Cover Page
Cover Page - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 31, 2021 | Feb. 24, 2022 | Jun. 30, 2021 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2021 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Transition Report | false | ||
Entity File Number | 001-08106 | ||
Entity Registrant Name | MasTec, Inc. | ||
Entity Incorporation, State or Country Code | FL | ||
Entity Tax Identification Number | 65-0829355 | ||
Entity Address, Address Line One | 800 S. Douglas Road, 12th Floor | ||
Entity Address, City or Town | Coral Gables, | ||
Entity Address, State or Province | FL | ||
Entity Address, Postal Zip Code | 33134 | ||
City Area Code | 305 | ||
Local Phone Number | 599-1800 | ||
Title of 12(b) Security | Common Stock, $0.10 Par Value | ||
Trading Symbol | MTZ | ||
Security Exchange Name | NYSE | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Entity Shell Company | false | ||
Entity Public Float (in dollars) | $ 5.9 | ||
Entity Common Stock, Shares Outstanding | 76,428,997 | ||
Documents Incorporated by Reference | The registrant’s definitive proxy statement to be filed with the Securities and Exchange Commission pursuant to Regulation 14A for the 2022 annual meeting of shareholders is incorporated by reference in Part III of this Form 10-K to the extent stated herein. | ||
Entity Central Index Key | 0000015615 | ||
Document Fiscal Year Focus | 2021 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false |
Audit Information
Audit Information | 12 Months Ended |
Dec. 31, 2021 | |
Auditor Information [Abstract] | |
Auditor Name | BDO USA, LLP |
Auditor Location | Miami, Florida |
Auditor Firm ID | 243 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Statement [Abstract] | |||
Revenue | $ 7,951,781 | $ 6,320,975 | $ 7,183,188 |
Costs of revenue, excluding depreciation and amortization | 6,805,735 | 5,270,879 | 6,070,244 |
Depreciation | 345,612 | 258,841 | 212,485 |
Amortization of intangible assets | 77,214 | 38,910 | 22,997 |
Goodwill and intangible asset impairment | 0 | 0 | 3,319 |
General and administrative expenses | 306,970 | 302,981 | 286,361 |
Interest expense, net | 53,413 | 59,629 | 77,026 |
Equity in earnings of unconsolidated affiliates | (33,830) | (29,738) | (27,367) |
Loss on extinguishment of debt | 0 | 5,569 | 0 |
Other (income) expense, net | (33,408) | (11,260) | 27,184 |
Income before income taxes | 430,075 | 425,164 | 510,939 |
Provision for income taxes | (99,346) | (102,465) | (116,843) |
Net income | 330,729 | 322,699 | 394,096 |
Net income (loss) attributable to non-controlling interests | 1,898 | (149) | 1,762 |
Net income attributable to MasTec, Inc. | $ 328,831 | $ 322,848 | $ 392,334 |
Earnings per share (Note 2): | |||
Basic earnings per share (in dollars per share) | $ 4.54 | $ 4.43 | $ 5.22 |
Basic weighted average common shares outstanding (in shares) | 72,499 | 72,799 | 75,185 |
Diluted earnings per share (in dollars per share) | $ 4.45 | $ 4.38 | $ 5.17 |
Diluted weighted average common shares outstanding (in shares) | 73,941 | 73,715 | 75,846 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 330,729 | $ 322,699 | $ 394,096 |
Other comprehensive income (loss): | |||
Foreign currency translation gains (losses), net of tax | 258 | 1,413 | (189) |
Unrealized gains (losses) on investment activity, net of tax | 12,410 | (17,151) | (15,023) |
Comprehensive income | 343,397 | 306,961 | 378,884 |
Comprehensive income (loss) attributable to non-controlling interests | 1,898 | (149) | 1,762 |
Comprehensive income attributable to MasTec, Inc. | $ 341,499 | $ 307,110 | $ 377,122 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 360,736 | $ 423,118 |
Accounts receivable, net of allowance | 1,019,324 | 784,488 |
Contract assets | 1,227,927 | 969,743 |
Inventories, net | 92,595 | 89,645 |
Prepaid expenses | 91,488 | 60,631 |
Other current assets | 81,884 | 31,390 |
Total current assets | 2,873,954 | 2,359,015 |
Property and equipment, net | 1,436,087 | 982,328 |
Operating lease right-of-use assets | 260,410 | 176,573 |
Goodwill, net | 1,520,575 | 1,243,034 |
Other intangible assets, net | 670,280 | 184,043 |
Other long-term assets | 360,087 | 282,856 |
Total assets | 7,121,393 | 5,227,849 |
Current liabilities: | ||
Current portion of long-term debt, including finance leases | 137,912 | 145,110 |
Current portion of operating lease liabilities | 95,426 | 72,481 |
Accounts payable | 663,063 | 571,269 |
Accrued salaries and wages | 203,141 | 135,316 |
Other accrued expenses | 229,936 | 187,647 |
Contract liabilities | 313,965 | 228,388 |
Other current liabilities | 141,155 | 74,988 |
Total current liabilities | 1,784,598 | 1,415,199 |
Long-term debt, including finance leases | 1,876,233 | 1,157,632 |
Long-term operating lease liabilities | 176,378 | 116,506 |
Deferred income taxes | 450,361 | 302,938 |
Other long-term liabilities | 289,962 | 230,049 |
Total liabilities | 4,577,532 | 3,222,324 |
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 - 95,371,211 and 93,107,440 (including 1,747,385 and 1,843,041 of unvested stock awards) as of December 31, 2021 and 2020, respectively | 9,537 | 9,311 |
Capital surplus | 1,033,615 | 837,453 |
Retained earnings | 2,162,388 | 1,833,557 |
Accumulated other comprehensive loss | (78,776) | (91,444) |
Treasury stock, at cost: 18,941,926 shares as of both December 31, 2021 and 2020, respectively | (586,955) | (586,955) |
Total MasTec, Inc. shareholders’ equity | 2,539,809 | 2,001,922 |
Non-controlling interests | 4,052 | 3,603 |
Total equity | 2,543,861 | 2,005,525 |
Total liabilities and equity | $ 7,121,393 | $ 5,227,849 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2021 | Dec. 31, 2020 |
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) | $ 0.10 | $ 0.10 |
Common stock, shares authorized | 145,000,000 | 145,000,000 |
Common stock, shares issued | 95,371,211 | 93,107,440 |
Treasury stock, shares | 18,941,926 | 18,941,926 |
Common Stock | ||
Common stock, shares issued | 95,371,211 | 93,107,440 |
Restricted Stock | Common Stock | ||
Unvested stock awards (in shares) | 1,747,385 | 1,843,041 |
Consolidated Statements of Equi
Consolidated Statements of Equity - USD ($) $ in Thousands | Total | Common Stock | Treasury Stock | Capital Surplus | Retained Earnings | Accumulated Other Comprehensive Loss | Total MasTec, Inc. Shareholders’ Equity | Non-Controlling Interests |
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) | |||||||
Consolidated Statements of Equity | ||||||||
Net income (loss) | 394,096 | 392,334 | 392,334 | 1,762 | ||||
Other comprehensive income (loss) | (15,212) | (15,212) | (15,212) | |||||
Non-cash stock-based compensation | 16,447 | 16,447 | 16,447 | |||||
Issuance of restricted shares, net (in shares) | 464,970 | |||||||
Issuance of restricted shares, net | 0 | $ 46 | (46) | |||||
Other stock issuances (shares withheld for taxes), net (in shares) | 117,451 | |||||||
Other stock issuances (shares withheld for taxes), net | 4,355 | $ 12 | 4,343 | 4,355 | ||||
Acquisition of treasury stock, at cost (in shares) | (15,100) | |||||||
Acquisition of treasury stock, at cost | (602) | $ (602) | (602) | |||||
Contributions from non-controlling interests | 583 | 583 | ||||||
Ending balance, common shares outstanding (in shares) at Dec. 31, 2019 | 91,909,430 | |||||||
Ending balance at Dec. 31, 2019 | 1,791,691 | $ 9,191 | $ (466,727) | 809,753 | 1,510,709 | (75,706) | 1,787,220 | 4,471 |
Ending balance, treasury shares (in shares) at Dec. 31, 2019 | (15,344,917) | |||||||
Consolidated Statements of Equity | ||||||||
Net income (loss) | 322,699 | 322,848 | 322,848 | (149) | ||||
Other comprehensive income (loss) | (15,738) | (15,738) | (15,738) | |||||
Non-cash stock-based compensation | 21,875 | 21,875 | 21,875 | |||||
Issuance of restricted shares, net (in shares) | 993,893 | |||||||
Issuance of restricted shares, net | 0 | $ 99 | (99) | |||||
Other stock issuances (shares withheld for taxes), net (in shares) | 204,117 | |||||||
Other stock issuances (shares withheld for taxes), net | $ 5,945 | $ 21 | 5,924 | 5,945 | ||||
Acquisition of treasury stock, at cost (in shares) | (3,600,000) | (3,597,009) | ||||||
Acquisition of treasury stock, at cost | $ (120,228) | $ (120,228) | (120,228) | |||||
Distributions to non-controlling interests | $ (719) | (719) | ||||||
Ending balance, common shares outstanding (in shares) at Dec. 31, 2020 | 93,107,440 | 93,107,440 | ||||||
Ending balance at Dec. 31, 2020 | $ 2,005,525 | $ 9,311 | $ (586,955) | 837,453 | 1,833,557 | (91,444) | 2,001,922 | 3,603 |
Ending balance, treasury shares (in shares) at Dec. 31, 2020 | (18,941,926) | (18,941,926) | ||||||
Consolidated Statements of Equity | ||||||||
Net income (loss) | $ 330,729 | 328,831 | 328,831 | 1,898 | ||||
Other comprehensive income (loss) | 12,668 | 12,668 | 12,668 | |||||
Non-cash stock-based compensation | 24,805 | 24,805 | 24,805 | |||||
Issuance of shares for acquisition (in shares) | 1,975,232 | |||||||
Issuance of shares for acquisition | 181,682 | $ 198 | 181,484 | 181,682 | ||||
Issuance of restricted shares, net (in shares) | 305,882 | |||||||
Issuance of restricted shares, net | 0 | $ 31 | (31) | |||||
Other stock issuances (shares withheld for taxes), net (in shares) | (17,343) | |||||||
Other stock issuances (shares withheld for taxes), net | $ (4,670) | $ (3) | (4,667) | (4,670) | ||||
Acquisition of treasury stock, at cost (in shares) | 0 | |||||||
Distributions to non-controlling interests | $ (76) | (76) | ||||||
Purchase of non-controlling interests | $ (6,802) | (5,429) | (5,429) | (1,373) | ||||
Ending balance, common shares outstanding (in shares) at Dec. 31, 2021 | 95,371,211 | 95,371,211 | ||||||
Ending balance at Dec. 31, 2021 | $ 2,543,861 | $ 9,537 | $ (586,955) | $ 1,033,615 | $ 2,162,388 | $ (78,776) | $ 2,539,809 | $ 4,052 |
Ending balance, treasury shares (in shares) at Dec. 31, 2021 | (18,941,926) | (18,941,926) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Cash flows from operating activities: | |||
Net income | $ 330,729 | $ 322,699 | $ 394,096 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation | 345,612 | 258,841 | 212,485 |
Amortization of intangible assets | 77,214 | 38,910 | 22,997 |
Non-cash stock-based compensation expense | 24,805 | 21,875 | 16,447 |
Provision for deferred income taxes | 51,931 | 7,180 | 22,160 |
Equity in earnings of unconsolidated affiliates | (33,830) | (29,738) | (27,367) |
Gains on sales of assets, net | (35,635) | (16,210) | (13,908) |
Non-cash interest expense, net | 3,171 | 2,988 | 3,219 |
Goodwill and intangible asset impairment | 0 | 0 | 3,319 |
Other non-cash items, net | (12,323) | 21,775 | (2,768) |
Changes in assets and liabilities, net of acquisitions: | |||
Accounts receivable | 149,152 | 87,372 | (124,739) |
Contract assets | 49,295 | 63,306 | 237,800 |
Inventories | 10,147 | 17,904 | 24,051 |
Other assets, current and long-term portion | (35,837) | 20,486 | 10,180 |
Accounts payable and accrued expenses | (104,481) | 94,069 | (228,142) |
Contract liabilities | 10,603 | 21,326 | (52,215) |
Other liabilities, current and long-term portion | (37,479) | 4,471 | 52,663 |
Net cash provided by operating activities | 793,074 | 937,254 | 550,278 |
Cash flows from investing activities: | |||
Cash paid for acquisitions, net of cash acquired | (1,244,603) | (24,971) | (179,481) |
Capital expenditures | (170,066) | (213,746) | (126,473) |
Proceeds from sale of property and equipment | 65,287 | 37,077 | 35,015 |
Payments for other investments | (9,996) | (17,456) | (5,589) |
Proceeds from other investments | 557 | 648 | 14,705 |
Other investing activities, net | 1,650 | 1,843 | 0 |
Net cash used in investing activities | (1,357,171) | (216,605) | (261,823) |
Cash flows from financing activities: | |||
Proceeds from credit facilities | 1,503,372 | 1,434,610 | 3,025,927 |
Repayments of credit facilities | (812,103) | (1,741,067) | (3,126,595) |
Proceeds from issuance of 4.50% senior notes | 0 | 600,000 | 0 |
Repayments of 4.875% senior notes | 0 | (400,000) | 0 |
Payments of finance lease obligations | (158,892) | (126,988) | (88,341) |
Payments of acquisition-related contingent consideration | (21,675) | (10,097) | (34,267) |
(Payments to) proceeds from non-controlling interests, including acquisition of interests | (8,965) | (719) | 583 |
Proceeds from stock-based awards | 0 | 7,090 | 4,655 |
Payments for stock-based awards | (6,024) | (636) | (45) |
Repurchases of common stock | 0 | (120,228) | (5,652) |
Other financing activities, net | 6,229 | (11,852) | (20,896) |
Net cash provided by (used in) financing activities | 501,942 | (369,887) | (244,631) |
Effect of currency translation on cash | (227) | 929 | 181 |
Net (decrease) increase in cash and cash equivalents | (62,382) | 351,691 | 44,005 |
Cash and cash equivalents - beginning of period | 423,118 | 71,427 | 27,422 |
Cash and cash equivalents - end of period | 360,736 | 423,118 | 71,427 |
Supplemental cash flow information: | |||
Interest paid | 61,815 | 65,016 | 84,971 |
Income taxes paid, net of refunds | 69,110 | 64,651 | 106,248 |
Supplemental disclosure of non-cash information: | |||
Additions to property and equipment from finance leases | $ 160,286 | $ 114,221 | $ 206,156 |
Consolidated Statements of Ca_2
Consolidated Statements of Cash Flows (Parenthetical) - Senior Notes | Dec. 31, 2021 |
4.50% Senior Notes | |
Debt instrument, interest rate (percentage) | 4.50% |
4.875% Senior Notes | |
Debt instrument, interest rate (percentage) | 4.875% |
Business, Basis of Presentation
Business, Basis of Presentation and Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Business, Basis of Presentation and Significant Accounting Policies | Business, Basis of Presentation and Significant Accounting Policies Nature of the Business MasTec, Inc. (collectively with its subsidiaries, “MasTec” or the “Company”) is a leading infrastructure construction company operating mainly throughout North America across a range of industries. The Company’s primary activities include the engineering, building, installation, maintenance and upgrade of communications, energy, utility and other infrastructure, such as: power delivery services, including transmission and distribution, wireless, wireline/fiber and customer fulfillment activities; power generation, primarily from clean energy and renewable sources; pipeline infrastructure, including natural gas pipeline and distribution infrastructure; heavy civil; and industrial infrastructure. MasTec’s customers are primarily in these industries. MasTec reports its results under five reportable segments: (1) Communications; (2) Clean Energy and Infrastructure; (3) Oil and Gas; (4) Power Delivery; and (5) Other. During the fourth quarter of 2021, the Company renamed its Electrical Transmission segment as the Power Delivery segment to better represent the nature of the segment’s operations, end markets and customer characteristics, including from the effects of the Company’s recent acquisitions. There was no change to the composition of the segment or its historical results. Principles of Consolidation The accompanying consolidated financial statements include MasTec, Inc. and its subsidiaries and include the accounts of all majority owned subsidiaries over which the Company exercises control and, when applicable, entities in which the Company has a controlling financial interest. All significant intercompany balances and transactions have been eliminated in consolidation. Other parties’ interests in entities that MasTec consolidates are reported as non-controlling interests within equity, except for mandatorily redeemable non-controlling interests, which are recorded within other liabilities. Net income or loss attributable to non-controlling interests is reported as a separate line item below net income or loss. The Company applies the equity method of accounting for its investments in entities for which it does not have a controlling financial interest, but over which it has the ability to exert significant influence. For equity investees in which the Company has an undivided interest in the assets, liabilities and profits or losses of an unincorporated entity, but does not exercise control over the entity, the Company consolidates its proportional interest in the accounts of the entity. When necessary, certain prior year amounts have been reclassified to conform with the current period presentation. Translation of Foreign Currencies The assets and liabilities of foreign subsidiaries with a functional currency other than the U.S. dollar are translated into U.S. dollars at period-end exchange rates, with resulting translation gains or losses included within other comprehensive income or loss. Revenue and expenses are translated into U.S. dollars at average rates of exchange during the applicable period. Substantially all of the Company’s foreign operations use their local currency as their functional currency. For foreign operations for which the local currency is not the functional currency, the operation’s non-monetary assets are remeasured into U.S. dollars at historical exchange rates. All other accounts are remeasured at current exchange rates. Gains or losses from remeasurement are included in other income or expense, net. Currency gains or losses resulting from transactions executed in currencies other than the functional currency are included in other income or expense, net. In these consolidated financial statements, “$” means U.S. dollars unless otherwise noted. Management Estimates The preparation of consolidated financial statements in accordance with U.S. GAAP requires the use of estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. These estimates are based on historical experience and various other assumptions that management believes to be reasonable under the circumstances, including the potential future effects of public health matters, such as the COVID-19 pandemic, climate change, and other global and/or macroeconomic trends and events. These estimates form the basis for making judgments about the Company’s operating results and the carrying values of assets and liabilities that are not readily apparent from other sources. While management believes that such estimates are reasonable when considered in conjunction with the Company’s consolidated financial position and results of operations taken as a whole, actual results could differ materially from these estimates. Key estimates include: the recognition of revenue and project profit or loss, which the Company defines as project revenue, less project costs of revenue, including project-related depreciation, in particular, on construction contracts accounted for under the cost-to-cost method, for which the recorded amounts require estimates of costs to complete and the amount and probability of variable consideration included in the contract transaction price; fair value estimates, including those related to acquisitions, valuations of goodwill, intangible and other assets, acquisition-related contingent consideration and other liabilities, equity investments and long-lived assets; 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. COVID-19 Pandemic and General Economic Conditions The COVID-19 pandemic has disrupted business activities and global economic conditions throughout 2020 and 2021, and has negatively affected the Company’s operations during the same period, including from reduced crew productivity due to mitigation measures, the health and availability of work crews or other key personnel and subcontractors; supply chain disruptions; delayed project start dates; and lost productivity from governmental permitting approval delays, project shutdowns and/or cancellations, among other factors. While the adverse effects of the COVID-19 pandemic have partially subsided, its effects vary by region, and uncertainties arising from the COVID-19 pandemic could continue to disrupt economic conditions and business activities, particularly as new variants of COVID-19 arise. The extent to which the COVID-19 pandemic, including the recent and emerging variants, could affect the Company’s business, operations and financial results is uncertain as it will depend upon numerous evolving factors that management may not be able to accurately predict. The acceptance and effectiveness of vaccines and treatments, along with the length and extent of any continuing economic and market disruptions are unknown, and therefore, any future impacts on the Company’s business, financial condition and/or results of operations cannot be quantified or predicted with specificity. The Company believes that it has taken appropriate steps to mitigate the effects of the COVID-19 pandemic on its business, and the Company’s business model has, thus far, proven resilient. Management continues to adapt to the changing operational and economic environment that has resulted from the COVID-19 pandemic. The Company’s top priority has been to take appropriate actions to protect the health and safety of its employees, customers and business partners, and it continues to monitor evolving health guidelines and respond to changes as appropriate. Notwithstanding moderation of the COVID-19 pandemic and related governmental and other restrictions, the Company may continue to experience negative effects on its business and operations from possible longer-term changes in consumer and customer behavior and/or from negative economic conditions, including recent inflationary effects, supply chain disruptions, including limited availability of products, and rising interest rates. Several relief measures have been enacted in response to the effects of the COVID-19 pandemic, including the Coronavirus Aid, Relief and Economic Security Act (the “CARES Act”) and the Coronavirus Response and Relief Supplemental Appropriations Act (the “Coronavirus Relief Act”). The CARES Act permitted deferral and/or reduction of certain federal and payroll tax amounts, certain of which the Company pursued, including the deferral of approximately $59 million of payroll taxes. As of December 31, 2021, CARES Act deferrals, the amount of which is due by December 31, 2022, totaled approximately $42 million, of which approximately $13 million was acquisition-related. Significant Accounting Policies The following is a summary of significant accounting policies followed in the preparation of the accompanying consolidated financial statements. Revenue Recognition The Company recognizes revenue from contracts with customers when, or as, control of promised services and goods is transferred to customers. The amount of revenue recognized reflects the consideration to which the Company expects to be entitled in exchange for the services and goods transferred. The Company primarily recognizes revenue over time utilizing the cost-to-cost measure of progress. Contracts. The Company derives revenue primarily from construction projects performed under: (i) master and other service agreements, which generally provide a menu of available services in a specific geographic territory that are utilized on an as-needed basis, and are typically priced using either a time and materials or a fixed price per unit basis; and (ii) contracts for specific projects requiring the construction and installation of an entire infrastructure system or specified units within an infrastructure system, which 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 38% of consolidated revenue for the year ended December 31, 2021, and totaled 36% for each of the years ended December 31, 2020 and 2019. Revenue from contracts for specific projects, as well as for certain projects pursuant to master and other service agreements, is typically recognized over time using the cost-to-cost measure of progress, which is an input method. For these contracts, the cost-to-cost measure of progress best depicts the continuous transfer of control of goods or services to the customer and correspondingly, when performance obligations are satisfied for the related contracts. Such contracts provide that the customer accept completion of progress to date and compensate the Company for services rendered. For certain master service and other service agreements, revenue is recognized at a point in time, primarily for install-to-the-home and other wireless services in the Company’s Communications segment. 