conditions and management’s assessment of the estimated amount and probability of variable consideration are factors that influence estimates of the total contract transaction price, total costs to complete those contracts and the Company’s profit recognition. Changes in these factors could result in revisions to revenue in the period in which the revisions are determined, which revisions could materially affect the Company’s consolidated results of operations for that period. Provisions for losses on uncompleted contracts are recorded in the period in which such losses are expected based on management’s estimates. For the nine month periods ended September 30, 2023 and 2022, project profit was affected by less than 5% as a result of changes in contract estimates included in projects that were in process as of December 31, 2022 and 2021. Changes in recognized revenue, net, as a result of changes in total contract transaction price estimates, including from variable consideration, and/or changes in cost estimates, related to performance obligations satisfied or partially satisfied in prior periods, for the three and nine month periods ended September 30, 2023 positively affected revenue by approximately 0.3% and 0.5%, respectively. For both the three and nine month periods ended September 30, 2022, such net changes positively affected revenue by approximately 0.2%. Performance Obligations. A performance obligation is a contractual promise to transfer a distinct good or service to a customer. The transaction price of a contract is allocated to each distinct performance obligation and recognized as revenue when or as the performance obligation is satisfied. The Company’s contracts often require significant services to integrate complex activities and equipment into a single deliverable, and are therefore generally accounted for as a single performance obligation, even when delivering multiple distinct services. The majority of the Company’s performance obligations are completed within one year. Remaining performance obligations represent the amount of unearned transaction prices under contracts for which work is wholly or partially unperformed, including the Company’s share of unearned transaction prices from its proportionately consolidated non-controlled joint ventures. As of September 30, 2023, the amount of the Company’s remaining performance obligations was $7.6 billion. Based on current expectations, the Company anticipates it will recognize approximately $2.6 billion of its remaining performance obligations as revenue during 2023, with the majority of the remaining balance expected to be recognized in 2024. Variable Consideration. Transaction prices for the Company’s contracts may include variable consideration, which comprises items such as change orders, claims and incentives. Management estimates variable consideration for a performance obligation utilizing estimation methods that it believes best predict the amount of consideration to which the Company will be entitled. Management’s estimates of variable consideration and the determination of whether to include estimated amounts in transaction prices are based largely on specific discussions, correspondence or preliminary negotiations and past practices with the customer, engineering studies and legal advice and all other relevant information that is reasonably available at the time of the estimate. To the extent unapproved change orders, claims and other variable consideration reflected in transaction prices are not resolved in the Company’s favor, or to the extent incentives reflected in transaction prices are not earned, there could be reductions in, or reversals of, previously recognized revenue. As of September 30, 2023 and December 31, 2022, the Company included in its contract transaction prices approximately $296 million and $271 million, respectively, of change orders and/or claims for certain contracts that were in the process of being resolved in the ordinary course of its business, including through negotiation, arbitration and other proceedings. These transaction price adjustments, when earned, are included within contract assets or accounts receivable, net of allowance, as appropriate. As of both September 30, 2023 and December 31, 2022, these change orders and/or claims primarily related to certain projects in the Company’s Clean Energy and Infrastructure and Power Delivery segments. The Company actively engages with its customers to complete the final approval process and generally expects these processes to be completed within one year. Amounts ultimately realized upon final agreement by customers could be higher or lower than such estimated amounts. Recent Accounting Pronouncements The discussion below describes the effects of recent accounting pronouncements, as updated from the discussion in the Company’s 2022 Form 10-K. Accounting Pronouncements Adopted in 2023 The Company adopted Financial Accounting Standards Board (“FASB”) Accounting Standards Update (“ASU”) 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers (“ASU 2021-08”) in the first quarter of 2023. ASU 2021-08, which was issued to improve consistency for revenue recognition in the post-acquisition period for acquired contracts as compared to contracts entered into subsequent to acquisition, requires an acquirer to recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with Topic 606, Revenue from Contracts with Customers, rather than at fair value. The adoption of ASU 2021-08 did not have a material effect on the Company’s consolidated financial statements. Recently Issued Accounting Pronouncements In March 2023, the FASB issued ASU 2023-01, Leases (Topic 842): Common Control Arrangements (“ASU 2023-01”) to improve the guidance for applying Topic 842, Leases, to arrangements between entities under common control. ASU 2023-01 improves current GAAP by clarifying the accounting for leasehold improvements associated with common control leases, thereby reducing diversity in practice. The provisions of this ASU that apply to public companies include a requirement for entities to amortize leasehold improvements associated with common control leases over the useful life of the common control group. ASU 2023-01 is effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2023, with early adoption permitted. The Company does not expect ASU 2023-01 to have a material effect on the Company’s consolidated financial statements. In August 2023, the FASB issued ASU 2023-05, Business Combinations—Joint Venture Formations (Subtopic 805-60): Recognition and Initial Measurement (“ASU 2023-05”). ASU 2023-05, which clarifies existing guidance to reduce diversity in practice, addresses the accounting for contributions made to a joint venture, upon formation, in a joint venture’s separate financial statements. The provisions of this ASU require that a joint venture initially measure all contributions received upon its formation at fair value, largely consistent with Topic 805, Business Combinations. The amendments in this ASU are not applicable to the formation of proportionally consolidated joint ventures. ASU 2023-05 is effective prospectively for all joint ventures with a formation date on or after January 1, 2025, with early adoption permitted on a retrospective basis for joint ventures formed before January 1, 2025. The Company is currently evaluating the effects of this ASU. |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
Sep. 30, 2023 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per ShareBasic earnings or loss per share is computed by dividing net income or loss attributable to MasTec by the weighted average number of common shares outstanding for the period, which excludes non-participating unvested restricted share awards. Diluted earnings per share is computed by dividing net income attributable to MasTec by the weighted average number of fully diluted shares, as calculated primarily under the treasury stock method, which includes the potential effect of dilutive common stock equivalents, such as issued but unvested restricted shares. If the Company reports a loss, rather than income, the computation of diluted loss per share excludes the effect of dilutive common stock equivalents, if their effect would be anti-dilutive. The following table provides details underlying the Company’s earnings per share calculations for the periods indicated (in thousands): For the Three Months Ended September 30, For the Nine Months Ended September 30, 2023 2022 2023 2022 Net income (loss) attributable to MasTec: Net income (loss) - basic (a) $ 14,296 $ 48,896 $ (50,702) $ 30,130 Fair value gain related to contingent payments (b) $ — $ 143 $ — $ 1,459 Net income (loss) - diluted (a) $ 14,296 $ 48,753 $ (50,702) $ 28,671 Weighted average shares outstanding: Weighted average shares outstanding - basic (c) 77,640 73,936 77,418 74,386 Dilutive common stock equivalents (d)(e) 815 1,137 — 1,190 Weighted average shares outstanding - diluted 78,455 75,073 77,418 75,576 (a) Basic net income or loss is calculated as total net income or loss, less amounts attributable to non-controlling interests. Diluted net income or loss is calculated as total net income or loss, less amounts attributable to non-controlling interests, adjusted for the fair value gain or loss, if any, related to additional contingent payments to the former owners of an acquired business for which the contingency has been resolved as of the respective period. See Note 3 - Acquisitions, Goodwill and Other Intangible Assets, Net, for additional information. (b) For the three and nine month periods ended September 30, 2022, represents the fair value gain related to additional contingent payments, which were dilutive as of September 30, 2022. See Note 3 - Acquisitions, Goodwill and Other Intangible Assets, Net, for additional information. (c) For the three month periods ended September 30, 2023 and 2022, basic shares include approximately 88,000 and 140,000 weighted average shares, respectively, related to additional contingent payments, and for the nine month periods ended September 30, 2023 and 2022, basic shares include approximately 88,000 and 114,000 of such weighted average shares, respectively. (d) For the three month period ended September 30, 2023, there were no weighted average anti-dilutive common stock equivalents, and for the three month period ended September 30, 2022, weighted average anti-dilutive common stock equivalents totaled approximately 8,000 shares. For the nine month periods ended September 30, 2023 and 2022, such shares totaled approximately 1,091,000 and 135,000, respectively. (e) For the three and nine month periods ended September 30, 2023, there were no weighted average common stock equivalents related to additional contingent payments to the former owners of an acquired business, and for the three and nine month periods ended September 30, 2022, weighted average common stock equivalents related to such additional contingent payments totaled approximately 11,000 and 37,000, respectively. Share repurchases . For the nine month period ended September 30, 2022, the Company repurchased approximately 1,124,000 shares of its common stock, the effect of which on the Company’s weighted average shares outstanding for the related period was a reduction of approximately 598,000 shares. See Note 11 - Equity for details of the Company’s share repurchase transactions. Shares issued for acquisitions . In the fourth quarter of 2022, the Company iss ued approximately 2,758,000 sha res of its common stock in conjunction with the October 2022 acquisition of Infrastructure and Energy Alternatives, Inc. (“IEA”). In the second quarter of 2022, the Company issued 133,000 shares in connection with the December 2021 acquisition of Henkels & McCoy Holdings, Inc., formerly known as Henkels & McCoy Group, Inc. (“HMG”). See Note 3 - Acquisitions, Goodwill and Other Intangible Assets, Net, for additional information. |
Acquisitions, Goodwill, and Oth
Acquisitions, Goodwill, and Other Intangible Assets, Net | 9 Months Ended |
Sep. 30, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Acquisitions, Goodwill, and Other Intangible Assets, Net | Acquisitions, Goodwill and Other Intangible Assets, Net The following table provides a reconciliation of changes in goodwill by reportable segment for the nine month period ended September 30, 2023 (in millions): Communications Clean Energy and Infrastructure Oil and Gas Power Delivery Total Goodwill Goodwill, gross, as of December 31, 2022 $ 606.1 $ 703.3 $ 582.2 $ 270.1 $ 2,161.7 Accumulated impairment loss (a) — — (116.7) — (116.7) Goodwill, net, as of December 31, 2022 $ 606.1 $ 703.3 $ 465.5 $ 270.1 $ 2,045.0 Additions from new business combinations 32.6 — — — 32.6 Measurement period adjustments (b) (0.6) 40.5 0.8 0.6 41.3 Currency translation adjustments — — (0.0) — (0.0) Goodwill, net as of September 30, 2023 $ 638.1 $ 743.8 $ 466.3 $ 270.7 $ 2,118.9 (a) Accumulated impairment losses include the effects of currency translation gains and/or losses. (b) Measurement period adjustments represent adjustments, net, to preliminary estimates of fair value within the measurement period of up to one year from the date of acquisition. Measurement period adjustments, net, for the nine month period ended September 30, 2023 were primarily the result of updated valuations and estimated useful lives of certain fixed assets and updated estimates of certain assets and liabilities, including contract assets and contingent liabilities. As a result of the updates to the estimated useful lives of certain fixed assets, depreciation expense decreased by approximately $6 million for the nine month period ended September 30, 2023, and as a result of the measurement period adjustments related to certain contract assets and liabilities, revenue increased by approximately $35 million and costs of revenue, excluding depreciation and amortization, decreased by approximately $8 million. In addition, measurement period adjustments for the nine month period ended September 30, 2023 included a decrease in deferred tax liabilities of approximately $38 million, an increase in contingent liabilities of approximately $29 million, including for insurance, legal and other matters, and fair value increases of approximately $7 million for certain property and equipment. The following table provides a reconciliation of changes in other intangible assets, net, for the period indicated (in millions): Other Intangible Assets, Net Customer Relationships and Backlog Trade Names (a) Other (b) Total Other intangible assets, gross, as of December 31, 2022 $ 1,089.4 $ 228.9 $ 86.6 $ 1,404.9 Accumulated amortization (388.8) (28.9) (40.9) (458.6) Other intangible assets, net, as of December 31, 2022 $ 700.6 $ 200.0 $ 45.7 $ 946.3 Additions from new business combinations 1.2 0.1 — 1.3 Currency translation adjustments — — (0.0) (0.0) Amortization expense (104.5) (15.6) (6.2) (126.3) Other intangible assets, net, as of September 30, 2023 $ 597.3 $ 184.5 $ 39.5 $ 821.3 (a) Includes approximately $34.5 million of non-amortizing trade names as of both September 30, 2023 and December 31, 2022. (b) Consists principally of pre-qualifications and non-compete agreements. Quarterly Assessment for Indicators of Impairment . During the third quarter of 2023, the Company performed a quarterly review for indicators of impairment, which considered its results for the nine month period ended September 30, 2023, together with its expectations of future results, including consideration of the potential effects of shifts in timing for projects, regulatory uncertainty and other matters, and macroeconomic factors, including interest rate levels. In conjunction with this quarterly review, management performed a quantitative assessment of the goodwill associated with two reporting units within the Clean Energy and Infrastructure segment. For the selected reporting units, management estimated their fair values using a combination of market and income approaches using Level 3 inputs. Under the market approach, fair values were estimated using published market multiples for comparable companies and applying them to revenue and EBITDA. Under the income approach, a discounted cash flow methodology was used, considering: (i) management estimates, such as projections of revenue, operating costs and cash flows, taking into consideration historical and anticipated financial results; (ii) general economic, market and regulatory conditions; and (iii) the impact of planned business and operational strategies. Management believes the assumptions used in its quantitative goodwill impairment tests are reflective of the risks inherent in the business models of the applicable reporting units and within the units’ industry. Estimated discount rates were determined using the weighted average cost of capital for each reporting unit at the time of the analysis, taking into consideration the risks inherent within each reporting unit individually. Based on the results of these assessments, management determined that, as of September 30, 2023, the estimated fair value of one of these reporting units substantially exceeded its carrying value. The estimated fair value of the second reporting unit, consisting of the IEA component (the “IEA reporting unit”), which had approximately $571 million of goodwill, exceeded its carrying value by approximately 7% as of September 30, 2023. Significant assumptions used in testing this reporting unit included terminal values based on a terminal growth rate of 3%, six years of discounted cash flows prior to the terminal value, and a discount rate of 12%. Significant changes in the assumptions or estimates used in management’s assessment as of September 30, 2023, such as a reduction in profitability and/or cash flows, changes in market, regulatory or other conditions, including decreases in project activity levels and/or the effects of elevated levels of inflation, market interest rates or other market disruptions, including from geopolitical events, could result in non-cash impairment charges to goodwill and indefinite-lived intangible assets in the future. Recent Acquisitions The Company seeks to grow and diversify its business both organically and through acquisitions and/or strategic arrangements in order to deepen its market presence and customer base, broaden its geographic reach and expand its service offerings. In 2021, the Company initiated a significant transformation of its end-market business operations to focus on the nation’s transition to low-carbon energy sources and position the Company for expected future opportunities. This transformation has included significant business combination activity, including expansion of the Company’s scale and capacity in renewable energy, power delivery, heavy civil and telecommunications services, which activity has resulted in significant acquisition and integration costs, both in the Company’s existing and recently acquired operations. Acquisitions are funded with cash on hand, borrowings under the Company’s senior unsecured credit facility and other debt financing and, for certain recent acquisitions, with shares of the Company’s common stock, and are generally subject to customary purchase price adjustments. 2023 Acquisitions. For the nine month period ended September 30, 2023, MasTec acquired certain of the assets of a telecommunications company specializing in wireless services that is included within the Company’s Communications segment, which acquisition was effective in January; and, effective in July, MasTec acquired all of the equity interests of a telecommunications construction company specializing in broadband and fiber-to-the-home initiatives in the New England area, which is included within the Company’s Communications segment. Determination of the estimated fair values of the net assets acquired and consideration transferred for these acquisitions, which have been accounted for as business combinations under ASC 805, “ Business Combinations ” (“ASC 805”), was preliminary as of September 30, 2023; as a result, further adjustments to these estimates may occur. Additionally, MasTec acquired 68% and 42% of the equity interests of two equipment companies, both of which are accounted for as asset acquisitions under ASC 805, and were effective in May and included within the Company’s Oil and Gas segment. Based on an evaluation of the respective entities’ operating agreements, under which the Company has voting control with respect to the entities’ operating management, the Company determined that it has control over these entities, and, therefore, has consolidated these entities within the Company’s results of operations, with the other parties’ interests accounted for as non-controlling interests. The aggregate purchase price of the Company’s 2023 acquisitions was composed of approximately $69 million in cash, net of cash acquired, and an earn-out liability valued at approximately $1 million. As of September 30, 2023, the range of remaining potential undiscounted earn-out liabilities for the 2023 acquisitions was estimated to be up to $3 million; however, there is no maximum payment amount. See Note 4 - Fair Value of Financial Instruments for details pertaining to fair value estimates for the Company’s earn-out arrangements. The goodwill balances for the respective acquisitions represent the estimated values of the acquired companies’ geographic presence in key markets, assembled workforce, synergies expected to be achieved from the combined operations of each of the acquired companies and MasTec. Approximately $1 million of the goodwill balance related to the 2023 acquisitions is expected to be tax deductible as of September 30, 2023. 2022 Acquisitions. During 2022, MasTec completed five acquisitions, which included all of the equity interests of the following: (i) within the Company’s Clean Energy and Infrastructure segment: IEA, a leading utility-scale infrastructure solutions provider in North America, with expertise in renewable energy and heavy civil projects, as well as rail and environmental remediation services, which acquisition was effective in October; and a company specializing in the production of concrete and aggregate products, which acquisition was effective in August; (ii) within the Company’s Oil and Gas segment: an infrastructure construction company focusing on water, sewer and utility projects and with expertise in excavation and site work, which acquisition was effective in January; (iii) within the Company’s Communications segment: a telecommunications company specializing in wireline services, which acquisition was effective as of the end of May; and (iv) within the Company’s Power Delivery segment: a company specializing in the construction of overhead high voltage transmission lines, which acquisition was effective in July. As of September 30, 2023, the Company is finalizing certain valuation and contingency-related estimates for the IEA acquisition; as a result, further adjustments to such estimates may occur. The following table summarizes, as of September 30, 2023, the estimated fair values of the consideration paid and net assets acquired, as adjusted, for the Company’s 2022 acquisitions (in millions): Acquisition consideration: IEA All other Total Cash, net of cash acquired $ 564.5 $ 48.7 $ 613.2 Shares transferred 173.7 — 173.7 Estimated fair value of warrants 10.3 — 10.3 Estimated fair value of contingent consideration — 2.8 2.8 Total consideration $ 748.5 $ 51.5 $ 800.0 Identifiable assets acquired and liabilities assumed: Accounts receivable and contract assets $ 570.0 $ 6.1 $ 576.1 Current assets 34.5 1.6 36.1 Property and equipment 220.5 30.0 250.5 Long-term assets, primarily operating lease right-of-use assets 40.6 0.3 40.9 Amortizing intangible assets 362.2 5.9 368.1 Accounts payable (136.5) (4.6) (141.1) Contract liabilities (151.3) (1.5) (152.8) Current liabilities, primarily accrued expenses (327.1) (1.4) (328.5) Long-term debt, including finance lease obligations (330.8) (0.2) (331.0) Long-term liabilities, primarily operating lease liabilities and deferred income taxes (104.1) (0.2) (104.3) Total identifiable net assets $ 178.0 $ 36.0 $ 214.0 Goodwill 570.5 15.5 586.0 Total net assets acquired, including goodwill $ 748.5 $ 51.5 $ 800.0 Amortizing intangible assets related to the IEA acquisition are primarily composed of customer relationships, and to a lesser extent, trade names and backlog. Customer relationship and trade name intangible assets for IEA, in the aggregate, totaled approximately $321 million, which each had a weighted average life of approximately 14 years based on IEA’s operational history and established relationships with, and the nature of, its customers, which are primarily in the renewable energy and specialty civil industries. Backlog intangible assets for IEA totaled approximately $42 million with a weighted average life of approximately 1 year based on estimated cash flows expected to be derived from future work on acquired contracts with customers. The weighted average life of amortizing intangible assets in the aggregate for the IEA acquisition was 13 years. Amortizing intangible assets related to “All other” acquisitions are primarily composed of customer relationships with an aggregate weighted average life of 9 years. Amortizing intangible assets are amortized in a manner consistent with the pattern in which the related benefits are expected to be consumed. The goodwill balances for each of the respective acquisitions represent the estimated values of each acquired company’s geographic presence in key markets, assembled workforce and synergies expected to be achieved from the combined operations of each of the acquired companies and MasTec and the acquired company’s industry-specific project management expertise. Approximately $37 million of the goodwill balance related to the 2022 acquisitions is expected to be tax deductible as of September 30, 2023. The shares of MasTec common stock included in consideration transferred for IEA in the table above consist of approximately 2.7 million shares, valued at approximately $174 million based on the market price of MasTec common stock on the date of closing. Total cash paid for acquisitions, net, includes approximately $44 million of cash acquired. Long-term debt in the table above includes $300 million aggregate principal balance of 6.625% senior unsecured notes that were assumed in connection with the acquisition of IEA. See Note 7 - Debt for additional information. Consideration transferred for IEA includes the value of certain warrants that were originally issued by IEA, for which the remaining outstanding warrants as of December 31, 2022 had an estimated fair value of $3.1 million. Under the terms of the IEA merger agreement, holders of the IEA warrants became entitled to receive an amount in cash and shares of MasTec common stock upon exercise of the IEA warrants. The number of MasTec shares issued in connection with exercises of such IEA warrants in the first quarter of 2023 was de minimis, and all remaining IEA warrants expired unexercised on March 26, 2023. Fair value gains related primarily to the expired warrants totaled approximately $2.6 million for the nine month period ended September 