Cover Page
Cover Page - shares | 3 Months Ended | |
Mar. 31, 2020 | Apr. 27, 2020 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2020 | |
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 | 2020 | |
Document Fiscal Period Focus | Q1 | |
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, $0.10 Par Value | |
Trading Symbol | MTZ | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 73,752,319 |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Income Statement [Abstract] | ||
Revenue | $ 1,416,604 | $ 1,518,340 |
Costs of revenue, excluding depreciation and amortization | 1,226,297 | 1,312,048 |
Depreciation | 53,089 | 54,226 |
Amortization of intangible assets | 7,391 | 4,805 |
General and administrative expenses | 85,514 | 72,616 |
Interest expense, net | 17,004 | 22,258 |
Equity in earnings of unconsolidated affiliates | (7,834) | (6,260) |
Other (income) expense, net | (1,342) | 3,507 |
Income before income taxes | 36,485 | 55,140 |
Provision for income taxes | (423) | (12,033) |
Net income | 36,062 | 43,107 |
Net loss attributable to non-controlling interests | (168) | (5) |
Net income attributable to MasTec, Inc. | $ 36,230 | $ 43,112 |
Earnings per share (Note 2): | ||
Basic earnings per share (in dollars per share) | $ 0.48 | $ 0.57 |
Basic weighted average common shares outstanding | 74,738 | 74,991 |
Diluted earnings per share (in dollars per share) | $ 0.48 | $ 0.57 |
Diluted weighted average common shares outstanding | 75,413 | 75,578 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Statement of Comprehensive Income [Abstract] | ||
Net income | $ 36,062 | $ 43,107 |
Other comprehensive loss: | ||
Foreign currency translation losses, net of tax | (296) | (100) |
Unrealized losses on equity investee activity, net of tax | (22,961) | (5,462) |
Comprehensive income | 12,805 | 37,545 |
Comprehensive loss attributable to non-controlling interests | (168) | (5) |
Comprehensive income attributable to MasTec, Inc. | $ 12,973 | $ 37,550 |
Consolidated Balance Sheets (Un
Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Current assets: | ||
Cash and cash equivalents | $ 71,663 | $ 71,427 |
Accounts receivable, net of allowance | 796,120 | 850,326 |
Contract assets | 997,901 | 1,024,568 |
Inventories, net | 106,586 | 100,069 |
Prepaid expenses | 46,207 | 52,000 |
Other current assets | 61,302 | 75,169 |
Total current assets | 2,079,779 | 2,173,559 |
Property and equipment, net | 937,309 | 905,835 |
Operating lease assets | 210,637 | 229,903 |
Goodwill, net | 1,221,147 | 1,221,440 |
Other intangible assets, net | 200,788 | 211,528 |
Other long-term assets | 243,888 | 254,741 |
Total assets | 4,893,548 | 4,997,006 |
Current liabilities: | ||
Current portion of long-term debt, including finance leases | 121,848 | 118,429 |
Current portion of operating lease liabilities | 80,076 | 81,561 |
Accounts payable | 533,509 | 535,029 |
Accrued salaries and wages | 123,080 | 87,562 |
Other accrued expenses | 125,770 | 115,581 |
Contract liabilities | 204,284 | 206,180 |
Other current liabilities | 71,466 | 74,784 |
Total current liabilities | 1,260,033 | 1,219,126 |
Long-term debt, including finance leases | 1,297,342 | 1,314,030 |
Long-term operating lease liabilities | 143,441 | 154,553 |
Deferred income taxes | 276,060 | 296,326 |
Other long-term liabilities | 226,859 | 221,280 |
Total liabilities | 3,203,735 | 3,205,315 |
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 - 92,618,032 and 91,909,430 (including 1,759,870 and 1,221,593 of unvested stock awards) as of March 31, 2020 and December 31, 2019, respectively | 9,262 | 9,191 |
Capital surplus | 814,425 | 809,753 |
Retained earnings | 1,546,939 | 1,510,709 |
Accumulated other comprehensive loss | (98,963) | (75,706) |
Treasury stock, at cost: 18,914,841 shares and 15,344,917 shares as of March 31, 2020 and December 31, 2019, respectively | (586,153) | (466,727) |
Total MasTec, Inc. shareholders’ equity | 1,685,510 | 1,787,220 |
Non-controlling interests | 4,303 | 4,471 |
Total equity | 1,689,813 | 1,791,691 |
Total liabilities and equity | $ 4,893,548 | $ 4,997,006 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares | Mar. 31, 2020 | Dec. 31, 2019 |
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 | 92,618,032 | 91,909,430 |
Treasury stock, shares | 18,914,841 | 15,344,917 |
Common Stock [Member] | ||
Common stock, shares issued | 92,618,032 | 91,909,430 |
Restricted Stock Awards [Member] | Common Stock [Member] | ||
Unvested stock awards (in shares) | 1,759,870 | 1,221,593 |
Consolidated Statements of Equi
Consolidated Statements of Equity (Unaudited) - 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, 2018 | 91,327,009 | |||||||
Beginning balance at Dec. 31, 2018 | $ 1,392,024 | $ 9,133 | $ (466,125) | $ 789,009 | $ 1,118,375 | $ (60,494) | $ 1,389,898 | $ 2,126 |
Beginning balance, treasury shares (in shares) at Dec. 31, 2018 | (15,329,817) | |||||||
Condensed Unaudited Consolidated Statements of Equity | ||||||||
Net income (loss) | 43,107 | 43,112 | 43,112 | (5) | ||||
Other comprehensive loss | (5,562) | (5,562) | (5,562) | |||||
Non-cash stock-based compensation | 3,720 | 3,720 | 3,720 | |||||
Issuance of restricted shares, net (in shares) | 233,362 | |||||||
Issuance of restricted shares, net | 0 | $ 23 | (23) | 0 | ||||
Other stock issuances, net of shares withheld for taxes (in shares) | 31,027 | |||||||
Other stock issuances, net of shares withheld for taxes | 1,045 | $ 3 | 1,042 | 1,045 | ||||
Acquisition of treasury stock, at cost (in shares) | (15,100) | |||||||
Acquisition of treasury stock, at cost | (602) | $ (602) | (602) | |||||
Ending balance, common shares outstanding (in shares) at Mar. 31, 2019 | 91,591,398 | |||||||
Ending balance at Mar. 31, 2019 | $ 1,433,732 | $ 9,159 | $ (466,727) | 793,748 | 1,161,487 | (66,056) | 1,431,611 | 2,121 |
Ending balance, treasury shares (in shares) at Mar. 31, 2019 | (15,344,917) | |||||||
Beginning balance, common shares outstanding (in shares) at Dec. 31, 2019 | 91,909,430 | 91,909,430 | ||||||
Beginning balance at Dec. 31, 2019 | $ 1,791,691 | $ 9,191 | $ (466,727) | 809,753 | 1,510,709 | (75,706) | 1,787,220 | 4,471 |
Beginning balance, treasury shares (in shares) at Dec. 31, 2019 | (15,344,917) | (15,344,917) | ||||||
Condensed Unaudited Consolidated Statements of Equity | ||||||||
Net income (loss) | $ 36,062 | 36,230 | 36,230 | (168) | ||||
Other comprehensive loss | (23,257) | (23,257) | (23,257) | |||||
Non-cash stock-based compensation | 4,049 | 4,049 | 4,049 | |||||
Issuance of restricted shares, net (in shares) | 694,779 | |||||||
Issuance of restricted shares, net | 0 | $ 69 | (69) | 0 | ||||
Other stock issuances, net of shares withheld for taxes (in shares) | 13,823 | |||||||
Other stock issuances, net of shares withheld for taxes | $ 694 | $ 2 | 692 | 694 | ||||
Acquisition of treasury stock, at cost (in shares) | (3,600,000) | (3,569,924) | ||||||
Acquisition of treasury stock, at cost | $ (119,426) | $ (119,426) | (119,426) | |||||
Ending balance, common shares outstanding (in shares) at Mar. 31, 2020 | 92,618,032 | 92,618,032 | ||||||
Ending balance at Mar. 31, 2020 | $ 1,689,813 | $ 9,262 | $ (586,153) | $ 814,425 | $ 1,546,939 | $ (98,963) | $ 1,685,510 | $ 4,303 |
Ending balance, treasury shares (in shares) at Mar. 31, 2020 | (18,914,841) | (18,914,841) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Cash flows from operating activities: | ||
Net income | $ 36,062 | $ 43,107 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||
Depreciation | 53,089 | 54,226 |
Amortization of intangible assets | 7,391 | 4,805 |
Non-cash interest expense, net | 725 | 453 |
Non-cash stock-based compensation expense | 4,049 | 3,720 |
(Benefit from) provision for deferred income taxes | (12,614) | 899 |
Equity in earnings of unconsolidated affiliates | (7,834) | (6,260) |
Gains on sales of assets, net | (2,407) | (2,052) |
Other non-cash items, net | 734 | (3,043) |
Changes in assets and liabilities, net of acquisitions: | ||
Accounts receivable, net of allowance | 48,337 | (37,831) |
Contract assets | 26,311 | 6,376 |
Inventories | 5,932 | 9,690 |
Other assets, current and long-term portion | 17,906 | 2,398 |
Accounts payable and accrued expenses | 34,058 | (134,491) |
Contract liabilities | 2,603 | 3,821 |
Other liabilities, current and long-term portion | (11,076) | 7,375 |
Net cash provided by (used in) operating activities | 203,266 | (46,807) |
Cash flows from investing activities: | ||
Cash paid for acquisitions, net of cash acquired | 0 | (93,684) |
Capital expenditures | (60,594) | (34,396) |
Proceeds from sale of property and equipment | 8,363 | 8,654 |
Payments for other investments | (12,000) | (2,190) |
Proceeds from other investments | 648 | 10,413 |
Other investing activities, net | 4,843 | 0 |
Net cash used in investing activities | (58,740) | (111,203) |
Cash flows from financing activities: | ||
Proceeds from credit facilities | 675,935 | 866,397 |
Repayments of credit facilities | (671,780) | (670,794) |
Repayments of other borrowings, net | 0 | (6) |
Payments of finance lease obligations | (30,856) | (17,239) |
Proceeds from stock-based awards | 1,476 | 1,079 |
Payments for stock-based awards | (572) | (12) |
Repurchases of common stock | (119,427) | (5,652) |
Net cash (used in) provided by financing activities | (145,224) | 173,773 |
Effect of currency translation on cash | 934 | 9 |
Net increase in cash and cash equivalents | 236 | 15,772 |
Cash and cash equivalents - beginning of period | 71,427 | 27,422 |
Cash and cash equivalents - end of period | 71,663 | 43,194 |
Supplemental cash flow information: | ||
Interest paid | 21,479 | 26,220 |
Income tax (refunds) payments, net | (287) | 2,837 |
Supplemental disclosure of non-cash information: | ||
Additions to property and equipment from finance leases | $ 26,932 | $ 40,258 |
Business, Basis of Presentation
Business, Basis of Presentation and Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2020 | |
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 from renewable sources; 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. Basis of Presentation The accompanying consolidated financial statements are unaudited and have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) for interim financial information and with the instructions for Form 10-Q and Rule 10-01 of Regulation S-X. Pursuant to these rules and regulations, certain information and footnote disclosures normally included in the annual audited consolidated financial statements prepared in accordance with U.S. GAAP have been condensed or omitted. The accompanying consolidated balance sheet as of December 31, 2019 is derived from the Company’s audited financial statements as of that date. Because certain information and footnote disclosures have been condensed or omitted, these consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto as of and for the year ended December 31, 2019 contained in the Company’s 2019 Annual Report on Form 10-K (the “ 2019 Form 10-K”). In management’s opinion, all normal and recurring adjustments considered necessary for a fair presentation of the financial position, results of operations and cash flows for the periods presented have been included. When necessary, certain prior year amounts have been reclassified to conform to the current period presentation. Interim period operating results do not necessarily indicate the results that may be expected for any other interim period or for the full fiscal year. The Company believes that the disclosures made in these consolidated financial statements are adequate to make the information not misleading. Principles of Consolidation The accompanying consolidated financial statements include MasTec, Inc. and its subsidiaries and include the accounts of all majority owned subsidiaries over which the Company exercises control and, when applicable, entities in which the Company has a controlling financial interest. All significant intercompany balances and transactions have been eliminated in consolidation. Other parties’ interests in entities that MasTec consolidates are reported as non-controlling interests within equity, except for mandatorily redeemable non-controlling interests, which are recorded within 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. 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 credit losses; 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 Revenue Recognition The Company recognizes revenue from contracts with customers under Accounting Standards Codification (“ASC”) Topic 606 (“Topic 606”). 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 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 42% and 41% of consolidated revenue for the three month periods ended March 31, 2020 and 2019 , respectively. 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 6% of consolidated revenue for both the three month periods ended March 31, 2020 and 2019 . Substantially all of the Company’s other revenue is recognized over time. 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 three month periods ended March 31, 2020 and 2019 , 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, 2019 and 2018 . Revenue recognized for the three month periods ended March 31, 2020 and 2019 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 $17.8 million and $12.5 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 in either of the three month periods ended March 31, 2020 or 2019 . 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 vast majority of the Company’s performance obligations are completed within one year . Remaining performance obligations represent the amount of unearned transaction prices under contracts for which work is wholly or partially unperformed, including the Company’s share of unearned transaction prices from its proportionately consolidated non-controlled joint ventures. As of March 31, 2020 , the amount of the Company’s remaining performance obligations was $5.7 billion . Based on current expectations, the Company expects to recognize approximately $4.5 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. 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. 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 March 31, 2020 and December 31, 2019 , the Company included approximately $35 million and $27 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 March 31, 2020 and December 31, 2019 , 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. Recently Issued Accounting Pronouncements See the recent accounting pronouncements discussion below for information pertaining to the effects of recently adopted and other recent accounting pronouncements, as updated from the discussion in the Company’s 2019 Form 10-K. Accounting Pronouncements Adopted in 2020 In August 2018, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“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, which the Company adopted on a prospective basis during the first quarter of 2020, did not have a material effect on the Company’s 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, which the Company adopted during the first quarter of 2020, did not have a material effect on the Company’s consolidated financial statements. See Note 4 - Fair Value of Financial Instruments for certain disclosure updates pertaining to the Company’s Level 3 financial instruments as a result of the adoption of ASU 2018-13. 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 financial assets arising from revenue transactions, such as accounts receivable and contract assets. The current expected credit loss methodology, which is based on historical experience, current conditions and reasonable and supportable forecasts, replaced the probable/incurred loss model for measuring and recognizing expected credit losses. The Company adopted this ASU in the first quarter of 2020 and incorporated this guidance into its methodology for estimating its accounts receivable allowances. The adoption of ASU 2016-13 did not have a material effect on the Company’s consolidated financial statements as credit losses are not expected to be significant based on historical trends, the financial condition of our customers and external factors. Management actively monitors the economic environment, including any potential effects from the COVID-19 pandemic, on the Company’s customers and/or its financial assets. For additional information about the Company’s accounts receivable and related allowances, see Note 5 - Accounts Receivable, Net of Allowance, and Contract Assets and Liabilities . In March 2020, the FASB issued ASU 2020-04, Reference Reform Rate (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”) to provide temporary optional expedients and exceptions to the contract modifications, hedge relationships and other transactions affected by reference rate reform if certain criteria are met. This ASU, which was effective upon issuance and may be applied through December 31, 2022, is applicable to all contracts and hedging relationships that reference the London Interbank Offered Rate or any other reference rate expected to be discontinued. The Company is currently evaluating the impact of reference rate reform and the potential application of this guidance. |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Mar. 31, 2020 | |
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 Three Months Ended March 31, 2020 2019 Net income attributable to MasTec: Net income - basic and diluted (a) $ 36,230 $ 43,112 Weighted average shares outstanding: Weighted average shares outstanding - basic 74,738 74,991 Dilutive common stock equivalents 675 587 Weighted average shares outstanding - diluted 75,413 75,578 (a) Calculated as total net income less amounts attributable to non-controlling interests. The Company repurchased approximately 3.6 million shares of its common stock during the three month period ended March 31, 2020 , as discussed in Note 11 - Equity |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 3 Months Ended |