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 4% of consolidated revenue for the year ended December 31, 2021, and accounted for approximately 5% of consolidated revenue for each of the years ended December 31, 2020 and 2019. Substantially all of the Company’s other revenue is recognized over time. Contract costs include all direct materials, labor and subcontracted costs, as well as indirect costs related to contract performance, such as indirect labor, supplies, tools, repairs and the operational costs of capital equipment. The total contract transaction price and cost estimation processes used for recognizing revenue over time under the cost-to-cost method is based on the professional knowledge and experience of the Company’s project managers, engineers and financial professionals. Management reviews estimates of total contract transaction price and total project costs on an ongoing basis. Changes in job performance, job conditions and management’s assessment of expected variable consideration are factors that influence estimates of the total contract transaction price, total costs to complete those contracts and the Company’s profit recognition. Changes in these factors could result in revisions to revenue in the period in which the revisions are determined, which could materially affect the Company’s consolidated results of operations for that period. Provisions for losses on uncompleted contracts are recorded in the period in which such losses are determined. For each of the years ended December 31, 2021, 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, 2020, 2019 and 2018. Revenue recognized for the years ended December 31, 2021, 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 $41.1 million, $13.5 million and $58.3 million, respectively. The Company may incur certain costs that can be capitalized, such as initial set-up or mobilization costs. Such capitalized costs, which are amortized over the life of the respective projects, totaled $1.4 million and $5.5 million as of December 31, 2021 and 2020, respectively. The timing of customer billings is generally dependent upon advance billing terms, milestone billings based on completion of certain phases of work, or when services are provided. Under the typical payment terms of master and other service agreements and contracts for specific projects, the customer makes progress payments based on quantifiable measures of performance by the Company as defined by each specific agreement. Progress payments, generally net of amounts retained, are paid by the customer over the duration of the contract. For install-to-the-home and certain other contracts and services, work orders are billed and paid as completed. Amounts billed and due from customers, as well as the value of contract assets, are generally classified within current assets in the consolidated balance sheets. See Note 5 - Accounts Receivable, Net of Allowance, and Contract Assets and Liabilities for related discussion. Amounts expected to be collected beyond one year are classified as other long-term assets. Performance Obligations. A performance obligation is a contractual promise to transfer a distinct good or service to a customer. The transaction price of a contract is allocated to each distinct performance obligation and recognized as revenue when or as the performance obligation is satisfied. The Company’s contracts often require significant services to integrate complex activities and equipment into a single deliverable, and are therefore generally accounted for as a single performance obligation, even when delivering multiple distinct services. Contract amendments and change orders, which are generally not distinct from the existing contract, are typically accounted for as a modification of the existing contract and performance obligation. The vast majority of the Company’s performance obligations are completed within one year. When more than one contract is entered into with a customer on or close to the same date, the Company evaluates whether those contracts should be combined and accounted for as a single contract, as well as whether those contracts should be accounted for as one, or more than one, performance obligation. This evaluation requires significant judgment and is based on the facts and circumstances of the various contracts. Remaining performance obligations represent the amount of unearned transaction prices under contracts for which work is wholly or partially unperformed, including the Company’s share of unearned transaction prices from its proportionately consolidated non-controlled joint ventures. As of December 31, 2021, the amount of the Company’s remaining performance obligations was $4.9 billion. Based on current expectations, the Company anticipates it will recognize approximately $3.9 billion of its remaining performance obligations as revenue during 2022, with the remainder to be recognized primarily in 2023. Variable Consideration. Transaction prices for the Company’s contracts may include variable consideration, which comprises items such as change orders, claims and incentives. Management estimates variable consideration for a performance obligation utilizing estimation methods that it believes best predict the amount of consideration to which the Company will be entitled. Variable consideration is included in the estimated transaction price if it is probable that when the uncertainty associated with the variable consideration is resolved, there will not be a significant reversal of the cumulative amount of revenue that has been recognized. Management’s estimates of variable consideration and the determination of whether to include estimated amounts in transaction prices are based largely on engineering studies and legal opinions, past practices with the customer, specific discussions, correspondence or preliminary negotiations with the customer and all other relevant information that is reasonably available at the time of the estimate. The effect of variable consideration on the transaction price of a performance obligation is typically recognized as an adjustment to revenue on a cumulative catch-up basis, as such variable consideration, which typically pertains to changed conditions and scope, is generally for services encompassed under the existing contract. To the extent unapproved change orders, claims and other variable consideration reflected in transaction prices are not resolved in the Company’s favor, or to the extent incentives reflected in transaction prices are not earned, there could be reductions in, or reversals of, previously recognized revenue. As of December 31, 2021 and 2020, the Company included approximately $104 million and $51 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 December 31, 2021, these change orders and/or claims primarily related to certain projects in the Company’s Clean Energy and Infrastructure and Power Delivery segments, and as of December 31, 2020, change orders primarily related to certain projects in the Company’s Power Delivery and Communications segments. The Company actively engages with its customers to complete the final approval process, and generally expects these processes to be completed within one year. Amounts ultimately realized upon final agreement by customers could be higher or lower than such estimated amounts. Allowance for Credit Losses The Company maintains an allowance for credit losses for its financial instruments, which are primarily composed of accounts receivable and contract assets. The measurement and recognition of credit losses involves the use of judgment and represents management’s estimate of expected lifetime credit losses based on historical experience and trends, current conditions and reasonable and supportable forecasts. Management’s assessment of expected credit losses includes consideration of current and expected economic, market and industry factors affecting the Company’s customers, including their financial condition, the aging of account balances, historical credit loss experience, customer concentrations, customer credit-worthiness, availability of mechanics’ and other liens, existence of payment bonds and other sources of payment. Management evaluates its experience with historical losses and then applies this historical loss ratio to financial assets with similar characteristics. The Company’s historical loss ratio or its determination of risk pools may be adjusted for changes in customer, economic, market or other circumstances. The Company may also establish an allowance for credit losses for specific receivables when it is probable that the receivable will not be collected and the loss can be reasonably estimated. Amounts are written off against the allowance when they are considered to be uncollectible, and reversals of previously reserved amounts are recognized if a specifically reserved item is settled for an amount exceeding the previous estimate. Estimates of expected credit losses could be affected by many factors, including, but not limited to: changes in credit loss experience, changes to the risk characteristics of the Company’s financial asset portfolio, developing trends, including changes in credit quality or unanticipated financial difficulties affecting the Company’s customers and changes in management’s expectations of future economic, industry or other conditions. In addition, if anticipated recoveries in existing bankruptcies or other work-out situations fail to materialize, additional allowances may be required. Estimates of collectibility are subject to significant change during times of economic weakness or uncertainty in either the overall economy or within the industries served by MasTec. Management actively monitors these factors and assesses the sufficiency of its allowance for credit losses on an ongoing basis, including any potential effects from the COVID-19 pandemic, end-market volatility and/or other macroeconomic trends on the credit quality of the Company’s customers and/or its financial assets. Inventories Inventories consist of materials and supplies for construction and installation projects, which are valued at the lower of cost or net realizable value using the average cost or specific identification methods of costing. For materials or supplies purchased on behalf of specific customers or projects, loss of the customer or cancellation of the project could result in an impairment of the value of materials purchased. The value of inventory may also decrease due to obsolescence, physical deterioration, damage, changes in price levels, or other causes. Inventory valuation allowances are determined based upon specific facts and circumstances and market conditions. As of December 31, 2021 and 2020, valuation allowances for inventory totaled $11.1 million and $8.5 million, respectively. Cash and Cash Equivalents Cash consisting of interest-bearing demand deposits is carried at cost, which approximates fair value. Highly liquid investments with an original maturity of three months or less are carried at fair value. On a daily basis, available funds are swept from the Company’s depository accounts into a concentration account and are used to repay outstanding revolving loans, if any, under the Company’s senior unsecured credit facility. Cash balances maintained by certain operating subsidiaries and by entities that are proportionately consolidated that are not swept into the concentration account, as well as deposits made subsequent to the daily cash sweep, are classified as cash. Included in the Company’s cash balances as of December 31, 2021 and 2020 are amounts held by entities that are proportionately consolidated totaling $14.6 million and $8.2 million, respectively. These amounts are available to support the operations of those entities, but are not available for the Company’s other operations. The Company generally does not fund its disbursement accounts for checks it has written until the checks are presented to the bank for payment. Outstanding checks that have not yet cleared through the banking system represent book overdrafts, which are classified within accounts payable. There are no material compensating balance requirements associated with the Company’s depository accounts or other restrictions on the transfer of cash associated with the Company’s depository accounts. Fair Value of Financial Instruments The Company’s financial instruments are primarily composed of cash and cash equivalents, accounts and notes receivable, cash collateral deposited with insurance carriers, life insurance assets, equity investments, certain other investments, deferred compensation plan assets and liabilities, accounts payable and other current liabilities, acquisition-related contingent consideration, mandatorily redeemable non-controlling interests and debt obligations. Fair value is the price that would be received to sell an asset or the amount paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The fair value guidance establishes a valuation hierarchy, which requires maximizing the use of observable inputs when measuring fair value. The three levels of inputs that may be used are: (i) Level 1 - quoted market prices in active markets for identical assets or liabilities; (ii) Level 2 - observable market-based inputs or other observable inputs; and (iii) Level 3 - significant unobservable inputs that cannot be corroborated by observable market data, which are generally determined using valuation models incorporating management estimates of market participant assumptions. In instances in which the inputs used to measure fair value fall into different levels of the fair value hierarchy, the fair value measurement classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Management’s assessment of the significance of a particular item to the fair value measurement in its entirety requires judgment, including the consideration of inputs specific to the asset or liability. Fair values of financial instruments are estimated using public market prices, quotes from financial institutions and other available information. Due to their short-term maturity, the carrying amounts of cash and cash equivalents, accounts receivable, accounts payable and other current liabilities approximate their fair values. Management believes the carrying values of notes and other receivables, cash collateral deposited with insurance carriers, and outstanding balances on its credit facilities approximate their fair values. Investment and Strategic Arrangements From time to time, the Company may participate in selected investment or strategic arrangements to expand its operations, customer base or geographic reach, including arrangements that combine the Company’s skills and resources with those of others to allow for the performance of particular projects. The Company’s investment and strategic arrangements include equity interests in various business entities and participation in contractual joint ventures, some of which may involve the extension of loans or other types of financing arrangements. Management determines whether each business entity in which it has equity interests, debt, or other investments constitutes a variable interest entity (“VIE”) based on the nature and characteristics of such arrangements. If an investment arrangement is determined to be a VIE, then management determines if the Company is the VIE’s primary beneficiary by evaluating several factors, including the Company’s: (i) risks and responsibilities; (ii) ownership interests; (iii) decision making powers; and (iv) financial interests, among other factors. If management determines the Company is the primary beneficiary of a VIE, then it would be consolidated, and other parties’ interests in the VIE would be accounted for as non-controlling interests. The primary beneficiary consolidating the VIE must normally have both (i) the power to direct the primary activities of the VIE and (ii) the obligation to absorb losses of the VIE or the right to receive benefits from the VIE, which, in either case, could be significant to the VIE. The Company has determined that certain of its investment arrangements are VIEs. As of December 31, 2021, except for one individually insignificant VIE, the Company does not have the power to direct the primary activities that most significantly impact the economic performance of its VIEs nor is it the primary beneficiary. Accordingly, except for the previously mentioned VIE, the Company’s VIEs are not consolidated. The Company’s investments in entities for which it does not have a controlling interest and is not the primary beneficiary, but for which it has the ability to exert significant influence, are accounted for using the equity method of accounting. Under the equity method of accounting, the initial investment is recorded at cost and the investment is subsequently adjusted for its proportionate share of earnings or losses, including consideration of basis differences resulting from the difference between the initial carrying amount of the investment and the underlying equity in net assets. Equity method investments are recorded as other long-term assets. Income or loss from these investments is recorded as a separate line item in the consolidated statements of operations. Intercompany profits or losses associated with the Company’s equity method investments are eliminated until realized by the investee in transactions with third parties. Distributions received from equity method investees are reflected in the statements of cash flows using the nature of distributions approach, under which distributions are classified based on the nature of the activity that generated them. For equity investees in which the Company has an undivided interest in the assets, liabilities and profits or losses of an unincorporated entity, but does not exercise control over the entity, the Company consolidates its proportional interest in the accounts of the entity. E quity investments, other than those accounted for as equity method investments or those that are proportionately consolidated, are measured at fair value if their fair values are readily determinable. Equity investments that do not have readily determinable fair values are measured at cost, adjusted for changes from observable market transactions, if any, less impairment (“adjusted cost basis”). The Company evaluates such investments for impairment by considering a variety of factors, including the earnings performance of the related investments, as well as the economic environment and market conditions in which the investees operate. Fair value measurements for the Company’s equity investments as of December 31, 2021 are classified within Level 1 or Level 2 of the fair value hierarchy based on the nature of the fair value inputs, and are recognized in other income or expense. For further information pertaining to the Company’s equity investments, see Note 4 - Fair Value of Financial Instruments. Deferred Financing Costs Deferred financing costs relate to the Company’s debt instruments, the short and long-term portions of which are reflected as deductions from the carrying amounts of the related debt instrument, including the Company’s senior credit facility. Deferred financing costs are amortized over the terms of the related debt instruments using the effective interest method. For the years ended December 31, 2021, 2020 and 2019, the Company deferred $6.0 million, $8.9 million and $5.5 million of financing costs in connection with its debt instruments. Amortization expense associated with deferred financing costs, which is included within interest expense, net, totaled $3.2 million, $3.0 million and $2.9 million for each of the years ended December 31, 2021, 2020 and 2019, respectively. Additionally, in 2020, the Company wrote off $2.3 million of deferred financing costs in connection with the redemption of its 4.875% Senior Notes, which amount is included within loss on extinguishment of debt in the consolidated statements of operations. Deferred financing costs, net of accumulated amortization, totaled $18.5 million and $16.0 million as of December 31, 2021 and 2020, respectively. For further information pertaining to the Company’s debt instruments, see Note 7 - Debt. Other Assets Other assets consist primarily of investments in unconsolidated entities, equity and debt securities, life insurance assets, deferred compensation plan assets, miscellaneous receivables and prepaid expenses. Long-Lived Assets The Company’s long-lived assets consist |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2021 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per Share Basic earnings per share is computed by dividing net income attributable to MasTec by the weighted average number of common shares outstanding for the period, which excludes non-participating unvested restricted share awards. Diluted earnings per share is computed by dividing net income attributable to MasTec by the weighted average number of fully diluted shares, as calculated under the treasury stock method, which includes the potential effect of dilutive common stock equivalents, such as issued but unvested restricted shares. If the Company reports a loss, rather than income, the computation of diluted loss per share excludes the effect of dilutive common stock equivalents, as their effect would be anti-dilutive. The following table provides details underlying the Company’s earnings per share calculations for the periods indicated (in thousands): For the Years Ended December 31, 2021 2020 2019 Net income attributable to MasTec: Net income - basic and diluted (a) $ 328,831 $ 322,848 $ 392,334 Weighted average shares outstanding: Weighted average shares outstanding - basic 72,499 72,799 75,185 Dilutive common stock equivalents (b) 1,442 916 661 Weighted average shares outstanding - diluted 73,941 73,715 75,846 (a) Calculated as total net income less amounts attributable to non-controlling interests. (b) For the years ended December 31, 2021 and 2020, anti-dilutive common stock equivalents totaled 159,431 and 43,989, respectively. For the year ended December 31, 2019, anti-dilutive common stock equivalents were de minimis. The Company had no repurchases of its common stock under the Company’s share repurchase programs during the year ended December 31, 2021. During the year ended December 31, 2020, the Company repurchased approximately 3.6 million shares of its common stock, the effect of which in 2021 was a reduction of its weighted average shares outstanding as compared with the prior year of approximately 0.7 million shares, and in 2020, a reduction of approximately 2.9 million shares, due to the timing of the repurchases. Additionally, for the year ended December 31, 2021, the Company issued approximately 2.0 million shares of its common stock in conjunction with a December 2021 acquisition, the effect of which was insignificant on the Company’s weighted average shares outstanding for the year ended December 31, 2021 due to the timing of the acquisition. The full effect of this share issuance will be reflected in the Company’s future weighted average shares outstanding. See Note 11 - Equity for details of the Company’s share transactions. |
Acquisitions, Goodwill and Othe
Acquisitions, Goodwill and Other Intangible Assets | 12 Months Ended |
Dec. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Acquisitions, Goodwill and Other Intangible Assets | Acquisitions, Goodwill and Other Intangible Assets The following table provides a reconciliation of changes in goodwill by reportable segment for the periods indicated (in millions): Communications Clean Energy and Infrastructure Oil and Gas Power Delivery Total Goodwill Goodwill, gross, as of December 31, 2019 $ 541.3 $ 152.6 $ 499.1 $ 149.9 $ 1,342.9 Accumulated impairment loss (a) — — (121.5) — (121.5) Goodwill, net, as of December 31, 2019 $ 541.3 $ 152.6 $ 377.6 $ 149.9 $ 1,221.4 Additions from new business combinations 14.9 — — 0.2 15.1 Measurement period adjustments, net (b) 5.9 0.1 0.1 — 6.1 Currency translation adjustments — — 0.4 — 0.4 Goodwill, net, as of December 31, 2020 $ 562.1 $ 152.7 $ 378.1 $ 150.1 $ 1,243.0 Additions from new business combinations 39.3 13.4 47.9 176.7 277.3 Measurement period adjustments, net (b) 0.1 — — — 0.1 Currency translation adjustments — — 0.2 — 0.2 Goodwill, net, as of December 31, 2021 $ 601.5 $ 166.1 $ 426.2 $ 326.8 $ 1,520.6 Accumulated impairment loss (a) — — (124.7) — (124.7) Goodwill, gross, as of December 31, 2021 $ 601.5 $ 166.1 $ 550.9 $ 326.8 $ 1,645.3 (a) Accumulated impairment losses include the effects of currency translation gains and/or losses. (b) Represents adjustments to preliminary estimates of fair value within the measurement period of up to one year from the date of acquisition. The following table provides a reconciliation of changes in other intangible assets, net, for the periods indicated (in millions): Other Intangible Assets Non-Amortizing Amortizing Trade Names Pre-Qualifications Customer Relationships and Backlog 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 Additions from new business combinations — — 11.0 — 0.1 11.1 Classification changes (b) — (69.8) — 69.8 — — Measurement period adjustments (c) — — (0.2) — — (0.2) Currency translation adjustments — (3.1) — 3.6 — 0.5 Amortization expense (26.7) (10.2) (2.0) (38.9) Other intangible assets, net, as of December 31, 2020 $ 34.5 $ — $ 79.4 $ 63.2 $ 6.9 $ 184.0 Additions from new business combinations — — 465.0 — 98.1 563.1 Currency translation adjustments — — — 0.4 — 0.4 Amortization expense (59.3) (11.1) (6.8) (77.2) Other intangible assets, net, as of December 31, 2021 $ 34.5 $ — $ 485.1 $ 52.5 $ 98.2 $ 670.3 Remaining weighted average amortization, in years 14 10 16 14 (a) Consists principally of trademarks, trade names and non-compete agreements. (b) In the first quarter of 2020, based on changes in the assets’ characteristics, the Company changed the classification of its non-amortizing pre-qualification intangible assets from indefinite-lived to finite-lived and began amortizing them on an accelerated basis. At the time of the reclassification, 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. Expected future amortization expense as of December 31, 2021 is summarized in the following table (in millions): Amortization Expense 2022 $ 95.8 2023 84.5 2024 74.6 2025 64.5 2026 55.2 Thereafter 261.2 Total $ 635.8 Recent Acquisitions The Company seeks to grow and diversify its business both organically and through acquisitions and/or strategic arrangements in order to deepen its market presence, broaden its geographic reach and expand its service offerings. 2021 Acquisitions. During 2021, MasTec completed fourteen acquisitions, including all of the equity interests of the following: (i) Within the Company’s Power Delivery segment: Henkels & McCoy Holdings, Inc., formerly known as Henkels & McCoy Group, Inc. (“HMG”), an industry-leading utility services firm providing critical infrastructure design, construction and maintenance services to the power and renewables, telecommunications, gas distribution and pipeline services end-markets; an electric utility distribution contractor; and a company specializing in vegetation management services for the electric and telecommunications industries, all of which acquisitions were effective in December; and Intren, LLC (“INTREN”), a premier specialty utility contractor primarily providing electrical distribution network services under various multi-year master service agreements to some of the nation’s largest utilities, municipalities and cooperatives, which acquisition was effective in May; (ii) within the Company’s Clean Energy and Infrastructure segment: a heavy civil infrastructure construction company focusing on transportation projects; and a heavy industrial general contractor with concrete, piping and electrical capabilities, which acquisitions were effective in February and April, respectively; (iii) within the Company’s Communications segment: a telecommunications company specializing in cabling, plant and other network services, which acquisition was effective in November; a telecommunications and utility technical services company focusing on outside plant telecommunications engineering; a telecommunications and cable services provider; and a utilities infrastructure company, providing power line construction and repair services, all of which acquisitions were effective in May; and business operations specializing in install-to-the-home services, which acquisition was effective in August; and (iv) within the Company’s Oil and Gas segment: an infrastructure construction company focusing on water, sewer and utility projects, along with expertise in site work; and a company specializing in environmental services for energy infrastructure and heavy civil projects, both of which acquisitions were effective in December; and a pipeline contractor focusing on integrity and maintenance work related to gas distribution infrastructure, which acquisition was effective in February. These acquisitions were funded with cash on hand, borrowings under the Company’s credit facility and with shares of the Company’s common stock, and are subject to customary purchase price adjustments. The following table summarizes the estimated fair values of consideration paid and net assets acquired for the 2021 acquisitions, as adjusted (in millions): Acquisition consideration (a) : HMG All other Total Cash, net of cash acquired $ 416.9 $ 867.1 $ 1,284.0 Shares transferred 181.7 — 181.7 Estimated fair value of contingent consideration — 101.6 101.6 Total consideration transferred $ 598.6 $ 968.7 $ 1,567.3 Identifiable assets acquired and liabilities assumed: Accounts receivable and contract assets $ 414.3 $ 269.4 $ 683.7 Current assets 14.6 27.6 42.2 Property and equipment 247.0 251.1 498.1 Long-term assets, primarily operating lease right-of-use assets 85.1 85.8 170.9 Amortizing intangible assets 112.0 451.1 563.1 Accounts payable (125.4) (49.3) (174.7) Current liabilities, including current portion of operating lease liabilities (132.2) (136.8) (269.0) Long-term debt, including finance lease obligations — (5.1) (5.1) Long-term liabilities, primarily operating lease liabilities and deferred income taxes (137.6) (78.1) (215.7) Total identifiable net assets $ 477.8 $ 815.7 $ 1,293.5 Goodwill 120.8 156.5 277.3 Total net assets acquired, including goodwill $ 598.6 $ 972.2 $ 1,570.8 Bargain purchase gain — (3.5) (3.5) Total consideration transferred $ 598.6 $ 968.7 $ 1,567.3 (a) Acquisition consideration includes $40 million of amounts due to former owners, which amounts are reflected within other current liabilities on the consolidated balance sheet as of December 31, 2021. Amortizing intangible assets related to the HMG acquisition are primarily composed of customer relationships and trade names, which had weighted average lives of approximately 13 years and 20 years, respectively, and are based on HMG’s operational history and established relationships with, and the nature of, its customers, which are primarily in the utilities industry. The weighted average life of amortizing intangible assets for the HMG acquisition was 14 years in the aggregate. Amortizing intangible assets related to “All other” acquisitions are primarily composed of customer relationships and trade names, which each had a weighted average life of approximately 17 years. The aggregate weighted average life related to “All other” amortizing intangible assets was 16 years. INTREN’s acquired intangible assets included a customer relationship and a trade name intangible asset representing $281 million in the aggregate, having asset lives of approximately 20 years each based on INTREN’s operational history and established relationships with, and the nature of, its customers, which are primarily in the utilities industry. Amortizing intangible assets are amortized in a manner consistent with the pattern in which the related benefits are expected to be consumed. The goodwill balances for each of the respective acquisitions, including approximately $49 million for INTREN, included within “All other” acquisitions, represent the estimated values of each acquired company’s geographic presence in key markets, assembled workforce, management team’s industry-specific project management expertise and synergies expected to be achieved from the combined operations of each of the acquired companies and MasTec. Approximately $125 million of the goodwill balance related to the 2021 acquisitions is expected to be tax deductible as of December 31, 2021. One of the Company’s fourth quarter 2021 acquisitions in its Power Delivery segment resulted in the recognition of a bargain purchase gain of $3.5 million, which amount was included within other (income) expense, net in the Company’s consolidated statements of operations. Included within “All other” acquisition consideration is approximately $452 million of consideration, including estimated earn-out liabilities, for INTREN. Total cash paid for acquisitions, net, includes approximately $78 million of cash acquired. The MasTec shares of common stock transferred in connection with the HMG acquisition consisted of approximately 2.0 million shares, as determined based on the terms of the purchase agreement, valued at approximately $182 million, based on the market price of the Company’s common stock on the date of closing. The contingent consideration included in the table above is composed of earn-out liabilities, which equal a portion of the acquired companies’ earnings before interest, taxes, depreciation and amortization (“EBITDA”) in excess of thresholds agreed upon with the sellers, if applicable. The earn-out arrangements for the 2021 acquisitions generally range from one to five-year terms, as set forth in the respective purchase agreements, and are valued at approximately $102 million in the aggregate. The earn-out arrangement for an acquisition in the Company’s Power Delivery segment included within “All other” acquisitions had a term of less than one year. Earn-outs are generally payable annually and are recorded within other current and other long-term liabilities in the consolidated balance sheets. See Note 4 - Fair Value of Financial Instruments for details pertaining to fair value estimates for the Company’s earn-out arrangements. As of December 31, 2021, the range of remaining potential undiscounted earn-out liabilities for the 2021 acquisitions was estimated to be between $12 million and $164 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 and consideration transferred for these acquisitions was preliminary as of December 31, 2021; as a result, further adjustments to these estimates may occur. 