30, 2023, which amount is reflected in other income. Contingent consideration included in the table above is composed of earn-out liabilities, which generally equal a portion of the acquired companies’ earnings before interest, taxes, depreciation and amortization (“EBITDA”) in excess of thresholds agreed upon with the sellers, if applicable. The earn-out arrangements for the 2022 acquisitions are payable annually and have five-year terms, as set forth in the respective purchase agreements, and were valued at approximately $3 million in the aggregate. Earn-outs are recorded within other current and other long-term liabilities, as appropriate, in the consolidated balance sheets. See Note 4 - Fair Value of Financial Instruments for details pertaining to fair value estimates for the Company’s earn-out arrangements. As of September 30, 2023, the range of remaining potential undiscounted earn-out liabilities for the 2022 acquisitions was estimated to be up to $2 million; however, there is no maximum payment amount. Current liabilities reflected in the table above also include operating lease liabilities and contingent liabilities for insurance, legal and other matters. HMG Additional Payments. The HMG purchase agreement, for which the subject acquisition was effective in December 2021, provides for certain additional payments to be made to the sellers if certain acquired receivables are collected by the Company (the “Additional Payments”). Pursuant to the terms of the purchase agreement, a portion of the Additional Payments will be made in cash, with the remainder due in shares of MasTec common stock. The estimated number of potential shares that could be issued related to such Additional Payments will be based on the amounts ultimately collected and the share price as defined within the purchase agreement. Changes in the estimated fair value of potential shares that could be issued, which result from changes in MasTec’s share price as compared with the share price as defined within the purchase agreement, are reflected within other income or expense, as appropriate. For the three and nine month periods ended September 30, 2023, unrealized fair value measurement activity related to the contingent shares totaled gains of approximately $7.4 million and $2.1 million, respectively, and for the three and nine month periods ended September 30, 2022, such activity totaled gains of approximately $1.3 million and $4.5 million, respectively. An Additional Payment of approximately $29.4 million was made in May 2022, which payment was composed of approximately $18 million in cash and 133,157 shares of MasTec common stock, and for which a realized gain of approximately $1 million was recognized within other income, net, in the related period. As of September 30, 2023 and December 31, 2022, the estimated fair value of remaining Additional Payments totaled approximately $33 million and $37 million, respectively, which amounts are included within other current liabilities in the consolidated balance sheet. For the nine month period ended September 30, 2023, the estimated fair value of remaining Additional Payments included the effect of unrealized fair value gains related to the contingent shares of app roximately $2.1 million and a reduction of approximately $2.4 million from changes in collections attributed to acquired balances. The estimated number of shares that would be paid in connection with the remaining Additional Payment liability totaled approximately 160,000 and 170,000 shares as of September 30, 2023 and December 31, 2022, respectively. Of the total remaining Additional Payments as of September 30, 2023, the amount due to the sellers, based on amounts collected as of September 30, 2023, totaled approximately $19.4 million, of which the amount due in shares totaled approximately $6.3 million, or 87,900 shares. See Note 2 - Earnings Per Share for the effect of the above referenced shares on the Company’s earnings per share calculations. Pro forma results. For the three month periods ended September 30, 2023 and 2022, unaudited supplemental pro forma revenue totaled approximately $3.2 billion and $3.3 billion, respectively, and unaudited supplemental pro forma net income totaled approximately $2.3 million and $40.0 million, respectively. For the nine month periods ended September 30, 2023 and 2022, unaudited supplemental pro forma revenue totaled approximately $8.7 billion and $8.6 billion, respectively, and unaudited supplemental pro forma net loss totaled approximately $65.6 million and $6.9 million, respectively. Supplemental pro forma information for the Company’s first quarter 2023 acquisition has not been presented for the pre-acquisition periods due to the impracticability of obtaining accurate or reliable historical financial information for the assets of the entity that was acquired. Acquisition-related results . For the three and nine month periods ended September 30, 2023, the Company’s consolidated results of operations included acquisition-related revenue of approximately $533.2 million and $1,503.5 million, respectively, including a total of approximately $483.9 million and $1,374.6 million, respectively, for IEA. For the three and nine month periods ended September 30, 2022, the Company’s consolidated results of operations included acquisition-related revenue of approximately $569.7 million and $1,876.6 million, respectively, including approximately $429.3 million for HMG for the three month period ended September 30, 2022, and $1,457.7 million in the aggregate for HMG and INTREN, LLC for the nine month period ended September 30, 2022. For the three and nine month periods ended September 30, 2023, the Company’s consolidated results of operations included acquisition-related net losses of approximately $2.8 million and $42.7 million, respectively, based on the Company’s consolidated effective tax rates, and for the three and nine month periods ended September 30, 2022, the Company’s consolidated results of operations included acquisition-related net income of approximately $18.4 million and $37.7 million, respectively, based on the Company’s consolidated effective tax rates. These acquisition-related results include amortization of acquired intangible assets and certain acquisition integration costs, and exclude the effects of interest expense associated with consideration paid for the related acquisitions. Acquisition and integration costs . The Company has incurred certain acquisition and integration costs in connection with its recent acquisitions, which costs are included within general and administrative expenses, costs of revenue, excluding depreciation and amortization, and other expense, as appropriate. Acquisition and integration costs include: i) the costs of integrating acquired entities, such as: employee termination expenses, including employee compensation relating to the elimination of certain positions that were determined to be redundant, and other integration-type costs, including operating cost redundancies, facility consolidation expenses, lease termination expenses, losses on disposal of identified assets, system migration expenses, training and other integration costs; and ii) legal, professional and other fees associated with the consummation of these acquisitions, including fees paid in connection with certain transaction-related financing commitments, including, in the second half of 2022, bridge financing related to the IEA acquisition. These integration efforts are ongoing and the Company expects to incur any remaining acquisition and integration expenses in the fourth quarter of 2023. For the three and nine month periods ended September 30, 2023, such acquisition and integration costs totaled approximately $21.1 million and $60.9 million, respectively, of which $18.3 million and $53.3 million, respectively, was included within general and administrative expenses, and of which $2.8 million and $7.6 million, respectively, was included within costs of revenue, excluding depreciation and amortization. Acquisition and integration costs for the three and nine month periods ended September 30, 2022 totaled approximately $33.3 million and $59.4 million, respectively, of which $9.2 million and $35.3 million, respectively, was included within general and administrative expenses, and of which $21.4 million was included within costs of revenue, excluding depreciation and amortization, for both periods, and of which $2.7 million was included within other expense for both periods. As of September 30, 2023 and December 31, 2022, approximately $6.7 million and $5.5 million, respectively, was included within current liabilities within the consolidated balance sheets related to such costs. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 9 Months Ended |
Sep. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | Fair Value of Financial Instruments The Company’s financial instruments are primarily composed of cash and cash equivalents, accounts and notes receivable, cash collateral deposited with insurance carriers, life insurance assets, equity investments, certain other assets and investments, deferred compensation plan assets and liabilities, accounts payable and other current liabilities, acquisition-related contingent consideration and other liabilities, and debt obligations. Fair value is the price that would be received to sell an asset or the amount paid to transfer a liability, also referred to as the “exit price,” in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The fair value guidance establishes a valuation hierarchy, which requires maximizing the use of observable inputs when measuring fair value. The three levels of inputs that may be used are: (i) Level 1 - quoted market prices in active markets for identical assets or liabilities; (ii) Level 2 - observable market-based inputs or other observable inputs; and (iii) Level 3 - significant unobservable inputs that cannot be corroborated by observable market data, which are generally determined using valuation models incorporating management estimates of market participant assumptions. Acquisition-Related Contingent Consideration and Other Liabilities Acquisition-related contingent consideration and other liabilities is composed of earn-outs, which represent the estimated fair value of future amounts payable for businesses, including for mandatorily redeemable non-controlling interests (together, “Earn-outs”), that are contingent upon the acquired business achieving certain levels of earnings in the future. As of September 30, 2023 and December 31, 2022, the estimated fair value of the Company’s Earn-out liabilities totaled $83.0 million and $127.4 million, respectively. As of September 30, 2023, there were no estimated liabilities related to the mandatorily redeemable non-controlling interests, and as of December 31, 2022, the fair value of such liabilities totaled $13.9 million. Earn-out liabilities included within other current liabilities totaled approximately $29.5 million and $37.7 million as of September 30, 2023 and December 31, 2022, respectively. The fair values of the Company’s Earn-out liabilities are estimated using income approaches such as discounted cash flows or option pricing models, both of which incorporate significant inputs not observable in the market (Level 3 inputs), including management’s estimates and entity-specific assumptions, and are evaluated on an ongoing basis. Key assumptions include the discount rate, which was 14.0% as of September 30, 2023, and probability-weighted projections of earnings before interest, taxes, depreciation and amortization (“EBITDA”). Significant changes in any of these assumptions could result in significantly higher or lower potential Earn-out liabilities. The ultimate payment amounts for the Company’s Earn-out liabilities will be determined based on the actual results achieved by the acquired businesses. As of September 30, 2023, the range of potential undiscounted Earn-out liabilities was estimated to be between $12 million and $98 million; however, there is no maximum payment amount. Earn-out activity consists primarily of additions from new business combinations; changes in the expected fair value of future payment obligations; and payments. For both the three and nine month periods ended September 30, 2023, additions from new business combinations totaled approximately $1.4 million, and for the three and nine month periods ended September 30, 2022, such additions totaled approximately $2.1 million and $3.8 million, respectively. There were no measurement period adjustments in either the three or nine month periods ended September 30, 2023. There were no measurement period adjustments for the three month period ended September 30, 2022, and for the nine month period ended September 30, 2022, measurement period adjustments totaled an increase, net, of approximately $1.5 million and related to a net increase in the Company’s Oil and Gas segment, partially offset by a decrease in its Communications segment. For the three month period ended September 30, 2023, fair value adjustments totaled a decrease, net, of approximately $4.9 million and related to net decreases primarily within the Company’s Communications and Oil and Gas segments. For the nine month period ended September 30, 2023, fair value adjustments totaled a decrease, net, of approximately $7.0 million and related to a net decrease in the Company’s Communications segment, partially offset by a net increase, primarily within the Company’s Clean Energy and Infrastructure and Oil and Gas segments. The decrease in the Communications segment for the nine month period ended September 30, 2023 included a reduction of approximately $12.3 million related to mandatorily redeemable non-controlling interests. For the three and nine month periods ended September 30, 2022, fair value adjustments totaled an increase of approximately $0.1 million and a decrease, net, of approximately $1.2 million, respectively, and for both periods, related primarily to the Company’s Communications segment. For the three and nine month periods ended September 30, 2023, Earn-out payments totaled approximately $12.7 million and $38.8 million, respectively, which included approximately $1.7 million related to mandatorily redeemable non-controlling interests for the nine month period ended September 30, 2023. For the three and nine month periods ended September 30, 2022, Earn-out payments totaled approximately $11.0 million and $37.8 million, respectively. Equity Investments The Company’s equity investments as of September 30, 2023 include: (i) the Company’s 33% equity interests in Trans-Pecos Pipeline, LLC (“TPP”) and Comanche Trail Pipeline, LLC (“CTP,” and together with TPP, the “Waha JVs”); (ii) a 15% equity interest in Cross Country Infrastructure Services, Inc. (“CCI”); (iii) the Company’s 50% equity interests in each of FM Technology Holdings, LLC, FM USA Holdings, LLC and All Communications Solutions Holdings, LLC, collectively “FM Tech”; (iv) the Company’s interests in certain proportionately consolidated non-controlled contractual joint ventures; and (v) certain other equity investments. Investment Arrangements . From time to time, the Company may participate in selected investment or strategic arrangements, including equity interests in various business entities and participation in contractual joint ventures, some of which may involve the extension of loans or other types of financing arrangements. The Company has determined that certain of its investment arrangements are variable interest entities (“VIEs”). As of September 30, 2023, except for one individually insignificant VIE, the Company does not have the power to direct the primary activities that most significantly impact the economic performance of its VIEs, nor is it the primary beneficiary. Accordingly, except for the previously mentioned VIE, the Company’s VIEs are not consolidated. The carrying values of the Company’s VIEs totaled approximately $23 million and $24 million as of September 30, 2023 and December 31, 2022, respectively, which amounts are recorded within other long-term assets in the consolidated balance sheets. Management believes that the Company’s maximum exposure to loss for its VIEs, inclusive of additional financing commitments, approximated $35 million and $37 million as of September 30, 2023 and December 31, 2022, respectively. Equity investments, other than those accounted for as equity method investments or those that are proportionately consolidated, are measured at fair value if their fair values are readily determinable. Equity investments that do not have readily determinable fair values are measured at cost, adjusted for changes from observable market transactions, if any, less impairment, which is referred to as the “adjusted cost basis.” As of September 30, 2023 and December 31, 2022, the aggregate carrying value of the Company’s equity investments, including equity investments measured on an adjusted cost basis, totaled approximately $325 million and $306 million, respectively. As of September 30, 2023 and December 31, 2022, equity investments measured on an adjusted cost basis, including the Company’s $15 million investment in CCI, totaled approximately $18 million and $20 million, respectively. Except for one investment for which the Company recorded an impairment loss totaling approximately $3 million in the third quarter of 2023, there were no impairments related to these investments in any of the three or nine month periods ended September 30, 2023 or 2022. The Waha JVs . The Waha JVs own and operate certain pipeline infrastructure that transports natural gas to the Mexican border for export. The Company’s investments in the Waha JVs are accounted for as equity method investments. Equity in earnings related to the Company’s proportionate share of income from the Waha JVs, which is included within the Company’s Other segment, totaled approximately $7.7 million and $23.1 million for the three and nine month periods ended September 30, 2023, respectively, and totaled approximately $5.8 million and $20.8 million for the three and nine month periods ended September 30, 2022, respectively. Distributions of earnings from the Waha JVs, which are included within operating cash flows, totaled approximately $4.7 million and $10.5 million for the three and nine month periods ended September 30, 2023, respectively, and totaled approximately $4.4 million and $12.1 million for the three and nine month periods ended September 30, 2022, respectively. Cumulative undistributed earnings from the Waha JVs, which represents cumulative equity in earnings for the Waha JVs less distributions of earnings, totaled $123.3 million as of September 30, 2023. The Company’s net investment in the Waha JVs, which differs from its proportionate share of the net assets of the Waha JVs due primarily to equity method goodwill associated with capitalized investment costs, totaled approximately $280 million and $263 million as of September 30, 2023 and December 31, 2022, respectively. The Waha JVs are party to separate non-recourse financing facilities, each of which are secured by pledges of the equity interests in the respective entities, as well as a first lien security interest over virtually all of their assets. The Waha JVs are also party to certain interest rate swaps (the “Waha JV swaps”), which are accounted for as qualifying cash flow hedges. The Company reflects its proportionate share of any unrealized fair market value gains or losses from fluctuations in interest rates associated with these swaps within other comprehensive income or loss, as appropriate. For the three and nine month periods ended September 30, 2023, the Company’s proportionate share of unrecognized unrealized activity on the Waha JV swaps totaled gains of approximately $4.9 million and $5.4 million, respectively, or $3.7 million and $4.0 million, net of tax, respectively. For the three and nine month periods ended September 30, 2022, unrecognized unrealized activity related to the Waha JV swaps totaled gains of approximately $13.4 million and $42.0 million, respectively, or $10.1 million and $31.7 million, net of tax, respectively. Other Investments . The Company has equity interests in certain telecommunications entities that are accounted for as equity method investments. As of both September 30, 2023 and December 31, 2022, the Company had an aggregate investment of approximately $21 million in these entities, including $18 million for FM Tech as of both periods. The Company made no equity contributions related to its investments in these telecommunications entities in either of the three or nine month periods ended September 30, 2023. For the three month period ended September 30, 2022, the Company made no equity contributions related to its investments in these telecommunications entities, and for the nine month period ended September 30, 2022, equity contributions related to these entities totaled approximately $1.1 million. The Company’s proportionate share of results from these telecommunications entities totaled equity in losses, net, of approximately $0.7 million for the three month period ended September 30, 2023, and for the nine month period ended September 30, 2023, totaled equity in earnings, net, of approximately $0.3 million. For the three month period ended September 30, 2022, the Company’s proportionate share of results from these entities totaled equity in earnings, net, of approximately $0.4 million, and for the nine month period ended September 30, 2022, totaled equity in losses, net, of approximately $0.5 million. Certain of these telecommunications entities provide services to MasTec. Expense recognized in connection with services provided by these entities totaled approximately $0.4 million and $1.3 million for the three and nine month periods ended September 30, 2023, respectively, and totaled approximately $2.6 million and $5.1 million for the three and nine month periods ended September 30, 2022, respectively. As of both September 30, 2023 and December 31, 2022, related amounts payable to these entities totaled approximately $0.2 million. In addition, the Company had an employee leasing arrangement with one of these entities and has advanced certain amounts to these entities. For the three and nine month periods ended September 30, 2023, advances to these entities totaled approximately $0.2 million and $0.7 million, respectively, and for both the three and nine month periods ended September 30, 2022, such advances totaled approximately $2.0 million. As of September 30, 2023 and December 31, 2022, receivables related to these arrangements totaled approximately $4.2 million and $3.8 million, respectively. The Company has 49% equity interests in certain entities included within its Communications and Power Delivery segments that are accounted for as equity method investments, for which its aggregate investment as of both September 30, 2023 and December 31, 2022 totaled approximately $3 million. For the three and nine month periods ended September 30, 2023, equity in losses, net, related to these entities totaled approximately $0.2 million and $0.1 million, respectively, and for the three and nine month periods ended September 30, 2022, equity in losses, net, totaled approximately $0.1 million and $0.4 million, respectively. The above described entities provide construction services to MasTec. Expense recognized in connection with construction services provided by these entities totaled approximately $0.2 million and $0.8 million for the three and nine month periods ended September 30, 2023, respectively, and totaled approximately $0.8 million and $5.8 million for the three and nine month periods ended September 30, 2022, respectively. As of both September 30, 2023 and December 31, 2022, related amounts payable were de minimis. In addition, the Company provides line of credit arrangements to these entities, which, as of September 30, 2023 and December 31, 2022, provide for up to $3.0 million and $4.5 million, respectively, of borrowing availability. There were no borrowings as of September 30, 2023, and as of December 31, 2022, $0.6 million was drawn, which amount was included within other current assets in the consolidated balance sheets. The Company has a 75% equity interest in Confluence Networks, LLC (“Confluence”), an undersea fiber-optic communications systems developer and VIE, which is accounted for as an equity method investment. As of September 30, 2023, a total of $2.1 million of the $2.5 million initial commitment had been funded, of which $0.2 million was funded during both the nine month periods ended September 30, 2023 and 2022. Equity in losses related to this entity were de minimis for both the three month periods ended September 30, 2023 and 2022, and for the nine month periods ended September 30, 2023 and 2022, totaled approximately $0.1 million and $0.3 million, respectively. The Company also has certain equity investments in American Virtual Cloud Technologies, Inc. (“AVCT”), in which the Company has no active involvement. AVCT filed for bankruptcy in the first quarter of 2023, during which period the Company wrote-off its remaining $0.2 million investment. Senior Notes As of both September 30, 2023 and December 31, 2022, the gross carrying amount of the Company’s 4.50% senior notes due August 15, 2028 (the “4.50% Senior Notes”) totaled $600.0 million, and their estimated fair value totaled approximately $539.5 million and $534.0 million for the respective periods. As of September 30, 2023 and December 31, 2022, the gross carrying amount of the Company’s 6.625% senior notes due August 15, 2029 totaled $283.5 million and $281.2 million, respectively, which notes are composed of $225.1 million aggregate principal amount of 6.625% IEA senior notes (the “6.625% IEA Senior Notes”) and $74.9 million aggregate principal amount of 6.625% MasTec senior notes (the “6.625% MasTec Senior Notes”), collectively, the “6.625% Senior Notes”). The estimated fair value of the 6.625% Senior Notes totaled approximately $268.3 million and $280.5 million as of September 30, 2023 and December 31, 2022, respectively. The estimated fair values of the Company’s 4.50% Senior Notes and 6.625% Senior Notes were determined based on an exit price approach using Level 1 inputs. |
Accounts Receivable, Net of All
Accounts Receivable, Net of Allowance, and Contract Assets and Liabilities | 9 Months Ended |
Sep. 30, 2023 | |
Receivables [Abstract] | |
