Document and Entity Information
Document and Entity Information - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 31, 2019 | Feb. 24, 2020 | Jun. 28, 2019 | |
Cover page. | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2019 | ||
Document Transition Report | false | ||
Entity File Number | 001-08106 | ||
Entity Registrant Name | MasTec, Inc. | ||
Entity Central Index Key | 0000015615 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Year Focus | 2019 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
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 Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
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 Public Float (in dollars) | $ 3.1 | ||
Entity Common Stock, Shares Outstanding | 76,584,117 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Statement [Abstract] | |||||||||||
Revenue | $ 1,709,300 | $ 2,016,600 | $ 1,939,000 | $ 1,518,300 | $ 1,917,600 | $ 1,977,200 | $ 1,617,800 | $ 1,396,800 | $ 7,183,188 | $ 6,909,417 | $ 6,606,978 |
Costs of revenue, excluding depreciation and amortization | 1,434,200 | 1,690,600 | 1,633,400 | 1,312,000 | 1,654,000 | 1,681,400 | 1,366,600 | 1,237,300 | 6,070,244 | 5,939,308 | 5,745,307 |
Depreciation and amortization | 235,482 | 212,930 | 188,049 | ||||||||
Goodwill and intangible asset impairment | 3,319 | 47,662 | 0 | ||||||||
General and administrative expenses | 299,500 | 287,278 | 275,103 | ||||||||
Interest expense, net | 77,026 | 82,571 | 61,011 | ||||||||
Equity in earnings of unconsolidated affiliates | (27,367) | (23,855) | (21,328) | ||||||||
Other expense (income), net | 14,045 | (1,780) | (12,990) | ||||||||
Income before income taxes | 510,939 | 365,303 | 371,826 | ||||||||
Provision for income taxes | (116,843) | (106,072) | (22,942) | ||||||||
Net income | 100,700 | 130,100 | 120,200 | 43,100 | 31,800 | 120,500 | 80,400 | 26,500 | 394,096 | 259,231 | 348,884 |
Net income (loss) attributable to non-controlling interests | 1,762 | (428) | 1,671 | ||||||||
Net income attributable to MasTec, Inc. | $ 100,900 | $ 128,600 | $ 119,700 | $ 43,100 | $ 31,900 | $ 120,700 | $ 80,500 | $ 26,600 | $ 392,334 | $ 259,659 | $ 347,213 |
Earnings per share (Note 2): | |||||||||||
Basic earnings per share (in dollars per share) | $ 1.34 | $ 1.71 | $ 1.59 | $ 0.57 | $ 0.42 | $ 1.55 | $ 1.02 | $ 0.33 | $ 5.22 | $ 3.30 | $ 4.29 |
Basic weighted average common shares outstanding | 75,185 | 78,695 | 80,903 | ||||||||
Diluted earnings per share (in dollars per share) | $ 1.33 | $ 1.69 | $ 1.58 | $ 0.57 | $ 0.41 | $ 1.52 | $ 1.01 | $ 0.32 | $ 5.17 | $ 3.26 | $ 4.22 |
Diluted weighted average common shares outstanding | 75,846 | 79,772 | 82,325 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 394,096 | $ 259,231 | $ 348,884 |
Other comprehensive (loss) income: | |||
Foreign currency translation (losses) gains, net of tax | (189) | (2,645) | 1,627 |
Unrealized (losses) gains on equity investee activity, net of tax | (15,023) | 5,863 | 475 |
Comprehensive income | 378,884 | 262,449 | 350,986 |
Comprehensive income (loss) attributable to non-controlling interests | 1,762 | (428) | 1,671 |
Comprehensive income attributable to MasTec, Inc. | $ 377,122 | $ 262,877 | $ 349,315 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Current assets: | ||
Cash and cash equivalents | $ 71,427 | $ 27,422 |
Accounts receivable, net of allowance | 850,326 | 671,324 |
Contract assets | 1,024,568 | 1,252,646 |
Inventories, net | 100,069 | 113,709 |
Prepaid expenses | 52,000 | 56,558 |
Other current assets | 75,169 | 47,330 |
Total current assets | 2,173,559 | 2,168,989 |
Property and equipment, net | 905,835 | 747,808 |
Operating lease assets | 229,903 | 0 |
Goodwill, net | 1,221,440 | 1,100,350 |
Other intangible assets, net | 211,528 | 169,370 |
Other long-term assets | 254,741 | 253,436 |
Total assets | 4,997,006 | 4,439,953 |
Current liabilities: | ||
Current portion of long-term debt, including finance leases | 118,429 | 82,655 |
Current portion of operating lease liabilities | 81,561 | 0 |
Accounts payable | 535,029 | 669,712 |
Accrued salaries and wages | 87,562 | 90,218 |
Other accrued expenses | 115,581 | 133,033 |
Contract liabilities | 206,180 | 231,644 |
Other current liabilities | 74,784 | 76,349 |
Total current liabilities | 1,219,126 | 1,283,611 |
Long-term debt, including finance leases | 1,314,030 | 1,324,223 |
Long-term operating lease liabilities | 154,553 | 0 |
Deferred income taxes | 296,326 | 263,687 |
Other long-term liabilities | 221,280 | 176,408 |
Total liabilities | 3,205,315 | 3,047,929 |
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 - 91,909,430 and 91,327,009 (including 1,221,593 and 1,251,533 of unvested stock awards) as of December 31, 2019 and 2018, respectively | 9,191 | 9,133 |
Capital surplus | 809,753 | 789,009 |
Retained earnings | 1,510,709 | 1,118,375 |
Accumulated other comprehensive loss | (75,706) | (60,494) |
Treasury stock, at cost: 15,344,917 shares and 15,329,817 shares as of December 31, 2019 and 2018, respectively | (466,727) | (466,125) |
Total MasTec, Inc. shareholders’ equity | 1,787,220 | 1,389,898 |
Non-controlling interests | 4,471 | 2,126 |
Total equity | 1,791,691 | 1,392,024 |
Total liabilities and equity | $ 4,997,006 | $ 4,439,953 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2019 | Dec. 31, 2018 |
Preferred stock, par value (in dollars per share) | $ 1 | $ 1 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.1 | $ 0.1 |
Common stock, shares authorized | 145,000,000 | 145,000,000 |
Common stock, shares issued | 91,909,430 | 91,327,009 |
Treasury stock, shares | 15,344,917 | 15,329,817 |
Common Stock [Member] | ||
Common stock, shares issued | 91,909,430 | 91,327,009 |
Restricted Stock Awards [Member] | Common Stock [Member] | ||
Unvested stock awards (in shares) | 1,221,593 | 1,251,533 |
Consolidated Statements of Equi
Consolidated Statements of Equity - USD ($) $ in Thousands | Total | Common Stock [Member] | Treasury Stock [Member] | Capital Surplus [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Loss [Member] | Total MasTec, Inc. Shareholders’ Equity [Member] | Non-Controlling Interests [Member] |
Beginning balance, common shares outstanding (in shares) at Dec. 31, 2016 | 90,634,771 | |||||||
Beginning balance at Dec. 31, 2016 | $ 1,103,634 | $ 9,063 | $ (145,573) | $ 788,914 | $ 509,941 | $ (65,814) | $ 1,096,531 | $ 7,103 |
Beginning balance, treasury shares (in shares) at Dec. 31, 2016 | (8,094,004) | |||||||
Consolidated Statements of Equity | ||||||||
Net income (loss) | 348,884 | 347,213 | 347,213 | 1,671 | ||||
Other comprehensive income (loss) | 2,102 | 2,102 | 2,102 | |||||
Non-cash stock-based compensation | 15,656 | 15,656 | 15,656 | |||||
Issuance of restricted shares, net (in shares) | 393,570 | |||||||
Issuance of restricted shares, net | 0 | $ 39 | (39) | 0 | ||||
Shares withheld for taxes, net of other share activity (in shares) | (92,757) | |||||||
Shares withheld for taxes, net of other share activity | (3,085) | $ (8) | (3,077) | (3,085) | ||||
Acquisition of treasury stock, at cost (in shares) | (38,807) | |||||||
Acquisition of treasury stock, at cost | (1,551) | $ (1,551) | (1,551) | |||||
Distributions to non-controlling interests | (1,280) | 0 | (1,280) | |||||
Purchase of non-controlling interests | (31,007) | (26,067) | (26,067) | (4,940) | ||||
Ending balance, common shares outstanding (in shares) at Dec. 31, 2017 | 90,935,584 | |||||||
Ending balance at Dec. 31, 2017 | 1,433,353 | $ 9,094 | $ (147,124) | 775,387 | 857,154 | (63,712) | 1,430,799 | 2,554 |
Ending balance, treasury shares (in shares) at Dec. 31, 2017 | (8,132,811) | |||||||
Consolidated Statements of Equity | ||||||||
Cumulative effect of adoption, revenue recognition (Topic 606) | 1,562 | 1,562 | 1,562 | |||||
Net income (loss) | 259,231 | 259,659 | 259,659 | (428) | ||||
Other comprehensive income (loss) | 3,218 | 3,218 | 3,218 | |||||
Non-cash stock-based compensation | 13,527 | 13,527 | 13,527 | |||||
Issuance of restricted shares, net (in shares) | 385,392 | |||||||
Issuance of restricted shares, net | 0 | $ 39 | (39) | 0 | ||||
Other stock issuances, net of shares withheld for taxes (in shares) | 6,033 | |||||||
Other stock issuances, net of shares withheld for taxes | $ 134 | $ 0 | 134 | 134 | ||||
Acquisition of treasury stock, at cost (in shares) | (7,200,000) | (7,197,006) | ||||||
Acquisition of treasury stock, at cost | $ (319,001) | $ (319,001) | (319,001) | |||||
Ending balance, common shares outstanding (in shares) at Dec. 31, 2018 | 91,327,009 | 91,327,009 | ||||||
Ending balance at Dec. 31, 2018 | $ 1,392,024 | $ 9,133 | $ (466,125) | 789,009 | 1,118,375 | (60,494) | 1,389,898 | 2,126 |
Ending balance, treasury shares (in shares) at Dec. 31, 2018 | (15,329,817) | (15,329,817) | ||||||
Consolidated Statements of Equity | ||||||||
Net income (loss) | $ 394,096 | 392,334 | 392,334 | 1,762 | ||||
Other comprehensive income (loss) | (15,212) | (15,212) | (15,212) | |||||
Non-cash stock-based compensation | 16,447 | 16,447 | 16,447 | |||||
Issuance of restricted shares, net (in shares) | 464,970 | |||||||
Issuance of restricted shares, net | 0 | $ 46 | (46) | 0 | ||||
Other stock issuances, net of shares withheld for taxes (in shares) | 117,451 | |||||||
Other stock issuances, net of shares withheld for taxes | 4,355 | $ 12 | 4,343 | 4,355 | ||||
Acquisition of treasury stock, at cost (in shares) | (15,100) | |||||||
Acquisition of treasury stock, at cost | (602) | $ (602) | (602) | |||||
Contributions from non-controlling interests | $ 583 | 0 | 583 | |||||
Ending balance, common shares outstanding (in shares) at Dec. 31, 2019 | 91,909,430 | 91,909,430 | ||||||
Ending balance at Dec. 31, 2019 | $ 1,791,691 | $ 9,191 | $ (466,727) | $ 809,753 | $ 1,510,709 | $ (75,706) | $ 1,787,220 | $ 4,471 |
Ending balance, treasury shares (in shares) at Dec. 31, 2019 | (15,344,917) | (15,344,917) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Cash flows from operating activities: | |||
Net income | $ 394,096 | $ 259,231 | $ 348,884 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 235,482 | 212,930 | 188,049 |
Goodwill and intangible asset impairment | 3,319 | 47,662 | 0 |
Non-cash interest expense, net | 3,219 | 2,584 | 3,100 |
Non-cash stock-based compensation expense | 16,447 | 13,527 | 15,656 |
Provision for deferred income taxes | 22,160 | 56,209 | 18,277 |
Equity in earnings of unconsolidated affiliates | (27,367) | (23,855) | (21,328) |
Gains on sales of assets, net | (13,908) | (16,052) | (5,935) |
Other non-cash items, net | (2,768) | 8,910 | 7,222 |
Changes in assets and liabilities, net of acquisitions: | |||
Accounts receivable, net of allowance and contract assets | 113,061 | (335,201) | (417,491) |
Inventories | 24,051 | (29,366) | 36,187 |
Other assets, current and long-term portion | 10,180 | 28,709 | (117,091) |
Accounts payable and accrued expenses | (228,142) | 251,735 | 43,883 |
Contract liabilities | (52,215) | 28,411 | 46,075 |
Other liabilities, current and long-term portion | 52,663 | 24,522 | (1,392) |
Net cash provided by operating activities | 550,278 | 529,956 | 144,096 |
Cash flows from investing activities: | |||
Cash paid for acquisitions, net of cash acquired | (179,481) | (6,684) | (115,995) |
Capital expenditures | (126,473) | (180,420) | (123,412) |
Proceeds from sale of property and equipment | 35,015 | 39,359 | 19,963 |
Payments for other investments | (5,589) | (39,469) | (77,105) |
Proceeds from other investments | 14,705 | 5,415 | 23,801 |
Net cash used in investing activities | (261,823) | (181,799) | (272,748) |
Cash flows from financing activities: | |||
Proceeds from credit facilities | 3,025,927 | 3,418,232 | 2,699,047 |
Repayments of credit facilities | 3,126,595 | 3,359,521 | 2,457,293 |
Repayments of other borrowings, net | (12,438) | (17,427) | (3,350) |
Payments of finance lease obligations | (88,341) | (72,167) | (67,740) |
Payments of acquisition-related contingent consideration | 34,267 | 15,929 | 6,676 |
Proceeds from (distributions to) non-controlling interests | 583 | (559) | (22,728) |
Proceeds from stock-based awards | 4,655 | 4,047 | 3,104 |
Payments for stock-based awards | (45) | (3,821) | (6,189) |
Repurchases of common stock | (5,652) | (313,949) | (1,552) |
Other financing activities, net | (8,458) | 0 | (6,301) |
Net cash (used in) provided by financing activities | (244,631) | (361,094) | 130,322 |
Effect of currency translation on cash | 181 | 33 | (111) |
Net increase (decrease) in cash and cash equivalents | 44,005 | (12,904) | 1,559 |
Cash and cash equivalents - beginning of period | 27,422 | 40,326 | 38,767 |
Cash and cash equivalents - end of period | 71,427 | 27,422 | 40,326 |
Supplemental cash flow information: | |||
Interest paid | 84,971 | 81,230 | 59,157 |
Income tax payments (refunds), net | 106,248 | (21,450) | 78,653 |
Supplemental disclosure of non-cash information: | |||
Additions to property and equipment from finance leases | $ 206,156 | $ 75,545 | $ 150,055 |
Business, Basis of Presentation
Business, Basis of Presentation and Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Business, Basis of Presentation and Significant Accounting Policies | Note 1 – 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: wireless, wireline/fiber and customer fulfillment activities; petroleum and natural gas pipeline infrastructure; electrical utility transmission and distribution; power generation, including renewables; heavy civil; and industrial infrastructure. MasTec’s customers are primarily in these industries. MasTec reports its results under five reportable segments: (1) Communications; (2) Oil and Gas; (3) Electrical Transmission; (4) Power Generation and Industrial; and (5) Other. 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 liabilities. Net income or loss attributable to non-controlling interests is reported as a separate line item below net income or loss. The Company’s investments in entities for which the Company does not have a controlling interest, but over which it has the ability to exert significant influence, are accounted for using 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. When necessary, certain prior year amounts have been reclassified to conform with the current period presentation. 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. 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, the results of which form the basis of making judgments about the Company’s operating results and the carrying values of assets and liabilities that are not readily apparent from other sources. 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 acquisitions, valuations of goodwill and intangible assets, acquisition-related contingent consideration and equity investments; allowances for doubtful accounts; asset lives used in computing depreciation and amortization; fair values of financial instruments; self-insurance liabilities; other accruals and allowances; income taxes; and the estimated effects of litigation and other contingencies. 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 those estimates. Significant Accounting Policies The following is a summary of significant accounting policies followed in the preparation of the accompanying consolidated financial statements. Revenue Recognition The Company recognizes revenue from contracts with customers under Accounting Standards Codification (“ASC”) Topic 606 (“Topic 606”). The Company adopted the requirements of Accounting Standards Update (“ASU”) 2014-09, Revenue from Contracts with Customers, under the modified retrospective transition approach effective January 1, 2018, with application to all existing contracts that were not substantially completed as of January 1, 2018. The difference between the recognition criteria under Topic 606 and the Company’s previous revenue recognition practices under the previous revenue recognition guidance, ASC Topic 605-35, was recognized through a cumulative effect adjustment of approximately $2 million that was made to the opening balance of retained earnings as of January 1, 2018. Under Topic 606, revenue is recognized when, or as, control of promised goods and services is transferred to customers, and the amount of revenue recognized reflects the consideration to which an entity expects to be entitled in exchange for the goods and services transferred. Revenue is primarily recognized by the Company over time utilizing the cost-to-cost measure of progress, which is an input method, on contracts for specific projects and for certain master service and other service agreements. Under Topic 606, the cost-to-cost measure of progress 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 and other service agreements, which 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 are subject to 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 36% , 35% and 36% of consolidated revenue for the years ended December 31, 2019 , 2018 and 2017 , respectively. Revenue from contracts for specific projects, as well as for certain projects pursuant to master and other service agreements, is typically recognized over time using the cost-to-cost measure of progress. For these contracts, the cost-to-cost measure of progress best depicts the continuous transfer of control of goods or services to the customer. Such contracts provide that the customer accept completion of progress to date and compensate the Company for services rendered. For certain master service and other service agreements under which the Company performs installation and maintenance services, primarily for install-to-the-home service providers in its Communications segment, revenue is recognized at a point in time. This is generally when the work order has been fulfilled, which is typically the same day the work is initiated. Point in time revenue accounted for approximately 5% and 7% of consolidated revenue for the years ended December 31, 2019 and 2018 , respectively. Substantially all of the Company’s other revenue is recognized over time. Contract costs include all direct materials, labor and subcontracted costs, as well as indirect costs related to contract performance, such as indirect labor, supplies, tools, repairs and the operational costs of capital equipment. The total contract transaction price and cost estimation processes used for recognizing revenue over time under the cost-to-cost method is based on the professional knowledge and experience of the Company’s project managers, engineers and financial professionals. 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 expected 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 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 determined. For both the years ended December 31, 2019 and 2018 , 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, 2018 and 2017 . Revenue recognized for the years ended December 31, 2019 and 2018 as a result of changes in total contract transaction price estimates, including from variable consideration, from performance obligations satisfied or partially satisfied in prior periods, totaled approximately $58.3 million and $38.5 million , respectively. The Company may incur certain costs that can be capitalized, such as initial set-up or mobilization costs. Such costs, which are amortized over the life of the respective projects, were not material for the years ended December 31, 2019 and 2018 . The timing of customer billings is generally dependent upon advance billing terms, milestone billings based on completion of certain phases of work, or when services are provided. Under the typical payment terms of master and other service agreements and fixed price contracts, the customer makes progress payments based on quantifiable measures of performance by the Company as defined by each specific agreement. Progress payments, generally net of amounts retained, are paid by the customer over the duration of the contract. For install-to-the-home contracts, work orders are billed and paid as completed. Amounts billed and due from customers, as well as the amount of contract assets, are generally classified within current assets in the consolidated balance sheets. See Note 5 - Accounts Receivable, Net of Allowance, and Contract Assets and Liabilities for related discussion. Amounts expected to be collected beyond one year are classified as other long-term assets. Performance Obligations. A performance obligation is a contractual promise to transfer a distinct good or service to a customer, and is the unit of account under Topic 606. 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. Contract amendments and change orders, which are generally not distinct from the existing contract, are typically accounted for as a modification of the existing contract and performance obligation. The vast majority of the Company’s performance obligations are completed within one year . When more than one contract is entered into with a customer on or close to the same date, the Company evaluates whether those contracts should be combined and accounted for as a single contract, as well as whether those contracts should be accounted for as one, or more than one, performance obligation. This evaluation requires significant judgment and is based on the facts and circumstances of the various contracts. 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 December 31, 2019 , the amount of the Company’s remaining performance obligations was $5.3 billion . The Company expects to recognize approximately $4.6 billion of its remaining performance obligations as revenue during 2020 , with the remainder to be recognized primarily in 2021 . 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. Variable consideration is included in the estimated transaction price if it is probable that when the uncertainty associated with the variable consideration is resolved, there will not be a significant reversal of the cumulative amount of revenue that has been recognized. Management’s estimates of variable consideration and the determination of whether to include estimated amounts in transaction prices are based largely on engineering studies and legal opinions, past practices with the customer, specific discussions, correspondence or preliminary negotiations with the customer and all other relevant information that is reasonably available at the time of the estimate. The effect of variable consideration on the transaction price of a performance obligation is typically recognized as an adjustment to revenue on a cumulative catch-up basis, as such variable consideration, which typically pertains to changed conditions and scope, is generally for services encompassed under the existing contract. 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 December 31, 2019 and 2018 , the Company included approximately $27 million and $56 million , respectively, of change orders and/or claims in transaction prices for certain contracts that were in the process of being resolved in the ordinary course of 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 December 31, 2019 and 2018 , these change orders and/or claims were primarily related to certain projects in the Company’s Oil and Gas segment. 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. Allowance for Doubtful Accounts The Company maintains an allowance for doubtful accounts for estimated losses resulting from the inability of its customers to make required payments. Management analyzes the collectibility of accounts receivable and the adequacy of the allowance for doubtful accounts on a regular basis taking into consideration the aging of account balances, historical bad debt experience, customer concentrations, customer credit-worthiness, customer financial condition and credit reports, availability of mechanics’ and other liens, existence of payment bonds and other sources of payment and the current economic environment. The Company establishes an allowance for anticipated losses on its accounts receivable balances either when a business unit has historical experience of losses that are considered to be ordinary course, and/or for specific receivables, when it is probable that the receivable is not collectible and the loss can be reasonably estimated. Amounts are written off against the allowance when they are considered to be uncollectible. If estimates of the collectibility of accounts receivable change, or should customers experience unanticipated financial difficulties, or if anticipated recoveries in existing bankruptcies or other work-out situations fail to materialize, additional allowances may be required. Estimates of collectibility are subject to significant change during times of economic weakness or uncertainty in either the overall economy or within the industries served by MasTec. Management actively monitors the economic environment and its impact on MasTec’s customers in connection with its evaluation of the Company’s accounts receivable portfolio and the adequacy of its allowance for doubtful accounts. Inventories Inventories consist of materials and supplies for construction and installation projects, which are valued at the lower of cost or net realizable value using the average cost or specific identification methods of costing. For materials or supplies purchased on behalf of specific customers or projects, loss of the customer or cancellation of the project could result in an impairment of the value of materials purchased. The value of inventory may also decrease due to obsolescence, physical deterioration, damage, changes in price levels, or other causes. Inventory valuation allowances are determined based upon specific facts and circumstances and market conditions. As of December 31, 2019 and 2018 , valuation allowances for inventory totaled $7.7 million and $7.8 million , respectively. Cash and Cash Equivalents Cash consisting of interest-bearing demand deposits is carried at cost, which approximates fair value. Highly liquid investments with an original maturity of three months or less are carried at fair value. On a daily basis, available funds are swept from the Company’s depository accounts into a concentration account and are used to repay outstanding revolving loans under the Company’s senior secured credit facility. Cash balances maintained by certain operating subsidiaries and by entities that are proportionately consolidated that are not swept into the concentration account, as well as deposits made subsequent to the daily cash sweep, are classified as cash. Included in the Company’s cash balances as of December 31, 2019 and 2018 are amounts held by entities that are proportionately consolidated totaling $13.1 million and $11.8 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 generally does not fund its disbursement accounts for checks it has written until the checks are presented to the bank for payment. Outstanding checks that have not yet cleared through the banking system represent book overdrafts, which are classified within accounts payable. There are no compensating balance requirements associated with the Company’s depository accounts and there are no other restrictions on the transfer of cash associated with the Company’s depository accounts. Fair Value of Financial Instruments The Company’s financial instruments include cash and cash equivalents, accounts and notes receivable, cash collateral deposited with insurance carriers, life insurance assets, equity investments, deferred compensation plan assets and liabilities, accounts payable and other current liabilities, acquisition-related contingent consideration, mandatorily redeemable non-controlling interests and debt obligations. Fair value is the price that would be received to sell an asset or the amount paid to transfer a liability (an 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. In instances in which the inputs used to measure fair value fall into different levels of the fair value hierarchy, the fair value measurement classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Management’s assessment of the significance of a particular item to the fair value measurement in its entirety requires judgment, including the consideration of inputs specific to the asset or liability. Fair values of financial instruments are estimated using public market prices, quotes from financial institutions and other available information. Due to their short-term maturity, the carrying amounts of cash and cash equivalents, accounts receivable, accounts payable and other current liabilities approximate their fair values. Management believes the carrying values of notes and other receivables, cash collateral deposited with insurance carriers, and outstanding balances on its credit facilities approximate their fair values. Investment Arrangements From time to time, the Company may participate in selected investment or strategic arrangements to expand its operations, customer base or geographic reach, including arrangements that combine the Company’s skills and resources with those of others to allow for the performance of particular projects. The Company’s investment arrangements include 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. Management determines whether each business entity in which it has equity interests, debt, or other investments constitutes a variable interest entity (“VIE”) based on the nature and characteristics of such arrangements. If an investment arrangement is determined to be a VIE, then management determines if the Company is the VIE’s primary beneficiary by evaluating several factors, including the Company’s: (i) risks and responsibilities; (ii) ownership interests; (iii) decision making powers; and (iv) financial interests, among other factors. If management determines the Company is the primary beneficiary of a VIE, then it would be consolidated, and other parties’ interests in the VIE would be accounted for as non-controlling interests. The primary beneficiary consolidating the VIE must normally have both (i) the power to direct the primary activities of the VIE and (ii) the obligation to absorb losses of the VIE or the right to receive benefits from the VIE, which, in either case, could be significant to the VIE. As of December 31, 2019 , the Company determined that certain of its investment arrangements were VIEs. 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 Company’s investments in entities for which it does not have a controlling interest and is not the primary beneficiary, but for which it has the ability to exert significant influence, are accounted for using the equity method of accounting. Equity method investments are recorded as other long-term assets. Income or loss from these investments is recorded as a separate line item in the consolidated statements of operations. Intercompany profits or losses associated with the Company’s equity method investments are eliminated until realized by the investee in transactions with third parties. Distributions received from equity method investees are reflected in the statements of cash flows using the nature of distributions approach, under which distributions are classified based on the nature of the activity that generated them. For equity investees in which the Company has an undivided interest in the assets, liabilities and profits or losses of an unincorporated entity, but the Company does not exercise control over the entity, the Company consolidates its proportional interest in the accounts of the entity. E quity 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, less impairment (“adjusted cost basis”). The Company evaluates its investments for impairment by considering a variety of factors, including the earnings capacity of the related investments. Fair value measurements for the Company’s equity investments are classified within Level 3 of the fair value hierarchy based on the nature of the fair value inputs. Realized and unrealized gains or losses are recognized in other income or expense. For further information pertaining to the Company’s equity investments, see Note 4 - Fair Value of Financial Instruments . Deferred Financing Costs Deferred financing costs relate to the Company’s debt instruments, the short and long-term portions of which are reflected as deductions from the carrying amounts of the related debt instrument, including the Company’s credit facility. Deferred financing costs are amortized over the terms of the related debt instruments using the effective interest method. The Company incurred $5.5 million of deferred financing costs for the year ended December 31, 2019 in connection with an amendment and restatement of its senior secured credit facility. Amortization expense associated with deferred financing costs, which is included within interest expense, net, totaled $2.9 million for both years ended December 31, 2019 and 2018 , and totaled $3.3 million for the year ended December 31, 2017 . Deferred financing costs, net of accumulated amortization, totaled $12.4 million and $10.1 million as of December 31, 2019 and 2018 , respectively. Other Assets Other assets consists primarily of investments in unconsolidated entities, life insurance assets, miscellaneous receivables and prepaid expenses. Long-Lived Assets The Company’s long-lived assets consist primarily of property and equipment, including finance lease assets, and finite-lived intangible assets. Purchased property and equipment are recorded at cost, or, if acquired in a business combination, at the acquisition date fair value. Finance lease assets are recognized based on the present value of minimum future lease payments. Certain costs incurred in connection with developing or obtaining internal-use software are capitalized within office furniture and equipment. Depreciation and amortization of property and equipment, including finance lease assets, is computed using the straight-line method over the estimated useful lives of the respective assets. Leasehold improvements are depreciated over the shorter of the term of the lease or the estimated useful lives of the improvements. Expenditures for repairs and maintenance are charged to expense as incurred. Expenditures for betterments and major improvements that extend the life of the related assets are capitalized and depreciated over the remaining useful lives of the assets. The carrying amounts of assets sold or retired and the related accumulated depreciation are eliminated in the year of disposal, with resulting gains or losses included in other income or expense. When the Company identifies assets to be sold, those assets are valued based on their estimated fair value less costs to sell, classified as held-for-sale and depreciation is no longer recorded. Finite-lived intangible assets are amortized over their useful lives, which are generally based on contractual or legal rights, in a manner consistent with the pattern in which the related benefits are expected to be consumed. Management reviews long-lived assets for impairment whenever events or changes in circumstances indicate that their carrying amounts may not be recoverable. If an evaluation is required, the estimated future undiscounted cash flows associated with the asset are compared with the asset’s carrying amount to determine if there has been an impairment, which is calculated as the difference between the fair value of an asset and its carrying value. Estimates of future undiscounted cash flows are based on expected revenue and operating costs for the business as well as anticipated future economic conditions. Fair values take into consideration management’s estimates of risk-adjusted discount rates, which are believed to be consistent with assumptions that marketplace participants would use in their estimates of fair value. For the three years in the period ended December 31, 2019 , there were no material impairments of long-lived assets. Goodwill and Indefinite-Lived Intangible Assets The Company has goodwill and indefinite-lived intangible assets that have been recorded in connection with its acquisitions of businesses. Goodwill and indefinite-lived intangible assets are not amortized, but instead are tested for impairment at least annually. The Company performs its annual impairment tests of goodwill and indefinite-lived intangible assets during the fourth quarter of each year, and on a quarterly basis, monitors these assets for potential indicators of impairment. Goodwill is required to be tested for impairment at the reporting unit level. A reporting unit is an operating segment, or one level below the operating segment, which is referred to as a component. Management identifies its reporting units by assessing whether components (i) have discrete financial information available; (ii) engage in business activities; and (iii) have a segment manager that regularly reviews the component’s operating results. If two or more components are deemed economically similar, those components are aggregated into one reporting unit when performing the annual goodwill impairment test. Based on management’s review of its components and their related operations, the Company combines all of the components of its Electrical Transmission operating segment into one reporting unit and combines two of the components within its Power Generation and Industrial operating segment into one reporting unit. All of the Company’s other components each comprise one reporting unit. For each of the three years in the period ended December 31, 2019 , management performed a qualitative assessment for its goodwill and indefinite-lived intangible assets by examining relevant events and circumstances that could have an effect on their fair values, such as: macroeconomic conditions, industry and market conditions, entity-specific events, financial performance and other relevant factors or events that could affect earnings and cash flows. 2019 Assessment. Based on the results of the qualitative assessments for the year ended December 31, 2019, quantitative testing was performed for (i) three reporting units within the Company’s Oil and Gas operating segment and (ii) one reporting unit in the Communications segment. Factors considered by management in determining the reporting units for which quantitative assessments were performed included the effects of current or expected changes in market conditions on the future business outlook, success rates on new project awards and levels of operating activity. For the selected reporting units, management estimated their fair values using a combination of market |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2019 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Note 2 – Earnings Per Share Basic earnings or loss per share is computed by dividing net income 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 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, as 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 Years Ended December 31, 2019 2018 2017 Net income attributable to MasTec: Net income - basic and diluted (a) $ 392,334 $ 259,659 $ 347,213 Weighted average shares outstanding: Weighted average shares outstanding - basic 75,185 78,695 80,903 Dilutive common stock equivalents (b) 661 1,077 1,422 Weighted average shares outstanding - diluted 75,846 79,772 82,325 (a) Calculated as total net income less amounts attributable to non-controlling interests. (b) For the years ended December 31, 2019 , 2018 and 2017 , anti-dilutive common stock equivalents were de minimis. The Company repurchased approximately 7.2 million shares of its common stock during the year ended December 31, 2018 , as discussed in Note 11 - Equity . The effect of these repurchases on the Company’s weighted average shares outstanding for the years ended December 31, 2019 and 2018 was a reduction of 4.4 million shares and 2.8 million shares, respectively, due to the timing of the repurchases, which occurred throughout 2018 . |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 12 Months Ended |