2020 Acquisitions. During 2020, MasTec completed five acquisitions. These acquisitions included the equity interests of two entities. Through a consolidated subsidiary, the Company acquired all of the equity interests in a heavy civil infrastructure construction company that is included within the Company’s Clean Energy and Infrastructure segment. As of the date of acquisition, the Company’s ownership interest in the consolidated subsidiary was 96%, and as of both December 31, 2021 and 2020, was 91%, with the non-controlling interests owned by members of subsidiary management. The Company also acquired all of the equity interests in a utility service and telecommunications construction contractor that is included within the Company’s Communications segment. Additionally, the Company acquired the assets of three entities in 2020, one that specializes in wireless telecommunications and one that specializes in install-to-the-home services, both of which are included within the Company’s Communications segment and one that specializes in electrical transmission services that is included within the Company’s Power Delivery segment. The aggregate purchase price for these entities, as adjusted, was composed of approximately $23.6 million in cash, net of cash acquired, with an additional $3.1 million due through 2023, subject to certain indemnification provisions, and a five-year earn-out liability valued at approximately $8.3 million. As of December 31, 2021, the range of remaining potential undiscounted earn-out liabilities for the 2020 acquisitions was estimated to be between $3 million and $20 million; however, there is no maximum payment amount. 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 of 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 Clean Energy and Infrastructure 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 $176.4 million in cash, net of cash acquired, and estimated earn-out liabilities totaling $40.1 million. As of December 31, 2021, the range of remaining potential undiscounted earn-out liabilities for the 2019 acquisitions was estimated to be between $2 million to $35 million; however, there is no maximum payment amount. Pro Forma Financial Information and Acquisition Results. For the years ended December 31, 2021, 2020 and 2019, unaudited supplemental pro forma revenue totaled approximately $10.1 billion, $9.4 billion and $7.6 billion, respectively, and unaudited supplemental pro forma net income totaled approximately $350.1 million, $366.8 million and $406.6 million, respectively. Pro forma results . These unaudited pro forma financial results include the results of operations of acquired companies as if those companies had been consolidated as of the beginning of the year prior to their acquisition, and are provided for illustrative purposes only. These unaudited pro forma financial results do not purport to be indicative of the actual results that would have been achieved by the combined companies for the periods indicated, or of the results that may be achieved by the combined companies in the future. The Company’s unaudited pro forma financial results were prepared by adding the unaudited historical results of acquired businesses to the historical results of MasTec, and then adjusting those combined results for (i) acquisition costs; (ii) amortization expense from acquired intangible assets; (iii) interest expense from cash consideration paid; (iv) interest expense from debt repaid upon acquisition; and (iv) other purchase accounting related adjustments. These unaudited pro forma financial results do not include adjustments to reflect other cost savings or synergies that may have resulted from these acquisitions. Future results may vary significantly due to future events and other factors, many of which are beyond the Company’s control. Acquisition-related results |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 12 Months Ended |
Dec. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | Fair Value of Financial Instruments Acquisition-Related Contingent Consideration and Other Liabilities Acquisition-related contingent consideration and other liabilities is composed of Earn-outs, which represent the estimated fair value of future amounts payable for businesses, including for mandatorily redeemable non-controlling interests, that are contingent upon the acquired business achieving certain levels of earnings in the future. As of December 31, 2021 and 2020, the estimated fair value of the Company’s Earn-out liabilities totaled $160.2 million and $135.2 million, respectively, of which $13.9 million and $18.8 million, respectively, related to mandatorily redeemable non-controlling interests. Earn-out liabilities included within other current liabilities totaled approximately $38.8 million and $48.1 million as of December 31, 2021 and 2020, respectively. The fair values of the Company’s Earn-out liabilities are estimated using income approaches such as discounted cash flows or option pricing models, both of which incorporate significant inputs not observable in the market (Level 3 inputs), including management’s estimates and entity-specific assumptions, and are evaluated on an ongoing basis. Key assumptions include the discount rate, which, as of December 31, 2021, ranged from 12.0% to 17.9%, with a weighted average rate of 13.2% based on the relative fair value of each instrument, and probability-weighted projections of earnings before interest, taxes, depreciation and amortization (“EBITDA”). Significant changes in any of these assumptions could result in significantly higher or lower potential Earn-out liabilities. The ultimate payment amounts for the Company’s Earn-out liabilities will be determined based on the actual results achieved by the acquired businesses. As of December 31, 2021, the range of potential undiscounted Earn-out liabilities was estimated to be between $38 million and $258 million; however, there is no maximum payment amount. Earn-out activity consists primarily of additions from new business combinations; changes in the expected fair value of future payment obligations; and payments. For the years ended December 31, 2021, 2020 and 2019, additions to acquisition-related contingent consideration and other liabilities from new business combinations totaled approximately $101.6 million, $7.2 million and $45.2 million, respectively. There were no measurement period adjustments for the year ended December 31, 2021. Measurement period adjustments in 2020 totaled an increase of approximately $2.1 million and related to businesses in the Company’s Communications segment, and in 2019, totaled a decrease of approximately $6.1 million and related to businesses in the Company’s Oil and Gas and Communications segments. For the year ended December 31, 2021, fair value adjustments across multiple segments totaled a net decrease of approximately $29.5 million, including a $2.8 million decrease related to mandatorily redeemable non-controlling interests. For the year ended December 31, 2020, fair value adjustments across multiple segments totaled a net increase of approximately $3.1 million, including a $1.0 million increase related to mandatorily redeemable non-controlling interests, and for the year ended December 31, 2019, fair value adjustments totaled a net increase of approximately $51.0 million, and related primarily to Earn-outs for businesses in the Company’s Oil and Gas and Communications segments. Earn-out payments totaled $47.0 million, $50.4 million and $35.0 million for the years ended December 31, 2021, 2020 and 2019, respectively. Equity Investments The Company’s equity investments as of December 31, 2021 include: (i) the Company’s 33% equity interests in Trans-Pecos Pipeline, LLC (“TPP”) and Comanche Trail Pipeline, LLC (“CTP,” and together with TPP, the “Waha JVs”); (ii) a 15% equity interest in Cross Country Infrastructure Services, Inc. (“CCI”); (iii) the Company’s 50% equity interests in each of FM Technology Holdings, LLC, FM USA Holdings, LLC and All Communications Solutions Holdings, LLC, collectively “FM Tech”; (iv) the Company’s equity interests in American Virtual Cloud Technologies, Inc., or “AVCT”; (v) the Company’s interests in certain proportionately consolidated non-controlled contractual joint ventures; and (vi) certain other equity investments. As of December 31, 2021 and 2020, the aggregate carrying value of the Company’s equity investments, including equity investments measured on an adjusted cost basis, totaled approximately $267 million and $220 million, respectively. As of December 31, 2021 and 2020, equity investments measured on an adjusted cost basis, including the Company’s $15 million investment in CCI, totaled approximately $20 million and $17 million, respectively. There were no impairments of these investments in any of the years then ended. The Waha JVs. The Waha JVs own and operate certain pipeline infrastructure that transports natural gas to the Mexican border for export. The Company’s investments in the Waha JVs are accounted for as equity method investments. Equity in earnings related to the Company’s proportionate share of income from the Waha JVs, which is included within the Company’s Other segment, totaled approximately $35.3 million, $31.3 million and $27.3 million for the years ended December 31, 2021, 2020 and 2019, respectively. Distributions of earnings from the Waha JVs, which are included within operating cash flows, totaled $7.7 million, $12.0 million and $9.1 million for the years ended December 31, 2021, 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 $94.8 million as of December 31, 2021. The Company’s net investment in the Waha JVs, which differs from its proportionate share of the net assets of the Waha JVs due primarily to equity method goodwill associated with capitalized investment costs, totaled approximately $216 million and $175 million as of December 31, 2021 and 2020, respectively. The Waha JVs are party to separate non-recourse financing facilities, each of which are secured by pledges of the equity interests in the respective entities, as well as a first lien security interest over virtually all of their assets. The Waha JVs are also party to certain interest rate swaps (the “Waha JV swaps”), which are accounted for as qualifying cash flow hedges. The Company reflects its proportionate share of any unrealized fair market value gains or losses from fluctuations in interest rates associated with these swaps within other comprehensive income or loss, as appropriate. For the year ended December 31, 2021, the Company’s proportionate share of unrecognized unrealized activity on the Waha JV swaps totaled gains of approximately $18.2 million, or $13.8 million, net of tax, and for the years ended December 31, 2020 and 2019, totaled losses of approximately $24.4 million and $19.9 million, or $18.5 million or $15.0 million, net of tax, respectively. Other Investments . As of December 31, 2021, the Company’s investments in AVCT, which are included within other current assets in the Company’s consolidated financial statements, include (i) shares of AVCT common stock, which are equity securities and (ii) warrants for the purchase of AVCT common stock, which are derivative financial instruments. Previously, the Company’s investment in AVCT included debentures that were convertible into shares of AVCT common stock, which were available-for-sale securities. In the third quarter of 2021, the Company’s investment in AVCT convertible debentures was automatically converted into shares of AVCT common stock. As of December 31, 2021 and 2020, the Company’s ownership interest in AVCT’s common stock, including from the converted debentures, totaled approximately 3% and 9%, respectively, and its aggregate ownership interest, assuming the exercise and, as of December 31, 2020, the conversion of all legally exercisable warrants and convertible debentures into AVCT common stock, totaled approximately 6% and 21%, respectively. José R. Mas, MasTec’s Chief Executive Officer, was a director of AVCT through the end of March 2020. The issued shares and those underlying the derivative instruments are salable at various times subject to various contractual and securities law restrictions. The Company does not have the ability to exert significant influence over the operating or financial policies of AVCT. As of December 31, 2021 and 2020, the aggregate fair value of the Company’s investments in AVCT approximated $8 million and $17 million, respectively, with an aggregate cost approximating $6 million and $5 million, respectively. Unrealized fair value measurement activity related to the AVCT securities recorded within other income or expense, net, totaled losses of approximately $8.5 million for the year ended December 31, 2021, and totaled gains of approximately $10.1 million for the year ended December 31, 2020. The fair value of the AVCT shares is determined based on the market price of identical securities, which is a Level 1 input, beginning as of the second quarter of 2021. Previously, the fair value of the shares was adjusted for certain restrictions on sale, a Level 3 input, which restrictions expired in April 2021. In the third quarter of 2021, in conjunction with the automatic conversion of the AVCT convertible debentures into shares of AVCT common stock, the Company reclassified a gain of $0.7 million from other comprehensive income to other income, net. Prior to the conversion of the AVCT convertible debentures in the third quarter of 2021, unrealized fair value measurement activity related to the AVCT convertible debentures recognized within other comprehensive income totaled losses of approximately $1.1 million, or $0.8 million, net of tax, respectively, for the year ended December 31, 2021, and totaled gains of approximately $1.8 million, or $1.4 million, net of tax, respectively, for the year ended December 31, 2020. The fair value of the AVCT convertible debentures was determined based on Level 3 inputs. During the first quarter of 2021, MasTec committed to fund up to $2.5 million for a 75% equity interest in Confluence Networks, LLC (“Confluence”), an undersea fiber-optic communications systems developer and VIE, of which $1.7 million was funded during 2021. Equity in losses related to the Company’s proportionate share of income from this investment totaled $0.7 million for the year ended December 31, 2021. As of December 31, 2021, MasTec had less than a majority of the members on the board and determined that it did not have a controlling financial interest. The Company has the ability to exert significant influence over the VIE, and, as a result, the Company’s investment in Confluence was accounted for as an equity method investment as of December 31, 2021. The Company has equity interests in certain telecommunications entities that are accounted for as equity method investments, for which the Company had an aggregate investment of $20 million and $19 million as of December 31, 2021 and 2020, respectively, including $17 million and $16 million, respectively, for FM Tech. The investment in FM Tech provides for additional funding upon the resolution of certain contingencies, of which $2 million was paid in 2021. The fair value of the remaining contingent payments for FM Tech, which are included within other current liabilities, was estimated to be $3 million and $5 million as of December 31, 2021 and 2020, respectively. As of December 31, 2021, the contingent payment could range up to $7 million. For the year ended December 31, 2021, the Company made equity contributions related to its investments in telecommunications entities totaling approximately $2 million, and for the years ended December 31, 2020 and 2019, made no equity contributions. Equity in losses, net, related to the Company’s proportionate share of income from these telecommunications entities totaled approximately $0.7 million and $1.5 million for the years ended December 31, 2021 and 2020, respectively, and for the year ended December 31, 2019, was de minimis. The difference between the carrying amount of these investments and the Company’s underlying equity in the net assets of the respective entities relates primarily to equity method goodwill associated with assembled workforce for each of these entities. Certain of these entities provide services to MasTec. Expense recognized in connection with services provided by these entities for the years ended December 31, 2021, 2020 and 2019 totaled $9.9 million, $11.5 million and $7.0 million, respectively. As of December 31, 2021 and 2020, related amounts payable to these entities totaled $0.3 million and $0.2 million, respectively. In addition, the Company has an employee leasing arrangement with one of these entities. Charges to this entity were de minimis for year ended December 31, 2021, and totaled $0.4 million for the year ended December 31, 2020. As of December 31, 2021 and 2020, related amounts receivable totaled $0.7 million and $0.4 million, respectively. Amounts advanced to these entities for the year ended December 31, 2021 totaled $0.2 million, which amount was outstanding as of December 31, 2021. Summarized Financial Information of Equity Method Investments The following presents summarized information for the entities that comprise the Company’s significant equity method investments (in millions): December 31, 2021 2020 Current assets $ 209.5 $ 160.3 Long-term assets 1,431.4 1,395.4 Total assets $ 1,640.9 $ 1,555.7 Current liabilities $ 89.2 $ 56.0 Long-term liabilities 951.1 1,024.5 Total liabilities $ 1,040.3 $ 1,080.5 For the Years Ended December 31, 2021 2020 2019 Revenue $ 422.7 $ 169.2 $ 152.4 Net income $ 107.1 $ 94.7 $ 82.8 Senior Notes As of both December 31, 2021 and 2020, the gross carrying amount of the Company’s 4.50% senior notes due August 15, 2028 (the “4.50% Senior Notes”) totaled $600.0 million, and their estimated fair value, based on an exit price approach using Level 1 inputs, totaled $619.5 million and $625.5 million, respectively. See Note 7 - Debt for information related to the Company’s debt instruments. |
Accounts Receivable, Net of All
Accounts Receivable, Net of Allowance, and Contract Assets and Liabilities | 12 Months Ended |
Dec. 31, 2021 | |
Receivables [Abstract] | |
Accounts Receivable, Net of Allowance, and Contract Assets and Liabilities | Accounts Receivable, Net of Allowance, and Contract Assets and Liabilities The following table provides details of accounts receivable, net of allowance, and contract assets (together “accounts receivable, net”) as of the dates indicated (in millions): December 31, 2021 2020 Contract billings $ 1,027.1 $ 805.0 Less allowance (7.8) (20.5) Accounts receivable, net of allowance $ 1,019.3 $ 784.5 Retainage $ 296.8 $ 287.7 Unbilled receivables 931.1 682.0 Contract assets $ 1,227.9 $ 969.7 Contract billings represent the amount of performance obligations that have been billed but have not yet been collected, whereas contract assets consist of unbilled receivables and retainage. Unbilled receivables represent the estimated value of unbilled work for projects with performance obligations recognized over time. 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). The increase in unbilled receivables as of December 31, 2021 was driven primarily by the Company’s recent acquisitions, including from ordinary course project activity. Retainage is not considered to be a significant financing component because the intent is to protect the customer. Unbilled receivables and retainage amounts are generally classified as current assets within the Company’s consolidated balance sheets. Retainage that has been billed, but is not due until completion of performance and acceptance by customers, is generally expected to be collected within one year. Accounts receivable balances expected to be collected beyond one year are recorded within other long-term assets. For the year ended December 31, 2021, provisions for credit losses totaled a recovery of $11.9 million resulting from successful collection of previously reserved amounts, and amounts charged against the allowance, including direct write-offs, totaled $0.8 million. For the year ended December 31, 2020, provisions for credit losses totaled $12.1 million, and amounts charged against the allowance, including direct write-offs, totaled $1.7 million. Impairment losses on contract assets were not material in any of the years ended December 31, 2021, 2020 and 2019. Contract liabilities, which are generally classified within current liabilities on the Company’s consolidated balance sheets, 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. Deferred revenue is not considered to be a significant financing component because it is generally used to meet working capital demands that can be higher in the early stages of a contract. Contract liabilities also include the amount of any accrued project losses. Total contract liabilities, including accrued project losses, totaled approximately $314.0 million and $228.4 million as of December 31, 2021 and 2020, respectively, of which deferred revenue comprised approximately $296.1 million and $203.0 million, respectively. For the years ended December 31, 2021 and 2020, the Company recognized revenue of approximately $186.9 million and $159.6 million, respectively, related to amounts that were included in deferred revenue as of December 31, 2020 and 2019, respectively, resulting primarily from the advancement of physical progress on the related projects during the related periods. The Company is party to non-recourse financing arrangements in the ordinary course of business, under which certain receivables are settled with the customer’s bank in return for a nominal fee. These arrangements, under which amounts can vary based on levels of activity, interest rates and changes in customer payment terms, improve the collection cycle time of the related receivables. Cash collected from these arrangements is reflected within cash provided by operating activities in the consolidated statements of cash flows. Discount charges related to these arrangements, which are included within interest expense, net, totaled approximately $3.2 million, $5.0 million and $10.1 million for the years ended December 31, 2021, 2020 and 2019, respectively. |
Property and Equipment, Net
Property and Equipment, Net | 12 Months Ended |
Dec. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment, Net | Property and Equipment, Net The following table provides details of property and equipment, net, including property and equipment held under finance leases as of the dates indicated (in millions): December 31, 2021 2020 Estimated Useful Lives (in years) Land $ 40.0 $ 6.0 Buildings and leasehold improvements 94.1 40.5 3 - 40 Machinery and equipment 2,411.0 1,875.5 2 - 20 Office furniture and equipment 262.6 221.6 3 - 7 Construction in progress 32.7 26.1 Total property and equipment $ 2,840.4 $ 2,169.7 Less accumulated depreciation and amortization (1,404.3) (1,187.4) Property and equipment, net $ 1,436.1 $ 982.3 The gross amount of capitalized internal-use software, which is included within office furniture and equipment, totaled $176.4 million and $154.1 million as of December 31, 2021 and 2020, respectively. Capitalized internal-use software, net of accumulated amortization, totaled $43.9 million and $34.3 million as of December 31, 2021 and 2020, respectively. Accrued capital expenditures, the effects of which are excluded from capital expenditures in the Company’s consolidated statements of cash flows given their non-cash nature, totaled $17.5 million and $13.5 million as of December 31, 2021 and 2020, respectively. |
Debt
Debt | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