Mar. 31, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | Note 3 – Goodwill and Other Intangible Assets The following table provides balances for goodwill by reportable segment as of March 31, 2020 (in millions): Communications Oil and Gas Electrical Transmission Power Generation and Industrial Total Goodwill Goodwill, gross $ 541.8 $ 489.3 $ 149.9 $ 152.8 $ 1,333.8 Accumulated impairment loss — (112.7 ) — — (112.7 ) Goodwill, net $ 541.8 $ 376.6 $ 149.9 $ 152.8 $ 1,221.1 For the three month period ended March 31, 2020 , goodwill included a net increase of $0.8 million from measurement period adjustments. Currency translation effects related to goodwill and accumulated impairment losses for the three month period ended March 31, 2020 totaled approximately $9.9 million of losses and $8.8 million of gains , respectively. The following table provides a reconciliation of changes in other intangible assets, net, for the period indicated (in millions): Other Intangible Assets Non-Amortizing Amortizing Trade Names Pre-Qualifications Customer Relationships and Backlog Pre-Qualifications Other (a) Total Other intangible assets, gross, as of December 31, 2019 $ 34.5 $ 72.9 $ 286.5 $ — $ 26.3 $ 420.2 Accumulated amortization (191.2 ) — (17.5 ) (208.7 ) Other intangible assets, net, as of December 31, 2019 $ 34.5 $ 72.9 $ 95.3 $ — $ 8.8 $ 211.5 Classification changes (b) — (69.8 ) — 69.8 — — Measurement period adjustments (c) — — (0.2 ) — — (0.2 ) Currency translation adjustments — (3.1 ) — — — (3.1 ) Amortization expense (5.9 ) (1.0 ) (0.5 ) (7.4 ) Other intangible assets, net, as of March 31, 2020 $ 34.5 $ — $ 89.2 $ 68.8 $ 8.3 $ 200.8 (a) Consists principally of trade names and non-compete agreements. (b) In connection with its first quarter assessment of goodwill and indefinite-lived intangible assets, management reassessed the indefinite life classification of its two pre-qualification intangible assets. Management determined that, based on changes in the assets’ characteristics, including current and expected changes in the customer mix of the associated reporting units, a finite life classification for these assets was more appropriate. As a result, in the first quarter of 2020 , the Company changed the classification of these pre-qualification intangible assets from indefinite-lived to finite-lived and began amortizing them on an accelerated basis. As of March 31, 2020 , the estimated remaining weighted average useful life of these assets was approximately 12 years . (c) Represents adjustments to preliminary estimates of fair value within the measurement period of up to one year from the date of acquisition. Amortization of intangible assets for the three month periods ended March 31, 2020 and 2019 totaled $7.4 million and $4.8 million , respectively. 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 aggregate purchase price for these entities, as adjusted, was composed of approximately $175.1 million in cash, net of cash acquired, plus earn-out liabilities and a mandatorily redeemable non-controlling interest valued at approximately $22.2 million and $17.8 million , respectively. The Company refers to its traditional earn-out arrangements and the mandatorily redeemable non-controlling interest collectively as “Earn-outs,” which are generally payable annually and are recorded within other current and other long-term liabilities in the consolidated balance sheets. Earn-outs for the 2019 acquisitions have terms ranging from three to five years. As of March 31, 2020 , the range of remaining potential undiscounted Earn-out liabilities for the 2019 acquisitions was estimated to be between $2 million and $71 million ; however, there is no maximum payment amount. Determination of the estimated fair values of the net assets acquired and the estimated Earn-out liabilities for these acquisitions was preliminary as of March 31, 2020 ; as a result, further adjustments to these estimates may occur. Pro Forma Financial Information and Acquisition Results. For the three month periods ended March 31, 2020 and 2019 , unaudited supplemental pro forma revenue totaled approximately $1.4 billion and $1.6 billion , respectively, and unaudited supplemental pro forma net income totaled approximately $37.3 million and $48.1 million , respectively. For the three month periods ended March 31, 2020 and 2019 , the Company’s consolidated results of operations included acquisition-related revenue of approximately $49.5 million and $39.7 million , respectively, and included acquisition-related net loss of approximately $1.2 million and $6.1 million , respectively, based on the Company’s consolidated effective tax rates. These acquisition-related results do not include the effects of acquisition costs or interest expense associated with consideration paid for the related acquisitions. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 3 Months Ended |
Mar. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | Note 4 – 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. Acquisition-Related Contingent Consideration and Other Liabilities Acquisition-related contingent consideration and other liabilities is composed of Earn-outs, which represent the estimated fair value of future amounts payable for businesses that are contingent upon the acquired business achieving certain levels of earnings in the future. As of March 31, 2020 and December 31, 2019 , the estimated fair value of the Company’s Earn-out liabilities totaled $176.0 million and $173.2 million , respectively, of which $52.9 million and $54.1 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, which ranged from 12.0% to 24.7% , with a weighted average rate of 14.0% based on relative fair value, as of March 31, 2020 , 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 March 31, 2020 , the range of potential undiscounted Earn-out liabilities was estimated to be between $60 million and $256 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. There were no additions to acquisition-related contingent consideration and other liabilities from new business combinations for the three month period ended March 31, 2020 , and for the three month period ended March 31, 2019 , additions from new business combinations totaled $15.2 million . Measurement period adjustments for the three month period ended March 31, 2020 totaled an increase of approximately $1.1 million and related to a business in the Company’s Communications segment. There were no measurement period adjustments for the three month period ended March 31, 2019 . Fair value adjustments totaled a net increase of approximately $1.8 million for the three month period ended March 31, 2020 , and related to 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 $7.2 million for the three month period ended March 31, 2019 , and related to businesses in the Company’s Oil and Gas and Communications segments. There were no Earn-out payments in either of the three month periods ended March 31, 2020 or 2019 . Equity Investments The Company’s equity investments as of March 31, 2020 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 American Virtual Cloud Technologies, Inc. (formerly Pensare Acquisition Corp. (“Pensare”)); and (v) certain other equity investments. Investment Arrangements . From time to time, the Company may participate in selected investment or strategic arrangements, including equity interests in various business entities and participation in contractual joint ventures, some of which may involve the extension of loans or other types of financing arrangements. As of March 31, 2020 , the Company determined that certain of its investment arrangements were variable interest entities (“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. Equity investments, other than those accounted for as equity method investments or those that are proportionately consolidated, are measured at fair value if their fair values are readily determinable. Equity investments that do not have readily determinable fair values are measured at cost, adjusted for changes from observable market transactions, less impairment (“adjusted cost basis”). As of March 31, 2020 and December 31, 2019 , the aggregate carrying value of the Company’s equity investments totaled approximately $195 million and $196 million , respectively, including approximately $18 million of equity investments measured on an adjusted cost basis as of both March 31, 2020 and December 31, 2019 . There were no impairments of, or material changes in, the fair value of these investments during either of the three month periods ended March 31, 2020 or 2019 . 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. Equity in earnings related to the Company’s proportionate share of income from the Waha JVs, which is included within the Company’s Other segment, totaled approximately $7.6 million and $6.3 million for the three month periods ended March 31, 2020 and 2019 , respectively. Cumulative undistributed earnings from the Waha JVs, which represents cumulative equity in earnings for the Waha JVs less distributions of earnings, totaled $53.1 million as of March 31, 2020 . Distributions of earnings from the Waha JVs, which are included within operating cash flows, totaled $2.6 million and $3.9 million for the three month periods ended March 31, 2020 and 2019 , 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 $156 million and $174 million as of March 31, 2020 and December 31, 2019 , respectively. The Waha JVs are party to separate non-recourse financing facilities, each of which are secured by pledges of the equity interests in the respective entities, as well as a first lien security interest over virtually all of their assets. The Waha JVs are also party to certain interest rate swaps, which are accounted for as qualifying cash flow hedges. The Company reflects its proportionate share of any unrealized fair market value gains or losses from fluctuations in interest rates associated with these swaps within other comprehensive income or loss, as appropriate. For the three month periods ended March 31, 2020 and 2019 , the Company’s proportionate share of unrecognized unrealized activity on these interest rate swaps totaled losses of approximately $30.3 million , or $23.0 million , net of tax, and $7.2 million , or $5.5 million , net of tax, respectively. Other Investments. During 2017, the Company purchased approximately 4% of the common stock of Pensare, a special purpose acquisition company focusing on transactions in the telecommunications industry, and warrants to purchase an additional 2.0 million shares of Pensare common stock (the “initial warrants”), for $2.0 million . José R. Mas, MasTec’s Chief Executive Officer, was a director of Pensare through the end of March 2020. 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. The initial warrants are exercisable at a purchase price of $11.50 per share beginning thirty days after the first date Pensare successfully completes a business combination transaction. In April 2020, Pensare completed a business combination transaction with Stratos Management Systems, Inc. and its operating companies, which do business as Computex Technology Solutions (collectively, “Computex”), an information technology service provider, and in connection therewith, Pensare changed its name to American Virtual Cloud Technologies, Inc. (“AVCT”). In addition to other investors in a private placement conducted by AVCT contemporaneously with the completion of the business combination transaction in April 2020, MasTec invested $3.0 million in exchange for 3,000 units of AVCT securities, each of which consists of $1,000 in principal amount of AVCT Series A convertible debentures, convertible at $3.45 per share, subject to customary anti-dilution adjustments, and a warrant to purchase 100 shares of AVCT common stock at $0.01 per share (the “AVCT warrants”). The convertible debentures may be converted in whole or in part at any time from April 7, 2020 until full payment thereof, subject to mandatory conversion of the convertible debentures, pursuant to the terms thereof, and the AVCT warrants are exercisable at any time from April 7, 2020 through April 7, 2025. Due to the completion of the Computex business combination, the initial warrants will be exercisable beginning May 7, 2020, until the earlier to occur of April 7, 2025 and the liquidation of AVCT, subject to extension. Prior to completion of the Computex acquisition, certain holders of AVCT’s redeemable common stock elected to redeem their shares, the effect of which, after giving effect to the additional investment described above, was to increase the Company’s beneficial ownership interest in AVCT common stock to approximately 21% . The Company does not have the ability to exert significant influence over the operating and financial policies of AVCT, therefore, the shares are measured on an adjusted cost basis. The initial warrants, which are derivative financial instruments, and the shares, for which the fair value was not readily determinable as of both March 31, 2020 and December 31, 2019 due to the nature of the restrictions, are included within other long-term assets in the Company’s consolidated financial statements. The fair value of the initial 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 three month periods ended March 31, 2020 and 2019 , there were no material changes in the fair value of the Company’s investment in AVCT. The Company has equity interests in three telecommunications entities that provide certain services to MasTec. Expense recognized in connection with these arrangements totaled $2.7 million for the three month period ended March 31, 2020 , and related amounts payable were $2.1 million as of March 31, 2020 . Summarized Financial Information of Equity Method Investments The following presents summarized information for entities that comprise the Company’s significant equity method investments (in millions): For the Three Months Ended March 31, 2020 2019 Revenue $ 39.4 $ 37.3 Net income $ 23.0 $ 19.2 Senior Notes As of both March 31, 2020 and December 31, 2019 , 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 March 31, 2020 and December 31, 2019 , the estimated fair value of the 4.875% Senior Notes, based on Level 1 inputs, totaled $372.0 million and $404.5 million , respectively. |
Accounts Receivable, Net of All
Accounts Receivable, Net of Allowance, and Contract Assets and Liabilities | 3 Months Ended |
Mar. 31, 2020 | |
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): March 31, December 31, Contract billings $ 806.0 $ 860.4 Less allowance (9.9 ) (10.1 ) Accounts receivable, net of allowance $ 796.1 $ 850.3 Retainage 288.5 345.2 Unbilled receivables 709.4 679.4 Contract assets $ 997.9 $ 1,024.6 Contract billings represent the amount of performance obligations that have been billed but not yet collected. Contract assets consist of unbilled receivables and retainage. Unbilled receivables represent the estimated value of unbilled work for projects with performance obligations recognized over time. 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). For the three month period ended March 31, 2020 , provisions for credit losses totaled $1.6 million and impairment losses on contract assets were not material. Contract liabilities consist primarily of deferred revenue. Under certain contracts, the Company may be entitled to invoice the customer and receive payments in advance of performing the related contract work. In those instances, the Company recognizes a liability for advance billings in excess of revenue recognized, which is referred to as deferred revenue. Contract liabilities also include the amount of any accrued project losses. Total contract liabilities, including accrued project losses, totaled approximately $204.3 million and $206.2 million as of March 31, 2020 and December 31, 2019 , respectively, of which deferred revenue comprised approximately $181.4 million and $184.1 million , respectively. For the three month period ended March 31, 2020 , the Company recognized revenue of approximately $105.6 million related to amounts that were included in deferred revenue as of December 31, 2019 , 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. Discount charges related to these arrangements, which are included within interest expense, net, totaled approximately $1.8 million and $2.9 million for the three month periods ended March 31, 2020 and 2019 |
Property and Equipment, Net
Property and Equipment, Net | 3 Months Ended |
Mar. 31, 2020 | |
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): March 31, December 31, Land $ 4.9 $ 4.9 Buildings and leasehold improvements 36.9 35.8 Machinery and equipment 1,670.3 1,659.4 Office furniture and equipment 205.9 197.3 Construction in progress 63.6 26.1 Total property and equipment $ 1,981.6 $ 1,923.5 Less accumulated depreciation and amortization (1,044.3 ) (1,017.7 ) Property and equipment, net $ 937.3 $ 905.8 The gross amount of capitalized internal-use software, which is included within office furniture and equipment, totaled $144.8 million and $138.2 million as of March 31, 2020 and December 31, 2019 , respectively. Capitalized internal-use software, net of accumulated amortization, totaled $34.8 million and $31.5 million as of March 31, 2020 and December 31, 2019 , respectively. Depreciation expense associated with property and equipment, which includes amortization of capitalized internal-use software, totaled $53.1 million and $54.2 million , respectively, for the three month periods ended March 31, 2020 and 2019 . Accrued capital expenditures totaled $10.7 million and $5.2 million as of March 31, 2020 and December 31, 2019 , respectively. The effects of accrued capital expenditures are excluded from the Company’s consolidated statements of cash flows given their non-cash nature. |
Debt
Debt | 3 Months Ended |
Mar. 31, 2020 | |