Dec. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | Note 3 – Goodwill and Other Intangible Assets The following table provides a reconciliation of changes in goodwill by reportable segment for the periods indicated (in millions): Communications Oil and Gas Electrical Transmission Power Generation and Industrial Total Goodwill Goodwill, gross, as of December 31, 2017 $ 466.4 $ 460.4 $ 149.9 $ 135.8 $ 1,212.5 Accumulated impairment loss (a) — (74.8 ) — — (74.8 ) Goodwill, net, as of December 31, 2017 $ 466.4 $ 385.6 $ 149.9 $ 135.8 $ 1,137.7 Additions from new business combinations — — — 9.8 9.8 Measurement period adjustments, net (b) 1.4 5.7 — (2.5 ) 4.6 Goodwill impairment — (47.7 ) — — (47.7 ) Currency translation adjustments — (4.0 ) — — (4.0 ) Goodwill, net, as of December 31, 2018 $ 467.8 $ 339.6 $ 149.9 $ 143.1 $ 1,100.4 Additions from new business combinations 73.2 37.7 — 9.5 120.4 Measurement period adjustments, net (b) 0.3 (0.4 ) — — (0.1 ) Currency translation adjustments — 0.7 — — 0.7 Goodwill, net, as of December 31, 2019 $ 541.3 $ 377.6 $ 149.9 $ 152.6 $ 1,221.4 Accumulated impairment loss (a) — (121.5 ) — — (121.5 ) Goodwill, gross, as of December 31, 2019 $ 541.3 $ 499.1 $ 149.9 $ 152.6 $ 1,342.9 (a) Accumulated impairment losses include the effects of currency translation gains and/or losses. (b) Represents adjustments to preliminary estimates of fair value within the measurement period of up to one year from the date of acquisition. The following table provides a reconciliation of changes in other intangible assets, net, for the periods indicated (in millions): Other Intangible Assets Non-Amortizing Amortizing Trade Names Pre-Qualifications Customer Relationships and Backlog Other (a) Total Other intangible assets, gross, as of December 31, 2017 $ 34.5 $ 77.6 $ 223.0 $ 21.8 $ 356.9 Accumulated amortization (152.4 ) (13.4 ) (165.8 ) Other intangible assets, net, as of December 31, 2017 $ 34.5 $ 77.6 $ 70.6 $ 8.4 $ 191.1 Additions from new business combinations — — 3.3 0.3 3.6 Measurement period adjustments (b) — — — (0.7 ) (0.7 ) Amortization expense (19.2 ) (1.4 ) (20.6 ) Currency translation adjustments — (3.6 ) (0.3 ) (0.1 ) (4.0 ) Other intangible assets, net, as of December 31, 2018 $ 34.5 $ 74.0 $ 54.4 $ 6.5 $ 169.4 Additions from new business combinations — 0.2 67.7 5.2 73.1 Measurement period adjustments (b) — — (6.7 ) (0.2 ) (6.9 ) Intangible asset impairment — (3.3 ) — — (3.3 ) Amortization expense (20.2 ) (2.8 ) (23.0 ) Currency translation adjustments — 2.0 0.1 0.1 2.2 Other intangible assets, net, as of December 31, 2019 $ 34.5 $ 72.9 $ 95.3 $ 8.8 $ 211.5 Remaining weighted average amortization period (in years) 9 6 9 (a) Consists principally of trade names and non-compete agreements. (b) Represents adjustments to preliminary estimates of fair value within the measurement period of up to one year from the date of acquisition. Amortization expense associated with intangible assets for the years ended December 31, 2019 , 2018 and 2017 totaled $23.0 million , $20.6 million and $20.9 million , respectively. Expected future amortization expense as of December 31, 2019 is summarized in the following table (in millions): Amortization Expense 2020 $ 24.5 2021 18.9 2022 15.5 2023 11.6 2024 8.5 Thereafter 25.1 Total $ 104.1 2019 Acquisitions. During 2019, MasTec completed six acquisitions, one of which specializes in water infrastructure for pipeline companies and is included within the Company’s Oil and Gas segment, four o f which are included within the Company’s Communications segment, including a wireline/fiber deployment construction contractor and a telecommunications company specializing in a broad range of end-to-end wireless telecommunications solutions, and one of which specializes in construction projects in the power industry and is included in the Company’s Power Generation and Industrial segment . For all but one of these acquisitions, the Company acquired all of the equity interests in the related entities. For the telecommunications company specializing in wireless telecommunications solutions, the Company acquired 96% of the entity’s equity interests, with the obligation to acquire the balance over time. The following table summarizes the fair values of consideration paid and net assets acquired for the 2019 acquisitions as of the respective dates of acquisition, as adjusted (in millions). Determination of the estimated fair values of the net assets acquired and the estimated contingent consideration and other liabilities for these acquisitions was preliminary as of December 31, 2019 ; as a result, further adjustments to these estimates may occur. Acquisition consideration: 2019 Cash, net of cash acquired and other $ 175.0 Estimated fair value of contingent consideration and other liabilities 38.9 Total consideration transferred $ 213.9 Identifiable assets acquired and liabilities assumed: Current assets, primarily composed of accounts receivable $ 90.0 Property and equipment, including finance leases and other long-term assets 55.2 Amortizing intangible assets 66.1 Current liabilities, including current portion of finance lease obligations and long-term debt (94.1 ) Long-term debt, including finance lease obligations (2.4 ) Deferred income taxes and other long-term liabilities (21.3 ) Total identifiable net assets $ 93.5 Goodwill $ 120.4 Total net assets acquired, including goodwill $ 213.9 Amortizing intangible assets related to the 2019 acquisitions are primarily composed of customer relationships, backlog and certain other intangible assets, which had weighted average lives, as adjusted, of approximately 11 years , 2 years and 5 years , respectively, and a weighted average life of 11 years in total. 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 the respective acquisitions represent the estimated value of each acquired company’s geographic presence in key markets, its assembled workforce and management team’s industry-specific project management expertise, as well as synergies expected to be achieved from the combined operations of the acquired companies and MasTec. Approximately $12 million of the goodwill balance related to the 2019 acquisitions is expected to be tax deductible as of December 31, 2019 . Additionally, current liabilities in the table above include amounts due to former owners, who, subsequent to acquisition, are members of subsidiary management, of approximately $11 million , of which $2 million was subsequently paid pursuant to the terms of the related purchase agreement. The contingent consideration and other liabilities included in the table above is composed of $22.2 million of earn-out liabilities, which 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 and a mandatorily redeemable non-controlling interest, subject to a repurchase formula, totaling $16.7 million , which is calculated in a manner consistent with the Company’s traditional earn-out arrangements. The Company refers to its traditional earn-out arrangements and the mandatorily redeemable non-controlling interest collectively as “Earn-outs,” both of which are recorded within other current and other long-term liabilities in the consolidated balance sheets. Earn-outs are generally payable annually for a period of five years, as set forth in the respective purchase agreements. The fair values of the Earn-outs were estimated using income approaches such as discounted cash flows or option pricing models and incorporate significant inputs not observable in the market. Key assumptions in the estimated valuations include the discount rate and probability-weighted EBITDA projections. Significant changes in any of these assumptions could result in significantly higher or lower potential Earn-out liabilities. As of December 31, 2019 , the range of remaining potential undiscounted Earn-out liabilities for the 2019 acquisitions was estimated to be between $2 million and $82 million ; however, there is no maximum payment amount. 2018 Acquisitions. During 2018, MasTec acquired all of the equity interests in a construction management firm specializing in steel building systems and acquired a wind turbine services company, both of which are included in the Company’s Power Generation and Industrial segment. The aggregate purchase price for these entities, as adjusted, was composed of approximately $5.1 million in cash, net of cash acquired, and estimated earn-out liabilities, net, totaling $1.5 million . As of December 31, 2019 , the range of remaining potential undiscounted earn-out liabilities, net, for the 2018 acquisitions was estimated to be up to $6 million ; however, there is no maximum payment amount. 2017 Acquisitions. During 2017, MasTec completed three acquisitions, which included all of the equity interests in: (i) a wireline/fiber deployment construction contractor, which is included in the Company’s Communications segment; (ii) a heavy civil construction services company, which is included in the Company’s Power Generation and Industrial segment; and (iii) an oil and gas pipeline equipment company, which is included in the Company’s Oil and Gas segment. The aggregate purchase price for these entities, as adjusted, was composed of approximately $117.6 million in cash, net of cash acquired, and estimated earn-out liabilities, net, totaling $98.5 million . As of December 31, 2019 , the range of remaining potential undiscounted earn-out liabilities, net, for the 2017 acquisitions was estimated to be between $52 million and $187 million ; however, there is no maximum payment amount. Pro Forma Financial Information and Acquisition Results. For the years ended December 31, 2019 , 2018 and 2017 , unaudited supplemental pro forma revenue totaled approximately $7,417.9 million , $7,407.8 million and $6,724.8 million , respectively, and unaudited supplemental pro forma net income totaled approximately $405.8 million , $258.7 million and $351.3 million , respectively. These unaudited pro forma financial results include the results of operations of acquired companies as if those companies had been consolidated as of the beginning of the year prior to their acquisition, and are provided for illustrative purposes only. These unaudited pro forma financial results do not purport to be indicative of the actual results that would have been achieved by the combined companies for the periods indicated, or of the results that may be achieved by the combined companies in the future. The Company’s unaudited pro forma financial results were prepared by adding the unaudited historical results of acquired businesses to the historical results of MasTec, and then adjusting those combined results for (i) acquisition costs; (ii) amortization expense from acquired intangible assets; (iii) interest expense from cash consideration paid; (iv) interest expense from debt repaid upon acquisition; and (iv) other purchase accounting related adjustments. These unaudited pro forma financial results do not include adjustments to reflect other cost savings or synergies that may have resulted from these acquisitions. Future results may vary significantly due to future events and other factors, many of which are beyond the Company’s control. For the years ended December 31, 2019 , 2018 and 2017 , the Company’s consolidated results of operations included acquisition-related revenue of approximately $188.3 million , $154.4 million and $160.1 million , respectively. For the year ended December 31, 2019 , acquisition-related net loss totaled approximately $1.4 million , and for the years ended December 31, 2018 and 2017 , acquisition-related net income totaled approximately $1.4 million and $10.2 million |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 12 Months Ended |
Dec. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | Note 4 – Fair Value of Financial Instruments Acquisition-Related Contingent Consideration and Other Liabilities Acquisition-related contingent consideration and other liabilities is composed of Earn-outs. As of December 31, 2019 and 2018 , the estimated fair value of the Company’s Earn-out liabilities totaled $173.2 million and $118.1 million , respectively, of which $54.1 million and $29.6 million , respectively, was included within other current liabilities. 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 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. As of December 31, 2019 , the range of potential undiscounted Earn-out liabilities was estimated to be between $54 million and $274 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. Measurement period adjustments for Earn-out liabilities, which are fair value adjustments relating to new information obtained about the facts and circumstances existing as of the date of acquisition for a period of up to one year, are recorded to goodwill. Other revisions to the expected fair values of the Company’s traditional earn-out liabilities are reflected as income or expense, as appropriate, and, for the mandatorily redeemable non-controlling interest, are recorded as interest expense, net. Earn-out payments, to the extent they relate to estimated liabilities as of the date of acquisition, are reflected within financing activities in the consolidated statements of cash flows. Payments in excess of acquisition date liabilities are classified within operating activities. For the years ended December 31, 2019 , 2018 and 2017 , additions to acquisition-related contingent consideration and other liabilities from new business combinations totaled approximately $45.2 million , $1.5 million and $102.5 million , respectively. For the year ended December 31, 2019 , fair value adjustments totaled a net increase of approximately $51.0 million , and primarily related to earn-outs for businesses in the Company’s Oil and Gas and Communications segments. Fair value adjustments, including those related to finalization of completed earn-out arrangements, totaled a net increase of approximately $17.5 million for the year ended December 31, 2018 , primarily for businesses in the Company’s Oil and Gas and Communications segments, and for the year ended December 31, 2017 , totaled a decrease of $12.3 million for businesses in the Company’s Communications and Electrical Transmission segments. Measurement period adjustments totaled a decrease of approximately $6.1 million for the year ended December 31, 2019 and related primarily to businesses in the Company’s Oil and Gas and Communications segments. Measurement period adjustments totaled a net increase of approximately $5.0 million for the year ended December 31, 2018 and related primarily to a business in the Company’s Oil and Gas segment. Earn-out payments totaled $35.0 million , $23.1 million and $18.8 million for the years ended December 31, 2019 , 2018 and 2017 , respectively. Equity Investments The Company’s equity investments as of December 31, 2019 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”), which are accounted for as equity method investments; (ii) a $15 million investment in Cross Country Infrastructure Services, Inc. (“CCI”); (iii) the Company’s interests in certain proportionately consolidated non-controlled contractual joint ventures; (iv) the Company’s equity interests in Pensare Acquisition Corp. (“Pensare”); and (v) certain other equity investments. As of December 31, 2019 and 2018 , the aggregate carrying value of the Company’s equity investments totaled approximately $196 million and $197 million , respectively, including approximately $18 million of equity investments measured on an adjusted cost basis as of both December 31, 2019 and 2018 . There were no impairments of, or material changes in, the fair value of these investments during either of the years then ended. The Waha JVs. The Waha JVs own and operate two pipelines and a header system that transport natural gas to the Mexican border for export. For the years ended December 31, 2019 , 2018 and 2017 , the Company made equity contributions to these joint ventures of approximately $1 million , $28 million and $73 million , respectively. 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 $27.3 million , $23.9 million and $21.3 million for the years ended December 31, 2019 , 2018 and 2017 , respectively. Cumulative undistributed earnings from the Waha JVs, which represents cumulative equity in earnings for the Waha JVs less distributions of earnings, totaled $48.0 million as of December 31, 2019 . Distributions of earnings from the Waha JVs, which are included within operating cash flows, totaled $9.1 million and $10.9 million for the years ended December 31, 2019 and 2018 , respectively. 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 capitalized investment costs, totaled approximately $174 million and $168 million as of December 31, 2019 and 2018 , respectively. In the past, certain subsidiaries of MasTec have provided pipeline construction services to the Waha JVs. Revenue recognized in connection with work performed for the Waha JVs, including intercompany eliminations, totaled $256.1 million for the year ended December 31, 2017 . 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, 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 year ended December 31, 2019 , the Company’s proportionate share of unrecognized unrealized activity on these interest rate swaps totaled losses of approximately $19.9 million , or $15.0 million , net of tax, and for the years ended December 31, 2018 and 2017 , totaled gains of approximately $7.7 million and $0.8 million , respectively, or $5.9 million and $0.5 million , net of tax, respectively. Other Investments . During 2017, the Company paid $2.0 million for approximately 4% of the common stock of Pensare and warrants to purchase 2.0 million shares of Pensare common stock, which is a special purpose acquisition company focusing on transactions in the telecommunications industry. José R. Mas, MasTec’s Chief Executive Officer, is a director of Pensare. The shares of common stock purchased by MasTec are not transferable or salable until one year after Pensare successfully completes a business combination transaction, with limited exceptions, as specified in the agreement. The warrants are exercisable at a purchase price of $11.50 per share after Pensare successfully completes a business combination transaction. Both the warrants and the shares contain an expiration and/or forfeiture clause without the successful completion of a business combination transaction, for which the completion date was extended in the fourth quarter of 2019 from December 1, 2019 to April 1, 2020. On July 25, 2019, Pensare entered into a business combination agreement with Stratos Management Systems, Inc. and its operating companies, which do business as Computex Technology Solutions (collectively, “Computex”), an information technology service provider, the completion of which is pending. During the year ended December 31, 2019 , certain holders of Pensare’s redeemable common stock elected to redeem their shares, the effect of which was to increase the Company’s ownership interest in Pensare to approximately 21% . The Company does not have the ability to exert significant influence over the operating and financial policies of Pensare, therefore, the shares are measured on an adjusted cost basis. The warrants, which are derivative financial instruments, and the shares are included within other long-term assets in the Company’s consolidated financial statements as of both December 31, 2019 and 2018 . Due to the nature of the restrictions, the fair value of the shares is not readily determinable. The fair value of the warrants is determined based on observable and unobservable Level 3 inputs, including market volatility and the rights and obligations of the warrants. For both the years ended December 31, 2019 and 2018 , there were no material changes in the fair value of the Company’s investment in Pensare. The Company has equity interests in two telecommunications entities that provide certain services to MasTec. Expense recognized in connection with these arrangements totaled $7.0 million for the year ended December 31, 2019 , and related amounts payable were de minimis as of December 31, 2019 . During 2018, the Company invested $10.0 million for an equity interest of approximately 40% in LifeShield, LLC (“LifeShield”), a home security company, which was measured under the fair value option. As of December 31, 2018, the fair value of this investment was determined to approximate its purchase price. In February 2019, the Company sold its equity interest in LifeShield for approximately $11 million , subject to customary escrow arrangements. In connection with a 2014 acquisition, the Company acquired an investment that was subsequently managed by a receiver, and in 2019, was liquidated. The Company received $3.9 million , $5.4 million and $22.5 million of proceeds from the receiver during the years ended December 31, 2019 , 2018 , and 2017 , respectively. Summarized Financial Information of Equity Method Investments The following presents summarized information for the entities that comprise the Company’s significant equity method investments (in millions): December 31, 2019 2018 Current assets $ 144.5 $ 137.3 Long-term assets 1,359.9 1,352.1 Total assets $ 1,504.4 $ 1,489.4 Current liabilities $ 34.9 $ 31.3 Long-term liabilities 978.6 966.1 Total liabilities $ 1,013.5 $ 997.4 For the Years Ended December 31, 2019 2018 2017 Revenue $ 152.4 $ 145.8 $ 114.5 Net income $ 82.8 $ 72.4 $ 64.5 Senior Notes As of both December 31, 2019 and 2018 , the gross carrying amount of the Company’s 4.875% senior notes due March 15, 2023 (the “ 4.875% Senior Notes”), which are measured at fair value on a non-recurring basis, totaled $400 million . As of December 31, 2019 and 2018 , the estimated fair value of the 4.875% Senior Notes, based on Level 1 inputs, totaled $404.5 million and $392.0 million , respectively. |
Accounts Receivable, Net of All
Accounts Receivable, Net of Allowance, and Contract Assets and Liabilities | 12 Months Ended |
Dec. 31, 2019 | |
Receivables [Abstract] | |
Accounts Receivable, Net of Allowance, and Contract Assets and Liabilities | Note 5 – 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): December 31, 2019 2018 Contract billings $ 860.4 $ 687.6 Less allowance for doubtful accounts (10.1 ) (16.3 ) Accounts receivable, net of allowance $ 850.3 $ 671.3 Retainage $ 345.2 $ 230.2 Unbilled receivables 679.4 1,022.4 Contract assets $ 1,024.6 $ 1,252.6 Contract billings represent the amount of performance obligations that have been billed but not yet collected. Contract assets consist of unbilled receivables (previously referred to as costs and earnings in excess of billings) and retainage. Unbilled receivables represent the estimated value of unbilled work for projects with performance obligations recognized over time. 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 (generally, from 5% to 10% of contract billings). Retainage is not considered to be a significant financing component because the intent is to protect the customer. Unbilled receivables and retainage amounts are generally classified as current assets within the Company’s consolidated balance sheets. The decrease in the unbilled receivables balance for the year ended December 31, 2019 was driven largely by timing of billings and collections for long-haul project activity in the Company’s Oil and Gas segment, offset, in part, by increases on certain projects in our Communications and Power Generation and Industrial segment. Retainage that has been billed, but is not due until completion of performance and acceptance by customers, is generally expected to be collected within one year . Accounts receivable balances expected to be collected beyond one year are recorded within other long-term assets. For the years ended December 31, 2019 and 2018 , provisions for doubtful accounts totaled $1.7 million and $8.6 million , respectively, and amounts charged against the allowance totaled $7.9 million and $0.5 million, respectively. Impairment losses on contract assets were not material for the year ended December 31, 2019 . Contract liabilities, which are generally classified within current liabilities on the Company’s consolidated balance sheets, consist primarily of deferred revenue (previously referred to as billings in excess of costs and earnings). 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. Deferred revenue is not considered to be a significant financing component because it is generally used to meet working capital demands that can be higher in the early stages of a contract. Contract liabilities also include the amount of any accrued project losses. Total contract liabilities, including accrued project losses, totaled approximately $206.2 million and $231.6 million as of December 31, 2019 and 2018 , respectively, of which deferred revenue comprised approximately $184.1 million and $227.1 million , respectively. For the year ended December 31, 2019 , the Company recognized revenue of approximately $199.2 million related to amounts that were included in deferred revenue as of December 31, 2018 , resulting primarily from the advancement of physical progress on the related projects during the period. The Company is party to non-recourse financing arrangements in the ordinary course of business, under which certain receivables are settled with the customer’s bank in return for a nominal fee. These arrangements, under which amounts can vary based on levels of activity, interest rates and changes in customer payment terms, improve the collection cycle time of the related receivables. Cash collected from these arrangements is reflected within cash provided by operating activities in the consolidated statements of cash flows. The discount charge, which is included within interest expense, net, totaled approximately $10.1 million , $11.1 million and $6.0 million for the years ended December 31, 2019 , 2018 and 2017 , respectively. |
Property and Equipment, Net
Property and Equipment, Net | 12 Months Ended |
Dec. 31, 2019 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment, Net | Note 6 – 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): December 31, 2019 2018 Estimated Useful Lives (in years) Land $ 4.9 $ 4.6 Buildings and leasehold improvements 35.8 30.3 3-40 Machinery and equipment 1,659.4 1,391.8 2-20 Office furniture and equipment 197.3 166.7 3-7 Construction in progress 26.1 20.1 Total property and equipment $ 1,923.5 $ 1,613.5 Less accumulated depreciation and amortization (1,017.7 ) (865.7 ) Property and equipment, net $ 905.8 $ 747.8 The gross amount of capitalized internal-use software, which is included within office furniture and equipment, totaled $138.2 million and $122.0 million as of December 31, 2019 and 2018 , respectively. Capitalized internal-use software, net of accumulated amortization, totaled $31.5 million and $26.5 million as of December 31, 2019 and 2018 , respectively. Depreciation and amortization expense associated with property and equipment for the years ended December 31, 2019 , 2018 and 2017 totaled $212.5 million , $192.3 million and $167.2 million , respectively. Accrued capital expenditures, the effects of which are excluded from capital expenditures in the Company’s consolidated statements of cash flows given their non-cash nature, totaled $5.2 million and $4.0 million as of December 31, 2019 and 2018 , respectively. |
Debt
Debt | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Debt | Note 7 – Debt The following table provides details of the carrying values of debt as of the dates indicated (in millions): December 31, Description Maturity Date 2019 2018 Senior secured credit facility: September 19, 2024 Revolving loans $ 339.2 $ 456.9 Term loan 400.0 376.9 4.875% Senior Notes March 15, 2023 400.0 400.0 Finance lease and other obligations 305.6 183.2 Total long-term debt obligations $ 1,444.8 $ 1,417.0 Less unamortized deferred financing costs (12.4 ) (10.1 ) Total debt, net of deferred financing costs $ 1,432.4 $ 1,406.9 Current portion of long-term debt 118.4 82.7 Long-term debt $ 1,314.0 $ 1,324.2 Senior Secured Credit Facility The Credit Facility, which is a senior secured credit facility, was amended and restated on September 19, 2019 (the “Credit Facility”). The Credit Facility, which has a maturity date of September 19, 2024 , increased the Company’s aggregate borrowing commitments from approximately $1.5 billion to $1.75 billion as of December 31, 2019 , which amount is composed of $1.35 billion of revolving commitments and a term loan in the aggregate principal amount of $400 million . The term loan is subject to amortization in quarterly principal installments of $2.5 million commencing in December 2020, which amount will increase to $5.0 million commencing in December 2021. Quarterly principal installments on the term loan are subject to adjustment, if applicable, for certain prepayments. The Credit Facility allows the Company to borrow either in Canadian dollars and/or Mexican pesos, up to an aggregate equivalent amount of $300 million . The maximum amount available for letters of credit under the Credit Facility is $650 million , of which up to $200 million can be denominated in either Canadian dollars and/or Mexican pesos. The Credit Facility also provides for swing line loans of up to $125 million , and, subject to certain conditions, the Company has the option to increase revolving commitments and/or establish additional term loan tranches equal to the Incremental Facilities Limit (as defined in the Credit Facility). Subject to the terms and conditions described in the Credit Facility, these additional term loan tranches may rank equal or junior in respect of right of payment and/or collateral to the Credit Facility, and may, subject to certain limitations in the Credit Facility, have terms that differ from the Credit Facility. Borrowings under the Credit Facility are used for working capital requirements, capital expenditures and other corporate purposes, including equity investments, potential acquisitions or other strategic arrangements, the repurchase or prepayment of indebtedness, including repayment of term loans, and share repurchases. Outstanding revolving loans and the term loan under the Credit Facility bear interest, at the Company’s option, at a rate equal to either (a) a Eurocurrency Rate, as defined in the Credit Facility, plus a margin of 1.25% to 1.75% (under the previous Credit Facility, the margin was from 1.25% to 2.00% ), or (b) a Base Rate, as defined in the Credit Facility, plus a margin of 0.25% to 0.75% (under the previous Credit Facility the margin was 0.25% to 1.00% ). The Base Rate equals the highest of (i) the Federal Funds Rate, as defined in the Credit Facility, plus 0.50% , (ii) Bank of America’s prime rate, and (iii) the Eurocurrency Rate plus 1.00% . Financial standby letters of credit and commercial letters of credit issued under the Credit Facility are subject to a letter of credit fee of 1.25% to 1.75% (under the previous Credit Facility, the letter of credit fee was from 1.25% to 2.00% ), and performance standby letters of credit issued under the Credit Facility are subject to a letter of credit fee of 0.375% to 0.75% (under the previous Credit Facility, the letter of credit fee was from 0.50% to 1.00% ). The Company must also pay a commitment fee to the lenders of 0.20% to 0.30% on any unused availability under the Credit Facility (under the previous Credit Facility, the fee was from 0.20% to 0.40% ). In each of the foregoing cases, the applicable margin or fee is based on the Company’s Consolidated Leverage Ratio, as defined in the Credit Facility, as of the then most recent fiscal quarter. As of December 31, 2019 and 2018 , outstanding revolving loans, which included $138 million and $128 million , respectively, of borrowings denominated in foreign currencies, accrued interest at weighted average rates of approximately 3.50% and 4.23% per annum, respectively. The term loan accrued interest at a rate of 3.05% and 4.27% as of December 31, 2019 and 2018 , respectively. Letters of credit of approximately $98.0 million and $88.2 million were issued as of December 31, 2019 and 2018 , respectively. As of December 31, 2019 and 2018 , letter of credit fees accrued at 0.375% and 0.875% per annum, respectively, for performance standby letters of credit, and at 1.25% and 1.75% per annum, respectively, for financial standby letters of credit. Outstanding letters of credit mature at various dates and most have automatic renewal provisions, subject to prior notice of cancellation. As of December 31, 2019 and 2018 , availability for revolving loans totaled $912.8 million and $554.9 million , respectively, or up to $552.0 million and $554.9 million , respectively, for new letters of credit. Revolving loan borrowing capacity included $162.4 million and $91.9 million of availability in either Canadian dollars or Mexican pesos as of December 31, 2019 and 2018 , respectively. The unused facility fee as of December 31, 2019 and 2018 accrued at a rate of 0.20% and 0.35% , respectively. The Credit Facility is guaranteed by certain subsidiaries of the Company (the “Guarantor Subsidiaries”) and the obligations under the Credit Facility are secured by substantially all of the Company’s and the Guarantor Subsidiaries’ respective assets, subject to certain exceptions. Under the Credit Facility, if the Loan Party EBITDA, as defined, as of the last four consecutive fiscal quarters does not represent at least 80% of the Adjusted Consolidated EBITDA, as defined in the Credit Facility, for such period, then the Company must designate additional subsidiaries as Guarantor Subsidiaries, and cause them to join the applicable guaranty and security agreements to the Credit Facility. Additionally, any domestic subsidiary with consolidated EBITDA of at least 15% of the Adjusted Consolidated EBITDA must become a Guarantor Subsidiary and join the applicable guaranty and security agreements. The Credit Facility requires that the Company maintain a maximum Consolidated Leverage Ratio, as defined in the Credit Facility, of 3.50 times (subject to the Acquisition Adjustment described below). The Credit Facility also requires that the Company maintain a minimum Consolidated Interest Coverage Ratio, as defined in the Credit Facility, of 3.00 times. The Credit Facility provides that, for purposes of calculating the Consolidated Leverage Ratio, funded indebtedness excludes undrawn standby performance letters of credit and is further reduced by unrestricted cash over certain thresholds. Additionally, notwithstanding the terms discussed above, subject to certain conditions, if a Permitted Acquisition, as defined in the Credit Facility, or series of Permitted Acquisitions having consideration exceeding $100 million occurs during a fiscal quarter, the maximum Consolidated Leverage Ratio may be temporarily increased to up to 4.00 times during such fiscal quarter and the subsequent four fiscal quarters (the “Acquisition Adjustment”). Such right may be exercised no more than two times during the term of the Credit Facility. Subject to customary exceptions, the Credit Facility limits the Borrowers’ (as defined in the Credit Facility) and the Guarantor Subsidiaries’ ability to engage in certain activities, including acquisitions, mergers and consolidations, debt incurrence, investments, asset sales, debt prepayments, lien incurrence and the making of cash distributions or repurchases of the Company’s common stock. However, distributions payable solely in common stock are not restricted. The Credit Facility provides for customary events of default and carries cross-default provisions with the Company’s other significant debt instruments, including the Company’s indemnity agreement with its surety provider, as well as customary remedies, including the acceleration of repayment of outstanding amounts and other remedies with respect to the collateral securing the Credit Facility obligations. Other Credit Facilities . The Company has other credit facilities that support: (i) the working capital requirements of its foreign operations, and (ii) certain letter of credit issuances. Borrowings under the Company’s foreign credit facilities, which have varying dates of maturity and are generally renewed on an annual basis, are denominated in Canadian dollars. As of both December 31, 2019 and 2018 , maximum borrowing capacity under these credit facilities totaled Canadian $20.0 million , or approximately $15.4 million and $14.7 million , respectively, and there were no outstanding borrowings. Outstanding borrowings that are not renewed are repaid with borrowings under the Credit Facility. Accordingly, the carrying amounts of the Company’s borrowings under its other credit facilities, which are included within other debt obligations in the table above, are classified within long-term debt in the Company’s consolidated balance sheets. Additionally, the Company has a separate credit facility, which is renewable on an annual basis, under which it may issue up to $50.0 million of performance standby letters of credit. As of December 31, 2019 and 2018 , letters of credit issued under this facility totaled $17.1 million and $40.2 million , respectively, and accrued fees at 0.40% and 0.75% per annum, respectively. The Company’s other credit facilities are subject to customary provisions and covenants. 4.875% Senior Notes The Company has $400 million of 4.875% Senior Notes due March 15, 2023 , which were issued in 2013 in a registered public offering. Interest on the 4.875% Senior Notes is payable on March 15 and September 15 of each year. The 4.875% Senior Notes are senior unsecured unsubordinated obligations and rank equal in right of payment with existing and future unsubordinated debt, and rank senior in right of payment to existing and future subordinated debt and are fully and unconditionally guaranteed on an unsecured, unsubordinated, joint and several basis by certain of the Company’s existing and future 100%-owned direct and indirect domestic subsidiaries that are each guarantors of the Credit Facility or other outstanding indebtedness. See Note 17 - Supplemental Guarantor Condensed Consolidating Financial Information . The 4.875% Senior Notes are effectively junior to MasTec’s secured debt, including the Credit Facility and the term loan, to the extent of the value of the assets securing that debt. The Company has the option to redeem all or a portion of the 4.875% Senior Notes at any time at the redemption prices set forth in the indenture that governs the 4.875% Senior Notes (the “ 4.875% Senior Notes Indenture”) plus accrued and unpaid interest, if any, to the redemption date. The 4.875% Senior Notes Indenture, among other things, generally limits the ability of the Company and certain of its subsidiaries, subject to certain exceptions, to (i) incur additional debt and issue preferred stock, (ii) create liens, (iii) pay dividends, acquire shares of capital stock, make payments on subordinated debt or make investments, (iv) place limitations on distributions from certain subsidiaries, (v) issue guarantees, (vi) issue or sell the capital stock of certain subsidiaries, (vii) sell assets, (viii) enter into transactions with affiliates and (ix) effect mergers. The 4.875% Senior Notes Indenture provides for customary events of default, as well as customary remedies upon an event of default, as defined in the 4.875% Senior Notes Indenture, including acceleration of repayment of outstanding amounts. Debt Covenants MasTec was in compliance with the provisions and covenants of its outstanding debt instruments as of December 31, 2019 and 2018 . Contractual Maturities of Debt Contractual maturities of MasTec’s debt, which includes finance lease obligations, as of December 31, 2019 were as follows (in millions): 2020 $ 118.4 2021 114.9 2022 85.2 2023 441.0 2024 685.3 Thereafter — Total $ 1,444.8 As of December 31, 2019 and 2018 , accrued interest payable, which is recorded within other accrued expenses in the consolidated balance sheets, totaled $7.5 million and $7.4 million , respectively. |
Lease Obligations
Lease Obligations | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Lease Obligations | Note 8 – Lease Obligations See Note 1 - Business, Basis of Presentation and Significant Accounting Policies for information pertaining to the Company’s adoption of ASU 2016-02, Leases (Topic 842). Finance Leases The gross amount of assets held under finance leases as of December 31, 2019 and 2018 totaled $463.5 million and $337.6 million , respectively. Assets held under finance leases, net of accumulated depreciation, totaled $375.9 million and $246.8 million as of December 31, 2019 and 2018 , respectively. Depreciation expense associated with assets held under finance leases totaled $48.6 million for the year ended December 31, 2019 . Operating Leases Operating lease additions for the year ended December 31, 2019 , excluding the effect of adoption of ASU 2016-02 of approximately $230 million , totaled $103 million . For the year ended December 31, 2019 , rent expense for operating leases that have terms in excess of one year totaled approximately $114.5 million , of which $10.4 million represented variable lease costs. The Company also incurred rent expense for operating leases with terms of one year or less totaling approximately $448.2 million for the year ended December 31, 2019 . For the years ended December 31, 2018 and 2017 , rent and related expense for operating leases that have non-cancelable terms in excess of one year totaled approximately $115.0 million and $104.2 million , respectively, and rent and related expense for operating leases having original terms of one year or less totaled approximately $472.1 million and $461.0 million , respectively. Rent expense for operating leases is generally consistent with the amount of the related payments, and is included within operating activities in the consolidated statements of cash flows. Additional Lease Information Future minimum lease commitments as of December 31, 2019 were as follows (in millions): Finance Leases Operating Leases 2020 $ 122.4 $ 88.8 2021 107.9 65.9 2022 67.4 41.6 2023 21.4 20.2 2024 1.1 12.8 Thereafter — 28.7 Total minimum lease payments $ 320.2 $ 258.0 Less amounts representing interest (18.9 ) (21.8 ) Total lease obligations, net of interest $ 301.3 $ 236.2 Less current portion 111.6 81.6 Long-term portion of lease obligations, net of interest $ 189.7 $ 154.6 As of December 31, 2019 , finance leases had a weighted average remaining lease term of 2.8 years and a weighted average discount rate of 4.1% . Non-cancelable operating leases had a weighted average remaining lease term of 4.2 years and a weighted average discount rate of 4.2% as of December 31, 2019 . As of December 31, 2019 , future lease obligations for leases that had not yet commenced totaled approximately $1.4 million . These leases commence in 2020 with lease terms ranging from one to four years. |
Stock-Based Compensation and Ot
Stock-Based Compensation and Other Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2019 | |
Share-based Payment Arrangement [Abstract] | |
Stock-Based Compensation and Other Employee Benefit Plans | Note 9 – Stock-Based Compensation and Other Employee Benefit Plans The Company’s stock-based compensation plans, under which shares of the Company’s common stock are reserved for issuance, include: the MasTec, Inc. 2013 Incentive Compensation Plan (as amended from time to time, the “2013 Incentive Plan”), the MasTec, Inc. Bargaining Units Employee Stock Purchase Plan (the “2013 Bargaining Units ESPP”) and the MasTec, Inc. 2011 Amended and Restated Employee Stock Purchase Plan (the “2011 ESPP,” and, together with the 2013 Bargaining Units ESPP, the “ESPPs”). The 2013 Incentive Plan permits a total of approximately 7,391,000 shares of the Company’s common stock to be issued. Under the Company’s ESPPs, shares of the Company’s common stock are available for purchase by eligible participants, which collectively permit the issuance of up to 3,000,000 new shares of MasTec, Inc. common stock. Under all stock-based compensation plans in effect as of December 31, 2019 , there were approximately 3,865,000 shares available for future grant. Non-cash stock-based compensation expense under all plans totaled $16.4 million , $13.5 million and $15.7 million for the years ended December 31, 2019 , 2018 and 2017 , respectively. Income tax benefits associated with stock-based compensation arrangements totaled $7.9 million , $4.9 million and $11.2 million for the years ended December 31, 2019 , 2018 and 2017 , respectively, including net tax benefits related to the vesting of share-based payment awards totaling $3.9 million , $1.6 million and $5.4 million for the years ended December 31, 2019 , 2018 and 2017 , 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 December 31, 2019 , total unearned compensation related to restricted shares was approximately $33.5 million , which is expected to be recognized over a weighted average period of approximately 2.3 years . The total fair value of restricted shares that vested, which is based on the market price on the date of vesting, totaled $25.0 million , $16.6 million and $39.7 million for the years ended December 31, 2019 , 2018 and 2017 , respectively. Activity, restricted shares: (a) Restricted Per Share Weighted Average Grant Date Fair Value Non-vested restricted shares, as of December 31, 2017 1,448,591 $ 23.29 Granted 423,596 41.41 Vested (554,900 ) 17.73 Canceled/forfeited (47,054 ) 22.26 Non-vested restricted shares, as of December 31, 2018 1,270,233 $ 31.80 Granted 458,670 53.67 Vested (494,910 ) 18.54 Canceled/forfeited (12,400 ) 33.87 Non-vested restricted shares, as of December 31, 2019 1,221,593 $ 45.36 (a) Includes 18,700 and 27,550 restricted stock units as of December 31, 2018 and 2017 , respectively. Employee Stock Purchase Plans The following table provides details pertaining to the Company’s ESPPs for the periods indicated: For the Years Ended December 31, 2019 2018 2017 Cash proceeds (in millions) $ 4.7 $ 4.2 $ 3.3 Common shares issued 111,136 110,506 92,145 Weighted average price per share $ 42.46 $ 37.98 $ 35.92 Weighted average per share grant date fair value $ 10.71 $ 9.36 $ 9.24 401(k) Plan. MasTec has a 401(k) plan covering all eligible employees, which allows participants to contribute up to 75% of their pre-tax annual compensation to the plan, subject to certain limitations. Company contributions under the plan are based upon a percentage of the employee’s salary, subject to certain limitations as defined by the plan. During the years ended December 31, 2019 , 2018 and 2017 , matching contributions totaled approximately $16.5 million , $13.4 million and $11.9 million , respectively. Deferred Compensation Plans. MasTec offers a deferred compensation plan to its highly compensated employees. These employees are allowed to contribute a percentage of their pre-tax annual compensation to the deferred compensation plan. The Company also offers a deferred compensation plan to its Board of Directors, under which directors may elect to defer the receipt of compensation for their services. Total deferred compensation plan assets, which are included within other long-term assets in the consolidated balance sheets, totaled $11.9 million and $10.0 million as of December 31, 2019 and 2018 , respectively. Total deferred compensation plan liabilities, which are included within other long-term liabilities in the consolidated balance sheets, totaled $12.3 million and $10.2 million as of December 31, 2019 and 2018 |
Other Retirement Plans
Other Retirement Plans | 12 Months Ended |
Dec. 31, 2019 | |
Multiemployer Plans [Abstract] | |