Debt | Debt The following table provides details of the carrying values of debt as of the dates indicated (in millions): December 31, Description Maturity Date 2021 2020 Senior credit facility: November 1, 2026 Revolving loans $ 772.3 $ 32.7 Term loan 350.0 397.5 4.50% Senior Notes August 15, 2028 600.0 600.0 Finance lease and other obligations 310.3 288.5 Total debt obligations $ 2,032.6 $ 1,318.7 Less unamortized deferred financing costs (18.5) (16.0) Total debt, net of deferred financing costs $ 2,014.1 $ 1,302.7 Current portion of long-term debt 137.9 145.1 Long-term debt $ 1,876.2 $ 1,157.6 Senior Credit Facility On November 1, 2021, the Company refunded and replaced its senior secured credit facility with a senior unsecured credit facility (the “replacement Credit Facility”). The replacement Credit Facility, among other items, extended the maturity of the senior secured credit facility from September 19, 2024 to November 1, 2026, and increased total commitments from $1.75 billion to $2.0 billion, which amount is composed of $1.65 billion of revolving commitments and a term loan with an original principal amount of $350 million (the “Term Loan”), which amount was drawn as of the closing of the replacement Credit Facility. The Term Loan is subject to amortization in quarterly principal installments of approximately $2.2 million commencing in March 2023, which quarterly installments increase to approximately $4.4 million in March 2025 until maturity. Quarterly principal installments on the Term Loan are subject to adjustment, if applicable, for certain prepayments. The replacement of the credit facility was evaluated in accordance with ASC 470-50, Debt - Modifications and Extinguishments and determined to be a debt modification. In making this determination, the Company considered whether the lenders within the syndicate remained the same or changed and whether the changes in debt terms were substantial. With exception for an immaterial amount of debt issuance costs that were written off, the debt issuance costs associated with the Company’s previous credit facility, together with the $6 million of newly incurred debt issuance costs, will be amortized over the remaining term of the replacement Credit Facility. The replacement Credit Facility allows the Company to borrow up to an aggregate equivalent amount of $300 million in revolving advances either in Canadian dollars and/or Mexican pesos. The maximum amount available for letters of credit under the replacement Credit Facility is $650 million, of which up to $200 million can be denominated in either Canadian dollars and/or Mexican pesos. The replacement Credit Facility also provides for swing line loans of up to $125 million, and, subject to certain conditions, the Company has the option to increase revolving commitments and/or establish additional term loan tranches, as defined in the replacement Credit Facility. Subject to certain limitations described in the replacement Credit Facility, these additional term loan tranches may have terms and pricing that differ from the replacement Credit Facility. Borrowings under the replacement Credit Facility are used for working capital requirements, capital expenditures and other corporate purposes, including potential acquisitions, equity investments or other strategic arrangements, the repurchase or prepayment of indebtedness, including repayment of term loans and potential share repurchases. Outstanding revolving loans and the Term Loan under the replacement Credit Facility bear interest, at the Company’s option, at a rate equal to either (a) a Eurocurrency Rate, as defined in the replacement Credit Facility, plus a margin of 1.125% to 1.625% (under the senior secured credit facility, the margin was from 1.25% to 1.75%), or (b) a Base Rate, as defined in the replacement Credit Facility, plus a margin of 0.125% to 0.625% (under the senior secured credit facility, the margin was from 0.25% to 0.75%). The Base Rate equals the highest of (i) the Federal Funds Rate, as defined in the replacement Credit Facility, plus 0.50%, (ii) Bank of America’s prime rate, and (iii) the Eurocurrency Rate plus 1.00%. Financial standby letters of credit and commercial letters of credit issued under the replacement Credit Facility are subject to a letter of credit fee of 1.125% to 1.625% (under the senior secured credit facility, the letter of credit fee was from 1.25% to 1.75%), and performance standby letters of credit issued under the replacement Credit Facility are subject to a letter of credit fee of 0.3125% to 0.6875% (under the senior secured credit facility, the letter of credit fee was from 0.375% to 0.75%). The Company must also pay a commitment fee to the lenders of 0.150% to 0.225% (under the senior secured credit facility, the commitment fee was from 0.20% to 0.30%) on any unused availability under the replacement Credit Facility. In each of the foregoing cases, the applicable margin or fee is based on the Company’s Consolidated Leverage Ratio, as defined in the replacement Credit Facility, as of the then most recent fiscal quarter. As of December 31, 2021 and 2020, outstanding revolving loans, which included $32 million and $33 million, respectively, of borrowings denominated in foreign currencies, accrued interest at weighted average rates of approximately 2.32% and 1.87% per annum, respectively. The term loan accrued interest at a rate of 1.35% and 1.40% as of December 31, 2021 and 2020, respectively. Letters of credit of approximately $166.3 million and $133.6 million were issued as of December 31, 2021 and 2020, respectively. As of December 31, 2021 and 2020, fees for performance standby letters of credit accrued at 0.4375% and 0.375% per annum, respectively, and fees for financial standby letters of credit accrued at 1.250% per annum as of both December 31, 2021 and 2020. Outstanding letters of credit mature at various dates and most have automatic renewal provisions, subject to prior notice of cancellation. As of December 31, 2021 and 2020, availability for revolving loans totaled $0.7 billion and $1.2 billion, respectively, or up to $483.7 million and $516.4 million, respectively, for new letters of credit. Revolving loan borrowing capacity included $267.7 million and $267.3 million of availability in either Canadian dollars or Mexican pesos as of December 31, 2021 and 2020, respectively. The unused facility fee as of December 31, 2021 and 2020 accrued at a rate of 0.175% and 0.20%, respectively. The replacement Credit Facility is guaranteed by certain subsidiaries of the Company (the “Guarantor Subsidiaries”) and the obligations under the replacement Credit Facility are not secured. Under the replacement Credit Facility, if the Loan Party EBITDA, as defined in the replacement Credit Facility, as of the last four consecutive fiscal quarters does not represent at least 80% of the Adjusted Consolidated EBITDA for such period, as defined in the replacement Credit Facility, then the Company must cause additional subsidiaries to become Guarantor Subsidiaries. Additionally, any domestic subsidiary with consolidated EBITDA of at least 15% of Adjusted Consolidated EBITDA, as defined in the replacement Credit Facility, must become a Guarantor Subsidiary and join the applicable guaranty agreements. The replacement Credit Facility requires that the Company maintain a maximum Consolidated Leverage Ratio, as defined in the replacement Credit Facility, of not more than 3.50 as of the end of any fiscal quarter (subject to the Acquisition Adjustment described below). The replacement Credit Facility also requires that the Company maintain a minimum Consolidated Interest Coverage Ratio, as defined in the replacement Credit Facility, of at least 3.00. Additionally, subject to certain conditions, if a Permitted Acquisition, as defined in the replacement Credit Facility, or series of Permitted Acquisitions having consideration exceeding $100 million occurs during a fiscal quarter, the maximum Consolidated Leverage Ratio may be temporarily increased to up to 4.00 during such fiscal quarter and the subsequent four fiscal quarters (the “Acquisition Adjustment”). Such right may be exercised no more than two times during the term of the replacement Credit Facility. Subject to customary exceptions, the replacement Credit Facility limits the Company’s ability to engage in certain activities, including, but not limited to, acquisitions, mergers and consolidations, debt incurrence, investments, asset sales, debt prepayments, lien incurrence and the making of distributions or repurchases of the Company’s capital stock. However, distributions payable solely in common stock are permitted. The replacement Credit Facility provides for customary events of default and carries cross-default provisions with the Company’s other significant debt instruments, including the Company’s indemnity agreement with its surety provider, as well as customary remedies, including the acceleration of repayment of outstanding amounts and other remedies. 4.50% Senior Notes On August 4, 2020, the Company issued $600 million aggregate principal amount of senior unsecured notes due August 15, 2028, which bear interest at a rate of 4.50% (the “4.50% Senior Notes”), at par in a private offering (the “Private Offering”). Interest on the 4.50% Senior Notes is payable semiannually in arrears on February 15 and August 15 of each year, beginning on February 15, 2021. The 4.50% Senior Notes are general senior unsecured obligations of the Company, and rank equal in right of payment with all of the Company’s existing and future senior unsecured indebtedness and senior in right of payment to all of the Company’s existing and future subordinated indebtedness. The 4.50% Senior Notes are effectively subordinated to all secured indebtedness of the Company to the extent of the value of the assets securing such indebtedness. The 4.50% Senior Notes are fully and unconditionally guaranteed on a senior unsecured, joint and several basis by the Company’s wholly-owned domestic restricted subsidiaries that guarantee its existing credit facilities, subject to certain exceptions. The Company used a portion of the proceeds from the Private Offering to redeem all $400 million of its outstanding 4.875% Senior Notes due 2023 (the “4.875% Senior Notes”) on August 19, 2020 (the “Redemption Date”) at a redemption price equal to 100.813% of the principal amount of the 4.875% Senior Notes redeemed, plus accrued and unpaid interest to, but not including, the Redemption Date. The remaining net proceeds from the Private Offering were primarily used to repay revolving loans under the Company’s existing credit facilities. The Company has the option to redeem all or a portion of the 4.50% Senior Notes at any time on or after August 15, 2023 at the redemption prices specified in the indenture that governs the 4.50% Senior Notes (the “4.50% Senior Notes Indenture”), plus accrued and unpaid interest, if any, to (but excluding) the redemption date. In addition, at any time prior to August 15, 2023, the Company may redeem all or a part of the 4.50% Senior Notes at a redemption price equal to 100% of the principal amount of the 4.50% Senior Notes redeemed, plus accrued and unpaid interest, if any, to (but excluding) the redemption date, plus a “make-whole” premium. Further, prior to August 15, 2023, the Company may redeem up to 40% of the aggregate principal amount of the 4.50% Senior Notes using the net cash proceeds of certain equity offerings, at a redemption price equal to 104.500% of the principal amount of the 4.50% Senior Notes redeemed, plus accrued and unpaid interest, if any, to (but excluding) the date of redemption, subject to certain conditions. If the Company undergoes a change of control, as defined in the 4.50% Senior Notes Indenture, the Company must make an offer to repurchase all of the 4.50% Senior Notes then outstanding at a price equal to 101% of their principal amount, plus accrued and unpaid interest, if any, to (but excluding) the date of repurchase. The 4.50% Senior Notes Indenture, among other things, generally limits the ability of the Company and certain of its subsidiaries, subject to certain exceptions, to (i) create liens, (ii) pay dividends, (iii) acquire shares of capital stock, (iv) make certain investments and (v) effect mergers. The 4.50% Senior Notes Indenture provides for customary events of default, subject to customary grace and cure periods. Generally, if an event of default occurs and is continuing, the trustee or holders of at least 30% of the 4.50% Senior Notes then outstanding may declare the principal of, premium, if any, and accrued interest on all of the 4.50% Senior Notes immediately due and payable. Financing costs incurred in connection with the issuance of the 4.50% Senior Notes totaled approximately $8.9 million. These deferred financing costs, which are reflected as a reduction of the carrying amount of the 4.50% Senior Notes, will be amortized over the term of the 4.50% Senior Notes using the effective interest method. Management determined that the repurchase and redemption of the Company’s 4.875% Senior Notes should be accounted for as a debt extinguishment and recorded a pre-tax debt extinguishment loss of approximately $5.6 million for the year ended December 31, 2020, including $3.3 million of early repayment premiums and $2.3 million of unamortized deferred financing costs. This loss is separately disclosed within the Company’s consolidated statements of operations. Other Credit Facilities . The Company has other credit facilities that support: (i) the working capital requirements of its foreign operations, and (ii) certain letter of credit issuances. Borrowings under the Company’s foreign credit facilities, which have varying dates of maturity and are generally renewed on an annual basis, are denominated in Canadian dollars. Maximum borrowing capacity under these credit facilities totaled Canadian $20.0 million as of both December 31, 2021 and 2020, or approximately $15.8 million and $15.7 million, respectively. As of both December 31, 2021 and 2020, there were no outstanding borrowings. Outstanding borrowings that are not renewed are repaid with borrowings under the replacement Credit Facility. Accordingly, the carrying amounts of the Company’s borrowings under its other credit facilities, if any, are included within other debt obligations in the table above and classified within long-term debt in the Company’s consolidated balance sheets. Additionally, the Company has a separate credit facility, which is renewable on an annual basis, under which it may issue up to $50.0 million of performance standby letters of credit. As of December 31, 2021 and 2020, letters of credit issued under this facility totaled $22.2 million and $18.2 million, respectively, and accrued fees at 0.40% and 0.50% per annum, respectively. The Company’s other credit facilities are subject to customary provisions and covenants. Debt Covenants MasTec was in compliance with the provisions and covenants of its outstanding debt instruments as of both December 31, 2021 and 2020. Contractual Maturities of Debt Contractual maturities of MasTec’s debt, which includes finance lease obligations, as of December 31, 2021 were as follows (in millions): 2022 $ 137.9 2023 96.9 2024 57.6 2025 36.9 2026 1,103.3 Thereafter 600.0 Total $ 2,032.6 As of December 31, 2021 and 2020, accrued interest payable, which is recorded within other accrued expenses in the consolidated balance sheets, totaled $11.7 million and $12.4 million, respectively. |
Lease Obligations
Lease Obligations | 12 Months Ended |
Dec. 31, 2021 | |
Leases [Abstract] | |
Lease Obligations | Lease Obligations Finance Leases The gross amount of assets held under finance leases as of December 31, 2021 and 2020 totaled $653.5 million and $563.0 million, respectively. Assets held under finance leases, net of accumulated depreciation Operating Leases Operating lease additions for the year ended December 31, 2021 totaled $172.9 million, of which $149.3 million was acquisition-related. Operating lease additions for the years ended December 31, 2020 and 2019 totaled $28.0 million and $103.3 million, respectively. For the years ended December 31, 2021, 2020 and 2019, rent expense for leases that have terms in excess of one year totaled approximately $107.7 million, $113.0 million and $114.5 million, respectively, of which $10.1 million, $10.0 million and $10.4 million, respectively, represented variable lease costs. The Company also incurred rent expense for leases with terms of one year or less totaling approximately $494.7 million, $312.0 million and $448.2 million for the years ended December 31, 2021, 2020, and 2019, respectively. Rent expense for operating leases is generally consistent with the amount of the related payments, which payments are included within operating activities in the consolidated statements of cash flows. Additional Lease Information Future minimum lease commitments as of December 31, 2021 were as follows (in millions): Finance Operating Leases 2022 $ 143.4 $ 104.6 2023 90.1 65.5 2024 50.0 49.6 2025 19.6 32.5 2026 1.5 18.2 Thereafter — 17.1 Total minimum lease payments $ 304.6 $ 287.5 Less amounts representing interest (11.6) (15.7) Total lease obligations, net of interest $ 293.0 $ 271.8 Less current portion 135.8 95.4 Long-term portion of lease obligations, net of interest $ 157.2 $ 176.4 As of December 31, 2021, finance leases had a weighted average remaining lease term of 2.5 years and a weighted average discount rate of 3.2%. Non-cancelable operating leases had a weighted average remaining lease term of 3.9 years and a weighted average discount rate of 2.9% as of December 31, 2021. |
Lease Obligations | Lease Obligations Finance Leases The gross amount of assets held under finance leases as of December 31, 2021 and 2020 totaled $653.5 million and $563.0 million, respectively. Assets held under finance leases, net of accumulated depreciation Operating Leases Operating lease additions for the year ended December 31, 2021 totaled $172.9 million, of which $149.3 million was acquisition-related. Operating lease additions for the years ended December 31, 2020 and 2019 totaled $28.0 million and $103.3 million, respectively. For the years ended December 31, 2021, 2020 and 2019, rent expense for leases that have terms in excess of one year totaled approximately $107.7 million, $113.0 million and $114.5 million, respectively, of which $10.1 million, $10.0 million and $10.4 million, respectively, represented variable lease costs. The Company also incurred rent expense for leases with terms of one year or less totaling approximately $494.7 million, $312.0 million and $448.2 million for the years ended December 31, 2021, 2020, and 2019, respectively. Rent expense for operating leases is generally consistent with the amount of the related payments, which payments are included within operating activities in the consolidated statements of cash flows. Additional Lease Information Future minimum lease commitments as of December 31, 2021 were as follows (in millions): Finance Operating Leases 2022 $ 143.4 $ 104.6 2023 90.1 65.5 2024 50.0 49.6 2025 19.6 32.5 2026 1.5 18.2 Thereafter — 17.1 Total minimum lease payments $ 304.6 $ 287.5 Less amounts representing interest (11.6) (15.7) Total lease obligations, net of interest $ 293.0 $ 271.8 Less current portion 135.8 95.4 Long-term portion of lease obligations, net of interest $ 157.2 $ 176.4 As of December 31, 2021, finance leases had a weighted average remaining lease term of 2.5 years and a weighted average discount rate of 3.2%. Non-cancelable operating leases had a weighted average remaining lease term of 3.9 years and a weighted average discount rate of 2.9% as of December 31, 2021. |
Stock-Based Compensation and Ot
Stock-Based Compensation and Other Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Stock-Based Compensation and Other Employee Benefit Plans | Stock-Based Compensation and Other Employee Benefit Plans The Company’s stock-based compensation plans, under which shares of the Company’s common stock are reserved for issuance, include: the MasTec, Inc. 2013 Incentive Compensation Plan (as amended from time to time, the “2013 Incentive Plan”), the MasTec, Inc. Amended and Restated Bargaining Units Employee Stock Purchase Plan (the “2013 Bargaining Units ESPP”) and the MasTec, Inc. 2011 Amended and Restated Employee Stock Purchase Plan (the “2011 ESPP,” and, together with the 2013 Bargaining Units ESPP, the “ESPPs”). The 2013 Incentive Plan was amended in May 2021, which increased the shares of MasTec, Inc. common stock reserved and available for delivery pursuant to awards by 1,150,000 shares. The 2013 Incentive Plan permits a total of approximately 8,541,000 shares of the Company’s common stock to be issued. Under the Company’s ESPPs, shares of the Company’s common stock are available for purchase by eligible participants, which collectively permit the issuance of up to 3,000,000 new shares of MasTec, Inc. common stock. Under all stock-based compensation plans in effect as of December 31, 2021, there were approximately 3,525,000 shares available for future grant. Non-cash stock-based compensation expense under all plans totaled $24.8 million, $21.9 million and $16.4 million for the years ended December 31, 2021, 2020 and 2019, respectively. Income tax benefits associated with stock-based compensation arrangements totaled $8.5 million, $5.7 million and $7.9 million for the years ended December 31, 2021, 2020 and 2019, respectively, including net tax benefits related to the vesting of share-based payment awards totaling $3.8 million, $0.5 million and $3.9 million for the years ended December 31, 2021, 2020 and 2019, respectively. Restricted Shares MasTec grants restricted stock awards and restricted stock units (together, “restricted shares”) to eligible participants, which are valued based on the closing market share price of MasTec common stock (the “market price”) on the date of grant. During the restriction period, holders of restricted stock awards are entitled to vote the shares. As of December 31, 2021, total unearned compensation related to restricted shares was approximately $42.3 million, which amount is expected to be recognized over a weighted average period of approximately 2.1 years. The fair value of restricted shares that vested, which is based on the market price on the date of vesting, totaled $37.4 million, $16.8 million and $25.0 million for the years ended December 31, 2021, 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 1,246,583 30.77 Vested (372,445) 39.88 Canceled/forfeited (250,390) 57.95 Non-vested restricted shares, as of December 31, 2020 1,845,341 $ 34.90 Granted 338,446 89.20 Vested (403,538) 42.32 Canceled/forfeited (31,564) 32.96 Non-vested restricted shares, as of December 31, 2021 1,748,685 $ 43.73 (a) Includes 1,300 and 2,300 restricted stock units as of December 31, 2021 and 2020, respectively. There were no restricted stock units as of December 31, 2019 . Employee Stock Purchase Plans. For the year ended December 31, 2021, 86,510 shares were purchased by participants under the Company’s ESPPs for $7.0 million, which shares were delivered with shares reacquired by the Company on the open market. For the years ended December 31, 2020 and 2019, 239,322 shares and 111,136 shares, respectively, were purchased by participants under the Company’s ESPPs for $7.1 million and $4.7 million, respectively, which shares were delivered with shares newly issued by the Company. Compensation expense associated with the Company’s ESPPs totaled approximately $1.2 million, $2.2 million and $1.2 million for the years ended December 31, 2021, 2020 and 2019, respectively. 401(k) Plan. MasTec has a 401(k) plan covering all eligible employees, which allows participants to contribute up to 75% of their pre-tax annual compensation to the plan, subject to certain limitations. Company contributions under the plan are based upon a percentage of the employee’s salary, subject to certain limitations as defined by the plan. During the years ended December 31, 2021, 2020 and 2019, matching contributions totaled approximately $23.1 million, $19.3 million and $16.5 million, respectively. Deferred Compensation Plans. MasTec offers a deferred compensation plan to its highly compensated employees. These employees are allowed to contribute a percentage of their pre-tax annual compensation to the deferred compensation plan. The Company also offers a deferred compensation plan to its Board of Directors, under which directors may elect to defer the receipt of compensation for their services. Total deferred compensation plan assets, which are included within other long-term assets in the consolidated balance sheets, totaled $17.5 million and $14.1 million as of December 31, 2021 and 2020, respectively. Total deferred compensation plan liabilities, which are included within other long-term liabilities in the consolidated balance sheets, totaled $18.7 million and $15 million as of December 31, 2021 and 2020, respectively. |
Other Retirement Plans
Other Retirement Plans | 12 Months Ended |
Dec. 31, 2021 | |
Retirement Benefits [Abstract] | |