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): Description Maturity Date March 31, December 31, Senior secured credit facility: September 19, 2024 Revolving loans $ 332.7 $ 339.2 Term loan 400.0 400.0 4.875% Senior Notes March 15, 2023 400.0 400.0 Finance lease and other obligations 298.2 305.6 Total debt obligations $ 1,430.9 $ 1,444.8 Less unamortized deferred financing costs (11.8 ) (12.4 ) Total debt, net of deferred financing costs $ 1,419.1 $ 1,432.4 Current portion of long-term debt 121.8 118.4 Long-term debt $ 1,297.3 $ 1,314.0 Senior Secured Credit Facility The Company’s senior secured credit facility (the “Credit Facility”) has aggregate borrowing commitments totaling approximately $1.75 billion as of March 31, 2020 , composed of $1.35 billion of revolving commitments and a term loan of approximately $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. As of March 31, 2020 and December 31, 2019 , outstanding revolving loans, which included $125 million and $138 million , respectively, of borrowings denominated in foreign currencies, accrued interest at weighted average rates of approximately 2.47% and 3.50% per annum, respectively. The term loan accrued interest at rates of 2.24% and 3.05% as of March 31, 2020 and December 31, 2019 , respectively. Letters of credit of approximately $143.1 million and $98.0 million were issued as of March 31, 2020 and December 31, 2019 , respectively. As of both March 31, 2020 and December 31, 2019 , letter of credit fees accrued at 0.375% per annum for performance standby letters of credit and at 1.25% per annum 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 March 31, 2020 and December 31, 2019 , availability for revolving loans totaled $874.2 million and $912.8 million , respectively, or up to $506.9 million and $552.0 million , respectively, for new letters of credit. Revolving loan borrowing capacity included $175.2 million and $162.4 million of availability in either Canadian dollars or Mexican pesos as of March 31, 2020 and December 31, 2019 , respectively. The unused facility fee as of both March 31, 2020 and December 31, 2019 accrued at a rate of 0.20% . 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. Other Credit Facilities . The Company has other credit facilities that support the working capital requirements of its foreign operations and certain letter of credit issuances. As of both March 31, 2020 and December 31, 2019 , there were no borrowings under the Company’s other credit facilities. Additionally, the Company has a credit facility under which it may issue up to $50.0 million of performance standby letters of credit. As of March 31, 2020 and December 31, 2019 , letters of credit issued under this facility totaled $18.1 million and $17.1 million , respectively, and accrued fees at 0.50% and 0.40% per annum, respectively. The Company’s other credit facilities are subject to customary provisions and covenants. Debt Guarantees and Covenants 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 16 - Supplemental Guarantor Condensed Consolidating Financial Information . MasTec was in compliance with the provisions and covenants of its outstanding debt instruments as of March 31, 2020 and December 31, 2019 . Additional Information As of March 31, 2020 and December 31, 2019 , accrued interest payable, which is recorded within other accrued expenses in the consolidated balance sheets, totaled $2.8 million and $7.5 million , respectively. For additional information pertaining to the Company’s debt instruments, including its 4.875% Senior Notes, see Note 7 - Debt in the Company’s 2019 Form 10-K. |
Lease Obligations
Lease Obligations | 3 Months Ended |
Mar. 31, 2020 | |
Leases [Abstract] | |
Lease Obligations | Note 8 – Lease Obligations In the ordinary course of business, the Company enters into agreements that provide financing for machinery and equipment and for other of its facility, vehicle and equipment needs, including related party leases. As of March 31, 2020 , the Company’s leases have remaining lease terms of up to nine 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’s lease agreements do not contain significant residual value guarantees or material restrictive covenants. Finance Leases The gross amount of assets held under finance leases as of March 31, 2020 and December 31, 2019 totaled $484.2 million and $463.5 million , respectively. Assets held under finance leases, net of accumulated depreciation, totaled $384.4 million and $375.9 million as of March 31, 2020 and December 31, 2019 , respectively. Depreciation expense associated with finance leases totaled $15.8 million and $10.0 million for the three month periods ended March 31, 2020 and 2019 , respectively. Operating Leases Operating lease additions for the three month period ended March 31, 2020 totaled $5.8 million and totaled $12.0 million for the three month period ended March 31, 2019 , excluding the effect of adoption of ASU 2016-02, Leases (Topic 842), of approximately $230.0 million . For the three month periods ended March 31, 2020 and 2019 , rent expense for leases that have terms in excess of one year totaled approximately $35.3 million and $27.9 million , respectively, of which $2.9 million and $2.3 million , respectively, represented variable lease costs. The Company also incurred rent expense for leases with terms of one year or less totaling approximately $77.5 million and $92.8 million for the three month periods ended March 31, 2020 and 2019 , 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 March 31, 2020 were as follows (in millions): Finance Leases Operating Leases 2020, remaining nine months $ 96.6 $ 66.8 2021 115.0 68.2 2022 74.6 43.3 2023 26.9 21.2 2024 3.0 13.8 Thereafter — 30.6 Total minimum lease payments $ 316.1 $ 243.9 Less amounts representing interest (17.9 ) (20.4 ) Total lease obligations, net of interest $ 298.2 $ 223.5 Less current portion 116.9 80.1 Long-term portion of lease obligations, net of interest $ 181.3 $ 143.4 As of March 31, 2020 , finance leases had a weighted average remaining lease term of 2.7 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 4.1% as of March 31, 2020 . |
Stock-Based Compensation and Ot
Stock-Based Compensation and Other Employee Benefit Plans | 3 Months Ended |
Mar. 31, 2020 | |
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 has stock-based compensation plans, under which shares of the Company’s common stock are reserved for issuance. Under all stock-based compensation plans in effect as of March 31, 2020 , there were approximately 3,154,000 shares available for future grant. Non-cash stock-based compensation expense under all plans totaled $4.0 million and $3.7 million for the three month periods ended March 31, 2020 and 2019 , respectively. Income tax benefits associated with stock-based compensation arrangements totaled $0.9 million and $3.2 million for the three month periods ended March 31, 2020 and 2019 , respectively, including net tax deficiencies related to the vesting of share-based payment awards totaling $0.1 million and net tax benefits totaling $2.3 million , respectively. Restricted Shares MasTec grants restricted stock awards and restricted stock units (together, “restricted shares”) to eligible participants, which are valued based on the closing market share price of MasTec common stock (the “market price”) on the date of grant. During the restriction period, holders of restricted stock awards are entitled to vote the shares. As of March 31, 2020 , total unearned compensation related to restricted shares was approximately $41.1 million , which is expected to be recognized over a weighted average period of approximately 2.4 years . The fair value of restricted shares that vested, which is based on the market price on the date of vesting, totaled $5.6 million and $13.6 million for the three month periods ended March 31, 2020 and 2019 , respectively. Activity, restricted shares: (a) Restricted Per Share Weighted Average Grant Date Fair Value Non-vested restricted shares, as of December 31, 2019 1,221,593 $ 45.36 Granted 927,579 27.04 Vested (156,502 ) 39.02 Canceled/forfeited (230,500 ) 60.04 Non-vested restricted shares, as of March 31, 2020 1,762,170 $ 34.36 (a) Includes 2,300 restricted stock units as of March 31, 2020 . Employee Stock Purchase Plans The Company has certain employee stock purchase plans (collectively, “ESPPs”), under which shares of the Company’s common stock are available for purchase by eligible employees. The following table provides details pertaining to the Company’s ESPPs for the periods indicated: For the Three Months Ended March 31, 2020 2019 Cash proceeds (in millions) $ 1.5 $ 1.2 Common shares issued 53,399 35,732 Weighted average price per share $ 27.82 $ 34.48 Weighted average per share grant date fair value $ 7.95 $ 8.76 |
Other Retirement Plans
Other Retirement Plans | 3 Months Ended |
Mar. 31, 2020 | |
Multiemployer Plans [Abstract] | |
Other Retirement Plans | Note 10 – Other Retirement Plans Multiemployer Plans. Certain of MasTec’s subsidiaries, including certain subsidiaries in Canada, contribute amounts to multiemployer pension and other multiemployer benefit plans and trusts (“MEPPs”), which 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. Union payrolls cannot be determined for future periods because the number of union employees employed at a given time, and the plans in which they participate, vary depending upon the location and number of ongoing projects and the need for union resources in connection with those projects. Total contributions to multiemployer plans and the related number of employees covered by these plans for the periods indicated were as follows: Multiemployer Plans Covered Employees Contributions (in millions) Low High Pension Other Multiemployer Total For the Three Months Ended March 31: 2020 1,119 1,424 $ 5.4 $ 1.7 $ 7.1 2019 1,626 2,117 $ 7.0 $ 1.3 $ 8.3 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 | 3 Months Ended |
Mar. 31, 2020 | |
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. During the three month period ended March 31, 2020 , the Company repurchased approximately 3.6 million shares of its common stock for an aggregate purchase price of $119.4 million . Of the 3.6 million repurchased shares, 0.6 million were repurchased for $28.8 million under a $150 million share repurchase program that was established in September 2018 and completed in the first quarter of 2020 , and 3.0 million were repurchased for $90.6 million under the Company’s December 2018 $100 million share repurchase program. For the three month period ended March 31, 2019 , share repurchases totaled approximately $0.6 million , which were completed under the Company’s September 2018 $150 million share repurchase program. As of March 31, 2020 , $159.4 million was available for future share repurchases under all of the Company’s open share repurchase programs, which included $9.4 million under the Company’s December 2018 share repurchase program and $150 million under a new share repurchase program that was authorized on March 19, 2020. Accumulated Other Comprehensive Loss Unrealized foreign currency translation activity, net, for the three month periods ended March 31, 2020 and 2019 relates to the Company’s operations in Canada and Mexico. Unrealized investment activity, net, for the three month periods ended March 31, 2020 and 2019 relates to unrealized losses on interest rate swaps associated with the Waha JVs. |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 12 – Income Taxes In determining the quarterly provision for income taxes, management uses an estimated annual effective tax rate based on forecasted annual pre-tax income, permanent tax differences, statutory tax rates and tax planning opportunities in the various jurisdictions in which the Company operates. The effect of significant discrete items is separately recognized in the quarter(s) in which they occur. For the three month periods ended March 31, 2020 and 2019 , the Company’s consolidated effective tax rates were 1.2% and 21.8% , respectively. The Company’s effective tax rate for the three month period ended March 31, 2020 included a benefit of approximately $9.6 million related to the release of certain valuation allowances on Canadian deferred tax assets that were no longer necessary. For the three month period ended March 31, 2019 , the Company’s effective tax rate was favorably affected by the recognition of $2.3 million of excess tax benefits from the vesting of share-based awards and reduced foreign earnings. In response to the COVID-19 pandemic, the Coronavirus Aid, Relief and Economic Security Act (“CARES Act”) was signed into law on March 27, 2020. The CARES Act, among other things, includes tax provisions relating to refundable payroll tax credits, deferment of employer’s social security payments, net operating loss utilization and carryback periods, modifications to the net interest deduction limitations and technical corrections to tax depreciation methods for qualified improvement property (QIP). At this time, management does not believe that the CARES Act will have a material impact on the Company’s income tax provision for 2020. The Company will continue to evaluate the impact of the CARES Act on its financial position, results of operations and cash flows. |
Segments and Related Informatio
Segments and Related Information | 3 Months Ended |
Mar. 31, 2020 | |
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. 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. Segment EBITDA is calculated in a manner consistent with consolidated EBITDA. Summarized financial information for MasTec’s reportable segments is presented and reconciled to consolidated financial information for total MasTec in the following tables, including a reconciliation of consolidated income before income taxes to EBITDA, all of which are presented in millions. The tables below may contain slight summation differences due to rounding. For the Three Months Ended March 31, Revenue: 2020 2019 Communications (a) $ 644.1 $ 612.8 Oil and Gas 359.1 621.3 Electrical Transmission 128.1 94.9 Power Generation and Industrial 286.3 189.4 Other 0.0 0.0 Eliminations (1.0 ) (0.1 ) Consolidated revenue $ 1,416.6 $ 1,518.3 (a) Revenue generated primarily by utilities customers represented 15.2% and 15.6% of Communications segment revenue for the three month periods ended March 31, 2020 and 2019 , respectively. For the Three Months Ended March 31, EBITDA: 2020 2019 Communications $ 50.8 $ 45.3 Oil and Gas 74.4 107.4 Electrical Transmission 8.3 3.8 Power Generation and Industrial 5.0 3.2 Other 7.4 6.2 Corporate (31.9 ) (29.5 ) Consolidated EBITDA $ 114.0 $ 136.4 For the Three Months Ended March 31, Depreciation and Amortization: 2020 2019 Communications $ 19.7 $ 14.7 Oil and Gas 28.1 34.6 Electrical Transmission 5.9 4.5 Power Generation and Industrial 4.0 3.1 Other 0.0 0.0 Corporate 2.8 2.1 Consolidated depreciation and amortization $ 60.5 $ 59.0 For the Three Months Ended March 31, EBITDA Reconciliation: 2020 2019 Income before income taxes $ 36.5 $ 55.1 Plus: Interest expense, net 17.0 22.3 Depreciation 53.1 54.2 Amortization of intangible assets 7.4 4.8 Consolidated EBITDA $ 114.0 $ 136.4 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 both the three month periods ended March 31, 2020 and 2019 , revenue of $1.4 billion was derived from U.S. operations. For the three month periods ended March 31, 2020 and 2019 , revenue of $45.7 million and $78.9 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 $911.5 million and $874.7 million as of March 31, 2020 and December 31, 2019 , respectively, and, for the Company’s businesses in foreign countries, totaled $25.8 million and $31.1 million , respectively. Intangible assets and goodwill, net, related to the Company’s U.S. operations totaled approximately $1.4 billion as of both March 31, 2020 and December 31, 2019 , respectively, and for the Company’s businesses in foreign countries, totaled approximately $51.4 million and $56.4 million as of March 31, 2020 and December 31, 2019 , respectively. The majority of the Company’s long-lived and intangible assets and goodwill in foreign countries relate to its Canadian operations. As of March 31, 2020 and December 31, 2019 , amounts due from customers from which foreign revenue was derived accounted for approximately 4% and 5% , respectively, of the Company’s consolidated net accounts receivable position, which represents accounts receivable, net, less deferred revenue. For the three month periods ended March 31, 2020 and 2019 , revenue from governmental entities was approximately 2% and 1% , respectively, of total revenue, substantially all of which was derived from the Company’s U.S. operations. Significant Customers For the three month periods ended March 31, 2020 and 2019 , AT&T represented 24% and 23% , respectively, of the Company’s total consolidated revenue. 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 wireless, wireline/fiber and various install-to-the-home services. Revenue from AT&T is included within the Communications segment. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2020 | |
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. COVID-19 Pandemic During March 2020, the World Health Organization declared a global pandemic related to the rapidly growing outbreak of a novel strain of coronavirus (COVID-19). The COVID-19 pandemic has significantly affected economic conditions in the United States and internationally as national, state and local governments reacted to the public health crisis by requiring mitigation measures that have disrupted business activities for an uncertain period of time. The effects of the COVID-19 pandemic could affect the Company’s future business activities and financial results, including from governmental permitting approval delays, reduced crew productivity, higher operating costs and lower levels of overhead cost absorption and/or delayed project start dates or project shutdowns that may be requested or mandated by governmental authorities or others. The effects of the COVID-19 pandemic on the Company’s financial results for the three month period ended March 31, 2020 were limited. Most of the Company’s construction services are currently deemed essential under governmental mitigation orders and substantially all of its business segments continue to operate. Management’s top priority has been to take appropriate actions to protect the health and safety of its employees, customers and business partners, including adjusting its standard operating procedures to respond to evolving health guidelines. Management believes that it is taking appropriate steps to mitigate any potential impact to the Company; however, given the uncertainty regarding the potential effects of the COVID-19 pandemic, any future impacts cannot be quantified or predicted with specificity. 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 March 31, 2020 and December 31, 2019 , there were $161.2 million and $115.1 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 March 31, 2020 or December 31, 2019 . 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 March 31, 2020 and December 31, 2019 , outstanding performance and payment bonds approximated $577.5 million and $551.4 million , respectively, and estimated costs to complete projects secured by these bonds totaled $162.8 million and $194.7 million as of March 31, 2020 and December 31, 2019 , 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. 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 March 31, 2020 , the Company was not aware of circumstances that would reasonably lead to material future claims against it in connection with these arrangements. Included in the Company’s cash balances as of March 31, 2020 and December 31, 2019 are amounts held by entities that are proportionately consolidated totaling $9.1 million and $13.1 million , respectively. These amounts are available to support the operations of those entities, but are not available for the Company’s other operations. The Company has other investment arrangements, under which it may incur costs or provide financing, performance, financial and/or other guarantees. See Note 4 - Fair Value of Financial Instruments 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 March 31, 2020 and December 31, 2019 , MasTec’s estimated liability for unpaid claims and associated expenses, including incurred but not reported losses related to these policies, totaled $125.3 million and $123.4 million , respectively, of which $85.8 million and $87.3 million , respectively, were reflected within other long-term liabilities in the consolidated balance sheets. MasTec also maintains an insurance policy with respect to employee group medical claims, which is subject to annual per employee maximum losses. MasTec’s estimated liability for employee group medical claims totaled $4.7 million and $4.2 million as of March 31, 2020 and December 31, 2019 , 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 as of both March 31, 2020 and December 31, 2019 . Outstanding surety bonds related to self-insurance programs amounted to $38.5 million as of both March 31, 2020 and December 31, 2019 . Collective Bargaining Agreements and Multiemployer Plans. As discussed in Note 10 - Other Retirement Plans , certain of MasTec’s subsidiaries are party to various collective bargaining agreements with unions representing certain of their employees, which require the Company to pay specified wages, provide certain benefits and contribute certain amounts to MEPPs. The Employee Retirement Income Security Act of 1974, as amended by the Multiemployer Pension Plan Amendments Act of 1980 (collectively, “ERISA”), which governs U.S.-registered MEPPs, subjects employers to substantial liabilities in the event of an employer’s complete or partial withdrawal from, or upon termination of, such plans. The Company currently contributes, and in the past, has contributed to, plans that are underfunded, and, therefore, could have potential liability associated with a voluntary or involuntary withdrawal from, or termination of, these plans. As of March 31, 2020 , 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 March 31, 2020 and December 31, 2019 , 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 had approximately 295 customers for the three month period ended March 31, 2020 . As of March 31, 2020 , two customers each accounted for approximately 16% and 15% , respectively, of the Company’s consolidated net accounts receivable position, which represents accounts receivable, net, less deferred revenue. 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. In addition, the Company derived 62% of its revenue from its top ten customers for both the three month periods ended March 31, 2020 and 2019 |