Other Retirement Plans | Note 10 – Other Retirement Plans Multiemployer Plans. As discussed in Note 1 - Business, Basis of Presentation and Significant Accounting Policies , certain of MasTec’s subsidiaries, including certain subsidiaries in Canada, are party to various collective bargaining agreements with unions representing certain of their employees, which require the Company to pay specified wages, provide certain benefits to their union employees and contribute certain amounts to MEPPs. The PPA defines the funding rules for defined benefit pension plans and establishes funding classifications for U.S.-registered multiemployer pension plans. Under the PPA, plans are classified into one of the following five categories, based on multiple factors, also referred to as a plan’s “zone status”: Green (safe), Yellow (endangered), Orange (seriously endangered), and Red (critical or critical and declining). Factors included in the determination of a plan’s zone status include: funded percentage, cash flow position and whether the plan is projecting a minimum funding deficiency. A multiemployer plan that is so underfunded as to be in “endangered,” “seriously endangered,” “critical,” or “critical and declining” status (as determined under the PPA) is required to adopt a funding improvement plan (“FIP”) or a rehabilitation plan (“RP”), which, among other actions, could include decreased benefits and increased employer contributions, which could take the form of a surcharge on benefit contributions. These actions are intended to improve their funding status over a period of years. If a pension fund is in critical status, a participating employer must pay an automatic surcharge in addition to contributions otherwise required under the collective bargaining agreement (“CBA”). With some exceptions, the surcharge is equal to 5% of required contributions for the initial critical year and 10% for each succeeding plan year in which the plan remains in critical status. The surcharge ceases on the effective date of a CBA (or other agreement) that includes contribution and benefit terms consistent with the rehabilitation plan. Certain plans in which the Company participates are in “endangered,” “seriously endangered,” “critical,” or “critical and declining” status. The amount of additional funds, if any, that the Company may be obligated to contribute to these plans in the future cannot be estimated due to the uncertainty of the future levels of work that could be required of the union employees covered by these plans, as well as the required future contribution rates and possible surcharges applicable to these plans. See Note 14 - Commitments and Contingencies for additional information. Details of significant multiemployer pension plans as of and for the periods indicated, based upon information available to the Company from plan administrators as well as publicly available information on the U.S. Department of Labor website, are provided in the following table: Contributions (in millions) For the Years Ended December 31, Pension Protection Act Zone Status Multiemployer Pension Plan Employer Identification Number Plan Number 2019 2018 2017 Expiration Date of CBA 2019 As of 2018 As of FIP/RP Status Surcharge Central Pension Fund of the IUOE & Participating Employers 36-6052390 001 $ 12.6 $ 20.4 $ 21.6 05/31/2020 Green 01/31/2019 Green 01/31/2018 NA No Pipeline Industry Pension Fund 73-6146433 001 9.6 20.7 28.8 05/31/2020 Green 12/31/2018 (a) Green 12/31/2017 (a) NA No International Union of Operating Engineers Local 132 Pension Fund 55-6015364 001 5.0 5.6 2.3 05/31/2020 Green 03/31/2019 (a) Green 03/31/2018 NA No West Virginia Laborers' Pension Trust Fund 55-6026775 001 4.9 4.5 3.0 05/31/2020 Green 03/31/2019 (a) Green 03/31/2018 (a) NA No Teamsters National Pipe Line Pension Plan 46-1102851 001 4.5 7.4 7.6 05/31/2020 Green 12/31/2018 (a) Green 12/31/2017 (a) NA No IBEW Local 1249 Pension Plan 15-6035161 001 3.2 2.2 1.5 05/02/2021 Green 12/31/2018 Yellow 12/31/2017 NA No Laborers' National Pension Fund 75-1280827 001 3.0 4.1 3.5 05/31/2020 Red 12/31/2018 (a) Red 12/31/2017 Implemented No Laborers' District Council of Western Pennsylvania Pension Fund 25-6135576 001 1.9 1.4 0.6 05/31/2020 Yellow 12/31/2018 Red 12/31/2017 Implemented No Midwest Operating Engineers Pension Trust Fund 36-6140097 001 1.8 1.5 0.1 05/31/2020 Yellow 03/31/2019 (b) Yellow 03/31/2018 (b) Implemented No Employer- Teamsters Local Nos. 175 & 505 Pension Trust Fund 55-6021850 001 1.7 1.5 0.3 05/31/2020 Red 12/31/2018 (a), (b) Red 12/31/2017 (b) Implemented No Laborers' Local Union No. 158 Pension Plan 23-6580323 001 1.5 1.5 1.8 05/31/2020 Green 12/31/2018 (a) Green 12/31/2017 (a) NA No Laborers' Pension Fund of Roanoke, Virginia 54-6111015 001 1.5 2.5 0.1 05/31/2020 Green 09/30/2018 (a) Green 09/30/2017 NA No Laborers District Council & Contractors Pension Fund of Ohio 31-6129964 001 1.4 1.8 2.5 05/31/2020 Green 12/31/2018 Green 12/31/2017 NA No Central Laborers' Pension Fund 37-6052379 001 1.3 0.9 0.5 05/31/2020 Yellow 12/31/2018 (b) Yellow 12/31/2017 (b) Implemented No National Electrical Benefit Fund 53-0181657 001 1.2 1.4 1.8 Varies through 5/31/2021 Green 12/31/2018 Green 12/31/2017 NA No Michigan Laborers' Pension Plan 38-6233976 001 1.1 1.5 2.0 05/31/2020 Yellow 08/31/2019 Yellow 08/31/2018 (b) Implemented No Ohio Operating Engineers Pension Plan 31-6129968 001 0.8 2.1 4.9 05/31/2020 Green 07/31/2018 Green 07/31/2017 NA No Operating Engineers' Local 324 Pension Fund 38-1900637 001 — 0.6 2.1 05/31/2020 Red 04/30/2019 Red 04/30/2018 Implemented No Other funds 9.9 10.8 (c) 7.1 (c) Total multiemployer pension plan contributions $ 66.9 $ 92.4 $ 92.1 (a) The Company’s contributions to this plan represent greater than 5% of the plan’s total contributions. (b) This plan has utilized extended amortization provisions, which provide plans with extensions of time to amortize pension funding shortfalls. (c) Contribution amounts for 2018 and 2017 include approximately $0.2 million and $0.7 million , respectively, for Canadian multiemployer pension plans. Canadian multiemployer pension plans are not subject to the provisions of ERISA or the funding rules under the PPA that apply to U.S. registered multiemployer pension plans. Contributions to Canadian multiemployer pension plans are based on fixed amounts per hour per employee for employees covered under these plans. The number of union employees employed at a given time, and the plans in which they participate, varies 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, including with respect to the Company’s Canadian operations for the periods indicated, were as follows: Multiemployer Plans Covered Employees Contributions (in millions) For the Years Ended December 31: Low High Pension Other Multiemployer Total 2019 1,119 5,349 $ 66.9 $ 5.7 $ 72.6 2018 1,626 6,336 $ 92.4 $ 7.3 $ 99.7 2017 550 7,057 $ 92.1 $ 10.3 $ 102.4 The fluctuations in the number of employees covered under multiemployer plans and related contributions in the table above related primarily to timing of activity for the Company’s union resource-based projects, the majority of which are within its oil and gas operations. |
Equity
Equity | 12 Months Ended |
Dec. 31, 2019 | |
Equity [Abstract] | |
Equity | Note 11 – Equity Share Activity The Company’s share repurchase programs provide for the repurchase of shares of MasTec common stock from time to time in open market transactions or in privately-negotiated transactions in accordance with applicable securities laws. The timing and the amount of any repurchases is determined based on market conditions, legal requirements, cash flow and liquidity needs and other factors. The Company’s share repurchase programs do not have an expiration date and may be modified or suspended at any time at the Company’s discretion. Share repurchases, which are recorded at cost and are held in the Company’s treasury, are funded with available cash or with availability under the Credit Facility. The Company may use either authorized and unissued shares or treasury shares to meet share issuance requirements. Treasury stock is recorded at cost. For the year ended December 31, 2019 , share repurchases, which were completed under the Company’s September 2018 $150 million share repurchase program, totaled approximately $0.6 million . During the year ended December 31, 2018 , the Company repurchased approximately 7.2 million shares of its common stock for an aggregate purchase price of $319.0 million . Of the 7.2 million repurchased shares, 2.9 million were repurchased for $120.6 million under the Company’s September 2018 $150 million share repurchase program, 2.0 million were repurchased for $98.4 million under a $100 million share repurchase program that was established in 2016 and completed in the first quarter of 2018 and 2.3 million were repurchased under the Company’s March 2018 $100 million share repurchase program that was completed in the third quarter of 2018. During the year ended December 31, 2017 , share repurchases totaled approximately $1.6 million . As of December 31, 2019 , $128.8 million was available for future share repurchases under all of the Company’s open share repurchase programs, which included $28.8 million under the Company’s September 2018 share repurchase program, and the full amount of the Company’s December 2018 $100 million share repurchase program. Accumulated Other Comprehensive Loss A rollforward of activity within accumulated other comprehensive income (loss) for the periods indicated was as follows (in thousands): For the Years Ended December 31, 2019 2018 2017 Foreign Currency Other Total Foreign Currency Other Total Foreign Currency Other Total Balance as of January 1 $ (65,496 ) $ 5,002 $ (60,494 ) $ (62,851 ) $ (861 ) $ (63,712 ) $ (64,478 ) $ (1,336 ) $ (65,814 ) Unrealized (losses) gains, net of tax (189 ) (15,023 ) (15,212 ) (2,645 ) 5,863 3,218 1,627 475 2,102 Balance as of December 31 $ (65,685 ) $ (10,021 ) $ (75,706 ) $ (65,496 ) $ 5,002 $ (60,494 ) $ (62,851 ) $ (861 ) $ (63,712 ) Unrealized foreign currency activity, net, for the three years in the period ended December 31, 2019 relates to the Company’s operations in Canada and Mexico, and unrealized investment activity, net, relates to unrealized gains and losses on interest rate swaps associated with the Waha JVs. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 12 – Income Taxes The components of income before income taxes for the periods indicated were as follows (in millions): For the Years Ended December 31, 2019 2018 2017 Domestic $ 452.2 $ 341.1 $ 334.9 Foreign 58.7 24.2 36.9 Total $ 510.9 $ 365.3 $ 371.8 The provision for income taxes for the periods indicated were as follows (in millions): For the Years Ended December 31, 2019 2018 2017 Current: Federal $ 77.4 $ 26.7 $ (6.0 ) Foreign 6.2 9.4 11.5 State and local 15.6 10.5 (0.8 ) $ 99.2 $ 46.6 $ 4.7 Deferred: Federal $ 22.4 $ 43.9 $ 18.2 Foreign (2.8 ) 3.3 (7.5 ) State and local (2.0 ) 12.3 7.6 $ 17.6 $ 59.5 $ 18.3 Provision for income taxes $ 116.8 $ 106.1 $ 22.9 The tax effects of significant items comprising the Company’s net deferred tax liability as of the dates indicated were as follows (in millions): December 31, 2019 2018 Deferred tax assets: Accrued insurance $ 28.6 $ 25.9 Operating loss carryforwards and tax credits 70.5 67.7 Compensation and benefits 16.8 15.2 Bad debt 0.9 2.4 Other 11.5 8.4 Valuation allowance (48.8 ) (40.6 ) Total deferred tax assets $ 79.5 $ 79.0 Deferred tax liabilities: Property and equipment $ 179.5 $ 146.3 Goodwill 49.6 55.6 Other intangible assets 35.0 28.1 Gain on remeasurement of equity investee 7.0 7.1 Revenue recognition 20.6 21.6 Investments in unconsolidated entities 74.0 67.9 Other 10.1 16.1 Total deferred tax liabilities $ 375.8 $ 342.7 Net deferred tax liabilities $ (296.3 ) $ (263.7 ) In assessing the ability to realize the Company’s deferred tax assets, management considers whether it is more likely than not that some portion, or all, of its deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which these temporary differences become deductible. Management considers the Company’s projected future taxable income and prudent and feasible tax planning strategies in making this assessment. The Company’s valuation allowances as of December 31, 2019 and 2018 are related primarily to foreign net operating losses and deferred tax assets. The Company’s deferred tax assets for its state net operating loss carryforwards, which may be carried forward from 5 years to indefinitely depending on the jurisdiction, totaled approximately $11.5 million and $11.9 million as of December 31, 2019 and 2018 , respectively. The Company’s deferred tax assets for its foreign net operating loss carryforwards, which are primarily related to the Company’s Canadian operations, totaled approximately $57.4 million and $50.8 million as of December 31, 2019 and 2018 , respectively. The Canadian net operating loss carryforwards, which make up the majority of the foreign net operating loss carryforwards, begin to expire in 2033 . The Company’s deferred tax assets for its federal net operating loss carryforwards, which begin to expire in 2022, totaled $0.1 million and $0.2 million as of December 31, 2019 and 2018 , respectively. In December 2017, the 2017 Tax Act was enacted, which includes broad tax reform that is applicable to the Company. Under the provisions of the 2017 Tax Act, the U.S. corporate tax rate decreased from 35% to 21% effective January 1, 2018. As a result, the Company initially remeasured its U.S. deferred income tax balances as of December 31, 2017 and made a provisional estimate of the effects of the 2017 Tax Act, which resulted in a non-cash tax benefit of $120.1 million for the year ended December 31, 2017. Due to the complexities involved in accounting for the enactment of the 2017 Tax Act, the SEC issued Staff Accounting Bulletin (SAB 118), which was codified in March 2018 under ASU 2018-05, Income Taxes (Topic 740): Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 118 and amended Topic 740 to provide for a measurement period of up to one year within which to finalize initial estimates of the effects of the 2017 Tax Act. The Company recognized a net tax benefit of approximately $16.4 million for the year ended December 31, 2018 related to revisions of its initial estimates under the 2017 Tax Act, primarily from finalization of its tax return for the year ended December 31, 2017, as well as from certain tax accounting method changes and other adjustments. However, since many provisions of the 2017 Tax Act still do not have final guidance issued, it may be necessary for the Company to make future adjustments based on such new guidance. As of December 31, 2019 , because of the 2017 Tax Act, the Company will generally be free of additional U.S. federal tax consequences on distributed foreign subsidiary earnings due to a dividends received deduction implemented as part of the move to a territorial tax system. The Company has generally not made a provision for income taxes on unremitted foreign earnings because such earnings are insignificant and are intended to be indefinitely reinvested outside the United States. The Company expects that domestic cash resources will be sufficient to fund its domestic operations and cash commitments in the future. A reconciliation of the U.S. statutory federal income tax rate related to pretax income to the effective tax rate for the periods indicated is as follows: For the Years Ended December 31, 2019 2018 2017 U.S. statutory federal rate applied to pretax income 21.0 % 21.0 % 35.0 % State and local income taxes, net of federal benefit 3.2 4.2 2.0 Foreign tax rate differential 0.2 1.5 0.3 Non-deductible expenses 1.7 1.7 2.2 Goodwill and intangible assets (0.5 ) 3.6 (0.0 ) Change in tax rate (1.5 ) (2.8 ) (32.3 ) Domestic production activities deduction 0.0 0.0 (0.2 ) Other (1.0 ) (2.4 ) (0.7 ) Tax credits (0.6 ) (0.4 ) (2.8 ) Stock basis adjustment (1.8 ) 0.0 0.0 Valuation allowance for deferred tax assets 2.2 2.6 2.7 Effective income tax rate 22.9 % 29.0 % 6.2 % A reconciliation of the beginning and ending amount of uncertain tax positions including interest and penalties is as follows (in millions): For the Years Ended December 31, 2019 2018 2017 Beginning balance $ 9.4 $ 8.1 $ — Additions based on tax positions related to the current year 3.7 2.7 3.2 Additions for tax positions of prior years 0.7 — 4.9 Reductions for tax positions of prior years (0.3 ) (1.4 ) — Ending balance $ 13.5 $ 9.4 $ 8.1 The Company classifies interest and penalties on uncertain tax positions as a component of income tax expense in the consolidated statements of operations. Accrued interest and penalties related to uncertain tax positions were $1.3 million and $0.8 million as of December 31, 2019 and 2018 , respectively, of which $0.5 million and $0.7 million were included in income tax expense for the years ended December 31, 2019 and 2018 , respectively. If the Company were to recognize its gross unrecognized tax benefits as of December 31, 2019 , approximately $13.5 million , including interest and penalties, would affect the Company’s effective tax rate. The IRS is examining the Company’s 2016 and 2017 federal income tax returns. Certain state taxing authorities are examining various years. The final outcome of these examinations is not yet determinable. With few exceptions, as of December 31, 2019 , the Company is no longer subject to state examinations by taxing authorities for years before 2016 . |
Segments and Related Informatio
Segments and Related Information | 12 Months Ended |
Dec. 31, 2019 | |
Segment Reporting [Abstract] | |
Segments and Related Information | Note 13 – Segments and Related Information Segment Discussion The Company manages its operations under five operating segments, which represent its five reportable segments: (1) Communications; (2) Oil and Gas; (3) Electrical Transmission; (4) Power Generation and Industrial 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 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, and, to a lesser extent, infrastructure for utilities, among others. The Company performs engineering, construction and maintenance services for oil and natural gas pipelines and processing facilities for the energy and utilities industries through its Oil and Gas segment. The Electrical Transmission segment primarily serves the energy and utility industries through the engineering, construction and maintenance of electrical transmission lines and substations. The Power Generation and Industrial segment primarily serves energy, utility and other end-markets through the installation and construction of power facilities, including from renewable sources, related electrical transmission infrastructure, ethanol/biofuel facilities and various types of heavy civil and industrial infrastructure. The Other segment includes equity investees, the services of which vary from those provided by the Company’s primary segments, as well as other small business units that perform construction and other services for a variety of international end-markets. The accounting policies of the reportable segments are the same as those described in Note 1 - Business, Basis of Presentation and Significant Accounting Policies . Intercompany revenue and costs among the reportable segments are de minimis and accounted for as if the sales were to third parties because these items are based on negotiated fees between the segments involved. All intercompany transactions and balances are eliminated in consolidation. Intercompany revenue and costs between entities within a reportable segment are eliminated to arrive at segment totals. Eliminations between segments are separately presented. Corporate results include amounts related to corporate functions such as administrative costs, professional fees, acquisition-related transaction costs (exclusive of acquisition integration costs, which are included within the segment results of the acquired businesses), and other discrete items, such as goodwill and/or intangible asset impairment . Segment results include certain allocations of centralized costs such as general liability, medical and workers’ compensation insurance and certain information technology costs. Income tax expense, which is recorded within corporate results, is managed on a consolidated basis and is not allocated to the reportable segments. 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 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, and for non-cash stock-based compensation expense, can also be subject to volatility from changes in the market price per share of the Company’s common stock or variations in the value of shares granted. 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 Years Ended December 31, Revenue: 2019 2018 2017 Communications (a) $ 2,618.8 $ 2,556.8 $ 2,424.4 Oil and Gas 3,117.2 3,288.7 3,497.2 Electrical Transmission 413.9 397.3 378.2 Power Generation and Industrial 1,034.3 665.0 299.9 Other 0.2 3.5 20.8 Eliminations (1.2 ) (1.9 ) (13.5 ) Consolidated revenue $ 7,183.2 $ 6,909.4 $ 6,607.0 (a) Revenue generated primarily by utilities customers represented 15.0% , 14.9% and 13.4% of Communications segment revenue for the years ended December 31, 2019 , 2018 and 2017 , respectively. For the Years Ended December 31, EBITDA: 2019 2018 2017 Communications $ 208.8 $ 290.4 $ 247.4 Oil and Gas 634.2 451.6 402.2 Electrical Transmission 29.5 10.5 17.6 Power Generation and Industrial 40.1 40.4 22.6 Other 26.5 24.4 19.8 Corporate (115.7 ) (156.4 ) (88.7 ) Consolidated EBITDA $ 823.4 $ 660.8 $ 620.9 For the year ended December 31, 2019 , Corporate EBITDA included $3.3 million of indefinite-lived pre-qualification intangible asset impairment charges. For the year ended December 31, 2018 , Corporate EBITDA included $47.7 million of goodwill impairment charges and Other segment EBITDA included project gains of $1.0 million from a proportionately consolidated non-controlled Canadian joint venture, which is managed by a third party and for which the Company has minimal direct construction involvement. For the year ended December 31, 2017 , Other segment EBITDA included project losses from this non-controlled joint venture of $7.9 million . For the Years Ended December 31, Depreciation and Amortization: 2019 2018 2017 Communications $ 65.0 $ 59.3 $ 53.2 Oil and Gas 127.2 113.7 96.7 Electrical Transmission 20.0 19.8 22.8 Power Generation and Industrial 14.1 13.7 9.1 Other 0.1 0.1 0.1 Corporate 9.1 6.3 6.1 Consolidated depreciation and amortization $ 235.5 $ 212.9 $ 188.0 As of December 31, Assets: 2019 2018 2017 Communications $ 1,958.1 $ 1,461.7 $ 1,314.4 Oil and Gas 1,762.4 1,965.3 1,762.6 Electrical Transmission 463.9 423.9 471.4 Power Generation and Industrial 570.5 358.7 288.6 Other 192.2 193.9 153.2 Corporate 49.9 36.5 76.4 Consolidated segment assets $ 4,997.0 $ 4,440.0 $ 4,066.6 For the Years Ended December 31, Capital Expenditures: 2019 2018 2017 Communications $ 36.0 $ 69.3 $ 40.5 Oil and Gas 59.7 83.5 57.7 Electrical Transmission 6.8 10.2 14.9 Power Generation and Industrial 12.7 6.5 5.4 Other 0.0 0.0 0.0 Corporate 11.3 10.9 4.9 Consolidated capital expenditures $ 126.5 $ 180.4 $ 123.4 For the Years Ended December 31, EBITDA Reconciliation: 2019 2018 2017 Income before income taxes $ 510.9 $ 365.3 $ 371.8 Plus: Interest expense, net 77.0 82.6 61.0 Depreciation and amortization 235.5 212.9 188.0 Consolidated EBITDA $ 823.4 $ 660.8 $ 620.9 Foreign Operations and Other. MasTec operates in North America, primarily in the United States and Canada, and, to a lesser extent, in Mexico and the Caribbean. For the years ended December 31, 2019 , 2018 and 2017 , revenue of $6.9 billion , $6.7 billion and $6.4 billion , respectively, was derived from U.S. operations, and revenue of $233.5 million , $164.3 million and $211.5 million , respectively, was derived from foreign operations, the majority of which was from the Company’s Canadian operations in its Oil and Gas segment, and, to a lesser extent, from the Company’s wireless operations in Mexico. Long-lived assets held in the U.S. included property and equipment, net, of $874.7 million , $707.4 million and $649.5 million as of December 31, 2019 , 2018 and 2017 , respectively, and, for the Company’s businesses in foreign countries, totaled $31.1 million , $40.4 million and $57.0 million , respectively. Intangible assets and goodwill, net, related to the Company’s U.S. operations totaled approximately $1.4 billion as of December 31, 2019 , and totaled $1.2 billion as of both December 31, 2018 and 2017 , and for the Company’s businesses in foreign countries, totaled approximately $56.4 million , $61.5 million and $112.8 million , respectively. The majority of the Company’s long-lived and intangible assets and goodwill in foreign countries relate to its Canadian operations. As of each December 31, 2019 , 2018 and 2017 , amounts due from customers from which foreign revenue was derived accounted for approximately 5% of the Company’s consolidated net accounts receivable position, which represents accounts receivable, net, less deferred revenue. For the years ended December 31, 2019 , 2018 and 2017 , revenue from governmental entities was less than 1% of total revenue, substantially all of which was derived from the Company’s U.S. operations. Significant Customers Revenue concentration information for significant customers as a percentage of total consolidated revenue was as follows: For the Years Ended December 31, 2019 2018 2017 Customer: AT&T (including DIRECTV ® ) (a) 20% 23% 25% Equitrans Midstream Corporation/EQT Corporation (b) 11% 20% —% Energy Transfer affiliates (c) 8% 14% 40% (a) The Company’s relationship with AT&T is based upon multiple separate master service and other service agreements, including for installation and maintenance services, as well as construction/installation contracts for AT&T’s: (i) wireless business; (ii) wireline/fiber businesses; and (iii) various install-to-the-home businesses, including DIRECTV ® . Revenue from AT&T is included in the Communications segment. (b) The Company's relationship with Equitrans Midstream Corporation and its affiliates, which was spun off from EQT Corporation and its affiliates in 2018, is based upon various construction contracts for pipeline activities. Revenue from Equitrans Midstream Corporation and its affiliates is included in the Oil and Gas segment. (c) The Company's relationship with Energy Transfer affiliates is based upon various construction contracts for pipeline activities with Energy Transfer Operating, L.P., and its subsidiaries and affiliates. Revenue from Energy Transfer affiliates is included in the Oil and Gas segment. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 14 – 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 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. In 2019, an arbitration award related to a Canadian acquisition was finalized (the “Award”) in favor of MasTec for approximately $60 million , including recovery of certain legal and other costs. MasTec collected $32 million of this award in 2019, including approximately $16 million for recovery of legal fees and $5 million for recovery of interest costs. Although the Company is actively pursuing collection efforts related to the remaining amount of the Award, collectibility is uncertain, and as such, this amount has not been recognized in the Company’s consolidated financial statements. 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 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 December 31, 2019 and 2018 , there were $115.1 million and $128.4 million , respectively, of letters of credit issued under the Company’s credit facilities. The Company is not aware of any material claims relating to its outstanding letters of credit as of December 31, 2019 or 2018 . 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 December 31, 2019 and 2018 , outstanding performance and payment bonds approximated $551.4 million and $123.6 million , respectively, and estimated costs to complete projects secured by these bonds totaled $194.7 million and $53.0 million as of December 31, 2019 and 2018 , respectively. Investment 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. The Company also holds a 35% undivided interest in a proportionately consolidated non-controlled Canadian contractual joint venture that was underway when the Company acquired Pacer in 2014, whose sole activity was the construction of a bridge, a business in which the Company does not otherwise engage. This joint venture, which is managed by a third party, and for which the Company has minimal direct construction involvement, automatically terminates upon completion of the project. 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 December 31, 2019 , the Company was not aware of circumstances that would reasonably lead to material future claims against it in connection with these arrangements. The Company has other investment 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 details regarding the Company’s other investment 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. As of December 31, 2019 and 2018 , MasTec’s estimated liability for unpaid claims and associated expenses, including incurred but not reported losses related to these policies, totaled $123.4 million and $108.9 million , respectively, of which $87.3 million and $70.8 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 $4.2 million and $2.9 million as of December 31, 2019 and 2018 , 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 $64.0 million and $67.6 million as of December 31, 2019 and 2018 , respectively. Outstanding surety bonds related to self-insurance programs amounted to $38.5 million and $34.8 million as of December 31, 2019 and 2018 , respectively. Employment Agreements. The Company has employment agreements with certain executives and other employees, which provide for compensation and certain other benefits and for severance payments under certain circumstances. Certain employment agreements also contain clauses that become effective upon a change in control of the Company. Upon the occurrence of any of the defined events in the various employment agreements, the Company would be obligated to pay certain amounts to the related employees, which vary with the level of the employees’ respective responsibility. Collective Bargaining Agreements and Multiemployer Plans. As discussed in Note 1 - Business, Basis of Presentation and Significant Accounting Policies , certain of MasTec’s subsidiaries are party to various collective bargaining agreements with unions representing certain of their employees, which require the Company to pay specified wages, provide certain benefits 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 multiemployer pension plans, 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 December 31, 2019 , 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 and the level of underfunding of such plans. 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 December 31, 2019 and 2018 , the Company was not aware of any material asserted or unasserted claims in connection with these indemnity obligations. Other Guarantees. In the ordinary course of its business, from time to time, 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 for a one to two-year period following substantial completion of a project. Much of the work performed by the Company is evaluated for defects shortly after the work is completed. Warranty claims have historically not been material. However, 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. Concentrations of Risk. The Company is subject to certain risk factors, including, but not limited to: risks related to customer consolidation, rapid technological and regulatory changes; changes in customers’ capital spending plans; risks related to market conditions and/or economic downturns; competition; the ability to manage projects effectively and in accordance with management’s estimates; customer disputes related to the performance of services; the nature of its contracts, which do not obligate MasTec’s customers to undertake any infrastructure projects and may be canceled on short notice; seasonality, adverse weather conditions and fluctuations in operational factors; potential exposure to environmental liabilities; risks related to the Company’s acquisitions and investment arrangements, including acquisition integration and financing; recoverability of goodwill; exposure from system or information technology interruptions; governmental and/or regulatory changes or other factors affecting the industries in which the Company operates; collectibility of receivables and resolution of unapproved change orders; availability of qualified employees; the adequacy of our reserves; exposure to litigation; exposure related to foreign operations; and exposure to multiemployer pension plan liabilities. The Company grants credit, generally without collateral, to its customers. Consequently, the Company is subject to potential credit risk related to changes in business and economic factors. However, MasTec generally has certain lien rights on that work and maintains a diverse customer base. The Company believes its billing and collection policies are adequate to minimize potential credit risk. MasTec’s customers include: public and private energy providers; pipeline operators; wireless and wireline/fiber service providers; broadband operators; install-to-the-home service providers; and government entities. The industries served by MasTec’s customers include, among others: communications; and utilities (including petroleum and natural gas pipeline infrastructure; electrical utility transmission and distribution; power generation; heavy civil and industrial infrastructure). The Company had approximately 475 customers for the year ended December 31, 2019 . As of December 31, 2019 , three customers each accounted for approximately 17% , 13% and 11% , respectively, of the Company’s consolidated net accounts receivable position, which represents accounts receivable, net, less deferred revenue. As of December 31, 2018 , three customers each accounted for approximately 26% , 18% and 12% , respectively, of the Company’s consolidated net accounts receivable position. In addition, the Company derived 64% , 72% and 78% , of its revenue from its top ten customers for the years ended December 31, 2019 , 2018 and 2017 , respectively. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2019 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Note 15 – 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 and business development activities from a number of different vendors on a non-exclusive basis, and from time to time, rents equipment to, or performs construction services on behalf of, entities in which members of subsidiary management have ownership or commercial interests. For the years ended December 31, 2019 , 2018 and 2017 , such payments to related party entities totaled approximately $108.0 million , $134.4 million and $110.7 million , respectively. Payables associated with such related party arrangements totaled approximately $14.7 million and $17.3 million as of December 31, 2019 and 2018 , respectively. Revenue from such related party arrangements totaled approximately $2.3 million , $10.3 million and $2.6 million for the years ended December 31, 2019 , 2018 and 2017 , and related amounts receivable, net, were de minimis as of December 31, 2019 and totaled approximately $0.3 million as of December 31, 2018 . 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. In 2017, the Company acquired the remaining non-controlling interests of one of these entities, with which it previously had a subcontracting arrangement for the performance of ancillary oil and gas construction services, for approximately $21.4 million in cash and an estimated earn-out liability of $9.7 million , as adjusted. Cash paid to acquire the remaining interests of this entity is reflected within payments to non-controlling interests in the consolidated statements of cash flows. In 2018, MasTec acquired a construction management firm specializing in steel building systems, of which 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, was a minority owner, for approximately $6.1 million in cash and an estimated earn-out liability of approximately $1.4 million , net, as adjusted. Amounts outstanding for advances made by the Company on behalf of this entity totaled approximately $0.5 million , net, and $1.0 million as of December 31, 2019 and 2018 , respectively, which are expected to be settled under customary terms associated with the related purchase agreement. In 2017, MasTec acquired an oil and gas pipeline equipment company that was formerly owned by a member of subsidiary management for approximately $40.6 million in cash and an estimated earn-out liability of $75.5 million , as adjusted. MasTec previously leased equipment from this company. The Company rents and leases equipment and purchases equipment supplies and servicing from CCI, in which it has a 15% equity investment. Juan Carlos Mas 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 years ended December 31, 2019 , 2018 and 2017 , MasTec paid CCI approximately $41.7 million , $57.6 million and $54.9 million , net of rebates, respectively, related to this activity. Amounts payable to CCI, net of rebates receivable, totaled approximately $0.2 million as of December 31, 2019 . As of December 31, 2018 , amounts payable totaled $4.9 million , and rebates receivable totaled $2.9 million . MasTec has a subcontracting arrangement with an entity for the performance of construction services, the minority owners of which include an entity controlled by Jorge Mas and José R. Mas, along with two members of management of a MasTec subsidiary. For the years ended December 31, 2019 , 2018 and 2017 , MasTec incurred subcontracting expenses of approximately $10.3 million , $9.9 million and $78.0 million , respectively. As of December 31, 2019 and 2018 , related amounts payable totaled approximately $0.2 million and $0.4 million , respectively. MasTec has a leasing arrangement for an aircraft that is owned by an entity that Jorge Mas owns. For the years ended December 31, 2019 , 2018 and 2017 , MasTec paid approximately $2.4 million , $2.7 million and $2.0 million , respectively, related to this leasing arrangement. MasTec performs construction services on a cost-plus basis on behalf of a professional Miami soccer franchise (the “Franchise”) in which Jorge Mas and José R. Mas are minority owners. Services provided by MasTec include the construction of a soccer facility and stadium. For the year ended December 31, 2019 , MasTec charged approximately $12.6 million under these arrangements, of which $3.9 million was outstanding as of December 31, 2019 . MasTec leases employees and provides satellite communications services to a customer in which Jorge Mas and José R. Mas own a majority interest. For the years ended December 31, 2019 , 2018 and 2017 , MasTec charged approximately $1.4 million , $1.7 million and $1.6 million , respectively, to this customer. As of December 31, 2019 and 2018 , outstanding receivables related to services provided totaled approximately $0.8 million and $0.6 million , respectively. One of the Company’s subsidiaries has a subcontracting arrangement with a contractual joint venture in which it holds a 35% undivided interest, for which the related project was almost fully complete as of December 31, 2019 . Outstanding performance guarantees on behalf of this contractual joint venture totaled Canadian $26.4 million as of both December 31, 2019 and 2018 , or approximately $20.3 million and $19.4 million , respectively. Split Dollar Agreements MasTec has a split dollar life insurance agreement with (i) Jorge Mas, and José R. Mas and Juan Carlos Mas, as trustees of the Jorge Mas Irrevocable Trust (the “Jorge Mas trust”); and (ii) José R. Mas, and Jorge Mas, Juan Carlos Mas and Patricia Mas, as trustees of the José Ramon Mas Irrevocable Trust (the “José R. Mas trust”), both of which were amended and restated in February 2018. The Company is the sole owner of each of the policies and is designated as the named fiduciary under each split dollar agreement, and the policies subject to the split dollar agreement may not be surrendered without the express written consent of the applicable trust. The total maximum face amount of the insurance policies subject to the split dollar agreements is capped at $200 million in the case of Jorge Mas and $75 million in the case of Jose R. Mas. Upon the death of the applicable executive or the survivor thereof and his wife under the applicable policy, the Company is entitled to receive a portion of the death benefit under the policy equal to the greater of (i) premiums paid by the Company on the policy and (ii) the then cash value of the policy (excluding surrender charges or other similar charges or reductions) immediately before the triggering death. In addition, each executive is entitled to purchase the applicable policy under certain events, including a change in control of the Company. The Company paid approximately $1.1 million in each of the years ended December 31, 2019 , 2018 and 2017 in connection with the split dollar agreements for Jorge Mas, and paid approximately $0.7 million in each of the years ended December 31, 2019 , 2018 and 2017 in connection with the split dollar agreements for José R. Mas. Life insurance assets associated with these agreements, which amounts are included within other long-term assets, totaled approximately $20.3 million and $18.5 million as of December 31, 2019 and 2018 , respectively. |
Quarterly Information (Unaudite
Quarterly Information (Unaudited) | 12 Months Ended |
Dec. 31, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Information (Unaudited) | Note 16 – Quarterly Information (Unaudited) The following table presents selected unaudited quarterly operating results for the years ended December 31, 2019 and 2018 (in millions, except per share data). The Company believes that all necessary adjustments have been included in the amounts stated below to present fairly the quarterly results when read in conjunction with the consolidated financial statements and notes thereto. The sum of the individual quarterly amounts to the full year amounts as disclosed below may contain slight summation differences due to rounding. For the 2019 Quarters Ended For the 2018 Quarters Ended March 31 June 30 September 30 December 31 March 31 June 30 September 30 December 31 Revenue $ 1,518.3 $ 1,939.0 $ 2,016.6 $ 1,709.3 $ 1,396.8 $ 1,617.8 $ 1,977.2 $ 1,917.6 Costs of revenue, excluding depreciation and amortization $ 1,312.0 $ 1,633.4 $ 1,690.6 $ 1,434.2 $ 1,237.3 $ 1,366.6 $ 1,681.4 $ 1,654.0 Net income $ 43.1 $ 120.2 $ 130.1 $ 100.7 $ 26.5 $ 80.4 $ 120.5 $ 31.8 Net income attributable to MasTec, Inc. $ 43.1 $ 119.7 $ 128.6 $ 100.9 $ 26.6 $ 80.5 $ 120.7 $ 31.9 Earnings per share: Basic $ 0.57 $ 1.59 $ 1.71 $ 1.34 $ 0.33 $ 1.02 $ 1.55 $ 0.42 Diluted $ 0.57 $ 1.58 $ 1.69 $ 1.33 $ 0.32 $ 1.01 $ 1.52 $ 0.41 Certain transactions affecting comparisons of the Company’s quarterly results, which may not represent the amounts recognized for the full year for such transactions, include the following: (i) Indefinite-lived pre-qualification intangible asset impairment charges, pretax, totaling $3.3 million in the fourth quarter of 2019, and goodwill impairment charges, pretax, totaling $47.7 million in the fourth quarter of 2018; (ii) Project gains on a proportionately consolidated non-controlled Canadian joint venture, pretax, totaling $1.0 million in the second quarter of 2018; (iii) Excess tax benefit s from share-based compensation of $2.3 million in the first quarter of 2019, and $1.6 million and $1.3 million in the fourth quarters of 2019 and 2018, respectively; (iv) Income tax effects from changes in Canadian provincial statutory tax rates, as well as changes in state tax rates, include a benefit of $1.4 million in the second quarter of 2019 and a benefit of $5.9 million in the fourth quarter of 2019. Income tax effects, primarily from the 2017 Tax Act, include an expense of $1.5 million in the second quarter of 2018, a benefit of $17.9 million in the third quarter of 2018 and an expense of $3.7 million in the fourth quarter of 2018. |
Supplemental Guarantor Financia
Supplemental Guarantor Financial Information | 12 Months Ended |
Dec. 31, 2019 | |
Condensed Financial Statements, Supplemental Guarantor Information [Abstract] | |