Accounts Receivable, Net of Allowance, and Contract Assets and Liabilities | Accounts Receivable, Net of Allowance, and Contract Assets and Liabilities The following table provides details of accounts receivable, net of allowance, and contract assets (together, “accounts receivable, net”) as of the dates indicated (in millions): September 30, December 31, Contract billings $ 1,551.8 $ 1,408.1 Less allowance (8.9) (8.4) Accounts receivable, net of allowance $ 1,542.9 $ 1,399.7 Retainage 351.0 401.9 Unbilled receivables 1,616.0 1,328.0 Contract assets $ 1,967.0 $ 1,729.9 Contract billings represent the amount of performance obligations that have been billed but not yet collected, whereas contract assets consist of unbilled receivables and retainage. Unbilled receivables represent the estimated value of unbilled work for projects with performance obligations recognized over time. Unbilled receivables, which are included in contract assets, include amounts for work performed for which the Company has an unconditional right to receive payment and that are not subject to the completion of any other specific task, other than the billing itself. Retainage represents a portion of the contract amount that has been billed, but for which the contract allows the customer to retain a portion of the billed amount until final contract settlement, which is generally, from 5% to 10% of contract billings. The increase in unbilled receivables as of September 30, 2023 was driven, in large part, by ordinary course project activity associated with higher levels of revenue in the Company’s Oil and Gas segment, as well as timing of billings across the Company’s segments. For the nine month period ended September 30, 2023, provisions for credit losses totaled a recovery of approximately $0.1 million, and for the nine month period ended September 30, 2022, provisions for credit losses totaled approximately $0.7 million. Impairment losses on contract assets were not material in either period. Contract liabilities consist primarily of deferred revenue. Under certain contracts, the Company may be entitled to invoice the customer and receive payments in advance of performing the related contract work. In those instances, the Company recognizes a liability for advance billings in excess of revenue recognized, which is referred to as deferred revenue. Contract liabilities also include the amount of any accrued project losses. Total contract liabilities, including accrued project losses, totaled approximately $506.5 million and $406.2 million as of September 30, 2023 and December 31, 2022, respectively, of which deferred revenue comprised approximately $496.0 million and $390.3 million, respectively. The increase in contract liabilities as of September 30, 2023 was driven primarily by ordinary course project activity, including in connection with new project starts within the Company’s Clean Energy and Infrastructure segment. For the nine month period ended September 30, 2023, the Company recognized revenue of approximately $355.3 million related to amounts that were included in deferred revenue as of December 31, 2022, resulting primarily from the advancement of physical progress on the related projects during the period, including amounts from recently acquired businesses. The Company is party to non-recourse financing arrangements in the ordinary course of business, under which certain receivables are sold to a financial institution in return for a nominal fee. In certain instances, the Company continues to service the transferred receivable, for which the corresponding servicing assets or liabilities are not material. For the nine month period ended September 30, 2023, the Company sold approximately $50 million of receivables under this program, and as of September 30, 2023, the Company had approximately $47 million of outstanding sold receivables, which are excluded from Accounts Receivable, net of Allowance, in the consolidated balance sheets. The servicing of such receivables is not considered to constitute significant continuing involvement and the receivables are correspondingly accounted for as sales under ASC Topic 860, “ Transfers and Servicing .” Cash collections from such financing arrangements are reflected within operating activities in the consolidated statements of cash flows. The Company is also party to an arrangement with a customer, which allows for early collection of receivables for a nominal fee, at the Company’s option. Discount charges related to these arrangements, which are included within interest expense, net, totaled approximately $3.8 million and $2.4 million for the three month periods ended September 30, 2023 and 2022, respectively, and totaled $11.8 million and $4.9 million, respectively, for the nine month periods ended September 30, 2023 and 2022. |
Property and Equipment, Net
Property and Equipment, Net | 9 Months Ended |
Sep. 30, 2023 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment, Net | Property and Equipment, Net The following table provides details of property and equipment, net, including property and equipment held under finance leases as of the dates indicated (in millions): September 30, December 31, Land $ 73.5 $ 73.5 Buildings and leasehold improvements 91.4 86.7 Machinery, equipment and vehicles 3,033.0 2,797.0 Office equipment, furniture and internal-use software 324.3 286.8 Construction in progress 43.7 67.4 Total property and equipment $ 3,565.9 $ 3,311.4 Less accumulated depreciation and amortization (1,836.1) (1,557.3) Property and equipment, net $ 1,729.8 $ 1,754.1 As of September 30, 2023 and December 31, 2022, the gross amount of capitalized internal-use software totaled $208.9 million and $186.6 million, respectively, and, net of accumulated amortization, totaled $49.8 million and $39.9 million, respectively. During the second quarter of 2023, the depreciable lives of certain assets were updated on a prospective basis to better align the respective assets’ lives with their expected useful lives, based on management’s assessment of the physical and economic factors of the related assets. The effect of this update was a decrease in depreciation expense of approximately $2 million and $4 million for the three and nine month periods ended September 30, 2023, respectively. |
Debt
Debt | 9 Months Ended |
Sep. 30, 2023 | |
Debt Disclosure [Abstract] | |
Debt | Debt The following table provides details of the carrying values of debt as of the dates indicated (in millions): Description Maturity Date September 30, December 31, Senior credit facility: November 1, 2026 Revolving loans $ 890.0 $ 896.0 Term loan 343.4 350.0 4.50% Senior Notes August 15, 2028 600.0 600.0 6.625% Senior Notes August 15, 2029 283.5 281.2 2022 Term Loan Facility October 7, 2025 and October 7, 2027 700.0 700.0 Finance lease and other obligations 402.8 414.5 Total debt obligations $ 3,219.7 $ 3,241.7 Less unamortized deferred financing costs (14.5) (17.6) Total debt, net of deferred financing costs $ 3,205.2 $ 3,224.1 Current portion of long-term debt 175.3 171.9 Long-term debt $ 3,029.9 $ 3,052.2 Senior Credit Facility As of September 30, 2023, the Company’s senior unsecured credit facility (the “Credit Facility”) had aggregate borrowing commitments totaling approximately $2.25 billion , which amount is composed of $1.9 billion of revolving commitments and a term loan with an original principal amount of $350 million (the “Term Loan”). The Term Loan is subject to amortization in quarterly principal installments of approximately $2.2 million, which quarterly installments increase to approximately $4.4 million in March 2025 until maturity. Quarterly principal installments on the Term Loan are subject to adjustment, if applicable, for certain prepayments. As of September 30, 2023 and December 31, 2022, the fair values of the Credit Facility and Term Loan, as estimated based on an income approach utilizing significant unobservable Level 3 inputs including discount rate assumptions, approximated their carrying values. Revolving loans accrued interest at weighted average rates of approximately 7.05% and 5.82% per annum a s of September 30, 2023 and December 31, 2022 , respectively. The Term Loan accrued interest at 7.04% and 5.80% as of September 30, 2023 and December 31, 2022, respectively. Letters of credit of approximately $65.0 million and $143.1 million were issued as of September 30, 2023 and December 31, 2022, respectively. As of September 30, 2023 and December 31, 2022, letter of credit fees accrued at 0.6875% and 0.5625% per annum, respectively, for performance standby letters of credit, and for financial standby letters of credit, accrued at 1.625% and 1.375% per annum, respectively. Outstanding letters of credit mature at various dates and most have automatic renewal provisions, subject to prior notice of cancellation. As of September 30, 2023 and December 31, 2022, availability for revolving loans totaled $945.0 million and $860.9 million, respectively, or up to $585.0 million and $506.9 million, respectively, for new letters of credit. T here were no borrowings denominated in foreign currencies as of either September 30, 2023 or December 31, 2022. Revolving loan borrowing capacity included $300.0 million of availability in either Canadian dollars or Mexican pesos as of both September 30, 2023 and December 31, 2022. The unused facility fee as of September 30, 2023 and December 31, 2022 accrued at 0.225% and 0.200% per annum, respectively. Other Credit Facilities The Company has other credit facilities that support the working capital requirements of its foreign operations and certain letter of credit issuances. There were no outstanding borrowings under the Company’s other credit facilities as of either September 30, 2023 or December 31, 2022. Additionally, the Company has a separate credit facility, under which it may issue performance standby letters of credit. As of September 30, 2023 and December 31, 2022, letters of credit issued under this facility totaled $17.2 million and $23.6 million, respectively, which accrued fees at 0.90% and 0.75% per annum, respectively. 2022 Term Loan Facility As of September 30, 2023 , the Company has $700.0 million of unsecured term loans entered into in connection with the acquisition of IEA, composed of a three Three Three Three Three As of September 30, 2023 and December 31, 2022 , the fair value of the 2022 Term Loan Facility, as estimated based on an income approach, utilizing significant unobservable Level 3 inputs including discount rate assumptions, approximated its carrying value. Debt Covenants MasTec was in compliance with the provisions and covenants of its outstanding debt instruments as of both September 30, 2023 and December 31, 2022. Additional Information As of September 30, 2023 and December 31, 2022, accrued interest payable, which is recorded within other accrued expenses in the consolidated balance sheets, totaled $14.0 million and $24.8 million, respectively. For additional information pertaining to the Company’s debt instruments, see Note 7 - Debt in the Company’s 2022 Form 10-K. |
Lease Obligations
Lease Obligations | 9 Months Ended |
Sep. 30, 2023 | |
Leases [Abstract] | |
Lease Obligations | Lease Obligations In the ordinary course of business, the Company enters into agreements that provide financing for machinery and equipment and for other of its facility, vehicle and equipment needs, including certain related party leases. As of September 30, 2023, the Company’s leases have remaining lease terms of up to 15 years. Lease agreements may contain renewal clauses, which, if elected, generally extend the term of the lease for 1 to 5 years for both equipment and facility leases. Certain lease agreements may also contain options to purchase the leased property and/or options to terminate the lease. In addition, lease agreements may include periodic adjustments to payment amounts for inflation or other variables, or may require payments for taxes, insurance, maintenance or other expenses, which are generally referred to as non-lease components. The Company’s lease agreements do not contain significant residual value guarantees or material restrictive covenants. Finance Leases The gross amount of assets held under finance leases as of September 30, 2023 and December 31, 2022 totaled $690.1 million and $720.1 million, respectively. Assets held under finance leases, net of accumulated depreciation Operating Leases Operating lease additions for the three month periods ended September 30, 2023 and 2022 totaled $75.1 million and $12.7 million, respectively, and for the nine month periods ended September 30, 2023 and 2022, totaled $198.6 million and $58.1 million, respectively. For the three month periods ended September 30, 2023 and 2022, rent expense for leases that have terms in excess of one year totaled approximately $44.0 million and $30.6 million, respectively, of which $3.9 million and $2.3 million, respectively, represented variable lease costs. For the nine month periods ended September 30, 2023 and 2022, rent expense for such leases totaled approximately $116.7 million and $98.5 million, respectively, of which $11.5 million and $7.8 million, respectively, represented variable lease costs. The Company also incurred rent expense for leases with terms of one year or less totaling approximately $169.9 million and $98.8 million for the three month periods ended September 30, 2023 and 2022, respectively, and totaling approximately $411.7 million and $258.1 million for the nine month periods ended September 30, 2023 and 2022, respectively. Rent expense for operating leases is generally consistent with the amount of the related payments, which payments are included within operating activities in the consolidated statements of cash flows. Additional Lease Information Future minimum lease commitments as of September 30, 2023 were as follows (in millions): Finance Leases Operating 2023, remaining three months $ 43.4 $ 38.6 2024 151.5 140.8 2025 114.8 115.7 2026 57.3 79.5 2027 17.8 36.7 Thereafter 3.1 38.2 Total minimum lease payments $ 387.9 $ 449.5 Less amounts representing interest (21.8) (38.4) Total lease obligations, net of interest $ 366.1 $ 411.1 Less current portion 146.6 131.8 Long-term portion of lease obligations, net of interest $ 219.5 $ 279.3 |
Lease Obligations | Lease Obligations In the ordinary course of business, the Company enters into agreements that provide financing for machinery and equipment and for other of its facility, vehicle and equipment needs, including certain related party leases. As of September 30, 2023, the Company’s leases have remaining lease terms of up to 15 years. Lease agreements may contain renewal clauses, which, if elected, generally extend the term of the lease for 1 to 5 years for both equipment and facility leases. Certain lease agreements may also contain options to purchase the leased property and/or options to terminate the lease. In addition, lease agreements may include periodic adjustments to payment amounts for inflation or other variables, or may require payments for taxes, insurance, maintenance or other expenses, which are generally referred to as non-lease components. The Company’s lease agreements do not contain significant residual value guarantees or material restrictive covenants. Finance Leases The gross amount of assets held under finance leases as of September 30, 2023 and December 31, 2022 totaled $690.1 million and $720.1 million, respectively. Assets held under finance leases, net of accumulated depreciation Operating Leases Operating lease additions for the three month periods ended September 30, 2023 and 2022 totaled $75.1 million and $12.7 million, respectively, and for the nine month periods ended September 30, 2023 and 2022, totaled $198.6 million and $58.1 million, respectively. For the three month periods ended September 30, 2023 and 2022, rent expense for leases that have terms in excess of one year totaled approximately $44.0 million and $30.6 million, respectively, of which $3.9 million and $2.3 million, respectively, represented variable lease costs. For the nine month periods ended September 30, 2023 and 2022, rent expense for such leases totaled approximately $116.7 million and $98.5 million, respectively, of which $11.5 million and $7.8 million, respectively, represented variable lease costs. The Company also incurred rent expense for leases with terms of one year or less totaling approximately $169.9 million and $98.8 million for the three month periods ended September 30, 2023 and 2022, respectively, and totaling approximately $411.7 million and $258.1 million for the nine month periods ended September 30, 2023 and 2022, respectively. Rent expense for operating leases is generally consistent with the amount of the related payments, which payments are included within operating activities in the consolidated statements of cash flows. Additional Lease Information Future minimum lease commitments as of September 30, 2023 were as follows (in millions): Finance Leases Operating 2023, remaining three months $ 43.4 $ 38.6 2024 151.5 140.8 2025 114.8 115.7 2026 57.3 79.5 2027 17.8 36.7 Thereafter 3.1 38.2 Total minimum lease payments $ 387.9 $ 449.5 Less amounts representing interest (21.8) (38.4) Total lease obligations, net of interest $ 366.1 $ 411.1 Less current portion 146.6 131.8 Long-term portion of lease obligations, net of interest $ 219.5 $ 279.3 |
Stock-Based Compensation and Ot
Stock-Based Compensation and Other Employee Benefit Plans | 9 Months Ended |
Sep. 30, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Stock-Based Compensation and Other Employee Benefit Plans | Stock-Based Compensation and Other Employee Benefit Plans The Company has stock-based compensation plans, under which shares of the Company’s common stock are reserved for issuance. Under all stock-based compensation plans in effect as of September 30, 2023, there were approximately 2,752,000 shares available for future grant. Non-cash stock-based compensation expense under all plans totaled $7.2 million and $5.7 million for the three month periods ended September 30, 2023 and 2022, respectively, and totaled $24.3 million and $18.9 million for the nine month periods ended September 30, 2023 and 2022, respectively. Income tax benefits associated with stock-based compensation arrangements totaled $1.1 million and $0.9 million for the three month periods ended September 30, 2023 and 2022, respectively. For the nine month periods ended September 30, 2023 and 2022, such income tax benefits totaled $12.9 million and $4.3 million, respectively, including net tax benefits related to the vesting of share-based payment awards totaling $8.8 million and $0.9 million, respectively. Restricted Shares MasTec grants restricted stock awards and restricted stock units (together, “restricted shares”) to eligible participants, which are valued based on the closing market share price of MasTec common stock (the “market price”) on the date of grant. During the restriction period, holders of restricted stock awards are entitled to vote the shares. As of September 30, 2023, total unearned compensation related to restricted shares was approximately $49.1 million, which amount is expected to be recognized over a weighted average period of approximately 1.9 years. The fair value of restricted shares that vested, which is based on the market price on the date of vesting, totaled approximately $0.3 million for both the three month periods ended September 30, 2023 and 2022, and totaled approximately $78.3 million and $19.5 million for the nine month periods ended September 30, 2023 and 2022, respectively. Activity, restricted shares: (a) Restricted Per Share Weighted Average Grant Date Fair Value Non-vested restricted shares, as of December 31, 2022 2,049,280 $ 52.33 Granted 204,215 95.99 Vested (855,196) 27.89 Canceled/forfeited (67,959) 46.86 Non-vested restricted shares, as of September 30, 2023 1,330,340 $ 75.03 (a) Includes 1,000 and 2,150 restricted stock units as of September 30, 2023 and December 31, 2022, respectively. Employee Stock Purchase Plans The Company has certain employee stock purchase plans (collectively, “ESPPs”), under which shares of the Company’s common stock are available for purchase by eligible participants. Under the ESPPs, eligible participants are permitted to purchase MasTec, Inc. common stock at 85% of the fair market value of the shares on the date of purchase, which occurs on the last trading day of each two week offering period. At the Company’s discretion, share purchases may be satisfied by delivering either newly issued common shares, or common shares reacquired on the open market or in privately negotiated transactions. For the three month periods ended September 30, 2023 and 2022, 22,824 shares and 25,495 share s, respectively, were purchased by participants under the Company’s ESPPs for $1.9 million and $1.7 million , respectively, and for the nine month periods ended September 30, 2023 and 2022, 69,475 shares and 82,121 shares, respectively, were purchased for $5.7 million and $5.3 million, respectively. Shares purchased by participants under the Company’s ESPPs in each of the three and nine month periods ended September 30, 2023 and 2022 were reacquired by the Company on the open market. Compensation expense associated with the Company’s ESPPs totaled approximately $0.3 million for both the three month periods ended September 30, 2023 and 2022, and totaled approximately $1.0 million for both the nine month periods ended September 30, 2023 and 2022. |
Other Retirement Plans
Other Retirement Plans | 9 Months Ended |
Sep. 30, 2023 | |
Retirement Benefits [Abstract] | |
Other Retirement Plans | Other Retirement Plans Multiemployer Plans. Certain of MasTec’s subsidiaries contribute amounts to multiemployer pension and other multiemployer benefit plans and trusts (“MEPPs”). Contributions are generally based on fixed amounts per hour per employee for employees covered under these plans. Multiemployer plan contribution rates are determined annually and are assessed on a “pay-as-you-go” basis based on union employee payrolls. Union payrolls cannot be determined for future periods because the number of union employees employed at a given time, and the plans in which they participate, vary depending upon the location and number of ongoing projects and the need for union resources in connection with those projects. Total contributions to multiemployer plans and the related number of employees covered by these plans for the periods indicated were as follows: Multiemployer Plans Covered Employees Contributions (in millions) Low High Pension Other Multiemployer Total For the Three Months Ended September 30: 2023 7,760 11,025 $ 34.8 $ 15.2 $ 50.0 2022 6,774 7,136 $ 23.0 $ 14.5 $ 37.5 For the Nine Months Ended September 30: 2023 6,806 11,025 $ 77.9 $ 45.1 $ 123.0 2022 6,601 7,136 $ 62.3 $ 41.6 $ 103.9 |
Equity
Equity | 9 Months Ended |
Sep. 30, 2023 | |
Equity [Abstract] | |
Equity | Equity Share Activity The Company’s share repurchase programs provide for the repurchase, from time to time, of MasTec common shares in open market transactions or in privately negotiated transactions, in each case, in accordance with applicable securities laws. The Company’s share repurchase programs, under which the Company undertakes share repurchases for strategic purposes, including when management believes that the market price of the Company’s stock is undervalued, such repurchases will enhance long-term shareholder value, the Company has adequate liquidity and such repurchases are appropriate uses of capital, do not have an expiration date and may be modified or suspended at any time at the Company’s discretion. There were no share repurchases under the Company’s share repurchase programs in either of the three or nine month periods ended September 30, 2023. For the three month period ended September 30, 2022, there were no share repurchases under the Company’s share repurchase programs, and for the nine month period ended September 30, 2022, the Company repurchased 1.1 million shares of its common stock for an aggregate purchase price of approximately $81.3 million. Of the total repurchased shares, 0.1 million shares were repurchased in the first quarter of 2022 for $8.6 million under the Company’s December 2018 $100 million share repurchase program, which completed the program. The remaining 1.0 million shares were repurchased for $72.7 million under the Company’s March 2020 $150 million share repurchase program. As of September 30, 2023, $77.3 million was available for future share repurchases under the Company’s March 2020 share repurchase program. Accumulated Other Comprehensive Income (Loss) Unrealized foreign currency translation activity, net, in each of the three and nine month periods ended September 30, 2023 and 2022 relates primarily to the Company’s operations in Canada and Mexico. Unrealized investment activity in each of the three and nine month periods ended September 30, 2023 and 2022 relates to unrealized fair value gains associated with the Waha JV interest rate swaps. See Note 4 - Fair Value of Financial Instruments for additional information. |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes In determining the quarterly provision for income taxes, management uses an estimated annual effective tax rate based on forecasted annual pre-tax income, permanent tax differences, statutory tax rates and tax planning opportunities in the various jurisdictions in which the Company operates. The effect of significant discrete items is separately recognized in the quarter(s) in which they occur. For the three month periods ended September 30, 2023 and 2022, the Company’s consolidated effective tax rates were an expense of 33.1% and 18.4%, respectively, and for the nine month periods ended September 30, 2023 and 2022 were benefits of 41.4% and 0.2%, respectively. The Company’s effective tax rate for the nine month period ended September 30, 2023 included the effects of a net tax benefit of approximately $8.8 million related to share-based payment awards and a benefit of approximately $6 million related to adjustments from finalization of the Company’s 2022 tax returns, offset, in part, by an increase in non-deductible expenses. For the nine month period ended September 30, 2022, the Company’s effective tax rate included a benefit of approximately $15 million related to adjustments resulting from finalization of the Company’s 2021 tax returns and a net tax benefit of approximately $0.9 million related to the vesting of share-based payment awards. |
Segments and Related Informatio
Segments and Related Information | 9 Months Ended |
Sep. 30, 2023 | |
Segment Reporting [Abstract] | |