Related Party Transactions
Related Party Transactions | 3 Months Ended |
Mar. 31, 2020 | |
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 three month periods ended March 31, 2020 and 2019 , such payments to related party entities totaled approximately $25.3 million and $28.5 million , respectively, and the related payables totaled approximately $6.4 million and $14.7 million as of March 31, 2020 and December 31, 2019 , respectively. Revenue from such related party arrangements totaled approximately $1.0 million and $0.3 million for the three month periods ended March 31, 2020 and 2019 , respectively. As of March 31, 2020 , related amounts receivable, net, totaled approximately $0.1 million , and as of December 31, 2019 were de minimis. 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 $0.7 million and $0.5 million , net as of March 31, 2020 and December 31, 2019 , respectively, which are expected to be settled under customary terms associated with the related purchase agreement. 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 three month periods ended March 31, 2020 and 2019 , MasTec paid CCI approximately $0.3 million and $6.0 million , net of rebates, respectively, related to this activity. As of March 31, 2020 and December 31, 2019 , amounts payable to CCI, net of rebates receivable, totaled approximately $1.4 million and $0.2 million , respectively. MasTec has a subcontracting arrangement with an entity for the performance of construction services, the minority owners of which include an entity controlled by Jorge Mas and José R. Mas, along with two members of management of a MasTec subsidiary. For the three month periods ended March 31, 2020 and 2019 , MasTec incurred subcontracting expenses of approximately $0.7 million and $1.6 million , respectively. As of March 31, 2020 and December 31, 2019 , related amounts payable totaled approximately $0.6 million and $0.2 million , respectively. MasTec has a leasing arrangement for an aircraft that is owned by an entity that Jorge Mas owns. For the three month periods ended March 31, 2020 and 2019 , MasTec paid approximately $0.6 million and $0.7 million , respectively, related to this leasing arrangement. MasTec performs construction services 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, including wireless infrastructure services. For the three month period ended March 31, 2020 , MasTec charged approximately $4.0 million under these arrangements, of which $3.6 million was outstanding as of March 31, 2020 . Payments for other expenses related to the Franchise totaled $0.2 million for the three month period ended March 31, 2020 . 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 three month periods ended March 31, 2020 and 2019 , MasTec charged approximately $0.3 million and $0.4 million , respectively, to this customer. As of March 31, 2020 and December 31, 2019 , outstanding receivables related to these arrangements totaled approximately $0.9 million and $0.8 million , respectively. Split Dollar Agreements MasTec has split dollar life insurance agreements with trusts, of which Jorge Mas or José R. Mas is a trustee. There were no payments made in connection with these agreements in either of the three month periods ended March 31, 2020 or 2019 . As of both March 31, 2020 and December 31, 2019 , life insurance assets associated with these agreements totaled approximately $20.3 million . |
Supplemental Guarantor Financia
Supplemental Guarantor Financial Information | 3 Months Ended |
Mar. 31, 2020 | |
Condensed Unaudited Financial Statements, Supplemental Guarantor Information [Abstract] | |
Supplemental Guarantor Financial Information | Note 16 – 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 March 31, 2020 , 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) (unaudited - in millions) For the Three Months Ended March 31, 2020 MasTec, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated MasTec, Inc. Revenue $ — $ 1,312.3 $ 111.8 $ (7.5 ) $ 1,416.6 Costs of revenue, excluding depreciation and amortization — 1,138.8 95.0 (7.5 ) 1,226.3 Depreciation and amortization — 54.2 6.3 — 60.5 General and administrative expenses 1.0 73.9 10.6 — 85.5 Interest expense, net — 15.8 1.2 — 17.0 Equity in earnings of unconsolidated affiliates — (0.2 ) (7.6 ) — (7.8 ) Other income, net — (1.1 ) (0.2 ) — (1.3 ) (Loss) income before income taxes $ (1.0 ) $ 30.9 $ 6.5 $ — $ 36.5 Benefit from (provision for) income taxes 0.3 (10.0 ) 9.3 — (0.4 ) Net (loss) income before equity in income from subsidiaries $ (0.7 ) $ 20.9 $ 15.8 $ — $ 36.1 Equity in income from subsidiaries, net of tax 36.9 — — (36.9 ) — Net income (loss) $ 36.2 $ 20.9 $ 15.8 $ (36.9 ) $ 36.1 Net loss attributable to non-controlling interests — — (0.2 ) — (0.2 ) Net income (loss) attributable to MasTec, Inc. $ 36.2 $ 20.9 $ 16.0 $ (36.9 ) $ 36.2 Comprehensive income (loss) $ 13.0 $ 17.5 $ (4.1 ) $ (13.6 ) $ 12.8 For the Three Months Ended March 31, 2019 MasTec, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated MasTec, Inc. Revenue $ — $ 1,402.4 $ 139.1 $ (23.2 ) $ 1,518.3 Costs of revenue, excluding depreciation and amortization — 1,200.7 134.5 (23.2 ) 1,312.0 Depreciation and amortization — 54.7 4.3 — 59.0 General and administrative expenses 0.8 67.3 4.5 — 72.6 Interest expense (income), net — 37.7 (15.4 ) — 22.3 Equity in losses (earnings) of unconsolidated affiliates — 0.1 (6.3 ) — (6.3 ) Other expense (income), net — 5.0 (1.5 ) — 3.5 (Loss) income before income taxes $ (0.8 ) $ 36.9 $ 19.0 $ — $ 55.1 Benefit from (provision for) income taxes 0.3 (12.0 ) (0.3 ) — (12.0 ) Net (loss) income before equity in income from subsidiaries $ (0.5 ) $ 24.9 $ 18.7 $ — $ 43.1 Equity in income from subsidiaries, net of tax 43.7 — — (43.7 ) — Net income (loss) $ 43.2 $ 24.9 $ 18.7 $ (43.7 ) $ 43.1 Net loss attributable to non-controlling interests — — (0.0 ) — (0.0 ) Net income (loss) attributable to MasTec, Inc. $ 43.2 $ 24.9 $ 18.7 $ (43.7 ) $ 43.1 Comprehensive income (loss) $ 37.5 $ 24.9 $ 13.2 $ (38.1 ) $ 37.5 CONDENSED CONSOLIDATING BALANCE SHEETS (unaudited - in millions) As of March 31, 2020 MasTec, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated MasTec, Inc. Assets Total current assets $ — $ 1,871.6 $ 236.5 $ (28.3 ) $ 2,079.8 Property and equipment, net — 898.8 38.5 — 937.3 Operating lease assets — 201.3 9.3 — 210.6 Goodwill and other intangible assets, net — 1,260.4 161.5 — 1,421.9 Investments in and advances to consolidated affiliates, net 1,667.2 1,382.7 — (3,049.9 ) — Other long-term assets 18.3 39.6 186.0 — 243.9 Total assets $ 1,685.5 $ 5,654.4 $ 631.8 $ (3,078.2 ) $ 4,893.5 Liabilities and equity Total current liabilities $ — $ 1,205.6 $ 82.7 $ (28.3 ) $ 1,260.0 Long-term debt, including finance leases — 1,294.9 2.4 — 1,297.3 Advances from consolidated affiliates, net — — 199.3 (199.3 ) — Long-term operating lease liabilities — 131.7 11.7 — 143.4 Other long-term liabilities — 482.4 20.5 — 502.9 Total liabilities $ — $ 3,114.6 $ 316.6 $ (227.6 ) $ 3,203.7 Total equity $ 1,685.5 $ 2,539.8 $ 315.2 $ (2,850.6 ) $ 1,689.8 Total liabilities and equity $ 1,685.5 $ 5,654.4 $ 631.8 $ (3,078.2 ) $ 4,893.5 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 CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS (unaudited - in millions) For the Three Months Ended March 31, 2020 MasTec, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated MasTec, Inc. Net cash provided by operating activities $ — $ 189.6 $ 13.7 $ — $ 203.3 Cash flows from investing activities: Capital expenditures — (59.3 ) (1.2 ) — (60.6 ) Proceeds from sale of property and equipment — 7.8 0.6 — 8.4 Payments for other investments — — (12.0 ) — (12.0 ) Proceeds from other investments — 0.6 — — 0.6 Other investing activities, net — 4.8 — — 4.8 Net cash used in investing activities $ — $ (46.1 ) $ (12.6 ) $ — $ (58.7 ) Cash flows from financing activities: Proceeds from credit facilities — 673.0 3.0 — 675.9 Repayments of credit facilities — (668.8 ) (2.9 ) — (671.8 ) Payments of finance lease obligations — (30.4 ) (0.4 ) — (30.9 ) Repurchases of common stock (119.4 ) — — — (119.4 ) Proceeds from stock-based awards 1.5 — — — 1.5 Payments for stock-based awards (0.6 ) — — — (0.6 ) Net financing activities and advances from (to) consolidated affiliates 118.5 (119.2 ) 0.6 — — Net cash (used in) provided by financing activities $ — $ (145.4 ) $ 0.3 $ — $ (145.2 ) Effect of currency translation on cash — — 0.9 — 0.9 Net (decrease) increase in cash and cash equivalents $ — $ (1.9 ) $ 2.2 $ — $ 0.2 Cash and cash equivalents - beginning of period $ — $ 36.4 $ 35.0 $ — $ 71.4 Cash and cash equivalents - end of period $ — $ 34.5 $ 37.2 $ — $ 71.7 CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS (unaudited - in millions) For the Three Months Ended March 31, 2019 MasTec, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated MasTec, Inc. Net cash used in operating activities $ — $ (43.5 ) $ (3.3 ) $ — $ (46.8 ) Cash flows from investing activities: Cash paid for acquisitions, net of cash acquired — (93.7 ) — — (93.7 ) Capital expenditures — (32.9 ) (1.5 ) — (34.4 ) Proceeds from sale of property and equipment — 4.8 3.9 — 8.7 Payments for other investments — (1.4 ) (0.8 ) — (2.2 ) Proceeds from other investments — 10.4 — — 10.4 Net cash (used in) provided by investing activities $ — $ (112.8 ) $ 1.6 $ — $ (111.2 ) Cash flows from financing activities: Proceeds from credit facilities — 862.7 3.7 — 866.4 Repayments of credit facilities — (667.2 ) (3.6 ) — (670.8 ) Payments of finance lease obligations — (16.7 ) (0.5 ) — (17.2 ) Repurchases of common stock (5.7 ) — — — (5.7 ) Proceeds from stock-based awards 1.1 — — — 1.1 Net financing activities and advances from (to) consolidated affiliates 4.6 (27.3 ) 22.7 — — Net cash provided by financing activities $ — $ 151.5 $ 22.3 $ — $ 173.8 Effect of currency translation on cash — — — — — Net (decrease) increase in cash and cash equivalents $ — $ (4.8 ) $ 20.6 $ — $ 15.8 Cash and cash equivalents - beginning of period $ — $ 11.9 $ 15.6 $ — $ 27.4 Cash and cash equivalents - end of period $ — $ 7.1 $ 36.2 $ — $ 43.2 |
Business, Basis of Presentati_2
Business, Basis of Presentation and Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2020 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying consolidated financial statements are unaudited and have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) for interim financial information and with the instructions for Form 10-Q and Rule 10-01 of Regulation S-X. Pursuant to these rules and regulations, certain information and footnote disclosures normally included in the annual audited consolidated financial statements prepared in accordance with U.S. GAAP have been condensed or omitted. The accompanying consolidated balance sheet as of December 31, 2019 is derived from the Company’s audited financial statements as of that date. Because certain information and footnote disclosures have been condensed or omitted, these consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto as of and for the year ended December 31, 2019 contained in the Company’s 2019 Annual Report on Form 10-K (the “ 2019 Form 10-K”). In management’s opinion, all normal and recurring adjustments considered necessary for a fair presentation of the financial position, results of operations and cash flows for the periods presented have been included. When necessary, certain prior year amounts have been reclassified to conform to the current period presentation. Interim period operating results do not necessarily indicate the results that may be expected for any other interim period or for the full fiscal year. The Company believes that the disclosures made in these consolidated financial statements are adequate to make the information not misleading. |
Reclassifications | When necessary, certain prior year amounts have been reclassified to conform to the current period presentation. |
Principles of Consolidation | Principles of Consolidation |
Equity Method Investments | 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. |
Unincorporated 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 does not exercise control over the entity, the Company consolidates its proportional interest in the accounts of the entity |
Translation of Foreign Currencies | Translation of Foreign Currencies |
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 credit losses; 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”). 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 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 42% and 41% of consolidated revenue for the three month periods ended March 31, 2020 and 2019 , respectively. 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 6% of consolidated revenue for both the three month periods ended March 31, 2020 and 2019 . Substantially all of the Company’s other revenue is recognized over time. 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 three month periods ended March 31, 2020 and 2019 , 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, 2019 and 2018 . Revenue recognized for the three month periods ended March 31, 2020 and 2019 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 $17.8 million and $12.5 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 in either of the three month periods ended March 31, 2020 or 2019 . 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 vast majority of the Company’s performance obligations are completed within one year . Remaining performance obligations represent the amount of unearned transaction prices under contracts for which work is wholly or partially unperformed, including the Company’s share of unearned transaction prices from its proportionately consolidated non-controlled joint ventures. As of March 31, 2020 , the amount of the Company’s remaining performance obligations was $5.7 billion . Based on current expectations, the Company expects to recognize approximately $4.5 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. 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. 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 March 31, 2020 and December 31, 2019 , the Company included approximately $35 million and $27 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 March 31, 2020 and December 31, 2019 , 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. |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements See the recent accounting pronouncements discussion below for information pertaining to the effects of recently adopted and other recent accounting pronouncements, as updated from the discussion in the Company’s 2019 Form 10-K. Accounting Pronouncements Adopted in 2020 In August 2018, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“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, which the Company adopted on a prospective basis during the first quarter of 2020, did not have a material effect on the Company’s 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, which the Company adopted during the first quarter of 2020, did not have a material effect on the Company’s consolidated financial statements. See Note 4 - Fair Value of Financial Instruments for certain disclosure updates pertaining to the Company’s Level 3 financial instruments as a result of the adoption of ASU 2018-13. 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 financial assets arising from revenue transactions, such as accounts receivable and contract assets. The current expected credit loss methodology, which is based on historical experience, current conditions and reasonable and supportable forecasts, replaced the probable/incurred loss model for measuring and recognizing expected credit losses. The Company adopted this ASU in the first quarter of 2020 and incorporated this guidance into its methodology for estimating its accounts receivable allowances. The adoption of ASU 2016-13 did not have a material effect on the Company’s consolidated financial statements as credit losses are not expected to be significant based on historical trends, the financial condition of our customers and external factors. Management actively monitors the economic environment, including any potential effects from the COVID-19 pandemic, on the Company’s customers and/or its financial assets. For additional information about the Company’s accounts receivable and related allowances, see Note 5 - Accounts Receivable, Net of Allowance, and Contract Assets and Liabilities . In March 2020, the FASB issued ASU 2020-04, Reference Reform Rate (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”) to provide temporary optional expedients and exceptions to the contract modifications, hedge relationships and other transactions affected by reference rate reform if certain criteria are met. This ASU, which was effective upon issuance and may be applied through December 31, 2022, is applicable to all contracts and hedging relationships that reference the London Interbank Offered Rate or any other reference rate expected to be discontinued. The Company is currently evaluating the impact of reference rate reform and the potential application of this guidance. |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