Supplemental Guarantor Financial Information | Note 17 – Supplemental Guarantor Condensed Consolidating Financial Information The 4.875% Senior Notes are fully and unconditionally guaranteed on an unsecured, unsubordinated, joint and several basis by certain of the Company’s existing and future 100%-owned direct and indirect domestic subsidiaries that are, as of December 31, 2019 , each guarantors of the Credit Facility or other outstanding indebtedness (the “Guarantor Subsidiaries”). The Company’s subsidiaries organized outside of the United States and certain domestic subsidiaries (collectively, the “Non-Guarantor Subsidiaries”) do not guarantee these notes. A Guarantor Subsidiary’s guarantee is subject to release in certain customary circumstances, including upon the sale of a majority of the capital stock or substantially all of the assets of such Guarantor Subsidiary; if the Guarantor Subsidiary’s guarantee under the Company’s Credit Facility and other indebtedness is released or discharged (other than due to payment under such guarantee); or when the requirements for legal defeasance are satisfied or the obligations are discharged in accordance with the related indentures. The following supplemental financial information sets forth the condensed consolidating balance sheets and the condensed consolidating statements of operations and comprehensive income (loss) and cash flows for MasTec, Inc., the Guarantor Subsidiaries on a combined basis, the Non-Guarantor Subsidiaries on a combined basis and the eliminations necessary to arrive at the information for the Company as reported on a consolidated basis. Eliminations represent adjustments to eliminate investments in subsidiaries and intercompany balances and transactions between or among MasTec, Inc., the Guarantor Subsidiaries and the Non-Guarantor Subsidiaries. Investments in subsidiaries are accounted for using the equity method for this presentation. The tables below may contain slight summation differences due to rounding. CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (in millions) For the Year Ended December 31, 2019 MasTec, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated MasTec, Inc. Revenue $ — $ 6,799.4 $ 474.7 $ (90.9 ) $ 7,183.2 Costs of revenue, excluding depreciation and amortization — 5,703.4 457.7 (90.9 ) 6,070.2 Depreciation and amortization — 214.0 21.5 — 235.5 Intangible asset impairment — — 3.3 — 3.3 General and administrative expenses 3.2 279.4 16.9 — 299.5 Interest expense (income), net — 138.4 (61.4 ) — 77.0 Equity in earnings of unconsolidated affiliates — (0.0 ) (27.4 ) — (27.4 ) Other expense (income), net — 51.4 (37.3 ) — 14.0 (Loss) income before income taxes $ (3.2 ) $ 412.8 $ 101.4 $ — $ 510.9 Benefit from (provision for) income taxes 0.8 (111.5 ) (6.1 ) — (116.8 ) Net (loss) income before equity in income from subsidiaries $ (2.4 ) $ 301.3 $ 95.3 $ — $ 394.1 Equity in income from subsidiaries, net of tax 394.7 — — (394.7 ) — Net income (loss) $ 392.3 $ 301.3 $ 95.3 $ (394.7 ) $ 394.1 Net income attributable to non-controlling interests — — 1.8 — 1.8 Net income (loss) attributable to MasTec, Inc. $ 392.3 $ 301.3 $ 93.5 $ (394.7 ) $ 392.3 Comprehensive income (loss) $ 379.7 $ 303.3 $ 77.9 $ (382.1 ) $ 378.9 CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (in millions) For the Year Ended December 31, 2018 MasTec, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated MasTec, Inc. Revenue $ — $ 6,539.3 $ 492.6 $ (122.5 ) $ 6,909.4 Costs of revenue, excluding depreciation and amortization — 5,609.4 452.4 (122.5 ) 5,939.3 Depreciation and amortization — 190.5 22.4 — 212.9 Goodwill impairment — — 47.7 — 47.7 General and administrative expenses 3.1 266.4 17.8 — 287.3 Interest expense (income), net — 147.0 (64.4 ) — 82.6 Equity in earnings of unconsolidated affiliates — — (23.9 ) — (23.9 ) Other expense (income), net — 2.9 (4.7 ) — (1.8 ) (Loss) income before income taxes $ (3.1 ) $ 323.1 $ 45.3 $ — $ 365.3 Benefit from (provision for) income taxes 0.9 (94.2 ) (12.8 ) — (106.1 ) Net (loss) income before equity in income from subsidiaries $ (2.2 ) $ 228.9 $ 32.5 $ — $ 259.2 Equity in income from subsidiaries, net of tax 261.9 — — (261.9 ) — Net income (loss) $ 259.7 $ 228.9 $ 32.5 $ (261.9 ) $ 259.2 Net loss attributable to non-controlling interests — — (0.4 ) — (0.4 ) Net income (loss) attributable to MasTec, Inc. $ 259.7 $ 228.9 $ 32.9 $ (261.9 ) $ 259.7 Comprehensive income (loss) $ 262.9 $ 228.9 $ 35.7 $ (265.1 ) $ 262.4 For the Year Ended December 31, 2017 MasTec, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated MasTec, Inc. Revenue $ — $ 6,222.3 $ 457.0 $ (72.3 ) $ 6,607.0 Costs of revenue, excluding depreciation and amortization — 5,378.6 439.0 (72.3 ) 5,745.3 Depreciation and amortization — 159.1 28.9 — 188.0 General and administrative expenses 2.3 256.3 16.5 — 275.1 Interest expense (income), net — 123.6 (62.6 ) — 61.0 Equity in earnings of unconsolidated affiliates — — (21.3 ) — (21.3 ) Other income, net — (13.0 ) — — (13.0 ) (Loss) income before income taxes $ (2.3 ) $ 317.7 $ 56.5 $ — $ 371.8 Benefit from (provision for) income taxes 0.2 (18.1 ) (5.0 ) — (22.9 ) Net (loss) income before equity in income from subsidiaries $ (2.1 ) $ 299.6 $ 51.5 $ — $ 348.9 Equity in income from subsidiaries, net of tax 349.3 — — (349.3 ) — Net income (loss) $ 347.2 $ 299.6 $ 51.5 $ (349.3 ) $ 348.9 Net income (loss) attributable to non-controlling interests — 2.4 (0.7 ) — 1.7 Net income (loss) attributable to MasTec, Inc. $ 347.2 $ 297.2 $ 52.2 $ (349.3 ) $ 347.2 Comprehensive income (loss) $ 349.3 $ 299.6 $ 53.6 $ (351.4 ) $ 351.0 CONDENSED CONSOLIDATING BALANCE SHEETS (in millions) As of December 31, 2019 MasTec, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated MasTec, Inc. Assets Total current assets $ — $ 1,987.8 $ 248.1 $ (62.4 ) $ 2,173.6 Property and equipment, net — 862.0 43.9 — 905.8 Operating lease assets — 214.7 15.2 — 229.9 Goodwill and other intangible assets, net — 1,265.6 167.3 — 1,433.0 Investments in and advances to consolidated affiliates, net 1,768.9 1,233.5 — (3,002.4 ) — Other long-term assets 18.4 42.6 193.8 — 254.7 Total assets $ 1,787.3 $ 5,606.2 $ 668.3 $ (3,064.8 ) $ 4,997.0 Liabilities and equity Total current liabilities $ 0.1 $ 1,141.6 $ 139.8 $ (62.4 ) $ 1,219.1 Long-term debt, including finance leases — 1,310.9 3.1 — 1,314.0 Advances from consolidated affiliates, net — — 167.5 (167.5 ) — Long-term operating lease liabilities — 143.0 11.6 — 154.6 Other long-term liabilities — 493.1 24.5 — 517.6 Total liabilities $ 0.1 $ 3,088.6 $ 346.5 $ (229.9 ) $ 3,205.3 Total equity $ 1,787.2 $ 2,517.6 $ 321.8 $ (2,834.9 ) $ 1,791.7 Total liabilities and equity $ 1,787.3 $ 5,606.2 $ 668.3 $ (3,064.8 ) $ 4,997.0 As of December 31, 2018 MasTec, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated MasTec, Inc. Assets Total current assets $ — $ 1,993.0 $ 248.5 $ (72.5 ) $ 2,169.0 Property and equipment, net — 699.2 48.6 — 747.8 Goodwill and other intangible assets, net — 1,188.0 81.7 — 1,269.7 Investments in and advances to consolidated affiliates, net 1,373.1 1,138.4 816.9 (3,328.4 ) — Other long-term assets 16.8 42.0 194.6 — 253.4 Total assets $ 1,389.9 $ 5,060.6 $ 1,390.3 $ (3,400.9 ) $ 4,440.0 Liabilities and equity Total current liabilities $ — $ 1,185.9 $ 170.2 $ (72.5 ) $ 1,283.6 Long-term debt, including finance leases — 1,319.4 4.9 — 1,324.2 Other long-term liabilities — 429.2 10.8 — 440.1 Total liabilities $ — $ 2,934.5 $ 185.9 $ (72.5 ) $ 3,047.9 Total equity $ 1,389.9 $ 2,126.1 $ 1,204.4 $ (3,328.4 ) $ 1,392.0 Total liabilities and equity $ 1,389.9 $ 5,060.6 $ 1,390.3 $ (3,400.9 ) $ 4,440.0 CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS (in millions) For the Year Ended December 31, 2019 MasTec, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated MasTec, Inc. Net cash provided by operating activities $ — $ 467.2 $ 83.1 $ — $ 550.3 Cash flows from investing activities: Cash paid for acquisitions, net of cash acquired — (179.5 ) — — (179.5 ) Capital expenditures — (120.8 ) (5.7 ) — (126.5 ) Proceeds from sale of property and equipment — 24.8 10.2 — 35.0 Payments for other investments — (4.3 ) (1.3 ) — (5.6 ) Proceeds from other investments — 10.8 3.9 — 14.7 Net cash (used in) provided by investing activities $ — $ (269.0 ) $ 7.1 $ — $ (261.8 ) Cash flows from financing activities: Proceeds from credit facilities — 3,015.3 10.6 — 3,025.9 Repayments of credit facilities — (3,116.0 ) (10.6 ) — (3,126.6 ) Repayments of other borrowings, net — (9.7 ) (2.7 ) — (12.4 ) Payments of finance lease obligations — (86.3 ) (2.0 ) — (88.3 ) Payments of acquisition-related contingent consideration — (34.3 ) — — (34.3 ) Proceeds from non-controlling interests — — 0.6 — 0.6 Proceeds from stock-based awards 4.7 — — — 4.7 Repurchase of common stock (5.7 ) — — — (5.7 ) Other financing activities, net — (5.5 ) (3.0 ) — (8.5 ) Net financing activities and advances from (to) consolidated affiliates 1.0 62.8 (63.8 ) — — Net cash used in financing activities $ — $ (173.7 ) $ (70.9 ) $ — $ (244.6 ) Effect of currency translation on cash — — 0.2 — 0.2 Net increase in cash and cash equivalents $ — $ 24.5 $ 19.5 $ — $ 44.0 Cash and cash equivalents - beginning of period — 11.9 15.6 — 27.4 Cash and cash equivalents - end of period $ — $ 36.4 $ 35.1 $ — $ 71.4 CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS (in millions) For the Year Ended December 31, 2018 MasTec, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated MasTec, Inc. Net cash provided by operating activities $ — $ 341.6 $ 188.4 $ — $ 530.0 Cash flows from investing activities: Cash paid for acquisitions, net of cash acquired — (6.7 ) — — (6.7 ) Capital expenditures — (174.3 ) (6.1 ) — (180.4 ) Proceeds from sale of property and equipment — 26.2 13.1 — 39.4 Payments for other investments — (11.8 ) (27.6 ) — (39.5 ) Proceeds from other investments — — 5.4 — 5.4 Net cash used in investing activities $ — $ (166.6 ) $ (15.2 ) $ — $ (181.8 ) Cash flows from financing activities: Proceeds from credit facilities — 3,383.9 34.3 — 3,418.2 Repayments of credit facilities — (3,314.8 ) (44.7 ) — (3,359.5 ) Repayments of other borrowings, net — (17.1 ) (0.3 ) — (17.4 ) Payments of finance lease obligations — (66.6 ) (5.6 ) — (72.2 ) Payments of acquisition-related contingent consideration — (15.9 ) — — (15.9 ) Distributions to non-controlling interests — (0.6 ) — — (0.6 ) Proceeds from stock-based awards 4.0 — — — 4.0 Payments for stock-based awards (3.8 ) — — — (3.8 ) Repurchase of common stock (313.9 ) — — — (313.9 ) Other financing activities, net — — — — — Net financing activities and advances from (to) consolidated affiliates 313.7 (142.1 ) (171.6 ) — — Net cash used in financing activities $ — $ (173.2 ) $ (187.9 ) $ — $ (361.1 ) Effect of currency translation on cash — — — — — Net increase (decrease) in cash and cash equivalents $ — $ 1.8 $ (14.7 ) $ — $ (12.9 ) Cash and cash equivalents - beginning of period — 10.1 30.3 — 40.3 Cash and cash equivalents - end of period $ — $ 11.9 $ 15.6 $ — $ 27.4 CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS (in millions) For the Year Ended December 31, 2017 MasTec, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated MasTec, Inc. Net cash provided by operating activities $ — $ 142.9 $ 1.2 $ — $ 144.1 Cash flows from investing activities: Cash paid for acquisitions, net of cash acquired — (116.0 ) — — (116.0 ) Capital expenditures — (120.1 ) (3.3 ) — (123.4 ) Proceeds from sale of property and equipment — 18.2 1.8 — 20.0 Payments for other investments — (3.8 ) (73.3 ) — (77.1 ) Proceeds from other investments — 1.2 22.6 — 23.8 Net cash used in investing activities $ — $ (220.5 ) $ (52.2 ) $ — $ (272.7 ) Cash flows from financing activities: Proceeds from credit facilities — 2,674.4 24.6 — 2,699.0 Repayments of credit facilities — (2,428.9 ) (28.4 ) — (2,457.3 ) Repayments of other borrowings, net — (2.3 ) (1.1 ) — (3.4 ) Payments of finance lease obligation — (59.2 ) (8.5 ) — (67.7 ) Payments of acquisition-related contingent consideration — (6.6 ) — — (6.7 ) Distributions to non-controlling interests — (22.7 ) — — (22.7 ) Proceeds from stock-based awards 3.1 — — — 3.1 Payments for stock-based awards (6.2 ) — — — (6.2 ) Repurchase of common stock (1.6 ) — — — (1.6 ) Other financing activities, net — (6.3 ) — — (6.3 ) Net financing activities and advances from (to) consolidated affiliates 4.7 (89.6 ) 84.9 — — Net cash provided by financing activities $ — $ 58.8 $ 71.5 $ — $ 130.3 Effect of currency translation on cash — — (0.1 ) — (0.1 ) Net (decrease) increase in cash and cash equivalents $ — $ (18.8 ) $ 20.4 $ — $ 1.6 Cash and cash equivalents - beginning of period — 28.9 9.9 — 38.8 Cash and cash equivalents - end of period $ — $ 10.1 $ 30.3 $ — $ 40.3 |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2019 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |
Schedule II - Valuation and Qualifying Accounts | SCHEDULE II – VALUATION AND QUALIFYING ACCOUNTS (in millions) Additions Balance at Beginning of Period Charges to Cost and Expense Other Additions (Deductions) Balance at End of Period Year ended December 31, 2019 Allowance for doubtful accounts $ 16.3 $ 1.7 (a) $ — $ (7.9 ) (b) $ 10.1 Allowance for unbilled receivables 22.0 49.7 (a) — (40.4 ) (b) 31.3 Valuation allowance for inventory 7.8 2.1 (c) — (2.2 ) (d) 7.7 Valuation allowance for deferred tax assets 40.6 8.2 (e) — — 48.8 Total $ 86.7 $ 61.7 $ — $ (50.5 ) $ 97.9 Year ended December 31, 2018 Allowance for doubtful accounts $ 8.2 $ 8.6 (a) $ — $ (0.5 ) (b) $ 16.3 Allowance for unbilled receivables 27.2 33.0 (a) — (38.2 ) (b) 22.0 Valuation allowance for inventory 7.7 1.1 (c) — (1.0 ) (d) 7.8 Valuation allowance for deferred tax assets 40.5 0.1 (e) — — 40.6 Total $ 83.6 $ 42.8 $ — $ (39.7 ) $ 86.7 Year ended December 31, 2017 Allowance for doubtful accounts $ 8.4 $ 2.6 (a) $ — $ (2.8 ) (b) $ 8.2 Allowance for unbilled receivables 9.5 22.3 (a) — (4.6 ) (b) 27.2 Valuation allowance for inventory 3.5 6.2 (c) — (2.0 ) (d) 7.7 Valuation allowance for deferred tax assets 21.4 19.1 (e) — — 40.5 Total $ 42.8 $ 50.2 $ — $ (9.4 ) $ 83.6 (a) Provisions for receivables. (b) Write-offs of and reversals for receivables. (c) Provisions for obsolete inventory and other adjustments to net realizable value. (d) Inventory write-offs. (e) Additions related to federal, foreign, and state attributes. |
Business, Basis of Presentati_2
Business, Basis of Presentation and Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Principles of Consolidation | Principles of Consolidation |
Reclassifications | When necessary, certain prior year amounts have been reclassified to conform with the current period presentation. |
Translation of Foreign Currencies | Translation of Foreign Currencies |
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, the results of which form the basis of making judgments about the Company’s operating results and the carrying values of assets and liabilities that are not readily apparent from other sources. 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 acquisitions, valuations of goodwill and intangible assets, acquisition-related contingent consideration and equity investments; allowances for doubtful accounts; asset lives used in computing depreciation and amortization; fair values of financial instruments; self-insurance liabilities; other accruals and allowances; income taxes; and the estimated effects of litigation and other contingencies. 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 those estimates. |
Revenue Recognition | Revenue Recognition The Company recognizes revenue from contracts with customers under Accounting Standards Codification (“ASC”) Topic 606 (“Topic 606”). The Company adopted the requirements of Accounting Standards Update (“ASU”) 2014-09, Revenue from Contracts with Customers, under the modified retrospective transition approach effective January 1, 2018, with application to all existing contracts that were not substantially completed as of January 1, 2018. The difference between the recognition criteria under Topic 606 and the Company’s previous revenue recognition practices under the previous revenue recognition guidance, ASC Topic 605-35, was recognized through a cumulative effect adjustment of approximately $2 million that was made to the opening balance of retained earnings as of January 1, 2018. Under Topic 606, revenue is recognized when, or as, control of promised goods and services is transferred to customers, and the amount of revenue recognized reflects the consideration to which an entity expects to be entitled in exchange for the goods and services transferred. Revenue is primarily recognized by the Company over time utilizing the cost-to-cost measure of progress, which is an input method, on contracts for specific projects and for certain master service and other service agreements. Under Topic 606, the cost-to-cost measure of progress 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 and other service agreements, which 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 are subject to 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 36% , 35% and 36% of consolidated revenue for the years ended December 31, 2019 , 2018 and 2017 , respectively. Revenue from contracts for specific projects, as well as for certain projects pursuant to master and other service agreements, is typically recognized over time using the cost-to-cost measure of progress. For these contracts, the cost-to-cost measure of progress best depicts the continuous transfer of control of goods or services to the customer. Such contracts provide that the customer accept completion of progress to date and compensate the Company for services rendered. For certain master service and other service agreements under which the Company performs installation and maintenance services, primarily for install-to-the-home service providers in its Communications segment, revenue is recognized at a point in time. This is generally when the work order has been fulfilled, which is typically the same day the work is initiated. Point in time revenue accounted for approximately 5% and 7% of consolidated revenue for the years ended December 31, 2019 and 2018 , respectively. Substantially all of the Company’s other revenue is recognized over time. Contract costs include all direct materials, labor and subcontracted costs, as well as indirect costs related to contract performance, such as indirect labor, supplies, tools, repairs and the operational costs of capital equipment. The total contract transaction price and cost estimation processes used for recognizing revenue over time under the cost-to-cost method is based on the professional knowledge and experience of the Company’s project managers, engineers and financial professionals. 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 expected 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 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 determined. For both the years ended December 31, 2019 and 2018 , 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, 2018 and 2017 . Revenue recognized for the years ended December 31, 2019 and 2018 as a result of changes in total contract transaction price estimates, including from variable consideration, from performance obligations satisfied or partially satisfied in prior periods, totaled approximately $58.3 million and $38.5 million , respectively. The Company may incur certain costs that can be capitalized, such as initial set-up or mobilization costs. Such costs, which are amortized over the life of the respective projects, were not material for the years ended December 31, 2019 and 2018 . The timing of customer billings is generally dependent upon advance billing terms, milestone billings based on completion of certain phases of work, or when services are provided. Under the typical payment terms of master and other service agreements and fixed price contracts, the customer makes progress payments based on quantifiable measures of performance by the Company as defined by each specific agreement. Progress payments, generally net of amounts retained, are paid by the customer over the duration of the contract. For install-to-the-home contracts, work orders are billed and paid as completed. Amounts billed and due from customers, as well as the amount of contract assets, are generally classified within current assets in the consolidated balance sheets. See Note 5 - Accounts Receivable, Net of Allowance, and Contract Assets and Liabilities for related discussion. Amounts expected to be collected beyond one year are classified as other long-term assets. Performance Obligations. A performance obligation is a contractual promise to transfer a distinct good or service to a customer, and is the unit of account under Topic 606. 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. Contract amendments and change orders, which are generally not distinct from the existing contract, are typically accounted for as a modification of the existing contract and performance obligation. The vast majority of the Company’s performance obligations are completed within one year . When more than one contract is entered into with a customer on or close to the same date, the Company evaluates whether those contracts should be combined and accounted for as a single contract, as well as whether those contracts should be accounted for as one, or more than one, performance obligation. This evaluation requires significant judgment and is based on the facts and circumstances of the various contracts. 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 December 31, 2019 , the amount of the Company’s remaining performance obligations was $5.3 billion . The Company expects to recognize approximately $4.6 billion of its remaining performance obligations as revenue during 2020 , with the remainder to be recognized primarily in 2021 . 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. Variable consideration is included in the estimated transaction price if it is probable that when the uncertainty associated with the variable consideration is resolved, there will not be a significant reversal of the cumulative amount of revenue that has been recognized. Management’s estimates of variable consideration and the determination of whether to include estimated amounts in transaction prices are based largely on engineering studies and legal opinions, past practices with the customer, specific discussions, correspondence or preliminary negotiations with the customer and all other relevant information that is reasonably available at the time of the estimate. The effect of variable consideration on the transaction price of a performance obligation is typically recognized as an adjustment to revenue on a cumulative catch-up basis, as such variable consideration, which typically pertains to changed conditions and scope, is generally for services encompassed under the existing contract. 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 December 31, 2019 and 2018 , the Company included approximately $27 million and $56 million , respectively, of change orders and/or claims in transaction prices for certain contracts that were in the process of being resolved in the ordinary course of 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 December 31, 2019 and 2018 , these change orders and/or claims were primarily related to certain projects in the Company’s Oil and Gas segment. 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. |
Allowance for Doubtful Accounts | Allowance for Doubtful Accounts The Company maintains an allowance for doubtful accounts for estimated losses resulting from the inability of its customers to make required payments. Management analyzes the collectibility of accounts receivable and the adequacy of the allowance for doubtful accounts on a regular basis taking into consideration the aging of account balances, historical bad debt experience, customer concentrations, customer credit-worthiness, customer financial condition and credit reports, availability of mechanics’ and other liens, existence of payment bonds and other sources of payment and the current economic environment. The Company establishes an allowance for anticipated losses on its accounts receivable balances either when a business unit has historical experience of losses that are considered to be ordinary course, and/or for specific receivables, when it is probable that the receivable is not collectible and the loss can be reasonably estimated. Amounts are written off against the allowance when they are considered to be uncollectible. If estimates of the collectibility of accounts receivable change, or should customers experience unanticipated financial difficulties, or if anticipated recoveries in existing bankruptcies or other work-out situations fail to materialize, additional allowances may be required. Estimates of collectibility are subject to significant change during times of economic weakness or uncertainty in either the overall economy or within the industries served by MasTec. Management actively monitors the economic environment and its impact on MasTec’s customers in connection with its evaluation of the Company’s accounts receivable portfolio and the adequacy of its allowance for doubtful accounts. |
Inventories | Inventories |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash consisting of interest-bearing demand deposits is carried at cost, which approximates fair value. Highly liquid investments with an original maturity of three months or less are carried at fair value. On a daily basis, available funds are swept from the Company’s depository accounts into a concentration account and are used to repay outstanding revolving loans under the Company’s senior secured credit facility. Cash balances maintained by certain operating subsidiaries and by entities that are proportionately consolidated that are not swept into the concentration account, as well as deposits made subsequent to the daily cash sweep, are classified as cash. Included in the Company’s cash balances as of December 31, 2019 and 2018 are amounts held by entities that are proportionately consolidated totaling $13.1 million and $11.8 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 generally does not fund its disbursement accounts for checks it has written until the checks are presented to the bank for payment. Outstanding checks that have not yet cleared through the banking system represent book overdrafts, which are classified within accounts payable. There are no compensating balance requirements associated with the Company’s depository accounts and there are no other restrictions on the transfer of cash associated with the Company’s depository accounts. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments The Company’s financial instruments include cash and cash equivalents, accounts and notes receivable, cash collateral deposited with insurance carriers, life insurance assets, equity investments, deferred compensation plan assets and liabilities, accounts payable and other current liabilities, acquisition-related contingent consideration, mandatorily redeemable non-controlling interests and debt obligations. Fair value is the price that would be received to sell an asset or the amount paid to transfer a liability (an 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. In instances in which the inputs used to measure fair value fall into different levels of the fair value hierarchy, the fair value measurement classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Management’s assessment of the significance of a particular item to the fair value measurement in its entirety requires judgment, including the consideration of inputs specific to the asset or liability. Fair values of financial instruments are estimated using public market prices, quotes from financial institutions and other available information. Due to their short-term maturity, the carrying amounts of cash and cash equivalents, accounts receivable, accounts payable and other current liabilities approximate their fair values. Management believes the carrying values of notes and other receivables, cash collateral deposited with insurance carriers, and outstanding balances on its credit facilities approximate their fair values. |
Variable Interest Entities | Management determines whether each business entity in which it has equity interests, debt, or other investments constitutes a variable interest entity (“VIE”) based on the nature and characteristics of such arrangements. If an investment arrangement is determined to be a VIE, then management determines if the Company is the VIE’s primary beneficiary by evaluating several factors, including the Company’s: (i) risks and responsibilities; (ii) ownership interests; (iii) decision making powers; and (iv) financial interests, among other factors. If management determines the Company is the primary beneficiary of a VIE, then it would be consolidated, and other parties’ interests in the VIE would be accounted for as non-controlling interests. The primary beneficiary consolidating the VIE must normally have both (i) the power to direct the primary activities of the VIE and (ii) the obligation to absorb losses of the VIE or the right to receive benefits from the VIE, which, in either case, could be significant to the VIE |
Equity Method Investments | The Company’s investments in entities for which it does not have a controlling interest and is not the primary beneficiary, but for which it has the ability to exert significant influence, are accounted for using the equity method of accounting. Equity method investments are recorded as other long-term assets. Income or loss from these investments is recorded as a separate line item in the consolidated statements of operations. Intercompany profits or losses associated with the Company’s equity method investments are eliminated until realized by the investee in transactions with third parties. Distributions received from equity method investees are reflected in the statements of cash flows using the nature of distributions approach, under which distributions are classified based on the nature of the activity that generated them. |
Unicorporated Entities, Proportional Consolidation | For equity investees in which the Company has an undivided interest in the assets, liabilities and profits or losses of an unincorporated entity, but the Company does not exercise control over the entity, the Company consolidates its proportional interest in the accounts of the entity. |
Other Equity Investments With Readily Determinable Fair Values | E |
Other Equity Investments Without Readily Determinable Fair Values | Equity investments that do not have readily determinable fair values are measured at cost, adjusted for changes from observable market transactions, less impairment (“adjusted cost basis”). The Company evaluates its investments for impairment by considering a variety of factors, including the earnings capacity of the related investments. Fair value measurements for the Company’s equity investments are classified within Level 3 of the fair value hierarchy based on the nature of the fair value inputs. Realized and unrealized gains or losses are recognized in other income or expense. |
Deferred Financing Costs | Deferred Financing Costs |
Property and Equipment | Purchased property and equipment are recorded at cost, or, if acquired in a business combination, at the acquisition date fair value. Finance lease assets are recognized based on the present value of minimum future lease payments. Certain costs incurred in connection with developing or obtaining internal-use software are capitalized within office furniture and equipment. Depreciation and amortization of property and equipment, including finance lease assets, is computed using the straight-line method over the estimated useful lives of the respective assets. Leasehold improvements are depreciated over the shorter of the term of the lease or the estimated useful lives of the improvements. Expenditures for repairs and maintenance are charged to expense as incurred. Expenditures for betterments and major improvements that extend the life of the related assets are capitalized and depreciated over the remaining useful lives of the assets. The carrying amounts of assets sold or retired and the related accumulated depreciation are eliminated in the year of disposal, with resulting gains or losses included in other income or expense. |
Finite-Lived Intangible Assets | Finite-lived intangible assets are amortized over their useful lives, which are generally based on contractual or legal rights, in a manner consistent with the pattern in which the related benefits are expected to be consumed. |
Impairment of Long-Lived Assets | Management reviews long-lived assets for impairment whenever events or changes in circumstances indicate that their carrying amounts may not be recoverable. If an evaluation is required, the estimated future undiscounted cash flows associated with the asset are compared with the asset’s carrying amount to determine if there has been an impairment, which is calculated as the difference between the fair value of an asset and its carrying value. Estimates of future undiscounted cash flows are based on expected revenue and operating costs for the business as well as anticipated future economic conditions. Fair values take into consideration management’s estimates of risk-adjusted discount rates, which are believed to be consistent |
Goodwill and Indefinite-Lived Intangible Assets | Goodwill and indefinite-lived intangible assets are not amortized, but instead are tested for impairment at least annually. The Company performs its annual impairment tests of goodwill and indefinite-lived intangible assets during the fourth quarter of each year, and on a quarterly basis, monitors these assets for potential indicators of impairment. Goodwill is required to be tested for impairment at the reporting unit level. A reporting unit is an operating segment, or one level below the operating segment, which is referred to as a component. Management identifies its reporting units by assessing whether components (i) have discrete financial information available; (ii) engage in business activities; and (iii) have a segment manager that regularly reviews the component’s operating results. If two or more components are deemed economically similar, those components are aggregated into one reporting unit when performing the annual goodwill impairment test. |
Business Combinations | Business Combinations The determination of the fair value of net assets acquired in a business combination requires estimates and judgments of future cash flow expectations for the acquired business and the related identifiable tangible and intangible assets. Fair values are calculated using expected cash flows and industry-standard valuation techniques. For current assets and current liabilities, book value is generally assumed to equal fair value. Goodwill is the amount by which consideration paid exceeds the fair value of acquired net assets. Acquisition costs, including acquisition integration costs, are expensed as incurred and are included within general and administrative expenses in the consolidated statements of operations. Due to the time required to gather and analyze the necessary data for each acquisition, U.S. GAAP provides a “measurement period” of up to one year in which to finalize these fair value determinations. During the measurement period, preliminary fair value estimates may be revised if new information is obtained about the facts and circumstances existing as of the date of acquisition, or based on the final net assets and working capital of the acquired business, as prescribed in the applicable purchase agreement. Such adjustments may result in the recognition, or adjust the fair values, of acquisition-related assets and liabilities and/or consideration paid, and are referred to as “measurement period” adjustments. Other revisions to these fair value estimates are reflected as income or expense, as appropriate. Consideration paid generally consists of cash and potential future payments that are contingent upon the acquired business achieving certain levels of earnings in the future, also referred to as “acquisition-related contingent consideration” or “earn-outs.” In one of the Company’s acquisitions, the acquisition consideration includes a mandatorily redeemable non-controlling interest, subject to a repurchase formula, which is calculated in a manner consistent with the Company’s traditional earn-out arrangements. The Company refers to its traditional earn-out arrangements and the mandatorily redeemable non-controlling interest collectively as “Earn-outs.” Earn-out liabilities are measured at their estimated fair values as of the date of acquisition. Subsequent to the date of acquisition, if future Earn-out payments are expected to differ from Earn-out payments estimated as of the date of acquisition, any related fair value adjustments are recognized in the period that such expectation is considered probable. Changes in the fair value of Earn-out liabilities, other than those related to measurement period adjustments, as described above, are recorded within other income or expense in the consolidated statements of operations for traditional earn-outs, and within interest expense for mandatorily redeemable non-controlling interests. Fair values are estimated using income approaches such as discounted cash flows or option pricing models. Earn-out liabilities are included within other current and other long-term liabilities, as appropriate, within the consolidated balance sheets. Earn-out payments are generally classified within financing activities in the consolidated statement of cash flows, except to the extent such payments exceed acquisition-date liabilities. Such excess payments are classified within operating activities. |
Leases | Leases See “Recent Accounting Pronouncements” section below for information pertaining to the adoption of ASU 2016-02, Leases (Topic 842). 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 related party leases. The Company reviews all agreements to determine if a leasing arrangement exists. When a leasing arrangement is identified, a determination is made at inception as to whether the lease is an operating or a finance lease. A lease exists when a contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. In determining whether a lease exists, the Company considers whether a contract provides both the right to obtain substantially all of the economic benefits from the use of an asset and the right to direct the use of the asset. Right-of-use assets and lease liabilities are recognized at the lease commencement date based on the present value of the minimum future lease payments over the expected term of the lease. The Company’s lease assets are primarily concentrated in vehicles, machinery and equipment. Leases with an initial term of twelve months or less are classified as short-term leases and are not recognized in the consolidated balance sheets unless the lease contains a purchase option that is reasonably certain to be exercised, or unless it is reasonably certain that the equipment will be leased for greater than twelve months. Lease payments for short-term leases are recognized on a straight-line basis over the lease term, and primarily relate to equipment used on construction projects, for which the rentals are based on daily, weekly or monthly rental rates, and typically contain termination for convenience provisions. Lease determinations are reassessed in the event of a change in lease terms. The Company has a limited number of sublease arrangements, which are not considered material to the consolidated financial statements. As of December 31, 2019 , the Company’s leases have remaining lease terms of up to ten years . Lease agreements may contain renewal clauses, which, if elected, generally extend the term of the lease for one to five 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 elected the practical expedient to account for non-lease components together with the related lease components for all classes of leased assets. The Company’s lease agreements do not contain significant residual value guarantees or material restrictive covenants. Lease term, discount rate, variable lease costs and future minimum lease payment determinations require the use of judgment, and are based on the facts and circumstances of each lease. Economic incentives, intent, past history and business need are among the factors considered to determine if renewal and/or purchase options are reasonably certain to be exercised. The majority of the Company’s lease agreements do not explicitly state the discount rate implicit in the lease, therefore, the Company generally uses an incremental borrowing rate to determine the value of its lease obligations. The incremental borrowing rate represents the rate of interest that would be paid to borrow on a collateralized basis over a similar term. The Company determines its incremental borrowing rate using a portfolio approach based on information available as of the lease commencement date, including applicable lease terms and the current economic environment. Finance Leases Finance lease assets are recorded within property and equipment, with a corresponding amount recorded within the Company’s debt obligations. Finance lease expense is composed of depreciation expense on the leased asset and interest on the lease liability. Additions to finance leases are included within the supplemental disclosures of non-cash information in the consolidated statements of cash flows. Many of the Company’s finance leases contain purchase options, which the Company frequently exercises, given that the purchase option prices are typically below the estimated fair market values of the related assets. Operating Leases Beginning in 2019, operating lease right-of-use assets and liabilities are recognized on the consolidated balance sheets, with the related lease expense recognized over the term of the lease on a straight-line basis. Operating lease expense is recorded as rent expense, primarily within costs of revenue, excluding depreciation and amortization. Fixed costs for operating leases are composed of initial base rent amounts plus any fixed annual increases. Variable costs for operating leases consist primarily of common area maintenance expenses and taxes for facility leases. Certain of the Company’s operating leases contain purchase options, for which the purchase option price is generally considered to be at fair market value. From time to time, the Company may terminate a lease before the end of the lease term. Payments related to such early lease terminations are generally recorded within rent expense. |
Self-Insurance | Self-Insurance The Company is self-insured up to the amount of its deductible for its insurance policies. MasTec maintains insurance policies subject to per claim deductibles of $1.8 million for its workers’ compensation policy, $3.0 million for its general liability policy and up to $8.0 million for its automobile liability policy. In addition, the Company has excess umbrella coverage. Estimated liabilities under these insurance programs are accrued based upon management’s estimates of the ultimate liability for claims reported and an estimate of claims incurred but not reported, with assistance from third-party actuaries. MasTec also maintains an insurance policy with respect to employee group medical claims, which is subject to annual per employee maximum losses of $0.5 million . MasTec’s estimated liability for employee group medical claims is based on statistical analysis of historical claims experience and specific knowledge of actual losses that have occurred. 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. Cash collateral deposited with insurance carriers is included in other long-term assets in the consolidated balance sheets. The present value of the Company’s self-insurance liability is reflected in the consolidated balance sheets within current and other long-term liabilities, as appropriate. The determination of such claims and expenses and the appropriateness of the related liability is reviewed and updated quarterly. These insurance liabilities are, however, difficult to assess and estimate due to many factors, the effects of which are often unknown or difficult to estimate, including the severity of an injury, the determination of the Company’s liability in proportion to other parties’ liability and the number of incidents not reported. Accruals are based upon known facts and historical trends. Although management believes its accruals are adequate, a change in experience or actuarial assumptions could materially affect the Company’s results of operations in a particular period. |
Income Taxes | Income Taxes The Company records income taxes using the asset and liability method of accounting for deferred income taxes. Under this method, deferred tax assets and liabilities are recognized for the expected future tax consequences of temporary differences between the financial statement and income tax basis of the Company’s assets and liabilities. Income taxes are estimated in each of the jurisdictions in which the Company operates. This process involves estimating the tax exposure, together with assessing temporary differences resulting from differing treatment of items, such as deferred revenue, for tax and accounting purposes. These differences result in deferred tax assets and liabilities, which are included, net, within the consolidated balance sheets as long-term assets and/or liabilities, as appropriate. The recording of a deferred tax asset assumes the realization of such asset in the future. Otherwise, a valuation allowance is recorded to reduce the asset to its estimated net realizable value. If management determines that the Company may not be able to realize all or part of a deferred tax asset in the future, a valuation allowance for the deferred tax asset is charged to income tax expense in the period the determination is made. Management considers future pretax income and ongoing prudent and feasible tax planning strategies in assessing the estimated net realizable value of tax assets and the corresponding need for any related valuation allowances. In determining the provision for income taxes, management uses an effective tax rate based on annual pre-tax income, statutory tax rates, permanent tax differences and tax planning opportunities in the various jurisdictions in which the Company operates. The Company is generally free of additional U.S. federal tax consequences on distributed foreign subsidiary earnings. The Company has generally not provided for U.S. income taxes on unremitted foreign earnings because such earnings are considered to be insignificant. Significant factors that affect the annual effective tax rate include management’s assessment of certain tax matters, the location and amount of taxable earnings, changes in certain non-deductible expenses and expected credits. In December 2017, the “2017 Tax Act” was enacted, which included broad tax reform that was applicable to the Company. See Note 12 - Income Taxes for additional discussion. An entity may only recognize or continue to recognize tax positions that meet a "more likely than not" threshold. In the ordinary course of business, there is inherent uncertainty in quantifying income tax positions. The Company assesses its income tax positions and records tax benefits for all years subject to examination based on management's evaluation of the facts, circumstances and information available at the reporting date. For those tax positions where it is more likely than not that a tax benefit will be sustained, the Company has recognized the largest amount of tax benefit with a greater than 50% likelihood of being realized upon ultimate settlement with a taxing authority that has full knowledge of all relevant information. For those income tax positions where it is not more likely than not that a tax benefit will be sustained, no tax benefit has been recognized in the Company's financial statements. The Company and its subsidiaries file income tax returns in numerous tax jurisdictions, including U.S. federal, most U.S. states and certain foreign jurisdictions. Although management believes its calculations for tax returns are correct and the positions taken thereon are reasonable, the final outcome of income tax examinations could be materially different from the resolution management currently anticipates and the estimates that are reflected in the Company’s consolidated financial statements, which could materially affect the Company’s results of operations, cash flows and liquidity in a particular period. To the extent interest and penalties are assessed by taxing authorities, such amounts are accrued and included within income tax expense. |