Segments and Related Information | Segments and Related Information Segment Discussion The Company manages its operations under five operating segments, which represent its five reportable segments: (1) Communications; (2) Clean Energy and Infrastructure; (3) Oil and Gas; (4) Power Delivery and (5) Other. This structure is generally focused on broad end-user markets for the Company’s labor-based construction services. All five reportable segments derive their revenue primarily from the engineering, installation and maintenance of infrastructure, primarily in North America. The Communications segment performs engineering, construction, maintenance and customer fulfillment activities related to communications infrastructure, primarily for wireless and wireline/fiber communications and install-to-the-home customers, as well as infrastructure for utilities, among others. The Clean Energy and Infrastructure segment primarily serves energy, utility, government and other end-markets through the installation and construction of power generation facilities, primarily from clean energy and renewable sources, such as wind, solar, biomass, natural gas and hydrogen, as well as battery storage systems for renewable energy; various types of heavy civil and industrial infrastructure, including roads, bridges and rail; and environmental remediation services. The Oil and Gas segment performs engineering, construction, maintenance and other services for pipeline infrastructure, including natural gas, carbon capture sequestration, water and pipeline integrity and other services for the energy and utilities industries. The Power Delivery segment primarily serves the energy and utility industries through the engineering, construction and maintenance of power transmission and distribution infrastructure, including electrical and gas transmission lines, distribution network systems and substations; and environmental planning and compliance services. The Other segment includes certain equity investees, the services of which may vary from those provided by the Company’s primary segments, as well as other small business units that perform construction and other services for certain international end-markets. Earnings before interest, taxes, depreciation and amortization (“EBITDA”) is the measure of profitability used by management to manage its segments and, accordingly, in its segment reporting. As appropriate, the Company supplements the reporting of its consolidated financial information determined in accordance with U.S. GAAP with certain non-U.S. GAAP financial measures, including EBITDA. The Company believes these non-U.S. GAAP measures provide meaningful information and help investors understand the Company’s financial results and assess its prospects for future performance. The Company uses EBITDA to evaluate its performance, both internally and as compared with its peers, because it excludes certain items that may not be indicative of the Company’s core operating results for its reportable segments, as well as items that can vary widely across different industries or among companies within the same industry. Segment EBITDA is calculated in a manner consistent with consolidated EBITDA. Summarized financial information for MasTec’s reportable segments is presented and reconciled to consolidated financial information for total MasTec in the following tables, including a reconciliation of consolidated income before income taxes to EBITDA, all of which are presented in millions. The tables below may contain slight summation differences due to rounding. For the Three Months Ended September 30, For the Nine Months Ended September 30, Revenue: 2023 2022 2023 2022 Communications (a) $ 824.4 $ 888.9 $ 2,499.6 $ 2,375.1 Clean Energy and Infrastructure 1,099.9 563.2 2,894.5 1,493.5 Oil and Gas 672.3 375.8 1,270.6 927.9 Power Delivery 665.0 688.4 2,077.1 1,985.4 Other — — — — Eliminations (4.5) (2.8) (25.9) (12.2) Consolidated revenue $ 3,257.1 $ 2,513.5 $ 8,715.9 $ 6,769.7 (a) Revenue generated primarily by utilities customers represented 25.0% and 21.8% of Communications segment revenue for the three month periods ended September 30, 2023 and 2022, respectively, and represented 24.1% and 23.7% for the nine month periods ended September 30, 2023 and 2022, respectively. For the Three Months Ended September 30, For the Nine Months Ended September 30, EBITDA: 2023 2022 2023 2022 Communications $ 73.4 $ 109.9 $ 215.7 $ 234.5 Clean Energy and Infrastructure 42.4 24.6 80.9 30.2 Oil and Gas 97.3 49.2 188.9 133.4 Power Delivery 56.5 63.1 161.0 150.6 Other 4.4 5.6 18.2 20.0 Segment EBITDA $ 274.0 $ 252.4 $ 664.7 $ 568.7 For the three month period ended September 30, 2023, Communications, Clean Energy and Infrastructure and Power Delivery EBITDA included $4.8 million, $15.3 million and $0.5 million, respectively, of acquisition and integration costs related to the Company’s recent acquisitions, and Corporate EBITDA included $0.5 million of such costs. For the nine month period ended September 30, 2023, $18.3 million, $36.9 million, $2.5 million and $3.2 million of such costs were included in EBITDA of the segments and Corporate, respectively. For the three month period ended September 30, 2022, Communications, Oil and Gas, Power Delivery and Corporate EBITDA included $0.5 million, $1.1 million, $20.4 million and $11.2 million of such acquisition and integration costs, respectively, and for the nine month period ended September 30, 2022, $2.4 million, $4.5 million, $34.5 million and $18.0 million of such costs were included in EBITDA of the segments and Corporate, respectively. Additionally, for the nine month period ended September 30, 2023, Corporate EBITDA included fair value losses related to an investment of $0.2 million, and for the three and nine month periods ended September 30, 2022, Corporate EBITDA included $0.1 million and $7.2 million of such fair value losses, respectively. For the Three Months Ended September 30, For the Nine Months Ended September 30, EBITDA Reconciliation: 2023 2022 2023 2022 Income (loss) before income taxes $ 22.9 $ 60.3 $ (82.7) $ 30.5 Plus: Interest expense, net 62.6 26.9 174.7 62.3 Depreciation 115.0 91.3 325.3 263.5 Amortization 42.3 28.0 126.3 81.2 Corporate EBITDA 31.3 45.9 121.2 131.2 Segment EBITDA $ 274.0 $ 252.4 $ 664.7 $ 568.7 For the Three Months Ended September 30, For the Nine Months Ended September 30, Depreciation and Amortization: 2023 2022 2023 2022 Communications $ 37.0 $ 32.5 $ 105.6 $ 92.1 Clean Energy and Infrastructure 37.1 12.4 107.3 35.5 Oil and Gas 40.7 34.1 111.6 97.9 Power Delivery 39.9 37.7 119.4 110.1 Other — — — — Corporate 2.6 2.6 7.7 9.1 Consolidated depreciation and amortization $ 157.3 $ 119.3 $ 451.6 $ 344.7 Assets: September 30, December 31, Communications $ 2,449.7 $ 2,378.6 Clean Energy and Infrastructure 2,902.6 2,979.9 Oil and Gas 1,908.3 1,544.2 Power Delivery 1,877.7 1,967.9 Other 312.9 297.3 Corporate 78.5 125.4 Consolidated assets $ 9,529.7 $ 9,293.3 Foreign Operations and Other. MasTec operates primarily in the United States and Canada, and, to a far lesser extent, in Mexico, the Caribbean and India. Revenue derived from U.S. operations totaled $3.2 billion and $2.5 billion for the three month periods ended September 30, 2023 and 2022, respectively, and totaled $8.6 billion and $6.6 billion for the nine month periods ended September 30, 2023 and 2022, respectively. Revenue derived from foreign operations totaled $18.8 million and $49.4 million for the three month periods ended September 30, 2023 and 2022, respectively, and totaled $68.4 million and $125.2 million for the nine month periods ended September 30, 2023 and 2022, respectively. Revenue from foreign operations was derived primarily from the Company’s Canadian operations in its Oil and Gas segment. Long-lived assets held in the U.S. included property and equipment, net, of $1.7 billion as of both September 30, 2023 and December 31, 2022, and for the Company’s businesses in foreign countries, totaled $18.0 million and $21.0 million for the respective periods. Intangible assets and goodwill, net, related to the Company’s U.S. operations totaled approximately $2.9 billion and $3.0 billion as of September 30, 2023 and December 31, 2022, respectively, and for the Company’s businesses in foreign countries, totaled approximately $32.8 million and $35.5 million, respectively. Substantially all of the Company’s long-lived and intangible assets and goodwill in foreign countries relate to its Canadian operations. As of September 30, 2023, amounts due from customers from which foreign revenue was derived accounted for less than 1% of the Company’s consolidated net accounts receivable position, which is calculated as accounts receivable, net, less deferred revenue. As of December 31, 2022, such amounts accounted for approximately 1% of the Company’s consolidated net accounts receivable position. Revenue from governmental entities for the three month periods ended September 30, 2023 and 2022 totaled approximately 12% and 6% of total revenue, respectively, and for the nine month periods ended September 30, 2023 and 2022, totaled approximately 11% and 7% of total revenue, respectively. Substantially all of the Company’s revenue from governmental entities was derived from its U.S. operations. Significant Customers For the three month period ended September 30, 2023, Equitrans Midstream Corporation represented 11% of the Company’s total consolidated revenue, and for the three month period ended September 30, 2022, no customer represented greater than 10% of the Company’s total consolidated revenue. For the nine month periods ended September 30, 2023 and 2022, no customer represented greater than 10% of the Company’s total consolidated revenue. The Company's relationship with Equitrans Midstream Corporation and its affiliates is based upon various construction contracts for pipeline activities, for which the related revenue is included in the Oil and Gas segment. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies MasTec is subject to a variety of legal cases, claims and other disputes that arise from time to time in the ordinary course of its business, including project contract price and other project disputes, other project-related liabilities and acquisition purchase price disputes. MasTec cannot provide assurance that it will be successful in recovering all or any of the potential damages it has claimed or in defending claims against the Company. The outcome of such cases, claims and disputes cannot be predicted with certainty and an unfavorable resolution of one or more of them could have a material adverse effect on the Company’s business, financial condition, results of operations and cash flows. Acquired Legacy Solar Matter. On April 28, 2023, a jury found IEA and its subsidiary, IEA Constructors, LLC (“IEAC” and, together with IEA, the “IEA Entities”), liable to plaintiffs H&L Farms LLC (“H&L Farms”), Shaun Harris and Amie Harris following a trial in the U.S. District Court for the Middle District of Georgia, Columbus Division (the “Court”), against the IEA Entities, IEAC’s customer, Silicon Ranch Corporation (“SRC”) and engineering firm Westwood Professional Services, Inc. The suit, filed in August 2021, arose out of a project that commenced in 2021 involving the construction by IEAC of a solar farm for SRC. The project was constructed on SRC’s property located adjacent to a 1,400 acre tract of land that plaintiffs purchased in March 2021 for approximately $3.3 million. The plaintiffs brought various causes of action under Georgia law, including trespass, nuisance and negligence, arising out of the defendants’ alleged failure to exercise appropriate efforts to prevent and remediate soil erosion and sedimentary run-off that flowed from SRC’s property into a 21-acre lake on plaintiffs’ property. Following trial, the jury awarded Mr. and Mrs. Harris $4.5 million each for loss of use and enjoyment of the lake and awarded H&L Farms (the legal owner) another $1.5 million in remediation costs. These damages were apportioned 30% to SRC, 40% to IEA and 30% to IEAC. The jury also awarded $25 million in punitive damages against SRC and $50 million in punitive damages against each of the IEA Entities. The Court entered judgment on the verdict and issued an injunction requiring IEAC to remediate the sedimentary run-off as quickly as possible. Subsequently, the IEA Entities and SRC filed post-trial motions seeking multiple avenues of relief from the verdict. Plaintiffs filed oppositions to both motions. Following trial, Mr. and Mrs. Harris also filed a motion for damages under the Georgia frivolous claim/defense statute, seeking $1 million in damages for each of them in compensation for their ostensible stress in pursuing their claims in litigation and an unspecified amount of attorneys’ fees, which they implied could be as much as 45% of any amount of damages remaining after post-verdict review. The IEA Entities and SRC opposed this motion. On October 23, 2023, the Court issued an order resolving the parties’ post-trial motions. The Court first ruled that the compensatory damages for restoration of the lake are unsupported by the evidence and that the compensatory damages for loss of use and enjoyment are excessive. It ordered a new trial on the amount of compensatory damages unless Mr. and Mrs. Harris agree to a remittitur of their damages for loss of use and enjoyment to approximately $0.5 million each and H&L Farms agrees to a remittitur of its damages for restoration of the lake to approximately $0.3 million. The Court also ordered a new trial on the amount of punitive damages unless plaintiffs agree to a remittitur of the punitive damages against SRC to approximately $1.1 million and a remittitur of the punitive damages against the IEA Entities to approximately $2.7 million in total. The plaintiffs have until November 13, 2023 to notify the Court whether they agree to the remittiturs. If they do not agree to the remittiturs, the Court intends to hold a new trial on the amount of compensatory and punitive damages in March 2024. Finally, the Court denied the plaintiffs’ request for damages and attorneys’ fees under the Georgia frivolous claims/defenses statute. On October 31, 2023, the plaintiffs filed a motion for reconsideration of the Court’s order, seeking, among other things, that the Court permit a higher amount of damages and defer any retrial to a later time, accompanied by a request that the Court certify its order for an immediate appeal and to seek the Georgia Supreme Court’s answers to various ostensible issues of Georgia law. Other Commitments and Contingencies Leases . In the ordinary course of business, the Company enters into non-cancelable operating leases for certain of its facility, vehicle and equipment needs, including certain related party leases. See Note 8 - Lease Obligations and Note 15 - Related Party Transactions. Letters of Credit. In the ordinary course of business, the Company is required to post letters of credit for its insurance carriers and surety bond providers and in support of performance under certain contracts as well as certain obligations associated with the Company’s equity investments and other strategic arrangements, including its variable interest entities. Such letters of credit are generally issued by a bank or similar financial institution. The letter of credit commits the issuer to pay specified amounts to the holder of the letter of credit under certain conditions. If this were to occur, the Company would be required to reimburse the issuer of the letter of credit, which, depending upon the circumstances, could result in a charge to earnings. As of September 30, 2023 and December 31, 2022, there were $82.1 million and $166.7 million, respectively, of letters of credit issued under the Company’s credit facilities. Letter of credit claims have historically not been material. The Company is not aware of any material claims relating to its outstanding letters of credit as of September 30, 2023 or December 31, 2022. Performance and Payment Bonds. In the ordinary course of business, MasTec is required by certain customers to provide performance and payment bonds for contractual commitments related to its projects. These bonds provide a guarantee to the customer that the Company will perform under the terms of a contract and that the Company will pay its subcontractors and vendors. If the Company fails to perform under a contract or to pay its subcontractors and vendors, the customer may demand that the surety make payments or provide services under the bond. The Company must reimburse the surety for expenses or outlays it incurs. As of September 30, 2023 and December 31, 2022, outstanding performance and payment bonds approximated $5,552.1 million and $4,855.5 million, respectively, and estimated costs to complete projects secured by these bonds totaled $1,693.7 million and $1,739.9 million, respectively. Included in these balances as of September 30, 2023 and December 31, 2022 are $329.0 million and $115.8 million, respectively, of outstanding performance and payment bonds issued on behalf of the Company’s proportionately consolidated non-controlled contractual joint ventures, representing the Company’s proportionate share of the total bond obligation for the related projects. Investment and Strategic Arrangements. The Company holds undivided interests, ranging from 85% to 90%, in multiple proportionately consolidated non-controlled contractual joint ventures that provide infrastructure construction services for electrical transmission projects, as well as undivided interests, ranging from 25% to 50%, in each of four civil construction projects, and one 49% undivided interest in pipeline project work. Income and/or losses incurred by these joint ventures are generally shared proportionally by the respective joint venture members, with the members of the joint ventures jointly and severally liable for all of the obligations of the joint venture. The respective joint venture agreements provide that each joint venture partner indemnify the other party for any liabilities incurred by such joint venture in excess of its ratable portion of such liabilities. Thus, it is possible that the Company could be required to pay or perform obligations in excess of its share if the other joint venture partners fail or refuse to pay or perform their respective share of the obligations. As of September 30, 2023, the Company was not aware of material future claims against it in connection with these arrangements. For the nine month period ended September 30, 2023, the Company provided $0.5 million of project-related financing to its contractual joint ventures, which amount was outstanding as of September 30, 2023. Included in the Company’s cash balances as of September 30, 2023 and December 31, 2022 are amounts held by entities that are proportionately consolidated totaling $26.5 million and $25.7 million, respectively. These amounts are available to support the operations of those entities, but are not available for the Company’s other operations. The Company has other investment and strategic arrangements, under which it may incur costs or provide financing, performance, financial and/or other guarantees. See Note 4 - Fair Value of Financial Instruments and Note 15 - Related Party Transactions for additional information pertaining to the Company’s investment and strategic arrangements. Self-Insurance . MasTec maintains insurance policies for workers’ compensation, general liability and automobile liability, which are subject to per claim deductibles. The Company is self-insured up to the amount of the deductible. The Company also maintains excess umbrella coverage. The Company manages certain of its insurance liabilities indirectly through its wholly-owned captive insurance company, which reimburses claims up to the applicable insurance limits. Captive insurance-related cash balances totaled approximately $0.8 million and $1.1 million as of September 30, 2023 and December 31, 2022, respectively, which amounts are generally not available for use in the Company’s other operations. As of September 30, 2023 and December 31, 2022, MasTec’s estimated liability for unpaid claims and associated expenses, including incurred but not reported losses related to these policies, totaled $201.1 million and $176.7 million, respectively, of which $131.5 million and $109.3 million, respectively, were reflected within other long-term liabilities in the consolidated balance sheets. MasTec also maintains an insurance policy with respect to employee group medical claims, which is subject to annual per employee maximum losses. MasTec’s estimated liability for employee group medical claims totaled $4.8 million and $4.1 million as of September 30, 2023 and December 31, 2022, respectively. The Company is required to post collateral, generally in the form of letters of credit, surety bonds and cash to certain of its insurance carriers. Insurance-related letters of credit for the Company’s workers’ compensation, general liability and automobile liability policies amounted to $9.6 million and $95.6 million as of September 30, 2023 and December 31, 2022, respectively. Outstanding surety bonds related to self-insurance programs amounted to $204.8 million and $110.9 million as of September 30, 2023 and December 31, 2022, respectively. Collective Bargaining Agreements and Multiemployer Plans. As discussed in Note 10 - Other Retirement Plans, 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 and contribute certain amounts to MEPPs. The Employee Retirement Income Security Act of 1974, as amended by the Multiemployer Pension Plan Amendments Act of 1980 (collectively, “ERISA”), which governs U.S.-registered MEPPs, subjects employers to substantial liabilities in the event of an employer’s complete or partial withdrawal from, or upon termination of, such plans. The Company currently contributes, and in the past, has contributed to, plans that are underfunded, and, therefore, could have potential liability associated with a voluntary or involuntary withdrawal from, or termination of, these plans. As of September 30, 2023, the Company does not have plans to withdraw from, and is not aware of circumstances that would reasonably lead to material claims against it, in connection with the MEPPs in which it participates. There can be no assurance, however, that the Company will not be assessed liabilities in the future, including in the form of a surcharge on future benefit contributions or increased contributions on underfunded plans. The amount the Company could be obligated to pay or contribute in the future cannot be estimated, as these amounts are based on future levels of work of the union employees covered by these plans, investment returns, which could be negatively affected by economic and market conditions, and the level of underfunding of such plans. In connection with the IEA acquisition, the Company assumed a multiemployer pension plan withdrawal liability, under which IEA is currently obligated to make monthly payments of approximately $10,000. As of September 30, 2023 and December 31, 2022, the remaining obligation approximated $1.8 million and $1.9 million, respectively. Indemnities. The Company generally indemnifies its customers for the services it provides under its contracts, as well as other specified liabilities, which may subject the Company to indemnity claims, liabilities and related litigation. As of September 30, 2023 and December 31, 2022, the Company had accrued project close-out liabilities of approximately $20 million and $40 million, respectively. The Company is not aware of any other material asserted or unasserted claims in connection with its potential indemnity obligations. Other Guarantees. From time to time in the ordinary course of its business, MasTec guarantees the obligations of its subsidiaries, including obligations under certain contracts with customers, certain lease obligations, and in some states, obligations in connection with obtaining contractors’ licenses. MasTec has also issued performance and other guarantees in connection with certain of its equity investments. MasTec also generally warrants the work it performs following substantial completion of a project. Much of the work performed by the Company is evaluated for defects shortly after the work is completed. If warranty claims occur, the Company could be required to repair or replace warrantied items, or, if customers elect to repair or replace the warrantied item using the services of another provider, the Company could be required to pay for the cost of the repair or replacement. Warranty claims have historically not been material. Concentrations of Risk. The Company had approximately 1,425 customers for the nine month period ended September 30, 2023. No customer represented greater than 10% of the Company’s consolidated net accounts receivable position, which is calculated as accounts receivable, net, less deferred revenue, as of either September 30, 2023 or December 31, 2022. The Company derived approximately 40% a nd 41% , respectively, of its revenue from its top ten customers for the three month periods ended September 30, 2023 and 2022, and derived approximately 37% and 42% of such revenue for the nine month periods ended September 30, 2023 and 2022, respectively. |
Related Party Transactions
Related Party Transactions | 9 Months Ended |