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 Three Months Ended March 31, 2020 2019 Net income attributable to MasTec: Net income - basic and diluted (a) $ 36,230 $ 43,112 Weighted average shares outstanding: Weighted average shares outstanding - basic 74,738 74,991 Dilutive common stock equivalents 675 587 Weighted average shares outstanding - diluted 75,413 75,578 (a) Calculated as total net income less amounts attributable to non-controlling interests. |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill by Segment | The following table provides balances for goodwill by reportable segment as of March 31, 2020 (in millions): Communications Oil and Gas Electrical Transmission Power Generation and Industrial Total Goodwill Goodwill, gross $ 541.8 $ 489.3 $ 149.9 $ 152.8 $ 1,333.8 Accumulated impairment loss — (112.7 ) — — (112.7 ) Goodwill, net $ 541.8 $ 376.6 $ 149.9 $ 152.8 $ 1,221.1 |
Rollforward of Other Intangible Assets | The following table provides a reconciliation of changes in other intangible assets, net, for the period indicated (in millions): Other Intangible Assets Non-Amortizing Amortizing Trade Names Pre-Qualifications Customer Relationships and Backlog Pre-Qualifications Other (a) Total Other intangible assets, gross, as of December 31, 2019 $ 34.5 $ 72.9 $ 286.5 $ — $ 26.3 $ 420.2 Accumulated amortization (191.2 ) — (17.5 ) (208.7 ) Other intangible assets, net, as of December 31, 2019 $ 34.5 $ 72.9 $ 95.3 $ — $ 8.8 $ 211.5 Classification changes (b) — (69.8 ) — 69.8 — — Measurement period adjustments (c) — — (0.2 ) — — (0.2 ) Currency translation adjustments — (3.1 ) — — — (3.1 ) Amortization expense (5.9 ) (1.0 ) (0.5 ) (7.4 ) Other intangible assets, net, as of March 31, 2020 $ 34.5 $ — $ 89.2 $ 68.8 $ 8.3 $ 200.8 (a) Consists principally of trade names and non-compete agreements. (b) In connection with its first quarter assessment of goodwill and indefinite-lived intangible assets, management reassessed the indefinite life classification of its two pre-qualification intangible assets. Management determined that, based on changes in the assets’ characteristics, including current and expected changes in the customer mix of the associated reporting units, a finite life classification for these assets was more appropriate. As a result, in the first quarter of 2020 , the Company changed the classification of these pre-qualification intangible assets from indefinite-lived to finite-lived and began amortizing them on an accelerated basis. As of March 31, 2020 , the estimated remaining weighted average useful life of these assets was approximately 12 years . (c) Represents adjustments to preliminary estimates of fair value within the measurement period of up to one year from the date of acquisition. |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Schedule of Summarized Financial Information of Equity Method Investments | The following presents summarized information for entities that comprise the Company’s significant equity method investments (in millions): For the Three Months Ended March 31, 2020 2019 Revenue $ 39.4 $ 37.3 Net income $ 23.0 $ 19.2 |
Accounts Receivable, Net of A_2
Accounts Receivable, Net of Allowance, and Contract Assets and Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
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): March 31, December 31, Contract billings $ 806.0 $ 860.4 Less allowance (9.9 ) (10.1 ) Accounts receivable, net of allowance $ 796.1 $ 850.3 Retainage 288.5 345.2 Unbilled receivables 709.4 679.4 Contract assets $ 997.9 $ 1,024.6 |
Property and Equipment, Net (Ta
Property and Equipment, Net (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
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): March 31, December 31, Land $ 4.9 $ 4.9 Buildings and leasehold improvements 36.9 35.8 Machinery and equipment 1,670.3 1,659.4 Office furniture and equipment 205.9 197.3 Construction in progress 63.6 26.1 Total property and equipment $ 1,981.6 $ 1,923.5 Less accumulated depreciation and amortization (1,044.3 ) (1,017.7 ) Property and equipment, net $ 937.3 $ 905.8 |
Debt (Tables)
Debt (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Debt Disclosure [Abstract] | |
Schedule of Carrying Values of Debt | The following table provides details of the carrying values of debt as of the dates indicated (in millions): Description Maturity Date March 31, December 31, Senior secured credit facility: September 19, 2024 Revolving loans $ 332.7 $ 339.2 Term loan 400.0 400.0 4.875% Senior Notes March 15, 2023 400.0 400.0 Finance lease and other obligations 298.2 305.6 Total debt obligations $ 1,430.9 $ 1,444.8 Less unamortized deferred financing costs (11.8 ) (12.4 ) Total debt, net of deferred financing costs $ 1,419.1 $ 1,432.4 Current portion of long-term debt 121.8 118.4 Long-term debt $ 1,297.3 $ 1,314.0 |
Lease Obligations (Tables)
Lease Obligations (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Leases [Abstract] | |
Schedule of Future Minimum Lease Commitments, Finance Leases | Future minimum lease commitments as of March 31, 2020 were as follows (in millions): Finance Leases Operating Leases 2020, remaining nine months $ 96.6 $ 66.8 2021 115.0 68.2 2022 74.6 43.3 2023 26.9 21.2 2024 3.0 13.8 Thereafter — 30.6 Total minimum lease payments $ 316.1 $ 243.9 Less amounts representing interest (17.9 ) (20.4 ) Total lease obligations, net of interest $ 298.2 $ 223.5 Less current portion 116.9 80.1 Long-term portion of lease obligations, net of interest $ 181.3 $ 143.4 |
Schedule of Future Minimum Lease Commitments, Operating Leases | Future minimum lease commitments as of March 31, 2020 were as follows (in millions): Finance Leases Operating Leases 2020, remaining nine months $ 96.6 $ 66.8 2021 115.0 68.2 2022 74.6 43.3 2023 26.9 21.2 2024 3.0 13.8 Thereafter — 30.6 Total minimum lease payments $ 316.1 $ 243.9 Less amounts representing interest (17.9 ) (20.4 ) Total lease obligations, net of interest $ 298.2 $ 223.5 Less current portion 116.9 80.1 Long-term portion of lease obligations, net of interest $ 181.3 $ 143.4 |
Stock-Based Compensation and _2
Stock-Based Compensation and Other Employee Benefit Plans (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
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, 2019 1,221,593 $ 45.36 Granted 927,579 27.04 Vested (156,502 ) 39.02 Canceled/forfeited (230,500 ) 60.04 Non-vested restricted shares, as of March 31, 2020 1,762,170 $ 34.36 (a) Includes 2,300 restricted stock units as of March 31, 2020 . |
Schedule of Employee Stock Purchase Plans | The following table provides details pertaining to the Company’s ESPPs for the periods indicated: For the Three Months Ended March 31, 2020 2019 Cash proceeds (in millions) $ 1.5 $ 1.2 Common shares issued 53,399 35,732 Weighted average price per share $ 27.82 $ 34.48 Weighted average per share grant date fair value $ 7.95 $ 8.76 |
Other Retirement Plans (Tables)
Other Retirement Plans (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Multiemployer Plans [Abstract] | |
Schedule of Covered Employees and Contributions, Multiemployer Plans | Total contributions to multiemployer plans and the related number of employees covered by these plans for the periods indicated were as follows: Multiemployer Plans Covered Employees Contributions (in millions) Low High Pension Other Multiemployer Total For the Three Months Ended March 31: 2020 1,119 1,424 $ 5.4 $ 1.7 $ 7.1 2019 1,626 2,117 $ 7.0 $ 1.3 $ 8.3 |
Segments and Related Informat_2
Segments and Related Information (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Segment Reporting [Abstract] | |
Schedule of Financial Information by Reportable Segment | For the Three Months Ended March 31, Revenue: 2020 2019 Communications (a) $ 644.1 $ 612.8 Oil and Gas 359.1 621.3 Electrical Transmission 128.1 94.9 Power Generation and Industrial 286.3 189.4 Other 0.0 0.0 Eliminations (1.0 ) (0.1 ) Consolidated revenue $ 1,416.6 $ 1,518.3 (a) Revenue generated primarily by utilities customers represented 15.2% and 15.6% of Communications segment revenue for the three month periods ended March 31, 2020 and 2019 , respectively. For the Three Months Ended March 31, EBITDA: 2020 2019 Communications $ 50.8 $ 45.3 Oil and Gas 74.4 107.4 Electrical Transmission 8.3 3.8 Power Generation and Industrial 5.0 3.2 Other 7.4 6.2 Corporate (31.9 ) (29.5 ) Consolidated EBITDA $ 114.0 $ 136.4 For the Three Months Ended March 31, Depreciation and Amortization: 2020 2019 Communications $ 19.7 $ 14.7 Oil and Gas 28.1 34.6 Electrical Transmission 5.9 4.5 Power Generation and Industrial 4.0 3.1 Other 0.0 0.0 Corporate 2.8 2.1 Consolidated depreciation and amortization $ 60.5 $ 59.0 |
Reconciliation of Consolidated Income before Income Taxes to EBITDA | For the Three Months Ended March 31, EBITDA Reconciliation: 2020 2019 Income before income taxes $ 36.5 $ 55.1 Plus: Interest expense, net 17.0 22.3 Depreciation 53.1 54.2 Amortization of intangible assets 7.4 4.8 Consolidated EBITDA $ 114.0 $ 136.4 |
Supplemental Guarantor Financ_2
Supplemental Guarantor Financial Information (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Condensed Unaudited Financial Statements, Supplemental Guarantor Information [Abstract] | |
Condensed Unaudited Consolidating Statements of Operations and Comprehensive Income (Loss) | CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (unaudited - in millions) For the Three Months Ended March 31, 2020 MasTec, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated MasTec, Inc. Revenue $ — $ 1,312.3 $ 111.8 $ (7.5 ) $ 1,416.6 Costs of revenue, excluding depreciation and amortization — 1,138.8 95.0 (7.5 ) 1,226.3 Depreciation and amortization — 54.2 6.3 — 60.5 General and administrative expenses 1.0 73.9 10.6 — 85.5 Interest expense, net — 15.8 1.2 — 17.0 Equity in earnings of unconsolidated affiliates — (0.2 ) (7.6 ) — (7.8 ) Other income, net — (1.1 ) (0.2 ) — (1.3 ) (Loss) income before income taxes $ (1.0 ) $ 30.9 $ 6.5 $ — $ 36.5 Benefit from (provision for) income taxes 0.3 (10.0 ) 9.3 — (0.4 ) Net (loss) income before equity in income from subsidiaries $ (0.7 ) $ 20.9 $ 15.8 $ — $ 36.1 Equity in income from subsidiaries, net of tax 36.9 — — (36.9 ) — Net income (loss) $ 36.2 $ 20.9 $ 15.8 $ (36.9 ) $ 36.1 Net loss attributable to non-controlling interests — — (0.2 ) — (0.2 ) Net income (loss) attributable to MasTec, Inc. $ 36.2 $ 20.9 $ 16.0 $ (36.9 ) $ 36.2 Comprehensive income (loss) $ 13.0 $ 17.5 $ (4.1 ) $ (13.6 ) $ 12.8 For the Three Months Ended March 31, 2019 MasTec, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated MasTec, Inc. Revenue $ — $ 1,402.4 $ 139.1 $ (23.2 ) $ 1,518.3 Costs of revenue, excluding depreciation and amortization — 1,200.7 134.5 (23.2 ) 1,312.0 Depreciation and amortization — 54.7 4.3 — 59.0 General and administrative expenses 0.8 67.3 4.5 — 72.6 Interest expense (income), net — 37.7 (15.4 ) — 22.3 Equity in losses (earnings) of unconsolidated affiliates — 0.1 (6.3 ) — (6.3 ) Other expense (income), net — 5.0 (1.5 ) — 3.5 (Loss) income before income taxes $ (0.8 ) $ 36.9 $ 19.0 $ — $ 55.1 Benefit from (provision for) income taxes 0.3 (12.0 ) (0.3 ) — (12.0 ) Net (loss) income before equity in income from subsidiaries $ (0.5 ) $ 24.9 $ 18.7 $ — $ 43.1 Equity in income from subsidiaries, net of tax 43.7 — — (43.7 ) — Net income (loss) $ 43.2 $ 24.9 $ 18.7 $ (43.7 ) $ 43.1 Net loss attributable to non-controlling interests — — (0.0 ) — (0.0 ) Net income (loss) attributable to MasTec, Inc. $ 43.2 $ 24.9 $ 18.7 $ (43.7 ) $ 43.1 Comprehensive income (loss) $ 37.5 $ 24.9 $ 13.2 $ (38.1 ) $ 37.5 |
Condensed Unaudited Consolidating Balance Sheets | CONDENSED CONSOLIDATING BALANCE SHEETS (unaudited - in millions) As of March 31, 2020 MasTec, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated MasTec, Inc. Assets Total current assets $ — $ 1,871.6 $ 236.5 $ (28.3 ) $ 2,079.8 Property and equipment, net — 898.8 38.5 — 937.3 Operating lease assets — 201.3 9.3 — 210.6 Goodwill and other intangible assets, net — 1,260.4 161.5 — 1,421.9 Investments in and advances to consolidated affiliates, net 1,667.2 1,382.7 — (3,049.9 ) — Other long-term assets 18.3 39.6 186.0 — 243.9 Total assets $ 1,685.5 $ 5,654.4 $ 631.8 $ (3,078.2 ) $ 4,893.5 Liabilities and equity Total current liabilities $ — $ 1,205.6 $ 82.7 $ (28.3 ) $ 1,260.0 Long-term debt, including finance leases — 1,294.9 2.4 — 1,297.3 Advances from consolidated affiliates, net — — 199.3 (199.3 ) — Long-term operating lease liabilities — 131.7 11.7 — 143.4 Other long-term liabilities — 482.4 20.5 — 502.9 Total liabilities $ — $ 3,114.6 $ 316.6 $ (227.6 ) $ 3,203.7 Total equity $ 1,685.5 $ 2,539.8 $ 315.2 $ (2,850.6 ) $ 1,689.8 Total liabilities and equity $ 1,685.5 $ 5,654.4 $ 631.8 $ (3,078.2 ) $ 4,893.5 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 |
Condensed Unaudited Consolidating Statements of Cash Flows | CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS (unaudited - in millions) For the Three Months Ended March 31, 2020 MasTec, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated MasTec, Inc. Net cash provided by operating activities $ — $ 189.6 $ 13.7 $ — $ 203.3 Cash flows from investing activities: Capital expenditures — (59.3 ) (1.2 ) — (60.6 ) Proceeds from sale of property and equipment — 7.8 0.6 — 8.4 Payments for other investments — — (12.0 ) — (12.0 ) Proceeds from other investments — 0.6 — — 0.6 Other investing activities, net — 4.8 — — 4.8 Net cash used in investing activities $ — $ (46.1 ) $ (12.6 ) $ — $ (58.7 ) Cash flows from financing activities: Proceeds from credit facilities — 673.0 3.0 — 675.9 Repayments of credit facilities — (668.8 ) (2.9 ) — (671.8 ) Payments of finance lease obligations — (30.4 ) (0.4 ) — (30.9 ) Repurchases of common stock (119.4 ) — — — (119.4 ) Proceeds from stock-based awards 1.5 — — — 1.5 Payments for stock-based awards (0.6 ) — — — (0.6 ) Net financing activities and advances from (to) consolidated affiliates 118.5 (119.2 ) 0.6 — — Net cash (used in) provided by financing activities $ — $ (145.4 ) $ 0.3 $ — $ (145.2 ) Effect of currency translation on cash — — 0.9 — 0.9 Net (decrease) increase in cash and cash equivalents $ — $ (1.9 ) $ 2.2 $ — $ 0.2 Cash and cash equivalents - beginning of period $ — $ 36.4 $ 35.0 $ — $ 71.4 Cash and cash equivalents - end of period $ — $ 34.5 $ 37.2 $ — $ 71.7 CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS (unaudited - in millions) For the Three Months Ended March 31, 2019 MasTec, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated MasTec, Inc. Net cash used in operating activities $ — $ (43.5 ) $ (3.3 ) $ — $ (46.8 ) Cash flows from investing activities: Cash paid for acquisitions, net of cash acquired — (93.7 ) — — (93.7 ) Capital expenditures — (32.9 ) (1.5 ) — (34.4 ) Proceeds from sale of property and equipment — 4.8 3.9 — 8.7 Payments for other investments — (1.4 ) (0.8 ) — (2.2 ) Proceeds from other investments — 10.4 — — 10.4 Net cash (used in) provided by investing activities $ — $ (112.8 ) $ 1.6 $ — $ (111.2 ) Cash flows from financing activities: Proceeds from credit facilities — 862.7 3.7 — 866.4 Repayments of credit facilities — (667.2 ) (3.6 ) — (670.8 ) Payments of finance lease obligations — (16.7 ) (0.5 ) — (17.2 ) Repurchases of common stock (5.7 ) — — — (5.7 ) Proceeds from stock-based awards 1.1 — — — 1.1 Net financing activities and advances from (to) consolidated affiliates 4.6 (27.3 ) 22.7 — — Net cash provided by financing activities $ — $ 151.5 $ 22.3 $ — $ 173.8 Effect of currency translation on cash — — — — — Net (decrease) increase in cash and cash equivalents $ — $ (4.8 ) $ 20.6 $ — $ 15.8 Cash and cash equivalents - beginning of period $ — $ 11.9 $ 15.6 $ — $ 27.4 Cash and cash equivalents - end of period $ — $ 7.1 $ 36.2 $ — $ 43.2 |
Business, Basis of Presentati_3
Business, Basis of Presentation and Significant Accounting Policies (Narrative) (Details) $ in Millions | 3 Months Ended | ||
Mar. 31, 2020USD ($)segment | Mar. 31, 2019USD ($) | Dec. 31, 2019USD ($) | |
Segment Reporting, Disclosure of Entity's Reportable Segments [Abstract] | |||
Number of reportable segments | segment | 5 | ||
Revenue [Line Items] | |||
Revenue recognition, performance obligations satisfied in previous periods, revenue recognized (in dollars) | $ 17.8 | $ 12.5 | |
Contract with customer, unapproved change orders and/or claims, amount (in dollars) | $ 35 | $ 27 | |
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 | 42.00% | 41.00% | |
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 | 6.00% | 6.00% |
Business, Basis of Presentati_4
Business, Basis of Presentation and Significant Accounting Policies (Remaining Performance Obligations) (Narrative) (Details) $ in Billions | Mar. 31, 2020USD ($) |
Revenue from Contract with Customer [Abstract] | |
Revenue recognition, remaining performance obligations, contract price allocated (in dollars) | $ 5.7 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-04-01 | |
Revenue from Contract with Customer [Abstract] | |
Revenue recognition, remaining performance obligations, contract price allocated (in dollars) | $ 4.5 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue recognition, remaining performance obligations, completion period (in years) | 1 year |
Earnings Per Share (Narrative)
Earnings Per Share (Narrative) (Details) shares in Millions | 3 Months Ended |
Mar. 31, 2020shares | |
Earnings Per Share [Abstract] | |
Treasury stock acquired (in shares) | 3.6 |
Earnings Per Share (Schedule of
Earnings Per Share (Schedule of Earnings Per Share Information) (Details) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Net income attributable to MasTec: | ||
Net income - basic (in dollars) | $ 36,230 | $ 43,112 |
Net income - diluted (in dollars) | $ 36,230 | $ 43,112 |