Income Tax Uncertainties | An entity may only recognize or continue to recognize tax positions that meet a "more likely than not" threshold. In the ordinary course of business, there is inherent uncertainty in quantifying income tax positions. The Company assesses its income tax positions and records tax benefits for all years subject to examination based on management's evaluation of the facts, circumstances and information available at the reporting date. For those tax positions where it is more likely than not that a tax benefit will be sustained, the Company has recognized the largest amount of tax benefit with a greater than 50% likelihood of being realized upon ultimate settlement with a taxing authority that has full knowledge of all relevant information. For those income tax positions where it is not more likely than not that a tax benefit will be sustained, no tax benefit has been recognized in the Company's financial statements. |
Stock-Based Compensation | Stock-Based Compensation The Company has certain stock-based compensation plans, under which restricted stock awards and restricted stock units (together “restricted shares”) are available for issuance to eligible participants. Non-cash stock-based compensation expense is included within general and administrative expense in the consolidated statements of operations. Share-based payments, to the extent they are compensatory, are recognized based on their grant date fair values. Forfeitures are recorded as they occur. The Company records a deferred tax asset, or future tax benefit, based on the amount of share-based compensation recognized in the financial statements over the vesting period of share-based awards. The tax effects of differences between the fair value of a share-based award on the date of vesting and the date of grant, also referred to as excess tax benefits or tax deficiencies, are recognized within the provision for income taxes in the period such vestings occur. Grants of restricted shares are valued based on the closing market share price of MasTec’s common stock as reported on the New York Stock Exchange (the “market price”) on the date of grant. Compensation expense arising from restricted shares is recognized on a straight line basis over the vesting period. Grants of restricted shares have cliff vesting terms, which generally vest over a period of three years . Upon vesting, some of the underlying shares may be sold to cover the required tax withholdings. However, some participants may choose the net share settlement method to cover withholding tax requirements, in which case shares are not issued, but are treated as common stock repurchases in the consolidated financial statements, as they reduce the number of shares that would have been issued upon vesting. The Company then pays the corresponding withholding taxes to the appropriate taxing authorities in cash on behalf of the recipient. Withheld shares, which are valued at the market price on the date of vesting, are recorded as a reduction to additional paid-in capital and are reflected within financing activities in the consolidated statements of cash flows. For the year ended December 31, 2019 , shares withheld in connection with stock-based compensation arrangements were de minimis. Shares withheld in connection with stock-based compensation arrangements totaled approximately 96,739 , and 138,519 for the years ended December 31, 2018 and 2017 , respectively, and payments to taxing authorities for withheld shares totaled $3.8 million and $6.2 million , respectively. 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. These plans allow participants to purchase MasTec, Inc. common stock at 85% of its fair market value at the lower of (i) the date of commencement of the offering period or (ii) the last day of the exercise period, as defined in the plan documents. The fair value of purchases under the Company’s employee stock purchase plans is estimated using the Black-Scholes option-pricing valuation model. The determination of fair value of stock-based awards using an option-pricing model is affected by the Company’s stock price as well as assumptions pertaining to several variables, including expected stock price volatility, the expected term of the award and the risk-free rate of interest. In the option-pricing model for the Company’s employee stock purchase plans, expected stock price volatility is based on historical volatility of the Company’s common stock. The expected term of the award is based on historical and expected exercise patterns and the risk-free rate of interest is based on U.S. Treasury yields. |
Collective Bargaining Agreements and Multiemployer Plans | Collective Bargaining Agreements and Multiemployer Plans Certain of MasTec’s subsidiaries, including certain subsidiaries in Canada, are party to various collective bargaining agreements with unions representing certain of their employees. These agreements require the subsidiaries party to the agreements to pay specified wages, provide certain benefits to their union employees and contribute certain amounts to multiemployer pension and other multiemployer benefit plans and trusts (“MEPPs”). These contributions are recorded as a component of employee wages and salaries within costs of revenue, excluding depreciation and amortization. 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 assessed on a “pay-as-you-go” basis based on union employee payrolls. The Pension Protection Act of 2006, as amended, (the “PPA”) requires pension plans that are underfunded to improve their funding ratios within prescribed intervals based on their level of underfunding, under which benefit reductions may apply and/or participating employers could be required to make additional contributions. In addition, if a multiemployer defined benefit plan fails to satisfy certain minimum funding requirements, the IRS may impose on the employers contributing to such plans a non-deductible excise tax of 5% of the amount of the accumulated funding deficiency. Union payrolls cannot be determined for future periods because the number of union employees employed at any given time, and the plans in which they may participate, vary depending upon the location and number of ongoing projects at a given time and the need for union resources in connection with those projects. The collective bargaining agreements expire at various times and have typically been renegotiated and renewed on terms similar to the ones contained in the expiring agreements. |
Restructuring Activities | Restructuring Activities From time to time, the Company may incur costs to streamline its business operations. These streamlining efforts, which are designed to improve profitability, could include eliminating service offerings that no longer fit into the Company’s business plan, certain integration activities for acquired businesses, reducing or eliminating services or operations that do not produce adequate revenue or margins, or reducing costs of business units that need margin improvements. The costs associated with these efforts, which the Company refers to as restructuring charges, include such items as employee separation costs, lease termination expenses and losses on disposal of excess fixed assets. When these efforts are related to circumstances that are significant, unique in nature and outside of the course of the Company’s normal and periodic business streamlining efforts, the related amount of restructuring charges included within the consolidated financial statements is aggregated and accompanied by a discussion of the nature of such restructuring activities. Restructuring charges are included within the applicable line item(s) in the consolidated statement of operations based on the nature of the expense incurred. |
Litigation and Contingencies | Litigation and Contingencies Accruals for litigation and contingencies are reflected in the consolidated financial statements based on management’s assessment, including advice of legal counsel, of the expected outcome of litigation or other dispute resolution proceedings and/or the expected resolution of contingencies. Liabilities for estimated losses are accrued if the potential loss from any claim or legal proceeding is considered probable and the amount can be reasonably estimated. Significant judgment is required in both the determination of probability of loss and the determination as to whether the amount is reasonably estimable. Accruals are based only on information available at the time of the assessment due to the uncertain nature of such matters. As additional information becomes available, management reassesses potential liabilities related to pending claims and litigation and may revise its previous estimates, which could materially affect the Company’s results of operations in a given period. |
Comprehensive Income (Loss) | Comprehensive Income (Loss) Comprehensive income or loss is a measure of net income and other changes in equity that result from transactions other than those with shareholders. Comprehensive income or loss and related accumulated comprehensive income or loss balances, consist of net income, foreign currency translation adjustments, primarily from fluctuations in foreign currency exchange rates of the Company’s foreign subsidiaries with a functional currency other than the U.S. dollar, unrealized gains and losses from certain investment activities and net income or loss attributable to non-controlling interests. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements See the lease accounting discussion within Significant Accounting Policies above, and the recent accounting pronouncements discussion below, for information pertaining to the effects of recently adopted and other recent accounting pronouncements. Other Accounting Pronouncements Adopted in 2019 Leases. I n February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) 2016-02, Leases (Topic 842) , which, together with its related clarifying ASUs (collectively, “ASU 2016-02”), provided revised guidance for lease accounting and related disclosure requirements, including a requirement for lessees to recognize right-of-use assets and lease liabilities on the balance sheet for leases with durations greater than twelve months. Under ASU 2016-02, leases are classified by lessees as either finance or operating leases. Lease expense is recognized based on an effective interest method for finance leases, and on a straight-line basis over the term of the lease for operating leases. The Company adopted ASU 2016-02 using the modified retrospective method during the first quarter of 2019, without adjusting comparative periods in the financial statements. The most significant effect of the new guidance was the recognition of operating lease right-of-use assets and a liability for operating leases. The accounting for finance leases (or, under previous guidance, capital leases) was substantially unchanged. The Company elected to utilize the package of practical expedients that allowed entities to: (1) not reassess whether any expired or existing contracts were or contained leases; (2) retain the existing classification of lease contracts as of the date of adoption; (3) not reassess initial direct costs for any existing leases; and (4) not separate non-lease components for all classes of leased assets. The Company recognized approximately $230 million of lease assets and liabilities for operating leases upon adoption of ASU 2016-02. The adoption of Topic 842 did not have a material effect on the Company's results of operations or cash flows. For additional information about the Company’s leases, see Note 8 - Lease Obligations . Reclassification of Tax Effects from Other Comprehensive Income. In February 2018, the FASB issued ASU 2018-02, Income Statement - Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income (“ASU 2018-02”) . ASU 2018-02, which the Company adopted during the first quarter of 2019, permits entities to reclassify the tax effects related to the change in the federal tax rate as a result of the Tax Cuts and Jobs Act of 2017 (the “2017 Tax Act”) from accumulated other comprehensive income to retained earnings. The Company elected not to reclassify these tax effects, therefore, this ASU had no effect on its consolidated financial statements. Accounting Pronouncements To Be Adopted in 2020 In August 2018, the FASB issued ASU 2018-15, Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40) Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract (“ASU 2018-15”) to reduce diversity in practice in accounting for the costs of implementing cloud computing arrangements that are service contracts. ASU 2018-15 aligns the requirements for capitalizing implementation costs incurred in a cloud computing arrangement that is a service contract with the requirements for internal-use software. Accounting for the service element of the cloud computing arrangement is not affected by the new guidance. Under ASU 2018-15, amortization expense, payments for and asset balances related to such capitalized implementation costs are to be presented within the same line items of the entity’s statements of operations, cash flows and balance sheets, respectively, as the related service fee activity and balances would be presented. ASU 2018-15 i s effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2019. The Company will adopt ASU 2018-15 in the first quarter of 2020 and is assessing the potential effect of this ASU on its consolidated financial statements. In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820) Disclosure Framework - Changes to the Disclosure Requiremen ts for Fair Value Measurement (“ASU 2018-13”). ASU 2018-13, which is intended to improve the effectiveness of fair value measurement disclosures, modifies the disclosure requirements for certain estimates and assumptions used in determining the fair value of assets and liabilities. ASU 2018-13 i s effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2019, with early adoption permitted. The adoption of this ASU is not expected to have a material effect on the Company’s consolidated financial statements. In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments . This ASU, together with its related clarifying ASUs (collectively, “ASU 2016-13”), introduced an expected credit loss methodology for the measurement and recognition of credit losses on most financial assets, including trade and financing receivables. The current expected credit loss methodology, which is based on historical experience, current conditions and reasonable and supportable forecasts, replaces the probable/incurred loss model for measuring and recognizing expected losses under current GAAP, and could result in earlier recognition of credit losses. ASU 2016-13 also requires enhanced disclosures pertaining to significant estimates and judgments used in estimating credit losses under the current expected credit loss methodology. ASU 2016-13 is effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2019, with the cumulative effect of adoption recorded as an adjustment to retained earnings, if applicable. The Company is finalizing its implementation of the new credit losses standard and is updating certain of its business processes and internal controls to meet the reporting and disclosure requirement of the new ASU. The new guidance, which the Company will adopt in the first quarter of 2020, is not expected to materially affect the amount of expense recognized under the Company’s current practices and is not expected to have a material effect on the Company’s consolidated financial statements. Other Recent Accounting Pronouncements In January 2020, the FASB issued ASU 2020-01, Investments-Equity Securities (Topic 321), Investments-Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815): Clarifying the Interactions between Topic 321, Topic 323, and Topic 815 (“ASU 2020-01”) to clarify the interaction in accounting for equity securities under Topic 321, investments accounted for under the equity method of accounting in Topic 323 and the accounting for certain forward contracts and purchased options accounted for under Topic 815 . ASU 2020-01 is effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2020, with early adoption permitted. The Company is currently evaluating the potential effect of this ASU on its consolidated financial statements. In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740) : Simplifying the Accounting for Income Taxes (“ASU 2019-12”) , which eliminates certain exceptions to the existing guidance for income taxes related to the approach for intra-period tax allocations, the methodology for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences. This ASU also simplifies the accounting for income taxes by clarifying and amending existing guidance related to the effects of enacted changes in tax laws or rates in the effective tax rate computation, the recognition of franchise tax and the evaluation of a step-up in the tax basis of goodwill, among other clarifications. ASU 2019-12 is effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2020, with early adoption permitted. The Company is currently evaluating the potential effect of this ASU on its consolidated financial statements. |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share Information | The following table provides details underlying the Company’s earnings per share calculations for the periods indicated (in thousands): For the Years Ended December 31, 2019 2018 2017 Net income attributable to MasTec: Net income - basic and diluted (a) $ 392,334 $ 259,659 $ 347,213 Weighted average shares outstanding: Weighted average shares outstanding - basic 75,185 78,695 80,903 Dilutive common stock equivalents (b) 661 1,077 1,422 Weighted average shares outstanding - diluted 75,846 79,772 82,325 (a) Calculated as total net income less amounts attributable to non-controlling interests. (b) For the years ended December 31, 2019 , 2018 and 2017 , anti-dilutive common stock equivalents were de minimis. |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Rollforward of Goodwill by Reportable Segment | The following table provides a reconciliation of changes in goodwill by reportable segment for the periods indicated (in millions): Communications Oil and Gas Electrical Transmission Power Generation and Industrial Total Goodwill Goodwill, gross, as of December 31, 2017 $ 466.4 $ 460.4 $ 149.9 $ 135.8 $ 1,212.5 Accumulated impairment loss (a) — (74.8 ) — — (74.8 ) Goodwill, net, as of December 31, 2017 $ 466.4 $ 385.6 $ 149.9 $ 135.8 $ 1,137.7 Additions from new business combinations — — — 9.8 9.8 Measurement period adjustments, net (b) 1.4 5.7 — (2.5 ) 4.6 Goodwill impairment — (47.7 ) — — (47.7 ) Currency translation adjustments — (4.0 ) — — (4.0 ) Goodwill, net, as of December 31, 2018 $ 467.8 $ 339.6 $ 149.9 $ 143.1 $ 1,100.4 Additions from new business combinations 73.2 37.7 — 9.5 120.4 Measurement period adjustments, net (b) 0.3 (0.4 ) — — (0.1 ) Currency translation adjustments — 0.7 — — 0.7 Goodwill, net, as of December 31, 2019 $ 541.3 $ 377.6 $ 149.9 $ 152.6 $ 1,221.4 Accumulated impairment loss (a) — (121.5 ) — — (121.5 ) Goodwill, gross, as of December 31, 2019 $ 541.3 $ 499.1 $ 149.9 $ 152.6 $ 1,342.9 (a) Accumulated impairment losses include the effects of currency translation gains and/or losses. (b) Represents adjustments to preliminary estimates of fair value within the measurement period of up to one year from the date of acquisition. |
Rollforward of Other Intangible Assets | The following table provides a reconciliation of changes in other intangible assets, net, for the periods indicated (in millions): Other Intangible Assets Non-Amortizing Amortizing Trade Names Pre-Qualifications Customer Relationships and Backlog Other (a) Total Other intangible assets, gross, as of December 31, 2017 $ 34.5 $ 77.6 $ 223.0 $ 21.8 $ 356.9 Accumulated amortization (152.4 ) (13.4 ) (165.8 ) Other intangible assets, net, as of December 31, 2017 $ 34.5 $ 77.6 $ 70.6 $ 8.4 $ 191.1 Additions from new business combinations — — 3.3 0.3 3.6 Measurement period adjustments (b) — — — (0.7 ) (0.7 ) Amortization expense (19.2 ) (1.4 ) (20.6 ) Currency translation adjustments — (3.6 ) (0.3 ) (0.1 ) (4.0 ) Other intangible assets, net, as of December 31, 2018 $ 34.5 $ 74.0 $ 54.4 $ 6.5 $ 169.4 Additions from new business combinations — 0.2 67.7 5.2 73.1 Measurement period adjustments (b) — — (6.7 ) (0.2 ) (6.9 ) Intangible asset impairment — (3.3 ) — — (3.3 ) Amortization expense (20.2 ) (2.8 ) (23.0 ) Currency translation adjustments — 2.0 0.1 0.1 2.2 Other intangible assets, net, as of December 31, 2019 $ 34.5 $ 72.9 $ 95.3 $ 8.8 $ 211.5 Remaining weighted average amortization period (in years) 9 6 9 (a) Consists principally of trade names and non-compete agreements. (b) Represents adjustments to preliminary estimates of fair value within the measurement period of up to one year from the date of acquisition. |
Schedule of Expected Future Amortization Expense | Expected future amortization expense as of December 31, 2019 is summarized in the following table (in millions): Amortization Expense 2020 $ 24.5 2021 18.9 2022 15.5 2023 11.6 2024 8.5 Thereafter 25.1 Total $ 104.1 |
Schedule of Consideration Paid and Net Assets Acquired, Business Combinations | The following table summarizes the fair values of consideration paid and net assets acquired for the 2019 acquisitions as of the respective dates of acquisition, as adjusted (in millions). Determination of the estimated fair values of the net assets acquired and the estimated contingent consideration and other liabilities for these acquisitions was preliminary as of December 31, 2019 ; as a result, further adjustments to these estimates may occur. Acquisition consideration: 2019 Cash, net of cash acquired and other $ 175.0 Estimated fair value of contingent consideration and other liabilities 38.9 Total consideration transferred $ 213.9 Identifiable assets acquired and liabilities assumed: Current assets, primarily composed of accounts receivable $ 90.0 Property and equipment, including finance leases and other long-term assets 55.2 Amortizing intangible assets 66.1 Current liabilities, including current portion of finance lease obligations and long-term debt (94.1 ) Long-term debt, including finance lease obligations (2.4 ) Deferred income taxes and other long-term liabilities (21.3 ) Total identifiable net assets $ 93.5 Goodwill $ 120.4 Total net assets acquired, including goodwill $ 213.9 |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Schedule of Summarized Financial Information of Equity Method Investments | The following presents summarized information for the entities that comprise the Company’s significant equity method investments (in millions): December 31, 2019 2018 Current assets $ 144.5 $ 137.3 Long-term assets 1,359.9 1,352.1 Total assets $ 1,504.4 $ 1,489.4 Current liabilities $ 34.9 $ 31.3 Long-term liabilities 978.6 966.1 Total liabilities $ 1,013.5 $ 997.4 For the Years Ended December 31, 2019 2018 2017 Revenue $ 152.4 $ 145.8 $ 114.5 Net income $ 82.8 $ 72.4 $ 64.5 |
Accounts Receivable, Net of A_2
Accounts Receivable, Net of Allowance, and Contract Assets and Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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): December 31, 2019 2018 Contract billings $ 860.4 $ 687.6 Less allowance for doubtful accounts (10.1 ) (16.3 ) Accounts receivable, net of allowance $ 850.3 $ 671.3 Retainage $ 345.2 $ 230.2 Unbilled receivables 679.4 1,022.4 Contract assets $ 1,024.6 $ 1,252.6 |
Property and Equipment, Net (Ta
Property and Equipment, Net (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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): December 31, 2019 2018 Estimated Useful Lives (in years) Land $ 4.9 $ 4.6 Buildings and leasehold improvements 35.8 30.3 3-40 Machinery and equipment 1,659.4 1,391.8 2-20 Office furniture and equipment 197.3 166.7 3-7 Construction in progress 26.1 20.1 Total property and equipment $ 1,923.5 $ 1,613.5 Less accumulated depreciation and amortization (1,017.7 ) (865.7 ) Property and equipment, net $ 905.8 $ 747.8 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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): December 31, Description Maturity Date 2019 2018 Senior secured credit facility: September 19, 2024 Revolving loans $ 339.2 $ 456.9 Term loan 400.0 376.9 4.875% Senior Notes March 15, 2023 400.0 400.0 Finance lease and other obligations 305.6 183.2 Total long-term debt obligations $ 1,444.8 $ 1,417.0 Less unamortized deferred financing costs (12.4 ) (10.1 ) Total debt, net of deferred financing costs $ 1,432.4 $ 1,406.9 Current portion of long-term debt 118.4 82.7 Long-term debt $ 1,314.0 $ 1,324.2 |
Schedule of Contractual Maturities of Debt and Finance Lease Obligations | Contractual maturities of MasTec’s debt, which includes finance lease obligations, as of December 31, 2019 were as follows (in millions): 2020 $ 118.4 2021 114.9 2022 85.2 2023 441.0 2024 685.3 Thereafter — Total $ 1,444.8 |
Lease Obligations (Tables)
Lease Obligations (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Schedule of Future Minimum Lease Commitments, Finance Leases | Future minimum lease commitments as of December 31, 2019 were as follows (in millions): Finance Leases Operating Leases 2020 $ 122.4 $ 88.8 2021 107.9 65.9 2022 67.4 41.6 2023 21.4 20.2 2024 1.1 12.8 Thereafter — 28.7 Total minimum lease payments $ 320.2 $ 258.0 Less amounts representing interest (18.9 ) (21.8 ) Total lease obligations, net of interest $ 301.3 $ 236.2 Less current portion 111.6 81.6 Long-term portion of lease obligations, net of interest $ 189.7 $ 154.6 |
Schedule of Future Minimum Lease Commitments, Operating Leases | Future minimum lease commitments as of December 31, 2019 were as follows (in millions): Finance Leases Operating Leases 2020 $ 122.4 $ 88.8 2021 107.9 65.9 2022 67.4 41.6 2023 21.4 20.2 2024 1.1 12.8 Thereafter — 28.7 Total minimum lease payments $ 320.2 $ 258.0 Less amounts representing interest (18.9 ) (21.8 ) Total lease obligations, net of interest $ 301.3 $ 236.2 Less current portion 111.6 81.6 Long-term portion of lease obligations, net of interest $ 189.7 $ 154.6 |
Stock-Based Compensation and _2
Stock-Based Compensation and Other Employee Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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, 2017 1,448,591 $ 23.29 Granted 423,596 41.41 Vested (554,900 ) 17.73 Canceled/forfeited (47,054 ) 22.26 Non-vested restricted shares, as of December 31, 2018 1,270,233 $ 31.80 Granted 458,670 53.67 Vested (494,910 ) 18.54 Canceled/forfeited (12,400 ) 33.87 Non-vested restricted shares, as of December 31, 2019 1,221,593 $ 45.36 (a) Includes 18,700 and 27,550 restricted stock units as of December 31, 2018 and 2017 , respectively. |
Schedule of Employee Stock Purchase Plans | The following table provides details pertaining to the Company’s ESPPs for the periods indicated: For the Years Ended December 31, 2019 2018 2017 Cash proceeds (in millions) $ 4.7 $ 4.2 $ 3.3 Common shares issued 111,136 110,506 92,145 Weighted average price per share $ 42.46 $ 37.98 $ 35.92 Weighted average per share grant date fair value $ 10.71 $ 9.36 $ 9.24 |
Other Retirement Plans (Tables)
Other Retirement Plans (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Multiemployer Plans [Abstract] | |
Schedule of Multiemployer Pension Plans | Details of significant multiemployer pension plans as of and for the periods indicated, based upon information available to the Company from plan administrators as well as publicly available information on the U.S. Department of Labor website, are provided in the following table: Contributions (in millions) For the Years Ended December 31, Pension Protection Act Zone Status Multiemployer Pension Plan Employer Identification Number Plan Number 2019 2018 2017 Expiration Date of CBA 2019 As of 2018 As of FIP/RP Status Surcharge Central Pension Fund of the IUOE & Participating Employers 36-6052390 001 $ 12.6 $ 20.4 $ 21.6 05/31/2020 Green 01/31/2019 Green 01/31/2018 NA No Pipeline Industry Pension Fund 73-6146433 001 9.6 20.7 28.8 05/31/2020 Green 12/31/2018 (a) Green 12/31/2017 (a) NA No International Union of Operating Engineers Local 132 Pension Fund 55-6015364 001 5.0 5.6 2.3 05/31/2020 Green 03/31/2019 (a) Green 03/31/2018 NA No West Virginia Laborers' Pension Trust Fund 55-6026775 001 4.9 4.5 3.0 05/31/2020 Green 03/31/2019 (a) Green 03/31/2018 (a) NA No Teamsters National Pipe Line Pension Plan 46-1102851 001 4.5 7.4 7.6 05/31/2020 Green 12/31/2018 (a) Green 12/31/2017 (a) NA No IBEW Local 1249 Pension Plan 15-6035161 001 3.2 2.2 1.5 05/02/2021 Green 12/31/2018 Yellow 12/31/2017 NA No Laborers' National Pension Fund 75-1280827 001 3.0 4.1 3.5 05/31/2020 Red 12/31/2018 (a) Red 12/31/2017 Implemented No Laborers' District Council of Western Pennsylvania Pension Fund 25-6135576 001 1.9 1.4 0.6 05/31/2020 Yellow 12/31/2018 Red 12/31/2017 Implemented No Midwest Operating Engineers Pension Trust Fund 36-6140097 001 1.8 1.5 0.1 05/31/2020 Yellow 03/31/2019 (b) Yellow 03/31/2018 (b) Implemented No Employer- Teamsters Local Nos. 175 & 505 Pension Trust Fund 55-6021850 001 1.7 1.5 0.3 05/31/2020 Red 12/31/2018 (a), (b) Red 12/31/2017 (b) Implemented No Laborers' Local Union No. 158 Pension Plan 23-6580323 001 1.5 1.5 1.8 05/31/2020 Green 12/31/2018 (a) Green 12/31/2017 (a) NA No Laborers' Pension Fund of Roanoke, Virginia 54-6111015 001 1.5 2.5 0.1 05/31/2020 Green 09/30/2018 (a) Green 09/30/2017 NA No Laborers District Council & Contractors Pension Fund of Ohio 31-6129964 001 1.4 1.8 2.5 05/31/2020 Green 12/31/2018 Green 12/31/2017 NA No Central Laborers' Pension Fund 37-6052379 001 1.3 0.9 0.5 05/31/2020 Yellow 12/31/2018 (b) Yellow 12/31/2017 (b) Implemented No National Electrical Benefit Fund 53-0181657 001 1.2 1.4 1.8 Varies through 5/31/2021 Green 12/31/2018 Green 12/31/2017 NA No Michigan Laborers' Pension Plan 38-6233976 001 1.1 1.5 2.0 05/31/2020 Yellow 08/31/2019 Yellow 08/31/2018 (b) Implemented No Ohio Operating Engineers Pension Plan 31-6129968 001 0.8 2.1 4.9 05/31/2020 Green 07/31/2018 Green 07/31/2017 NA No Operating Engineers' Local 324 Pension Fund 38-1900637 001 — 0.6 2.1 05/31/2020 Red 04/30/2019 Red 04/30/2018 Implemented No Other funds 9.9 10.8 (c) 7.1 (c) Total multiemployer pension plan contributions $ 66.9 $ 92.4 $ 92.1 (a) The Company’s contributions to this plan represent greater than 5% of the plan’s total contributions. (b) This plan has utilized extended amortization provisions, which provide plans with extensions of time to amortize pension funding shortfalls. (c) Contribution amounts for 2018 and 2017 include approximately $0.2 million and $0.7 million , respectively, for Canadian multiemployer pension plans. Canadian multiemployer pension plans are not subject to the provisions of ERISA or the funding rules under the PPA that apply to U.S. registered multiemployer pension plans. Contributions to Canadian multiemployer pension plans are based on fixed amounts per hour per employee for employees covered under these plans. |
Schedule of Covered Employees and Contributions, Multiemployer Plans | Total contributions to multiemployer plans, and the related number of employees covered by these plans, including with respect to the Company’s Canadian operations for the periods indicated, were as follows: Multiemployer Plans Covered Employees Contributions (in millions) For the Years Ended December 31: Low High Pension Other Multiemployer Total 2019 1,119 5,349 $ 66.9 $ 5.7 $ 72.6 2018 1,626 6,336 $ 92.4 $ 7.3 $ 99.7 2017 550 7,057 $ 92.1 $ 10.3 $ 102.4 |
Equity (Tables)
Equity (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Accumulated Other Comprehensive Loss | |
Rollforward of Accumulated Other Comprehensive Loss | A rollforward of activity within accumulated other comprehensive income (loss) for the periods indicated was as follows (in thousands): For the Years Ended December 31, 2019 2018 2017 Foreign Currency Other Total Foreign Currency Other Total Foreign Currency Other Total Balance as of January 1 $ (65,496 ) $ 5,002 $ (60,494 ) $ (62,851 ) $ (861 ) $ (63,712 ) $ (64,478 ) $ (1,336 ) $ (65,814 ) Unrealized (losses) gains, net of tax (189 ) (15,023 ) (15,212 ) (2,645 ) 5,863 3,218 1,627 475 2,102 Balance as of December 31 $ (65,685 ) $ (10,021 ) $ (75,706 ) $ (65,496 ) $ 5,002 $ (60,494 ) $ (62,851 ) $ (861 ) $ (63,712 ) Unrealized foreign currency activity, net, for the three years in the period ended December 31, 2019 relates to the Company’s operations in Canada and Mexico, and unrealized investment activity, net, relates to unrealized gains and losses on interest rate swaps associated with the Waha JVs. |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income before Income Taxes | The components of income before income taxes for the periods indicated were as follows (in millions): For the Years Ended December 31, 2019 2018 2017 Domestic $ 452.2 $ 341.1 $ 334.9 Foreign 58.7 24.2 36.9 Total $ 510.9 $ 365.3 $ 371.8 |
Schedule of Provision for Income Taxes | The provision for income taxes for the periods indicated were as follows (in millions): For the Years Ended December 31, 2019 2018 2017 Current: Federal $ 77.4 $ 26.7 $ (6.0 ) Foreign 6.2 9.4 11.5 State and local 15.6 10.5 (0.8 ) $ 99.2 $ 46.6 $ 4.7 Deferred: Federal $ 22.4 $ 43.9 $ 18.2 Foreign (2.8 ) 3.3 (7.5 ) State and local (2.0 ) 12.3 7.6 $ 17.6 $ 59.5 $ 18.3 Provision for income taxes $ 116.8 $ 106.1 $ 22.9 |
Schedule of Deferred Tax Assets and Liabilities | The tax effects of significant items comprising the Company’s net deferred tax liability as of the dates indicated were as follows (in millions): December 31, 2019 2018 Deferred tax assets: Accrued insurance $ 28.6 $ 25.9 Operating loss carryforwards and tax credits 70.5 67.7 Compensation and benefits 16.8 15.2 Bad debt 0.9 2.4 Other 11.5 8.4 Valuation allowance (48.8 ) (40.6 ) Total deferred tax assets $ 79.5 $ 79.0 Deferred tax liabilities: Property and equipment $ 179.5 $ 146.3 Goodwill 49.6 55.6 Other intangible assets 35.0 28.1 Gain on remeasurement of equity investee 7.0 7.1 Revenue recognition 20.6 21.6 Investments in unconsolidated entities 74.0 67.9 Other 10.1 16.1 Total deferred tax liabilities $ 375.8 $ 342.7 Net deferred tax liabilities $ (296.3 ) $ (263.7 ) |
Schedule of Effective Tax Rate Reconciliation | A reconciliation of the U.S. statutory federal income tax rate related to pretax income to the effective tax rate for the periods indicated is as follows: For the Years Ended December 31, 2019 2018 2017 U.S. statutory federal rate applied to pretax income 21.0 % 21.0 % 35.0 % State and local income taxes, net of federal benefit 3.2 4.2 2.0 Foreign tax rate differential 0.2 1.5 0.3 Non-deductible expenses 1.7 1.7 2.2 Goodwill and intangible assets (0.5 ) 3.6 (0.0 ) Change in tax rate (1.5 ) (2.8 ) (32.3 ) Domestic production activities deduction 0.0 0.0 (0.2 ) Other (1.0 ) (2.4 ) (0.7 ) Tax credits (0.6 ) (0.4 ) (2.8 ) Stock basis adjustment (1.8 ) 0.0 0.0 Valuation allowance for deferred tax assets 2.2 2.6 2.7 Effective income tax rate 22.9 % 29.0 % 6.2 % |
Rollforward of Uncertain Tax Positions | A reconciliation of the beginning and ending amount of uncertain tax positions including interest and penalties is as follows (in millions): For the Years Ended December 31, 2019 2018 2017 Beginning balance $ 9.4 $ 8.1 $ — Additions based on tax positions related to the current year 3.7 2.7 3.2 Additions for tax positions of prior years 0.7 — 4.9 Reductions for tax positions of prior years (0.3 ) (1.4 ) — Ending balance $ 13.5 $ 9.4 $ 8.1 |
Segments and Related Informat_2
Segments and Related Information (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Segment Reporting [Abstract] | |
Schedule of Financial Information by Reportable Segment | 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 Years Ended December 31, Revenue: 2019 2018 2017 Communications (a) $ 2,618.8 $ 2,556.8 $ 2,424.4 Oil and Gas 3,117.2 3,288.7 3,497.2 Electrical Transmission 413.9 397.3 378.2 Power Generation and Industrial 1,034.3 665.0 299.9 Other 0.2 3.5 20.8 Eliminations (1.2 ) (1.9 ) (13.5 ) Consolidated revenue $ 7,183.2 $ 6,909.4 $ 6,607.0 (a) Revenue generated primarily by utilities customers represented 15.0% , 14.9% and 13.4% of Communications segment revenue for the years ended December 31, 2019 , 2018 and 2017 , respectively. For the Years Ended December 31, EBITDA: 2019 2018 2017 Communications $ 208.8 $ 290.4 $ 247.4 Oil and Gas 634.2 451.6 402.2 Electrical Transmission 29.5 10.5 17.6 Power Generation and Industrial 40.1 40.4 22.6 Other 26.5 24.4 19.8 Corporate (115.7 ) (156.4 ) (88.7 ) Consolidated EBITDA $ 823.4 $ 660.8 $ 620.9 For the year ended December 31, 2019 , Corporate EBITDA included $3.3 million of indefinite-lived pre-qualification intangible asset impairment charges. For the year ended December 31, 2018 , Corporate EBITDA included $47.7 million of goodwill impairment charges and Other segment EBITDA included project gains of $1.0 million from a proportionately consolidated non-controlled Canadian joint venture, which is managed by a third party and for which the Company has minimal direct construction involvement. For the year ended December 31, 2017 , Other segment EBITDA included project losses from this non-controlled joint venture of $7.9 million . For the Years Ended December 31, Depreciation and Amortization: 2019 2018 2017 Communications $ 65.0 $ 59.3 $ 53.2 Oil and Gas 127.2 113.7 96.7 Electrical Transmission 20.0 19.8 22.8 Power Generation and Industrial 14.1 13.7 9.1 Other 0.1 0.1 0.1 Corporate 9.1 6.3 6.1 Consolidated depreciation and amortization $ 235.5 $ 212.9 $ 188.0 As of December 31, Assets: 2019 2018 2017 Communications $ 1,958.1 $ 1,461.7 $ 1,314.4 Oil and Gas 1,762.4 1,965.3 1,762.6 Electrical Transmission 463.9 423.9 471.4 Power Generation and Industrial 570.5 358.7 288.6 Other 192.2 193.9 153.2 Corporate 49.9 36.5 76.4 Consolidated segment assets $ 4,997.0 $ 4,440.0 $ 4,066.6 For the Years Ended December 31, Capital Expenditures: 2019 2018 2017 Communications $ 36.0 $ 69.3 $ 40.5 Oil and Gas 59.7 83.5 57.7 Electrical Transmission 6.8 10.2 14.9 Power Generation and Industrial 12.7 6.5 5.4 Other 0.0 0.0 0.0 Corporate 11.3 10.9 4.9 Consolidated capital expenditures $ 126.5 $ 180.4 $ 123.4 |
Reconciliation of Consolidated Income before Income Taxes to EBITDA | For the Years Ended December 31, EBITDA Reconciliation: 2019 2018 2017 Income before income taxes $ 510.9 $ 365.3 $ 371.8 Plus: Interest expense, net 77.0 82.6 61.0 Depreciation and amortization 235.5 212.9 188.0 Consolidated EBITDA $ 823.4 $ 660.8 $ 620.9 |
Schedule of Significant Customers, Revenue Concentration Information | Revenue concentration information for significant customers as a percentage of total consolidated revenue was as follows: For the Years Ended December 31, 2019 2018 2017 Customer: AT&T (including DIRECTV ® ) (a) 20% 23% 25% Equitrans Midstream Corporation/EQT Corporation (b) 11% 20% —% Energy Transfer affiliates (c) 8% 14% 40% (a) The Company’s relationship with AT&T is based upon multiple separate master service and other service agreements, including for installation and maintenance services, as well as construction/installation contracts for AT&T’s: (i) wireless business; (ii) wireline/fiber businesses; and (iii) various install-to-the-home businesses, including DIRECTV ® . Revenue from AT&T is included in the Communications segment. (b) The Company's relationship with Equitrans Midstream Corporation and its affiliates, which was spun off from EQT Corporation and its affiliates in 2018, is based upon various construction contracts for pipeline activities. Revenue from Equitrans Midstream Corporation and its affiliates is included in the Oil and Gas segment. (c) The Company's relationship with Energy Transfer affiliates is based upon various construction contracts for pipeline activities with Energy Transfer Operating, L.P., and its subsidiaries and affiliates. Revenue from Energy Transfer affiliates is included in the Oil and Gas segment. |
Quarterly Information (Unaudi_2
Quarterly Information (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Information (Unaudited) | The following table presents selected unaudited quarterly operating results for the years ended December 31, 2019 and 2018 (in millions, except per share data). The Company believes that all necessary adjustments have been included in the amounts stated below to present fairly the quarterly results when read in conjunction with the consolidated financial statements and notes thereto. The sum of the individual quarterly amounts to the full year amounts as disclosed below may contain slight summation differences due to rounding. For the 2019 Quarters Ended For the 2018 Quarters Ended March 31 June 30 September 30 December 31 March 31 June 30 September 30 December 31 Revenue $ 1,518.3 $ 1,939.0 $ 2,016.6 $ 1,709.3 $ 1,396.8 $ 1,617.8 $ 1,977.2 $ 1,917.6 Costs of revenue, excluding depreciation and amortization $ 1,312.0 $ 1,633.4 $ 1,690.6 $ 1,434.2 $ 1,237.3 $ 1,366.6 $ 1,681.4 $ 1,654.0 Net income $ 43.1 $ 120.2 $ 130.1 $ 100.7 $ 26.5 $ 80.4 $ 120.5 $ 31.8 Net income attributable to MasTec, Inc. $ 43.1 $ 119.7 $ 128.6 $ 100.9 $ 26.6 $ 80.5 $ 120.7 $ 31.9 Earnings per share: Basic $ 0.57 $ 1.59 $ 1.71 $ 1.34 $ 0.33 $ 1.02 $ 1.55 $ 0.42 Diluted $ 0.57 $ 1.58 $ 1.69 $ 1.33 $ 0.32 $ 1.01 $ 1.52 $ 0.41 |
Supplemental Guarantor Financ_2
Supplemental Guarantor Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Condensed Financial Statements, Supplemental Guarantor Information [Abstract] | |
Condensed Consolidating Statements of Operations and Comprehensive Income (Loss) | CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (in millions) For the Year Ended December 31, 2019 MasTec, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated MasTec, Inc. Revenue $ — $ 6,799.4 $ 474.7 $ (90.9 ) $ 7,183.2 Costs of revenue, excluding depreciation and amortization — 5,703.4 457.7 (90.9 ) 6,070.2 Depreciation and amortization — 214.0 21.5 — 235.5 Intangible asset impairment — — 3.3 — 3.3 General and administrative expenses 3.2 279.4 16.9 — 299.5 Interest expense (income), net — 138.4 (61.4 ) — 77.0 Equity in earnings of unconsolidated affiliates — (0.0 ) (27.4 ) — (27.4 ) Other expense (income), net — 51.4 (37.3 ) — 14.0 (Loss) income before income taxes $ (3.2 ) $ 412.8 $ 101.4 $ — $ 510.9 Benefit from (provision for) income taxes 0.8 (111.5 ) (6.1 ) — (116.8 ) Net (loss) income before equity in income from subsidiaries $ (2.4 ) $ 301.3 $ 95.3 $ — $ 394.1 Equity in income from subsidiaries, net of tax 394.7 — — (394.7 ) — Net income (loss) $ 392.3 $ 301.3 $ 95.3 $ (394.7 ) $ 394.1 Net income attributable to non-controlling interests — — 1.8 — 1.8 Net income (loss) attributable to MasTec, Inc. $ 392.3 $ 301.3 $ 93.5 $ (394.7 ) $ 392.3 Comprehensive income (loss) $ 379.7 $ 303.3 $ 77.9 $ (382.1 ) $ 378.9 CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (in millions) For the Year Ended December 31, 2018 MasTec, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated MasTec, Inc. Revenue $ — $ 6,539.3 $ 492.6 $ (122.5 ) $ 6,909.4 Costs of revenue, excluding depreciation and amortization — 5,609.4 452.4 (122.5 ) 5,939.3 Depreciation and amortization — 190.5 22.4 — 212.9 Goodwill impairment — — 47.7 — 47.7 General and administrative expenses 3.1 266.4 17.8 — 287.3 Interest expense (income), net — 147.0 (64.4 ) — 82.6 Equity in earnings of unconsolidated affiliates — — (23.9 ) — (23.9 ) Other expense (income), net — 2.9 (4.7 ) — (1.8 ) (Loss) income before income taxes $ (3.1 ) $ 323.1 $ 45.3 $ — $ 365.3 Benefit from (provision for) income taxes 0.9 (94.2 ) (12.8 ) — (106.1 ) Net (loss) income before equity in income from subsidiaries $ (2.2 ) $ 228.9 $ 32.5 $ — $ 259.2 Equity in income from subsidiaries, net of tax 261.9 — — (261.9 ) — Net income (loss) $ 259.7 $ 228.9 $ 32.5 $ (261.9 ) $ 259.2 Net loss attributable to non-controlling interests — — (0.4 ) — (0.4 ) Net income (loss) attributable to MasTec, Inc. $ 259.7 $ 228.9 $ 32.9 $ (261.9 ) $ 259.7 Comprehensive income (loss) $ 262.9 $ 228.9 $ 35.7 $ (265.1 ) $ 262.4 For the Year Ended December 31, 2017 MasTec, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated MasTec, Inc. Revenue $ — $ 6,222.3 $ 457.0 $ (72.3 ) $ 6,607.0 Costs of revenue, excluding depreciation and amortization — 5,378.6 439.0 (72.3 ) 5,745.3 Depreciation and amortization — 159.1 28.9 — 188.0 General and administrative expenses 2.3 256.3 16.5 — 275.1 Interest expense (income), net — 123.6 (62.6 ) — 61.0 Equity in earnings of unconsolidated affiliates — — (21.3 ) — (21.3 ) Other income, net — (13.0 ) — — (13.0 ) (Loss) income before income taxes $ (2.3 ) $ 317.7 $ 56.5 $ — $ 371.8 Benefit from (provision for) income taxes 0.2 (18.1 ) (5.0 ) — (22.9 ) Net (loss) income before equity in income from subsidiaries $ (2.1 ) $ 299.6 $ 51.5 $ — $ 348.9 Equity in income from subsidiaries, net of tax 349.3 — — (349.3 ) — Net income (loss) $ 347.2 $ 299.6 $ 51.5 $ (349.3 ) $ 348.9 Net income (loss) attributable to non-controlling interests — 2.4 (0.7 ) — 1.7 Net income (loss) attributable to MasTec, Inc. $ 347.2 $ 297.2 $ 52.2 $ (349.3 ) $ 347.2 Comprehensive income (loss) $ 349.3 $ 299.6 $ 53.6 $ (351.4 ) $ 351.0 |