Sep. 30, 2023 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions MasTec purchases, rents and leases equipment and purchases various types of supplies and services used in its business, including ancillary construction services, project-related site restoration and marketing, business development and administrative activities, from a number of different vendors on a non-exclusive basis, and from time to time, rents equipment to, sells certain supplies, or performs construction services on behalf of, entities in which members of subsidiary management have ownership or commercial interests. For the three month periods ended September 30, 2023 and 2022, such payments to related party entities totaled approximately $7.1 million and $8.0 million, respectively, and for the nine month periods ended September 30, 2023 and 2022, such payments totaled approximately $33.9 million and $22.7 million, respectively. Payables associated with such arrangements totaled approximately $2.6 million as of both September 30, 2023 and December 31, 2022. Revenue from such related party arrangements totaled approximately $3.5 million and $2.4 million for the three month periods ended September 30, 2023 and 2022, respectively, and for the nine month periods ended September 30, 2023 and 2022, totaled approximately $10.9 million and $7.4 million, respectively. Related amounts receivable totaled approximately $1.0 million and $3.2 million as of September 30, 2023 and December 31, 2022, respectively. The Company rents and leases equipment and purchases certain supplies and servicing from CCI. Juan Carlos Mas, who is the brother of Jorge Mas, Chairman of MasTec’s Board of Directors, and José R. Mas, MasTec’s Chief Executive Officer, serves as the chairman of CCI, and a member of management of a MasTec subsidiary and an entity that is owned by the Mas family are minority owners. For the three month periods ended September 30, 2023 and 2022, MasTec paid CCI approximately $1.2 million and $1.1 million, respectively, related to this activity, and for the nine month periods ended September 30, 2023 and 2022, MasTec paid approximately $2.5 million and $2.9 million, respectively. Amounts payable to CCI totaled approximately $4.6 million and $0.6 million as of September 30, 2023 and December 31, 2022, respectively. The Company has also rented equipment to CCI. Revenue from equipment rentals to CCI totaled approximately $0.2 million for both the three and nine month periods ended September 30, 2022 . As of December 31, 2022, related amounts receivable were de minimis. 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 three month periods ended September 30, 2023 and 2022, MasTec incurred subcontracting expenses in connection with this arrangement of approximately $2.7 million and $0.1 million, respectively, and for the nine month periods ended September 30, 2023 and 2022, MasTec incurred approximately $3.1 million and $0.2 million, respectively, of such subcontracting expenses. Related amounts payable totaled approximately $2.5 million as of September 30, 2023, and as of December 31, 2022, such payables were de minimis. MasTec has a leasing arrangement for an aircraft that is owned by an entity that Jorge Mas owns. For both the three month periods ended September 30, 2023 and 2022, MasTec paid approximately $0.7 million related to this leasing arrangement, and for the nine month periods ended September 30, 2023 and 2022, such payments totaled approximately $2.0 million and $1.9 million, respectively. MasTec has performed construction services on behalf of a professional Miami soccer franchise (the “Franchise”) in which Jorge Mas and José R. Mas are majority owners. Services provided by MasTec have included the construction of a soccer facility and stadium as well as wireless infrastructure services. Construction services related to site preparation for a new soccer complex began in the third quarter of 2023. For the three and nine month periods ended September 30, 2023, MasTec charged approximately $4.6 million and $4.8 million, respectively, under these arrangements, and related amounts receivable totaled approximately $4.8 million as of September 30, 2023. Payments for other expenses related to the Franchise for the three month periods ended September 30, 2023 and 2022 totaled approximately $0.3 million and $0.1 million, respectively, and for the nine month periods ended September 30, 2023 and 2022, totaled approximately $0.9 million and $0.4 million, respectively. MasTec has a subcontracting arrangement to perform construction services for an entity, in which José R. Mas has a minority interest, and of which a member of management of a MasTec subsidiary owns the remaining interest. For the three month periods ended September 30, 2023 and 2022, revenue recognized by MasTec under this arrangement totaled approximately $42.7 million and $38.0 million, respectively, and totaled approximately $120.6 million and $98.7 million, respectively, for the nine month periods ended September 30, 2023 and 2022. As of September 30, 2023 and December 31, 2022, related amounts receivable totaled approximately $59.1 million and $42.0 million, respectively. MasTec also pays a management fee to this entity in connection with this subcontracting arrangement. Under a separate arrangement, this entity performs certain construction services for MasTec. For the three month periods ended September 30, 2023 and 2022, MasTec incurred approximately $1.7 million and $0.4 million, respectively, for management fees and subcontracting expenses under these arrangements, and incurred approximately $2.9 million and $0.9 million, respectively, under these arrangements for the nine month periods ended September 30, 2023 and 2022. As of September 30, 2023 and December 31, 2022, related amounts payable totaled approximately $0.6 million and $0.3 million, respectively. From time to time, the Company pays amounts on behalf of or to the former owners of acquired businesses, which, under the provisions of the related purchase agreements, the former owners are obligated to repay. The Company paid $0.1 million of such amounts during both the three month periods ended September 30, 2023 and 2022. For the nine month periods ended September 30, 2023 and 2022, such payments totaled approximately $0.2 million and $1.5 million, respectively. Amounts receivable for such payments, which are expected to be settled under customary terms associated with the related purchase agreement, totaled approximately $2.2 million and $2.0 million as of September 30, 2023 and December 31, 2022, respectively. In addition, the Company has a subcontracting arrangement with an entity in which it has a 25% interest. The Company’s interest in this entity is accounted for as an equity method investment. For the three and nine month periods ended September 30, 2023, the Company made equity contributions of approximately $0.1 million and $3.7 million, respectively, to this entity, of which $0.1 million and $0.3 million, respectively, were paid in cash. For the three and nine month periods ended September 30, 2022, the Company made equity contributions to this entity of approximately $0.1 million and $0.6 million, respectively. As of September 30, 2023 and December 31, 2022, the Company’s net investment in this entity was a liability of approximately $1.1 million and $0.2 million, respectively, which net amount included approximately $1.1 million of deferred revenue as of September 30, 2023, and $2.3 million of accounts receivable, net, less deferred revenue, as of December 31, 2022, related to the subcontracting arrangement as of the respective periods. Additionally, the Company has certain arrangements with an entity in which members of management have an ownership interest, including a fee arrangement in conjunction with a $15.0 million letter of credit issued by the Company on behalf of this entity. Income recognized in connection with these arrangements totaled approximately $0.2 million for both the three month periods ended September 30, 2023 and 2022, and totaled approximately $0.6 million for both the nine month periods ended September 30, 2023 and 2022. As of September 30, 2023 and December 31, 2022, related amounts receivable totaled $0.2 million and $0.4 million, respectively. In 2018, the Company acquired a construction management firm specializing in steel building systems, of which Juan Carlos Mas was a minority owner at the time of acquisition. In the second quarter of 2023, the Company paid $16.1 million of contingent consideration in connection with the finalization of the earn-out arrangement related to this acquisition, as calculated under the terms of the purchase agreement. Approximately 25% of this earn-out payment was paid to Juan Carlos Mas, consistent with the terms of the purchase agreement. Non-controlling interests in entities consolidated by the Company represent ownership interests held by members of management of certain of the Company’s subsidiaries, primarily in the Company’s Oil and Gas segment, including the ownership interests in two entities that the Company acquired in the second quarter of 2023. See Note 3 - Acquisitions, Goodwill and Other Intangible Assets, Net for additional information. In the first quarter of 2023, the Company acquired the remaining 15% equity interests in one of its subsidiaries, which interests were previously accounted for as non-controlling interests, from two members of subsidiary management for $10.0 million in cash, plus 120,000 shares of MasTec common stock, valued at approximately $11.6 million. Split Dollar Agreements 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. For the three month periods ended September 30, 2023 and 2022, the Company paid $0.2 million and $0.6 million, respectively, in connection with the agreements for Jorge Mas, and no payments were made in connection with such agreements for José R. Mas in either of the three month periods ended September 30, 2023 or 2022. For the nine month periods ended September 30, 2023 and 2022, the Company paid $0.7 million and $1.1 million, respectively, in connection with the agreements for Jorge Mas, and for both the nine month periods ended September 30, 2023 and 2022, paid $0.7 million in connection with such agreements for José R. Mas. As of September 30, 2023 and December 31, 2022, life insurance assets associated with these agreements totaled approximately $27.2 million and $25.8 million, respectively. |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Pay vs Performance Disclosure | ||||
Net Income (Loss) Attributable to Parent | $ 14,296 | $ 48,896 | $ (50,702) | $ 30,130 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Sep. 30, 2023 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Business, Basis of Presentati_2
Business, Basis of Presentation and Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2023 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying consolidated financial statements are unaudited and have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) for interim financial information and with the instructions for Form 10-Q and Rule 10-01 of Regulation S-X. Pursuant to these rules and regulations, certain information and footnote disclosures normally included in the annual audited consolidated financial statements prepared in accordance with U.S. GAAP have been condensed or omitted. The accompanying consolidated balance sheet as of December 31, 2022 is derived from the Company’s audited financial statements as of that date. Because certain information and footnote disclosures have been condensed or omitted, these consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto as of and for the year ended December 31, 2022 contained in the Company’s 2022 Annual Report on Form 10-K (the “2022 Form 10-K”). In management’s opinion, all normal and recurring adjustments considered necessary for a fair presentation of the financial position, results of operations and cash flows for the periods presented have been included. When appropriate, prior year amounts are reclassified to conform with the current period presentation. Interim period operating results do not necessarily indicate the results that may be expected for any other interim period or for the full fiscal year. The Company believes that the disclosures made in these consolidated financial statements are adequate to make the information not misleading. |
Reclassifications | When appropriate, prior year amounts are reclassified to conform with the current period presentation. |
Principles of Consolidation | Principles of Consolidation The accompanying consolidated financial statements include MasTec, Inc. and its subsidiaries and include the accounts of all majority owned subsidiaries over which the Company exercises control and, when applicable, entities in which the Company has a controlling financial interest. All significant intercompany balances and transactions have been eliminated in consolidation. Other parties’ interests in entities that MasTec consolidates are reported as non-controlling interests within equity, except for mandatorily redeemable non-controlling interests, which are recorded within other liabilities. Net income or loss attributable to non-controlling interests is reported as a separate line item below net income or loss. Investments in entities for which the Company does not have a controlling financial interest, but over which it has the ability to exert significant influence, are accounted for under the equity method of accounting. For equity investees in which the Company has an undivided interest in the assets, liabilities and profits or losses of an unincorporated entity, but does not exercise control over the entity, the Company consolidates its proportional interest in the accounts of the entity. |
Translation of Foreign Currencies | Translation of Foreign Currencies The assets and liabilities of foreign subsidiaries with a functional currency other than the U.S. dollar are translated into U.S. dollars at period-end exchange rates, with resulting translation gains or losses included within other comprehensive income or loss. Revenue and expenses are translated into U.S. dollars at average rates of exchange during the applicable period. Substantially all of the Company’s foreign operations use their local currency as their functional currency. For foreign operations for which the local currency is not the functional currency, the operation’s non-monetary assets are remeasured into U.S. dollars at historical exchange rates. All other accounts are remeasured at current exchange rates. Gains or losses from remeasurement are included in other income or expense, net. Currency gains or losses resulting from transactions executed in currencies other than the functional currency are included in other income or expense, net. |
Management Estimates | Management Estimates The preparation of consolidated financial statements in accordance with U.S. GAAP requires the use of estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. These estimates are based on historical experience and various other assumptions that management believes to be reasonable under the circumstances, including the potential future effects of macroeconomic trends and events, such as inflation and interest rate levels; uncertainty from potential market volatility; other market, industry and regulatory factors, including uncertainty related to the implementation and pace of governmental programs and initiatives and project permitting issues, and other regulatory matters or uncertainty; supply chain disruptions; climate-related matters; global events, such as military conflicts; and public health matters. These estimates form the basis for making judgments about the Company’s operating results and the carrying values of assets and liabilities that are not readily apparent from other sources. While management believes that such estimates are reasonable when considered in conjunction with the Company’s consolidated financial position and results of operations taken as a whole, actual results could differ materially from these estimates. Key estimates include: the recognition of revenue and project profit or loss, which the Company defines as project revenue less project costs of revenue, including project-related depreciation, in particular, on construction contracts accounted for under the cost-to-cost method, for |
General Economic, Market and Regulatory Conditions | General Economic, Market and Regulatory Conditions The Company has experienced, and may continue to experience, direct and indirect negative effects on its business and operations from negative economic, market, and regulatory conditions, including the current level of market interest rates; continuing inflationary effects on the cost of fuel, labor and materials; supply chain disruptions; uncertainty related to the implementation and pace of spending under governmental programs and initiatives related to infrastructure and other industrial investment, delays and uncertainty related to project permitting and other regulatory matters or uncertainty; climate, environmental and sustainability-related matters; public health matters; changes in technology, tax and other incentives; and potential market volatility that could negatively affect demand for future projects, and/or delay existing project timing or cause increased project costs. The extent to which these conditions could affect the Company’s business, operations and financial results is uncertain as it will depend upon numerous evolving factors that management may not be able to accurately predict, and, therefore, any future impacts on the Company’s business, financial condition and/or results of operations cannot be quantified or predicted with specificity, including with respect to the effects of ongoing and recent geopolitical events, such as the political unrest and military conflicts in the Middle East and Ukraine, which could potentially increase volatility and uncertainty in the energy and capital markets. |
Revenue Recognition | Revenue Recognition The Company recognizes revenue from contracts with customers when, or as, control of promised services and goods is transferred to customers. The amount of revenue recognized reflects the consideration to which the Company expects to be entitled in exchange for the services and goods transferred. The Company primarily recognizes revenue over time utilizing the cost-to-cost measure of progress, which best depicts the continuous transfer of control of goods or services to the customer, and correspondingly, when performance obligations are satisfied for the related contracts. Contracts. The Company derives revenue primarily from construction projects performed under: (i) master service and other service agreements, which generally provide a menu of available services in a specific geographic territory that are utilized on an as-needed basis, and are typically priced using either a time and materials or a fixed price per unit basis; and (ii) contracts for specific projects requiring the construction and installation of an entire infrastructure system, or specified units within an infrastructure system, which may be subject to one or multiple pricing options, including fixed price, unit price, time and materials, or cost plus a markup. Revenue derived from projects performed under master service and other service agreements totaled 37% and 52% of consolidated revenue for the three month periods ended September 30, 2023 and 2022, respectively, and totaled 42% and 54% for the nine month periods ended September 30, 2023 and 2022, respectively. For certain master service and other service agreements, revenue is recognized at a point in time, primarily for install-to-the-home and certain other wireless services in the Company’s Communications segment, and to a lesser extent, certain revenue in the Company’s Clean Energy and Infrastructure and Oil and Gas segments. Point in time revenue is recognized when the work order has been fulfilled, which, for the majority of the Company’s point in time revenue, is the same day it is initiated. Point in time revenue accounted for approximately 2% and 3% of consolidated revenue for the three and nine month periods ended September 30, 2023, respectively, and totaled approximately 4% for both the three and nine month periods ended September 30, 2022. The total contract transaction price and cost estimation processes used for recognizing revenue over time under the cost-to-cost method is primarily based on the professional knowledge and experience of the Company’s project managers, operational and financial professionals, and other professional expertise, as warranted. Management reviews estimates of total contract transaction price and total project costs on an ongoing basis. Changes in job performance, job conditions and management’s assessment of the estimated amount and probability of variable consideration are factors that influence estimates of the total contract transaction price, total costs to complete those contracts and the Company’s profit recognition. Changes in these factors could result in revisions to revenue in the period in which the revisions are determined, which revisions could materially affect the Company’s consolidated results of operations for that period. Provisions for losses on uncompleted contracts are recorded in the period in which such losses are expected based on management’s estimates. For the nine month periods ended September 30, 2023 and 2022, project profit was affected by less than 5% as a result of changes in contract estimates included in projects that were in process as of December 31, 2022 and 2021. Changes in recognized revenue, net, as a result of changes in total contract transaction price estimates, including from variable consideration, and/or changes in cost estimates, related to performance obligations satisfied or partially satisfied in prior periods, for the three and nine month periods ended September 30, 2023 positively affected revenue by approximately 0.3% and 0.5%, respectively. For both the three and nine month periods ended September 30, 2022, such net changes positively affected revenue by approximately 0.2%. Performance Obligations. A performance obligation is a contractual promise to transfer a distinct good or service to a customer. The transaction price of a contract is allocated to each distinct performance obligation and recognized as revenue when or as the performance obligation is satisfied. The Company’s contracts often require significant services to integrate complex activities and equipment into a single deliverable, and are therefore generally accounted for as a single performance obligation, even when delivering multiple distinct services. The majority of the Company’s performance obligations are completed within one year. Remaining performance obligations represent the amount of unearned transaction prices under contracts for which work is wholly or partially unperformed, including the Company’s share of unearned transaction prices from its proportionately consolidated non-controlled joint ventures. As of September 30, 2023, the amount of the Company’s remaining performance obligations was $7.6 billion. Based on current expectations, the Company anticipates it will recognize approximately $2.6 billion of its remaining performance obligations as revenue during 2023, with the majority of the remaining balance expected to be recognized in 2024. Variable Consideration. Transaction prices for the Company’s contracts may include variable consideration, which comprises items such as change orders, claims and incentives. Management estimates variable consideration for a performance obligation utilizing estimation methods that it believes best predict the amount of consideration to which the Company will be entitled. Management’s estimates of variable consideration and the determination of whether to include estimated amounts in transaction prices are based largely on specific discussions, correspondence or preliminary negotiations and past practices with the customer, engineering studies and legal advice and all other relevant information that is reasonably available at the time of the estimate. To the extent unapproved change orders, claims and other variable consideration reflected in transaction prices are not resolved in the Company’s favor, or to the extent incentives reflected in transaction prices are not earned, there could be reductions in, or reversals of, previously recognized revenue. As of September 30, 2023 and December 31, 2022, the Company included in its contract transaction prices approximately $296 million and $271 million, respectively, of change orders and/or claims for certain contracts that were in the process of being resolved in the ordinary course of its business, including through negotiation, arbitration and other proceedings. These transaction price adjustments, when earned, are included within contract assets or accounts receivable, net of allowance, as appropriate. As of both September 30, 2023 and December 31, 2022, these change orders and/or claims primarily related to certain projects in the Company’s Clean Energy and Infrastructure and Power Delivery segments. The Company actively engages with its customers to complete the final approval process and generally expects these processes to be completed within one year. Amounts ultimately realized upon final agreement by customers could be higher or lower than such estimated amounts. |
Recently Issued Accounting Pronouncements | Recent Accounting Pronouncements The discussion below describes the effects of recent accounting pronouncements, as updated from the discussion in the Company’s 2022 Form 10-K. Accounting Pronouncements Adopted in 2023 The Company adopted Financial Accounting Standards Board (“FASB”) Accounting Standards Update (“ASU”) 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers (“ASU 2021-08”) in the first quarter of 2023. ASU 2021-08, which was issued to improve consistency for revenue recognition in the post-acquisition period for acquired contracts as compared to contracts entered into subsequent to acquisition, requires an acquirer to recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with Topic 606, Revenue from Contracts with Customers, rather than at fair value. The adoption of ASU 2021-08 did not have a material effect on the Company’s consolidated financial statements. Recently Issued Accounting Pronouncements In March 2023, the FASB issued ASU 2023-01, Leases (Topic 842): Common Control Arrangements (“ASU 2023-01”) to improve the guidance for applying Topic 842, Leases, to arrangements between entities under common control. ASU 2023-01 improves current GAAP by clarifying the accounting for leasehold improvements associated with common control leases, thereby reducing diversity in practice. The provisions of this ASU that apply to public companies include a requirement for entities to amortize leasehold improvements associated with common control leases over the useful life of the common control group. ASU 2023-01 is effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2023, with early adoption permitted. The Company does not expect ASU 2023-01 to have a material effect on the Company’s consolidated financial statements. In August 2023, the FASB issued ASU 2023-05, Business Combinations—Joint Venture Formations (Subtopic 805-60): Recognition and Initial Measurement (“ASU 2023-05”). ASU 2023-05, which clarifies existing guidance to reduce diversity in practice, addresses the accounting for contributions made to a joint venture, upon formation, in a joint venture’s separate financial statements. The provisions of this ASU require that a joint venture initially measure all contributions received upon its formation at fair value, largely consistent with Topic 805, Business Combinations. The amendments in this ASU are not applicable to the formation of proportionally consolidated joint ventures. ASU 2023-05 is effective prospectively for all joint ventures with a formation date on or after January 1, 2025, with early adoption permitted on a retrospective basis for joint ventures formed before January 1, 2025. The Company is currently evaluating the effects of this ASU. |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share | The following table provides details underlying the Company’s earnings per share calculations for the periods indicated (in thousands): For the Three Months Ended September 30, For the Nine Months Ended September 30, 2023 2022 2023 2022 Net income (loss) attributable to MasTec: Net income (loss) - basic (a) $ 14,296 $ 48,896 $ (50,702) $ 30,130 Fair value gain related to contingent payments (b) $ — $ 143 $ — $ 1,459 Net income (loss) - diluted (a) $ 14,296 $ 48,753 $ (50,702) $ 28,671 Weighted average shares outstanding: Weighted average shares outstanding - basic (c) 77,640 73,936 77,418 74,386 Dilutive common stock equivalents (d)(e) 815 1,137 — 1,190 Weighted average shares outstanding - diluted 78,455 75,073 77,418 75,576 (a) Basic net income or loss is calculated as total net income or loss, less amounts attributable to non-controlling interests. Diluted net income or loss is calculated as total net income or loss, less amounts attributable to non-controlling interests, adjusted for the fair value gain or loss, if any, related to additional contingent payments to the former owners of an acquired business for which the contingency has been resolved as of the respective period. See Note 3 - Acquisitions, Goodwill and Other Intangible Assets, Net, for additional information. (b) For the three and nine month periods ended September 30, 2022, represents the fair value gain related to additional contingent payments, which were dilutive as of September 30, 2022. See Note 3 - Acquisitions, Goodwill and Other Intangible Assets, Net, for additional information. (c) For the three month periods ended September 30, 2023 and 2022, basic shares include approximately 88,000 and 140,000 weighted average shares, respectively, related to additional contingent payments, and for the nine month periods ended September 30, 2023 and 2022, basic shares include approximately 88,000 and 114,000 of such weighted average shares, respectively. (d) For the three month period ended September 30, 2023, there were no weighted average anti-dilutive common stock equivalents, and for the three month period ended September 30, 2022, weighted average anti-dilutive common stock equivalents totaled approximately 8,000 shares. For the nine month periods ended September 30, 2023 and 2022, such shares totaled approximately 1,091,000 and 135,000, respectively. (e) For the three and nine month periods ended September 30, 2023, there were no weighted average common stock equivalents related to additional contingent payments to the former owners of an acquired business, and for the three and nine month periods ended September 30, 2022, weighted average common stock equivalents related to such additional contingent payments totaled approximately 11,000 and 37,000, respectively. |