Weighted average shares outstanding: | ||
Weighted average shares outstanding - basic | 74,738 | 74,991 |
Dilutive common stock equivalents (in shares) | 675 | 587 |
Weighted average shares outstanding - diluted | 75,413 | 75,578 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets (Schedule of Goodwill by Segment) (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Goodwill [Line Items] | ||
Goodwill, gross | $ 1,333,800 | |
Accumulated impairment loss | (112,700) | |
Goodwill, net | 1,221,147 | $ 1,221,440 |
Communications [Member] | ||
Goodwill [Line Items] | ||
Goodwill, gross | 541,800 | |
Accumulated impairment loss | 0 | |
Goodwill, net | 541,800 | |
Oil and Gas [Member] | ||
Goodwill [Line Items] | ||
Goodwill, gross | 489,300 | |
Accumulated impairment loss | (112,700) | |
Goodwill, net | 376,600 | |
Electrical Transmission [Member] | ||
Goodwill [Line Items] | ||
Goodwill, gross | 149,900 | |
Accumulated impairment loss | 0 | |
Goodwill, net | 149,900 | |
Power Generation and Industrial [Member] | ||
Goodwill [Line Items] | ||
Goodwill, gross | 152,800 | |
Accumulated impairment loss | 0 | |
Goodwill, net | $ 152,800 |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Goodwill [Line Items] | ||
Goodwill, measurement period adjustments | $ 0.8 | |
Intangible assets, amortization expense | 7.4 | $ 4.8 |
Goodwill, Gross [Member] | ||
Goodwill [Line Items] | ||
Goodwill, currency translation gains (losses) | (9.9) | |
Goodwill, Accumulated Impairment Loss [Member] | ||
Goodwill [Line Items] | ||
Goodwill, currency translation gains (losses) | $ 8.8 |
Goodwill and Other Intangible_5
Goodwill and Other Intangible Assets (Rollforward of Other Intangible Assets) (Details) - USD ($) $ in Thousands | Jan. 01, 2020 | Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 |
Other Intangible Assets [Line Items] | ||||
Other intangible assets, gross | $ 420,200 | |||
Accumulated amortization | (208,700) | |||
Other Intangible Assets [Rollforward] | ||||
Other intangible assets, net, beginning balance | $ 211,528 | $ 211,528 | ||
Transfers in (out) | 0 | |||
Measurement period adjustments | (200) | |||
Currency translation adjustments | (3,100) | |||
Amortization expense | (7,400) | $ (4,800) | ||
Other intangible assets, net, ending balance | 200,788 | |||
Customer Relationships and Backlog [Member] | ||||
Other Intangible Assets [Line Items] | ||||
Other intangible assets, amortizing, gross | 286,500 | |||
Accumulated amortization | (191,200) | |||
Other Intangible Assets [Rollforward] | ||||
Other intangible assets, net, amortizing, beginning balance | 95,300 | 95,300 | ||
Transfers in (out), amortizing intangible assets | 0 | |||
Measurement period adjustments, amortizing intangible assets | (200) | |||
Currency translation adjustments, amortizing intangible assets | 0 | |||
Amortization expense | (5,900) | |||
Other intangible assets, net, amortizing, ending balance | 89,200 | |||
Pre-Qualifications [Member] | ||||
Other Intangible Assets [Line Items] | ||||
Other intangible assets, amortizing, gross | 0 | |||
Accumulated amortization | 0 | |||
Other Intangible Assets [Rollforward] | ||||
Other intangible assets, net, amortizing, beginning balance | $ 0 | 0 | ||
Transfers in (out), amortizing intangible assets | 69,800 | |||
Measurement period adjustments, amortizing intangible assets | 0 | |||
Currency translation adjustments, amortizing intangible assets | 0 | |||
Amortization expense | (1,000) | |||
Other intangible assets, net, amortizing, ending balance | 68,800 | |||
Pre-Qualifications [Member] | Weighted Average [Member] | ||||
Other Intangible Assets [Rollforward] | ||||
Remaining amortization period (in years) | 12 years | |||
Other Amortizing Intangible Assets [Member] | ||||
Other Intangible Assets [Line Items] | ||||
Other intangible assets, amortizing, gross | 26,300 | |||
Accumulated amortization | (17,500) | |||
Other Intangible Assets [Rollforward] | ||||
Other intangible assets, net, amortizing, beginning balance | $ 8,800 | 8,800 | ||
Transfers in (out), amortizing intangible assets | 0 | |||
Measurement period adjustments, amortizing intangible assets | 0 | |||
Currency translation adjustments, amortizing intangible assets | 0 | |||
Amortization expense | (500) | |||
Other intangible assets, net, amortizing, ending balance | 8,300 | |||
Trade Names [Member] | ||||
Other Intangible Assets [Line Items] | ||||
Other intangible assets, non-amortizing | 34,500 | 34,500 | 34,500 | |
Other Intangible Assets [Rollforward] | ||||
Other intangible assets, non-amortizing, beginning balance | 34,500 | 34,500 | ||
Transfers in (out), non-amortizing intangible assets | 0 | |||
Measurement period adjustments, non-amortizing intangible assets | 0 | |||
Currency translation adjustments, non-amortizing intangible assets | 0 | |||
Other intangible assets, non-amortizing, ending balance | 34,500 | |||
Pre-Qualifications [Member] | ||||
Other Intangible Assets [Line Items] | ||||
Other intangible assets, non-amortizing | 72,900 | 0 | $ 72,900 | |
Other Intangible Assets [Rollforward] | ||||
Other intangible assets, non-amortizing, beginning balance | $ 72,900 | 72,900 | ||
Transfers in (out), non-amortizing intangible assets | (69,800) | |||
Measurement period adjustments, non-amortizing intangible assets | 0 | |||
Currency translation adjustments, non-amortizing intangible assets | (3,100) | |||
Other intangible assets, non-amortizing, ending balance | $ 0 |
Goodwill and Other Intangible_6
Goodwill and Other Intangible Assets (2019 Acquisitions) (Narrative) (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2020USD ($)yr | Mar. 31, 2019USD ($) | Dec. 31, 2019USD ($)acquisition | |
Business Acquisition [Line Items] | |||
Business combinations, number of acquisitions | acquisition | 6 | ||
Business combinations, cash, net of cash acquired | $ 0 | $ 93,684 | |
Business combinations, contingent consideration liabilities, range of potential undiscounted earn-out liabilities, low | 60,000 | ||
Business combinations, contingent consideration liabilities, range of potential undiscounted earn-out liabilities, high | 256,000 | ||
2019 Acquisitions [Member] | |||
Business Acquisition [Line Items] | |||
Business combinations, percentage of interests acquired | 96.00% | ||
Business combinations, cash, net of cash acquired | $ 175,100 | ||
Business combinations, contingent consideration, earn-out liabilities | 22,200 | ||
Business combinations, contingent consideration, mandatorily redeemable non-controlling interest | $ 17,800 | ||
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 | $ 71,000 | ||
2019 Acquisitions [Member] | Expected Term [Member] | Minimum [Member] | |||
Business Acquisition [Line Items] | |||
Business combinations, contingent consideration, earn-out period (in years) | yr | 3 | ||
2019 Acquisitions [Member] | Expected Term [Member] | Maximum [Member] | |||
Business Acquisition [Line Items] | |||
Business combinations, contingent consideration, earn-out period (in years) | yr | 5 | ||
Oil and Gas [Member] | |||
Business Acquisition [Line Items] | |||
Business combinations, number of acquisitions | acquisition | 1 | ||
Communications [Member] | |||
Business Acquisition [Line Items] | |||
Business combinations, number of acquisitions | acquisition | 4 | ||
Power Generation and Industrial [Member] | |||
Business Acquisition [Line Items] | |||
Business combinations, number of acquisitions | acquisition | 1 |
Goodwill and Other Intangible_7
Goodwill and Other Intangible Assets (Pro Forma Financial Information and Acquisition Results) (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Pro Forma Financial Information and Acquisition Results [Abstract] | ||
Business combinations, unaudited supplemental pro forma revenue | $ 1,400 | $ 1,600 |
Business combinations, unaudited supplemental pro forma net income (loss) | 37.3 | 48.1 |
Business combinations, consolidated acquisition-related revenue | 49.5 | 39.7 |
Business combinations, consolidated acquisition-related income (loss) | $ (1.2) | $ (6.1) |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments (Acquisition-Related Contingent Consideration and Other Liabilities) (Narrative) (Details) | 3 Months Ended | ||
Mar. 31, 2020USD ($) | Mar. 31, 2019USD ($) | Dec. 31, 2019USD ($) | |
Fair Value, Financial Instruments Measured on a Recurring Basis [Line Items] | |||
Acquisition-related contingent consideration liabilities, range of potential undiscounted earn-out liabilities, low | $ 60,000,000 | ||
Acquisition-related contingent consideration liabilities, range of potential undiscounted earn-out liabilities, high | 256,000,000 | ||
Acquisition-related contingent consideration liabilities, net increase (decrease), measurement period adjustments | $ 800,000 | ||
Discount Rate [Member] | Minimum [Member] | |||
Fair Value, Financial Instruments Measured on a Recurring Basis [Line Items] | |||
Acquisition-related contingent consideration liabilities, measurement input, discount rate | 0.120 | ||
Discount Rate [Member] | Maximum [Member] | |||
Fair Value, Financial Instruments Measured on a Recurring Basis [Line Items] | |||
Acquisition-related contingent consideration liabilities, measurement input, discount rate | 0.247 | ||
Discount Rate [Member] | Weighted Average [Member] | |||
Fair Value, Financial Instruments Measured on a Recurring Basis [Line Items] | |||
Acquisition-related contingent consideration liabilities, measurement input, discount rate | 0.140 | ||
Earn-Out Liabilities [Member] | |||
Fair Value, Financial Instruments Measured on a Recurring Basis [Line Items] | |||
Acquisition-related contingent consideration liabilities, estimated fair value | $ 176,000,000 | $ 173,200,000 | |
Acquisition-related contingent consideration liabilities, additions from new business combinations | 0 | $ 15,200,000 | |
Acquisition-related contingent consideration liabilities, net increase (decrease), measurement period adjustments | 1,100,000 | 0 | |
Acquisition-related contingent consideration liabilities, net increase (decrease), fair value adjustments, expense (income) | 1,800,000 | 7,200,000 | |
Acquisition-related contingent consideration liabilities, payments | 0 | $ 0 | |
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 | $ 52,900,000 | $ 54,100,000 |
Fair Value of Financial Instr_4
Fair Value of Financial Instruments (Equity Investments) (Narrative) (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
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, carrying value | 195,000,000 | 196,000,000 | |
Equity investments, impairments | $ 0 | $ 0 | |
Waha JVs [Member] | |||
Fair Value, Financial Instruments Measured on a Non-Recurring Basis [Line Items] | |||
Equity method investment, ownership percentage | 33.00% | ||
Equity investments, carrying value | $ 156,000,000 | $ 174,000,000 | |
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 | 3 Months Ended | ||
Mar. 31, 2020USD ($)pipeline | Mar. 31, 2019USD ($) | Dec. 31, 2019USD ($) | |
Fair Value, Financial Instruments Measured on a Non-Recurring Basis [Line Items] | |||
Equity method investments, equity in earnings (losses) | $ 7,834 | $ 6,260 | |
Equity method investments, net investment | 195,000 | $ 196,000 | |
Unrealized gains (losses) on equity investee activity, net of tax | $ (22,961) | (5,462) | |
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 in earnings (losses) | $ 7,600 | 6,300 | |
Equity method investments, cumulative undistributed earnings | 53,100 | ||
Equity method investments, distributions of earnings received, operating cash flows | 2,600 | 3,900 | |
Equity method investments, net investment | 156,000 | $ 174,000 | |
Unrealized gains (losses) on equity investee activity, before tax | (30,300) | (7,200) | |
Unrealized gains (losses) on equity investee activity, net of tax | $ (23,000) | $ (5,500) |
Fair Value of Financial Instr_6
Fair Value of Financial Instruments (Other Investments - Pensare) (Narrative) (Details) - Pensare [Member] $ / shares in Units, warrant in Millions | Mar. 31, 2020warrant$ / shares | Apr. 30, 2020USD ($)shares | Dec. 31, 2017USD ($) | Apr. 01, 2020USD ($)$ / sharesshares | Dec. 31, 2019 |
Fair Value, Financial Instruments Measured on a Non-Recurring Basis [Line Items] | |||||
Equity investment, ownership percentage | 4.00% | 21.00% | |||
Derivative instruments, number held | warrant | 2 | ||||
Equity investment and warrants, amount paid (in dollars) | $ | $ 2,000,000 | ||||
Subsequent Event [Member] | |||||
Fair Value, Financial Instruments Measured on a Non-Recurring Basis [Line Items] | |||||
Equity investment and warrants, amount paid (in dollars) | $ | $ 3,000,000 | ||||
Warrants, exercise price (in dollars per share) | $ / shares | $ 0.01 | ||||
Number of securities (in shares) | shares | 3,000 | ||||
Principal amount per security | $ | $ 1,000 | ||||
Conversion price (in dollars per share) | $ / shares | $ 3.45 | ||||
Number of shares called upon conversion of warrant (in shares) | shares | 100 | ||||
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 (Other Investments - Telecommunications Entities) (Narrative) (Details) - Equity Investee [Member] - Subcontracting Arrangements [Member] $ in Millions | 3 Months Ended |
Mar. 31, 2020USD ($)entity | |
Fair Value, Financial Instruments Measured on a Non-Recurring Basis [Line Items] | |
Number of entities | entity | 3 |
Payments or expenses, related party | $ 2.7 |
Payables, related party | $ 2.1 |
Fair Value of Financial Instr_8
Fair Value of Financial Instruments (Schedule of Summarized Financial Information of Equity Method Investments) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Summarized Financial Information of Equity Method Investments [Line Items] | ||
Revenue | $ 39.4 | $ 37.3 |
Net income | $ 23 | $ 19.2 |
Fair Value of Financial Instr_9
Fair Value of Financial Instruments (Senior Notes) (Narrative) (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
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 | $ 372 | $ 404.5 |
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 | Mar. 31, 2020 | Dec. 31, 2019 |
Receivables [Abstract] | ||
Contract billings | $ 806,000 | $ 860,400 |
Less allowance | (9,900) | (10,100) |
Accounts receivable, net of allowance | 796,120 | 850,326 |
Accounts Receivable, Net of Allowance, and Contract Assets [Abstract] | ||
Retainage | 288,500 | 345,200 |
Unbilled receivables | 709,400 | 679,400 |
Contract assets | $ 997,901 | $ 1,024,568 |
Accounts Receivable, Net of A_4
Accounts Receivable, Net of Allowance, and Contract Assets and Liabilities (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
Schedule of Accounts Receivable, Net of Allowance, and Contract Assets and Liabilities [Line Items] | |||
Provisions for credit losses | $ 1,600 | ||
Contract liabilities | 204,284 | $ 206,180 | |
Contract with customer liability deferred revenue current | 181,400 | $ 184,100 | |
Deferred revenue, revenue recognized | 105,600 | ||
Non-recourse financing agreement, discount charge | (17,004) | $ (22,258) | |
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 | $ (1,800) | $ (2,900) | |
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 | Mar. 31, 2020 | Dec. 31, 2019 |
Property and Equipment [Line Items] | ||
Property and equipment | $ 1,981,600 | $ 1,923,500 |
Less accumulated depreciation and amortization | (1,044,300) | (1,017,700) |
Property and equipment, net | 937,309 | 905,835 |
Land [Member] | ||
Property and Equipment [Line Items] | ||
Property and equipment | 4,900 | 4,900 |
Building and Leasehold Improvements [Member] | ||
Property and Equipment [Line Items] | ||
Property and equipment | 36,900 | 35,800 |
Machinery and Equipment [Member] | ||
Property and Equipment [Line Items] | ||
Property and equipment | 1,670,300 | 1,659,400 |
Office Furniture and Equipment [Member] | ||
Property and Equipment [Line Items] | ||
Property and equipment | 205,900 | 197,300 |
Construction in Progress [Member] | ||
Property and Equipment [Line Items] | ||
Property and equipment | $ 63,600 | $ 26,100 |
Property and Equipment, Net (Na
Property and Equipment, Net (Narrative) (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2020 | Mar. 31, 2019 |
Property and Equipment [Line Items] | ||||
Capitalized internal-use software, gross | $ 144,800 | $ 138,200 | $ 144,800 | |
Capitalized internal-use software, net | 34,800 | 31,500 | 34,800 | |
Depreciation | 53,089 | $ 54,226 | ||
Accrued capital expenditures | $ 10,700 | $ 5,200 | ||
Property and Equipment [Member] | ||||
Property and Equipment [Line Items] | ||||
Depreciation | $ 53,100 | $ 54,200 |
Debt (Schedule of Carrying Valu
Debt (Schedule of Carrying Values of Debt) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Dec. 31, 2019 | |
Debt Instrument [Line Items] | ||
Finance lease and other obligations | $ 298,200 | $ 305,600 |
Total debt obligations | 1,430,900 | 1,444,800 |
Less unamortized deferred financing costs | (11,800) | (12,400) |
Total debt, net of deferred financing costs | 1,419,100 | 1,432,400 |
Current portion of long-term debt | 121,848 | 118,429 |
Long-term debt | $ 1,297,342 | 1,314,030 |
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 | $ 332,700 | 339,200 |
Credit Facility [Member] | Term Loan [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt obligations | 400,000 | 400,000 |
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 | Mar. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2021 | Dec. 31, 2020 |
Debt Instrument [Line Items] | ||||
Line of credit facility, letters of credit issued | $ 161.2 | $ 115.1 | ||
Credit Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Line of credit facility, maximum borrowing capacity | 1,750 | |||
Line of credit facility, letters of credit issued | $ 143.1 | $ 98 | ||
Line of credit facility, unused facility fee (percentage) | 0.20% | 0.20% | ||
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 | $ 874.2 | $ 912.8 | ||
Credit Facility [Member] | Revolving Loans [Member] | Weighted Average [Member] | ||||
Debt Instrument [Line Items] | ||||
Line of credit facility, interest rate (percentage) | 2.47% | 3.50% | ||
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) | 2.24% | 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] | Foreign Denomination [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term line of credit | $ 125 | $ 138 | ||
Line of credit facility, remaining borrowing capacity | 175.2 | 162.4 | ||
Credit Facility [Member] | Letters of Credit [Member] | ||||
Debt Instrument [Line Items] | ||||
Line of credit facility, capacity available for letters of credit | $ 506.9 | $ 552 | ||
Credit Facility [Member] | Letters of Credit [Member] | Performance Standby [Member] | ||||
Debt Instrument [Line Items] | ||||