Other Retirement Plans | Other Retirement Plans Multiemployer Plans As discussed in Note 1 - Business, Basis of Presentation and Significant Accounting Policies, certain of MasTec’s subsidiaries are party to various collective bargaining agreements with unions representing certain of their employees, which require the Company to pay specified wages, provide certain benefits to their union employees and contribute certain amounts to MEPPs. The PPA defines the funding rules for defined benefit pension plans and establishes funding classifications for U.S.-registered multiemployer pension plans. Under the PPA, plans are classified into one of five categories based on multiple factors, which categories are also referred to as a plan’s “zone status”: Green (safe), Yellow (endangered), Orange (seriously endangered), and Red (critical or critical and declining). Factors included in the determination of a plan’s zone status include: funded percentage, cash flow position and whether the plan is projecting a minimum funding deficiency. A multiemployer plan that is so underfunded as to be in “endangered,” “seriously endangered,” “critical,” or “critical and declining” status, as determined under the PPA, is required to adopt a funding improvement plan (“FIP”) or a rehabilitation plan (“RP”), which, among other actions, could include decreased benefits and increased employer contributions, which could take the form of a surcharge on benefit contributions. These actions are intended to improve their funding status over a period of years. If a pension fund is in critical status, a participating employer must pay an automatic surcharge in addition to contributions otherwise required under the collective bargaining agreement (“CBA”). With some exceptions, the surcharge is equal to 5% of required contributions for the initial critical year and 10% for each succeeding plan year in which the plan remains in critical status. The surcharge ceases on the effective date of a CBA or other agreement that includes contribution and benefit terms consistent with the rehabilitation plan. Certain plans in which the Company participates are in “endangered,” “seriously endangered,” “critical,” or “critical and declining” status. The amount of additional funds, if any, that the Company may be obligated to contribute to these plans in the future cannot be estimated due to the uncertainty of the future levels of work that could be required of the union employees covered by these plans, as well as the required future contribution rates and possible surcharges applicable to these plans. See Note 14 - Commitments and Contingencies for additional information. Details of significant multiemployer pension plans as of and for the periods indicated, based upon information available to the Company from plan administrators as well as publicly available information on the U.S. Department of Labor website, are provided in the following table: Contributions Pension Protection Act Zone Status Multiemployer Pension Plan Employer Identification Number Plan Number 2021 2020 2019 Expiration Date of CBA 2021 As of 2020 As of FIP/RP Status Surcharge National Electrical Benefit Fund 530181657 001 $ 5.9 $ 1.6 $ 1.2 Varies through 5/31/2026 Green 12/31/2020 Green 12/31/2019 NA No IBEW Local 1249 Pension Plan 156035161 001 1.4 3.7 3.2 5/4/2025 Green 12/31/2020 Green 12/31/2019 NA No Local Union 9 IBEW and Outside Contractors Pension Fund 516077720 001 4.7 0.0 0.0 5/31/2025 Green 10/31/2020 (a) Green 10/31/2019 (a) NA No Central Pension Fund of the IUOE & Participating Employers 366052390 001 27.4 5.6 12.6 Varies through 5/31/2027 Green 1/31/2021 Green 1/31/2020 NA No Laborers' District Council of Western Pennsylvania Pension Fund 256135576 001 3.1 1.8 1.9 5/31/2023 Yellow 12/31/2020 Yellow 12/31/2019 Implemented No Central Laborers' Pension Fund 376052379 001 1.3 0.8 1.3 Varies through 5/31/2023 Yellow 12/31/2020 (b) Yellow 12/31/2019 (b) Implemented No Pipeline Industry Pension Fund 736146433 001 10.9 2.6 9.6 5/31/2023 Green 12/31/2020 Green 12/31/2019 (a) NA No Laborers' National Pension Fund 751280827 001 3.8 0.8 3.0 Varies through 5/31/2023 Red 12/31/2020 Red 12/31/2019 Implemented No Teamsters National Pipeline Pension Fund 461102851 001 6.2 1.8 4.5 5/31/2023 Green 12/31/2020 (a) Green 12/31/2019 (a) NA No Michigan Laborers' Pension Plan 386233976 001 1.6 0.4 1.1 5/31/2023 Yellow 8/31/2021 Yellow 8/31/2020 (b) Implemented No West Virginia Laborers' Pension Trust Fund 556026775 001 2.5 1.4 4.9 5/31/2023 Green 3/31/2021 (a) Green 3/31/2020 (a) NA No Minnesota Laborers' Pension Fund 416159599 001 5.1 0.8 0.8 5/31/2023 Green 12/31/2020 Green 12/31/2019 NA No International Union of Operating Engineers Local 132 Pension Fund 556015364 001 1.4 1.2 5.0 5/31/2023 Green 3/31/2021 (a) Green 3/31/2020 (a) NA No Employer- Teamsters Local Nos. 175 & 505 Pension Trust Fund 556021850 001 0.6 0.6 1.7 5/31/2023 Red 12/31/2020 (a), (b) Red 12/31/2019 (a), (b) Implemented No Minnesota Teamsters Construction Division Pension Fund 416187751 001 3.1 0.2 0.0 5/31/2023 Green 11/30/2020 Green 11/30/2019 NA No Other funds 15.0 6.7 16.1 Total multiemployer pension plan contributions $ 94.0 $ 30.0 $ 66.9 (a) The Company’s contributions to this plan represent greater than 5% of the plan’s total contributions. (b) This plan has utilized extended amortization provisions, which provide plans with extensions of time to amortize pension funding shortfalls. 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) For the Years Ended December 31: Low High Pension Other Multiemployer Total 2021 2,412 6,979 $ 94.0 $ 34.1 $ 128.1 2020 1,119 2,412 $ 30.0 $ 7.5 $ 37.5 2019 1,119 5,349 $ 66.9 $ 5.7 $ 72.6 The fluctuations in the number of employees covered under multiemployer plans and related contributions in the table above related primarily to the timing of activity for the Company’s union resource-based projects, the majority of which are within its oil and gas operations, as well as the effect of the Company’s 2021 acquisitions within its Power Delivery segment. |
Equity
Equity | 12 Months Ended |
Dec. 31, 2021 | |
Equity [Abstract] | |
Equity | Equity Share Activity The Company’s share repurchase programs provide for the repurchase of shares of MasTec common stock from time to time in open market transactions or in privately negotiated transactions in accordance with applicable securities laws. The timing and the amount of any repurchases is determined based on market conditions, legal requirements, cash flow and liquidity needs and other factors. The Company’s share repurchase programs do not have an expiration date and may be modified or suspended at any time at the Company’s discretion. Share repurchases, which are recorded at cost and are held in the Company’s treasury, are funded with available cash or with availability under the Credit Facility. The Company may use either authorized and unissued shares or treasury shares to meet share issuance requirements. Treasury stock is recorded at cost. For the year ended December 31, 2021, there were no share repurchases under the Company’s share repurchase programs. For the year ended December 31, 2020, the Company repurchased 3.6 million shares of its common stock, substantially all of which were repurchased in the first quarter, for an aggregate purchase price totaling approximately $120.2 million. Of the total 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 $91.4 million under the Company’s December 2018 $100 million share repurchase program. For the year ended December 31, 2019, share repurchases under the Company’s September 2018 $150 million share repurchase program totaled approximately $0.6 million. As of December 31, 2021, $158.6 million was available for future share repurchases under all of the Company’s open share repurchase programs, which included $8.6 million under the Company’s December 2018 share repurchase program, and the full amount of the Company’s March 2020 $150 million share repurchase program. Accumulated Other Comprehensive Loss A rollforward of activity within accumulated other comprehensive income (loss) for the periods indicated was as follows (in thousands): For the Years Ended December 31, 2021 2020 2019 Foreign Currency Other Total Foreign Currency Other Total Foreign Currency Other Total Balance as of January 1 $ (64,272) $ (27,172) $ (91,444) $ (65,685) $ (10,021) $ (75,706) $ (65,496) $ 5,002 $ (60,494) Unrealized gains (losses), net of tax 258 12,410 12,668 1,413 (17,151) (15,738) (189) (15,023) (15,212) Balance as of December 31 $ (64,014) $ (14,762) $ (78,776) $ (64,272) $ (27,172) $ (91,444) $ (65,685) $ (10,021) $ (75,706) Unrealized foreign currency translation activity, net, for the three years in the period ended December 31, 2021 relates to the Company’s operations in Canada and Mexico. For the year ended December 31, 2021, unrealized investment activity, net, includes unrealized gains on the Waha JV swaps, offset, in part, by unrealized losses on the AVCT convertible debentures. The net unrealized gain on the AVCT convertible debentures was reclassified into other income, net, in conjunction with their conversion into shares of AVCT common stock in 2021. Unrealized investment activity, net, for the year ended December 31, 2020 includes unrealized losses on the Waha JV swaps, offset, in part, by unrealized gains on the AVCT convertible debentures. Unrealized investment activity, net, for the year ended 2019 relates to the Waha JV swaps. See Note 4 - Fair Value of Financial Instruments for additional information pertaining to the Waha JV swaps and AVCT convertible debentures. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The components of income before income taxes for the periods indicated were as follows (in millions): For the Years Ended December 31, 2021 2020 2019 Domestic $ 414.1 $ 435.9 $ 452.2 Foreign 16.0 (10.7) 58.7 Total $ 430.1 $ 425.2 $ 510.9 The provision for income taxes for the periods indicated were as follows (in millions): For the Years Ended December 31, 2021 2020 2019 Current: Federal $ 36.9 $ 70.6 $ 77.4 Foreign 1.5 2.1 6.2 State and local 9.0 22.6 15.6 $ 47.4 $ 95.3 $ 99.2 Deferred: Federal $ 37.0 $ 14.8 $ 22.4 Foreign (0.1) (9.8) (2.8) State and local 15.0 2.2 (2.0) $ 51.9 $ 7.2 $ 17.6 Provision for income taxes $ 99.3 $ 102.5 $ 116.8 The tax effects of significant items comprising the Company’s net deferred tax liability as of the dates indicated were as follows (in millions): December 31, 2021 2020 Deferred tax assets: Accrued insurance $ 42.2 $ 31.1 Operating loss carryforwards and tax credits 80.7 82.1 Compensation and benefits 36.1 32.8 Bad debt 1.6 3.7 Other 15.4 12.3 Valuation allowance (54.2) (45.8) Total deferred tax assets $ 121.8 $ 116.2 Deferred tax liabilities: Property and equipment $ 310.1 $ 205.0 Goodwill 77.9 58.7 Other intangible assets 58.7 30.7 Gain on remeasurement of equity investee 7.2 7.0 Revenue recognition 1.6 22.4 Investments in unconsolidated entities 99.7 79.8 Other 17.0 15.5 Total deferred tax liabilities $ 572.2 $ 419.1 Net deferred tax liabilities $ (450.4) $ (302.9) In assessing the ability to realize the Company’s deferred tax assets, management considers whether it is more likely than not that some portion, or all, of its deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which these temporary differences become deductible. Management considers the Company’s projected future taxable income and prudent and feasible tax planning strategies in making this assessment. The Company’s valuation allowances as of December 31, 2021 and 2020 are related primarily to foreign net operating losses and deferred tax assets. The Company’s deferred tax assets for its state net operating loss carryforwards, which may be carried forward from 0 years to indefinitely, depending on the jurisdiction, totaled approximately $18.6 million and $15.7 million as of December 31, 2021 and 2020, respectively. The Company’s deferred tax assets for its foreign net operating loss carryforwards, which are primarily related to the Company’s Canadian operations, totaled approximately $57.7 million and $66.0 million as of December 31, 2021 and 2020, respectively. The Canadian net operating loss carryforwards, which make up the majority of the foreign net operating loss carryforwards, begin to expire in 2031. The Company’s deferred tax assets for its federal net operating loss carryforwards, which begin to expire in 2022, totaled $2.9 million and $0.1 million as of December 31, 2021 and December 31, 2020, respectively. The Company is generally free of additional U.S. federal tax consequences on distributed foreign subsidiary earnings due to a dividends received deduction implemented as part of the move to a territorial tax system in connection with the Tax Cuts and Jobs Act of 2017. The Company has generally not made a provision for income taxes on unremitted foreign earnings because such earnings are insignificant and are intended to be indefinitely reinvested outside the United States. The Company expects that domestic cash resources will be sufficient to fund its domestic operations and cash commitments in the future. A reconciliation of the U.S. statutory federal income tax rate related to pretax income to the effective tax rate for the periods indicated is as follows: For the Years Ended December 31, 2021 2020 2019 U.S. statutory federal rate applied to pretax income 21.0 % 21.0 % 21.0 % State and local income taxes, net of federal benefit 4.3 4.3 3.2 Foreign tax rate differential 0.1 (0.2) 0.2 Non-deductible expenses 0.3 1.5 1.7 Goodwill and intangible assets 0.4 (0.2) (0.5) Change in tax rate 1.6 0.6 (1.5) Other 0.8 (0.6) (1.0) Tax credits (4.8) (1.2) (0.6) Stock basis adjustment (0.9) 0.0 (1.8) Valuation allowance for deferred tax assets 0.3 (1.1) 2.2 Effective income tax rate 23.1 % 24.1 % 22.9 % A reconciliation of the beginning and ending amount of uncertain tax positions including interest and penalties is as follows (in millions): For the Years Ended December 31, 2021 2020 2019 Beginning balance $ 18.4 $ 13.5 $ 9.4 Additions based on tax positions related to the current year 4.4 1.5 3.7 Additions for tax positions of prior years 6.8 3.4 0.7 Reductions for tax positions of prior years — — (0.3) Settlements (5.1) — — Lapse of statute of limitations (0.8) — — Ending balance $ 23.7 $ 18.4 $ 13.5 The Company classifies interest, penalties and recoveries related to uncertain tax positions as a component of income tax expense in the consolidated statements of operations. Income tax expense (benefit) related to uncertain tax positions totaled a net benefit of $0.3 million for the year ended December 31, 2021 and totaled expense of $1.4 million and $0.5 million for the years ended December 31, 2020 and 2019, respectively. Accrued interest and penalties related to uncertain tax positions were $2.3 million and $2.6 million as of December 31, 2021 and 2020, respectively. The effect on the Company’s tax rate if it were to recognize its gross unrecognized tax benefits as of December 31, 2021 approximates $23.7 million, including interest and penalties. The IRS has examined the Company’s federal income tax returns through 2017. The IRS examinations for 2016 and 2017 were recently completed, which examinations resulted in an immaterial refund. Certain foreign and state taxing authorities are examining various years. The final outcome of these examinations is not yet determinable. With few exceptions, as of December 31, 2021, the Company is no longer subject to state examinations by taxing authorities for years before 2018. |
Segments and Related Informatio
Segments and Related Information | 12 Months Ended |
Dec. 31, 2021 | |
Segment Reporting [Abstract] | |
Segments and Related Information | Segments and Related Information Segment Discussion The Company manages its operations under five operating segments, which represent its five reportable segments: (1) Communications; (2) Clean Energy and Infrastructure; (3) Oil and Gas; (4) Power Delivery and (5) Other. This structure is generally focused on broad end-user markets for the Company’s labor-based construction services. All five reportable segments derive their revenue from the engineering, installation and maintenance of infrastructure, primarily in North America. The Communications segment performs engineering, construction, maintenance and customer fulfillment activities related to communications infrastructure, primarily for wireless and wireline/fiber communications and install-to-the-home customers, as well as infrastructure for utilities, among others. The Clean Energy and Infrastructure segment primarily serves energy, utility, government and other end-markets through the installation and construction of power generation facilities, primarily from clean energy and renewable sources, such as wind, solar, biomass, natural gas and hydrogen, as well as battery storage for renewable energy and various types of heavy civil and industrial infrastructure. The Company performs engineering, construction and maintenance services for pipelines and processing facilities for the energy and utilities industries through its Oil and Gas segment. The Power Delivery segment primarily serves the energy and utility industries through the engineering, construction and maintenance of power transmission and distribution infrastructure, including electrical and gas transmission lines, distribution network systems and substations. The Other segment includes certain 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 certain international end-markets. The accounting policies of the reportable segments are the same as those described in Note 1 - Business, Basis of Presentation and Significant Accounting Policies. Intercompany revenue and costs among the reportable segments are accounted for as if the sales were to third parties because these items are based on negotiated fees between the segments involved. All intercompany transactions and balances are eliminated in consolidation. Intercompany revenue and costs between entities within a reportable segment are eliminated to arrive at segment totals. Eliminations between segments are separately presented. Corporate results include amounts related to corporate functions such as administration, including for legal and professional matters, changes in the fair value of Earn-outs and certain investments, acquisition-related transaction costs and other discrete items, including goodwill and/or intangible asset impairment. Segment results include certain allocations of centralized costs such as general liability, medical and workers’ compensation insurance and certain information technology and interest costs. Income tax expense, which is recorded within corporate results, is managed on a consolidated basis and is not allocated to the reportable segments. Earnings before interest, taxes, depreciation and amortization (“EBITDA”) is the measure of profitability used by management to manage its segments and, accordingly, in its segment reporting. As appropriate, the Company supplements the reporting of its consolidated financial information determined in accordance with U.S. GAAP with certain non-U.S. GAAP financial measures, including EBITDA. The Company believes these non-U.S. GAAP measures provide meaningful information and help investors understand the Company’s financial results and assess its prospects for future performance. The Company uses EBITDA to evaluate its performance, both internally and as compared with its peers, because it excludes certain items that may not be indicative of the Company’s core operating results for its reportable segments, as well as items that can vary widely across different industries or among companies within the same industry. Segment EBITDA is calculated in a manner consistent with consolidated EBITDA. Summarized financial information for MasTec’s reportable segments is presented and reconciled to consolidated financial information for total MasTec in the following tables, including a reconciliation of consolidated income before income taxes to EBITDA, all of which are presented in millions. The tables below may contain slight summation differences due to rounding. For the Years Ended December 31, Revenue: 2021 2020 2019 Communications (a) $ 2,551.1 $ 2,512.2 $ 2,618.8 Clean Energy and Infrastructure 1,865.0 1,526.9 1,034.3 Oil and Gas 2,540.5 1,789.8 3,117.2 Power Delivery 1,016.8 506.5 413.9 Other 0.0 0.6 0.2 Eliminations (21.6) (15.0) (1.2) Consolidated revenue $ 7,951.8 $ 6,321.0 $ 7,183.2 (a) Revenue generated primarily by utilities customers represented 20.8%, 15.6% and 15.0% of Communications segment revenue for the years ended December 31, 2021, 2020 and 2019, respectively. For the Years Ended December 31, EBITDA: 2021 2020 2019 Communications $ 269.5 $ 270.1 $ 208.8 Clean Energy and Infrastructure 75.0 80.4 40.1 Oil and Gas 557.6 510.9 634.2 Power Delivery 68.0 14.9 29.5 Other 33.8 30.7 26.5 Corporate (97.5) (124.5) (115.7) Consolidated EBITDA $ 906.3 $ 782.5 $ 823.4 For the year ended December 31, 2021, Corporate EBITDA included a bargain purchase gain of $3.5 million and acquisition and integration costs of $3.6 million. In 2020, Corporate EBITDA included $5.6 million of debt extinguishment losses, and in 2019, included $3.3 million of indefinite-lived pre-qualification intangible asset impairment charges. For the Years Ended December 31, Depreciation and Amortization: 2021 2020 2019 Communications $ 99.3 $ 87.1 $ 65.0 Clean Energy and Infrastructure 43.5 18.2 14.1 Oil and Gas 207.8 156.6 127.2 Power Delivery 61.5 24.7 20.0 Other 0.0 0.1 0.1 Corporate 10.7 11.1 9.1 Consolidated depreciation and amortization $ 422.8 $ 297.8 $ 235.5 As of December 31, Assets: 2021 2020 2019 Communications $ 2,031.5 $ 1,941.9 $ 1,958.1 Clean Energy and Infrastructure 1,067.0 653.7 570.5 Oil and Gas 1,450.6 1,631.1 1,762.4 Power Delivery 2,209.4 541.6 463.9 Other 238.1 191.8 192.2 Corporate 124.8 267.8 49.9 Consolidated segment assets $ 7,121.4 $ 5,227.8 $ 4,997.0 For the Years Ended December 31, Capital Expenditures: 2021 2020 2019 Communications $ 50.6 $ 38.4 $ 36.0 Clean Energy and Infrastructure 44.6 14.0 12.7 Oil and Gas 55.7 149.2 59.7 Power Delivery 13.0 3.8 6.8 Other 0.0 0.0 0.0 Corporate 6.2 8.3 11.3 Consolidated capital expenditures $ 170.1 $ 213.7 $ 126.5 For the Years Ended December 31, EBITDA Reconciliation: 2021 2020 2019 Income before income taxes $ 430.1 $ 425.2 $ 510.9 Plus: Interest expense, net 53.4 59.6 77.0 Depreciation 345.6 258.8 212.5 Amortization 77.2 38.9 23.0 Consolidated EBITDA $ 906.3 $ 782.5 $ 823.4 Foreign Operations and Other. MasTec operates primarily in the United States and Canada, and, to a far lesser extent, in Mexico, the Caribbean and India. Revenue derived from U.S. operations totaled $7.8 billion, $6.2 billion and $6.9 billion for the years ended December 31, 2021, 2020 and 2019, respectively. Revenue derived from foreign operations totaled $165.2 million, $133.1 million and $233.5 million for the years ended December 31, 2021, 2020 and 2019, respectively, substantially all was derived from the Company’s Canadian operations in its Oil and Gas segment, and, to a lesser extent, from the Company’s operations in Mexico. Long-lived assets held in the U.S. included property and equipment, net, of $1,411.6 million, $959.5 million and $874.7 million as of December 31, 2021, 2020 and 2019, respectively, and, for the Company’s businesses in foreign countries, totaled $24.5 million, $22.8 million and $31.1 million, respectively. Intangible assets and goodwill, net, related to the Company’s U.S. operations totaled approximately $2.1 billion as of December 31, 2021, and totaled $1.4 billion as of both December 31, 2020 and 2019. For the Company’s businesses in foreign countries, intangible assets and goodwill, net, totaled approximately $43.8 million, $50.5 million and $56.4 million, as of December 31, 2021, 2020 and 2019, respectively. Substantially all of the Company’s long-lived and intangible assets and goodwill in foreign countries relate to its Canadian operations. As of December 31, 2021, amounts due from customers from which foreign revenue was derived accounted for approximately 2% of the Company’s consolidated net accounts receivable position, which represents accounts receivable, net, less deferred revenue. As of both December 31, 2020 and 2019, amounts due from customers from which foreign revenue was derived accounted for approximately 5% of the Company’s consolidated net accounts receivable position. Revenue from governmental entities for the years ended December 31, 2021, 2020 and 2019 totaled approximately 5%, 2% and 1%, respectively, of total revenue, substantially all of which was derived from the Company’s U.S. operations. Significant Customers Revenue concentration information for significant customers as a percentage of total consolidated revenue was as follows: For the Years Ended December 31, 2021 2020 2019 Customer: Enbridge, Inc. (a) 16% 4% —% AT&T (excluding DIRECTV ® ) (b) 9% 15% 15% Equitrans Midstream Corporation (c) 4% 3% 11% (a) The Company’s relationship with Enbridge, Inc. is based upon various construction contracts for pipeline activities, for which the related revenue is included within the Oil and Gas segment. (b) The Company’s relationship with AT&T is based upon multiple separate master service and other service agreements, including for installation and maintenance services, as well as construction/installation contracts for AT&T’s: (i) wireless; (ii) wireline/fiber; and (iii) other installation services, including smart city initiatives. Revenue from AT&T is included within the Communications segment. DIRECTV ® was spun off from AT&T in July 2021. Revenue from DIRECTV ® is excluded from AT&T for all periods presented. (c) The Company's relationship with Equitrans Midstream Corporation and its affiliates is based upon various construction contracts for pipeline activities, for which the related revenue is included within the Oil and Gas segment. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies MasTec is subject to a variety of legal cases, claims and other disputes that arise from time to time in the ordinary course of its business, including project contract price disputes, other project-related liabilities and acquisition purchase price disputes. MasTec cannot provide assurance that it will be successful in recovering all or any of the potential damages it has claimed or in defending claims against the Company. The outcome of such cases, claims and disputes cannot be predicted with certainty and an unfavorable resolution of one or more of them could have a material adverse effect on the Company’s business, financial condition, results of operations and cash flows. In the third quarter of 2021, a settlement was finalized in favor of MasTec for approximately $25.0 million, of which $19.0 million is due in 2022. Net of legal and other costs incurred, the Company recorded $5.0 million of other income related to this settlement in the Company’s financial statements in the third quarter of 2021. Other Commitments and Contingencies Leases. In the ordinary course of business, the Company enters into non-cancelable operating leases for certain of its facility, vehicle and equipment needs, including related party leases. See Note 8 - Lease Obligations and Note 15 - Related Party Transactions. Letters of Credit. In the ordinary course of business, the Company is required to post letters of credit for its insurance carriers and surety bond providers and in support of performance under certain contracts as well as certain obligations associated with the Company’s equity investments and other strategic arrangements, including its variable interest entities. Such letters of credit are generally issued by a bank or similar financial institution. The letter of credit commits the issuer to pay specified amounts to the holder of the letter of credit under certain conditions. If this were to occur, the Company would be required to reimburse the issuer of the letter of credit, which, depending upon the circumstances, could result in a charge to earnings. As of December 31, 2021 and 2020, there were $188.5 million and $151.8 million, respectively, of letters of credit issued under the Company’s credit facilities. The Company is not aware of any material claims relating to its outstanding letters of credit as of December 31, 2021 or 2020. Performance and Payment Bonds. In the ordinary course of business, MasTec is required by certain customers to provide performance and payment bonds for contractual commitments related to its projects. These bonds provide a guarantee to the customer that the Company will perform under the terms of a contract and that the Company will pay its subcontractors and vendors. If the Company fails to perform under a contract or to pay its subcontractors and vendors, the customer may demand that the surety make payments or provide services under the bond. The Company must reimburse the surety for expenses or outlays it incurs. As of December 31, 2021 and 2020, outstanding performance and payment bonds approximated $2,155.2 million and $764.8 million, respectively, and estimated costs to complete projects secured by these bonds totaled $768.8 million and $263.2 million as of December 31, 2021 and 2020, respectively. Included in these balances as of December 31, 2021 is $115.0 million of outstanding performance and payment bonds issued on behalf of the Company’s proportionately consolidated non-controlled contractual joint ventures, representing the Company’s proportionate share of the total bond obligation for the related projects. Investment and Strategic Arrangements. The Company holds undivided interests, ranging from 85% to 90%, in multiple proportionately consolidated non-controlled contractual joint ventures that provide infrastructure construction services for electrical transmission projects, as well as undivided interests ranging from 30% to 50% in three civil construction 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 December 31, 2021, the Company was not aware of material future claims against it in connection with these arrangements. For the year ended December 31, 2021, the Company provided $0.7 million of project-related financing to its contractual joint ventures, for which no amounts were outstanding as of December 31, 2021. The Company has other investment and strategic arrangements, under which it may incur costs or provide financing, performance, financial and/or other guarantees. See Note 4 - Fair Value of Financial Instruments and Note 15 - Related Party Transactions for