Acquisitions, Goodwill, and O_2
Acquisitions, Goodwill, and Other Intangible Assets, Net (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill by Segment | The following table provides a reconciliation of changes in goodwill by reportable segment for the nine month period ended September 30, 2023 (in millions): Communications Clean Energy and Infrastructure Oil and Gas Power Delivery Total Goodwill Goodwill, gross, as of December 31, 2022 $ 606.1 $ 703.3 $ 582.2 $ 270.1 $ 2,161.7 Accumulated impairment loss (a) — — (116.7) — (116.7) Goodwill, net, as of December 31, 2022 $ 606.1 $ 703.3 $ 465.5 $ 270.1 $ 2,045.0 Additions from new business combinations 32.6 — — — 32.6 Measurement period adjustments (b) (0.6) 40.5 0.8 0.6 41.3 Currency translation adjustments — — (0.0) — (0.0) Goodwill, net as of September 30, 2023 $ 638.1 $ 743.8 $ 466.3 $ 270.7 $ 2,118.9 (a) Accumulated impairment losses include the effects of currency translation gains and/or losses. (b) Measurement period adjustments represent adjustments, net, to preliminary estimates of fair value within the measurement period of up to one year from the date of acquisition. Measurement period adjustments, net, for the nine month period ended September 30, 2023 were primarily the result of updated valuations and estimated useful lives of certain fixed assets and updated estimates of certain assets and liabilities, including contract assets and contingent liabilities. As a result of the updates to the estimated useful lives of certain fixed assets, depreciation expense decreased by approximately $6 million for the nine month period ended September 30, 2023, and as a result of the measurement period adjustments related to certain contract assets and liabilities, revenue increased by approximately $35 million and costs of revenue, excluding depreciation and amortization, decreased by approximately $8 million. In addition, measurement period adjustments for the nine month period ended September 30, 2023 included a decrease in deferred tax liabilities of approximately $38 million, an increase in contingent liabilities of approximately $29 million, including for insurance, legal and other matters, and fair value increases of approximately $7 million for certain property and equipment. |
Schedule of Finite-Lived Intangible Assets | The following table provides a reconciliation of changes in other intangible assets, net, for the period indicated (in millions): Other Intangible Assets, Net Customer Relationships and Backlog Trade Names (a) Other (b) Total Other intangible assets, gross, as of December 31, 2022 $ 1,089.4 $ 228.9 $ 86.6 $ 1,404.9 Accumulated amortization (388.8) (28.9) (40.9) (458.6) Other intangible assets, net, as of December 31, 2022 $ 700.6 $ 200.0 $ 45.7 $ 946.3 Additions from new business combinations 1.2 0.1 — 1.3 Currency translation adjustments — — (0.0) (0.0) Amortization expense (104.5) (15.6) (6.2) (126.3) Other intangible assets, net, as of September 30, 2023 $ 597.3 $ 184.5 $ 39.5 $ 821.3 (a) Includes approximately $34.5 million of non-amortizing trade names as of both September 30, 2023 and December 31, 2022. (b) Consists principally of pre-qualifications and non-compete agreements. |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | As of September 30, 2023, the Company is finalizing certain valuation and contingency-related estimates for the IEA acquisition; as a result, further adjustments to such estimates may occur. The following table summarizes, as of September 30, 2023, the estimated fair values of the consideration paid and net assets acquired, as adjusted, for the Company’s 2022 acquisitions (in millions): Acquisition consideration: IEA All other Total Cash, net of cash acquired $ 564.5 $ 48.7 $ 613.2 Shares transferred 173.7 — 173.7 Estimated fair value of warrants 10.3 — 10.3 Estimated fair value of contingent consideration — 2.8 2.8 Total consideration $ 748.5 $ 51.5 $ 800.0 Identifiable assets acquired and liabilities assumed: Accounts receivable and contract assets $ 570.0 $ 6.1 $ 576.1 Current assets 34.5 1.6 36.1 Property and equipment 220.5 30.0 250.5 Long-term assets, primarily operating lease right-of-use assets 40.6 0.3 40.9 Amortizing intangible assets 362.2 5.9 368.1 Accounts payable (136.5) (4.6) (141.1) Contract liabilities (151.3) (1.5) (152.8) Current liabilities, primarily accrued expenses (327.1) (1.4) (328.5) Long-term debt, including finance lease obligations (330.8) (0.2) (331.0) Long-term liabilities, primarily operating lease liabilities and deferred income taxes (104.1) (0.2) (104.3) Total identifiable net assets $ 178.0 $ 36.0 $ 214.0 Goodwill 570.5 15.5 586.0 Total net assets acquired, including goodwill $ 748.5 $ 51.5 $ 800.0 |
Accounts Receivable, Net of A_2
Accounts Receivable, Net of Allowance, and Contract Assets and Liabilities (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Receivables [Abstract] | |
Schedule of Accounts Receivable, Net of Allowance, and Contract Assets | The following table provides details of accounts receivable, net of allowance, and contract assets (together, “accounts receivable, net”) as of the dates indicated (in millions): September 30, December 31, Contract billings $ 1,551.8 $ 1,408.1 Less allowance (8.9) (8.4) Accounts receivable, net of allowance $ 1,542.9 $ 1,399.7 Retainage 351.0 401.9 Unbilled receivables 1,616.0 1,328.0 Contract assets $ 1,967.0 $ 1,729.9 |
Property and Equipment, Net (Ta
Property and Equipment, Net (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property and Equipment, Net | The following table provides details of property and equipment, net, including property and equipment held under finance leases as of the dates indicated (in millions): September 30, December 31, Land $ 73.5 $ 73.5 Buildings and leasehold improvements 91.4 86.7 Machinery, equipment and vehicles 3,033.0 2,797.0 Office equipment, furniture and internal-use software 324.3 286.8 Construction in progress 43.7 67.4 Total property and equipment $ 3,565.9 $ 3,311.4 Less accumulated depreciation and amortization (1,836.1) (1,557.3) Property and equipment, net $ 1,729.8 $ 1,754.1 |
Debt (Tables)
Debt (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Debt Disclosure [Abstract] | |
Schedule of Carrying Values of Debt | The following table provides details of the carrying values of debt as of the dates indicated (in millions): Description Maturity Date September 30, December 31, Senior credit facility: November 1, 2026 Revolving loans $ 890.0 $ 896.0 Term loan 343.4 350.0 4.50% Senior Notes August 15, 2028 600.0 600.0 6.625% Senior Notes August 15, 2029 283.5 281.2 2022 Term Loan Facility October 7, 2025 and October 7, 2027 700.0 700.0 Finance lease and other obligations 402.8 414.5 Total debt obligations $ 3,219.7 $ 3,241.7 Less unamortized deferred financing costs (14.5) (17.6) Total debt, net of deferred financing costs $ 3,205.2 $ 3,224.1 Current portion of long-term debt 175.3 171.9 Long-term debt $ 3,029.9 $ 3,052.2 |
Lease Obligations (Tables)
Lease Obligations (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Leases [Abstract] | |
Schedule of Future Minimum Lease Commitments, Finance Leases | Future minimum lease commitments as of September 30, 2023 were as follows (in millions): Finance Leases Operating 2023, remaining three months $ 43.4 $ 38.6 2024 151.5 140.8 2025 114.8 115.7 2026 57.3 79.5 2027 17.8 36.7 Thereafter 3.1 38.2 Total minimum lease payments $ 387.9 $ 449.5 Less amounts representing interest (21.8) (38.4) Total lease obligations, net of interest $ 366.1 $ 411.1 Less current portion 146.6 131.8 Long-term portion of lease obligations, net of interest $ 219.5 $ 279.3 |
Schedule of Future Minimum Lease Commitments, Operating Leases | Future minimum lease commitments as of September 30, 2023 were as follows (in millions): Finance Leases Operating 2023, remaining three months $ 43.4 $ 38.6 2024 151.5 140.8 2025 114.8 115.7 2026 57.3 79.5 2027 17.8 36.7 Thereafter 3.1 38.2 Total minimum lease payments $ 387.9 $ 449.5 Less amounts representing interest (21.8) (38.4) Total lease obligations, net of interest $ 366.1 $ 411.1 Less current portion 146.6 131.8 Long-term portion of lease obligations, net of interest $ 219.5 $ 279.3 |
Stock-Based Compensation and _2
Stock-Based Compensation and Other Employee Benefit Plans (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Schedule of Activity, Restricted Shares | Activity, restricted shares: (a) Restricted Per Share Weighted Average Grant Date Fair Value Non-vested restricted shares, as of December 31, 2022 2,049,280 $ 52.33 Granted 204,215 95.99 Vested (855,196) 27.89 Canceled/forfeited (67,959) 46.86 Non-vested restricted shares, as of September 30, 2023 1,330,340 $ 75.03 (a) Includes 1,000 and 2,150 restricted stock units as of September 30, 2023 and December 31, 2022, respectively. |
Other Retirement Plans (Tables)
Other Retirement Plans (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Retirement Benefits [Abstract] | |
Schedule of Covered Employees and Contributions, Multiemployer Plans | Total contributions to multiemployer plans and the related number of employees covered by these plans for the periods indicated were as follows: Multiemployer Plans Covered Employees Contributions (in millions) Low High Pension Other Multiemployer Total For the Three Months Ended September 30: 2023 7,760 11,025 $ 34.8 $ 15.2 $ 50.0 2022 6,774 7,136 $ 23.0 $ 14.5 $ 37.5 For the Nine Months Ended September 30: 2023 6,806 11,025 $ 77.9 $ 45.1 $ 123.0 2022 6,601 7,136 $ 62.3 $ 41.6 $ 103.9 |
Segments and Related Informat_2
Segments and Related Information (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Segment Reporting [Abstract] | |
Schedule of Financial Information by Reportable Segment | For the Three Months Ended September 30, For the Nine Months Ended September 30, Revenue: 2023 2022 2023 2022 Communications (a) $ 824.4 $ 888.9 $ 2,499.6 $ 2,375.1 Clean Energy and Infrastructure 1,099.9 563.2 2,894.5 1,493.5 Oil and Gas 672.3 375.8 1,270.6 927.9 Power Delivery 665.0 688.4 2,077.1 1,985.4 Other — — — — Eliminations (4.5) (2.8) (25.9) (12.2) Consolidated revenue $ 3,257.1 $ 2,513.5 $ 8,715.9 $ 6,769.7 (a) Revenue generated primarily by utilities customers represented 25.0% and 21.8% of Communications segment revenue for the three month periods ended September 30, 2023 and 2022, respectively, and represented 24.1% and 23.7% for the nine month periods ended September 30, 2023 and 2022, respectively. For the Three Months Ended September 30, For the Nine Months Ended September 30, EBITDA: 2023 2022 2023 2022 Communications $ 73.4 $ 109.9 $ 215.7 $ 234.5 Clean Energy and Infrastructure 42.4 24.6 80.9 30.2 Oil and Gas 97.3 49.2 188.9 133.4 Power Delivery 56.5 63.1 161.0 150.6 Other 4.4 5.6 18.2 20.0 Segment EBITDA $ 274.0 $ 252.4 $ 664.7 $ 568.7 For the Three Months Ended September 30, For the Nine Months Ended September 30, Depreciation and Amortization: 2023 2022 2023 2022 Communications $ 37.0 $ 32.5 $ 105.6 $ 92.1 Clean Energy and Infrastructure 37.1 12.4 107.3 35.5 Oil and Gas 40.7 34.1 111.6 97.9 Power Delivery 39.9 37.7 119.4 110.1 Other — — — — Corporate 2.6 2.6 7.7 9.1 Consolidated depreciation and amortization $ 157.3 $ 119.3 $ 451.6 $ 344.7 Assets: September 30, December 31, Communications $ 2,449.7 $ 2,378.6 Clean Energy and Infrastructure 2,902.6 2,979.9 Oil and Gas 1,908.3 1,544.2 Power Delivery 1,877.7 1,967.9 Other 312.9 297.3 Corporate 78.5 125.4 Consolidated assets $ 9,529.7 $ 9,293.3 |
Reconciliation of Consolidated Income before Income Taxes to EBITDA | For the Three Months Ended September 30, For the Nine Months Ended September 30, EBITDA Reconciliation: 2023 2022 2023 2022 Income (loss) before income taxes $ 22.9 $ 60.3 $ (82.7) $ 30.5 Plus: Interest expense, net 62.6 26.9 174.7 62.3 Depreciation 115.0 91.3 325.3 263.5 Amortization 42.3 28.0 126.3 81.2 Corporate EBITDA 31.3 45.9 121.2 131.2 Segment EBITDA $ 274.0 $ 252.4 $ 664.7 $ 568.7 |
Business, Basis of Presentati_3
Business, Basis of Presentation and Significant Accounting Policies - Narrative (Details) | 9 Months Ended |
Sep. 30, 2023 segment | |
Accounting Policies [Abstract] | |
Number of reportable segments | 5 |
Business, Basis of Presentati_4
Business, Basis of Presentation and Significant Accounting Policies - Revenue Recognition (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Revenue [Line Items] | |||||
Revenue recognition, changes In contract estimates, cost-to-cost method, financial effect, percentage (less than) | 0.30% | 0.20% | 0.50% | 0.20% | |
Revenue recognition, remaining performance obligations, contract price allocated | $ 7,600 | $ 7,600 | |||
Contract with customer, unapproved change orders and/or claims, amount | $ 296 | $ 296 | $ 271 | ||
Maximum | |||||
Revenue [Line Items] | |||||
Revenue recognition, changes In contract estimates, cost-to-cost method, financial effect, percentage (less than) | 5% | 5% | |||
Change order or claim approval process, term within which expected to be completed | 1 year | ||||
Revenue Benchmark | Concentration Risk from Type of Arrangement | Master Service and Other Service Agreements | |||||
Revenue [Line Items] | |||||
Concentration risk, percentage of total | 37% | 52% | 42% | 54% | |
Revenue Benchmark | Concentration Risk from Type of Arrangement | Master Service and Other Service Agreements | Point in Time | |||||
Revenue [Line Items] | |||||
Concentration risk, percentage of total | 2% | 4% | 3% | 4% | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | |||||
Revenue [Line Items] | |||||
Revenue, remaining performance obligation, expected timing of satisfaction, period | 1 year | 1 year | |||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-10-01 | |||||
Revenue [Line Items] | |||||
Revenue, remaining performance obligation, expected timing of satisfaction, period | 3 months | 3 months | |||
Revenue recognition, remaining performance obligations, contract price allocated | $ 2,600 | $ 2,600 |
Earnings Per Share - Schedule o
Earnings Per Share - Schedule of Earnings Per Share (Details) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Net income (loss) attributable to MasTec: | ||||
Net income (loss) - basic | $ 14,296 | $ 48,896 | $ (50,702) | $ 30,130 |
Fair value gain related to resolved contingent payments | 0 | 143 | 0 | 1,459 |
Net income (loss) - diluted | $ 14,296 | $ 48,753 | $ (50,702) | $ 28,671 |
Weighted average shares outstanding: | ||||
Weighted average shares outstanding - basic (in shares) | 77,640 | 73,936 | 77,418 | 74,386 |
Dilutive common stock equivalents (in shares) | 815 | 1,137 | 0 | 1,190 |
Weighted average shares outstanding - diluted (in shares) | 78,455 | 75,073 | 77,418 | 75,576 |
Anti-dilutive common stock (in shares) | 0 | 8 | 1,091 | 135 |
Former Owner Of Acquired Business | ||||
Weighted average shares outstanding: | ||||
Weighted average shares outstanding - basic (in shares) | 88 | 140 | 88 | 114 |
Dilutive common stock equivalents (in shares) | 0 | 11 | 0 | 37 |
Earnings Per Share - Narrative
Earnings Per Share - Narrative (Details) - shares | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Business Acquisition [Line Items] | ||||||
Treasury stock acquired (in shares) | 0 | 0 | 0 | 1,124,000 | ||
Repurchase effect on weighted average shares outstanding, decrease (in shares) | 598,000 | |||||
2022 Acquisitions, IEA | ||||||
Business Acquisition [Line Items] | ||||||
Business acquisition, number of shares issued (in shares) | 2,758,000 | |||||
HMG | ||||||
Business Acquisition [Line Items] | ||||||
Business acquisition, number of shares issued (in shares) | 133,000 |
Acquisitions, Goodwill, and O_3
Acquisitions, Goodwill, and Other Intangible Assets, Net - Rollforward of Goodwill by Segment (Details) $ in Thousands | 9 Months Ended | |
Sep. 30, 2023 USD ($) | Dec. 31, 2022 USD ($) | |
Goodwill [Line Items] | ||
Goodwill | $ 2,161,700 | |
Accumulated impairment loss | (116,700) | |
Goodwill, net | $ 2,118,866 | 2,045,041 |
Goodwill [Roll Forward] | ||
Goodwill, net, beginning balance | 2,045,041 | |
Additions from new business combinations | 32,600 | |
Goodwill, measurement period adjustments | 41,300 | |
Currency translation adjustments | 0 | |
Goodwill, net, ending balance | 2,118,866 | |
Deferred Tax Liabilities | ||
Goodwill [Roll Forward] | ||
Goodwill, measurement period adjustments | (38,000) | |
Contingent Liabilities | ||
Goodwill [Roll Forward] | ||
Goodwill, measurement period adjustments | 29,000 | |
Property And Equipment | ||
Goodwill [Roll Forward] | ||
Goodwill, measurement period adjustments | 7,000 | |
Depreciation Expense | ||
Goodwill [Roll Forward] | ||
Goodwill, measurement period adjustments | 6,000 | |
Revenues | ||
Goodwill [Roll Forward] | ||
Goodwill, measurement period adjustments | 35,000 | |
Cost of Goods and Service, Excluding Depreciation, Depletion, and Amortization | ||
Goodwill [Roll Forward] | ||
Goodwill, measurement period adjustments | 8,000 | |
Communications | ||
Goodwill [Line Items] | ||
Goodwill | 606,100 | |
Accumulated impairment loss | 0 | |
Goodwill, net | 638,100 | 606,100 |
Goodwill [Roll Forward] | ||
Goodwill, net, beginning balance | 606,100 | |
Additions from new business combinations | 32,600 | |
Goodwill, measurement period adjustments | (600) | |
Currency translation adjustments | 0 | |
Goodwill, net, ending balance | 638,100 | |
Clean Energy and Infrastructure | ||
Goodwill [Line Items] | ||
Goodwill | 703,300 | |
Accumulated impairment loss | 0 | |
Goodwill, net | 743,800 | 703,300 |
Goodwill [Roll Forward] | ||
Goodwill, net, beginning balance | 703,300 | |
Additions from new business combinations | 0 | |
Goodwill, measurement period adjustments | 40,500 | |
Currency translation adjustments | 0 | |
Goodwill, net, ending balance | 743,800 | |
Oil and Gas | ||
Goodwill [Line Items] | ||
Goodwill | 582,200 | |
Accumulated impairment loss | (116,700) | |
Goodwill, net | 466,300 | 465,500 |
Goodwill [Roll Forward] | ||
Goodwill, net, beginning balance | 465,500 | |
Additions from new business combinations | 0 | |
Goodwill, measurement period adjustments | 800 | |
Currency translation adjustments | 0 | |
Goodwill, net, ending balance | 466,300 | |
Power Delivery | ||
Goodwill [Line Items] | ||
Goodwill | 270,100 | |
Accumulated impairment loss | 0 | |
Goodwill, net | 270,700 | $ 270,100 |
Goodwill [Roll Forward] | ||
Goodwill, net, beginning balance | 270,100 | |
Additions from new business combinations | 0 | |
Goodwill, measurement period adjustments | 600 | |
Currency translation adjustments | 0 | |
Goodwill, net, ending balance | $ 270,700 |
Acquisitions, Goodwill, and O_4
Acquisitions, Goodwill, and Other Intangible Assets, Net - Rollforward of Other Intangible Assets (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2023 | Dec. 31, 2022 | |
Other Intangible Assets [Line Items] | ||
Other intangible assets, gross | $ 1,404,900 | |
Accumulated amortization | (458,600) | |
Other Intangible Assets [Rollforward] | ||
Other intangible assets, net, beginning balance | $ 946,299 | |
Additions from new business combinations | 1,300 | |
Currency translation adjustments | 0 | |
Amortization expense | (126,300) | |
Other intangible assets, net, ending balance | 821,329 | |
Customer Relationships and Backlog | ||
Other Intangible Assets [Line Items] | ||
Other intangible assets, gross | 1,089,400 | |
Accumulated amortization | (388,800) | |
Other Intangible Assets [Rollforward] | ||
Other intangible assets, net, beginning balance | 700,600 | |
Additions from new business combinations | 1,200 | |
Currency translation adjustments | 0 | |
Amortization expense | (104,500) | |
Other intangible assets, net, ending balance | 597,300 | |
Trade Names | ||
Other Intangible Assets [Line Items] | ||
Other intangible assets, gross | 228,900 | |
Accumulated amortization | (28,900) | |
Other Intangible Assets [Rollforward] | ||
Other intangible assets, net, beginning balance | 200,000 | |
Additions from new business combinations | 100 | |
Currency translation adjustments | 0 | |
Amortization expense | (15,600) | |
Other intangible assets, net, ending balance | 184,500 | |
Other | ||
Other Intangible Assets [Line Items] | ||
Other intangible assets, gross | 86,600 | |
Accumulated amortization | (40,900) | |
Other Intangible Assets [Rollforward] | ||
Other intangible assets, net, beginning balance | 45,700 | |
Additions from new business combinations | 0 | |
Currency translation adjustments | 0 | |
Amortization expense | (6,200) | |
Other intangible assets, net, ending balance | 39,500 | |
Trade Names | ||
Other Intangible Assets [Rollforward] | ||
Other intangible assets, non-amortizing | $ 34,500 | $ 34,500 |
Acquisitions, Goodwill, and O_5
Acquisitions, Goodwill, and Other Intangible Assets, Net - Quarterly Assessment for Indicators of Impairment - Narrative (Details) $ in Thousands | 9 Months Ended | |
Sep. 30, 2023 USD ($) year reporting_unit | Dec. 31, 2022 USD ($) | |
Goodwill [Line Items] | ||
Goodwill | $ 2,118,866 | $ 2,045,041 |
Measurement Input, Long-Term Revenue Growth Rate | ||
Goodwill [Line Items] | ||
Measurement input | 0.03 | |
Number Of Years Of Discounted Cash Flows | ||
Goodwill [Line Items] | ||
Measurement input | year | 6 | |
Discount Rate | ||
Goodwill [Line Items] | ||
Measurement input | 0.12 | |
Clean Energy and Infrastructure | ||
Goodwill [Line Items] | ||
Number of reporting units | reporting_unit | 2 | |
Goodwill | $ 743,800 | $ 703,300 |
Infrastructure Segment | ||
Goodwill [Line Items] | ||
Goodwill | $ 571,000 | |
Percentage of fair value in excess of carrying amount | 7% |
Acquisitions, Goodwill, and O_6
Acquisitions, Goodwill, and Other Intangible Assets, Net - Acquisitions - Narrative (Details) $ in Thousands | 1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
May 31, 2022 shares | Sep. 30, 2023 USD ($) | Sep. 30, 2022 USD ($) | Jun. 30, 2022 shares | Sep. 30, 2023 USD ($) acquisition shares | Sep. 30, 2022 USD ($) | Dec. 31, 2022 USD ($) yr acquisition shares | |
Business Acquisition [Line Items] | |||||||
Cash paid for acquisitions, net of cash acquired | $ 68,817 | $ 71,841 | |||||
Fair value gain related to resolved contingent payments | $ 0 | $ 143 | $ 0 | 1,459 | |||
Equipment Company Acquisition One | |||||||
Business Acquisition [Line Items] | |||||||
Variable interest entity, percent | 68% | ||||||
Equipment Company Acquisition Two | |||||||
Business Acquisition [Line Items] | |||||||
Variable interest entity, percent | 42% | ||||||
Discount Rate | |||||||
Business Acquisition [Line Items] | |||||||
Business combinations, contingent consideration, earn-out period (in years) | 0.140 | 0.140 | |||||
6.625% Senior Notes | Senior Notes | |||||||
Business Acquisition [Line Items] | |||||||
Debt instrument, interest rate (percentage) | 6.625% | 6.625% | |||||
2023 Acquisitions | |||||||
Business Acquisition [Line Items] | |||||||
Business combinations, number of acquisitions | acquisition | 2 | ||||||
Cash paid for acquisitions, net of cash acquired | $ 69,000 | ||||||
Estimated fair value of contingent consideration | $ 1,000 | 1,000 | |||||
Acquisition-related contingent consideration liabilities, range of potential undiscounted earn-out liabilities, high | 3,000 | 3,000 | |||||
Business acquisition, goodwill, expected tax deductible amount | 1,000 | $ 1,000 | |||||
Business acquisition, number of shares issued (in shares) | shares | 120,000 | ||||||
2022 Acquisitions | |||||||
Business Acquisition [Line Items] | |||||||
Business combinations, number of acquisitions | acquisition | 5 | ||||||
Cash paid for acquisitions, net of cash acquired | $ 613,200 | ||||||
Estimated fair value of contingent consideration | 2,800 | 2,800 | $ 3,000 | ||||
Acquisition-related contingent consideration liabilities, range of potential undiscounted earn-out liabilities, high | 2,000 | 2,000 | |||||
Business acquisition, goodwill, expected tax deductible amount | 37,000 | 37,000 | |||||
Amortizing intangible assets | 368,100 | 368,100 | |||||
2022 Acquisitions | Expected Term | |||||||
Business Acquisition [Line Items] | |||||||
Business combinations, contingent consideration, earn-out period (in years) | yr | 5 | ||||||
IEA | |||||||
Business Acquisition [Line Items] | |||||||
Cash paid for acquisitions, net of cash acquired | 564,500 | ||||||
Estimated fair value of contingent consideration | 0 | 0 | |||||
Amortizing intangible assets | 362,200 | $ 362,200 | |||||
Amortizing intangible assets, weighted average useful life | 13 years | ||||||
Equity interest issued, number of shares | shares | 2,700,000 | ||||||
Business acquisition, equity interest issued or issuable, value assigned | $ 174,000 | ||||||
Cash acquired from acquisition | $ 44,000 | ||||||
Fair value of warrants outstanding | 3,100 | ||||||
IEA | Infrastructure Energy Alternatives, Inc. Warrants | |||||||
Business Acquisition [Line Items] | |||||||
Fair value gain related to resolved contingent payments | 2,600 | ||||||
IEA | 6.625% Senior Notes | Senior Notes | |||||||
Business Acquisition [Line Items] | |||||||
Debt assumed in acquisition | 300,000 | ||||||
IEA | Trade Names and Customer Relationships | |||||||
Business Acquisition [Line Items] | |||||||
Amortizing intangible assets | $ 321,000 | ||||||
IEA | Customer Relationships | |||||||
Business Acquisition [Line Items] | |||||||
Amortizing intangible assets, weighted average useful life | 14 years | ||||||
IEA | Trade Names | |||||||
Business Acquisition [Line Items] | |||||||
Amortizing intangible assets, weighted average useful life | 14 years | ||||||
IEA | Backlog | |||||||
Business Acquisition [Line Items] | |||||||
Amortizing intangible assets | $ 42,000 | ||||||
Amortizing intangible assets, weighted average useful life | 1 year | ||||||
All other | |||||||
Business Acquisition [Line Items] | |||||||
Cash paid for acquisitions, net of cash acquired | 48,700 | ||||||
Estimated fair value of contingent consideration | 2,800 | 2,800 | |||||
Amortizing intangible assets | 5,900 | 5,900 | |||||
Amortizing intangible assets, weighted average useful life | 9 years | ||||||
HMG | |||||||
Business Acquisition [Line Items] | |||||||
Business acquisition, number of shares issued (in shares) | shares | 133,000 | ||||||
HMG | Contingent Consideration, Value Of Common Stock | |||||||
Business Acquisition [Line Items] | |||||||
Unrealized gain (loss) included in other income | 7,400 | $ 1,300 | 2,100 | $ 4,500 | |||
Reduction in unrealized gain (loss) from changes in collections attributed to acquired balances | $ 2,400 | ||||||
Business acquisition, number of shares issued (in shares) | shares | 133,157 | 160,000 | 170,000 | ||||
HMG | Contingent Consideration, Collections From Acquired Receivables | |||||||