Line of credit facility, interest rate (percentage) | 0.375% | 0.375% | ||
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% |
Debt (Other Credit Facilities)
Debt (Other Credit Facilities) (Narrative) (Details) - USD ($) | Mar. 31, 2020 | Dec. 31, 2019 |
Debt Instrument [Line Items] | ||
Letters of credit issued | $ 161,200,000 | $ 115,100,000 |
Other Credit Facilities [Member] | Canadian Dollars [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt obligations | 0 | 0 |
Line of Credit [Member] | Letters of Credit [Member] | ||
Debt Instrument [Line Items] | ||
Line of credit facility, maximum borrowing capacity | 50,000,000 | |
Standby Letters of Credit [Member] | Line of Credit [Member] | ||
Debt Instrument [Line Items] | ||
Letters of credit issued | $ 18,100,000 | $ 17,100,000 |
Standby Letters of Credit [Member] | Line of Credit [Member] | Letters of Credit [Member] | ||
Debt Instrument [Line Items] | ||
Line of credit facility, interest rate (percentage) | 0.50% | 0.40% |
Debt (Debt Guarantees and Coven
Debt (Debt Guarantees and Covenants) (Narrative) (Details) | Mar. 31, 2020 |
Senior Notes [Member] | 4.875% Senior Notes [Member] | |
Debt Instrument [Line Items] | |
Debt instrument, interest rate (percentage) | 4.875% |
Debt (Additional Information) (
Debt (Additional Information) (Narrative) (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Debt Disclosure [Abstract] | ||
Debt instruments, accrued interest payable (in dollars) | $ 2.8 | $ 7.5 |
Lease Obligations (Additional L
Lease Obligations (Additional Lease Information) (Narrative) (Details) | 3 Months Ended |
Mar. 31, 2020 | |
Lessee, Lease, Description [Line Items] | |
Finance leases, weighted average remaining lease term (in years) | 2 years 8 months 12 days |
Finance leases, weighted average discount rate, percent | 4.10% |
Operating leases, weighted average remaining lease term (in years) | 4 years 2 months 12 days |
Operating leases, weighted average discount rate, percent | 4.10% |
Minimum [Member] | Equipment Leases [Member] | |
Lessee, Lease, Description [Line Items] | |
Leases, renewal term | 1 year |
Minimum [Member] | Facility Leases [Member] | |
Lessee, Lease, Description [Line Items] | |
Leases, renewal term | 1 year |
Maximum [Member] | |
Lessee, Lease, Description [Line Items] | |
Leases, remaining lease terms | 9 years |
Maximum [Member] | Equipment Leases [Member] | |
Lessee, Lease, Description [Line Items] | |
Leases, renewal term | 5 years |
Maximum [Member] | Facility Leases [Member] | |
Lessee, Lease, Description [Line Items] | |
Leases, renewal term | 5 years |
Lease Obligations (Finance Leas
Lease Obligations (Finance Leases) (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
Leases [Abstract] | |||
Finance leases, assets, gross | $ 484.2 | $ 463.5 | |
Finance leases, assets, net | 384.4 | $ 375.9 | |
Finance leases, assets, depreciation | $ 15.8 | $ 10 |
Lease Obligations (Operating Le
Lease Obligations (Operating Leases) (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | Jan. 01, 2019 | |
Operating Leased Assets [Line Items] | ||||
Operating leases, additions | $ 5,800 | $ 12,000 | ||
Operating lease assets | 210,637 | $ 229,903 | ||
Operating leases, expense | 35,300 | 27,900 | ||
Operating leases, variable lease costs | 2,900 | 2,300 | ||
Operating leases, short-term leases, expense | $ 77,500 | $ 92,800 | ||
Minimum [Member] | ||||
Operating Leased Assets [Line Items] | ||||
Operating leases, term of contract (in years) | 1 year | |||
Maximum [Member] | ||||
Operating Leased Assets [Line Items] | ||||
Operating leases, term of contract (in years) | 1 year | |||
Accounting Standards Update 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 | Mar. 31, 2020 | Dec. 31, 2019 |
Finance Leases | ||
2020, remaining nine months | $ 96,600 | |
2021 | 115,000 | |
2022 | 74,600 | |
2023 | 26,900 | |
2024 | 3,000 | |
Thereafter | 0 | |
Total minimum lease payments | 316,100 | |
Less amounts representing interest | (17,900) | |
Total lease obligations, net of interest | 298,200 | |
Less current portion | 116,900 | |
Long-term portion of lease obligations, net of interest | 181,300 | |
Operating Leases | ||
2020, remaining nine months | 66,800 | |
2021 | 68,200 | |
2022 | 43,300 | |
2023 | 21,200 | |
2024 | 13,800 | |
Thereafter | 30,600 | |
Total minimum lease payments | 243,900 | |
Less amounts representing interest | (20,400) | |
Total lease obligations, net of interest | 223,500 | |
Less current portion | 80,076 | $ 81,561 |
Long-term portion of lease obligations, net of interest | $ 143,441 | $ 154,553 |
Stock-Based Compensation and _3
Stock-Based Compensation and Other Employee Benefit Plans (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Share-based Payment Arrangement [Abstract] | ||
Stock-based compensation plans, number of shares available for future grant | 3,154,000 | |
Non-cash stock-based compensation expense | $ 4 | $ 3.7 |
Stock-based compensation, income tax benefits | 0.9 | 3.2 |
Stock-based compensation, vested awards, net income tax benefits | $ (0.1) | $ 2.3 |
Stock-Based Compensation and _4
Stock-Based Compensation and Other Employee Benefit Plans (Restricted Shares) (Narrative) (Details) - Restricted Shares [Member] - USD ($) $ in Millions | Mar. 31, 2020 | Mar. 31, 2020 | Mar. 31, 2019 |
Stock-Based Compensation and Other Employee Benefit Plans [Line Items] | |||
Stock-based compensation awards, unearned compensation | $ 41.1 | $ 41.1 | |
Stock-based compensation awards, unearned compensation, weighted average expected recognition period (in years) | 2 years 4 months 24 days | ||
Stock-based compensation, vested awards, intrinsic value | $ 5.6 | $ 13.6 |
Stock-Based Compensation and _5
Stock-Based Compensation and Other Employee Benefit Plans (Schedule of Activity, Restricted Shares) (Details) | 3 Months Ended |
Mar. 31, 2020$ / sharesshares | |
Restricted Shares [Member] | |
Restricted Shares | |
Non-vested restricted shares, beginning balance (in shares) | 1,221,593 |
Granted (in shares) | 927,579 |
Vested (in shares) | (156,502) |
Canceled/forfeited (in shares) | (230,500) |
Non-vested restricted shares, ending balance (in shares) | 1,762,170 |
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) | $ / shares | $ 45.36 |
Granted (in dollars per share) | $ / shares | 27.04 |
Vested (in dollars per share) | $ / shares | 39.02 |
Canceled/forfeited (in dollars per share) | $ / shares | 60.04 |
Non-vested restricted shares, per share weighted average grant date fair value, ending balance (in dollars per share) | $ / shares | $ 34.36 |
Restricted Stock Units [Member] | |
Restricted Shares | |
Non-vested restricted shares, ending balance (in shares) | 2,300 |
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 | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Stock-Based Compensation and Other Employee Benefit Plans [Line Items] | ||
Cash proceeds (in dollars) | $ 1,476 | $ 1,079 |
Common shares issued (in shares) | 53,399 | 35,732 |
Weighted average price per share purchased under employee stock purchase plans | $ 27.82 | $ 34.48 |
Weighted average per share grant date fair value (in dollars per share) | $ 7.95 | $ 8.76 |
Employee Stock Purchase Plans [Member] | ||
Stock-Based Compensation and Other Employee Benefit Plans [Line Items] | ||
Cash proceeds (in dollars) | $ 1,500 | $ 1,200 |
Other Retirement Plans (Schedul
Other Retirement Plans (Schedule of Covered Employees and Contributions, Multiemployer Plans) (Details) $ in Millions | 3 Months Ended | |
Mar. 31, 2020USD ($)employee | Mar. 31, 2019USD ($)employee | |
Covered Employees and Contributions, Multiemployer Plans [Line Items] | ||
Multiemployer plans, contributions (in dollars) | $ 7.1 | $ 8.3 |
Multiemployer Plans, Pension [Member] | ||
Covered Employees and Contributions, Multiemployer Plans [Line Items] | ||
Multiemployer plans, contributions (in dollars) | 5.4 | 7 |
Multiemployer Plans, Other Multiemployer [Member] | ||
Covered Employees and Contributions, Multiemployer Plans [Line Items] | ||
Multiemployer plans, contributions (in dollars) | $ 1.7 | $ 1.3 |
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 |
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 | 1,424 | 2,117 |
Equity (Share Activity) (Narrat
Equity (Share Activity) (Narrative) (Details) - USD ($) shares in Millions | 3 Months Ended | ||||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 19, 2020 | Dec. 21, 2018 | Sep. 11, 2018 | |
Equity, Treasury Stock [Line Items] | |||||
Treasury stock acquired (in shares) | 3.6 | ||||
Treasury stock acquired, value | $ 119,426,000 | $ 602,000 | |||
Stock repurchase program, remaining authorized repurchase amount | $ 159,400,000 | ||||
September 2018 Share Repurchase Program [Member] | |||||
Equity, Treasury Stock [Line Items] | |||||
Treasury stock acquired (in shares) | 0.6 | ||||
Treasury stock acquired, value | $ 28,800,000 | ||||
Share repurchase program, amount authorized, value | $ 150,000,000 | ||||
December 2018 Share Repurchase Program [Member] | |||||
Equity, Treasury Stock [Line Items] | |||||
Treasury stock acquired (in shares) | 3 | ||||
Treasury stock acquired, value | $ 90,600,000 | ||||
Share repurchase program, amount authorized, value | $ 100,000,000 | ||||
Stock repurchase program, remaining authorized repurchase amount | 9,400,000 | ||||
March 2020 Share Repurchase Program [Member] | |||||
Equity, Treasury Stock [Line Items] | |||||
Share repurchase program, amount authorized, value | $ 150,000,000 | ||||
Stock repurchase program, remaining authorized repurchase amount | $ 150,000,000 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Income Tax Disclosure [Abstract] | ||
Consolidated effective tax rate, percent | 1.20% | 21.80% |
Effective income tax rate reconciliation, other adjustments, amount | $ 9.6 | |
Stock-based compensation, vested awards, net tax benefits | $ 2.3 |
Segments and Related Informat_3
Segments and Related Information (Narrative) (Details) | 3 Months Ended |
Mar. 31, 2020segment | |
Segment Reporting [Abstract] | |
Number of reportable segments | 5 |
Number of operating 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 | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Revenue: | ||
Revenue (in dollars) | $ 1,416,604 | $ 1,518,340 |
Communications [Member] | Customer Concentration Risk [Member] | Revenue [Member] | Utilities [Member] | ||
Revenue: | ||
Utilities customers, percentage of Communications segment revenue | 15.20% | 15.60% |
Reportable Segments [Member] | Communications [Member] | ||
Revenue: | ||
Revenue (in dollars) | $ 644,100 | $ 612,800 |
Reportable Segments [Member] | Oil and Gas [Member] | ||
Revenue: | ||
Revenue (in dollars) | 359,100 | 621,300 |
Reportable Segments [Member] | Electrical Transmission [Member] | ||
Revenue: | ||
Revenue (in dollars) | 128,100 | 94,900 |
Reportable Segments [Member] | Power Generation and Industrial [Member] | ||
Revenue: | ||
Revenue (in dollars) | 286,300 | 189,400 |
Reportable Segments [Member] | Other [Member] | ||
Revenue: | ||
Revenue (in dollars) | 0 | 0 |
Eliminations [Member] | ||
Revenue: | ||
Revenue (in dollars) | $ (1,000) | $ (100) |
Segments and Related Informat_5
Segments and Related Information (Schedule of Financial Information by Reportable Segment - EBITDA) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
EBITDA: | ||
EBITDA | $ 114 | $ 136.4 |
Reportable Segments [Member] | Communications [Member] | ||
EBITDA: | ||
EBITDA | 50.8 | 45.3 |
Reportable Segments [Member] | Oil and Gas [Member] | ||
EBITDA: | ||
EBITDA | 74.4 | 107.4 |
Reportable Segments [Member] | Electrical Transmission [Member] | ||
EBITDA: | ||
EBITDA | 8.3 | 3.8 |
Reportable Segments [Member] | Power Generation and Industrial [Member] | ||
EBITDA: | ||
EBITDA | 5 | 3.2 |
Reportable Segments [Member] | Other [Member] | ||
EBITDA: | ||
EBITDA | 7.4 | 6.2 |
Corporate [Member] | ||
EBITDA: | ||
EBITDA | $ (31.9) | $ (29.5) |
Segments and Related Informat_6
Segments and Related Information (Schedule of Financial Information by Reportable Segment - Depreciation and Amortization) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Depreciation and Amortization: | ||
Depreciation and amortization | $ 60.5 | $ 59 |
Reportable Segments [Member] | Communications [Member] | ||
Depreciation and Amortization: | ||
Depreciation and amortization | 19.7 | 14.7 |
Reportable Segments [Member] | Oil and Gas [Member] | ||
Depreciation and Amortization: | ||
Depreciation and amortization | 28.1 | 34.6 |
Reportable Segments [Member] | Electrical Transmission [Member] | ||
Depreciation and Amortization: | ||
Depreciation and amortization | 5.9 | 4.5 |
Reportable Segments [Member] | Power Generation and Industrial [Member] | ||
Depreciation and Amortization: | ||
Depreciation and amortization | 4 | 3.1 |
Reportable Segments [Member] | Other [Member] | ||
Depreciation and Amortization: | ||
Depreciation and amortization | 0 | 0 |
Corporate [Member] | ||
Depreciation and Amortization: | ||
Depreciation and amortization | $ 2.8 | $ 2.1 |
Segments and Related Informat_7
Segments and Related Information (Reconciliation of Consolidated Income before Income Taxes to EBITDA) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
EBITDA Reconciliation: | ||
Income before income taxes | $ 36,485 | $ 55,140 |
Interest expense, net | 17,004 | 22,258 |
Depreciation | 53,089 | 54,226 |
Amortization of intangible assets | 7,391 | 4,805 |
EBITDA | $ 114,000 | $ 136,400 |
Segments and Related Informat_8
Segments and Related Information (Foreign Operations) (Narrative) (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2020 | Mar. 31, 2019 |
Segments and Related Information [Line Items] | ||||
Revenue | $ 1,416,604 | $ 1,518,340 | ||
Property and equipment, net | $ 937,309 | $ 905,835 | 937,309 | |
Intangible assets and goodwill, net | 1,421,900 | 1,433,000 | 1,421,900 | |
United States [Member] | ||||
Segments and Related Information [Line Items] | ||||
Revenue | 1,400,000 | 1,400,000 | ||
Property and equipment, net | 911,500 | 874,700 | 911,500 | |
Intangible assets and goodwill, net | 1,400,000 | 1,400,000 | 1,400,000 | |
Foreign Operations [Member] | ||||
Segments and Related Information [Line Items] | ||||
Revenue | 45,700 | $ 78,900 | ||
Property and equipment, net | 25,800 | 31,100 | 25,800 | |
Intangible assets and goodwill, net | $ 51,400 | $ 56,400 | $ 51,400 | |
Foreign Operations [Member] | Accounts Receivable, Net, Less Deferred Revenue [Member] | Geographic Concentration Risk [Member] | ||||
Segments and Related Information [Line Items] | ||||
Concentration risk, percentage of total | 4.00% | 5.00% | ||
Govermment [Member] | Revenue Benchmark [Member] | Customer Concentration Risk [Member] | ||||
Segments and Related Information [Line Items] | ||||
Concentration risk, percentage of total | 2.00% | 1.00% |
Segments and Related Informat_9
Segments and Related Information Segment and Related Information (Significant Customers) (Narrative) (Details) | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Revenue Benchmark [Member] | AT&T [Member] | Customer Concentration Risk [Member] | ||
Segments and Related Information [Line Items] | ||
Concentration risk, percentage of total | 24.00% | 23.00% |
Commitments and Contingencies (
Commitments and Contingencies (Legal, Letters of Credit, Bonds, Self-Insurance) (Narrative) (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Commitments and Contingencies [Line Items] | ||
Letters of credit issued | $ 161.2 | $ 115.1 |
Self-Insurance [Member] | Workers' Compensation, General and Automobile Policies [Member] | ||
Commitments and Contingencies [Line Items] | ||
Self-insurance reserve | 125.3 | 123.4 |
Self-Insurance [Member] | Workers' Compensation, General and Automobile Policies [Member] | Other Long-Term Liabilities [Member] | ||
Commitments and Contingencies [Line Items] | ||
Self-insurance reserve, non-current | 85.8 | 87.3 |
Self-Insurance [Member] | Employee Group Medical Claims [Member] | ||
Commitments and Contingencies [Line Items] | ||
Self-insurance reserve | 4.7 | 4.2 |
Performance and Payment Bonds [Member] | ||
Commitments and Contingencies [Line Items] | ||
Bonded projects, estimated costs to complete | 162.8 | 194.7 |
Performance and Payment Bonds [Member] | Subsidiaries [Member] | ||
Commitments and Contingencies [Line Items] | ||
Outstanding bonds, amount | 577.5 | 551.4 |
Financial Guarantees [Member] | Self-Insurance [Member] | Workers' Compensation, General and Automobile Policies [Member] | ||
Commitments and Contingencies [Line Items] | ||
Letters of credit issued | 64 | 64 |
Surety Bonds [Member] | Self-Insurance [Member] | Workers' Compensation [Member] | ||
Commitments and Contingencies [Line Items] | ||
Outstanding bonds, amount | $ 38.5 | $ 38.5 |
Commitments and Contingencies_2
Commitments and Contingencies (Investment Arrangements) (Narrative) (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Other Commitments [Line Items] | ||
Cash | $ 71,663 | $ 71,427 |
Proportionately Consolidated Non-Controlled Joint Venture [Member] | ||
Other Commitments [Line Items] | ||
Cash | $ 9,100 | $ 13,100 |
Proportionately Consolidated Non-Controlled Joint Venture [Member] | 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% | |
Proportionately Consolidated Non-Controlled Joint Venture [Member] | 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% |
Commitments and Contingencies_3
Commitments and Contingencies (Other Guarantees) (Narrative) (Details) | 3 Months Ended |
Mar. 31, 2020 | |
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 | Mar. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2020 | Mar. 31, 2019 |
Concentration Risk [Line Items] | ||||
Number of customers | 295 | |||
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 | 2 | 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 | 16.00% | 17.00% | ||
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 | 15.00% | 13.00% | ||
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% | |||
Revenue [Member] | Customer Concentration Risk [Member] | Ten Largest Customers [Member] | ||||
Concentration Risk [Line Items] | ||||
Number of customers | 10 | 10 | ||
Concentration risk, percentage of total | 62.00% | 62.00% |
Related Party Transactions (Man
Related Party Transactions (Management) (Narrative) (Details) - Management [Member] - Equipment, Supplies and Services [Member] - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
Related Party Transaction [Line Items] | |||
Payments, related party | $ 25.3 | $ 28.5 | |
Payables, related party | 6.4 | $ 14.7 | |
Revenue, related party | 1 | $ 0.3 | |
Receivables, net, related party | $ 0.1 |
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 | 3 Months Ended | |||
Feb. 28, 2018 | Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | |
Construction Management Firm Specializing in Steel Building Systems [Member] | |||||
Related Party Transaction [Line Items] | |||||
Business combinations, cash paid | $ 6.1 | ||||
Business combinations, contingent consideration, earn-out liabilities | $ 1.4 | ||||
Advances outstanding, related party | $ 0.7 | $ 0.5 | |||
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 | $ 0.3 | $ 6 | |||
Payables, related party | $ 1.4 | $ 0.2 |
Related Party Transactions (Exe
Related Party Transactions (Executive Officers) (Narrative) (Details) $ in Millions | 3 Months Ended | ||
Mar. 31, 2020USD ($)employee | Mar. 31, 2019USD ($) | Dec. 31, 2019USD ($) | |
Management [Member] | Subcontracting Arrangements [Member] | |||
Related Party Transaction [Line Items] | |||
Number of additional management employees, subcontracting arrangement | employee | 2 | ||
Payments or expenses, related party | $ 0.7 | $ 1.6 | |
Payables, related party | 0.6 | $ 0.2 | |
Chairman, Board of Directors [Member] | Lease Agreements [Member] | |||
Related Party Transaction [Line Items] | |||
Payments or expenses, related party | 0.6 | 0.7 | |
Executive Officers [Member] | Related Customer [Member] | |||
Related Party Transaction [Line Items] | |||
Receivables, related party | 0.9 | $ 0.8 | |
Charges, related party | 0.3 | $ 0.4 | |
Executive Officers [Member] | Construction Services [Member] | |||
Related Party Transaction [Line Items] | |||
Payments or expenses, related party | 0.2 | ||
Revenue, related party | 4 | ||
Receivables, related party | $ 3.6 |
Related Party Transactions (Spl
Related Party Transactions (Split Dollar Agreements) (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
Chairman, Board of Directors [Member] | |||
Related Party Transaction [Line Items] | |||
Payments for life insurance policies | $ 0 | $ 0 | |
Chief Executive Officer [Member] | |||
Related Party Transaction [Line Items] | |||
Payments for life insurance policies | 0 | $ 0 | |
Executive Officers [Member] | |||
Related Party Transaction [Line Items] | |||
Life insurance assets, carrying amount | $ 20.3 | $ 20.3 |
Supplemental Guarantor Financ_3
Supplemental Guarantor Financial Information (Narrative) (Details) | Mar. 31, 2020 |
Senior Notes [Member] | 4.875% Senior Notes [Member] | |
Condensed Unaudited Consolidating Financial Information [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) (Unaudited)) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Condensed Unaudited Consolidating Statements of Operations and Comprehensive Income (Loss) [Line Items] | ||
Revenue | $ 1,416,604 | $ 1,518,340 |
Costs of revenue, excluding depreciation and amortization | 1,226,297 | 1,312,048 |
Depreciation and amortization | 60,500 | 59,000 |
General and administrative expenses | 85,514 | 72,616 |
Interest expense (income), net | 17,004 | 22,258 |
Equity in losses (earnings) of unconsolidated affiliates | 7,834 | 6,260 |
Other expense (income), net | (1,342) | 3,507 |
Income before income taxes | 36,485 | 55,140 |
Benefit from (provision for) income taxes | (423) | (12,033) |
Net income (loss) before equity in income from subsidiaries | 36,100 | 43,100 |
Equity in income from subsidiaries, net of tax | 0 | 0 |
Net income | 36,062 | 43,107 |
Net loss attributable to non-controlling interests | (168) | (5) |
Net income attributable to MasTec, Inc. | 36,230 | 43,112 |
Comprehensive income (loss) | 12,805 | 37,545 |
Reportable Legal Entities [Member] | MasTec, Inc. [Member] | ||
Condensed Unaudited Consolidating Statements of Operations and Comprehensive Income (Loss) [Line Items] | ||
Revenue | 0 | 0 |
Costs of revenue, excluding depreciation and amortization | 0 | 0 |
Depreciation and amortization | 0 | 0 |
General and administrative expenses | 1,000 | 800 |
Interest expense (income), net | 0 | 0 |
Equity in losses (earnings) of unconsolidated affiliates | 0 | 0 |
Other expense (income), net | 0 | 0 |
Income before income taxes | (1,000) | (800) |
Benefit from (provision for) income taxes | 300 | 300 |
Net income (loss) before equity in income from subsidiaries | (700) | (500) |
Equity in income from subsidiaries, net of tax | 36,900 | 43,700 |
Net income | 36,200 | 43,200 |
Net loss attributable to non-controlling interests | 0 | 0 |
Net income attributable to MasTec, Inc. | 36,200 | 43,200 |
Comprehensive income (loss) | 13,000 | 37,500 |
Reportable Legal Entities [Member] | Guarantor Subsidiaries [Member] | ||
Condensed Unaudited Consolidating Statements of Operations and Comprehensive Income (Loss) [Line Items] | ||
Revenue | 1,312,300 | 1,402,400 |
Costs of revenue, excluding depreciation and amortization | 1,138,800 | 1,200,700 |
Depreciation and amortization | 54,200 | 54,700 |
General and administrative expenses | 73,900 | 67,300 |
Interest expense (income), net | 15,800 | 37,700 |
Equity in losses (earnings) of unconsolidated affiliates | 200 | (100) |
Other expense (income), net | (1,100) | 5,000 |
Income before income taxes | 30,900 | 36,900 |
Benefit from (provision for) income taxes | (10,000) | (12,000) |
Net income (loss) before equity in income from subsidiaries | 20,900 | 24,900 |
Equity in income from subsidiaries, net of tax | 0 | 0 |
Net income | 20,900 | 24,900 |
Net loss attributable to non-controlling interests | 0 | 0 |
Net income attributable to MasTec, Inc. | 20,900 | 24,900 |
Comprehensive income (loss) | 17,500 | 24,900 |
Reportable Legal Entities [Member] | Non-Guarantor Subsidiaries [Member] | ||
Condensed Unaudited Consolidating Statements of Operations and Comprehensive Income (Loss) [Line Items] | ||
Revenue | 111,800 | 139,100 |
Costs of revenue, excluding depreciation and amortization | 95,000 | 134,500 |
Depreciation and amortization | 6,300 | 4,300 |
General and administrative expenses | 10,600 | 4,500 |
Interest expense (income), net | 1,200 | (15,400) |
Equity in losses (earnings) of unconsolidated affiliates | 7,600 | 6,300 |
Other expense (income), net | (200) | (1,500) |
Income before income taxes | 6,500 | 19,000 |
Benefit from (provision for) income taxes | 9,300 | (300) |
Net income (loss) before equity in income from subsidiaries | 15,800 | 18,700 |
Equity in income from subsidiaries, net of tax | 0 | 0 |
Net income | 15,800 | 18,700 |
Net loss attributable to non-controlling interests | (200) | 0 |
Net income attributable to MasTec, Inc. | 16,000 | 18,700 |
Comprehensive income (loss) | (4,100) | 13,200 |
Eliminations [Member] | ||
Condensed Unaudited Consolidating Statements of Operations and Comprehensive Income (Loss) [Line Items] | ||
Revenue | (7,500) | (23,200) |
Costs of revenue, excluding depreciation and amortization | (7,500) | (23,200) |
Depreciation and amortization | 0 | 0 |
General and administrative expenses | 0 | 0 |
Interest expense (income), net | 0 | 0 |
Equity in losses (earnings) of unconsolidated affiliates | 0 | 0 |
Other expense (income), net | 0 | 0 |
Income before income taxes | 0 | 0 |
Benefit from (provision for) income taxes | 0 | 0 |
Net income (loss) before equity in income from subsidiaries | 0 | 0 |
Equity in income from subsidiaries, net of tax | (36,900) | (43,700) |
Net income | (36,900) | (43,700) |
Net loss attributable to non-controlling interests | 0 | 0 |
Net income attributable to MasTec, Inc. | (36,900) | (43,700) |
Comprehensive income (loss) | $ (13,600) | $ (38,100) |
Supplemental Guarantor Financ_5
Supplemental Guarantor Financial Information (Condensed Consolidating Balance Sheets (Unaudited)) (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2019 | Dec. 31, 2018 |
Assets | ||||
Total current assets | $ 2,079,779 | $ 2,173,559 | ||
Property and equipment, net | 937,309 | 905,835 | ||
Operating lease assets | 210,637 | 229,903 | ||
Goodwill and other intangible assets, net | 1,421,900 | 1,433,000 | ||
Investments in and advances to consolidated affiliates, net | 0 | 0 | ||
Other long-term assets | 243,888 | 254,741 | ||
Total assets | 4,893,548 | 4,997,006 | ||
Liabilities and equity | ||||
Total current liabilities | 1,260,033 | 1,219,126 | ||
Long-term debt, including finance leases | 1,297,342 | 1,314,030 | ||
Advances from consolidated affiliates, net | 0 | 0 | ||
Long-term operating lease liabilities | 143,441 | 154,553 | ||
Other long-term liabilities | 502,900 | 517,600 | ||
Total liabilities | 3,203,735 | 3,205,315 | ||
Total equity | 1,689,813 | 1,791,691 | $ 1,433,732 | $ 1,392,024 |
Total liabilities and equity | 4,893,548 | 4,997,006 | ||
Reportable Legal Entities [Member] | MasTec, Inc. [Member] | ||||
Assets | ||||
Total current assets | 0 | 0 | ||
Property and equipment, net | 0 | 0 | ||
Operating lease assets | 0 | 0 | ||
Goodwill and other intangible assets, net | 0 | 0 | ||
Investments in and advances to consolidated affiliates, net | 1,667,200 | 1,768,900 | ||
Other long-term assets | 18,300 | 18,400 | ||
Total assets | 1,685,500 | 1,787,300 | ||
Liabilities and equity | ||||
Total current liabilities | 0 | 100 | ||
Long-term debt, including finance leases | 0 | 0 | ||
Advances from consolidated affiliates, net | 0 | 0 | ||
Long-term operating lease liabilities | 0 | 0 | ||
Other long-term liabilities | 0 | 0 | ||
Total liabilities | 0 | 100 | ||
Total equity | 1,685,500 | 1,787,200 | ||
Total liabilities and equity | 1,685,500 | 1,787,300 | ||
Reportable Legal Entities [Member] | Guarantor Subsidiaries [Member] | ||||
Assets | ||||
Total current assets | 1,871,600 | 1,987,800 | ||
Property and equipment, net | 898,800 | 862,000 | ||
Operating lease assets | 201,300 | 214,700 | ||
Goodwill and other intangible assets, net | 1,260,400 | 1,265,600 | ||
Investments in and advances to consolidated affiliates, net | 1,382,700 | 1,233,500 | ||
Other long-term assets | 39,600 | 42,600 | ||
Total assets | 5,654,400 | 5,606,200 | ||
Liabilities and equity | ||||
Total current liabilities | 1,205,600 | 1,141,600 | ||
Long-term debt, including finance leases | 1,294,900 | 1,310,900 | ||
Advances from consolidated affiliates, net | 0 | 0 | ||
Long-term operating lease liabilities | 131,700 | 143,000 | ||
Other long-term liabilities | 482,400 | 493,100 | ||
Total liabilities | 3,114,600 | 3,088,600 | ||
Total equity | 2,539,800 | 2,517,600 | ||
Total liabilities and equity | 5,654,400 | 5,606,200 | ||
Reportable Legal Entities [Member] | Non-Guarantor Subsidiaries [Member] | ||||
Assets | ||||
Total current assets | 236,500 | 248,100 | ||
Property and equipment, net | 38,500 | 43,900 | ||
Operating lease assets | 9,300 | 15,200 | ||
Goodwill and other intangible assets, net | 161,500 | 167,300 | ||
Investments in and advances to consolidated affiliates, net | 0 | 0 | ||
Other long-term assets | 186,000 | 193,800 | ||
Total assets | 631,800 | 668,300 | ||
Liabilities and equity | ||||
Total current liabilities | 82,700 | 139,800 | ||
Long-term debt, including finance leases | 2,400 | 3,100 | ||
Advances from consolidated affiliates, net | 199,300 | 167,500 | ||
Long-term operating lease liabilities | 11,700 | 11,600 | ||
Other long-term liabilities | 20,500 | 24,500 | ||
Total liabilities | 316,600 | 346,500 | ||
Total equity | 315,200 | 321,800 | ||
Total liabilities and equity | 631,800 | 668,300 | ||
Eliminations [Member] | ||||
Assets | ||||
Total current assets | (28,300) | (62,400) | ||
Property and equipment, net | 0 | 0 | ||
Operating lease assets | 0 | 0 | ||
Goodwill and other intangible assets, net | 0 | 0 | ||
Investments in and advances to consolidated affiliates, net | (3,049,900) | (3,002,400) | ||
Other long-term assets | 0 | 0 | ||
Total assets | (3,078,200) | (3,064,800) | ||
Liabilities and equity | ||||
Total current liabilities | (28,300) | (62,400) | ||
Long-term debt, including finance leases | 0 | 0 | ||
Advances from consolidated affiliates, net | (199,300) | (167,500) | ||
Long-term operating lease liabilities | 0 | 0 | ||
Other long-term liabilities | 0 | 0 | ||
Total liabilities | (227,600) | (229,900) | ||
Total equity | (2,850,600) | (2,834,900) | ||
Total liabilities and equity | $ (3,078,200) | $ (3,064,800) |
Supplemental Guarantor Financ_6
Supplemental Guarantor Financial Information (Condensed Consolidating Statements of Cash Flows (Unaudited)) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
Condensed Unaudited Consolidating Statements of Cash Flows [Line Items] | |||
Net cash provided by (used in) operating activities | $ 203,266 | $ (46,807) | |
Cash flows from investing activities: | |||
Cash paid for acquisitions, net of cash acquired | 0 | (93,684) | |
Capital expenditures | (60,594) | (34,396) | |
Proceeds from sale of property and equipment | 8,363 | 8,654 | |
Payments for other investments | (12,000) | (2,190) | |
Proceeds from other investments | 648 | 10,413 | |
Other investing activities, net | 4,843 | 0 | |
Net cash used in investing activities | (58,740) | (111,203) | |
Cash flows from financing activities: | |||
Proceeds from credit facilities | 675,935 | 866,397 | |
Repayments of credit facilities | (671,780) | (670,794) | |
Repayments of other borrowings, net | 0 | (6) | |
Payments of finance lease obligations | (30,856) | (17,239) | |
Repurchases of common stock | (119,427) | (5,652) | |
Proceeds from stock-based awards | 1,476 | 1,079 | |
Payments for stock-based awards | (572) | (12) | |
Net financing activities and advances from (to) consolidated affiliates | 0 | 0 | |
Net cash (used in) provided by financing activities | (145,224) | 173,773 | |
Effect of currency translation on cash | 934 | 9 | |
Net increase in cash and cash equivalents | 236 | 15,772 | |
Cash and cash equivalents - beginning of period | 71,427 | 27,422 | $ 27,422 |
Cash and cash equivalents - end of period | 71,663 | 43,194 | 71,427 |
Reportable Legal Entities [Member] | MasTec, Inc. [Member] | |||
Condensed Unaudited Consolidating Statements of Cash Flows [Line Items] | |||
Net cash provided by (used in) operating activities | 0 | 0 | |
Cash flows from investing activities: | |||
Cash paid for acquisitions, net of cash acquired | 0 | ||
Capital expenditures | 0 | 0 | |
Proceeds from sale of property and equipment | 0 | 0 | |
Payments for other investments | 0 | 0 | |
Proceeds from other investments | 0 | 0 | |
Other investing activities, net | 0 | ||
Net cash used in investing activities | 0 | 0 | |
Cash flows from financing activities: | |||
Proceeds from credit facilities | 0 | 0 | |
Repayments of credit facilities | 0 | 0 | |
Payments of finance lease obligations | 0 | 0 | |
Repurchases of common stock | (119,400) | (5,700) | |
Proceeds from stock-based awards | 1,500 | 1,100 | |
Payments for stock-based awards | (600) | ||
Net financing activities and advances from (to) consolidated affiliates | 118,500 | 4,600 | |
Net cash (used in) provided by financing activities | 0 | 0 | |
Effect of currency translation on cash | 0 | 0 | |
Net increase in cash and cash equivalents | 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 Unaudited Consolidating Statements of Cash Flows [Line Items] | |||
Net cash provided by (used in) operating activities | 189,600 | (43,500) | |
Cash flows from investing activities: | |||
Cash paid for acquisitions, net of cash acquired | (93,700) | ||
Capital expenditures | (59,300) | (32,900) | |
Proceeds from sale of property and equipment | 7,800 | 4,800 | |
Payments for other investments | 0 | (1,400) | |
Proceeds from other investments | 600 | 10,400 | |
Other investing activities, net | 4,800 | ||
Net cash used in investing activities | (46,100) | (112,800) | |
Cash flows from financing activities: | |||
Proceeds from credit facilities | 673,000 | 862,700 | |
Repayments of credit facilities | (668,800) | (667,200) | |
Payments of finance lease obligations | (30,400) | (16,700) | |
Repurchases of common stock | 0 | 0 | |
Proceeds from stock-based awards | 0 | 0 | |
Payments for stock-based awards | 0 | ||
Net financing activities and advances from (to) consolidated affiliates | (119,200) | (27,300) | |
Net cash (used in) provided by financing activities | (145,400) | 151,500 | |
Effect of currency translation on cash | 0 | 0 | |
Net increase in cash and cash equivalents | (1,900) | (4,800) | |
Cash and cash equivalents - beginning of period | 36,400 | 11,900 | 11,900 |
Cash and cash equivalents - end of period | 34,500 | 7,100 | 36,400 |
Reportable Legal Entities [Member] | Non-Guarantor Subsidiaries [Member] | |||
Condensed Unaudited Consolidating Statements of Cash Flows [Line Items] | |||
Net cash provided by (used in) operating activities | 13,700 | (3,300) | |
Cash flows from investing activities: | |||
Cash paid for acquisitions, net of cash acquired | 0 | ||
Capital expenditures | (1,200) | (1,500) | |
Proceeds from sale of property and equipment | 600 | 3,900 | |
Payments for other investments | (12,000) | (800) | |
Proceeds from other investments | 0 | 0 | |
Other investing activities, net | 0 | ||
Net cash used in investing activities | (12,600) | 1,600 | |
Cash flows from financing activities: | |||
Proceeds from credit facilities | 3,000 | 3,700 | |
Repayments of credit facilities | (2,900) | (3,600) | |
Payments of finance lease obligations | (400) | (500) | |
Repurchases of common stock | 0 | 0 | |
Proceeds from stock-based awards | 0 | 0 | |
Payments for stock-based awards | 0 | ||
Net financing activities and advances from (to) consolidated affiliates | 600 | 22,700 | |
Net cash (used in) provided by financing activities | 300 | 22,300 | |
Effect of currency translation on cash | 900 | 0 | |
Net increase in cash and cash equivalents | 2,200 | 20,600 | |
Cash and cash equivalents - beginning of period | 35,000 | 15,600 | 15,600 |
Cash and cash equivalents - end of period | 37,200 | 36,200 | 35,000 |
Eliminations [Member] | |||
Condensed Unaudited Consolidating Statements of Cash Flows [Line Items] | |||
Net cash provided by (used in) operating activities | 0 | 0 | |
Cash flows from investing activities: | |||
Cash paid for acquisitions, net of cash acquired | 0 | ||
Capital expenditures | 0 | 0 | |
Proceeds from sale of property and equipment | 0 | 0 | |
Payments for other investments | 0 | 0 | |
Proceeds from other investments | 0 | 0 | |
Other investing activities, net | 0 | ||
Net cash used in investing activities | 0 | 0 | |
Cash flows from financing activities: | |||
Proceeds from credit facilities | 0 | 0 | |
Repayments of credit facilities | 0 | 0 | |
Payments of finance lease obligations | 0 | 0 | |
Repurchases of common stock | 0 | 0 | |
Proceeds from stock-based awards | 0 | 0 | |
Payments for stock-based awards | 0 | ||
Net financing activities and advances from (to) consolidated affiliates | 0 | 0 | |
Net cash (used in) provided by financing activities | 0 | 0 | |
Effect of currency translation on cash | 0 | 0 | |
Net increase in cash and cash equivalents | 0 | 0 | |
Cash and cash equivalents - beginning of period | 0 | 0 | 0 |
Cash and cash equivalents - end of period | $ 0 | $ 0 | $ 0 |