Condensed Consolidating Balance Sheets | CONDENSED CONSOLIDATING BALANCE SHEETS (in millions) As of December 31, 2019 MasTec, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated MasTec, Inc. Assets Total current assets $ — $ 1,987.8 $ 248.1 $ (62.4 ) $ 2,173.6 Property and equipment, net — 862.0 43.9 — 905.8 Operating lease assets — 214.7 15.2 — 229.9 Goodwill and other intangible assets, net — 1,265.6 167.3 — 1,433.0 Investments in and advances to consolidated affiliates, net 1,768.9 1,233.5 — (3,002.4 ) — Other long-term assets 18.4 42.6 193.8 — 254.7 Total assets $ 1,787.3 $ 5,606.2 $ 668.3 $ (3,064.8 ) $ 4,997.0 Liabilities and equity Total current liabilities $ 0.1 $ 1,141.6 $ 139.8 $ (62.4 ) $ 1,219.1 Long-term debt, including finance leases — 1,310.9 3.1 — 1,314.0 Advances from consolidated affiliates, net — — 167.5 (167.5 ) — Long-term operating lease liabilities — 143.0 11.6 — 154.6 Other long-term liabilities — 493.1 24.5 — 517.6 Total liabilities $ 0.1 $ 3,088.6 $ 346.5 $ (229.9 ) $ 3,205.3 Total equity $ 1,787.2 $ 2,517.6 $ 321.8 $ (2,834.9 ) $ 1,791.7 Total liabilities and equity $ 1,787.3 $ 5,606.2 $ 668.3 $ (3,064.8 ) $ 4,997.0 As of December 31, 2018 MasTec, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated MasTec, Inc. Assets Total current assets $ — $ 1,993.0 $ 248.5 $ (72.5 ) $ 2,169.0 Property and equipment, net — 699.2 48.6 — 747.8 Goodwill and other intangible assets, net — 1,188.0 81.7 — 1,269.7 Investments in and advances to consolidated affiliates, net 1,373.1 1,138.4 816.9 (3,328.4 ) — Other long-term assets 16.8 42.0 194.6 — 253.4 Total assets $ 1,389.9 $ 5,060.6 $ 1,390.3 $ (3,400.9 ) $ 4,440.0 Liabilities and equity Total current liabilities $ — $ 1,185.9 $ 170.2 $ (72.5 ) $ 1,283.6 Long-term debt, including finance leases — 1,319.4 4.9 — 1,324.2 Other long-term liabilities — 429.2 10.8 — 440.1 Total liabilities $ — $ 2,934.5 $ 185.9 $ (72.5 ) $ 3,047.9 Total equity $ 1,389.9 $ 2,126.1 $ 1,204.4 $ (3,328.4 ) $ 1,392.0 Total liabilities and equity $ 1,389.9 $ 5,060.6 $ 1,390.3 $ (3,400.9 ) $ 4,440.0 |
Condensed Consolidating Statements of Cash Flows | CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS (in millions) For the Year Ended December 31, 2019 MasTec, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated MasTec, Inc. Net cash provided by operating activities $ — $ 467.2 $ 83.1 $ — $ 550.3 Cash flows from investing activities: Cash paid for acquisitions, net of cash acquired — (179.5 ) — — (179.5 ) Capital expenditures — (120.8 ) (5.7 ) — (126.5 ) Proceeds from sale of property and equipment — 24.8 10.2 — 35.0 Payments for other investments — (4.3 ) (1.3 ) — (5.6 ) Proceeds from other investments — 10.8 3.9 — 14.7 Net cash (used in) provided by investing activities $ — $ (269.0 ) $ 7.1 $ — $ (261.8 ) Cash flows from financing activities: Proceeds from credit facilities — 3,015.3 10.6 — 3,025.9 Repayments of credit facilities — (3,116.0 ) (10.6 ) — (3,126.6 ) Repayments of other borrowings, net — (9.7 ) (2.7 ) — (12.4 ) Payments of finance lease obligations — (86.3 ) (2.0 ) — (88.3 ) Payments of acquisition-related contingent consideration — (34.3 ) — — (34.3 ) Proceeds from non-controlling interests — — 0.6 — 0.6 Proceeds from stock-based awards 4.7 — — — 4.7 Repurchase of common stock (5.7 ) — — — (5.7 ) Other financing activities, net — (5.5 ) (3.0 ) — (8.5 ) Net financing activities and advances from (to) consolidated affiliates 1.0 62.8 (63.8 ) — — Net cash used in financing activities $ — $ (173.7 ) $ (70.9 ) $ — $ (244.6 ) Effect of currency translation on cash — — 0.2 — 0.2 Net increase in cash and cash equivalents $ — $ 24.5 $ 19.5 $ — $ 44.0 Cash and cash equivalents - beginning of period — 11.9 15.6 — 27.4 Cash and cash equivalents - end of period $ — $ 36.4 $ 35.1 $ — $ 71.4 CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS (in millions) For the Year Ended December 31, 2018 MasTec, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated MasTec, Inc. Net cash provided by operating activities $ — $ 341.6 $ 188.4 $ — $ 530.0 Cash flows from investing activities: Cash paid for acquisitions, net of cash acquired — (6.7 ) — — (6.7 ) Capital expenditures — (174.3 ) (6.1 ) — (180.4 ) Proceeds from sale of property and equipment — 26.2 13.1 — 39.4 Payments for other investments — (11.8 ) (27.6 ) — (39.5 ) Proceeds from other investments — — 5.4 — 5.4 Net cash used in investing activities $ — $ (166.6 ) $ (15.2 ) $ — $ (181.8 ) Cash flows from financing activities: Proceeds from credit facilities — 3,383.9 34.3 — 3,418.2 Repayments of credit facilities — (3,314.8 ) (44.7 ) — (3,359.5 ) Repayments of other borrowings, net — (17.1 ) (0.3 ) — (17.4 ) Payments of finance lease obligations — (66.6 ) (5.6 ) — (72.2 ) Payments of acquisition-related contingent consideration — (15.9 ) — — (15.9 ) Distributions to non-controlling interests — (0.6 ) — — (0.6 ) Proceeds from stock-based awards 4.0 — — — 4.0 Payments for stock-based awards (3.8 ) — — — (3.8 ) Repurchase of common stock (313.9 ) — — — (313.9 ) Other financing activities, net — — — — — Net financing activities and advances from (to) consolidated affiliates 313.7 (142.1 ) (171.6 ) — — Net cash used in financing activities $ — $ (173.2 ) $ (187.9 ) $ — $ (361.1 ) Effect of currency translation on cash — — — — — Net increase (decrease) in cash and cash equivalents $ — $ 1.8 $ (14.7 ) $ — $ (12.9 ) Cash and cash equivalents - beginning of period — 10.1 30.3 — 40.3 Cash and cash equivalents - end of period $ — $ 11.9 $ 15.6 $ — $ 27.4 CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS (in millions) For the Year Ended December 31, 2017 MasTec, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated MasTec, Inc. Net cash provided by operating activities $ — $ 142.9 $ 1.2 $ — $ 144.1 Cash flows from investing activities: Cash paid for acquisitions, net of cash acquired — (116.0 ) — — (116.0 ) Capital expenditures — (120.1 ) (3.3 ) — (123.4 ) Proceeds from sale of property and equipment — 18.2 1.8 — 20.0 Payments for other investments — (3.8 ) (73.3 ) — (77.1 ) Proceeds from other investments — 1.2 22.6 — 23.8 Net cash used in investing activities $ — $ (220.5 ) $ (52.2 ) $ — $ (272.7 ) Cash flows from financing activities: Proceeds from credit facilities — 2,674.4 24.6 — 2,699.0 Repayments of credit facilities — (2,428.9 ) (28.4 ) — (2,457.3 ) Repayments of other borrowings, net — (2.3 ) (1.1 ) — (3.4 ) Payments of finance lease obligation — (59.2 ) (8.5 ) — (67.7 ) Payments of acquisition-related contingent consideration — (6.6 ) — — (6.7 ) Distributions to non-controlling interests — (22.7 ) — — (22.7 ) Proceeds from stock-based awards 3.1 — — — 3.1 Payments for stock-based awards (6.2 ) — — — (6.2 ) Repurchase of common stock (1.6 ) — — — (1.6 ) Other financing activities, net — (6.3 ) — — (6.3 ) Net financing activities and advances from (to) consolidated affiliates 4.7 (89.6 ) 84.9 — — Net cash provided by financing activities $ — $ 58.8 $ 71.5 $ — $ 130.3 Effect of currency translation on cash — — (0.1 ) — (0.1 ) Net (decrease) increase in cash and cash equivalents $ — $ (18.8 ) $ 20.4 $ — $ 1.6 Cash and cash equivalents - beginning of period — 28.9 9.9 — 38.8 Cash and cash equivalents - end of period $ — $ 10.1 $ 30.3 $ — $ 40.3 |
Business, Basis of Presentati_3
Business, Basis of Presentation and Significant Accounting Policies (Narrative) (Details) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019USD ($)segment | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | |
Business, Basis Of Presentation And Significant Accounting Policies [Line Items] | ||||
Number of reportable segments | segment | 5 | |||
Valuation allowances for inventory | $ 7,700 | $ 7,800 | ||
Cash | 71,427 | 27,422 | $ 40,326 | $ 38,767 |
Financing costs incurred | 5,500 | |||
Amortization of deferred financing costs | 2,900 | 2,900 | $ 3,300 | |
Deferred financing costs, net of accumulated amortization | 12,400 | 10,100 | ||
Self-Insurance [Member] | Workers' Compensation Policy [Member] | ||||
Business, Basis Of Presentation And Significant Accounting Policies [Line Items] | ||||
Per claim deductible, insurance policies | 1,800 | |||
Self-Insurance [Member] | General Liability Policy [Member] | ||||
Business, Basis Of Presentation And Significant Accounting Policies [Line Items] | ||||
Per claim deductible, insurance policies | 3,000 | |||
Self-Insurance [Member] | Property Insurance Policy [Member] | Automobile Liability [Member] | ||||
Business, Basis Of Presentation And Significant Accounting Policies [Line Items] | ||||
Per claim deductible, insurance policies | 8,000 | |||
Self-Insurance [Member] | Employee Group Medical Claims Policy [Member] | ||||
Business, Basis Of Presentation And Significant Accounting Policies [Line Items] | ||||
Loss contingency, maximum loss per employee | 500 | |||
Proportionately Consolidated Non-Controlled Joint Venture [Member] | ||||
Business, Basis Of Presentation And Significant Accounting Policies [Line Items] | ||||
Cash | $ 13,100 | $ 11,800 | ||
Maximum [Member] | ||||
Business, Basis Of Presentation And Significant Accounting Policies [Line Items] | ||||
Lessee, Lease, Term Of Contract | 10 years | |||
Facility Leases [Member] | Minimum [Member] | ||||
Business, Basis Of Presentation And Significant Accounting Policies [Line Items] | ||||
Lessee, Lease, Renewal Term | 1 year | |||
Facility Leases [Member] | Maximum [Member] | ||||
Business, Basis Of Presentation And Significant Accounting Policies [Line Items] | ||||
Lessee, Lease, Renewal Term | 5 years | |||
Equipment Leases [Member] | Minimum [Member] | ||||
Business, Basis Of Presentation And Significant Accounting Policies [Line Items] | ||||
Lessee, Lease, Renewal Term | 1 year | |||
Equipment Leases [Member] | Maximum [Member] | ||||
Business, Basis Of Presentation And Significant Accounting Policies [Line Items] | ||||
Lessee, Lease, Renewal Term | 5 years |
Business, Basis of Presentati_4
Business, Basis of Presentation and Significant Accounting Policies (Revenue Recognition) (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Jan. 01, 2018 | |
Revenue [Line Items] | ||||
Retained earnings, cumulative effect recognized on intial application of the new guidance (in dollars) | $ 1,510,709 | $ 1,118,375 | ||
Revenue recognition, performance obligations satisfied in previous periods, revenue recognized (in dollars) | 58,300 | 38,500 | ||
Contract with customer, unapproved change orders and/or claims, amount (in dollars) | $ 27,000 | $ 56,000 | ||
Maximum [Member] | ||||
Revenue [Line Items] | ||||
Revenue recognition, changes in contract estimates, cost-to-cost method, financial effect, percentage | 5.00% | 5.00% | ||
Change order or claim approval process, term within which expected to be completed (in years) | 1 year | |||
Revenue Benchmark [Member] | Concentration Risk from Type of Arrangement [Member] | Master Service and Other Service Agreements [Member] | ||||
Revenue [Line Items] | ||||
Concentration risk, percentage of total | 36.00% | 35.00% | 36.00% | |
Revenue Benchmark [Member] | Concentration Risk from Type of Arrangement [Member] | Master Service and Other Service Agreements [Member] | Point in Time [Member] | ||||
Revenue [Line Items] | ||||
Concentration risk, percentage of total | 5.00% | 7.00% | ||
ASU 2014-09 [Member] | Difference between Revenue Guidance in Effect before and after Topic 606 [Member] | ||||
Revenue [Line Items] | ||||
Retained earnings, cumulative effect recognized on intial application of the new guidance (in dollars) | $ 2,000 |
Business, Basis of Presentati_5
Business, Basis of Presentation and Significant Accounting Policies (Remaining Performance Obligations) (Narrative) (Details) $ in Billions | Dec. 31, 2019USD ($) |
Revenue from Contract with Customer [Abstract] | |
Revenue recognition, remaining performance obligations, contract price allocated (in dollars) | $ 5.3 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-01-01 | |
Revenue from Contract with Customer [Abstract] | |
Revenue recognition, remaining performance obligations, contract price allocated (in dollars) | $ 4.6 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue recognition, remaining performance obligations, completion period (in years) | 1 year |
Business, Basis of Presentati_6
Business, Basis of Presentation and Significant Accounting Policies (Goodwill and Indefinite-Lived Intangible Assets) (Narrative) (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2018USD ($)yr | Dec. 31, 2019USD ($)yrcomponentreportingunit | Dec. 31, 2018USD ($)yrcomponentreportingunit | Dec. 31, 2017USD ($)componentreportingunit | |
Goodwill and Indefinite-Lived Intangible Assets [Line Items] | ||||
Goodwill, carrying amount (in dollars) | $ 1,100,350 | $ 1,221,440 | $ 1,100,350 | $ 1,137,700 |
Goodwill, pre-tax impairment charge | 47,700 | 47,700 | ||
Impairment of Intangible Assets (Excluding Goodwill) | 3,300 | |||
Pre-Qualifications [Member] | ||||
Goodwill and Indefinite-Lived Intangible Assets [Line Items] | ||||
Indefinite-lived intangible assets, carrying amount (in dollars) | $ 74,000 | $ 72,900 | $ 74,000 | $ 77,600 |
Goodwill [Member] | ||||
Goodwill and Indefinite-Lived Intangible Assets [Line Items] | ||||
Impairment testing, discount rate sensitivity analysis, spread on discount rate for which evaluation was completed (percentage) | 100.00% | 100.00% | ||
Terminal Growth Rate [Member] | Minimum [Member] | ||||
Goodwill and Indefinite-Lived Intangible Assets [Line Items] | ||||
Goodwill impairment testing, measurement input | 0.024 | 0.030 | 0.024 | |
Terminal Growth Rate [Member] | Maximum [Member] | ||||
Goodwill and Indefinite-Lived Intangible Assets [Line Items] | ||||
Goodwill impairment testing, measurement input | 0.035 | 0.035 | ||
Number of Years of Discounted Cash Flows [Member] | Minimum [Member] | ||||
Goodwill and Indefinite-Lived Intangible Assets [Line Items] | ||||
Goodwill impairment testing, measurement input | yr | 4 | 5 | 4 | |
Number of Years of Discounted Cash Flows [Member] | Minimum [Member] | Pre-Qualifications [Member] | ||||
Goodwill and Indefinite-Lived Intangible Assets [Line Items] | ||||
Indefinite-lived intangible assets, impairment testing, measurement input | yr | 2 | 2 | ||
Number of Years of Discounted Cash Flows [Member] | Maximum [Member] | ||||
Goodwill and Indefinite-Lived Intangible Assets [Line Items] | ||||
Goodwill impairment testing, measurement input | yr | 9 | 9 | 9 | |
Number of Years of Discounted Cash Flows [Member] | Maximum [Member] | Pre-Qualifications [Member] | ||||
Goodwill and Indefinite-Lived Intangible Assets [Line Items] | ||||
Indefinite-lived intangible assets, impairment testing, measurement input | yr | 4 | 4 | 4 | |
Discount Rate [Member] | Pre-Qualifications [Member] | ||||
Goodwill and Indefinite-Lived Intangible Assets [Line Items] | ||||
Indefinite-lived intangible assets, impairment testing, measurement input | 0.130 | |||
Discount Rate [Member] | Minimum [Member] | ||||
Goodwill and Indefinite-Lived Intangible Assets [Line Items] | ||||
Goodwill impairment testing, measurement input | 0.110 | 0.130 | 0.110 | |
Discount Rate [Member] | Minimum [Member] | Pre-Qualifications [Member] | ||||
Goodwill and Indefinite-Lived Intangible Assets [Line Items] | ||||
Indefinite-lived intangible assets, impairment testing, measurement input | 0.130 | 0.130 | ||
Discount Rate [Member] | Maximum [Member] | ||||
Goodwill and Indefinite-Lived Intangible Assets [Line Items] | ||||
Goodwill impairment testing, measurement input | 0.160 | 0.160 | 0.160 | |
Discount Rate [Member] | Maximum [Member] | Pre-Qualifications [Member] | ||||
Goodwill and Indefinite-Lived Intangible Assets [Line Items] | ||||
Indefinite-lived intangible assets, impairment testing, measurement input | 0.140 | 0.140 | ||
Power Generation and Industrial [Member] | ||||
Goodwill and Indefinite-Lived Intangible Assets [Line Items] | ||||
Number of aggregated components in reporting unit | component | 2 | 2 | 2 | |
Goodwill impairment testing, number of reporting units | reportingunit | 1 | |||
Goodwill, carrying amount (in dollars) | $ 143,100 | $ 152,600 | $ 143,100 | $ 135,800 |
Goodwill, pre-tax impairment charge | $ 0 | |||
Communications [Member] | ||||
Goodwill and Indefinite-Lived Intangible Assets [Line Items] | ||||
Number of aggregated components in reporting unit | component | 1 | 1 | 1 | |
Goodwill impairment testing, number of reporting units | reportingunit | 1 | 2 | ||
Goodwill, carrying amount (in dollars) | 467,800 | $ 541,300 | $ 467,800 | $ 466,400 |
Goodwill, pre-tax impairment charge | $ 0 | |||
Oil and Gas [Member] | ||||
Goodwill and Indefinite-Lived Intangible Assets [Line Items] | ||||
Number of aggregated components in reporting unit | component | 1 | 1 | 1 | |
Goodwill impairment testing, number of reporting units | reportingunit | 3 | 3 | 2 | |
Goodwill, carrying amount (in dollars) | 339,600 | $ 377,600 | $ 339,600 | $ 385,600 |
Goodwill, pre-tax impairment charge | 47,700 | |||
Oil and Gas [Member] | Pre-Qualifications [Member] | ||||
Goodwill and Indefinite-Lived Intangible Assets [Line Items] | ||||
Indefinite-lived intangible assets, carrying amount (in dollars) | $ 43,000 | $ 41,400 | $ 43,000 | |
Indefinite-lived intangible assets impairment testing, percentage of estimated fair value in excess of carrying value | 16.00% | 16.00% | ||
Oil and Gas [Member] | Reporting Unit A, Quantitative Testing [Member] | ||||
Goodwill and Indefinite-Lived Intangible Assets [Line Items] | ||||
Goodwill impairment testing, number of reporting units | reportingunit | 1 | |||
Oil and Gas [Member] | Reporting Unit B, Quantitative Testing [Member] | ||||
Goodwill and Indefinite-Lived Intangible Assets [Line Items] | ||||
Goodwill impairment testing, number of reporting units | reportingunit | 2 | |||
Goodwill, carrying amount (in dollars) | $ 15,000 | $ 15,000 | $ 15,000 | |
Goodwill impairment testing, reporting unit, percentage of estimated fair value in excess of carrying value | 5.00% | 15.00% | 5.00% | |
Oil and Gas [Member] | Reporting Unit Or Intangible For Which Impairment Charge Was Recorded [Member] | ||||
Goodwill and Indefinite-Lived Intangible Assets [Line Items] | ||||
Goodwill impairment testing, number of reporting units | reportingunit | 1 | |||
Goodwill, carrying amount (in dollars) | $ 14,000 | $ 14,000 | ||
Electrical Transmission [Member] | ||||
Goodwill and Indefinite-Lived Intangible Assets [Line Items] | ||||
Percentage of aggregated components in reporting unit | 100.00% | 100.00% | 100.00% | |
Goodwill, carrying amount (in dollars) | $ 149,900 | $ 149,900 | $ 149,900 | $ 149,900 |
Goodwill, pre-tax impairment charge | $ 0 | |||
Other [Member] | ||||
Goodwill and Indefinite-Lived Intangible Assets [Line Items] | ||||
Number of aggregated components in reporting unit | component | 1 | 1 | 1 |
Business, Basis of Presentati_7
Business, Basis of Presentation and Significant Accounting Policies (Stock-Based Compensation) (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation, shares withheld (in shares) | 96,739 | 138,519 | |
Stock-based compensation, payments for employee tax obligations to taxing authorities (in dollars) | $ 45 | $ 3,821 | $ 6,189 |
Restricted Shares [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation, vesting period (in years) | 3 years | ||
Employee Stock Purchase Plans [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation, purchase price of common stock, percentage | 85.00% |
Business, Basis of Presentati_8
Business, Basis of Presentation and Significant Accounting Policies (New Accounting Pronouncements) (Narrative) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Jan. 01, 2019 | Dec. 31, 2018 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Operating lease assets | $ 229,903 | $ 0 | |
Operating leases, liabilities | $ 236,200 | ||
ASU 2016-02 [Member] | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Operating lease assets | $ 230,000 | ||
ASU 2016-02 [Member] | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Operating lease assets | 230,000 | ||
Operating leases, liabilities | $ 230,000 |
Earnings Per Share (Narrative)
Earnings Per Share (Narrative) (Details) - shares shares in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Earnings Per Share [Abstract] | ||
Treasury stock acquired (in shares) | 7.2 | |
Effect of share repurchases, decrease in weighted average shares outstanding (in shares) | 4.4 | 2.8 |
Earnings Per Share (Schedule of
Earnings Per Share (Schedule of Earnings Per Share Information) (Details) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Net income attributable to MasTec: | |||||||||||
Net income - basic (in dollars) | $ 100,900 | $ 128,600 | $ 119,700 | $ 43,100 | $ 31,900 | $ 120,700 | $ 80,500 | $ 26,600 | $ 392,334 | $ 259,659 | $ 347,213 |
Net income - diluted (in dollars) | $ 392,334 | $ 259,659 | $ 347,213 | ||||||||
Weighted average shares outstanding: | |||||||||||
Weighted average shares outstanding - basic | 75,185 | 78,695 | 80,903 | ||||||||
Dilutive common stock equivalents (in shares) | 661 | 1,077 | 1,422 | ||||||||
Weighted average shares outstanding - diluted | 75,846 | 79,772 | 82,325 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Amortization expense, intangible assets | $ 23 | $ 20.6 | $ 20.9 |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets (Rollforward of Goodwill by Segment) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2017 | |
Goodwill [Line Items] | |||||
Goodwill, gross | $ 1,342,900 | $ 1,212,500 | |||
Goodwill, accumulated impairment loss | (121,500) | (74,800) | |||
Goodwill, net | $ 1,100,350 | $ 1,100,350 | $ 1,137,700 | 1,221,440 | 1,137,700 |
Goodwill [Roll Forward] | |||||
Goodwill, net, beginning balance | 1,100,350 | 1,137,700 | |||
Additions from new business combinations | 120,400 | 9,800 | |||
Measurement period adjustments, net | (100) | 4,600 | |||
Goodwill impairment | (47,700) | (47,700) | |||
Currency translation adjustments | 700 | (4,000) | |||
Goodwill, net, ending balance | 1,100,350 | 1,221,440 | 1,100,350 | ||
Communications [Member] | |||||
Goodwill [Line Items] | |||||
Goodwill, gross | 541,300 | 466,400 | |||
Goodwill, accumulated impairment loss | 0 | 0 | |||
Goodwill, net | 467,800 | 541,300 | 467,800 | 541,300 | 466,400 |
Goodwill [Roll Forward] | |||||
Goodwill, net, beginning balance | 467,800 | 466,400 | |||
Additions from new business combinations | 73,200 | 0 | |||
Measurement period adjustments, net | 300 | 1,400 | |||
Goodwill impairment | 0 | ||||
Currency translation adjustments | 0 | 0 | |||
Goodwill, net, ending balance | 467,800 | 541,300 | 467,800 | ||
Oil and Gas [Member] | |||||
Goodwill [Line Items] | |||||
Goodwill, gross | 499,100 | 460,400 | |||
Goodwill, accumulated impairment loss | (121,500) | (74,800) | |||
Goodwill, net | 339,600 | 377,600 | 339,600 | 377,600 | 385,600 |
Goodwill [Roll Forward] | |||||
Goodwill, net, beginning balance | 339,600 | 385,600 | |||
Additions from new business combinations | 37,700 | 0 | |||
Measurement period adjustments, net | (400) | 5,700 | |||
Goodwill impairment | (47,700) | ||||
Currency translation adjustments | 700 | (4,000) | |||
Goodwill, net, ending balance | 339,600 | 377,600 | 339,600 | ||
Electrical Transmission [Member] | |||||
Goodwill [Line Items] | |||||
Goodwill, gross | 149,900 | 149,900 | |||
Goodwill, accumulated impairment loss | 0 | 0 | |||
Goodwill, net | 149,900 | 149,900 | 149,900 | 149,900 | 149,900 |
Goodwill [Roll Forward] | |||||
Goodwill, net, beginning balance | 149,900 | 149,900 | |||
Additions from new business combinations | 0 | 0 | |||
Measurement period adjustments, net | 0 | 0 | |||
Goodwill impairment | 0 | ||||
Currency translation adjustments | 0 | 0 | |||
Goodwill, net, ending balance | 149,900 | 149,900 | 149,900 | ||
Power Generation and Industrial [Member] | |||||
Goodwill [Line Items] | |||||
Goodwill, gross | 152,600 | 135,800 | |||
Goodwill, accumulated impairment loss | 0 | 0 | |||
Goodwill, net | 143,100 | 152,600 | 143,100 | $ 152,600 | $ 135,800 |
Goodwill [Roll Forward] | |||||
Goodwill, net, beginning balance | 143,100 | 135,800 | |||
Additions from new business combinations | 9,500 | 9,800 | |||
Measurement period adjustments, net | 0 | (2,500) | |||
Goodwill impairment | 0 | ||||
Currency translation adjustments | 0 | 0 | |||
Goodwill, net, ending balance | $ 143,100 | $ 152,600 | $ 143,100 |
Goodwill and Other Intangible_5
Goodwill and Other Intangible Assets (Rollforward of Other Intangible Assets) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2017 |
Other Intangible Assets [Line Items] | ||||||
Other intangible assets, gross | $ 356,900 | |||||
Accumulated amortization | (165,800) | |||||
Other Intangible Assets [Roll Forward] | ||||||
Other intangible assets, net, beginning balance | $ 169,370 | $ 191,100 | ||||
Additions from new business combinations | 73,100 | 3,600 | ||||
Measurement period adjustments | (6,900) | (700) | ||||
Intangible asset impairment, non-amortizing intangible assets | (3,300) | |||||
Intangible asset impairment | (3,300) | |||||
Amortization expense | (23,000) | (20,600) | $ (20,900) | |||
Currency translation adjustments | 2,200 | (4,000) | ||||
Other intangible assets, net, amortizing, ending balance | $ 104,100 | $ 104,100 | 104,100 | |||
Other intangible assets, net, ending balance | $ 211,528 | 211,528 | 211,528 | 169,370 | 191,100 | |
Weighted Average [Member] | ||||||
Other Intangible Assets [Roll Forward] | ||||||
Remaining weighted average amortization period (in years) | 9 years | |||||
Customer Relationships and Backlog [Member] | ||||||
Other Intangible Assets [Line Items] | ||||||
Other intangible assets, amortizing, gross | 223,000 | |||||
Accumulated amortization | (152,400) | |||||
Other Intangible Assets [Roll Forward] | ||||||
Other intangible assets, net, amortizing, beginning balance | 54,400 | 70,600 | ||||
Additions from new business combinations, amortizing intangible assets | 67,700 | 3,300 | ||||
Measurement period adjustments, amortizing intangible assets | (6,700) | 0 | ||||
Intangible asset impairment, amortizing intangible assets | 0 | |||||
Amortization expense | (20,200) | (19,200) | ||||
Currency translation adjustments, amortizing intangible assets | 100 | (300) | ||||
Other intangible assets, net, amortizing, ending balance | $ 95,300 | 95,300 | 95,300 | 54,400 | 70,600 | |
Customer Relationships and Backlog [Member] | Weighted Average [Member] | ||||||
Other Intangible Assets [Roll Forward] | ||||||
Remaining weighted average amortization period (in years) | 9 years | |||||
Other Amortizing Intangible Assets [Member] | ||||||
Other Intangible Assets [Line Items] | ||||||
Other intangible assets, amortizing, gross | 21,800 | |||||
Accumulated amortization | (13,400) | |||||
Other Intangible Assets [Roll Forward] | ||||||
Other intangible assets, net, amortizing, beginning balance | 6,500 | 8,400 | ||||
Additions from new business combinations, amortizing intangible assets | 5,200 | 300 | ||||
Measurement period adjustments, amortizing intangible assets | (200) | (700) | ||||
Intangible asset impairment, amortizing intangible assets | 0 | |||||
Amortization expense | (2,800) | (1,400) | ||||
Currency translation adjustments, amortizing intangible assets | 100 | (100) | ||||
Other intangible assets, net, amortizing, ending balance | $ 8,800 | 8,800 | 8,800 | 6,500 | 8,400 | |
Other Amortizing Intangible Assets [Member] | Weighted Average [Member] | ||||||
Other Intangible Assets [Roll Forward] | ||||||
Remaining weighted average amortization period (in years) | 6 years | |||||
Trade Names [Member] | ||||||
Other Intangible Assets [Line Items] | ||||||
Other intangible assets, non-amortizing | $ 34,500 | 34,500 | 34,500 | 34,500 | 34,500 | 34,500 |
Other Intangible Assets [Roll Forward] | ||||||
Other intangible assets, non-amortizing, beginning balance | 34,500 | 34,500 | ||||
Additions from new business combinations, non-amortizing intangible assets | 0 | 0 | ||||
Measurement period adjustments, non-amortizing intangible assets | 0 | 0 | ||||
Intangible asset impairment, non-amortizing intangible assets | 0 | |||||
Currency translation adjustments, non-amortizing intangible assets | 0 | 0 | ||||
Other intangible assets, non-amortizing, ending balance | 34,500 | 34,500 | 34,500 | 34,500 | 34,500 | |
Pre-Qualifications [Member] | ||||||
Other Intangible Assets [Line Items] | ||||||
Other intangible assets, non-amortizing | 72,900 | 72,900 | 72,900 | 74,000 | 77,600 | $ 77,600 |
Other Intangible Assets [Roll Forward] | ||||||
Other intangible assets, non-amortizing, beginning balance | 74,000 | 77,600 | ||||
Additions from new business combinations, non-amortizing intangible assets | 200 | 0 | ||||
Measurement period adjustments, non-amortizing intangible assets | 0 | 0 | ||||
Intangible asset impairment, non-amortizing intangible assets | (3,300) | (3,300) | ||||
Currency translation adjustments, non-amortizing intangible assets | 2,000 | (3,600) | ||||
Other intangible assets, non-amortizing, ending balance | $ 72,900 | $ 72,900 | $ 72,900 | $ 74,000 | $ 77,600 |
Goodwill and Other Intangible_6
Goodwill and Other Intangible Assets (Schedule of Expected Future Amortization Expense) (Details) $ in Millions | Dec. 31, 2019USD ($) |
Amortization Expense | |
Intangible assets, expected future amortization expense, 2020 | $ 24.5 |
Intangible assets, expected future amortization expense, 2021 | 18.9 |
Intangible assets, expected future amortization expense, 2022 | 15.5 |
Intangible assets, expected future amortization expense, 2023 | 11.6 |
Intangible assets, expected future amortization expense, 2024 | 8.5 |
Intangible assets, expected future amortization expense, thereafter | 25.1 |
Intangible assets, expected future amortization expense, total | $ 104.1 |
Goodwill and Other Intangible_7
Goodwill and Other Intangible Assets Goodwill and Other Intangible Assets (2019 Acquisitions) (Narrative) (Details) (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019USD ($)yracquisition | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($)acquisition | |
Business Combinations [Line Items] | |||
Business combinations, number of acquisitions | acquisition | 6 | 3 | |
Amounts due to former owners, subsequently paid | $ 8,458 | $ 0 | $ 6,301 |
Business combinations, contingent consideration liabilities, range of potential undiscounted earn-out liabilities, low | 54,000 | ||
Business combinations, contingent consideration liabilities, range of potential undiscounted earn-out liabilities, high | $ 274,000 | ||
2019 Acquisitions [Member] | |||
Business Combinations [Line Items] | |||
Business combinations, percentage of interests acquired | 96.00% | ||
Business combinations, acquired finite-lived intangible assets, weighted average lives (in years) | 11 years | ||
Business combinations, goodwill, expected tax deductible amount | $ 12,000 | ||
Business combinations, contingent consideration, earn-out liabilities | 22,200 | ||
Business combinations, contingent consideration, mandatorily redeemable non-controlling interest | 16,700 | ||
Business combinations, contingent consideration liabilities, range of potential undiscounted earn-out liabilities, low | 2,000 | ||
Business combinations, contingent consideration liabilities, range of potential undiscounted earn-out liabilities, high | $ 82,000 | ||
2019 Acquisitions [Member] | Customer Relationships [Member] | |||
Business Combinations [Line Items] | |||
Business combinations, acquired finite-lived intangible assets, weighted average lives (in years) | 11 years | ||
2019 Acquisitions [Member] | Backlog [Member] | |||
Business Combinations [Line Items] | |||
Business combinations, acquired finite-lived intangible assets, weighted average lives (in years) | 2 years | ||
2019 Acquisitions [Member] | Other Amortizing Intangible Assets [Member] | |||
Business Combinations [Line Items] | |||
Business combinations, acquired finite-lived intangible assets, weighted average lives (in years) | 5 years | ||
2019 Acquisitions [Member] | Expected Term [Member] | |||
Business Combinations [Line Items] | |||
Business combinations, contingent consideration, earn-out period (in years) | yr | 5 | ||
Oil and Gas [Member] | |||
Business Combinations [Line Items] | |||
Business combinations, number of acquisitions | acquisition | 1 | ||
Communications [Member] | |||
Business Combinations [Line Items] | |||
Business combinations, number of acquisitions | acquisition | 4 | ||
Power Generation and Industrial [Member] | |||
Business Combinations [Line Items] | |||
Business combinations, number of acquisitions | acquisition | 1 | ||
Management [Member] | 2019 Acquisitions [Member] | |||
Business Combinations [Line Items] | |||
Business combination, liabilities assumed, amounts due to former owners | $ 11,000 | ||
Amounts due to former owners, subsequently paid | $ 2,000 |
Goodwill and Other Intangible_8
Goodwill and Other Intangible Assets Goodwill and Other Intangible Assets (Schedule of Consideration Paid and Net Assets Acquired, Business Combinations, 2019 Acquisitions) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Acquisition consideration: | |||
Cash, net of cash acquired and other | $ 179,481 | $ 6,684 | $ 115,995 |
Identifiable assets acquired and liabilities assumed: | |||
Goodwill | 1,221,440 | $ 1,100,350 | $ 1,137,700 |
2019 Acquisitions [Member] | |||
Acquisition consideration: | |||
Cash, net of cash acquired and other | 175,000 | ||
Estimated fair value of contingent consideration and other liabilities | 38,900 | ||
Total consideration transferred | 213,900 | ||
Identifiable assets acquired and liabilities assumed: | |||
Current assets, primarily composed of accounts receivable | 90,000 | ||
Property and equipment, including finance leases and other long-term assets | 55,200 | ||
Amortizing intangible assets | 66,100 | ||
Current liabilities, including current portion of finance lease obligations and long-term debt | (94,100) | ||
Long-term debt, including finance lease obligations | (2,400) | ||
Deferred income taxes and other long-term liabilities | (21,300) | ||
Total identifiable net assets | 93,500 | ||
Goodwill | 120,400 | ||
Total net assets acquired, including goodwill | $ 213,900 |
Goodwill and Other Intangible_9
Goodwill and Other Intangible Assets (2018 and 2017 Acquisitions) (Narrative) (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019USD ($)acquisition | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($)acquisition | |
Business Combinations [Line Items] | |||
Cash, net of cash acquired | $ 179,481 | $ 6,684 | $ 115,995 |
Business combinations, contingent consideration liabilities, range of potential undiscounted earn-out liabilities, low | 54,000 | ||
Business combinations, contingent consideration liabilities, range of potential undiscounted earn-out liabilities, high | $ 274,000 | ||
Business combinations, number of acquisitions | acquisition | 6 | 3 | |
2018 Acquisitions [Member] | |||
Business Combinations [Line Items] | |||
Cash, net of cash acquired | $ 5,100 | ||
Business combinations, contingent consideration, earn-out liabilities | 1,500 | ||
Business combinations, contingent consideration liabilities, range of potential undiscounted earn-out liabilities, high | 6,000 | ||
2017 Acquisitions [Member] | |||
Business Combinations [Line Items] | |||
Cash, net of cash acquired | 117,600 | ||
Business combinations, contingent consideration, earn-out liabilities | 98,500 | ||
Business combinations, contingent consideration liabilities, range of potential undiscounted earn-out liabilities, low | 52,000 | ||
Business combinations, contingent consideration liabilities, range of potential undiscounted earn-out liabilities, high | $ 187,000 |
Goodwill and Other Intangibl_10
Goodwill and Other Intangible Assets (Pro Forma Financial Information and Acquisition Results) (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Business Combinations [Abstract] | |||
Business combinations, unaudited supplemental pro forma revenue | $ 7,417.9 | $ 7,407.8 | $ 6,724.8 |
Business combinations, unaudited supplemental pro forma net income | 405.8 | 258.7 | 351.3 |
Business combinations, consolidated acquisition-related revenue | 188.3 | 154.4 | 160.1 |
Business combinations, consolidated acquisition-related net income | $ (1.4) | $ 1.4 | $ 10.2 |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments (Acquisition-Related Contingent Consideration) (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Fair Value, Financial Instruments Measured on a Recurring Basis [Line Items] | |||
Acquisition-related contingent consideration liabilities, range of potential undiscounted earn-out liabilities, low | $ 54 | ||
Acquisition-related contingent consideration liabilities, range of potential undiscounted earn-out liabilities, high | 274 | ||
Acquisition-related contingent consideration liabilities, net increase, measurement period adjustments | (0.1) | $ 4.6 | |
Earn-Out Liabilities [Member] | |||
Fair Value, Financial Instruments Measured on a Recurring Basis [Line Items] | |||
Acquisition-related contingent consideration liabilities, estimated fair value | 173.2 | 118.1 | |
Acquisition-related contingent consideration liabilities, additions from new business combinations | 45.2 | 1.5 | $ 102.5 |
Acquisition-related contingent consideration liabilities, net increase (decrease), fair value adjustments, expense (income) | 51 | 17.5 | (12.3) |
Acquisition-related contingent consideration liabilities, net increase, measurement period adjustments | (6.1) | 5 | |
Acquisition-related contingent consideration liabilities, payments | 35 | 23.1 | $ 18.8 |
Earn-Out Liabilities [Member] | Other Current Liabilities [Member] | |||
Fair Value, Financial Instruments Measured on a Recurring Basis [Line Items] | |||
Acquisition-related contingent consideration liabilities, estimated fair value | $ 54.1 | $ 29.6 |
Fair Value of Financial Instr_4
Fair Value of Financial Instruments (Equity Investments) (Narrative) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Fair Value, Financial Instruments Measured on a Non-Recurring Basis [Line Items] | |||
Equity investments, adjusted cost basis, amount | $ 18,000,000 | $ 18,000,000 | |
Equity investments, impairments | 0 | 0 | $ 0 |
Equity Investee [Member] | |||
Fair Value, Financial Instruments Measured on a Non-Recurring Basis [Line Items] | |||
Equity investments, carrying value | $ 196,000,000 | 197,000,000 | |
Waha JVs [Member] | |||
Fair Value, Financial Instruments Measured on a Non-Recurring Basis [Line Items] | |||
Equity method investment, ownership percentage | 33.00% | ||
Waha JVs [Member] | Equity Investee [Member] | |||
Fair Value, Financial Instruments Measured on a Non-Recurring Basis [Line Items] | |||
Equity investments, carrying value | $ 174,000,000 | $ 168,000,000 | |
CCI [Member] | |||
Fair Value, Financial Instruments Measured on a Non-Recurring Basis [Line Items] | |||
Equity investments, adjusted cost basis, amount | $ 15,000,000 |
Fair Value of Financial Instr_5
Fair Value of Financial Instruments (The Waha JVs) (Narrative) (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019USD ($)pipeline | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
Fair Value, Financial Instruments Measured on a Non-Recurring Basis [Line Items] | |||
Equity method investments, equity in earnings | $ 27,367 | $ 23,855 | $ 21,328 |
Unrealized gains (losses) on equity investee activity, net of tax | (15,023) | 5,863 | 475 |
Equity Investee [Member] | |||
Fair Value, Financial Instruments Measured on a Non-Recurring Basis [Line Items] | |||
Equity method investments, net investment | $ 196,000 | 197,000 | |
Waha JVs [Member] | |||
Fair Value, Financial Instruments Measured on a Non-Recurring Basis [Line Items] | |||
Number of pipelines in operation | pipeline | 2 | ||
Equity method investments, equity contributions | $ 1,000 | 28,000 | 73,000 |
Equity method investments, equity in earnings | 27,300 | 23,900 | 21,300 |
Equity method investments, cumulative undistributed earnings | 48,000 | ||
Equity method investments, distributions of earnings received, operating cash flows | 9,100 | 10,900 | |
Revenue, related parties | 256,100 | ||
Unrealized gains (losses) on equity investee activity, before tax | (19,900) | 7,700 | 800 |
Unrealized gains (losses) on equity investee activity, net of tax | (15,000) | 5,900 | $ 500 |
Waha JVs [Member] | Equity Investee [Member] | |||
Fair Value, Financial Instruments Measured on a Non-Recurring Basis [Line Items] | |||
Equity method investments, net investment | $ 174,000 | $ 168,000 |
Fair Value of Financial Instr_6
Fair Value of Financial Instruments (Other Investments - Pensare) (Narrative) (Details) - Pensare [Member] $ / shares in Units, warrant in Millions, $ in Millions | Dec. 31, 2019warrant$ / shares | Sep. 30, 2017USD ($) |
Fair Value, Financial Instruments Measured on a Non-Recurring Basis [Line Items] | ||
Equity investment and warrants, amount paid (in dollars) | $ | $ 2 | |
Equity investment, ownership percentage | 21.00% | 4.00% |
Derivative instruments, number held | warrant | 2 | |
Plan [Member] | ||
Fair Value, Financial Instruments Measured on a Non-Recurring Basis [Line Items] | ||
Warrants, exercise price (in dollars per share) | $ / shares | $ 11.50 | |
Common Stock [Member] | Plan [Member] | ||
Fair Value, Financial Instruments Measured on a Non-Recurring Basis [Line Items] | ||
Investment, restriction period (in years) | 1 year |
Fair Value of Financial Instr_7
Fair Value of Financial Instruments Fair Value of Financial Instruments (Other Investments - Telecommunications Entities( (Narrative) (Details) - Equity Investee [Member] - Subcontracting Arrangements [Member] $ in Millions | 12 Months Ended |
Dec. 31, 2019USD ($)entity | |
Fair Value, Financial Instruments Measured on a Non-Recurring Basis [Line Items] | |
Number of entities | entity | 2 |
Payments, related party | $ | $ 7 |
Fair Value of Financial Instr_8
Fair Value of Financial Instruments (Other Investments - Lifeshield) (Narrative) (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | |||
Feb. 28, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Jun. 30, 2018 | |
Fair Value, Financial Instruments Measured on a Recurring Basis [Line Items] | |||||
Other investment, proceeds | $ 14,705 | $ 5,415 | $ 23,801 | ||
Lifeshield [Member] | |||||
Fair Value, Financial Instruments Measured on a Recurring Basis [Line Items] | |||||
Fair value investment, carrying amount | $ 10,000 | ||||
Fair value investment, ownership percentage | 40.00% | ||||
Other investment, proceeds | $ 11,000 |
Fair Value of Financial Instr_9
Fair Value of Financial Instruments (Other Investments - Pacer) (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Fair Value, Financial Instruments Measured on a Non-Recurring Basis [Line Items] | |||
Other investment, proceeds | $ 14,705 | $ 5,415 | $ 23,801 |
Pacer [Member] | Investment [Member] | |||
Fair Value, Financial Instruments Measured on a Non-Recurring Basis [Line Items] | |||
Other investment, proceeds | $ 3,900 | $ 5,400 | $ 22,500 |
Fair Value of Financial Inst_10
Fair Value of Financial Instruments (Schedule of Summarized Financial Information of Equity Method Investments) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Summarized Financial Information of Equity Method Investments [Line Items] | |||
Current assets | $ 144.5 | $ 137.3 | |
Long-term assets | 1,359.9 | 1,352.1 | |
Total assets | 1,504.4 | 1,489.4 | |
Current liabilities | 34.9 | 31.3 | |
Long-term liabilities | 978.6 | 966.1 | |
Total liabilities | 1,013.5 | 997.4 | |
Revenue | 152.4 | 145.8 | $ 114.5 |
Net income | $ 82.8 | $ 72.4 | $ 64.5 |
Fair Value of Financial Inst_11
Fair Value of Financial Instruments (Senior Notes) (Narrative) (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Fair Value, Financial Instruments Measured on a Non-Recurring Basis [Line Items] | ||
4.875% Senior Notes, gross carrying amount | $ 400 | $ 400 |
Senior Notes [Member] | ||
Fair Value, Financial Instruments Measured on a Non-Recurring Basis [Line Items] | ||