additional information pertaining to the Company’s investment and strategic arrangements. Self-Insurance. MasTec maintains insurance policies for workers’ compensation, general liability and automobile liability, which are subject to per claim deductibles. The Company is self-insured up to the amount of the deductible. The Company also maintains excess umbrella coverage. As of December 31, 2021 and 2020, MasTec’s estimated liability for unpaid claims and associated expenses, including incurred but not reported losses related to these policies, totaled $189.8 million and $129.6 million, respectively, of which $126.5 million and $86.1 million, respectively, were reflected within other long-term liabilities in the consolidated balance sheets. MasTec also maintains an insurance policy with respect to employee group medical claims, which is subject to annual per employee maximum losses. MasTec’s estimated liability for employee group medical claims totaled $4.2 million and $4.3 million as of December 31, 2021 and 2020, 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 $125.7 million and $59.3 million as of December 31, 2021 and 2020, respectively. Outstanding surety bonds related to self-insurance programs amounted to $52.9 million and $37.4 million as of December 31, 2021 and 2020, respectively. Employment Agreements. The Company has employment agreements with certain executives and other employees, which provide for compensation and certain other benefits and for severance payments under certain circumstances. Certain employment agreements also contain clauses that become effective upon a change in control of the Company. Upon the occurrence of any of the defined events in the various employment agreements, the Company would be obligated to pay certain amounts to the related employees, which vary with the level of the employees’ respective responsibility. Collective Bargaining Agreements and Multiemployer Plans. As discussed in Note 1 - Business, Basis of Presentation and Significant Accounting Policies and 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 December 31, 2021, the Company does not have plans to withdraw from, and is not aware of circumstances that would reasonably lead to material claims against it, in connection with the MEPPs in which it participates. There can be no assurance, however, that the Company will not be assessed liabilities in the future, including in the form of a surcharge on future benefit contributions or increased contributions on underfunded plans. The amount the Company could be obligated to pay or contribute in the future cannot be estimated, as these amounts are based on future levels of work of the union employees covered by these plans, investment returns, which could be negatively affected by economic and market conditions, and the level of underfunding of such plans. Indemnities. The Company generally indemnifies its customers for the services it provides under its contracts, as well as other specified liabilities, which may subject the Company to indemnity claims, liabilities and related litigation. As of December 31, 2021 and 2020, the Company had accrued project close-out liabilities of approximately $40 million and $20 million, respectively. The Company is not aware of any other material asserted or unasserted claims in connection with its potential indemnity obligations. Other Guarantees. From time to time, in the ordinary course of its business, MasTec guarantees the obligations of its subsidiaries, including obligations under certain contracts with customers, certain lease obligations and in some states, obligations in connection with obtaining contractors’ licenses. MasTec has also issued performance and other guarantees in connection with certain of its equity investments. MasTec also generally warrants the work it performs following substantial completion of a project. Much of the work performed by the Company is evaluated for defects shortly after the work is completed. If warranty claims occur, the Company could be required to repair or replace warrantied items, or, if customers elect to repair or replace the warrantied item using the services of another provider, the Company could be required to pay for the cost of the repair or replacement. Warranty claims have historically not been material. Concentrations of Risk . The Company is subject to certain risk factors, including, but not limited to: governmental and/or regulatory changes, including governmental permitting, or from climate-related matters, or other factors affecting the industries in which the Company operates; changes in customers’ capital spending plans; risks related to market conditions, market uncertainty, including from health outbreaks such as the COVID-19 pandemic and/or economic downturns or other economic factors, including supply chain disruptions, inflationary risk or rising interest rates; risks related to the Company’s acquisitions and strategic investment arrangements, including acquisition integration and financing; availability of qualified employees; risks related to rapid technological changes or customer consolidation; competition; the ability to manage projects effectively and in accordance with management’s estimates; the nature of its contracts, which do not obligate MasTec’s customers to undertake any infrastructure projects and may be canceled on short notice; customer disputes related to the performance of services; seasonality, adverse weather conditions and fluctuations in operational factors; potential exposure to environmental liabilities; exposure from system or information technology interruptions; recoverability of goodwill; collectibility of receivables and resolution of unapproved change orders; the adequacy of our reserves; exposure to litigation; exposure related to foreign operations; and exposure to multiemployer pension plan liabilities. The Company grants credit, generally without collateral, to its customers. Consequently, the Company is subject to potential credit risk related to changes in business and economic factors, including from current economic uncertainty. However, MasTec generally has certain lien rights on that work and maintains a diverse customer base. The Company believes its billing and collection policies are adequate to minimize potential credit risk. MasTec’s customers include: public and private energy providers; wireless and wireline/fiber service providers; broadband operators; install-to-the-home service providers; pipeline operators; civil infrastructure providers; and government entities. The industries served by MasTec’s customers include the communications and utilities industries, including the power industry, among others. In the third quarter of 2021, DIRECTV® was spun off from AT&T. As a result, for customer reporting purposes, AT&T and DIRECTV® are reported separately and all prior periods have been updated to give retroactive effect to the spin off of DIRECTV® from AT&T. The Company had approximately 460 customers for the year ended December 31, 2021. As of December 31, 2021, there were no customers that represented greater than 10% of the Company’s consolidated net accounts receivable position, which represents accounts receivable, net, less deferred revenue. As of December 31, 2020, two customers each accounted for approximately 15% and 12%, respectively, of the Company’s consolidated net accounts receivable position. In addition, the Company derived 54%, 55% and 62%, of its revenue from its top ten customers for the years ended December 31, 2021, 2020 and 2019, respectively. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2021 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions MasTec purchases, rents and leases equipment and purchases various types of supplies and services used in its business, including ancillary construction services, project-related site restoration and marketing and business development activities, from a number of different vendors on a non-exclusive basis, and from time to time, rents equipment to, sells certain supplies, or performs construction services on behalf of, entities in which members of subsidiary management have ownership or commercial interests. For the years ended December 31, 2021, 2020 and 2019, such payments to related party entities totaled approximately $81.2 million, $80.9 million and $108.0 million, respectively. Payables associated with such arrangements totaled approximately $0.6 million and $8.9 million as of December 31, 2021 and 2020, respectively. Revenue from such related party arrangements totaled approximately $4.2 million, $4.1 million and $2.3 million for the years ended December 31, 2021, 2020 and 2019, respectively. Related amounts receivable, net, totaled approximately $0.4 million and $0.5 million as of December 31, 2021 and 2020, respectively. The Company rents and leases equipment and purchases certain supplies and servicing from CCI. Juan Carlos Mas, who is the brother of Jorge Mas, Chairman of MasTec’s Board of Directors, and José R. Mas, MasTec’s Chief Executive Officer, serves as the chairman of CCI, and a member of management of a MasTec subsidiary and an entity that is owned by the Mas family are minority owners. MasTec paid CCI $23.2 million, $6.8 million and $41.7 million, net of rebates for the years ended December 31, 2021, 2020 and 2019, respectively, related to this activity. Amounts payable to CCI, net of rebates receivable, totaled approximately $0.8 million and $4.2 million as of December 31, 2021 and 2020, respectively. The Company has also rented equipment to CCI. Revenue from equipment rentals to CCI totaled approximately $0.1 million and $0.9 million for the years ended December 31, 2021 and 2020, respectively. There were no related receivables as of December 31, 2021, and as of December 31, 2020, related receivables were de minimis. MasTec has a subcontracting arrangement with an entity for the performance of construction services, the minority owners of which include an entity controlled by Jorge Mas and José R. Mas, along with two members of management of a MasTec subsidiary. For the years ended December 31, 2021, 2020 and 2019, MasTec incurred subcontracting expenses of approximately $90.3 million, $1.9 million and $10.3 million, respectively, under these arrangements. As of December 31, 2021 and 2020, related amounts payable totaled approximately $0.5 million and $1.4 million, respectively. MasTec has a leasing arrangement for an aircraft that is owned by an entity that Jorge Mas owns. MasTec paid approximately $2.6 million for both the years ended December 31, 2021 and 2020 related to this leasing arrangement, and for the year ended December 31, 2019, paid approximately $2.4 million. 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 have included the construction of a soccer facility and stadium as well as wireless infrastructure services. For the year ended December 31, 2021, charges under these arrangements were de minimis, and for the years ended December 31, 2020 and 2019, MasTec charged approximately $7.1 million and $12.6 million, respectively. Related amounts outstanding as of December 31, 2021 and 2020, were de minimis. Payments for other expenses related to the Franchise totaled $0.6 million and $0.3 million for the years ended December 31, 2021 and 2020, respectively, for which there were no amounts outstanding as of either December 31, 2021 or 2020. MasTec leases employees and provides satellite communication services to a customer in which Jorge Mas and José R. Mas own a majority interest. Charges to this customer under these arrangements totaled approximately $1.2 million, $1.3 million and $1.4 million for the years ended December 31, 2021, 2020 and 2019, respectively. As of December 31, 2021 and 2020, related amounts receivable totaled approximately $0.8 million and $0.9 million, respectively. In connection with one of its 2021 acquisitions, the Company advanced approximately $1.0 million to the former owner of the acquired business, which amount is outstanding as of December 31, 2021. Additionally, a separate 2021 acquisition has investments in certain entities, each of which is 49% owned by the Company, and is accounted for as an equity method investment. The Company has line of credit arrangements with these investees, providing for up to $8.5 million of borrowing availability, of which $0.4 million was drawn as of December 31, 2021, which amount is included within other current assets. In 2018, the Company acquired a construction management firm specializing in steel building systems, of which Juan Carlos Mas was a minority owner at the time of acquisition. During the third quarter of 2021, certain provisions relating to contingent consideration within the purchase agreement were clarified, for which the net impact is expected to be insignificant. For the year ended December 31, 2021, the Company paid $0.8 million of contingent consideration related to this agreement. The Company, through a 2020 acquisition, has a 25% interest in an entity, under which the acquired business and the 25% owned entity have a subcontracting arrangement. The Company’s interest in this entity, for which post acquisition operating activity is de minimis, is accounted for as an equity method investment. As of December 31, 2021 and 2020, the Company’s net investment in this entity was a liability of approximately $1.6 million and $2.0 million, respectively, which net amount includes approximately $2.3 million and $1.9 million, respectively, of accounts receivable, net, less deferred revenue, related to the subcontracting arrangement. Additionally, the Company has certain arrangements with an entity in which members of management have an ownership interest, including a fee arrangement in conjunction with a $15.0 million letter of credit issued by the Company on behalf of this entity. For the years ended December 31, 2021 and 2020, approximately $0.8 million and $0.9 million, respectively, of income and recovery of costs was recognized in connection with these arrangements, and as of both December 31, 2021 and 2020, related amounts receivable totaled $0.4 million. In addition, for the year ended December 31, 2020, the Company advanced $1.2 million on behalf of this entity, which amount was collected as of December 31, 2020. One of the Company’s subsidiaries has a subcontracting arrangement with a contractual joint venture in which it holds a 35% undivided interest, for which the related project was complete as of December 31, 2021. Outstanding performance guarantees on behalf of this contractual joint venture totaled Canadian $9.7 million and $26.4 million as of December 31, 2021 and 2020, respectively, or approximately $7.7 million and $20.7 million, respectively. Non-controlling interests in entities consolidated by the Company represent ownership interests held by members of management of certain of the Company’s subsidiaries, primarily in the Company’s Oil and Gas segment. In 2021, the Company acquired an additional 15% of the non-controlling interests in one of these entities from two members of subsidiary management for $6.8 million in cash. Split Dollar Agreements MasTec has an amended and restated split dollar life insurance agreement with (i) Jorge Mas, and José R. Mas and Juan Carlos Mas, as trustees of the Jorge Mas Irrevocable Trust (the “Jorge Mas trust”); and (ii) José R. Mas, and Jorge Mas, Juan Carlos Mas and Patricia Mas, as trustees of the José Ramon Mas Irrevocable Trust (the “José R. Mas trust”). The Company is the sole owner of each of the policies and is designated as the named fiduciary under each split dollar agreement, and the policies subject to the split dollar agreement may not be surrendered without the express written consent of the applicable trust. The total maximum face amount of the insurance policies subject to the split dollar agreements is capped at $200 million in the case of Jorge Mas and $75 million in the case of José R. Mas. Upon the death of the applicable executive or the survivor of the applicable executive and his wife, the Company is entitled to receive a portion of the death benefit under the policy equal to the greater of (i) premiums paid by the Company on the policy and (ii) the then cash value of the policy (excluding surrender charges or other similar charges or reductions) immediately before the triggering death. In addition, each executive is entitled to purchase the applicable policy under certain events, including a change in control of the Company. The Company paid approximately $1.1 million in each of the years ended December 31, 2021, 2020 and 2019 in connection with the split dollar agreements for Jorge Mas, and paid approximately $0.7 million in each of the years ended December 31, 2021, 2020 and 2019 in connection with the split dollar agreements for José R. Mas. Life insurance assets associated with these agreements, which amounts are included within other long-term assets, totaled approximately $24.0 million and $22.2 million as of December 31, 2021 and 2020, respectively. |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2021 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |
Schedule II - Valuation and Qualifying Accounts | SCHEDULE II – VALUATION AND QUALIFYING ACCOUNTS (in millions) Additions Balance at Beginning of Period Charges to Cost and Expense Other Additions (Deductions) Balance at End of Period Year ended December 31, 2021 Allowance for credit losses $ 20.5 $ 2.8 (a) $ — $ (15.5) (b) $ 7.8 Allowance for unbilled receivables and project close-out liabilities 50.4 67.0 (a) — (20.6) (b) 96.8 Valuation allowance for inventory 8.5 3.1 (c) — (0.5) (d) 11.1 Valuation allowance for deferred tax assets 45.8 9.4 (e) — (1.0) (f) 54.2 Total $ 125.2 $ 82.3 $ — $ (37.6) $ 169.9 Year ended December 31, 2020 Allowance for credit losses $ 10.1 $ 12.1 (a) $ — $ (1.7) (b) $ 20.5 Allowance for unbilled receivables and project close-out liabilities 57.3 38.5 (a) — (45.4) (b) 50.4 Valuation allowance for inventory 7.7 1.8 (c) — (1.0) (d) 8.5 Valuation allowance for deferred tax assets 48.8 6.8 (e) — (9.8) 45.8 Total $ 123.9 $ 59.2 $ — $ (57.9) $ 125.2 Year ended December 31, 2019 Allowance for credit losses $ 16.3 $ 1.7 (a) $ — $ (7.9) (b) $ 10.1 Allowance for unbilled receivables and project close-out liabilities 48.0 49.7 (a) — (40.4) (b) 57.3 Valuation allowance for inventory 7.8 2.1 (c) — (2.2) (d) 7.7 Valuation allowance for deferred tax assets 40.6 8.2 (e) — — 48.8 Total $ 112.7 $ 61.7 $ — $ (50.5) $ 123.9 (a) Provisions for receivables and project close-out liabilities. (b) Write-offs of and reversals for receivables and project close-out liabilities. (c) Provisions for obsolete inventory and other adjustments to net realizable value. (d) Inventory write-offs. (e) Additions related to federal, foreign and state attributes. (f) Deductions related to federal, foreign and state attributes. |
Business, Basis of Presentati_2
Business, Basis of Presentation and Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Principles of Consolidation | Principles of ConsolidationThe accompanying consolidated financial statements include MasTec, Inc. and its subsidiaries and include the accounts of all majority owned subsidiaries over which the Company exercises control and, when applicable, entities in which the Company has a controlling financial interest. All significant intercompany balances and transactions have been eliminated in consolidation. Other parties’ interests in entities that MasTec consolidates are reported as non-controlling interests within equity, except for mandatorily redeemable non-controlling interests, which are recorded within other liabilities. Net income or loss attributable to non-controlling interests is reported as a separate line item below net income or loss. The Company applies the equity method of accounting for its investments in entities for which it does not have a controlling financial interest, but over which it has the ability to exert significant influence. 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. |
Reclassifications | When necessary, certain prior year amounts have been reclassified to conform with the current period presentation. |
Translation of Foreign Currencies | Translation of Foreign CurrenciesThe assets and liabilities of foreign subsidiaries with a functional currency other than the U.S. dollar are translated into U.S. dollars at period-end exchange rates, with resulting translation gains or losses included within other comprehensive income or loss. Revenue and expenses are translated into U.S. dollars at average rates of exchange during the applicable period. Substantially all of the Company’s foreign operations use their local currency as their functional currency. For foreign operations for which the local currency is not the functional currency, the operation’s non-monetary assets are remeasured into U.S. dollars at historical exchange rates. All other accounts are remeasured at current exchange rates. Gains or losses from remeasurement are included in other income or expense, net. Currency gains or losses resulting from transactions executed in currencies other than the functional currency are included in other income or expense, net. |
Management Estimates | Management Estimates The preparation of consolidated financial statements in accordance with U.S. GAAP requires the use of estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. These estimates are based on historical experience and various other assumptions that management believes to be reasonable under the circumstances, including the potential future effects of public health matters, such as the COVID-19 pandemic, climate change, and other global and/or macroeconomic trends and events. These estimates form the basis for making judgments about the Company’s operating results and the carrying values of assets and liabilities that are not readily apparent from other sources. While management believes that such estimates are reasonable when considered in conjunction with the Company’s consolidated financial position and results of operations taken as a whole, actual results could differ materially from these estimates. Key estimates include: the recognition of revenue and project profit or loss, which the Company defines as project revenue, less project costs of revenue, including project-related depreciation, in particular, on construction contracts accounted for under the cost-to-cost method, for which the recorded amounts require estimates of costs to complete and the amount and probability of variable consideration included in the contract transaction price; fair value estimates, including those related to acquisitions, valuations of goodwill, intangible and other assets, acquisition-related contingent consideration and other liabilities, equity investments and long-lived assets; 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. |
COVID-19 Pandemic and General Economic Conditions | COVID-19 Pandemic and General Economic Conditions The COVID-19 pandemic has disrupted business activities and global economic conditions throughout 2020 and 2021, and has negatively affected the Company’s operations during the same period, including from reduced crew productivity due to mitigation measures, the health and availability of work crews or other key personnel and subcontractors; supply chain disruptions; delayed project start dates; and lost productivity from governmental permitting approval delays, project shutdowns and/or cancellations, among other factors. While the adverse effects of the COVID-19 pandemic have partially subsided, its effects vary by region, and uncertainties arising from the COVID-19 pandemic could continue to disrupt economic conditions and business activities, particularly as new variants of COVID-19 arise. The extent to which the COVID-19 pandemic, including the recent and emerging variants, could affect the Company’s business, operations and financial results is uncertain as it will depend upon numerous evolving factors that management may not be able to accurately predict. The acceptance and effectiveness of vaccines and treatments, along with the length and extent of any continuing economic and market disruptions are unknown, and therefore, any future impacts on the Company’s business, financial condition and/or results of operations cannot be quantified or predicted with specificity. The Company believes that it has taken appropriate steps to mitigate the effects of the COVID-19 pandemic on its business, and the Company’s business model has, thus far, proven resilient. Management continues to adapt to the changing operational and economic environment that has resulted from the COVID-19 pandemic. The Company’s top priority has been to take appropriate actions to protect the health and safety of its employees, customers and business partners, and it continues to monitor evolving health guidelines and respond to changes as appropriate. Notwithstanding moderation of the COVID-19 pandemic and related governmental and other restrictions, the Company may continue to experience negative effects on its business and operations from possible longer-term changes in consumer and customer behavior and/or from negative economic conditions, including recent inflationary effects, supply chain disruptions, including limited availability of products, and rising interest rates. Several relief measures have been enacted in response to the effects of the COVID-19 pandemic, including the Coronavirus Aid, Relief and Economic Security Act (the “CARES Act”) and the Coronavirus Response and Relief Supplemental Appropriations Act (the “Coronavirus Relief Act”). The CARES Act permitted deferral and/or reduction of certain federal and payroll tax amounts, certain of which the Company pursued, including the deferral of approximately $59 million of payroll taxes. As of December 31, 2021, CARES Act deferrals, the amount of which is due by December 31, 2022, totaled approximately $42 million, of which approximately $13 million was acquisition-related. |