Business Acquisition [Line Items] | |||||||
Estimated fair value of contingent consideration | $ 19,400 | $ 19,400 | |||||
Unrealized gain (loss) included in other income | $ 6,300 | ||||||
Business acquisition, number of shares issued (in shares) | shares | 87,900 |
Acquisitions, Goodwill, and O_7
Acquisitions, Goodwill, and Other Intangible Assets, Net - Schedule of Recognized Identified Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Acquisition consideration: | |||
Cash, net of cash acquired | $ 68,817 | $ 71,841 | |
Identifiable assets acquired and liabilities assumed: | |||
Goodwill | 2,118,866 | $ 2,045,041 | |
IEA | |||
Acquisition consideration: | |||
Cash, net of cash acquired | 564,500 | ||
Shares transferred | 173,700 | ||
Estimated fair value of warrants | 10,300 | ||
Estimated fair value of contingent consideration | 0 | ||
Total consideration | 748,500 | ||
Identifiable assets acquired and liabilities assumed: | |||
Accounts receivable and contract assets | 570,000 | ||
Current assets | 34,500 | ||
Property and equipment | 220,500 | ||
Long-term assets, primarily operating lease right-of-use assets | 40,600 | ||
Amortizing intangible assets | 362,200 | ||
Accounts payable | (136,500) | ||
Contract liabilities | (151,300) | ||
Current liabilities, primarily accrued expenses | (327,100) | ||
Long-term debt, including finance lease obligations | (330,800) | ||
Long-term liabilities, primarily operating lease liabilities and deferred income taxes | (104,100) | ||
Total identifiable net assets | 178,000 | ||
Goodwill | 570,500 | ||
Total net assets acquired, including goodwill | 748,500 | ||
All other | |||
Acquisition consideration: | |||
Cash, net of cash acquired | 48,700 | ||
Shares transferred | 0 | ||
Estimated fair value of warrants | 0 | ||
Estimated fair value of contingent consideration | 2,800 | ||
Total consideration | 51,500 | ||
Identifiable assets acquired and liabilities assumed: | |||
Accounts receivable and contract assets | 6,100 | ||
Current assets | 1,600 | ||
Property and equipment | 30,000 | ||
Long-term assets, primarily operating lease right-of-use assets | 300 | ||
Amortizing intangible assets | 5,900 | ||
Accounts payable | (4,600) | ||
Contract liabilities | (1,500) | ||
Current liabilities, primarily accrued expenses | (1,400) | ||
Long-term debt, including finance lease obligations | (200) | ||
Long-term liabilities, primarily operating lease liabilities and deferred income taxes | (200) | ||
Total identifiable net assets | 36,000 | ||
Goodwill | 15,500 | ||
Total net assets acquired, including goodwill | 51,500 | ||
2022 Acquisitions | |||
Acquisition consideration: | |||
Cash, net of cash acquired | 613,200 | ||
Shares transferred | 173,700 | ||
Estimated fair value of warrants | 10,300 | ||
Estimated fair value of contingent consideration | 2,800 | $ 3,000 | |
Total consideration | 800,000 | ||
Identifiable assets acquired and liabilities assumed: | |||
Accounts receivable and contract assets | 576,100 | ||
Current assets | 36,100 | ||
Property and equipment | 250,500 | ||
Long-term assets, primarily operating lease right-of-use assets | 40,900 | ||
Amortizing intangible assets | 368,100 | ||
Accounts payable | (141,100) | ||
Contract liabilities | (152,800) | ||
Current liabilities, primarily accrued expenses | (328,500) | ||
Long-term debt, including finance lease obligations | (331,000) | ||
Long-term liabilities, primarily operating lease liabilities and deferred income taxes | (104,300) | ||
Total identifiable net assets | 214,000 | ||
Goodwill | 586,000 | ||
Total net assets acquired, including goodwill | $ 800,000 |
Acquisitions, Goodwill, and O_8
Acquisitions, Goodwill, and Other Intangible Assets, Net - HMG Additional Payments, Pro Forma Financial Information, Acquisition Results, and Acquisition and Integration Costs - Narrative (Details) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
May 31, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Jun. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Business Acquisition [Line Items] | |||||||
Business combinations, unaudited supplemental pro forma revenue | $ 3,200 | $ 3,300 | $ 8,700 | $ 8,600 | |||
Business combinations, unaudited supplemental pro forma net income (loss) | 2.3 | 40 | (65.6) | (6.9) | |||
Business combinations, consolidated acquisition-related revenue | 533.2 | 569.7 | 1,503.5 | 1,876.6 | |||
Business combinations, consolidated acquisition-related income (loss) | (2.8) | 18.4 | (42.7) | 37.7 | |||
HMG | |||||||
Business Acquisition [Line Items] | |||||||
Business acquisition, number of shares issued (in shares) | 133,000 | ||||||
HMG | Contingent Consideration, Value Of Common Stock | |||||||
Business Acquisition [Line Items] | |||||||
Unrealized gain (loss) included in other income | 7.4 | 1.3 | $ 2.1 | 4.5 | |||
Total consideration | $ 29.4 | ||||||
Business acquisition, cash payment | $ 18 | ||||||
Business acquisition, number of shares issued (in shares) | 133,157 | 160,000 | 170,000 | ||||
Realized gain (loss) included in other income | $ 1 | ||||||
Business combination, contingent consideration, current | 33 | $ 33 | $ 37 | ||||
HMG | Contingent Consideration, Collections From Acquired Receivables | |||||||
Business Acquisition [Line Items] | |||||||
Unrealized gain (loss) included in other income | $ 6.3 | ||||||
Business acquisition, number of shares issued (in shares) | 87,900 | ||||||
Estimated fair value of contingent consideration | 19.4 | $ 19.4 | |||||
IEA | |||||||
Business Acquisition [Line Items] | |||||||
Total consideration | 748.5 | ||||||
Estimated fair value of contingent consideration | 0 | 0 | |||||
2021 Acquisitions, Henkels & McCoy Group, Inc. and INTREN | |||||||
Business Acquisition [Line Items] | |||||||
Business combinations, consolidated acquisition-related revenue | 429.3 | 1,457.7 | |||||
2023 Acquisitions, Infrastructure Energy Alternatives, Inc. | |||||||
Business Acquisition [Line Items] | |||||||
Business combinations, consolidated acquisition-related revenue | 483.9 | $ 1,374.6 | |||||
2023 Acquisitions | |||||||
Business Acquisition [Line Items] | |||||||
Business acquisition, number of shares issued (in shares) | 120,000 | ||||||
Estimated fair value of contingent consideration | 1 | $ 1 | |||||
Business combination, acquisition and integration related costs | 21.1 | 60.9 | |||||
2023 Acquisitions | General and Administrative Expense | |||||||
Business Acquisition [Line Items] | |||||||
Business combination, acquisition and integration related costs | 18.3 | 53.3 | |||||
2023 Acquisitions | Cost of Revenue, Excluding Depreciation and Amortization | |||||||
Business Acquisition [Line Items] | |||||||
Business combination, acquisition and integration related costs | 2.8 | 7.6 | |||||
2022 Acquisitions | |||||||
Business Acquisition [Line Items] | |||||||
Total consideration | 800 | ||||||
Estimated fair value of contingent consideration | 2.8 | 2.8 | 3 | ||||
Business combination, acquisition and integration related costs | 33.3 | 59.4 | |||||
2022 Acquisitions | General and Administrative Expense | |||||||
Business Acquisition [Line Items] | |||||||
Business combination, acquisition and integration related costs | 9.2 | 35.3 | |||||
2022 Acquisitions | Cost of Revenue, Excluding Depreciation and Amortization | |||||||
Business Acquisition [Line Items] | |||||||
Business combination, acquisition and integration related costs | 21.4 | 21.4 | |||||
2022 Acquisitions | Other Expense | |||||||
Business Acquisition [Line Items] | |||||||
Business combination, acquisition and integration related costs | $ 2.7 | $ 2.7 | |||||
2022 and 2023 Acquisitions | |||||||
Business Acquisition [Line Items] | |||||||
Business combination, integration related liabilities | $ 6.7 | $ 6.7 | $ 5.5 |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments - Acquisition-Related Contingent Consideration and Other Liabilities - Narrative (Details) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 USD ($) | Sep. 30, 2022 USD ($) | Sep. 30, 2023 USD ($) | Sep. 30, 2022 USD ($) | Dec. 31, 2022 USD ($) | |
Fair Value, Financial Instruments Measured on a Recurring Basis [Line Items] | |||||
Acquisition-related contingent consideration liabilities, net increase (decrease), measurement period adjustments | $ 41.3 | ||||
Fair Value Recurring Basis Unobservable Input Reconciliation Liability Gain Loss Statement Of Income Extensible List Not Disclosed Flag | fair value adjustments | fair value adjustments | |||
All Acquisitions | |||||
Fair Value, Financial Instruments Measured on a Recurring Basis [Line Items] | |||||
Acquisition-related contingent consideration liabilities, range of potential undiscounted earn-out liabilities, low | $ 12 | $ 12 | |||
Acquisition-related contingent consideration liabilities, range of potential undiscounted earn-out liabilities, high | $ 98 | $ 98 | |||
Discount Rate | |||||
Fair Value, Financial Instruments Measured on a Recurring Basis [Line Items] | |||||
Acquisition-related contingent consideration liabilities, measurement input, discount rate | 0.140 | 0.140 | |||
Earn-Out Liabilities | |||||
Fair Value, Financial Instruments Measured on a Recurring Basis [Line Items] | |||||
Acquisition-related contingent consideration liabilities, estimated fair value | $ 83 | $ 83 | $ 127.4 | ||
Acquisition-related contingent consideration liabilities, additions from new business combinations | 1.4 | $ 2.1 | 1.4 | $ 3.8 | |
Acquisition-related contingent consideration liabilities, net increase (decrease), measurement period adjustments | 0 | 0 | 0 | 1.5 | |
Acquisition-related contingent consideration liabilities, net increase (decrease), fair value adjustments | (4.9) | 0.1 | (7) | (1.2) | |
Acquisition-related contingent consideration liabilities, payments | 12.7 | $ 11 | 38.8 | $ 37.8 | |
Earn-Out Liabilities | Other Current Liabilities | |||||
Fair Value, Financial Instruments Measured on a Recurring Basis [Line Items] | |||||
Acquisition-related contingent consideration liabilities, estimated fair value | 29.5 | 29.5 | 37.7 | ||
Earn-Out Liabilities | Mandatorily Redeemable Stock | |||||
Fair Value, Financial Instruments Measured on a Recurring Basis [Line Items] | |||||
Acquisition-related contingent consideration liabilities, estimated fair value | $ 0 | 0 | $ 13.9 | ||
Acquisition-related contingent consideration liabilities, net increase (decrease), fair value adjustments | (12.3) | ||||
Acquisition-related contingent consideration liabilities, payments | $ 1.7 |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments - Equity Investments - Narrative (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Fair Value, Financial Instruments Measured on a Non-Recurring Basis [Line Items] | |||||
Nonconsolidated, carrying amount of assets and liabilities | $ 23,000,000 | $ 23,000,000 | $ 24,000,000 | ||
Reporting entity involvement, maximum loss exposure, amount | 35,000,000 | 35,000,000 | 37,000,000 | ||
Equity investments, carrying value | 325,000,000 | 325,000,000 | 306,000,000 | ||
Equity investments, adjusted cost basis, amount | 18,000,000 | 18,000,000 | 20,000,000 | ||
Equity investments, impairments | $ 3,000,000 | $ 0 | $ 3,000,000 | $ 0 | |
Waha JVs | |||||
Fair Value, Financial Instruments Measured on a Non-Recurring Basis [Line Items] | |||||
Equity method investments, ownership percentage | 33% | 33% | |||
Equity investments, carrying value | $ 280,000,000 | $ 280,000,000 | 263,000,000 | ||
CCI | |||||
Fair Value, Financial Instruments Measured on a Non-Recurring Basis [Line Items] | |||||
Equity investments, ownership percentage | 15% | 15% | |||
Equity investments, adjusted cost basis, amount | $ 15,000,000 | $ 15,000,000 | 15,000,000 | ||
FM Tech | |||||
Fair Value, Financial Instruments Measured on a Non-Recurring Basis [Line Items] | |||||
Equity method investments, ownership percentage | 50% | 50% | |||
Equity investments, carrying value | $ 18,000,000 | $ 18,000,000 | $ 18,000,000 |
Fair Value of Financial Instr_4
Fair Value of Financial Instruments - The Waha JVs - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Fair Value, Financial Instruments Measured on a Non-Recurring Basis [Line Items] | |||||
Equity method investments, equity in earnings (losses) | $ 6,787 | $ 6,059 | $ 23,434 | $ 19,423 | |
Equity method investments, net investment | 325,000 | 325,000 | $ 306,000 | ||
Unrealized gains (losses) on equity investee activity, net of tax | 3,649 | 10,070 | 4,048 | 31,667 | |
Waha JVs | |||||
Fair Value, Financial Instruments Measured on a Non-Recurring Basis [Line Items] | |||||
Equity method investments, equity in earnings (losses) | 7,700 | 5,800 | 23,100 | 20,800 | |
Equity method investments, distributions of earnings received, operating cash flows | 4,700 | 4,400 | 10,500 | 12,100 | |
Equity method investments, cumulative undistributed earnings | 123,300 | 123,300 | |||
Equity method investments, net investment | 280,000 | 280,000 | $ 263,000 | ||
Unrealized gains (losses) on equity investee activity, before tax | 4,900 | 13,400 | 5,400 | 42,000 | |
Unrealized gains (losses) on equity investee activity, net of tax | $ 3,700 | $ 10,100 | $ 4,000 | $ 31,700 |
Fair Value of Financial Instr_5
Fair Value of Financial Instruments - Other Investments - Other Equity Method Investments - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 33 Months Ended | |||||
Sep. 30, 2023 | Mar. 31, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Fair Value, Financial Instruments Measured on a Non-Recurring Basis [Line Items] | ||||||||
Equity method investments, net investment | $ 325,000 | $ 325,000 | $ 325,000 | $ 306,000 | ||||
Equity method investments, equity contributions | 100 | 300 | ||||||
Equity method investments, equity in earnings (losses) | 6,787 | $ 6,059 | 23,434 | $ 19,423 | ||||
Subcontracting Arrangements | Related Party | ||||||||
Fair Value, Financial Instruments Measured on a Non-Recurring Basis [Line Items] | ||||||||
Operating costs and expenses | 1,700 | 400 | 2,900 | 900 | ||||
Accounts payable | 600 | 600 | 600 | 300 | ||||
Accounts receivable, after allowance for credit loss | 59,100 | 59,100 | 59,100 | 42,000 | ||||
Telecommunications Equity Method Investees | ||||||||
Fair Value, Financial Instruments Measured on a Non-Recurring Basis [Line Items] | ||||||||
Equity method investments, net investment | 21,000 | 21,000 | 21,000 | 21,000 | ||||
Equity method investments, equity contributions | 0 | 0 | 0 | 1,100 | ||||
Equity method investments, equity in earnings (losses) | (700) | 400 | 300 | (500) | ||||
Payments for advance to affiliate | 200 | 2,000 | 700 | 2,000 | ||||
Telecommunications Equity Method Investees | Subcontracting Arrangements | Related Party | ||||||||
Fair Value, Financial Instruments Measured on a Non-Recurring Basis [Line Items] | ||||||||
Operating costs and expenses | 400 | 2,600 | 1,300 | 5,100 | ||||
Accounts payable | 200 | 200 | 200 | 200 | ||||
Telecommunications Equity Method Investees | Employee Leasing and Advanced Receivable Arrangement | Related Party | ||||||||
Fair Value, Financial Instruments Measured on a Non-Recurring Basis [Line Items] | ||||||||
Accounts receivable, after allowance for credit loss | 4,200 | 4,200 | 4,200 | 3,800 | ||||
FM Tech | ||||||||
Fair Value, Financial Instruments Measured on a Non-Recurring Basis [Line Items] | ||||||||
Equity method investments, net investment | $ 18,000 | $ 18,000 | $ 18,000 | 18,000 | ||||
Equity method investments, ownership percentage | 50% | 50% | 50% | |||||
Certain Entities, Each Accounted for Using Equity Method Investments | ||||||||
Fair Value, Financial Instruments Measured on a Non-Recurring Basis [Line Items] | ||||||||
Equity method investments, net investment | $ 3,000 | $ 3,000 | $ 3,000 | $ 3,000 | ||||
Equity method investments, equity in earnings (losses) | $ (200) | (100) | $ (100) | (400) | ||||
Equity method investments, ownership percentage | 49% | 49% | 49% | 49% | ||||
Line of credit, amount drawn | $ 3,000 | $ 3,000 | $ 3,000 | $ 4,500 | ||||
Certain Entities, Each Accounted for Using Equity Method Investments | Related Party | ||||||||
Fair Value, Financial Instruments Measured on a Non-Recurring Basis [Line Items] | ||||||||
Operating costs and expenses | 200 | $ 800 | 800 | 5,800 | ||||
Certain Entities, Each Accounted for Using Equity Method Investments | Other Current Assets | ||||||||
Fair Value, Financial Instruments Measured on a Non-Recurring Basis [Line Items] | ||||||||
Line of credit, amount drawn | $ 0 | 0 | 0 | $ 600 | ||||
Confluence | ||||||||
Fair Value, Financial Instruments Measured on a Non-Recurring Basis [Line Items] | ||||||||
Equity method investments, equity contributions | 200 | 200 | $ 2,100 | |||||
Equity method investments, equity in earnings (losses) | $ (100) | $ (300) | ||||||
Equity method investments, ownership percentage | 75% | 75% | 75% | |||||
Financing commitments (up to) | $ 2,500 | |||||||
AVCT | Corporate | ||||||||
Fair Value, Financial Instruments Measured on a Non-Recurring Basis [Line Items] | ||||||||
Equity investments written off | $ 200 |
Fair Value of Financial Instr_6
Fair Value of Financial Instruments - Senior Notes - Narrative (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
4.50% Senior Notes | ||
Fair Value Disclosure of Liabilities Not Measured at Fair Value [Line Items] | ||
Senior notes, gross carrying amount | $ 600 | $ 600 |
4.50% Senior Notes | Senior Notes | ||
Fair Value Disclosure of Liabilities Not Measured at Fair Value [Line Items] | ||
Debt instrument, interest rate (percentage) | 4.50% | |
Senior notes, estimated fair value | $ 539.5 | 534 |
6.625% Senior Notes | ||
Fair Value Disclosure of Liabilities Not Measured at Fair Value [Line Items] | ||
Senior notes, gross carrying amount | $ 283.5 | 281.2 |
6.625% Senior Notes | Senior Notes | ||
Fair Value Disclosure of Liabilities Not Measured at Fair Value [Line Items] | ||
Debt instrument, interest rate (percentage) | 6.625% | |
Senior notes, estimated fair value | $ 268.3 | $ 280.5 |
Six Point Six Two Five Percent IEA Senior Notes | ||
Fair Value Disclosure of Liabilities Not Measured at Fair Value [Line Items] | ||
Senior notes, gross carrying amount | 225.1 | |
Six Point Six Two Five Percent MasTec Senior Notes | ||
Fair Value Disclosure of Liabilities Not Measured at Fair Value [Line Items] | ||
Senior notes, gross carrying amount | $ 74.9 |
Accounts Receivable, Net of A_3
Accounts Receivable, Net of Allowance, and Contract Assets and Liabilities - Schedule of Accounts Receivable, Net of Allowance and Contract Assets (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Receivables [Abstract] | ||
Contract billings | $ 1,551,800 | $ 1,408,100 |
Less allowance | (8,900) | (8,400) |
Accounts receivable, net of allowance | 1,542,913 | 1,399,732 |
Contract Assets [Abstract] | ||
Retainage | 351,000 | 401,900 |
Unbilled receivables | 1,616,000 | 1,328,000 |
Contract assets | $ 1,967,046 | $ 1,729,886 |
Accounts Receivable, Net of A_4
Accounts Receivable, Net of Allowance, and Contract Assets and Liabilities - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Schedule of Accounts Receivable, Net of Allowance, and Contract Assets and Liabilities [Line Items] | |||||
Provision (recovery) for credit losses | $ (100) | $ 700 | |||
Contract liabilities | $ 506,457 | 506,457 | $ 406,232 | ||
Contract with customer liability, deferred revenue current | 496,000 | 496,000 | $ 390,300 | ||
Deferred revenue, revenue recognized | 355,300 | ||||
Discount charges | 62,556 | $ 26,885 | 174,664 | 62,313 | |
Receivables, Non-Recourse Arrangement | |||||
Schedule of Accounts Receivable, Net of Allowance, and Contract Assets and Liabilities [Line Items] | |||||
Proceeds from sale of receivables | 50,000 | 50,000 | |||
Value of receivables sold | 47,000 | 47,000 | |||
Discount charges | $ 3,800 | $ 2,400 | $ 11,800 | $ 4,900 | |
Minimum | |||||
Schedule of Accounts Receivable, Net of Allowance, and Contract Assets and Liabilities [Line Items] | |||||
Retainage, percentage of contract billings | 5% | ||||
Maximum | |||||
Schedule of Accounts Receivable, Net of Allowance, and Contract Assets and Liabilities [Line Items] | |||||
Retainage, percentage of contract billings | 10% |
Property and Equipment, Net - S
Property and Equipment, Net - Schedule of Property and Equipment, Net (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Property and Equipment [Line Items] | ||
Property and equipment | $ 3,565,900 | $ 3,311,400 |
Less accumulated depreciation and amortization | (1,836,100) | (1,557,300) |
Property and equipment, net | 1,729,840 | 1,754,101 |
Land | ||
Property and Equipment [Line Items] | ||
Property and equipment | 73,500 | 73,500 |
Buildings and leasehold improvements | ||
Property and Equipment [Line Items] | ||
Property and equipment | 91,400 | 86,700 |
Machinery, equipment and vehicles | ||
Property and Equipment [Line Items] | ||
Property and equipment | 3,033,000 | 2,797,000 |
Office equipment, furniture and internal-use software | ||
Property and Equipment [Line Items] | ||
Property and equipment | 324,300 | 286,800 |
Construction in progress | ||
Property and Equipment [Line Items] | ||
Property and equipment | $ 43,700 | $ 67,400 |
Property and Equipment, Net - N
Property and Equipment, Net - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Property and Equipment [Line Items] | |||||
Capitalized internal-use software, gross | $ 208,900 | $ 208,900 | $ 186,600 | ||
Capitalized internal-use software, net | 49,800 | 49,800 | $ 39,900 | ||
Decrease in depreciation expense | (115,033) | $ (91,291) | (325,318) | $ (263,487) | |
Change in Accounting Method Accounted for as Change in Estimate | |||||
Property and Equipment [Line Items] | |||||
Decrease in depreciation expense | $ 2,000 | $ 4,000 |
Debt - Schedule of Carrying Val
Debt - Schedule of Carrying Values of Debt (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Debt Instrument [Line Items] | ||
Finance lease and other obligations | $ 402,800 | $ 414,500 |
Total debt obligations | 3,219,700 | 3,241,700 |
Less unamortized deferred financing costs | (14,500) | (17,600) |
Total debt, net of deferred financing costs | 3,205,200 | 3,224,100 |
Current portion of long-term debt | 175,340 | 171,916 |
Long-term debt | 3,029,939 | 3,052,193 |
Credit Facility | Revolving Loans | ||
Debt Instrument [Line Items] | ||
Long-term debt obligations | 890,000 | 896,000 |
Credit Facility | Term Loan | ||
Debt Instrument [Line Items] | ||
Long-term debt obligations | 343,400 | 350,000 |
Credit Facility | Term Loan | 2022 Term Loan Facility | ||
Debt Instrument [Line Items] | ||
Long-term debt obligations | $ 700,000 | 700,000 |
Senior Notes | 4.50% Senior Notes | ||
Debt Instrument [Line Items] | ||
Debt instrument, interest rate (percentage) | 4.50% | |
Long-term debt obligations | $ 600,000 | 600,000 |
Senior Notes | 6.625% Senior Notes | ||
Debt Instrument [Line Items] | ||
Debt instrument, interest rate (percentage) | 6.625% | |
Long-term debt obligations | $ 283,500 | $ 281,200 |
Debt - Senior Credit Facility -
Debt - Senior Credit Facility - Narrative (Details) - USD ($) $ in Millions | 1 Months Ended | 9 Months Ended | 12 Months Ended |
Mar. 31, 2025 | Sep. 30, 2023 | Dec. 31, 2022 | |
Debt Instrument [Line Items] | |||
Line of credit facility, letters of credit issued | $ 82.1 | $ 166.7 | |
Credit Facility | |||
Debt Instrument [Line Items] | |||
Line of credit facility, maximum borrowing capacity | 2,250 | ||
Line of credit facility, letters of credit issued | $ 65 | $ 143.1 | |
Line of credit facility, unused facility fee (percentage) | 0.225% | 0.20% | |
Credit Facility | Revolving Loans | |||
Debt Instrument [Line Items] | |||
Line of credit facility, maximum borrowing capacity | $ 1,900 | ||
Weighted average interest rate (percentage) | 7.05% | 5.82% | |
Line of credit facility, remaining borrowing capacity | $ 945 | $ 860.9 | |
Credit Facility | Term Loan | |||
Debt Instrument [Line Items] | |||
Line of credit facility, maximum borrowing capacity | 350 | ||
Line of credit facility, term loan, amount of quarterly principal installment payments | $ 2.2 | ||
Line of credit facility, interest rate (percentage) | 7.04% | 5.80% | |
Credit Facility | Term Loan | Forecast | |||
Debt Instrument [Line Items] | |||
Line of credit facility, term loan, amount of quarterly principal installment payments | $ 4.4 | ||
Credit Facility | Letters of Credit | |||
Debt Instrument [Line Items] | |||
Line of credit facility, capacity available for letters of credit | $ 585 | $ 506.9 | |
Credit Facility | Letters of Credit | Performance Standby | |||
Debt Instrument [Line Items] | |||
Line of credit facility, interest rate (percentage) | 0.6875% | 0.5625% | |
Credit Facility | Letters of Credit | Commercial and/or Financial Standby | |||
Debt Instrument [Line Items] | |||
Line of credit facility, interest rate (percentage) | 1.625% | 1.375% | |
Credit Facility | Foreign Denomination | |||
Debt Instrument [Line Items] | |||
Line of credit facility, remaining borrowing capacity | $ 300 | $ 300 | |
Long-term line of credit | $ 0 | $ 0 |
Debt - Other Credit Facilities
Debt - Other Credit Facilities - Narrative (Details) - USD ($) | Sep. 30, 2023 | Dec. 31, 2022 |
Debt Instrument [Line Items] | ||
Letters of credit issued | $ 82,100,000 | $ 166,700,000 |
Other Credit Facilities | ||
Debt Instrument [Line Items] | ||
Long-term debt obligations | 0 | 0 |
Standby Letters of Credit | Line of Credit | ||
Debt Instrument [Line Items] | ||
Letters of credit issued | $ 17,200,000 | $ 23,600,000 |
Standby Letters of Credit | Line of Credit | Letters of Credit | ||
Debt Instrument [Line Items] | ||
Line of credit facility, interest rate (percentage) | 0.90% | 0.75% |
Debt - 2022 Term Loan Facility
Debt - 2022 Term Loan Facility (Details) - Unsecured Debt - Line of Credit - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2023 | Dec. 31, 2022 | Mar. 31, 2026 | Mar. 31, 2024 | |
New Term Loan Facility | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, face amount | $ 700,000 | |||
New Term Loan Facility, Three-Year Tranche | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, face amount | $ 400,000 | |||
Debt instrument, term | 3 years | |||
Debt instrument, interest rate during period | 6.809% | 5.692% | ||
New Term Loan Facility, Five-Year Tranche | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, face amount | $ 300,000 | |||
Debt instrument, term | 5 years | |||
Debt instrument, interest rate during period | 6.934% | 5.817% | ||
New Term Loan Facility, Five-Year Tranche | Forecast | ||||
Debt Instrument [Line Items] | ||||
Quarterly installments | $ 7,500 | $ 3,750 |
Debt - Additional Information -
Debt - Additional Information - Narrative (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Debt Disclosure [Abstract] | ||
Debt instruments, accrued interest payable | $ 14 | $ 24.8 |
Lease Obligations - Narrative (
Lease Obligations - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Lessee, Lease, Description [Line Items] | |||||
Leases, remaining lease terms | 15 years | ||||
Finance leases, assets, gross | $ 690.1 | $ 690.1 | $ 720.1 | ||
Assets held under finance leases, location | Property and equipment, net | Property and equipment, net | Property and equipment, net | ||
Finance leases, assets, net | $ 483.5 | $ 483.5 | $ 535.3 | ||