4.875% Senior Notes, estimated fair value | $ 404.5 | $ 392 |
4.875% Senior Notes [Member] | Senior Notes [Member] | ||
Fair Value, Financial Instruments Measured on a Non-Recurring Basis [Line Items] | ||
Debt instrument, interest rate (percentage) | 4.875% |
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 | Dec. 31, 2019 | Dec. 31, 2018 |
Receivables [Abstract] | ||
Contract billings | $ 860,400 | $ 687,600 |
Less allowance for doubtful accounts | 10,100 | 16,300 |
Accounts receivable, net of allowance | 850,326 | 671,324 |
Accounts Receivable, Net of Allowance, and Contract Assets [Abstract] | ||
Retainage | 345,200 | 230,200 |
Unbilled receivables | 679,400 | 1,022,400 |
Contract assets | $ 1,024,568 | $ 1,252,646 |
Accounts Receivable, Net of A_4
Accounts Receivable, Net of Allowance, and Contract Assets and Liabilities (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Schedule of Accounts Receivable, Net of Allowance, and Contract Assets and Liabilities [Line Items] | |||
Retainage, expected collection period (in years) | 1 year | ||
Provision for doubtful accounts | $ 1,700 | $ 8,600 | |
Amounts charged against the allowance | 7,900 | 500 | |
Contract liabilities | 206,180 | 231,644 | |
Contract with customer liability deferred revenue current | 184,100 | 227,100 | |
Deferred revenue, revenue recognized | 199,200 | ||
Non-recourse financing agreement, discount charge | (77,026) | (82,571) | $ (61,011) |
Receivables, Non-Recourse Arrangement [Member] | |||
Schedule of Accounts Receivable, Net of Allowance, and Contract Assets and Liabilities [Line Items] | |||
Non-recourse financing agreement, discount charge | $ (10,100) | $ (11,100) | $ (6,000) |
Minimum [Member] | |||
Schedule of Accounts Receivable, Net of Allowance, and Contract Assets and Liabilities [Line Items] | |||
Retainage, percentage of contract billings | 5.00% | ||
Maximum [Member] | |||
Schedule of Accounts Receivable, Net of Allowance, and Contract Assets and Liabilities [Line Items] | |||
Retainage, percentage of contract billings | 10.00% |
Property and Equipment, Net (Sc
Property and Equipment, Net (Schedule of Property and Equipment, Net) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Property and Equipment [Line Items] | ||
Property and equipment | $ 1,923,500 | $ 1,613,500 |
Less accumulated depreciation and amortization | (1,017,700) | (865,700) |
Property and equipment, net | 905,835 | 747,808 |
Land [Member] | ||
Property and Equipment [Line Items] | ||
Property and equipment | 4,900 | 4,600 |
Building and Leasehold Improvements [Member] | ||
Property and Equipment [Line Items] | ||
Property and equipment | $ 35,800 | 30,300 |
Building and Leasehold Improvements [Member] | Minimum [Member] | ||
Property and Equipment [Line Items] | ||
Estimated useful lives (in years) | 3 years | |
Building and Leasehold Improvements [Member] | Maximum [Member] | ||
Property and Equipment [Line Items] | ||
Estimated useful lives (in years) | 40 years | |
Machinery and Equipment [Member] | ||
Property and Equipment [Line Items] | ||
Property and equipment | $ 1,659,400 | 1,391,800 |
Machinery and Equipment [Member] | Minimum [Member] | ||
Property and Equipment [Line Items] | ||
Estimated useful lives (in years) | 2 years | |
Machinery and Equipment [Member] | Maximum [Member] | ||
Property and Equipment [Line Items] | ||
Estimated useful lives (in years) | 20 years | |
Office Furniture and Equipment [Member] | ||
Property and Equipment [Line Items] | ||
Property and equipment | $ 197,300 | 166,700 |
Office Furniture and Equipment [Member] | Minimum [Member] | ||
Property and Equipment [Line Items] | ||
Estimated useful lives (in years) | 3 years | |
Office Furniture and Equipment [Member] | Maximum [Member] | ||
Property and Equipment [Line Items] | ||
Estimated useful lives (in years) | 7 years | |
Construction in Progress [Member] | ||
Property and Equipment [Line Items] | ||
Property and equipment | $ 26,100 | $ 20,100 |
Property and Equipment, Net (Na
Property and Equipment, Net (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Property and Equipment [Line Items] | |||
Capitalized internal-use software, gross | $ 138,200 | $ 122,000 | |
Capitalized internal-use software, net | 31,500 | 26,500 | |
Depreciation and amortization | 235,482 | 212,930 | $ 188,049 |
Accrued capital expenditures | 5,200 | 4,000 | |
Property and Equipment [Member] | |||
Property and Equipment [Line Items] | |||
Depreciation and amortization | $ 212,500 | $ 192,300 | $ 167,200 |
Debt (Schedule of Carrying Valu
Debt (Schedule of Carrying Values of Debt) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Debt Instrument [Line Items] | ||
Finance lease and other obligations | $ 305,600 | $ 183,200 |
Total long-term debt obligations | 1,444,800 | 1,417,000 |
Less unamortized deferred financing costs | (12,400) | (10,100) |
Total debt, net of deferred financing costs | 1,432,400 | 1,406,900 |
Current portion of long-term debt | 118,429 | 82,655 |
Long-term debt | $ 1,314,030 | 1,324,223 |
Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Line of credit facility, maturity date | Sep. 19, 2024 | |
Credit Facility [Member] | Revolving Loans [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt obligations | $ 339,200 | 456,900 |
Credit Facility [Member] | Term Loan [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt obligations | 400,000 | 376,900 |
Senior Notes [Member] | 4.875% Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt obligations | $ 400,000 | $ 400,000 |
Debt instrument, interest rate (percentage) | 4.875% | |
Debt instrument, maturity date | Mar. 15, 2023 |
Debt (Senior Secured Credit Fac
Debt (Senior Secured Credit Facility) (Narrative) (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Sep. 19, 2019 | Dec. 31, 2018 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Debt Instrument [Line Items] | ||||||
Line of credit facility, letters of credit issued | $ 115.1 | $ 128.4 | $ 115.1 | |||
Credit Facility [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Line of credit facility, maturity date | Sep. 19, 2024 | |||||
Line of credit facility, maximum borrowing capacity | $ 1,750 | $ 1,500 | ||||
Line of credit facility, unused facility fee (percentage) | 0.20% | 0.35% | ||||
Line of credit facility, letters of credit issued | $ 98 | $ 88.2 | $ 98 | |||
Credit Facility [Member] | Eurocurrency Rate [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Line of credit facility, interest rate description | 1.00% | |||||
Credit Facility [Member] | Federal Funds Rate [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Line of credit facility, interest rate description | 0.50% | |||||
Credit Facility [Member] | Plan [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Permitted acquisitions amount | 100 | |||||
Credit Facility [Member] | Revolving Loans [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Line of credit facility, maximum borrowing capacity | $ 1,350 | |||||
Line of credit facility, remaining borrowing capacity | $ 912.8 | $ 554.9 | $ 912.8 | |||
Credit Facility [Member] | Term Loan [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Line of credit facility, maximum borrowing capacity | 400 | |||||
Line of credit facility, interest rate (percentage) | 3.05% | 4.27% | 3.05% | |||
Credit Facility [Member] | Term Loan [Member] | Forecast [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Line of credit facility, term loan, amount of quarterly principal installment payments | $ 5 | $ 2.5 | ||||
Credit Facility [Member] | Sublimit in Foreign Denominations [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Line of credit facility, maximum borrowing capacity | 300 | |||||
Long-term Line of Credit | $ 138 | $ 128 | $ 138 | |||
Line of credit facility, remaining borrowing capacity | 162.4 | 91.9 | 162.4 | |||
Credit Facility [Member] | Letters of Credit [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Line of credit facility, maximum borrowing capacity | 650 | |||||
Line of credit facility, capacity available for letters of credit | $ 552 | $ 554.9 | $ 552 | |||
Credit Facility [Member] | Letters of Credit [Member] | Commercial and/or Financial Standby [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Line of credit facility, interest rate (percentage) | 1.25% | 1.75% | 1.25% | |||
Credit Facility [Member] | Letters of Credit [Member] | Performance Standby [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Line of credit facility, interest rate (percentage) | 0.375% | 0.875% | 0.375% | |||
Credit Facility [Member] | Letter of Credit in Alternative Currencies [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Line of credit facility, maximum borrowing capacity | 200 | |||||
Credit Facility [Member] | Swing Line Loans [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Line of credit facility, maximum borrowing capacity | $ 125 | |||||
Minimum [Member] | Credit Facility [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Line of credit facility, unused facility fee (percentage) | 0.20% | 0.20% | ||||
Percentage of consolidated EBITDA threshold, combined subsidiary guarantors | 15.00% | 15.00% | ||||
Consolidated interest coverage ratio | 3 | 3 | ||||
Minimum [Member] | Credit Facility [Member] | Eurocurrency Rate [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Line of credit facility, interest rate description | 1.25% | 1.25% | ||||
Minimum [Member] | Credit Facility [Member] | Base Rate [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Line of credit facility, interest rate description | 0.25% | 0.25% | ||||
Minimum [Member] | Credit Facility [Member] | Letters of Credit [Member] | Commercial and/or Financial Standby [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Line of credit facility, interest rate (percentage) | 1.25% | 1.25% | ||||
Minimum [Member] | Credit Facility [Member] | Letters of Credit [Member] | Performance Standby [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Line of credit facility, interest rate (percentage) | 0.375% | 0.50% | ||||
Weighted Average [Member] | Credit Facility [Member] | Revolving Loans [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Line of credit facility, interest rate (percentage) | 3.50% | 4.23% | 3.50% | |||
Maximum [Member] | Credit Facility [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Line of credit facility, unused facility fee (percentage) | 0.30% | 0.40% | ||||
Percentage of consolidated EBITDA threshold, combined subsidiary guarantors | 80.00% | 80.00% | ||||
Maximum consolidated leverage ratio | 3.50 | 3.50 | ||||
Maximum [Member] | Credit Facility [Member] | Eurocurrency Rate [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Line of credit facility, interest rate description | 1.75% | 2.00% | ||||
Maximum [Member] | Credit Facility [Member] | Base Rate [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Line of credit facility, interest rate description | 0.75% | 1.00% | ||||
Maximum [Member] | Credit Facility [Member] | Plan [Member] | Permitted Acquisition [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Maximum consolidated leverage ratio | 4 | 4 | ||||
Number of fiscal quarters subsequent to quarter in which right was exercised | 4 | 4 | ||||
Number of times right may be exercised | 2 | 2 | ||||
Maximum [Member] | Credit Facility [Member] | Letters of Credit [Member] | Commercial and/or Financial Standby [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Line of credit facility, interest rate (percentage) | 1.75% | 2.00% | ||||
Maximum [Member] | Credit Facility [Member] | Letters of Credit [Member] | Performance Standby [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Line of credit facility, interest rate (percentage) | 0.75% | 1.00% |
Debt (Other Credit Facilities)
Debt (Other Credit Facilities) (Narrative) (Details) $ in Millions | Dec. 31, 2019USD ($) | Dec. 31, 2019CAD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2018CAD ($) |
Debt Instrument [Line Items] | ||||
Letters of credit issued | $ 115,100,000 | $ 128,400,000 | ||
Other Credit Facilities [Member] | ||||
Debt Instrument [Line Items] | ||||
Line of credit facility, maximum borrowing capacity | $ 20 | $ 20 | ||
Other Credit Facilities [Member] | Canadian Dollars [Member] | ||||
Debt Instrument [Line Items] | ||||
Line of credit facility, maximum borrowing capacity | 15,400,000 | 14,700,000 | ||
Long-term debt obligations | 0 | 0 | ||
Line of Credit [Member] | Standby Letters of Credit [Member] | ||||
Debt Instrument [Line Items] | ||||
Letters of credit issued | 17,100,000 | $ 40,200,000 | ||
Line of Credit [Member] | Letter of Credit [Member] | ||||
Debt Instrument [Line Items] | ||||
Line of credit facility, maximum borrowing capacity | $ 50,000,000 | |||
Line of Credit [Member] | Letter of Credit [Member] | Standby Letters of Credit [Member] | ||||
Debt Instrument [Line Items] | ||||
Line of credit facility, interest rate (percentage) | 0.40% | 0.40% | 0.75% | 0.75% |
Debt (4.875% Senior Notes) (Nar
Debt (4.875% Senior Notes) (Narrative) (Details) - Senior Notes [Member] - 4.875% Senior Notes [Member] | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Debt Instrument [Line Items] | |
Debt instrument, principal amount (in dollars) | $ 400,000,000 |
Debt instrument, interest rate (percentage) | 4.875% |
Debt instrument, maturity date | Mar. 15, 2023 |
Debt (Schedule of Contractual M
Debt (Schedule of Contractual Maturities of Debt and Finance Lease Obligations) (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Contractual Maturities of Debt and Finance Lease Obligations | ||
Contractual maturities of debt and finance lease obligations, 2020 | $ 118.4 | |
Contractual maturities of debt and finance lease obligations, 2021 | 114.9 | |
Contractual maturities of debt and finance lease obligations, 2022 | 85.2 | |
Contractual maturities of debt and finance lease obligations, 2023 | 441 | |
Contractual maturities of debt and finance lease obligations, 2024 | 685.3 | |
Contractual maturities of debt and finance lease obligations, thereafter | 0 | |
Total long-term debt obligations | $ 1,444.8 | $ 1,417 |
Debt (Other) (Narrative) (Detai
Debt (Other) (Narrative) (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Debt Disclosure [Abstract] | ||
Debt instruments, accrued interest payable | $ 7.5 | $ 7.4 |
Lease Obligations (Finance Leas
Lease Obligations (Finance Leases) (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Leases [Abstract] | ||
Finance leases, assets, gross | $ 463.5 | $ 337.6 |
Finance leases, assets, net of accumulated depreciation | 375.9 | $ 246.8 |
Finance leases, assets, depreciation | $ 48.6 |
Lease Obligations (Operating Le
Lease Obligations (Operating Leases) (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Jan. 01, 2019 | |
Operating Leased Assets [Line Items] | ||||
Operating lease assets | $ 229,903 | $ 0 | ||
Operating leases, additions | 103,000 | |||
Operating leases, variable lease costs | 10,400 | |||
Operating leases, short-term leases, expense | 448,200 | |||
Lease Terms in Excess of One Year [Member] | ||||
Operating Leased Assets [Line Items] | ||||
Operating leases, expense | $ 114,500 | |||
Operating leases, rent and related expense | 115,000 | $ 104,200 | ||
Lease Terms in Excess of One Year [Member] | Minimum [Member] | ||||
Operating Leased Assets [Line Items] | ||||
Operating leases, term of contract (in years) | 1 year | |||
Lease Terms of One Year or Less [Member] | ||||
Operating Leased Assets [Line Items] | ||||
Operating leases, rent and related expense | $ 472,100 | $ 461,000 | ||
Lease Terms of One Year or Less [Member] | Maximum [Member] | ||||
Operating Leased Assets [Line Items] | ||||
Operating leases, term of contract (in years) | 1 year | |||
ASU 2016-02 [Member] | ||||
Operating Leased Assets [Line Items] | ||||
Operating lease assets | $ 230,000 |
Lease Obligations (Schedule of
Lease Obligations (Schedule of Future Minimum Lease Commitments) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Finance Leases | ||
2020 | $ 122,400 | |
2021 | 107,900 | |
2022 | 67,400 | |
2023 | 21,400 | |
2024 | 1,100 | |
Thereafter | 0 | |
Total minimum lease payments | 320,200 | |
Less amounts representing interest | (18,900) | |
Total lease obligations, net of interest | 301,300 | |
Less current portion | (111,600) | |
Long-term portion of lease obligations, net of interest | 189,700 | |
Operating Leases | ||
2020 | 88,800 | |
2021 | 65,900 | |
2022 | 41,600 | |
2023 | 20,200 | |
2024 | 12,800 | |
Thereafter | 28,700 | |
Total minimum lease payments | 258,000 | |
Less amounts representing interest | (21,800) | |
Total lease obligations, net of interest | 236,200 | |
Less current portion | 81,561 | $ 0 |
Long-term operating lease liabilities | $ 154,553 | $ 0 |
Lease Obligations Lease Obligat
Lease Obligations Lease Obligations (Additional Lease Information) (Narrative) (Details) (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Lessee, Lease, Description [Line Items] | |
Finance lease, weighted average remaining lease term (in years) | 2 years 9 months 18 days |
Finance lease, weighted average discount rate, percent | 4.10% |
Operating lease, weighted average remaining lease term (in years) | 4 years 2 months 12 days |
Operating lease, weighted average discount rate, percent | 4.20% |
Leases not yet commenced, future lease obligation | $ 1.4 |
Minimum [Member] | |
Lessee, Lease, Description [Line Items] | |
Leases not yet commenced, lease terms | 1 year |
Maximum [Member] | |
Lessee, Lease, Description [Line Items] | |
Leases not yet commenced, lease terms | 4 years |
Stock-Based Compensation and _3
Stock-Based Compensation and Other Employee Benefit Plans (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||
Dec. 31, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Stock-Based Compensation and Other Employee Benefit Plans [Line Items] | ||||||
Stock-based compensation plans, number of shares available for future grant | 3,865,000 | 3,865,000 | ||||
Non-cash stock-based compensation expense | $ 16.4 | $ 13.5 | $ 15.7 | |||
Stock-based compensation, income tax benefits | 7.9 | 4.9 | 11.2 | |||
Stock-based compensation, vested awards, net income tax benefits | $ 1.6 | $ 2.3 | $ 1.3 | $ 3.9 | $ 1.6 | $ 5.4 |
2013 Incentive Plan [Member] | Restricted Shares [Member] | ||||||
Stock-Based Compensation and Other Employee Benefit Plans [Line Items] | ||||||
Stock-based compensation plans, number of shares authorized | 7,391,000 | 7,391,000 | ||||
ESPPs [Member] | Employee Stock Purchase Plans [Member] | ||||||
Stock-Based Compensation and Other Employee Benefit Plans [Line Items] | ||||||
Stock-based compensation plans, number of shares authorized | 3,000,000 | 3,000,000 |
Stock-Based Compensation and _4
Stock-Based Compensation and Other Employee Benefit Plans (Restricted Shares) (Narrative) (Details) - Restricted Shares [Member] - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Stock-Based Compensation and Other Employee Benefit Plans [Line Items] | ||||
Stock-based compensation awards, unearned compensation | $ 33.5 | $ 33.5 | ||
Stock-based compensation awards, unearned compensation, weighted average expected recognition period (in years) | 2 years 3 months 18 days | |||
Stock-based compensation, vested awards, intrinsic value | $ 25 | $ 16.6 | $ 39.7 |
Stock-Based Compensation and _5
Stock-Based Compensation and Other Employee Benefit Plans (Schedule of Activity, Restricted Shares) (Details) - $ / shares | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Restricted Shares [Member] | ||
Restricted Shares | ||
Non-vested restricted shares, beginning balance (in shares) | 1,270,233 | 1,448,591 |
Granted (in shares) | 458,670 | 423,596 |
Vested (in shares) | (494,910) | (554,900) |
Canceled/forfeited (in shares) | (12,400) | (47,054) |
Non-vested restricted shares, ending balance (in shares) | 1,221,593 | 1,270,233 |
Per Share Weighted Average Grant Date Fair Value | ||
Non-vested restricted shares, per share weighted average grant date fair value, beginning balance (in dollars per share) | $ 31.80 | $ 23.29 |
Granted (in dollars per share) | 53.67 | 41.41 |
Vested (in dollars per share) | 18.54 | 17.73 |
Canceled/forfeited (in dollars per share) | 33.87 | 22.26 |
Non-vested restricted shares, per share weighted average grant date fair value, ending balance (in dollars per share) | $ 45.36 | $ 31.80 |
Restricted Stock Units [Member] | ||
Restricted Shares | ||
Non-vested restricted shares, beginning balance (in shares) | 18,700 | 27,550 |
Non-vested restricted shares, ending balance (in shares) | 18,700 |
Stock-Based Compensation and _6
Stock-Based Compensation and Other Employee Benefit Plans (Schedule of Employee Stock Purchase Plans) (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Stock-Based Compensation and Other Employee Benefit Plans [Line Items] | |||
Cash proceeds (in dollars) | $ 4,655 | $ 4,047 | $ 3,104 |
Common shares issued (in shares) | 111,136 | 110,506 | 92,145 |
Weighted average price per share purchased under employee stock purchase plans | $ 42.46 | $ 37.98 | $ 35.92 |
Weighted average per share grant date fair value (in dollars per share) | $ 10.71 | $ 9.36 | $ 9.24 |
Employee Stock Purchase Plans [Member] | |||
Stock-Based Compensation and Other Employee Benefit Plans [Line Items] | |||
Cash proceeds (in dollars) | $ 4,700 | $ 4,200 | $ 3,300 |
Stock-Based Compensation and _7
Stock-Based Compensation and Other Employee Benefit Plans (401(k) Plan) (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Defined Contribution Plan [Abstract] | |||
401(k) plan, maximum pre-tax annual contribution per employee, percentage of annual compensation | 75.00% | ||
401(k) plan, employer matching contribution (in dollars) | $ 16.5 | $ 13.4 | $ 11.9 |
Stock-Based Compensation and _8
Stock-Based Compensation and Other Employee Benefit Plans (Deferred Compensation Plans) (Narrative) (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Deferred Compensation Arrangements [Abstract] | ||
Deferred compensation plans, assets | $ 11.9 | $ 10 |
Deferred compensation plans, liabilities | $ 12.3 | $ 10.2 |
Other Retirement Plans (Schedul
Other Retirement Plans (Schedule of Multiemployer Pension Plans) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Multiemployer Plans [Line Items] | |||
Multiemployer plans, employer identification number | 65-0829355 | ||
Multiemployer plans, contributions (in dollars) | $ 72.6 | $ 99.7 | $ 102.4 |
Multiemployer Plans, Pension [Member] | |||
Multiemployer Plans [Line Items] | |||
Multiemployer plans, contributions (in dollars) | $ 66.9 | 92.4 | 92.1 |
Multiemployer Plans, Pension [Member] | Central Pension Fund Of IUOE And Participating Employers [Member] | |||
Multiemployer Plans [Line Items] | |||
Multiemployer plans, employer identification number | 36-6052390 | ||
Multiemployer plans, plan number | 001 | ||
Multiemployer plans, contributions (in dollars) | $ 12.6 | $ 20.4 | 21.6 |
Multiemployer plans, collective bargaining arrangement, expiration date | May 31, 2020 | ||
Multiemployer plans, pension protection act zone status | Green | Green | |
Multiemployer plans, pension protection act zone status, date | Jan. 31, 2019 | Jan. 31, 2018 | |
Multiemployer plans, funding improvement plan and rehabilitation plan status | NA | ||
Multiemployer plans, surcharge | No | ||
Multiemployer Plans, Pension [Member] | Pipeline Industry Pension Fund [Member] | |||
Multiemployer Plans [Line Items] | |||
Multiemployer plans, employer identification number | 73-6146433 | ||
Multiemployer plans, plan number | 001 | ||
Multiemployer plans, contributions (in dollars) | $ 9.6 | $ 20.7 | 28.8 |
Multiemployer plans, collective bargaining arrangement, expiration date | May 31, 2020 | ||
Multiemployer plans, pension protection act zone status | Green | Green | |
Multiemployer plans, pension protection act zone status, date | Dec. 31, 2018 | Dec. 31, 2017 | |
Multiemployer plans, Company contributions greater than 5% of total plan contributions | true | true | |
Multiemployer plans, funding improvement plan and rehabilitation plan status | NA | ||
Multiemployer plans, surcharge | No | ||
Multiemployer Plans, Pension [Member] | International Union of Operating Engineers Local 132 Pension Fund [Member] | |||
Multiemployer Plans [Line Items] | |||
Multiemployer plans, employer identification number | 55-6015364 | ||
Multiemployer plans, plan number | 001 | ||
Multiemployer plans, contributions (in dollars) | $ 5 | $ 5.6 | 2.3 |
Multiemployer plans, collective bargaining arrangement, expiration date | May 31, 2020 | ||
Multiemployer plans, pension protection act zone status | Green | Green | |
Multiemployer plans, pension protection act zone status, date | Mar. 31, 2019 | Mar. 31, 2018 | |
Multiemployer plans, Company contributions greater than 5% of total plan contributions | true | ||
Multiemployer plans, funding improvement plan and rehabilitation plan status | NA | ||
Multiemployer plans, surcharge | No | ||
Multiemployer Plans, Pension [Member] | West Virginia Laborers' Pension Trust Fund [Member] | |||
Multiemployer Plans [Line Items] | |||
Multiemployer plans, employer identification number | 55-6026775 | ||
Multiemployer plans, plan number | 001 | ||
Multiemployer plans, contributions (in dollars) | $ 4.9 | $ 4.5 | 3 |
Multiemployer plans, collective bargaining arrangement, expiration date | May 31, 2020 | ||
Multiemployer plans, pension protection act zone status | Green | Green | |
Multiemployer plans, pension protection act zone status, date | Mar. 31, 2019 | Mar. 31, 2018 | |
Multiemployer plans, Company contributions greater than 5% of total plan contributions | true | true | |
Multiemployer plans, funding improvement plan and rehabilitation plan status | NA | ||
Multiemployer plans, surcharge | No | ||
Multiemployer Plans, Pension [Member] | Teamsters National Pipe Line Pension Plan [Member] | |||
Multiemployer Plans [Line Items] | |||
Multiemployer plans, employer identification number | 46-1102851 | ||
Multiemployer plans, plan number | 001 | ||
Multiemployer plans, contributions (in dollars) | $ 4.5 | $ 7.4 | 7.6 |
Multiemployer plans, collective bargaining arrangement, expiration date | May 31, 2020 | ||
Multiemployer plans, pension protection act zone status | Green | Green | |
Multiemployer plans, pension protection act zone status, date | Dec. 31, 2018 | Dec. 31, 2017 | |
Multiemployer plans, Company contributions greater than 5% of total plan contributions | true | true | |
Multiemployer plans, funding improvement plan and rehabilitation plan status | NA | ||
Multiemployer plans, surcharge | No | ||
Multiemployer Plans, Pension [Member] | IBEW Local 1249 Pension Plan [Member] | |||
Multiemployer Plans [Line Items] | |||
Multiemployer plans, employer identification number | 15-6035161 | ||
Multiemployer plans, plan number | 001 | ||
Multiemployer plans, contributions (in dollars) | $ 3.2 | $ 2.2 | 1.5 |
Multiemployer plans, collective bargaining arrangement, expiration date | May 2, 2021 | ||
Multiemployer plans, pension protection act zone status | Green | Yellow | |
Multiemployer plans, pension protection act zone status, date | Dec. 31, 2018 | Dec. 31, 2017 | |
Multiemployer plans, funding improvement plan and rehabilitation plan status | NA | ||
Multiemployer plans, surcharge | No | ||
Multiemployer Plans, Pension [Member] | Laborers' National Pension Fund [Member] | |||
Multiemployer Plans [Line Items] | |||
Multiemployer plans, employer identification number | 75-1280827 | ||
Multiemployer plans, plan number | 001 | ||
Multiemployer plans, contributions (in dollars) | $ 3 | $ 4.1 | 3.5 |
Multiemployer plans, collective bargaining arrangement, expiration date | May 31, 2020 | ||
Multiemployer plans, pension protection act zone status | Red | Red | |
Multiemployer plans, pension protection act zone status, date | Dec. 31, 2018 | Dec. 31, 2017 | |
Multiemployer plans, Company contributions greater than 5% of total plan contributions | true | ||
Multiemployer plans, funding improvement plan and rehabilitation plan status | Implemented | ||
Multiemployer plans, surcharge | No | ||
Multiemployer Plans, Pension [Member] | Laborers' District Council of Western Pennsylvania Pension Fund [Member] | |||
Multiemployer Plans [Line Items] | |||
Multiemployer plans, employer identification number | 25-6135576 | ||
Multiemployer plans, plan number | 001 | ||
Multiemployer plans, contributions (in dollars) | $ 1.9 | $ 1.4 | 0.6 |
Multiemployer plans, collective bargaining arrangement, expiration date | May 31, 2020 | ||
Multiemployer plans, pension protection act zone status | Yellow | Red | |
Multiemployer plans, pension protection act zone status, date | Dec. 31, 2018 | Dec. 31, 2017 | |
Multiemployer plans, funding improvement plan and rehabilitation plan status | Implemented | ||
Multiemployer plans, surcharge | No | ||
Multiemployer Plans, Pension [Member] | Midwest Operating Engineers Pension Trust Fund [Member] | |||
Multiemployer Plans [Line Items] | |||
Multiemployer plans, employer identification number | 36-6140097 | ||
Multiemployer plans, plan number | 001 | ||
Multiemployer plans, contributions (in dollars) | $ 1.8 | $ 1.5 | 0.1 |
Multiemployer plans, collective bargaining arrangement, expiration date | May 31, 2020 | ||
Multiemployer plans, pension protection act zone status | Yellow | Yellow | |
Multiemployer plans, pension protection act zone status, date | Mar. 31, 2019 | Mar. 31, 2018 | |
Multiemployer plans, pension protection act zone status, extended amortization provisions | true | true | |
Multiemployer plans, funding improvement plan and rehabilitation plan status | Implemented | ||
Multiemployer plans, surcharge | No | ||
Multiemployer Plans, Pension [Member] | Employer- Teamsters Local Nos. 175 & 505 Pension Trust Fund [Member] | |||
Multiemployer Plans [Line Items] | |||
Multiemployer plans, employer identification number | 55-6021850 | ||
Multiemployer plans, plan number | 001 | ||
Multiemployer plans, contributions (in dollars) | $ 1.7 | $ 1.5 | 0.3 |
Multiemployer plans, collective bargaining arrangement, expiration date | May 31, 2020 | ||
Multiemployer plans, pension protection act zone status | Red | Red | |
Multiemployer plans, pension protection act zone status, date | Dec. 31, 2018 | Dec. 31, 2017 | |
Multiemployer plans, Company contributions greater than 5% of total plan contributions | true | ||
Multiemployer plans, pension protection act zone status, extended amortization provisions | true | true | |
Multiemployer plans, funding improvement plan and rehabilitation plan status | Implemented | ||
Multiemployer plans, surcharge | No | ||
Multiemployer Plans, Pension [Member] | Laborers' Local Union No. 158 Pension Fund [Member] | |||
Multiemployer Plans [Line Items] | |||
Multiemployer plans, employer identification number | 23-6580323 | ||
Multiemployer plans, plan number | 001 | ||
Multiemployer plans, contributions (in dollars) | $ 1.5 | $ 1.5 | 1.8 |
Multiemployer plans, collective bargaining arrangement, expiration date | May 31, 2020 | ||
Multiemployer plans, pension protection act zone status | Green | Green | |
Multiemployer plans, pension protection act zone status, date | Dec. 31, 2018 | Dec. 31, 2017 | |
Multiemployer plans, Company contributions greater than 5% of total plan contributions | true | true | |
Multiemployer plans, funding improvement plan and rehabilitation plan status | NA | ||
Multiemployer plans, surcharge | No | ||
Multiemployer Plans, Pension [Member] | Laborers' Pension Fund of Roanoke, Virginia [Member] | |||
Multiemployer Plans [Line Items] | |||
Multiemployer plans, employer identification number | 54-6111015 | ||
Multiemployer plans, plan number | 001 | ||
Multiemployer plans, contributions (in dollars) | $ 1.5 | $ 2.5 | 0.1 |
Multiemployer plans, collective bargaining arrangement, expiration date | May 31, 2020 | ||
Multiemployer plans, pension protection act zone status | Green | Green | |
Multiemployer plans, pension protection act zone status, date | Sep. 30, 2018 | Sep. 30, 2017 | |
Multiemployer plans, Company contributions greater than 5% of total plan contributions | true | ||
Multiemployer plans, funding improvement plan and rehabilitation plan status | NA | ||
Multiemployer plans, surcharge | No | ||
Multiemployer Plans, Pension [Member] | Laborers District Council & Contractors Pension Fund of Ohio [Member] | |||
Multiemployer Plans [Line Items] | |||
Multiemployer plans, employer identification number | 31-6129964 | ||
Multiemployer plans, plan number | 001 | ||
Multiemployer plans, contributions (in dollars) | $ 1.4 | $ 1.8 | 2.5 |
Multiemployer plans, collective bargaining arrangement, expiration date | May 31, 2020 | ||
Multiemployer plans, pension protection act zone status | Green | Green | |
Multiemployer plans, pension protection act zone status, date | Dec. 31, 2018 | Dec. 31, 2017 | |
Multiemployer plans, funding improvement plan and rehabilitation plan status | NA | ||
Multiemployer plans, surcharge | No | ||
Multiemployer Plans, Pension [Member] | Central Laborers Pension Fund [Member] | |||
Multiemployer Plans [Line Items] | |||
Multiemployer plans, employer identification number | 37-6052379 | ||
Multiemployer plans, plan number | 001 | ||
Multiemployer plans, contributions (in dollars) | $ 1.3 | $ 0.9 | 0.5 |
Multiemployer plans, collective bargaining arrangement, expiration date | May 31, 2020 | ||
Multiemployer plans, pension protection act zone status | Yellow | Yellow | |
Multiemployer plans, pension protection act zone status, date | Dec. 31, 2018 | Dec. 31, 2017 | |
Multiemployer plans, pension protection act zone status, extended amortization provisions | true | true | |
Multiemployer plans, funding improvement plan and rehabilitation plan status | Implemented | ||
Multiemployer plans, surcharge | No | ||
Multiemployer Plans, Pension [Member] | National Electrical Benefit Fund [Member] | |||
Multiemployer Plans [Line Items] | |||
Multiemployer plans, employer identification number | 53-0181657 | ||
Multiemployer plans, plan number | 001 | ||
Multiemployer plans, contributions (in dollars) | $ 1.2 | $ 1.4 | 1.8 |
Multiemployer plans, pension protection act zone status | Green | Green | |
Multiemployer plans, pension protection act zone status, date | Dec. 31, 2018 | Dec. 31, 2017 | |
Multiemployer plans, funding improvement plan and rehabilitation plan status | NA | ||
Multiemployer plans, surcharge | No | ||
Multiemployer Plans, Pension [Member] | National Electrical Benefit Fund [Member] | Maximum [Member] | |||
Multiemployer Plans [Line Items] | |||
Multiemployer plans, collective bargaining arrangement, expiration date | May 31, 2021 | ||
Multiemployer Plans, Pension [Member] | Michigan Laborers Pension Fund [Member] | |||
Multiemployer Plans [Line Items] | |||
Multiemployer plans, employer identification number | 38-6233976 | ||
Multiemployer plans, plan number | 001 | ||
Multiemployer plans, contributions (in dollars) | $ 1.1 | $ 1.5 | 2 |
Multiemployer plans, collective bargaining arrangement, expiration date | May 31, 2020 | ||
Multiemployer plans, pension protection act zone status | Yellow | Yellow | |
Multiemployer plans, pension protection act zone status, date | Aug. 31, 2019 | Aug. 31, 2018 | |
Multiemployer plans, pension protection act zone status, extended amortization provisions | true | ||
Multiemployer plans, funding improvement plan and rehabilitation plan status | Implemented | ||
Multiemployer plans, surcharge | No | ||
Multiemployer Plans, Pension [Member] | Ohio Operating Engineers Pension Plan [Member] | |||
Multiemployer Plans [Line Items] | |||
Multiemployer plans, employer identification number | 31-6129968 | ||
Multiemployer plans, plan number | 001 | ||
Multiemployer plans, contributions (in dollars) | $ 0.8 | $ 2.1 | 4.9 |
Multiemployer plans, collective bargaining arrangement, expiration date | May 31, 2020 | ||
Multiemployer plans, pension protection act zone status | Green | Green | |
Multiemployer plans, pension protection act zone status, date | Jul. 31, 2018 | Jul. 31, 2017 | |
Multiemployer plans, funding improvement plan and rehabilitation plan status | NA | ||
Multiemployer plans, surcharge | No | ||
Multiemployer Plans, Pension [Member] | Operating Engineers Local 324 Pension Fund [Member] | |||
Multiemployer Plans [Line Items] | |||
Multiemployer plans, employer identification number | 38-1900637 | ||
Multiemployer plans, plan number | 001 | ||
Multiemployer plans, contributions (in dollars) | $ 0 | $ 0.6 | 2.1 |
Multiemployer plans, collective bargaining arrangement, expiration date | May 31, 2020 | ||
Multiemployer plans, pension protection act zone status | Red | Red | |
Multiemployer plans, pension protection act zone status, date | Apr. 30, 2019 | Apr. 30, 2018 | |
Multiemployer plans, funding improvement plan and rehabilitation plan status | Implemented | ||
Multiemployer plans, surcharge | No | ||
Multiemployer Plans, Pension [Member] | Other Funds [Member] | |||
Multiemployer Plans [Line Items] | |||
Multiemployer plans, contributions (in dollars) | $ 9.9 | $ 10.8 | 7.1 |
CANADA | Multiemployer Plans, Pension [Member] | Other Funds [Member] | |||
Multiemployer Plans [Line Items] | |||
Multiemployer plans, contributions (in dollars) | $ 0.2 | $ 0.7 |
Other Retirement Plans (Sched_2
Other Retirement Plans (Schedule of Covered Employees and Contributions, Multiemployer Plans) (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019USD ($)employee | Dec. 31, 2018USD ($)employee | Dec. 31, 2017USD ($)employee | |
Covered Employees and Contributions, Multiemployer Plans [Line Items] | |||
Multiemployer plans, contributions (in dollars) | $ 72.6 | $ 99.7 | $ 102.4 |
Multiemployer Plans, Pension [Member] | |||
Covered Employees and Contributions, Multiemployer Plans [Line Items] | |||
Multiemployer plans, contributions (in dollars) | 66.9 | 92.4 | 92.1 |
Multiemployer Plans, Other Multiemployer [Member] | |||
Covered Employees and Contributions, Multiemployer Plans [Line Items] | |||
Multiemployer plans, contributions (in dollars) | $ 5.7 | $ 7.3 | $ 10.3 |
Workforce Subject to Collective Bargaining Arrangements [Member] | Unionized Employees [Member] | Low [Member] | |||
Covered Employees and Contributions, Multiemployer Plans [Line Items] | |||
Multiemployer plans, covered employees (in number of employees) | employee | 1,119 | 1,626 | 550 |
Workforce Subject to Collective Bargaining Arrangements [Member] | Unionized Employees [Member] | High [Member] | |||
Covered Employees and Contributions, Multiemployer Plans [Line Items] | |||
Multiemployer plans, covered employees (in number of employees) | employee | 5,349 | 6,336 | 7,057 |
Other Retirement Plans (Narrati
Other Retirement Plans (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2019 | |
Initial Critical Year | |
Multiemployer Plans [Line Items] | |
Multiemployer Plan, Collective-Bargaining Arrangement, Percentage of Contributions Required for Multiple Collective-Bargaining Arrangements | 5.00% |
Succeeding Plan Years | |
Multiemployer Plans [Line Items] | |
Multiemployer Plan, Collective-Bargaining Arrangement, Percentage of Contributions Required for Multiple Collective-Bargaining Arrangements | 10.00% |
Equity (Share Activity) (Narrat
Equity (Share Activity) (Narrative) (Details) - USD ($) shares in Millions | 12 Months Ended | ||||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 21, 2018 | Sep. 11, 2018 | Mar. 31, 2018 | Dec. 31, 2016 | |
Equity, Treasury Stock [Line Items] | |||||||
Treasury stock acquired, value | $ 602,000 | $ 319,001,000 | $ 1,551,000 | ||||
Treasury stock acquired (in shares) | 7.2 | ||||||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | 128,800,000 | ||||||
September 2018 Share Repurchase Program [Member] | |||||||
Equity, Treasury Stock [Line Items] | |||||||
Treasury stock acquired, value | $ 120,600,000 | ||||||
Treasury stock acquired (in shares) | 2.9 | ||||||
Share repurchase program, authorized amount, value | $ 150,000,000 | ||||||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | 28,800,000 | ||||||
2016 Share Repurchase Program [Member] | |||||||
Equity, Treasury Stock [Line Items] | |||||||
Treasury stock acquired, value | $ 98,400,000 | ||||||
Treasury stock acquired (in shares) | 2 | ||||||
Share repurchase program, authorized amount, value | $ 100,000,000 | ||||||
March 2018 Share Repurchase Program [Member] | |||||||
Equity, Treasury Stock [Line Items] | |||||||
Treasury stock acquired (in shares) | 2.3 | ||||||
Share repurchase program, authorized amount, value | $ 100,000,000 | ||||||
December 2018 Share Repurchase Program [Member] | |||||||
Equity, Treasury Stock [Line Items] | |||||||
Share repurchase program, authorized amount, value | $ 100,000,000 | ||||||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 100,000,000 |
Equity (Rollforward of Accumula
Equity (Rollforward of Accumulated Other Comprehensive Loss) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Accumulated Other Comprehensive Loss [Line Items] | |||
Accumulated other comprehensive loss, beginning balance | $ (60,494) | $ (63,712) | $ (65,814) |
Unrealized (losses) gains, net of tax | (15,212) | 3,218 | 2,102 |
Accumulated other comprehensive loss, ending balance | (75,706) | (60,494) | (63,712) |
Foreign Currency [Member] | |||
Accumulated Other Comprehensive Loss [Line Items] | |||
Accumulated other comprehensive loss, beginning balance | (65,496) | (62,851) | (64,478) |
Unrealized (losses) gains, net of tax | (189) | (2,645) | 1,627 |
Accumulated other comprehensive loss, ending balance | (65,685) | (65,496) | (62,851) |
Other [Member] | |||
Accumulated Other Comprehensive Loss [Line Items] | |||
Accumulated other comprehensive loss, beginning balance | 5,002 | (861) | (1,336) |
Unrealized (losses) gains, net of tax | (15,023) | 5,863 | 475 |
Accumulated other comprehensive loss, ending balance | $ (10,021) | $ 5,002 | $ (861) |
Income Taxes (Schedule of Compo
Income Taxes (Schedule of Components of Income before Income Taxes) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |||
Domestic | $ 452,200 | $ 341,100 | $ 334,900 |
Foreign | 58,700 | 24,200 | 36,900 |
Income before income taxes | $ 510,939 | $ 365,303 | $ 371,826 |
Income Taxes (Schedule of Provi
Income Taxes (Schedule of Provision for Income Taxes) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Current: | |||
Federal | $ 77,400 | $ 26,700 | $ (6,000) |
Foreign | 6,200 | 9,400 | 11,500 |
State and local | 15,600 | 10,500 | (800) |
Total current income tax expense | 99,200 | 46,600 | 4,700 |
Deferred: | |||
Federal | 22,400 | 43,900 | 18,200 |
Foreign | (2,800) | 3,300 | (7,500) |
State and local | (2,000) | 12,300 | 7,600 |
Total deferred income tax expense | 22,160 | 56,209 | 18,277 |
Provision for income taxes | 116,843 | 106,072 | 22,942 |
Continuing Operations [Member] | |||
Deferred: | |||
Total deferred income tax expense | $ 17,600 | $ 59,500 | $ 18,300 |
Income Taxes (Schedule of Defer
Income Taxes (Schedule of Deferred Tax Assets and Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Deferred tax assets: | ||
Accrued insurance | $ 28,600 | $ 25,900 |
Operating loss carryforwards and tax credits | 70,500 | 67,700 |
Compensation and benefits | 16,800 | 15,200 |
Bad debt | 900 | 2,400 |
Other | 11,500 | 8,400 |
Valuation allowance | (48,800) | (40,600) |
Total deferred tax assets | 79,500 | 79,000 |
Deferred tax liabilities: | ||
Property and equipment | 179,500 | 146,300 |
Goodwill | 49,600 | 55,600 |
Other intangible assets | 35,000 | 28,100 |
Gain on remeasurement of equity investee | 7,000 | 7,100 |
Revenue recognition | 20,600 | 21,600 |
Investments in unconsolidated entities | 74,000 | 67,900 |
Other | 10,100 | 16,100 |
Total deferred tax liabilities | 375,800 | 342,700 |
Net deferred tax liabilities | $ (296,326) | $ (263,687) |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Taxes [Line Items] | ||||||
Net operating loss carryforwards, deferred tax assets | $ 67.7 | $ 70.5 | $ 67.7 | |||
U.S. corporate tax rate, percent | 21.00% | 21.00% | 35.00% | |||
Tax cuts and jobs act, income tax expense (benefit) | 3.7 | $ (17.9) | $ 1.5 | $ (16.4) | $ (120.1) | |
Unrecognized tax benefits, accrued interest and penalties | 0.8 | $ 1.3 | 0.8 | |||
Unrecognized tax benefits, interest and penalties, income tax expense | 0.5 | 0.7 | ||||
Unrecognized tax benefits | 13.5 | |||||
State [Member] | ||||||
Income Taxes [Line Items] | ||||||
Net operating loss carryforwards, deferred tax assets | 11.9 | 11.5 | 11.9 | |||
Foreign [Member] | ||||||
Income Taxes [Line Items] | ||||||
Net operating loss carryforwards, deferred tax assets | 50.8 | 57.4 | 50.8 | |||
Federal [Member] | ||||||
Income Taxes [Line Items] | ||||||
Net operating loss carryforwards, deferred tax assets | $ 0.2 | $ 0.1 | $ 0.2 |
Income Taxes (Schedule of Effec
Income Taxes (Schedule of Effective Tax Rate Reconciliation) (Details) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |||
U.S. statutory federal rate applied to pretax income | 21.00% | 21.00% | 35.00% |
State and local income taxes, net of federal benefit | 3.20% | 4.20% | 2.00% |
Foreign tax rate differential | 0.20% | 1.50% | 0.30% |
Non-deductible expenses | 1.70% | 1.70% | 2.20% |
Goodwill and intangible assets | (0.50%) | 3.60% | 0.00% |