Revenue Recognition | Revenue Recognition The Company recognizes revenue from contracts with customers when, or as, control of promised services and goods is transferred to customers. The amount of revenue recognized reflects the consideration to which the Company expects to be entitled in exchange for the services and goods transferred. The Company primarily recognizes revenue over time utilizing the cost-to-cost measure of progress. Contracts. The Company derives revenue primarily from construction projects performed under: (i) master and other service agreements, which generally provide a menu of available services in a specific geographic territory that are utilized on an as-needed basis, and are typically priced using either a time and materials or a fixed price per unit basis; and (ii) contracts for specific projects requiring the construction and installation of an entire infrastructure system or specified units within an infrastructure system, which 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 38% of consolidated revenue for the year ended December 31, 2021, and totaled 36% for each of the years ended December 31, 2020 and 2019. Revenue from contracts for specific projects, as well as for certain projects pursuant to master and other service agreements, is typically recognized over time using the cost-to-cost measure of progress, which is an input method. For these contracts, the cost-to-cost measure of progress best depicts the continuous transfer of control of goods or services to the customer and correspondingly, when performance obligations are satisfied for the related contracts. Such contracts provide that the customer accept completion of progress to date and compensate the Company for services rendered. For certain master service and other service agreements, revenue is recognized at a point in time, primarily for install-to-the-home and other wireless services in the Company’s Communications segment. 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 4% of consolidated revenue for the year ended December 31, 2021, and accounted for approximately 5% of consolidated revenue for each of the years ended December 31, 2020 and 2019. Substantially all of the Company’s other revenue is recognized over time. Contract costs include all direct materials, labor and subcontracted costs, as well as indirect costs related to contract performance, such as indirect labor, supplies, tools, repairs and the operational costs of capital equipment. The total contract transaction price and cost estimation processes used for recognizing revenue over time under the cost-to-cost method is based on the professional knowledge and experience of the Company’s project managers, engineers and financial professionals. Management reviews estimates of total contract transaction price and total project costs on an ongoing basis. Changes in job performance, job conditions and management’s assessment of expected variable consideration are factors that influence estimates of the total contract transaction price, total costs to complete those contracts and the Company’s profit recognition. Changes in these factors could result in revisions to revenue in the period in which the revisions are determined, which could materially affect the Company’s consolidated results of operations for that period. Provisions for losses on uncompleted contracts are recorded in the period in which such losses are determined. For each of the years ended December 31, 2021, 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, 2020, 2019 and 2018. Revenue recognized for the years ended December 31, 2021, 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 $41.1 million, $13.5 million and $58.3 million, respectively. The Company may incur certain costs that can be capitalized, such as initial set-up or mobilization costs. Such capitalized costs, which are amortized over the life of the respective projects, totaled $1.4 million and $5.5 million as of December 31, 2021 and 2020, respectively. The timing of customer billings is generally dependent upon advance billing terms, milestone billings based on completion of certain phases of work, or when services are provided. Under the typical payment terms of master and other service agreements and contracts for specific projects, the customer makes progress payments based on quantifiable measures of performance by the Company as defined by each specific agreement. Progress payments, generally net of amounts retained, are paid by the customer over the duration of the contract. For install-to-the-home and certain other contracts and services, work orders are billed and paid as completed. Amounts billed and due from customers, as well as the value of contract assets, are generally classified within current assets in the consolidated balance sheets. See Note 5 - Accounts Receivable, Net of Allowance, and Contract Assets and Liabilities for related discussion. Amounts expected to be collected beyond one year are classified as other long-term assets. Performance Obligations. A performance obligation is a contractual promise to transfer a distinct good or service to a customer. The transaction price of a contract is allocated to each distinct performance obligation and recognized as revenue when or as the performance obligation is satisfied. The Company’s contracts often require significant services to integrate complex activities and equipment into a single deliverable, and are therefore generally accounted for as a single performance obligation, even when delivering multiple distinct services. Contract amendments and change orders, which are generally not distinct from the existing contract, are typically accounted for as a modification of the existing contract and performance obligation. The vast majority of the Company’s performance obligations are completed within one year. When more than one contract is entered into with a customer on or close to the same date, the Company evaluates whether those contracts should be combined and accounted for as a single contract, as well as whether those contracts should be accounted for as one, or more than one, performance obligation. This evaluation requires significant judgment and is based on the facts and circumstances of the various contracts. Remaining performance obligations represent the amount of unearned transaction prices under contracts for which work is wholly or partially unperformed, including the Company’s share of unearned transaction prices from its proportionately consolidated non-controlled joint ventures. As of December 31, 2021, the amount of the Company’s remaining performance obligations was $4.9 billion. Based on current expectations, the Company anticipates it will recognize approximately $3.9 billion of its remaining performance obligations as revenue during 2022, with the remainder to be recognized primarily in 2023. Variable Consideration. Transaction prices for the Company’s contracts may include variable consideration, which comprises items such as change orders, claims and incentives. Management estimates variable consideration for a performance obligation utilizing estimation methods that it believes best predict the amount of consideration to which the Company will be entitled. Variable consideration is included in the estimated transaction price if it is probable that when the uncertainty associated with the variable consideration is resolved, there will not be a significant reversal of the cumulative amount of revenue that has been recognized. Management’s estimates of variable consideration and the determination of whether to include estimated amounts in transaction prices are based largely on engineering studies and legal opinions, past practices with the customer, specific discussions, correspondence or preliminary negotiations with the customer and all other relevant information that is reasonably available at the time of the estimate. The effect of variable consideration on the transaction price of a performance obligation is typically recognized as an adjustment to revenue on a cumulative catch-up basis, as such variable consideration, which typically pertains to changed conditions and scope, is generally for services encompassed under the existing contract. To the extent unapproved change orders, claims and other variable consideration reflected in transaction prices are not resolved in the Company’s favor, or to the extent incentives reflected in transaction prices are not earned, there could be reductions in, or reversals of, previously recognized revenue. As of December 31, 2021 and 2020, the Company included approximately $104 million and $51 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 December 31, 2021, these change orders and/or claims primarily related to certain projects in the Company’s Clean Energy and Infrastructure and Power Delivery segments, and as of December 31, 2020, change orders primarily related to certain projects in the Company’s Power Delivery and Communications segments. The Company actively engages with its customers to complete the final approval process, and generally expects these processes to be completed within one year. Amounts ultimately realized upon final agreement by customers could be higher or lower than such estimated amounts. |
Allowance for Credit Losses | Allowance for Credit Losses The Company maintains an allowance for credit losses for its financial instruments, which are primarily composed of accounts receivable and contract assets. The measurement and recognition of credit losses involves the use of judgment and represents management’s estimate of expected lifetime credit losses based on historical experience and trends, current conditions and reasonable and supportable forecasts. Management’s assessment of expected credit losses includes consideration of current and expected economic, market and industry factors affecting the Company’s customers, including their financial condition, the aging of account balances, historical credit loss experience, customer concentrations, customer credit-worthiness, availability of mechanics’ and other liens, existence of payment bonds and other sources of payment. Management evaluates its experience with historical losses and then applies this historical loss ratio to financial assets with similar characteristics. The Company’s historical loss ratio or its determination of risk pools may be adjusted for changes in customer, economic, market or other circumstances. The Company may also establish an allowance for credit losses for specific receivables when it is probable that the receivable will not be collected and the loss can be reasonably estimated. Amounts are written off against the allowance when they are considered to be uncollectible, and reversals of previously reserved amounts are recognized if a specifically reserved item is settled for an amount exceeding the previous estimate. Estimates of expected credit losses could be affected by many factors, including, but not limited to: changes in credit loss experience, changes to the risk characteristics of the Company’s financial asset portfolio, developing trends, including changes in credit quality or unanticipated financial difficulties affecting the Company’s customers and changes in management’s expectations of future economic, industry or other conditions. In addition, if anticipated recoveries in existing bankruptcies or other work-out situations fail to materialize, additional allowances may be required. Estimates of collectibility are subject to significant change during times of economic weakness or uncertainty in either the overall economy or within the industries served by MasTec. Management actively monitors these factors and assesses the sufficiency of its allowance for credit losses on an ongoing basis, including any potential effects from the COVID-19 pandemic, end-market volatility and/or other macroeconomic trends on the credit quality of the Company’s customers and/or its financial assets. |
Inventories | Inventories Inventories consist of materials and supplies for construction and installation projects, which are valued at the lower of cost or net realizable value using the average cost or specific identification methods of costing. For materials or supplies purchased on behalf of specific customers or projects, loss of the customer or cancellation of the project could result in an impairment of the value of materials purchased. The value |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash consisting of interest-bearing demand deposits is carried at cost, which approximates fair value. Highly liquid investments with an original maturity of three months or less are carried at fair value. On a daily basis, available funds are swept from the Company’s depository accounts into a concentration account and are used to repay outstanding revolving loans, if any, under the Company’s senior unsecured credit facility. Cash balances maintained by certain operating subsidiaries and by entities that are proportionately consolidated that are not swept into the concentration account, as well as deposits made subsequent to the daily cash sweep, are classified as cash. Included in the Company’s cash balances as of December 31, 2021 and 2020 are amounts held by entities that are proportionately consolidated totaling $14.6 million and $8.2 million, respectively. These amounts are available to support the operations of those entities, but are not available for the Company’s other operations. The Company generally does not fund its disbursement accounts for checks it has written until the checks are presented to the bank for payment. Outstanding checks that have not yet cleared through the banking system represent book overdrafts, which are classified within accounts payable. There are no material compensating balance requirements associated with the Company’s depository accounts or other restrictions on the transfer of cash associated with the Company’s depository accounts. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments The Company’s financial instruments are primarily composed of cash and cash equivalents, accounts and notes receivable, cash collateral deposited with insurance carriers, life insurance assets, equity investments, certain other investments, deferred compensation plan assets and liabilities, accounts payable and other current liabilities, acquisition-related contingent consideration, mandatorily redeemable non-controlling interests and debt obligations. Fair value is the price that would be received to sell an asset or the amount paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The fair value guidance establishes a valuation hierarchy, which requires maximizing the use of observable inputs when measuring fair value. The three levels of inputs that may be used are: (i) Level 1 - quoted market prices in active markets for identical assets or liabilities; (ii) Level 2 - observable market-based inputs or other observable inputs; and (iii) Level 3 - significant unobservable inputs that cannot be corroborated by observable market data, which are generally determined using valuation models incorporating management estimates of market participant assumptions. In instances in which the inputs used to measure fair value fall into different levels of the fair value hierarchy, the fair value measurement classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Management’s assessment of the significance of a particular item to the fair value measurement in its entirety requires judgment, including the consideration of inputs specific to the asset or liability. Fair values of financial instruments are estimated using public market prices, quotes from financial institutions and other available information. Due to their short-term maturity, the carrying amounts of cash and cash equivalents, accounts receivable, accounts payable and other current liabilities approximate their fair values. Management believes the carrying values of notes and other receivables, cash collateral deposited with insurance carriers, and outstanding balances on its credit facilities approximate their fair values. |
Investments and Strategic Arrangements, Variable Interest Entities | Management determines whether each business entity in which it has equity interests, debt, or other investments constitutes a variable interest entity (“VIE”) based on the nature and characteristics of such arrangements. If an investment arrangement is determined to be a VIE, then management determines if the Company is the VIE’s primary beneficiary by evaluating several factors, including the Company’s: (i) risks and responsibilities; (ii) ownership interests; (iii) decision making powers; and (iv) financial interests, among other factors. If management determines the Company is the primary beneficiary of a VIE, then it would be consolidated, and other parties’ interests in the VIE would be accounted for as non-controlling interests. The primary beneficiary consolidating the VIE must normally have both (i) the power to direct the primary activities of the VIE and (ii) the obligation to absorb losses of the VIE or the right to receive benefits from the VIE, which, in either case, could be significant to the VIE |
Investments and Strategic Arrangements, Equity Method Investments | The Company’s investments in entities for which it does not have a controlling interest and is not the primary beneficiary, but for which it has the ability to exert significant influence, are accounted for using the equity method of accounting. Under the equity method of accounting, the initial investment is recorded at cost and the investment is subsequently adjusted for its proportionate share of earnings or losses, including consideration of basis differences resulting from the difference between the initial carrying amount of the investment and the underlying equity in net assets. Equity method investments are recorded as other long-term assets. Income or loss from these investments is recorded as a separate line item in the consolidated statements of operations. Intercompany profits or losses associated with the Company’s equity method investments are eliminated until realized by the investee in transactions with third parties. Distributions received from equity method investees are reflected in the statements of cash flows using the nature of distributions approach, under which distributions are classified based on the nature of the activity that generated them. |
Investments and Strategic Arrangements,, 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. |
Investments and Strategic Arrangements,, Other Equity Investments With Readily Determinable Fair Values | 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. |
Investments and Strategic Arrangements,, Other Equity Investments Without Readily Determinable Fair Values | Equity investments that do not have readily determinable fair values are measured at cost, adjusted for changes from observable market transactions, if any, less impairment (“adjusted cost basis”). |
Deferred Financing Costs | Deferred Financing CostsDeferred financing costs relate to the Company’s debt instruments, the short and long-term portions of which are reflected as deductions from the carrying amounts of the related debt instrument, including the Company’s senior credit facility. Deferred financing costs are amortized over the terms of the related debt instruments using the effective interest method. |
Long Lived Assets, Property and Equipment | Purchased property and equipment are recorded at cost, or, if acquired in a business combination, at the acquisition date fair value. Finance lease assets are recognized based on the present value of minimum future lease payments. Certain costs incurred in connection with developing or obtaining internal-use software are capitalized within office furniture and equipment. Depreciation and amortization of property and equipment, including finance lease assets, is computed using the straight-line method over the estimated useful lives of the respective assets. Leasehold improvements are depreciated over the shorter of the term of the lease or the estimated useful lives of the improvements. Expenditures for repairs and maintenance are charged to expense as incurred. Expenditures for betterments and major improvements that extend the life of the related assets are capitalized and depreciated over the remaining useful lives of the assets. The carrying amounts of assets sold or retired and the related accumulated depreciation are eliminated in the year of disposal. Gains or losses, net, from the sale of property and equipment are included within general and administrative expenses beginning in 2021, and prior periods have been updated to conform with the current year presentation. Previously, such gains or losses, net, were included within other income or expense. Management believes this presentation is a better representation of such transactions within its consolidated results of operations. |
Long Lived Assets, Finite-Lived Intangible Assets | Finite-lived intangible assets are amortized over their useful lives, which are generally based on contractual or legal rights, in a manner consistent with the pattern in which the related benefits are expected to be consumed. |
Long Lived Assets, Impairment of Long-Lived Assets | Management reviews long-lived assets for impairment whenever events or changes in circumstances indicate that their carrying amounts may not be recoverable. If an evaluation is required, the estimated future undiscounted cash flows associated with the asset are compared with the asset’s carrying amount to determine if there has been an impairment, which is calculated as the difference between the fair value of an asset and its carrying value. Estimates of future undiscounted cash flows are based on expected revenue and operating costs for the business as well as anticipated future economic conditions. Fair values take into consideration management’s estimates of risk-adjusted discount rates, which are believed to be consistent with assumptions that marketplace participants would use in their estimates of fair value. |
Goodwill and Indefinite-Lived Intangible Assets | Goodwill and Indefinite-Lived Intangible Assets The Company has goodwill and indefinite-lived intangible assets that have been recorded in connection with its acquisitions of businesses. Goodwill and indefinite-lived intangible assets are not amortized, but instead are tested for impairment at least annually. The Company performs its annual impairment tests of goodwill and indefinite-lived intangible assets during the fourth quarter of each year, and on a quarterly basis, monitors these assets for potential indicators of impairment. In 2019, the Company recorded an impairment charge of $3.3 million related to its indefinite-lived pre-qualification intangible assets. See below for details of the Company’s results of impairment testing for the years ended December 31, 2021, 2020 and 2019. |
Business Combinations | Business Combinations The determination of the fair value of net assets acquired in a business combination requires estimates and judgments of future cash flow expectations for the acquired business and the related identifiable tangible and intangible assets. Fair values of net assets acquired are calculated using expected cash flows and industry-standard valuation techniques. For current assets and current liabilities, book value is generally assumed to equal fair value. Goodwill is the amount by which consideration paid exceeds the fair value of acquired net assets. A bargain purchase gain results when the fair value of an acquired business’ net assets exceeds its purchase price. Acquisition costs are expensed as incurred and are included within general and administrative expenses in the consolidated statements of operations. For the years ended December 31, 2021, 2020 and 2019, the Company incurred approximately $7 million, $2 million and $1 million, respectively, of acquisition costs associated with its completed acquisitions. Due to the time required to gather and analyze the necessary data for each acquisition, U.S. GAAP provides a “measurement period” of up to one year in which to finalize these fair value determinations. During the measurement period, preliminary fair value estimates may be revised if new information is obtained about the facts and circumstances existing as of the date of acquisition, or based on the final net assets and working capital of the acquired business, as prescribed in the applicable purchase agreement. Such adjustments may result in the recognition of, or an adjustment to the fair values of, acquisition-related assets and liabilities and/or consideration paid, and are referred to as “measurement period” adjustments. Measurement period adjustments are recorded to goodwill. Other revisions to fair value estimates for acquisitions are reflected as income or expense, as appropriate. Consideration paid generally consists of cash and, from time to time, shares, and potential future payments that are contingent upon the acquired business achieving certain levels of earnings in the future, also referred to as “acquisition-related contingent consideration” or “earn-outs.” In one of the Company’s 2021 acquisitions, the acquisition consideration included shares of the Company’s common stock, as determined based upon the terms of the purchase agreement. These shares were valued for financial reporting purposes based on the market share price of MasTec’s common stock on the date of closing. Additionally, in a prior year acquisition, the acquisition consideration included a mandatorily redeemable non-controlling interest, subject to a repurchase formula that is calculated in a manner consistent with the Company’s traditional earn-out arrangements. The Company refers to its traditional earn-out arrangements and the mandatorily redeemable non-controlling interest collectively as “Earn-outs.” Earn-out liabilities are measured at their estimated fair values as of the date of acquisition. Subsequent to the date of acquisition, if future Earn-out payments are expected to differ from Earn-out payments estimated as of the date of acquisition, any related fair value adjustments, including those related to finalization of completed earn-out arrangements, are recognized in the period that such expectation is considered probable. Changes in the fair value of Earn-out liabilities for the Company’s traditional earn-outs, other than those related to measurement period adjustments, as described above, are recorded within other income or expense in the consolidated statements of operations, and for mandatorily redeemable non-controlling interests, are generally recorded within interest expense. Fair values are estimated using income approaches such as discounted cash flows or option pricing models. Earn-out liabilities are included within other current and other long-term liabilities, as appropriate, within the consolidated balance sheets. Earn-out payments, to the extent they relate to estimated liabilities as of the date of acquisition, are classified within financing activities in the consolidated statements of cash flows. Earn-out payments in excess of acquisition date liabilities are classified within operating activities. |