Finance leases, assets, depreciation | 26.8 | $ 22.8 | 79.3 | $ 63.2 | |
Operating leases, additions | $ 75.1 | 12.7 | $ 198.6 | 58.1 | |
Operating leases, term of contract | 1 year | 1 year | |||
Operating leases, expense | $ 44 | 30.6 | $ 116.7 | 98.5 | |
Operating leases, variable lease costs | 3.9 | 2.3 | 11.5 | 7.8 | |
Operating leases, short-term leases, expense | $ 169.9 | $ 98.8 | $ 411.7 | $ 258.1 | |
Finance leases, weighted average remaining lease term (in years) | 2 years 9 months 18 days | 2 years 9 months 18 days | |||
Finance leases, weighted average discount rate, percent | 4.50% | 4.50% | |||
Operating leases, weighted average remaining lease term (in years) | 3 years 10 months 24 days | 3 years 10 months 24 days | |||
Operating leases, weighted average discount rate, percent | 4.60% | 4.60% | |||
Minimum | Equipment Leases | |||||
Lessee, Lease, Description [Line Items] | |||||
Leases, renewal term | 1 year | ||||
Minimum | Facility Leases | |||||
Lessee, Lease, Description [Line Items] | |||||
Leases, renewal term | 1 year | ||||
Maximum | Equipment Leases | |||||
Lessee, Lease, Description [Line Items] | |||||
Leases, renewal term | 5 years | ||||
Maximum | Facility Leases | |||||
Lessee, Lease, Description [Line Items] | |||||
Leases, renewal term | 5 years |
Lease Obligations - Schedule of
Lease Obligations - Schedule of Future Minimum Lease Commitments (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Finance Leases | ||
2023, remaining three months | $ 43,400 | |
2024 | 151,500 | |
2025 | 114,800 | |
2026 | 57,300 | |
2027 | 17,800 | |
Thereafter | 3,100 | |
Total minimum lease payments | 387,900 | |
Less amounts representing interest | (21,800) | |
Total lease obligations, net of interest | 366,100 | |
Less current portion | 146,600 | |
Long-term portion of lease obligations, net of interest | $ 219,500 | |
Finance lease liability, current, location | Current portion of long-term debt, including finance leases | |
Finance lease liability, long-term, location | Long-term debt, including finance leases | |
Operating Leases | ||
2023, remaining three months | $ 38,600 | |
2024 | 140,800 | |
2025 | 115,700 | |
2026 | 79,500 | |
2027 | 36,700 | |
Thereafter | 38,200 | |
Total minimum lease payments | 449,500 | |
Less amounts representing interest | (38,400) | |
Total lease obligations, net of interest | 411,100 | |
Less current portion | 131,781 | $ 96,516 |
Long-term portion of lease obligations, net of interest | $ 279,302 | $ 194,050 |
Stock-Based Compensation and _3
Stock-Based Compensation and Other Employee Benefit Plans - Narrative (Details) - USD ($) shares in Thousands, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Stock-Based Compensation and Other Employee Benefit Plans [Line Items] | ||||
Stock-based compensation plans, number of shares available for future grant (in shares) | 2,752 | 2,752 | ||
Non-cash stock-based compensation expense | $ 7.2 | $ 5.7 | $ 24.3 | $ 18.9 |
Stock-based compensation, income tax benefits | $ 1.1 | $ 0.9 | 12.9 | 4.3 |
Tax benefit (expense), share-based payment arrangement | $ (8.8) | $ (0.9) |
Stock-Based Compensation and _4
Stock-Based Compensation and Other Employee Benefit Plans - Restricted Shares, Narrative (Details) - Restricted Shares - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Stock-Based Compensation and Other Employee Benefit Plans [Line Items] | ||||
Stock-based compensation awards, unearned compensation | $ 49.1 | $ 49.1 | ||
Stock-based compensation awards, unearned compensation, weighted average expected recognition period (in years) | 1 year 10 months 24 days | |||
Stock-based compensation, vested awards, intrinsic value | $ 0.3 | $ 0.3 | $ 78.3 | $ 19.5 |
Stock-Based Compensation and _5
Stock-Based Compensation and Other Employee Benefit Plans - Schedule of Activity, Restricted Shares (Details) | 9 Months Ended |
Sep. 30, 2023 $ / shares shares | |
Restricted Shares | |
Restricted Shares | |
Non-vested restricted shares, beginning balance (in shares) | 2,049,280 |
Granted (in shares) | 204,215 |
Vested (in shares) | (855,196) |
Canceled/forfeited (in shares) | (67,959) |
Non-vested restricted shares, ending balance (in shares) | 1,330,340 |
Per Share Weighted Average Grant Date Fair Value | |
Non-vested restricted shares, beginning balance (in dollars per share) | $ / shares | $ 52.33 |
Granted (in dollars per share) | $ / shares | 95.99 |
Vested (in dollars per share) | $ / shares | 27.89 |
Canceled/forfeited (in dollars per share) | $ / shares | 46.86 |
Non-vested restricted shares, ending balance (in dollars per share) | $ / shares | $ 75.03 |
Restricted Stock Units | |
Restricted Shares | |
Non-vested restricted shares, beginning balance (in shares) | 2,150 |
Non-vested restricted shares, ending balance (in shares) | 1,000 |
Stock-Based Compensation and _6
Stock-Based Compensation and Other Employee Benefit Plans - ESPP (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Stock-Based Compensation and Other Employee Benefit Plans [Line Items] | ||||
Common shares issued (in shares) | 22,824 | 25,495 | 69,475 | 82,121 |
Employee Stock Purchase Plans | ||||
Stock-Based Compensation and Other Employee Benefit Plans [Line Items] | ||||
ESPP purchase price, percent | 85% | |||
Cash proceeds | $ 1.9 | $ 1.7 | $ 5.7 | $ 5.3 |
Compensation expense | $ 0.3 | $ 0.3 | $ 1 | $ 1 |
Other Retirement Plans (Details
Other Retirement Plans (Details) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 USD ($) employee | Sep. 30, 2022 USD ($) employee | Sep. 30, 2023 USD ($) employee | Sep. 30, 2022 USD ($) employee | |
Covered Employees and Contributions, Multiemployer Plans [Line Items] | ||||
Multiemployer plan, employer contribution, cost | $ 50 | $ 37.5 | $ 123 | $ 103.9 |
Pension | ||||
Covered Employees and Contributions, Multiemployer Plans [Line Items] | ||||
Multiemployer plan, employer contribution, cost | 34.8 | 23 | 77.9 | 62.3 |
Other Multiemployer | ||||
Covered Employees and Contributions, Multiemployer Plans [Line Items] | ||||
Multiemployer plan, employer contribution, cost | $ 15.2 | $ 14.5 | $ 45.1 | $ 41.6 |
Low | ||||
Covered Employees and Contributions, Multiemployer Plans [Line Items] | ||||
Multiemployer plans, covered employees (in number of employees) | employee | 7,760 | 6,774 | 6,806 | 6,601 |
High | ||||
Covered Employees and Contributions, Multiemployer Plans [Line Items] | ||||
Multiemployer plans, covered employees (in number of employees) | employee | 11,025 | 7,136 | 11,025 | 7,136 |
Equity (Details)
Equity (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Equity, Treasury Stock [Line Items] | |||||
Treasury stock acquired (in shares) | 0 | 0 | 0 | 1,124,000 | |
Treasury stock acquired, value | $ 81,291,000 | ||||
December 2018 Share Repurchase Program | |||||
Equity, Treasury Stock [Line Items] | |||||
Treasury stock acquired (in shares) | 100,000 | ||||
Treasury stock acquired, value | $ 8,600,000 | ||||
Share repurchase program, amount authorized, value | $ 100,000,000 | $ 100,000,000 | |||
March 2020 Share Repurchase Program | |||||
Equity, Treasury Stock [Line Items] | |||||
Treasury stock acquired (in shares) | 1,000,000 | ||||
Treasury stock acquired, value | $ 72,700,000 | ||||
Share repurchase program, amount authorized, value | $ 150,000,000 | 150,000,000 | |||
Stock repurchase program, remaining authorized repurchase amount | $ 77,300,000 | $ 77,300,000 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Income Tax Disclosure [Abstract] | ||||
Effective tax rate, expense (benefit) | 33.10% | 18.40% | (41.40%) | (0.20%) |
Tax benefit, share-based payment arrangement | $ 8.8 | $ 0.9 | ||
Tax benefit, adjustment for prior year taxes | $ 6 | $ 15 |
Segments and Related Informat_3
Segments and Related Information - Narrative (Details) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 USD ($) | Mar. 31, 2023 USD ($) | Sep. 30, 2022 USD ($) | Sep. 30, 2023 USD ($) segment | Sep. 30, 2022 USD ($) | |
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||||
Number of operating segments | segment | 5 | ||||
Number of reportable segments | segment | 5 | ||||
2023 Acquisitions | |||||
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||||
Business combination, acquisition and integration related costs | $ 21.1 | $ 60.9 | |||
Corporate | AVCT | |||||
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||||
Fair value losses related to investment | $ 0.2 | ||||
Corporate | AVCT | Common Stock | |||||
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||||
Fair value losses related to investment | $ 0.1 | $ 7.2 | |||
Corporate | 2023 Acquisitions | |||||
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||||
Business combination, acquisition and integration related costs | 0.5 | 11.2 | 3.2 | 18 | |
Communications | Operating Segments | 2023 Acquisitions | |||||
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||||
Business combination, acquisition and integration related costs | 4.8 | 0.5 | 18.3 | 2.4 | |
Clean Energy and Infrastructure | Operating Segments | 2023 Acquisitions | |||||
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||||
Business combination, acquisition and integration related costs | 15.3 | 1.1 | 36.9 | 4.5 | |
Power Delivery | Operating Segments | 2023 Acquisitions | |||||
Segment Reporting, Other Significant Reconciling Item [Line Items] | |||||
Business combination, acquisition and integration related costs | $ 0.5 | $ 20.4 | $ 2.5 | $ 34.5 |
Segments and Related Informat_4
Segments and Related Information - Schedule of Financial Information by Reportable Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Segments and Related Information [Line Items] | |||||
Consolidated revenue | $ 3,257,077 | $ 2,513,484 | $ 8,715,851 | $ 6,769,677 | |
Segment EBITDA | 274,000 | 252,400 | 664,700 | 568,700 | |
Consolidated depreciation and amortization | 157,300 | $ 119,300 | 451,600 | $ 344,700 | |
Consolidated assets | $ 9,529,727 | $ 9,529,727 | $ 9,293,259 | ||
Communications | Customer Concentration Risk | Revenue | Utilities | |||||
Segments and Related Information [Line Items] | |||||
Concentration risk, percentage of total | 25% | 21.80% | 24.10% | 23.70% | |
Reportable Segments | Communications | |||||
Segments and Related Information [Line Items] | |||||
Consolidated revenue | $ 824,400 | $ 888,900 | $ 2,499,600 | $ 2,375,100 | |
Segment EBITDA | 73,400 | 109,900 | 215,700 | 234,500 | |
Consolidated depreciation and amortization | 37,000 | 32,500 | 105,600 | 92,100 | |
Consolidated assets | 2,449,700 | 2,449,700 | 2,378,600 | ||
Reportable Segments | Clean Energy and Infrastructure | |||||
Segments and Related Information [Line Items] | |||||
Consolidated revenue | 1,099,900 | 563,200 | 2,894,500 | 1,493,500 | |
Segment EBITDA | 42,400 | 24,600 | 80,900 | 30,200 | |
Consolidated depreciation and amortization | 37,100 | 12,400 | 107,300 | 35,500 | |
Consolidated assets | 2,902,600 | 2,902,600 | 2,979,900 | ||
Reportable Segments | Oil and Gas | |||||
Segments and Related Information [Line Items] | |||||
Consolidated revenue | 672,300 | 375,800 | 1,270,600 | 927,900 | |
Segment EBITDA | 97,300 | 49,200 | 188,900 | 133,400 | |
Consolidated depreciation and amortization | 40,700 | 34,100 | 111,600 | 97,900 | |
Consolidated assets | 1,908,300 | 1,908,300 | 1,544,200 | ||
Reportable Segments | Power Delivery | |||||
Segments and Related Information [Line Items] | |||||
Consolidated revenue | 665,000 | 688,400 | 2,077,100 | 1,985,400 | |
Segment EBITDA | 56,500 | 63,100 | 161,000 | 150,600 | |
Consolidated depreciation and amortization | 39,900 | 37,700 | 119,400 | 110,100 | |
Consolidated assets | 1,877,700 | 1,877,700 | 1,967,900 | ||
Reportable Segments | Other | |||||
Segments and Related Information [Line Items] | |||||
Consolidated revenue | 0 | 0 | 0 | 0 | |
Segment EBITDA | 4,400 | 5,600 | 18,200 | 20,000 | |
Consolidated depreciation and amortization | 0 | 0 | 0 | 0 | |
Consolidated assets | 312,900 | 312,900 | 297,300 | ||
Eliminations | |||||
Segments and Related Information [Line Items] | |||||
Consolidated revenue | (4,500) | (2,800) | (25,900) | (12,200) | |
Corporate | |||||
Segments and Related Information [Line Items] | |||||
Consolidated depreciation and amortization | 2,600 | $ 2,600 | 7,700 | $ 9,100 | |
Consolidated assets | $ 78,500 | $ 78,500 | $ 125,400 |
Segments and Related Informat_5
Segments and Related Information - Reconciliation of Consolidated Income before Income Taxes to EBITDA (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
EBITDA Reconciliation: | ||||
Income (loss) before income taxes | $ 22,874 | $ 60,311 | $ (82,718) | $ 30,450 |
Interest expense, net | 62,556 | 26,885 | 174,664 | 62,313 |
Depreciation | 115,033 | 91,291 | 325,318 | 263,487 |
Amortization of intangible assets | 42,266 | 27,979 | 126,252 | 81,242 |
Corporate EBITDA | 31,300 | 45,900 | 121,200 | 131,200 |
Segment EBITDA | $ 274,000 | $ 252,400 | $ 664,700 | $ 568,700 |
Segments and Related Informat_6
Segments and Related Information - Foreign Operations and Other - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Segments and Related Information [Line Items] | |||||
Revenue | $ 3,257,077 | $ 2,513,484 | $ 8,715,851 | $ 6,769,677 | |
Property and equipment, net | $ 1,729,840 | $ 1,729,840 | $ 1,754,101 | ||
Govermment | Revenue Benchmark | Customer Concentration Risk | |||||
Segments and Related Information [Line Items] | |||||
Concentration risk, percentage of total | 12% | 6% | 11% | 7% | |
United States | |||||
Segments and Related Information [Line Items] | |||||
Revenue | $ 3,200,000 | $ 2,500,000 | $ 8,600,000 | $ 6,600,000 | |
Property and equipment, net | 1,700,000 | 1,700,000 | 1,700,000 | ||
Intangible assets and goodwill, net | 2,900,000 | 2,900,000 | 3,000,000 | ||
Foreign Operations | |||||
Segments and Related Information [Line Items] | |||||
Revenue | 18,800 | $ 49,400 | 68,400 | $ 125,200 | |
Property and equipment, net | 18,000 | 18,000 | 21,000 | ||
Intangible assets and goodwill, net | $ 32,800 | $ 32,800 | $ 35,500 | ||
Foreign Operations | Accounts Receivable, Net, Less Deferred Revenue | Geographic Concentration Risk | |||||
Segments and Related Information [Line Items] | |||||
Concentration risk, percentage of total | 1% |
Segments and Related Informat_7
Segments and Related Information - Significant Customers - Narrative (Details) - Revenue Benchmark - Customer Concentration Risk | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Equitrans Midstream Corporation | ||||
Segments and Related Information [Line Items] | ||||
Concentration risk, percentage of total | 11% | |||
Customers Representing 10% Or More Of Company | ||||
Segments and Related Information [Line Items] | ||||
Concentration risk, percentage of total | 0% | 0% | 0% |
Commitments and Contingencies -
Commitments and Contingencies - Narrative (Details) $ in Thousands | 1 Months Ended | 3 Months Ended | 9 Months Ended | |||||
Oct. 23, 2023 USD ($) | Apr. 28, 2023 USD ($) | Mar. 31, 2021 USD ($) | Sep. 30, 2023 USD ($) project | Sep. 30, 2022 | Sep. 30, 2023 USD ($) customer project | Sep. 30, 2022 | Dec. 31, 2022 USD ($) | |
Loss Contingencies [Line Items] | ||||||||
Line of credit facility, letters of credit issued | $ 82,100 | $ 82,100 | $ 166,700 | |||||
Cash and cash equivalents | 214,174 | 214,174 | 370,592 | |||||
Indemnities, accrued project close-out liabilities | 20,000 | $ 20,000 | 40,000 | |||||
Number of customers | customer | 1,425 | |||||||
Workers' Compensation, General and Automobile Policies | Self-Insurance | ||||||||
Loss Contingencies [Line Items] | ||||||||
Self-insurance reserve | 201,100 | $ 201,100 | 176,700 | |||||
Workers' Compensation, General and Automobile Policies | Self-Insurance | Other Long-Term Liabilities | ||||||||
Loss Contingencies [Line Items] | ||||||||
Self-insurance reserve, non-current | 131,500 | 131,500 | 109,300 | |||||
Employee Group Medical Claims | Self-Insurance | ||||||||
Loss Contingencies [Line Items] | ||||||||
Self-insurance reserve | 4,800 | 4,800 | 4,100 | |||||
Corporate Joint Venture | ||||||||
Loss Contingencies [Line Items] | ||||||||
Cash and cash equivalents | $ 26,500 | $ 26,500 | 25,700 | |||||
Corporate Joint Venture | Joint Ventures That Provide Electrical Transmission Infrastructure Services | Minimum | ||||||||
Loss Contingencies [Line Items] | ||||||||
Proportionately consolidated non-controlled joint venture, ownership percentage | 85% | 85% | ||||||
Corporate Joint Venture | Joint Ventures That Provide Electrical Transmission Infrastructure Services | Maximum | ||||||||
Loss Contingencies [Line Items] | ||||||||
Proportionately consolidated non-controlled joint venture, ownership percentage | 90% | 90% | ||||||
Corporate Joint Venture | Joint Venture Civil Construction Project | ||||||||
Loss Contingencies [Line Items] | ||||||||
Number of joint ventures | project | 4 | 4 | ||||||
Corporate Joint Venture | Joint Venture Civil Construction Project | Minimum | ||||||||
Loss Contingencies [Line Items] | ||||||||
Proportionately consolidated non-controlled joint venture, ownership percentage | 25% | 25% | ||||||
Corporate Joint Venture | Joint Venture Civil Construction Project | Maximum | ||||||||
Loss Contingencies [Line Items] | ||||||||
Proportionately consolidated non-controlled joint venture, ownership percentage | 50% | 50% | ||||||
Corporate Joint Venture | Joint Venture, Pipeline Project | ||||||||
Loss Contingencies [Line Items] | ||||||||
Proportionately consolidated non-controlled joint venture, ownership percentage | 49% | 49% | ||||||
Number of joint ventures | project | 1 | 1 | ||||||
Contractual Joint Venture | ||||||||
Loss Contingencies [Line Items] | ||||||||
Payments for project financing | $ 500 | |||||||
Captive Insurance Company | ||||||||
Loss Contingencies [Line Items] | ||||||||
Cash and cash equivalents | $ 800 | 800 | 1,100 | |||||
Performance and Payment Bonds | ||||||||
Loss Contingencies [Line Items] | ||||||||
Bonded projects, estimated costs to complete | 1,693,700 | 1,693,700 | 1,739,900 | |||||
Commercial and/or Financial Standby | Workers' Compensation, General and Automobile Policies | Self-Insurance | ||||||||
Loss Contingencies [Line Items] | ||||||||
Line of credit facility, letters of credit issued | 9,600 | 9,600 | 95,600 | |||||
Surety Bonds | Workers' Compensation | Self-Insurance | ||||||||
Loss Contingencies [Line Items] | ||||||||
Guarantor obligations, maximum exposure, undiscounted | 204,800 | 204,800 | 110,900 | |||||
Subsidiaries | Performance and Payment Bonds | ||||||||
Loss Contingencies [Line Items] | ||||||||
Guarantor obligations, maximum exposure, undiscounted | 5,552,100 | 5,552,100 | 4,855,500 | |||||
Subsidiaries | Performance and Payment Bonds | Corporate Joint Venture | ||||||||
Loss Contingencies [Line Items] | ||||||||
Guarantor obligations, maximum exposure, undiscounted | $ 329,000 | $ 329,000 | 115,800 | |||||
Revenue Benchmark | Customer Concentration Risk | Ten Largest Customers | ||||||||
Loss Contingencies [Line Items] | ||||||||
Concentration risk, percentage of total | 40% | 41% | 37% | 42% | ||||
Infrastructure Energy Alternatives, Inc. | Commitments And Contingencies Concentration Risk | ||||||||
Loss Contingencies [Line Items] | ||||||||
Attorney fee percentage | 0.45 | |||||||
Silicon Ranch Corporation, LLC | Litigation Settlement, Benchmark | Commitments And Contingencies Concentration Risk | ||||||||
Loss Contingencies [Line Items] | ||||||||
Concentration risk, percentage of total | 30% | |||||||
IEA | Pension | ||||||||
Loss Contingencies [Line Items] | ||||||||
Multiemployer plans, withdrawal obligation, monthly payment amount | $ 10 | |||||||
Withdrawal liability | $ 1,800 | $ 1,800 | $ 1,900 | |||||
IEA | Litigation Settlement, Benchmark | Commitments And Contingencies Concentration Risk | ||||||||
Loss Contingencies [Line Items] | ||||||||
Concentration risk, percentage of total | 40% | |||||||
IEA Constructors, LLC | Litigation Settlement, Benchmark | Commitments And Contingencies Concentration Risk | ||||||||
Loss Contingencies [Line Items] | ||||||||
Concentration risk, percentage of total | 30% | |||||||
Silicon Ranch Corporation, LLC Matter | ||||||||
Loss Contingencies [Line Items] | ||||||||
Damages sought | $ 1,000 | |||||||
Silicon Ranch Corporation, LLC Matter | H&L Farms | ||||||||
Loss Contingencies [Line Items] | ||||||||
Payments to acquire land | $ 3,300 | |||||||
Silicon Ranch Corporation, LLC Matter | Infrastructure Energy Alternatives, Inc. | ||||||||
Loss Contingencies [Line Items] | ||||||||
Compensatory damages awarded to plaintiffs | 4,500 | |||||||
Remediation costs | 1,500 | |||||||
Silicon Ranch Corporation, LLC Matter | Infrastructure Energy Alternatives, Inc. | Subsequent Event | ||||||||
Loss Contingencies [Line Items] | ||||||||
Compensatory damages awarded to plaintiffs | $ 500 | |||||||
Remediation expense remittitur | 300 | |||||||
Silicon Ranch Corporation, LLC Matter | Silicon Ranch Corporation, LLC | ||||||||
Loss Contingencies [Line Items] | ||||||||
Punitive damages | 25,000 | |||||||
Silicon Ranch Corporation, LLC Matter | Silicon Ranch Corporation, LLC | Subsequent Event | ||||||||
Loss Contingencies [Line Items] | ||||||||
Reduction in punitive damages | 1,100 | |||||||
Silicon Ranch Corporation, LLC Matter | Infrastructure Energy Alternatives, Inc. And IEA Constructors, LLC | ||||||||
Loss Contingencies [Line Items] | ||||||||
Punitive damages | $ 50,000 | |||||||
Silicon Ranch Corporation, LLC Matter | Infrastructure Energy Alternatives, Inc. And IEA Constructors, LLC | Subsequent Event | ||||||||
Loss Contingencies [Line Items] | ||||||||
Reduction in punitive damages | $ 2,700 |
Related Party Transactions (Det
Related Party Transactions (Details) shares in Thousands | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2023 USD ($) employee | Jun. 30, 2023 USD ($) | Sep. 30, 2022 USD ($) | Sep. 30, 2023 USD ($) employee shares | Sep. 30, 2022 USD ($) | Dec. 31, 2022 USD ($) | |
Related Party Transaction [Line Items] | ||||||
Revenue | $ 3,257,077,000 | $ 2,513,484,000 | $ 8,715,851,000 | $ 6,769,677,000 | ||
Equity method Investment, related party, ownership percentage | 25% | 25% | ||||
Equity contributions | $ 100,000 | 100,000 | $ 3,700,000 | 600,000 | ||
Cash portion of equity contributions | 100,000 | 300,000 | ||||
Negative equity method investment | 1,100,000 | 1,100,000 | $ 200,000 | |||
Line of credit facility, letters of credit issued | $ 82,100,000 | 82,100,000 | 166,700,000 | |||
Payments to non-controlling interests, including acquisition of interests and distributions | $ 21,638,000 | 35,149,000 | ||||
Noncontrolling interest, percentage of voting interests acquired | 15% | 15% | ||||
Payments to non-controlling interests, including acquisition of interests and distributions | $ (11,660,000) | 0 | ||||
2023 Acquisitions | ||||||
Related Party Transaction [Line Items] | ||||||
Payments to non-controlling interests, including acquisition of interests and distributions | $ (10,000,000) | |||||
Business acquisition, number of shares issued (in shares) | shares | 120 | |||||
2023 Acquisitions | Oil and Gas | ||||||
Related Party Transaction [Line Items] | ||||||
Business acquisition, equity interest issued or issuable, value assigned | $ 11,600,000 | $ 11,600,000 | ||||
Construction Services | ||||||
Related Party Transaction [Line Items] | ||||||
Payments to non-controlling interests, including acquisition of interests and distributions | $ 16,100,000 | |||||
Management | Subcontracting Arrangements | ||||||
Related Party Transaction [Line Items] | ||||||
Number of management members, subcontracting arrangement | employee | 2 | 2 | ||||
Management | Other Subcontracting Arrangements | ||||||
Related Party Transaction [Line Items] | ||||||
Receivables, net of deferred revenue, related party | $ 1,100,000 | $ 1,100,000 | 2,300,000 | |||
Management | Other Subcontracting Arrangements | Line of Credit | ||||||
Related Party Transaction [Line Items] | ||||||
Line of credit facility, letters of credit issued | 15,000,000 | 15,000,000 | ||||
Immediate Family Member of Management | Equipment | CCI | ||||||
Related Party Transaction [Line Items] | ||||||
Payments, net of rebates, related party | 1,200,000 | 1,100,000 | 2,500,000 | 2,900,000 | ||
Immediate Family Member of Management | Construction Services | ||||||
Related Party Transaction [Line Items] | ||||||
Percentage of earn out payment paid | 25% | |||||
Chairman, Board of Directors | ||||||
Related Party Transaction [Line Items] | ||||||
Payments for life insurance policies | 200,000 | 600,000 | 700,000 | 1,100,000 | ||
Executive Officers | ||||||
Related Party Transaction [Line Items] | ||||||
Life insurance assets, carrying amount | 27,200,000 | 27,200,000 | 25,800,000 | |||
Executive Officers | Former Owner | ||||||
Related Party Transaction [Line Items] | ||||||
Accounts receivable, after allowance for credit loss | 2,200,000 | 2,200,000 | 2,000,000 | |||
Payments, net of rebates, related party | 100,000 | 100,000 | 200,000 | 1,500,000 | ||
Executive Officers | Construction Services | ||||||
Related Party Transaction [Line Items] | ||||||
Operating costs and expenses | 300,000 | 100,000 | 900,000 | 400,000 | ||
Payments, net of rebates, related party | 4,600,000 | 4,800,000 | ||||
Chief Executive Officer | ||||||
Related Party Transaction [Line Items] | ||||||
Payments for life insurance policies | 0 | 0 | 700,000 | 700,000 | ||
Related Party | Equipment, Supplies and Services | ||||||
Related Party Transaction [Line Items] | ||||||
Operating costs and expenses | 7,100,000 | 8,000,000 | 33,900,000 | 22,700,000 | ||
Accounts payable | 2,600,000 | 2,600,000 | 2,600,000 | |||
Revenue | 3,500,000 | 2,400,000 | 10,900,000 | 7,400,000 | ||
Accounts receivable, after allowance for credit loss | 1,000,000 | 1,000,000 | 3,200,000 | |||
Related Party | Equipment | ||||||
Related Party Transaction [Line Items] | ||||||
Revenue | 200,000 | 200,000 | ||||
Related Party | Equipment | CCI | ||||||
Related Party Transaction [Line Items] | ||||||
Accounts payable | 4,600,000 | 4,600,000 | 600,000 | |||
Related Party | Subcontracting Arrangements | ||||||
Related Party Transaction [Line Items] | ||||||
Operating costs and expenses | 1,700,000 | 400,000 | 2,900,000 | 900,000 | ||
Accounts payable | 600,000 | 600,000 | 300,000 | |||
Revenue | 42,700,000 | 38,000,000 | 120,600,000 | 98,700,000 | ||
Accounts receivable, after allowance for credit loss | 59,100,000 | 59,100,000 | 42,000,000 | |||
Related Party | Other Subcontracting Arrangements | ||||||
Related Party Transaction [Line Items] | ||||||
Accounts receivable, after allowance for credit loss | 200,000 | 200,000 | 400,000 | |||
Other operating income | 200,000 | 200,000 | 600,000 | 600,000 | ||
Related Party | Lease Agreements | ||||||
Related Party Transaction [Line Items] | ||||||
Operating costs and expenses | 700,000 | 700,000 | 2,000,000 | 1,900,000 | ||
Related Party | Construction Services | ||||||
Related Party Transaction [Line Items] | ||||||
Accounts receivable, after allowance for credit loss | 4,800,000 | 4,800,000 | ||||
Related Customer | Subcontracting Arrangements | ||||||
Related Party Transaction [Line Items] | ||||||
Operating costs and expenses | 2,700,000 | $ 100,000 | 3,100,000 | $ 200,000 | ||
Accounts payable | $ 2,500,000 | $ 2,500,000 | $ 2,500,000 |