Change in tax rate | (1.50%) | (2.80%) | (32.30%) |
Domestic production activities deduction | (0.00%) | (0.00%) | (0.20%) |
Other | (1.00%) | (2.40%) | (0.70%) |
Tax credits | (0.60%) | (0.40%) | (2.80%) |
Stock basis adjustment | (1.80%) | 0.00% | 0.00% |
Valuation allowance for deferred tax assets | 2.20% | 2.60% | 2.70% |
Effective income tax rate | 22.90% | 29.00% | 6.20% |
Income Taxes (Rollforward of Un
Income Taxes (Rollforward of Uncertain Tax Positions) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Uncertain Tax Positions [Rollforward] | |||
Beginning balance | $ 9.4 | $ 8.1 | $ 0 |
Additions based on tax positions related to the current year | 3.7 | 2.7 | 3.2 |
Additions for tax positions of prior years | 0.7 | 0 | 4.9 |
Reductions for tax positions of prior years | (0.3) | (1.4) | 0 |
Ending balance | $ 13.5 | $ 9.4 | $ 8.1 |
Segments and Related Informat_3
Segments and Related Information (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2019segment | |
Segment Reporting [Abstract] | |
Number of operating segments | 5 |
Number of reportable segments | 5 |
Segments and Related Informat_4
Segments and Related Information (Schedule of Financial Information by Reportable Segment - Revenue) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Revenue: | |||||||||||
Revenue (in dollars) | $ 1,709,300 | $ 2,016,600 | $ 1,939,000 | $ 1,518,300 | $ 1,917,600 | $ 1,977,200 | $ 1,617,800 | $ 1,396,800 | $ 7,183,188 | $ 6,909,417 | $ 6,606,978 |
Communications [Member] | Customer Concentration Risk [Member] | Revenue Benchmark [Member] | Utilities [Member] | |||||||||||
Revenue: | |||||||||||
Utilities customers, percentage of Communications segment revenue | 15.00% | 14.90% | 13.40% | ||||||||
Reportable Segments [Member] | Communications [Member] | |||||||||||
Revenue: | |||||||||||
Revenue (in dollars) | $ 2,618,800 | $ 2,556,800 | $ 2,424,400 | ||||||||
Reportable Segments [Member] | Oil and Gas [Member] | |||||||||||
Revenue: | |||||||||||
Revenue (in dollars) | 3,117,200 | 3,288,700 | 3,497,200 | ||||||||
Reportable Segments [Member] | Electrical Transmission [Member] | |||||||||||
Revenue: | |||||||||||
Revenue (in dollars) | 413,900 | 397,300 | 378,200 | ||||||||
Reportable Segments [Member] | Power Generation and Industrial [Member] | |||||||||||
Revenue: | |||||||||||
Revenue (in dollars) | 1,034,300 | 665,000 | 299,900 | ||||||||
Reportable Segments [Member] | Other [Member] | |||||||||||
Revenue: | |||||||||||
Revenue (in dollars) | 200 | 3,500 | 20,800 | ||||||||
Eliminations [Member] | |||||||||||
Revenue: | |||||||||||
Revenue (in dollars) | $ (1,200) | $ (1,900) | $ (13,500) |
Segments and Related Informat_5
Segments and Related Information (Schedule of Financial Information by Reportable Segment - EBITDA) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||
Dec. 31, 2019 | Dec. 31, 2018 | Jun. 30, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
EBITDA: | ||||||
EBITDA | $ 823.4 | $ 660.8 | $ 620.9 | |||
Intangible asset, pre-tax impairment charge | 3.3 | |||||
Goodwill, pre-tax impairment charge | $ 47.7 | 47.7 | ||||
Joint Venture [Member] | ||||||
EBITDA: | ||||||
Project gains (in dollars) | $ (1) | (1) | ||||
Project losses (in dollars) | 7.9 | |||||
Communications [Member] | ||||||
EBITDA: | ||||||
Goodwill, pre-tax impairment charge | 0 | |||||
Oil and Gas [Member] | ||||||
EBITDA: | ||||||
Goodwill, pre-tax impairment charge | 47.7 | |||||
Electrical Transmission [Member] | ||||||
EBITDA: | ||||||
Goodwill, pre-tax impairment charge | 0 | |||||
Power Generation and Industrial [Member] | ||||||
EBITDA: | ||||||
Goodwill, pre-tax impairment charge | 0 | |||||
Reportable Segments [Member] | Communications [Member] | ||||||
EBITDA: | ||||||
EBITDA | 208.8 | 290.4 | 247.4 | |||
Reportable Segments [Member] | Oil and Gas [Member] | ||||||
EBITDA: | ||||||
EBITDA | 634.2 | 451.6 | 402.2 | |||
Reportable Segments [Member] | Electrical Transmission [Member] | ||||||
EBITDA: | ||||||
EBITDA | 29.5 | 10.5 | 17.6 | |||
Reportable Segments [Member] | Power Generation and Industrial [Member] | ||||||
EBITDA: | ||||||
EBITDA | 40.1 | 40.4 | 22.6 | |||
Reportable Segments [Member] | Other [Member] | ||||||
EBITDA: | ||||||
EBITDA | 26.5 | 24.4 | 19.8 | |||
Corporate [Member] | ||||||
EBITDA: | ||||||
EBITDA | (115.7) | $ (156.4) | $ (88.7) | |||
Pre-Qualifications [Member] | ||||||
EBITDA: | ||||||
Intangible asset, pre-tax impairment charge | $ 3.3 | $ 3.3 |
Segments and Related Informat_6
Segments and Related Information (Schedule of Financial Information by Reportable Segment - Depreciation and Amortization) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Depreciation and Amortization: | |||
Depreciation and amortization | $ 235,482 | $ 212,930 | $ 188,049 |
Reportable Segments [Member] | Communications [Member] | |||
Depreciation and Amortization: | |||
Depreciation and amortization | 65,000 | 59,300 | 53,200 |
Reportable Segments [Member] | Oil and Gas [Member] | |||
Depreciation and Amortization: | |||
Depreciation and amortization | 127,200 | 113,700 | 96,700 |
Reportable Segments [Member] | Electrical Transmission [Member] | |||
Depreciation and Amortization: | |||
Depreciation and amortization | 20,000 | 19,800 | 22,800 |
Reportable Segments [Member] | Power Generation and Industrial [Member] | |||
Depreciation and Amortization: | |||
Depreciation and amortization | 14,100 | 13,700 | 9,100 |
Reportable Segments [Member] | Other [Member] | |||
Depreciation and Amortization: | |||
Depreciation and amortization | 100 | 100 | 100 |
Corporate [Member] | |||
Depreciation and Amortization: | |||
Depreciation and amortization | $ 9,100 | $ 6,300 | $ 6,100 |
Segments and Related Informat_7
Segments and Related Information (Schedule of Financial Information by Reportable Segment - Assets) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Assets: | |||
Assets | $ 4,997,006 | $ 4,439,953 | $ 4,066,600 |
Reportable Segments [Member] | Communications [Member] | |||
Assets: | |||
Assets | 1,958,100 | 1,461,700 | 1,314,400 |
Reportable Segments [Member] | Oil and Gas [Member] | |||
Assets: | |||
Assets | 1,762,400 | 1,965,300 | 1,762,600 |
Reportable Segments [Member] | Electrical Transmission [Member] | |||
Assets: | |||
Assets | 463,900 | 423,900 | 471,400 |
Reportable Segments [Member] | Power Generation and Industrial [Member] | |||
Assets: | |||
Assets | 570,500 | 358,700 | 288,600 |
Reportable Segments [Member] | Other [Member] | |||
Assets: | |||
Assets | 192,200 | 193,900 | 153,200 |
Corporate [Member] | |||
Assets: | |||
Assets | $ 49,900 | $ 36,500 | $ 76,400 |
Segments and Related Informat_8
Segments and Related Information (Schedule of Financial Information by Reportable Segment - Capital Expenditures) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Capital Expenditures: | |||
Capital expenditures | $ 126,473 | $ 180,420 | $ 123,412 |
Reportable Segments [Member] | Communications [Member] | |||
Capital Expenditures: | |||
Capital expenditures | 36,000 | 69,300 | 40,500 |
Reportable Segments [Member] | Oil and Gas [Member] | |||
Capital Expenditures: | |||
Capital expenditures | 59,700 | 83,500 | 57,700 |
Reportable Segments [Member] | Electrical Transmission [Member] | |||
Capital Expenditures: | |||
Capital expenditures | 6,800 | 10,200 | 14,900 |
Reportable Segments [Member] | Power Generation and Industrial [Member] | |||
Capital Expenditures: | |||
Capital expenditures | 12,700 | 6,500 | 5,400 |
Reportable Segments [Member] | Other [Member] | |||
Capital Expenditures: | |||
Capital expenditures | 0 | 0 | 0 |
Corporate [Member] | |||
Capital Expenditures: | |||
Capital expenditures | $ 11,300 | $ 10,900 | $ 4,900 |
Segments and Related Informat_9
Segments and Related Information (Reconciliation of Consolidated Income before Income Taxes to EBITDA) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
EBITDA Reconciliation: | |||
Income before income taxes | $ 510,939 | $ 365,303 | $ 371,826 |
Interest expense, net | 77,026 | 82,571 | 61,011 |
Depreciation and amortization | 235,482 | 212,930 | 188,049 |
EBITDA | $ 823,400 | $ 660,800 | $ 620,900 |
Segments and Related Informa_10
Segments and Related Information (Foreign Operations) (Narrative) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Segment and Related Information [Line Items] | ||||||||||||||
Revenue | $ 1,709,300 | $ 2,016,600 | $ 1,939,000 | $ 1,518,300 | $ 1,917,600 | $ 1,977,200 | $ 1,617,800 | $ 1,396,800 | $ 7,183,188 | $ 6,909,417 | $ 6,606,978 | |||
Property and equipment, net | $ 905,835 | $ 747,808 | 905,835 | 747,808 | 905,835 | 747,808 | ||||||||
Intangible assets and goodwill, net | 1,433,000 | 1,269,700 | 1,433,000 | 1,269,700 | 1,433,000 | 1,269,700 | ||||||||
United States [Member] | ||||||||||||||
Segment and Related Information [Line Items] | ||||||||||||||
Revenue | 6,900,000 | 6,700,000 | 6,400,000 | |||||||||||
Property and equipment, net | 874,700 | 707,400 | $ 649,500 | 874,700 | 707,400 | 874,700 | 707,400 | 649,500 | ||||||
Intangible assets and goodwill, net | 1,400,000 | 1,200,000 | 1,200,000 | 1,400,000 | 1,200,000 | 1,400,000 | 1,200,000 | 1,200,000 | ||||||
Foreign Operations [Member] | ||||||||||||||
Segment and Related Information [Line Items] | ||||||||||||||
Revenue | 233,500 | 164,300 | 211,500 | |||||||||||
Property and equipment, net | 31,100 | 40,400 | 57,000 | 31,100 | 40,400 | 31,100 | 40,400 | 57,000 | ||||||
Intangible assets and goodwill, net | $ 56,400 | $ 61,500 | $ 112,800 | $ 56,400 | $ 61,500 | $ 56,400 | $ 61,500 | $ 112,800 | ||||||
Foreign Operations [Member] | Accounts Receivable, Net, Less Deferred Revenue [Member] | Geographic Concentration Risk [Member] | ||||||||||||||
Segment and Related Information [Line Items] | ||||||||||||||
Concentration risk, percentage of total | 5.00% | 5.00% | 5.00% | |||||||||||
Government [Member] | Revenue Benchmark [Member] | Customer Concentration Risk [Member] | ||||||||||||||
Segment and Related Information [Line Items] | ||||||||||||||
Concentration risk, percentage of total | 1.00% | 1.00% | 1.00% |
Segments and Related Informa_11
Segments and Related Information (Schedule of Significant Customers, Revenue Concentration Information) (Details) - Customer Concentration Risk [Member] - Revenue [Member] | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
AT&T (including DIRECTV) [Member] | |||
Revenue, Significant Customer [Line Items] | |||
Concentration risk, percentage of total | 20.00% | 23.00% | 25.00% |
Equitrans Midstream Corporation/EQT Corporation [Member] | |||
Revenue, Significant Customer [Line Items] | |||
Concentration risk, percentage of total | 11.00% | 20.00% | 0.00% |
Energy Transfer Affiliates [Member] | |||
Revenue, Significant Customer [Line Items] | |||
Concentration risk, percentage of total | 8.00% | 14.00% | 40.00% |
Commitments and Contingencies (
Commitments and Contingencies (Legal, Letters of Credit, Bonds, Self-Insurance) (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Jun. 30, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | |
Loss Contingencies [Line Items] | |||
Letters of credit issued | $ 115.1 | $ 128.4 | |
Self-Insurance [Member] | Other Long-Term Assets [Member] | |||
Loss Contingencies [Line Items] | |||
Cash collateral held by insurance carriers | 1.6 | ||
Self-Insurance [Member] | Workers' Compensation, General and Automobile Policies [Member] | |||
Loss Contingencies [Line Items] | |||
Self-insurance reserve | 123.4 | 108.9 | |
Self-Insurance [Member] | Workers' Compensation, General and Automobile Policies [Member] | Other Long-Term Liabilities [Member] | |||
Loss Contingencies [Line Items] | |||
Self-insurance reserve, non-current | 87.3 | 70.8 | |
Self-Insurance [Member] | Employee Group Medical Claims Policy [Member] | |||
Loss Contingencies [Line Items] | |||
Self-insurance reserve | 4.2 | 2.9 | |
Performance and Payment Bonds [Member] | |||
Loss Contingencies [Line Items] | |||
Bonded projects, estimated costs to complete | 194.7 | 53 | |
Performance and Payment Bonds [Member] | Subsidiaries [Member] | |||
Loss Contingencies [Line Items] | |||
Outstanding bonds, amount | 551.4 | 123.6 | |
Financial Guarantees [Member] | Self-Insurance [Member] | Workers' Compensation, General and Automobile Policies [Member] | |||
Loss Contingencies [Line Items] | |||
Letters of credit issued | 64 | 67.6 | |
Surety Bonds [Member] | Self-Insurance [Member] | Workers' Compensation [Member] | |||
Loss Contingencies [Line Items] | |||
Outstanding bonds, amount | $ 38.5 | $ 34.8 | |
Canadian Acquisition Arbitration [Member] | |||
Loss Contingencies [Line Items] | |||
Favorable arbitration award | $ 60 | ||
Collection of arbitration award | 32 | ||
Legal Fees [Member] | Canadian Acquisition Arbitration [Member] | |||
Loss Contingencies [Line Items] | |||
Collection of arbitration award | 16 | ||
Interest Expense [Member] | Canadian Acquisition Arbitration [Member] | |||
Loss Contingencies [Line Items] | |||
Collection of arbitration award | $ 5 |
Commitments and Contingencies_2
Commitments and Contingencies (Investment Arrangements) (Narrative) (Details) - Proportionately Consolidated Non-Controlled Joint Venture [Member] | Dec. 31, 2019 |
Joint Ventures That Provide Electrical Transmission Infrastructure Services [Member] | Minimum [Member] | |
Other Commitments [Line Items] | |
Proportionately consolidated non-controlled joint venture, ownership percentage | 85.00% |
Joint Ventures That Provide Electrical Transmission Infrastructure Services [Member] | Maximum [Member] | |
Other Commitments [Line Items] | |
Proportionately consolidated non-controlled joint venture, ownership percentage | 90.00% |
Canadian Joint Venture [Member] | |
Other Commitments [Line Items] | |
Proportionately consolidated non-controlled joint venture, ownership percentage | 35.00% |
Commitments and Contingencies_3
Commitments and Contingencies (Other Guarantees) (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2019 | |
Minimum [Member] | |
Other Guarantees [Line Items] | |
General warranty, period (in years) | 1 year |
Maximum [Member] | |
Other Guarantees [Line Items] | |
General warranty, period (in years) | 2 years |
Commitments and Contingencies_4
Commitments and Contingencies (Concentrations of Risk) (Narrative) (Details) - customer | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Concentration Risk [Line Items] | |||||
Number of customers | 475 | ||||
Accounts Receivable, Net, Less Deferred Revenue [Member] | Credit Concentration Risk [Member] | Customers with Largest Net Accounts Receivable Positions [Member] | |||||
Concentration Risk [Line Items] | |||||
Number of customers | 3 | 3 | |||
Accounts Receivable, Net, Less Deferred Revenue [Member] | Credit Concentration Risk [Member] | Customer with Largest Net Accounts Receivable Position [Member] | |||||
Concentration Risk [Line Items] | |||||
Concentration risk, percentage of total | 17.00% | 26.00% | |||
Accounts Receivable, Net, Less Deferred Revenue [Member] | Credit Concentration Risk [Member] | Customer with Second Largest Net Accounts Receivable Position [Member] | |||||
Concentration Risk [Line Items] | |||||
Concentration risk, percentage of total | 13.00% | 18.00% | |||
Accounts Receivable, Net, Less Deferred Revenue [Member] | Credit Concentration Risk [Member] | Customer With Third Largest Net Accounts Receivable Position [Member] | |||||
Concentration Risk [Line Items] | |||||
Concentration risk, percentage of total | 11.00% | 12.00% | |||
Revenue [Member] | Customer Concentration Risk [Member] | Ten Largest Customers [Member] | |||||
Concentration Risk [Line Items] | |||||
Number of customers | 10 | 10 | 10 | ||
Concentration risk, percentage of total | 64.00% | 72.00% | 78.00% |
Related Party Transactions (Man
Related Party Transactions (Management and Other Transactions) (Narrative) (Details) - Management [Member] - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Oil And Gas 2017 Acquisition [Member] | |||
Related Party Transaction [Line Items] | |||
Business combinations, cash paid | $ 40.6 | ||
Contingent consideration, earn-out liability | $ 75.5 | ||
Equipment, Supplies And Services [Member] | |||
Related Party Transaction [Line Items] | |||
Payments, related party | $ 108 | 134.4 | 110.7 |
Payables, related party | 14.7 | 17.3 | |
Revenue, related party | $ 2.3 | 10.3 | $ 2.6 |
Receivables, related party | $ 0.3 |
Related Party Transactions (Non
Related Party Transactions (Non-Controlling Interests) (Narrative) (Details) - Management [Member] $ in Millions | 1 Months Ended | |
Oct. 31, 2017USD ($)subsidiary | Dec. 31, 2018USD ($) | |
Related Party Transaction [Line Items] | ||
Payments to acquire remaining non-controlling interests | $ 21.4 | |
Acquisition of Non-Controlling Interest [Member] | ||
Related Party Transaction [Line Items] | ||
Number of subsidiaries, non-controlling interests | subsidiary | 1 | |
Contingent consideration, earn-out liability | $ 9.7 |
Related Party Transactions (Con
Related Party Transactions (Construction Management Firm and CCI) (Narrative) (Details) - Immediate Family Member of Management [Member] - USD ($) $ in Millions | 1 Months Ended | 12 Months Ended | ||
Feb. 28, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Construction Management Firm Specializing in Steel Building Systems [Member] | ||||
Related Party Transaction [Line Items] | ||||
Business combinations, cash paid | $ 6.1 | |||
Contingent consideration, earn-out liability | $ 1.4 | |||
Financing or amounts advanced, related party | $ 0.5 | 1 | ||
CCI [Member] | ||||
Related Party Transaction [Line Items] | ||||
Equity investment, ownership percentage | 15.00% | |||
CCI [Member] | Equipment [Member] | ||||
Related Party Transaction [Line Items] | ||||
Payments, net of rebates, related party | $ 41.7 | 57.6 | $ 54.9 | |
Payables, related party | $ 0.2 | 4.9 | ||
Rebates Receivables, Related Parties | $ 2.9 |
Related Party Transactions (Exe
Related Party Transactions (Executive Officers) (Narrative) (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019USD ($)employee | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
Management [Member] | Subcontracting Arrangements [Member] | |||
Related Party Transaction [Line Items] | |||
Number of additional management employees, subcontracting arrangement | employee | 2 | ||
Payments or amounts incurred, related party | $ 10.3 | $ 9.9 | $ 78 |
Payables, related party | 0.2 | 0.4 | |
Executive Officers [Member] | Related Customer [Member] | |||
Related Party Transaction [Line Items] | |||
Receivables, related party | 0.8 | 0.6 | |
Charges, related party | 1.4 | 1.7 | 1.6 |
Executive Officers [Member] | Construction Services [Member] | |||
Related Party Transaction [Line Items] | |||
Revenue, related party | 12.6 | ||
Receivables, related party | 3.9 | ||
Chairman, Board of Directors [Member] | Leases [Member] | |||
Related Party Transaction [Line Items] | |||
Payments or amounts incurred, related party | $ 2.4 | $ 2.7 | $ 2 |
Related Party Transactions (C_2
Related Party Transactions (Contractual Joint Venture) (Narrative) (Details) - Joint Venture [Member] - Performance Guarantees [Member] $ in Millions, $ in Millions | Dec. 31, 2019USD ($) | Dec. 31, 2019CAD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2018CAD ($) |
Related Party Transaction [Line Items] | ||||
Guarantees issued, related party | $ 26.4 | $ 26.4 | ||
Canadian Dollars [Member] | ||||
Related Party Transaction [Line Items] | ||||
Guarantees issued, related party | $ 20.3 | $ 19.4 |
Related Party Transactions (Spl
Related Party Transactions (Split Dollar Agreements) (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Chairman, Board of Directors [Member] | |||
Related Party Transaction [Line Items] | |||
Payments for life insurance policies | $ 1.1 | $ 1.1 | $ 1.1 |
Chief Executive Officer [Member] | |||
Related Party Transaction [Line Items] | |||
Payments for life insurance policies | 0.7 | 0.7 | $ 0.7 |
Executive Officers [Member] | |||
Related Party Transaction [Line Items] | |||
Life insurance assets, carrying amount | 20.3 | $ 18.5 | |
Maximum [Member] | Chairman, Board of Directors [Member] | |||
Related Party Transaction [Line Items] | |||
Life insurance, face amount | 200 | ||
Maximum [Member] | Chief Executive Officer [Member] | |||
Related Party Transaction [Line Items] | |||
Life insurance, face amount | $ 75 |
Quarterly Information (Unaudi_3
Quarterly Information (Unaudited) (Schedule of Quarterly Financial Information (Unaudited)) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Selected Quarterly Financial Information [Abstract] | |||||||||||
Revenue | $ 1,709,300 | $ 2,016,600 | $ 1,939,000 | $ 1,518,300 | $ 1,917,600 | $ 1,977,200 | $ 1,617,800 | $ 1,396,800 | $ 7,183,188 | $ 6,909,417 | $ 6,606,978 |
Costs of revenue, excluding depreciation and amortization | 1,434,200 | 1,690,600 | 1,633,400 | 1,312,000 | 1,654,000 | 1,681,400 | 1,366,600 | 1,237,300 | 6,070,244 | 5,939,308 | 5,745,307 |
Net income | 100,700 | 130,100 | 120,200 | 43,100 | 31,800 | 120,500 | 80,400 | 26,500 | 394,096 | 259,231 | 348,884 |
Net income attributable to MasTec, Inc. | $ 100,900 | $ 128,600 | $ 119,700 | $ 43,100 | $ 31,900 | $ 120,700 | $ 80,500 | $ 26,600 | $ 392,334 | $ 259,659 | $ 347,213 |
Earnings per share: | |||||||||||
Basic (in dollars per share) | $ 1.34 | $ 1.71 | $ 1.59 | $ 0.57 | $ 0.42 | $ 1.55 | $ 1.02 | $ 0.33 | $ 5.22 | $ 3.30 | $ 4.29 |
Diluted (in dollars per share) | $ 1.33 | $ 1.69 | $ 1.58 | $ 0.57 | $ 0.41 | $ 1.52 | $ 1.01 | $ 0.32 | $ 5.17 | $ 3.26 | $ 4.22 |
Quarterly Information (Unaudi_4
Quarterly Information (Unaudited) (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||
Dec. 31, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Quarterly Financial Information [Line Items] | |||||||||
Intangible asset, pre-tax impairment charge | $ 3.3 | ||||||||
Goodwill, pre-tax impairment charge | $ 47.7 | $ 47.7 | |||||||
Stock-based compensation, net excess tax benefits | $ 1.6 | $ 2.3 | 1.3 | 3.9 | 1.6 | $ 5.4 | |||
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Amount | (5.9) | $ (1.4) | |||||||
Change in tax rate, non-cash tax (expense) benefit | $ (3.7) | $ 17.9 | $ (1.5) | 16.4 | $ 120.1 | ||||
Joint Venture [Member] | |||||||||
Quarterly Financial Information [Line Items] | |||||||||
Project gains | $ 1 | $ 1 | |||||||
Pre-Qualifications [Member] | |||||||||
Quarterly Financial Information [Line Items] | |||||||||
Intangible asset, pre-tax impairment charge | $ 3.3 | $ 3.3 |
Supplemental Guarantor Financ_3
Supplemental Guarantor Financial Information (Narrative) (Details) | Dec. 31, 2019 |
Senior Notes [Member] | 4.875% Senior Notes [Member] | |
Condensed Financial Statements, Captions [Line Items] | |
Debt instrument, interest rate (percentage) | 4.875% |
Supplemental Guarantor Financ_4
Supplemental Guarantor Financial Information (Condensed Consolidating Statements of Operations and Comprehensive Income (Loss)) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Condensed Consolidating Statements of Operations and Comprehensive Income (Loss) [Line Items] | |||||||||||
Revenue | $ 1,709,300 | $ 2,016,600 | $ 1,939,000 | $ 1,518,300 | $ 1,917,600 | $ 1,977,200 | $ 1,617,800 | $ 1,396,800 | $ 7,183,188 | $ 6,909,417 | $ 6,606,978 |
Costs of revenue, excluding depreciation and amortization | 1,434,200 | 1,690,600 | 1,633,400 | 1,312,000 | 1,654,000 | 1,681,400 | 1,366,600 | 1,237,300 | 6,070,244 | 5,939,308 | 5,745,307 |
Depreciation and amortization | 235,482 | 212,930 | 188,049 | ||||||||
Intangible asset, pre-tax impairment charge | 3,300 | ||||||||||
Goodwill, pre-tax impairment charge | 47,700 | 47,700 | |||||||||
General and administrative expenses | 299,500 | 287,278 | 275,103 | ||||||||
Interest expense (income), net | 77,026 | 82,571 | 61,011 | ||||||||
Equity in earnings of unconsolidated affiliates | (27,367) | (23,855) | (21,328) | ||||||||
Other (income) expense, net | 14,045 | (1,780) | (12,990) | ||||||||
Income before income taxes | 510,939 | 365,303 | 371,826 | ||||||||
(Provision for) benefit from income taxes | (116,843) | (106,072) | (22,942) | ||||||||
Net income (loss) before equity in income (loss) from subsidiaries | 394,100 | 259,200 | 348,900 | ||||||||
Equity in income (losses) from subsidiaries, net of tax | 0 | 0 | 0 | ||||||||
Net income | 100,700 | 130,100 | 120,200 | 43,100 | 31,800 | 120,500 | 80,400 | 26,500 | 394,096 | 259,231 | 348,884 |
Net income (loss) attributable to non-controlling interests | 1,762 | (428) | 1,671 | ||||||||
Net income attributable to MasTec, Inc. | $ 100,900 | $ 128,600 | $ 119,700 | $ 43,100 | $ 31,900 | $ 120,700 | $ 80,500 | $ 26,600 | 392,334 | 259,659 | 347,213 |
Comprehensive income (loss) | 378,884 | 262,449 | 350,986 | ||||||||
Reportable Legal Entities [Member] | MasTec, Inc. [Member] | |||||||||||
Condensed Consolidating Statements of Operations and Comprehensive Income (Loss) [Line Items] | |||||||||||
Revenue | 0 | 0 | 0 | ||||||||
Costs of revenue, excluding depreciation and amortization | 0 | 0 | 0 | ||||||||
Depreciation and amortization | 0 | 0 | 0 | ||||||||
Intangible asset, pre-tax impairment charge | 0 | ||||||||||
Goodwill, pre-tax impairment charge | 0 | ||||||||||
General and administrative expenses | 3,200 | 3,100 | 2,300 | ||||||||
Interest expense (income), net | 0 | 0 | 0 | ||||||||
Equity in earnings of unconsolidated affiliates | 0 | 0 | 0 | ||||||||
Other (income) expense, net | 0 | 0 | 0 | ||||||||
Income before income taxes | (3,200) | (3,100) | (2,300) | ||||||||
(Provision for) benefit from income taxes | 800 | 900 | 200 | ||||||||
Net income (loss) before equity in income (loss) from subsidiaries | (2,400) | (2,200) | (2,100) | ||||||||
Equity in income (losses) from subsidiaries, net of tax | 394,700 | 261,900 | 349,300 | ||||||||
Net income | 392,300 | 259,700 | 347,200 | ||||||||
Net income (loss) attributable to non-controlling interests | 0 | 0 | 0 | ||||||||
Net income attributable to MasTec, Inc. | 392,300 | 259,700 | 347,200 | ||||||||
Comprehensive income (loss) | 379,700 | 262,900 | 349,300 | ||||||||
Reportable Legal Entities [Member] | Guarantor Subsidiaries [Member] | |||||||||||
Condensed Consolidating Statements of Operations and Comprehensive Income (Loss) [Line Items] | |||||||||||
Revenue | 6,799,400 | 6,539,300 | 6,222,300 | ||||||||
Costs of revenue, excluding depreciation and amortization | 5,703,400 | 5,609,400 | 5,378,600 | ||||||||
Depreciation and amortization | 214,000 | 190,500 | 159,100 | ||||||||
Intangible asset, pre-tax impairment charge | 0 | ||||||||||
Goodwill, pre-tax impairment charge | 0 | ||||||||||
General and administrative expenses | 279,400 | 266,400 | 256,300 | ||||||||
Interest expense (income), net | 138,400 | 147,000 | 123,600 | ||||||||
Equity in earnings of unconsolidated affiliates | 0 | 0 | 0 | ||||||||
Other (income) expense, net | 51,400 | 2,900 | (13,000) | ||||||||
Income before income taxes | 412,800 | 323,100 | 317,700 | ||||||||
(Provision for) benefit from income taxes | (111,500) | (94,200) | (18,100) | ||||||||
Net income (loss) before equity in income (loss) from subsidiaries | 301,300 | 228,900 | 299,600 | ||||||||
Equity in income (losses) from subsidiaries, net of tax | 0 | 0 | 0 | ||||||||
Net income | 301,300 | 228,900 | 299,600 | ||||||||
Net income (loss) attributable to non-controlling interests | 0 | 0 | 2,400 | ||||||||
Net income attributable to MasTec, Inc. | 301,300 | 228,900 | 297,200 | ||||||||
Comprehensive income (loss) | 303,300 | 228,900 | 299,600 | ||||||||
Reportable Legal Entities [Member] | Non-Guarantor Subsidiaries [Member] | |||||||||||
Condensed Consolidating Statements of Operations and Comprehensive Income (Loss) [Line Items] | |||||||||||
Revenue | 474,700 | 492,600 | 457,000 | ||||||||
Costs of revenue, excluding depreciation and amortization | 457,700 | 452,400 | 439,000 | ||||||||
Depreciation and amortization | 21,500 | 22,400 | 28,900 | ||||||||
Intangible asset, pre-tax impairment charge | 3,300 | ||||||||||
Goodwill, pre-tax impairment charge | 47,700 | ||||||||||
General and administrative expenses | 16,900 | 17,800 | 16,500 | ||||||||
Interest expense (income), net | (61,400) | (64,400) | (62,600) | ||||||||
Equity in earnings of unconsolidated affiliates | (27,400) | (23,900) | (21,300) | ||||||||
Other (income) expense, net | (37,300) | (4,700) | 0 | ||||||||
Income before income taxes | 101,400 | 45,300 | 56,500 | ||||||||
(Provision for) benefit from income taxes | (6,100) | (12,800) | (5,000) | ||||||||
Net income (loss) before equity in income (loss) from subsidiaries | 95,300 | 32,500 | 51,500 | ||||||||
Equity in income (losses) from subsidiaries, net of tax | 0 | 0 | 0 | ||||||||
Net income | 95,300 | 32,500 | 51,500 | ||||||||
Net income (loss) attributable to non-controlling interests | 1,800 | (400) | (700) | ||||||||
Net income attributable to MasTec, Inc. | 93,500 | 32,900 | 52,200 | ||||||||
Comprehensive income (loss) | 77,900 | 35,700 | 53,600 | ||||||||
Eliminations [Member] | |||||||||||
Condensed Consolidating Statements of Operations and Comprehensive Income (Loss) [Line Items] | |||||||||||
Revenue | (90,900) | (122,500) | (72,300) | ||||||||
Costs of revenue, excluding depreciation and amortization | (90,900) | (122,500) | (72,300) | ||||||||
Depreciation and amortization | 0 | 0 | 0 | ||||||||
Intangible asset, pre-tax impairment charge | 0 | ||||||||||
Goodwill, pre-tax impairment charge | 0 | ||||||||||
General and administrative expenses | 0 | 0 | 0 | ||||||||
Interest expense (income), net | 0 | 0 | 0 | ||||||||
Equity in earnings of unconsolidated affiliates | 0 | 0 | 0 | ||||||||
Other (income) expense, net | 0 | 0 | 0 | ||||||||
Income before income taxes | 0 | 0 | 0 | ||||||||
(Provision for) benefit from income taxes | 0 | 0 | 0 | ||||||||
Net income (loss) before equity in income (loss) from subsidiaries | 0 | 0 | 0 | ||||||||
Equity in income (losses) from subsidiaries, net of tax | (394,700) | (261,900) | (349,300) | ||||||||
Net income | (394,700) | (261,900) | (349,300) | ||||||||
Net income (loss) attributable to non-controlling interests | 0 | 0 | 0 | ||||||||
Net income attributable to MasTec, Inc. | (394,700) | (261,900) | (349,300) | ||||||||
Comprehensive income (loss) | $ (382,100) | $ (265,100) | $ (351,400) |
Supplemental Guarantor Financ_5
Supplemental Guarantor Financial Information (Condensed Consolidating Balance Sheets) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Assets | ||||
Total current assets | $ 2,173,559 | $ 2,168,989 | ||
Property and equipment, net | 905,835 | 747,808 | ||
Operating lease assets | 229,903 | 0 | ||
Goodwill and other intangible assets, net | 1,433,000 | 1,269,700 | ||
Investments in and advances to consolidated affiliates, net | 0 | 0 | ||
Other long-term assets | 254,741 | 253,436 | ||
Total assets | 4,997,006 | 4,439,953 | $ 4,066,600 | |
Liabilities and equity | ||||
Total current liabilities | 1,219,126 | 1,283,611 | ||
Long-term debt, including finance leases | 1,314,030 | 1,324,223 | ||
Advances from consolidated affiliates, net | 0 | |||
Long-term operating lease liabilities | 154,553 | 0 | ||
Other long-term liabilities | 517,600 | 440,100 | ||
Total liabilities | 3,205,315 | 3,047,929 | ||
Total equity | 1,791,691 | 1,392,024 | $ 1,433,353 | $ 1,103,634 |
Total liabilities and equity | 4,997,006 | 4,439,953 | ||
Reportable Legal Entities [Member] | MasTec, Inc. [Member] | ||||
Assets | ||||
Total current assets | 0 | 0 | ||
Property and equipment, net | 0 | 0 | ||
Operating lease assets | 0 | |||
Goodwill and other intangible assets, net | 0 | 0 | ||
Investments in and advances to consolidated affiliates, net | 1,768,900 | 1,373,100 | ||
Other long-term assets | 18,400 | 16,800 | ||
Total assets | 1,787,300 | 1,389,900 | ||
Liabilities and equity | ||||
Total current liabilities | 100 | 0 | ||
Long-term debt, including finance leases | 0 | 0 | ||
Advances from consolidated affiliates, net | 0 | |||
Long-term operating lease liabilities | 0 | |||
Other long-term liabilities | 0 | 0 | ||
Total liabilities | 100 | 0 | ||
Total equity | 1,787,200 | 1,389,900 | ||
Total liabilities and equity | 1,787,300 | 1,389,900 | ||
Reportable Legal Entities [Member] | Guarantor Subsidiaries [Member] | ||||
Assets | ||||
Total current assets | 1,987,800 | 1,993,000 | ||
Property and equipment, net | 862,000 | 699,200 | ||
Operating lease assets | 214,700 | |||
Goodwill and other intangible assets, net | 1,265,600 | 1,188,000 | ||
Investments in and advances to consolidated affiliates, net | 1,233,500 | 1,138,400 | ||
Other long-term assets | 42,600 | 42,000 | ||
Total assets | 5,606,200 | 5,060,600 | ||
Liabilities and equity | ||||
Total current liabilities | 1,141,600 | 1,185,900 | ||
Long-term debt, including finance leases | 1,310,900 | 1,319,400 | ||
Advances from consolidated affiliates, net | 0 | |||
Long-term operating lease liabilities | 143,000 | |||
Other long-term liabilities | 493,100 | 429,200 | ||
Total liabilities | 3,088,600 | 2,934,500 | ||
Total equity | 2,517,600 | 2,126,100 | ||
Total liabilities and equity | 5,606,200 | 5,060,600 | ||
Reportable Legal Entities [Member] | Non-Guarantor Subsidiaries [Member] | ||||
Assets | ||||
Total current assets | 248,100 | 248,500 | ||
Property and equipment, net | 43,900 | 48,600 | ||
Operating lease assets | 15,200 | |||
Goodwill and other intangible assets, net | 167,300 | 81,700 | ||
Investments in and advances to consolidated affiliates, net | 0 | 816,900 | ||
Other long-term assets | 193,800 | 194,600 | ||
Total assets | 668,300 | 1,390,300 | ||
Liabilities and equity | ||||
Total current liabilities | 139,800 | 170,200 | ||
Long-term debt, including finance leases | 3,100 | 4,900 | ||
Advances from consolidated affiliates, net | 167,500 | |||
Long-term operating lease liabilities | 11,600 | |||
Other long-term liabilities | 24,500 | 10,800 | ||
Total liabilities | 346,500 | 185,900 | ||
Total equity | 321,800 | 1,204,400 | ||
Total liabilities and equity | 668,300 | 1,390,300 | ||
Eliminations [Member] | ||||
Assets | ||||
Total current assets | (62,400) | (72,500) | ||
Property and equipment, net | 0 | 0 | ||
Operating lease assets | 0 | |||
Goodwill and other intangible assets, net | 0 | 0 | ||
Investments in and advances to consolidated affiliates, net | (3,002,400) | (3,328,400) | ||
Other long-term assets | 0 | 0 | ||
Total assets | (3,064,800) | (3,400,900) | ||
Liabilities and equity | ||||
Total current liabilities | (62,400) | (72,500) | ||
Long-term debt, including finance leases | 0 | 0 | ||
Advances from consolidated affiliates, net | (167,500) | |||
Long-term operating lease liabilities | 0 | |||
Other long-term liabilities | 0 | 0 | ||
Total liabilities | (229,900) | (72,500) | ||
Total equity | (2,834,900) | (3,328,400) | ||
Total liabilities and equity | $ (3,064,800) | $ (3,400,900) |
Supplemental Guarantor Financ_6
Supplemental Guarantor Financial Information (Condensed Consolidating Statements of Cash Flows) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Condensed Consolidating Statements of Cash Flows [Line Items] | |||
Net cash provided by (used in) operating activities | $ 550,278 | $ 529,956 | $ 144,096 |
Cash flows from investing activities: | |||
Cash paid for acquisitions, net of cash acquired | (179,481) | (6,684) | (115,995) |
Capital expenditures | (126,473) | (180,420) | (123,412) |
Proceeds from sale of property and equipment | 35,015 | 39,359 | 19,963 |
Payments for other investments | (5,589) | (39,469) | (77,105) |
Proceeds from other investments | 14,705 | 5,415 | 23,801 |
Net cash used in investing activities | (261,823) | (181,799) | (272,748) |
Cash flows from financing activities: | |||
Proceeds from credit facilities | 3,025,927 | 3,418,232 | 2,699,047 |
Repayments of credit facilities | (3,126,595) | (3,359,521) | (2,457,293) |
Repayments of other borrowings, net | (12,438) | (17,427) | (3,350) |
Payments of finance lease obligations | (88,341) | (72,167) | (67,740) |
Payments of acquisition-related contingent consideration | (34,267) | (15,929) | (6,676) |
Distributions to (proceeds from) non-controlling interests | (583) | 559 | 22,728 |
Proceeds from stock-based awards | 4,655 | 4,047 | 3,104 |
Payments for stock-based awards | (45) | (3,821) | (6,189) |
Repurchases of common stock | (5,652) | (313,949) | (1,552) |
Other financing activities, net | (8,458) | 0 | (6,301) |
Net financing activities and advances from (to) consolidated affiliates | 0 | 0 | 0 |
Net cash (used in) provided by financing activities | (244,631) | (361,094) | 130,322 |
Effect of currency translation on cash | 181 | 33 | (111) |
Net increase (decrease) in cash and cash equivalents | 44,005 | (12,904) | 1,559 |
Cash and cash equivalents - beginning of period | 27,422 | 40,326 | 38,767 |
Cash and cash equivalents - end of period | 71,427 | 27,422 | 40,326 |
Reportable Legal Entities [Member] | MasTec, Inc. [Member] | |||
Condensed Consolidating Statements of Cash Flows [Line Items] | |||
Net cash provided by (used in) operating activities | 0 | 0 | 0 |
Cash flows from investing activities: | |||
Cash paid for acquisitions, net of cash acquired | 0 | 0 | 0 |
Capital expenditures | 0 | 0 | 0 |
Proceeds from sale of property and equipment | 0 | 0 | 0 |
Payments for other investments | 0 | 0 | 0 |
Proceeds from other investments | 0 | 0 | 0 |
Net cash used in investing activities | 0 | 0 | 0 |
Cash flows from financing activities: | |||
Proceeds from credit facilities | 0 | 0 | 0 |
Repayments of credit facilities | 0 | 0 | 0 |
Repayments of other borrowings, net | 0 | 0 | 0 |
Payments of finance lease obligations | 0 | 0 | 0 |
Payments of acquisition-related contingent consideration | 0 | 0 | 0 |
Distributions to (proceeds from) non-controlling interests | 0 | 0 | 0 |
Proceeds from stock-based awards | 4,700 | 4,000 | 3,100 |
Payments for stock-based awards | (3,800) | (6,200) | |
Repurchases of common stock | (5,700) | (313,900) | (1,600) |
Other financing activities, net | 0 | 0 | 0 |
Net financing activities and advances from (to) consolidated affiliates | 1,000 | 313,700 | 4,700 |
Net cash (used in) provided by financing activities | 0 | 0 | 0 |
Effect of currency translation on cash | 0 | 0 | 0 |
Net increase (decrease) in cash and cash equivalents | 0 | 0 | 0 |
Cash and cash equivalents - beginning of period | 0 | 0 | 0 |
Cash and cash equivalents - end of period | 0 | 0 | 0 |
Reportable Legal Entities [Member] | Guarantor Subsidiaries [Member] | |||
Condensed Consolidating Statements of Cash Flows [Line Items] | |||
Net cash provided by (used in) operating activities | 467,200 | 341,600 | 142,900 |
Cash flows from investing activities: | |||
Cash paid for acquisitions, net of cash acquired | (179,500) | (6,700) | (116,000) |
Capital expenditures | (120,800) | (174,300) | (120,100) |
Proceeds from sale of property and equipment | 24,800 | 26,200 | 18,200 |
Payments for other investments | (4,300) | (11,800) | (3,800) |
Proceeds from other investments | 10,800 | 0 | 1,200 |
Net cash used in investing activities | (269,000) | (166,600) | (220,500) |
Cash flows from financing activities: | |||
Proceeds from credit facilities | 3,015,300 | 3,383,900 | 2,674,400 |
Repayments of credit facilities | (3,116,000) | (3,314,800) | (2,428,900) |
Repayments of other borrowings, net | (9,700) | (17,100) | (2,300) |
Payments of finance lease obligations | (86,300) | (66,600) | (59,200) |
Payments of acquisition-related contingent consideration | (34,300) | (15,900) | (6,600) |
Distributions to (proceeds from) non-controlling interests | 0 | 600 | 22,700 |
Proceeds from stock-based awards | 0 | 0 | 0 |
Payments for stock-based awards | 0 | 0 | |
Repurchases of common stock | 0 | 0 | 0 |
Other financing activities, net | (5,500) | 0 | (6,300) |
Net financing activities and advances from (to) consolidated affiliates | 62,800 | (142,100) | (89,600) |
Net cash (used in) provided by financing activities | (173,700) | (173,200) | 58,800 |
Effect of currency translation on cash | 0 | 0 | 0 |
Net increase (decrease) in cash and cash equivalents | 24,500 | 1,800 | (18,800) |
Cash and cash equivalents - beginning of period | 11,900 | 10,100 | 28,900 |
Cash and cash equivalents - end of period | 36,400 | 11,900 | 10,100 |
Reportable Legal Entities [Member] | Non-Guarantor Subsidiaries [Member] | |||
Condensed Consolidating Statements of Cash Flows [Line Items] | |||
Net cash provided by (used in) operating activities | 83,100 | 188,400 | 1,200 |
Cash flows from investing activities: | |||
Cash paid for acquisitions, net of cash acquired | 0 | 0 | 0 |
Capital expenditures | (5,700) | (6,100) | (3,300) |
Proceeds from sale of property and equipment | 10,200 | 13,100 | 1,800 |
Payments for other investments | (1,300) | (27,600) | (73,300) |
Proceeds from other investments | 3,900 | 5,400 | 22,600 |
Net cash used in investing activities | 7,100 | (15,200) | (52,200) |
Cash flows from financing activities: | |||
Proceeds from credit facilities | 10,600 | 34,300 | 24,600 |
Repayments of credit facilities | (10,600) | (44,700) | (28,400) |
Repayments of other borrowings, net | (2,700) | (300) | (1,100) |
Payments of finance lease obligations | (2,000) | (5,600) | (8,500) |
Payments of acquisition-related contingent consideration | 0 | 0 | 0 |
Distributions to (proceeds from) non-controlling interests | (600) | 0 | 0 |
Proceeds from stock-based awards | 0 | 0 | 0 |
Payments for stock-based awards | 0 | 0 | |
Repurchases of common stock | 0 | 0 | 0 |
Other financing activities, net | (3,000) | 0 | 0 |
Net financing activities and advances from (to) consolidated affiliates | (63,800) | (171,600) | 84,900 |
Net cash (used in) provided by financing activities | (70,900) | (187,900) | 71,500 |
Effect of currency translation on cash | 200 | 0 | (100) |
Net increase (decrease) in cash and cash equivalents | 19,500 | (14,700) | 20,400 |
Cash and cash equivalents - beginning of period | 15,600 | 30,300 | 9,900 |
Cash and cash equivalents - end of period | 35,100 | 15,600 | 30,300 |
Eliminations [Member] | |||
Condensed Consolidating Statements of Cash Flows [Line Items] | |||
Net cash provided by (used in) operating activities | 0 | 0 | 0 |
Cash flows from investing activities: | |||
Cash paid for acquisitions, net of cash acquired | 0 | 0 | 0 |
Capital expenditures | 0 | 0 | 0 |
Proceeds from sale of property and equipment | 0 | 0 | 0 |
Payments for other investments | 0 | 0 | 0 |
Proceeds from other investments | 0 | 0 | 0 |
Net cash used in investing activities | 0 | 0 | 0 |
Cash flows from financing activities: | |||
Proceeds from credit facilities | 0 | 0 | 0 |
Repayments of credit facilities | 0 | 0 | 0 |
Repayments of other borrowings, net | 0 | 0 | 0 |
Payments of finance lease obligations | 0 | 0 | 0 |
Payments of acquisition-related contingent consideration | 0 | 0 | 0 |
Distributions to (proceeds from) non-controlling interests | 0 | 0 | 0 |
Proceeds from stock-based awards | 0 | 0 | 0 |
Payments for stock-based awards | 0 | 0 | |
Repurchases of common stock | 0 | 0 | 0 |
Other financing activities, net | 0 | 0 | 0 |
Net financing activities and advances from (to) consolidated affiliates | 0 | 0 | 0 |
Net cash (used in) provided by financing activities | 0 | 0 | 0 |
Effect of currency translation on cash | 0 | 0 | 0 |
Net increase (decrease) in cash and cash equivalents | 0 | 0 | 0 |
Cash and cash equivalents - beginning of period | 0 | 0 | 0 |
Cash and cash equivalents - end of period | $ 0 | $ 0 | $ 0 |
Schedule II - Valuation and Q_2
Schedule II - Valuation and Qualifying Accounts (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Schedule II - Valuation and Qualifying Accounts [Roll Forward] | |||
Balance at beginning of period | $ 86.7 | $ 83.6 | $ 42.8 |
Charges to cost and expense | 61.7 | 42.8 | 50.2 |
Other additions | 0 | 0 | 0 |
(Deductions) | (50.5) | (39.7) | (9.4) |
Balance at end of period | 97.9 | 86.7 | 83.6 |
Allowance for Doubtful Accounts [Member] | |||
Schedule II - Valuation and Qualifying Accounts [Roll Forward] | |||
Balance at beginning of period | 16.3 | 8.2 | 8.4 |
Charges to cost and expense | 1.7 | 8.6 | 2.6 |
Other additions | 0 | 0 | 0 |
(Deductions) | (7.9) | (0.5) | (2.8) |
Balance at end of period | 10.1 | 16.3 | 8.2 |
Costs and Earnings in Excess of Billings Allowance [Member] | |||
Schedule II - Valuation and Qualifying Accounts [Roll Forward] | |||
Balance at beginning of period | 22 | 27.2 | 9.5 |
Charges to cost and expense | 49.7 | 33 | 22.3 |
Other additions | 0 | 0 | 0 |
(Deductions) | (40.4) | (38.2) | (4.6) |
Balance at end of period | 31.3 | 22 | 27.2 |
Valuation Allowance for Inventory [Member] | |||
Schedule II - Valuation and Qualifying Accounts [Roll Forward] | |||
Balance at beginning of period | 7.8 | 7.7 | 3.5 |
Charges to cost and expense | 2.1 | 1.1 | 6.2 |
Other additions | 0 | 0 | 0 |
(Deductions) | (2.2) | (1) | (2) |
Balance at end of period | 7.7 | 7.8 | 7.7 |
Valuation Allowance for Deferred Tax Assets [Member] | |||
Schedule II - Valuation and Qualifying Accounts [Roll Forward] | |||
Balance at beginning of period | 40.6 | 40.5 | 21.4 |
Charges to cost and expense | 8.2 | 0.1 | 19.1 |
Other additions | 0 | 0 | 0 |
(Deductions) | 0 | 0 | 0 |
Balance at end of period | $ 48.8 | $ 40.6 | $ 40.5 |