Leases | Leases In the ordinary course of business, the Company enters into agreements that provide financing for machinery and equipment and for other of its facility, vehicle and equipment needs, including related party leases. The Company reviews all agreements to determine if a leasing arrangement exists. When a leasing arrangement is identified, a determination is made at inception as to whether the lease is an operating or a finance lease. A lease exists when a contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. In determining whether a lease exists, the Company considers whether a contract provides both the right to obtain substantially all of the economic benefits from the use of an asset and the right to direct the use of the asset. Right-of-use assets and lease liabilities are recognized at the lease commencement date based on the present value of the minimum future lease payments over the expected term of the lease. The Company’s lease assets are primarily concentrated in vehicles, machinery and equipment. Leases with an initial term of twelve months or less are classified as short-term leases and are not recognized in the consolidated balance sheets unless the lease contains a purchase option that is reasonably certain to be exercised, or unless it is reasonably certain that the equipment will be leased for greater than twelve months. Lease payments for short-term leases are recognized on a straight-line basis over the lease term, and primarily relate to equipment used on construction projects, for which the rentals are based on daily, weekly or monthly rental rates, and typically contain termination for convenience provisions. Lease determinations are reassessed in the event of a change in lease terms. The Company has a limited number of sublease arrangements, which are not considered material to the consolidated financial statements. As of December 31, 2021, the Company’s leases have remaining lease terms of up to ten years. Lease agreements may contain renewal clauses, which, if elected, generally extend the term of the lease for one Lease term, discount rate, variable lease costs and future minimum lease payment determinations require the use of judgment, and are based on the facts and circumstances of each lease. Economic incentives, intent, past history and business need are among the factors considered to determine if renewal and/or purchase options are reasonably certain to be exercised. The majority of the Company’s lease agreements do not explicitly state the discount rate implicit in the lease, therefore, the Company generally uses an incremental borrowing rate to determine the value of its lease obligations. The incremental borrowing rate represents the rate of interest that would be paid to borrow on a collateralized basis over a similar term. The Company determines its incremental borrowing rate using a portfolio approach based on information available as of the lease commencement date, including applicable lease terms and the current economic environment. Finance Leases Finance lease assets are recorded within property and equipment, with a corresponding amount recorded within the Company’s debt obligations. Finance lease expense is composed of depreciation expense on the leased asset and interest on the lease liability. Additions to finance leases are included within the supplemental disclosures of non-cash information in the consolidated statements of cash flows. Many of the Company’s finance leases contain purchase options, which the Company frequently exercises, given that the purchase option prices are typically below the estimated fair market values of the related assets. Operating Leases Operating lease right-of-use assets and liabilities are recorded on the consolidated balance sheets, with the related lease expense recognized over the term of the lease on a straight-line basis. Operating lease expense is recorded as rent expense, primarily within costs of revenue, excluding depreciation and amortization. Fixed costs for operating leases are composed of initial base rent amounts plus any fixed annual increases. Variable costs for operating leases consist primarily of common area maintenance expenses and taxes for facility leases. Certain of the Company’s operating leases contain purchase options, for which the purchase option price is generally considered to be at fair market value. From time to time, the Company may terminate a lease before the end of the lease term. Payments related to such early lease terminations are generally recorded within costs of revenue, excluding depreciation and amortization. |
Self-Insurance | Self-Insurance The Company is self-insured up to the amount of its deductible for its insurance policies. MasTec maintains insurance policies subject to per claim deductibles of $2.0 million for its workers’ compensation policy, $5.0 million for its general liability policy and up to $10.0 million for its automobile liability policy. In addition, the Company has excess umbrella coverage. Estimated liabilities under these insurance programs are accrued based upon management’s estimates of the ultimate liability for claims reported and an estimate of claims incurred but not reported, with assistance from third-party actuaries. MasTec also maintains an insurance policy with respect to employee group medical claims, which is subject to annual per employee maximum losses of $0.6 million. MasTec’s estimated liability for employee group medical claims is based on statistical analysis of historical claims experience and specific knowledge of actual losses that have occurred. The Company is required to post collateral, generally in the form of letters of credit, surety bonds and cash to certain of its insurance carriers. Cash collateral deposited with insurance carriers is included in other long-term assets in the consolidated balance sheets. The present value of the Company’s self-insurance liability is reflected in the consolidated balance sheets within current and other long-term liabilities, as appropriate. The determination of such claims and expenses and the appropriateness of the related liability is reviewed and updated quarterly. These insurance liabilities are, however, difficult to assess and estimate due to many factors, the effects of which are often unknown or difficult to estimate, including the severity of an injury, the determination of the Company’s liability in proportion to other parties and the number of incidents not reported. Accruals are based upon known facts and historical trends. Although management believes its accruals are adequate, a change in experience or actuarial assumptions could materially affect the Company’s results of operations in a particular period. |
Income Taxes | Income Taxes The Company records income taxes using the asset and liability method of accounting for deferred income taxes. Under this method, deferred tax assets and liabilities are recognized for the expected future tax consequences of temporary differences between the financial statement and income tax basis of the Company’s assets and liabilities. Income taxes are estimated in each of the jurisdictions in which the Company operates. This process involves estimating the tax exposure, together with assessing temporary differences resulting from differing treatment of items, such as deferred revenue, for tax and accounting purposes. These differences result in deferred tax assets and liabilities, which are included, net, within the consolidated balance sheets as long-term assets and/or liabilities, as appropriate. The recording of a deferred tax asset assumes the realization of such asset in the future. Otherwise, a valuation allowance is recorded to reduce the asset to its estimated net realizable value. If management determines that the Company may not be able to realize all or part of a deferred tax asset in the future, a valuation allowance for the deferred tax asset is charged to income tax expense in the period the determination is made. Management considers future pretax income and ongoing prudent and feasible tax planning strategies in assessing the estimated net realizable value of tax assets and the corresponding need for any related valuation allowances. In determining the provision for income taxes, management uses an effective tax rate based on annual pre-tax income, statutory tax rates, permanent tax differences and tax planning opportunities in the various jurisdictions in which the Company operates. The Company is generally free of additional U.S. federal tax consequences on distributed foreign subsidiary earnings. The Company has generally not provided for U.S. income taxes on unremitted foreign earnings because such earnings are considered to be insignificant. Significant factors that can affect the annual effective tax rate include management’s assessment of certain tax matters, the location and amount of taxable earnings, changes in certain non-deductible expenses and expected credits. An entity may only recognize or continue to recognize tax positions that meet a "more likely than not" threshold. In the ordinary course of business, there is inherent uncertainty in quantifying income tax positions. The Company assesses its income tax positions and records tax benefits for all years subject to examination based on management's evaluation of the facts, circumstances and information available at the reporting date. For those tax positions where it is more likely than not that a tax benefit will be sustained, the Company has recognized the largest amount of tax benefit with a greater than 50% likelihood of being realized upon ultimate settlement with a taxing authority that has full knowledge of all relevant information. For those income tax positions where it is not more likely than not that a tax benefit will be sustained, no tax benefit has been recognized in the Company's financial statements. The Company and its subsidiaries file income tax returns in numerous tax jurisdictions, including U.S. federal, most U.S. states and certain foreign jurisdictions. Although management believes its calculations for its tax returns are correct and the positions taken thereon are reasonable, the final outcome of income tax examinations could be materially different from the resolution management currently anticipates and the estimates that are reflected in the Company’s consolidated financial statements, which could materially affect the Company’s results of operations, cash flows and liquidity in a particular period. To the extent interest and penalties are assessed by taxing authorities, such amounts are accrued and included within income tax expense. |
Income Taxes, Income Tax Uncertainties | An entity may only recognize or continue to recognize tax positions that meet a "more likely than not" threshold. In the ordinary course of business, there is inherent uncertainty in quantifying income tax positions. The Company assesses its income tax positions and records tax benefits for all years subject to examination based on management's evaluation of the facts, circumstances and information available at the reporting date. For those tax positions where it is more likely than not that a tax benefit will be sustained, the Company has recognized the largest amount of tax benefit with a greater than 50% likelihood of being realized upon ultimate settlement with a taxing authority that has full knowledge of all relevant information. For those income tax positions where it is not more likely than not that a tax benefit will be sustained, no tax benefit has been recognized in the Company's financial statements. |
Stock-Based Compensation | Stock-Based Compensation The Company has certain stock-based compensation plans, under which restricted stock awards and restricted stock units (together, “restricted shares”) are available for issuance to eligible participants. Non-cash stock-based compensation expense is included within general and administrative expense in the consolidated statements of operations. Share-based payments, to the extent they are compensatory, are recognized based on their grant date fair values. Forfeitures are recorded as they occur. The Company records a deferred tax asset, or future tax benefit, based on the amount of share-based compensation recognized in the financial statements over the vesting period of share-based awards. The tax effects of differences between the fair value of a share-based award on the date of vesting and the date of grant, also referred to as excess tax benefits or tax deficiencies, are recognized within the provision for income taxes in the period such vestings occur. Grants of restricted shares are valued based on the closing market share price of MasTec’s common stock as reported on the New York Stock Exchange (the “market price”) on the date of grant. Compensation expense arising from restricted shares is recognized on a straight-line basis over the vesting period. Grants of restricted shares have cliff vesting terms, which generally vest over a period of three years. Upon vesting, some of the underlying shares may be sold to cover the required tax withholdings. However, some participants may choose the net share settlement method to cover withholding tax requirements, in which case shares are not issued, but are treated as common stock repurchases in the consolidated financial |
Collective Bargaining Agreements and Multiemployer Plans | Collective Bargaining Agreements and Multiemployer Plans Certain of MasTec’s subsidiaries, including certain subsidiaries in Canada, are party to various collective bargaining agreements with unions representing certain of their employees. These agreements require the subsidiaries party to the agreements to pay specified wages, provide certain benefits to their union employees and contribute certain amounts to multiemployer pension and other multiemployer benefit plans and trusts (“MEPPs”). These contributions are recorded as a component of employee wages and salaries within costs of revenue, excluding depreciation and amortization. Contributions are generally based on fixed amounts per hour per employee for employees covered under these plans. Multiemployer plan contribution rates are determined annually and assessed on a “pay-as-you-go” basis based on union employee payrolls. The Pension Protection Act of 2006, as amended (the “PPA”), requires pension plans that are underfunded to improve their funding ratios within prescribed intervals based on their level of underfunding, under which benefit reductions may apply and/or participating employers could be required to make additional contributions. In addition, if a multiemployer defined benefit plan fails to satisfy certain minimum funding requirements, the Internal Revenue Service (the “IRS”) may impose on the employers contributing to such plans a non-deductible excise tax of 5% of the amount of the accumulated funding deficiency. Union payrolls cannot be determined for future periods because the number of union employees employed at any given time, and the plans in which they may participate, vary depending upon the location and number of ongoing projects at a given time and the need for union resources in connection with those projects. The collective bargaining agreements expire at various times and have typically been renegotiated and renewed on terms similar to the ones contained in the expiring agreements. |
Business Streamlining and Restructuring Activities | Business Streamlining and Restructuring Activities From time to time, the Company may incur costs to streamline its business operations. These streamlining efforts, which are designed to improve profitability, could include eliminating service offerings that no longer fit into the Company’s business plan, certain integration activities for acquired businesses, reducing or eliminating services or operations that do not produce adequate revenue or margins, or reducing costs of business units that need margin improvements. The costs associated with these efforts, which the Company refers to as business streamlining costs, acquisition integration costs, or restructuring charges, can include such items as employee separation costs, lease termination expenses and losses on disposal of excess fixed assets. When these efforts are related to circumstances that are significant, unique in nature and outside of the course of the Company’s normal and periodic business activities, they are referred to as restructuring costs, or, when acquisition-related, as acquisition integration costs. Business streamlining costs, acquisition integration costs, and/or restructuring charges are included within the applicable line items in the consolidated statement of operations based on the nature of the expenses incurred. |
Litigation and Contingencies | Litigation and Contingencies Accruals for litigation and contingencies are reflected in the consolidated financial statements based on management’s assessment, including advice of legal counsel, of the expected outcome of litigation or other dispute resolution proceedings and/or the expected resolution of contingencies. Liabilities for estimated losses are accrued if the potential loss from any claim or legal proceeding is considered probable and the amount can be reasonably estimated. Significant judgment is required in both the determination of probability of loss and the determination as to whether the amount is reasonably estimable. Accruals are based on information available at the time of the assessment due to the uncertain nature of such matters. As additional information becomes available, management reassesses potential liabilities related to pending claims and litigation and may revise its previous estimates, which could materially affect the Company’s results of operations in a given period. |
Comprehensive Income (Loss) | Comprehensive Income (Loss) Comprehensive income or loss is a measure of net income and other changes in equity that result from transactions other than those with shareholders. Comprehensive income or loss and related accumulated comprehensive income or loss balances consist of net income, foreign currency translation adjustments, primarily from fluctuations in foreign currency exchange rates of the Company’s foreign subsidiaries with a functional currency other than the U.S. dollar, unrealized gains and losses from certain investment activities and net income or loss attributable to non-controlling interests. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements See the recent accounting pronouncements discussion below for information pertaining to the effects of recently adopted and other recent accounting pronouncements. Accounting Pronouncements Adopted in 2021 In January 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2020-01, Investments-Equity Securities (Topic 321), Investments-Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815): Clarifying the Interactions between Topic 321, Topic 323, and Topic 815 (“ASU 2020-01”) to clarify the interaction in accounting for equity securities under Topic 321, investments accounted for under the equity method of accounting in Topic 323 and the accounting for certain forward contracts and purchased options accounted for under Topic 815. ASU 2020-01, which the Company adopted during the first quarter of 2021, did not have a material effect on the Company’s consolidated financial statements. In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes (“ASU 2019-12”), which eliminates certain exceptions to the existing guidance for income taxes related to the approach for intra-period tax allocations, the methodology for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences. This ASU also simplifies the accounting for income taxes by clarifying and amending existing guidance related to the effects of enacted changes in tax laws or rates in the effective tax rate computation, the recognition of franchise tax and the evaluation of a step-up in the tax basis of goodwill, among other clarifications. ASU 2019-12, which the Company adopted during the first quarter of 2021, did not have a material effect on the Company’s consolidated financial statements. Other Recent Accounting Pronouncements In October 2021, the FASB issued ASU 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers (“ASU 2021-08”) to improve consistency for revenue recognition in the post-acquisition period for acquired contracts as compared to contracts entered into subsequent to acquisition. ASU 2021-08 requires an acquirer to recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with Topic 606, Revenue from Contracts with Customers, rather than at fair value. ASU 2021-08 is effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2022, with early adoption permitted. The Company is currently evaluating the effect of this ASU. 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 (“LIBOR”) or any other reference rate expected to be discontinued. The guidance in ASU 2020-04 may be implemented over time as reference rate reform activities occur. The Company is currently evaluating the potential effects of this ASU, however, does not expect reference rate reform to have a material effect on its consolidated financial statements as the Company’s credit facility agreement provides for the replacement of LIBOR with an alternative benchmark rate should LIBOR become unavailable. |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share Information | The following table provides details underlying the Company’s earnings per share calculations for the periods indicated (in thousands): For the Years Ended December 31, 2021 2020 2019 Net income attributable to MasTec: Net income - basic and diluted (a) $ 328,831 $ 322,848 $ 392,334 Weighted average shares outstanding: Weighted average shares outstanding - basic 72,499 72,799 75,185 Dilutive common stock equivalents (b) 1,442 916 661 Weighted average shares outstanding - diluted 73,941 73,715 75,846 (a) Calculated as total net income less amounts attributable to non-controlling interests. (b) For the years ended December 31, 2021 and 2020, anti-dilutive common stock equivalents totaled 159,431 and 43,989, respectively. For the year ended December 31, 2019, anti-dilutive common stock equivalents were de minimis. |
Acquisitions, Goodwill and Ot_2
Acquisitions, Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Rollforward of Goodwill by Reportable Segment | The following table provides a reconciliation of changes in goodwill by reportable segment for the periods indicated (in millions): Communications Clean Energy and Infrastructure Oil and Gas Power Delivery Total Goodwill Goodwill, gross, as of December 31, 2019 $ 541.3 $ 152.6 $ 499.1 $ 149.9 $ 1,342.9 Accumulated impairment loss (a) — — (121.5) — (121.5) Goodwill, net, as of December 31, 2019 $ 541.3 $ 152.6 $ 377.6 $ 149.9 $ 1,221.4 Additions from new business combinations 14.9 — — 0.2 15.1 Measurement period adjustments, net (b) 5.9 0.1 0.1 — 6.1 Currency translation adjustments — — 0.4 — 0.4 Goodwill, net, as of December 31, 2020 $ 562.1 $ 152.7 $ 378.1 $ 150.1 $ 1,243.0 Additions from new business combinations 39.3 13.4 47.9 176.7 277.3 Measurement period adjustments, net (b) 0.1 — — — 0.1 Currency translation adjustments — — 0.2 — 0.2 Goodwill, net, as of December 31, 2021 $ 601.5 $ 166.1 $ 426.2 $ 326.8 $ 1,520.6 Accumulated impairment loss (a) — — (124.7) — (124.7) Goodwill, gross, as of December 31, 2021 $ 601.5 $ 166.1 $ 550.9 $ 326.8 $ 1,645.3 (a) Accumulated impairment losses include the effects of currency translation gains and/or losses. (b) Represents adjustments to preliminary estimates of fair value within the measurement period of up to one year from the date of acquisition. |
Schedule of Finite-Lived Intangible Assets | The following table provides a reconciliation of changes in other intangible assets, net, for the periods indicated (in millions): Other Intangible Assets Non-Amortizing Amortizing Trade Names Pre-Qualifications Customer Relationships and Backlog 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 Additions from new business combinations — — 11.0 — 0.1 11.1 Classification changes (b) — (69.8) — 69.8 — — Measurement period adjustments (c) — — (0.2) — — (0.2) Currency translation adjustments — (3.1) — 3.6 — 0.5 Amortization expense (26.7) (10.2) (2.0) (38.9) Other intangible assets, net, as of December 31, 2020 $ 34.5 $ — $ 79.4 $ 63.2 $ 6.9 $ 184.0 Additions from new business combinations — — 465.0 — 98.1 563.1 Currency translation adjustments — — — 0.4 — 0.4 Amortization expense (59.3) (11.1) (6.8) (77.2) Other intangible assets, net, as of December 31, 2021 $ 34.5 $ — $ 485.1 $ 52.5 $ 98.2 $ 670.3 Remaining weighted average amortization, in years 14 10 16 14 (a) Consists principally of trademarks, trade names and non-compete agreements. (b) In the first quarter of 2020, based on changes in the assets’ characteristics, the Company changed the classification of its non-amortizing pre-qualification intangible assets from indefinite-lived to finite-lived and began amortizing them on an accelerated basis. At the time of the reclassification, 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. |
Schedule of Expected Future Amortization Expense | Expected future amortization expense as of December 31, 2021 is summarized in the following table (in millions): Amortization Expense 2022 $ 95.8 2023 84.5 2024 74.6 2025 64.5 2026 55.2 Thereafter 261.2 Total $ 635.8 |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The following table summarizes the estimated fair values of consideration paid and net assets acquired for the 2021 acquisitions, as adjusted (in millions): Acquisition consideration (a) : HMG All other Total Cash, net of cash acquired $ 416.9 $ 867.1 $ 1,284.0 Shares transferred 181.7 — 181.7 Estimated fair value of contingent consideration — 101.6 101.6 Total consideration transferred $ 598.6 $ 968.7 $ 1,567.3 Identifiable assets acquired and liabilities assumed: Accounts receivable and contract assets $ 414.3 $ 269.4 $ 683.7 Current assets 14.6 27.6 42.2 Property and equipment 247.0 251.1 498.1 Long-term assets, primarily operating lease right-of-use assets 85.1 85.8 170.9 Amortizing intangible assets 112.0 451.1 563.1 Accounts payable (125.4) (49.3) (174.7) Current liabilities, including current portion of operating lease liabilities (132.2) (136.8) (269.0) Long-term debt, including finance lease obligations — (5.1) (5.1) Long-term liabilities, primarily operating lease liabilities and deferred income taxes (137.6) (78.1) (215.7) Total identifiable net assets $ 477.8 $ 815.7 $ 1,293.5 Goodwill 120.8 156.5 277.3 Total net assets acquired, including goodwill $ 598.6 $ 972.2 $ 1,570.8 Bargain purchase gain — (3.5) (3.5) Total consideration transferred $ 598.6 $ 968.7 $ 1,567.3 (a) Acquisition consideration includes $40 million of amounts due to former owners, which amounts are reflected within other current liabilities on the consolidated balance sheet as of December 31, 2021. |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Schedule of Summarized Financial Information of Equity Method Investments | The following presents summarized information for the entities that comprise the Company’s significant equity method investments (in millions): December 31, 2021 2020 Current assets $ 209.5 $ 160.3 Long-term assets 1,431.4 1,395.4 Total assets $ 1,640.9 $ 1,555.7 Current liabilities $ 89.2 $ 56.0 Long-term liabilities 951.1 1,024.5 Total liabilities $ 1,040.3 $ 1,080.5 For the Years Ended December 31, 2021 2020 2019 Revenue $ 422.7 $ 169.2 $ 152.4 Net income $ 107.1 $ 94.7 $ 82.8 |
Accounts Receivable, Net of A_2
Accounts Receivable, Net of Allowance, and Contract Assets and Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Receivables [Abstract] | |
Schedule of Accounts Receivable, Net of Allowance, and Contract Assets | The following table provides details of accounts receivable, net of allowance, and contract assets (together “accounts receivable, net”) as of the dates indicated (in millions): December 31, 2021 2020 Contract billings $ 1,027.1 $ 805.0 Less allowance (7.8) (20.5) Accounts receivable, net of allowance $ 1,019.3 $ 784.5 Retainage $ 296.8 $ 287.7 Unbilled receivables 931.1 682.0 Contract assets $ 1,227.9 $ 969.7 |
Property and Equipment, Net (Ta
Property and Equipment, Net (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property and Equipment, Net | The following table provides details of property and equipment, net, including property and equipment held under finance leases as of the dates indicated (in millions): December 31, 2021 2020 Estimated Useful Lives (in years) Land $ 40.0 $ 6.0 Buildings and leasehold improvements 94.1 40.5 3 - 40 Machinery and equipment 2,411.0 1,875.5 2 - 20 Office furniture and equipment 262.6 221.6 3 - 7 Construction in progress 32.7 26.1 Total property and equipment $ 2,840.4 $ 2,169.7 Less accumulated depreciation and amortization (1,404.3) (1,187.4) Property and equipment, net $ 1,436.1 $ 982.3 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
Schedule of Carrying Values of Debt | The following table provides details of the carrying values of debt as of the dates indicated (in millions): December 31, Description Maturity Date 2021 2020 Senior credit facility: November 1, 2026 Revolving loans $ 772.3 $ 32.7 Term loan 350.0 397.5 4.50% Senior Notes August 15, 2028 600.0 600.0 Finance lease and other obligations 310.3 288.5 Total debt obligations $ 2,032.6 $ 1,318.7 Less unamortized deferred financing costs (18.5) (16.0) Total debt, net of deferred financing costs $ 2,014.1 $ 1,302.7 Current portion of long-term debt 137.9 145.1 Long-term debt $ 1,876.2 $ 1,157.6 |
Schedule of Contractual Maturities of Debt and Finance Lease Obligations | Contractual maturities of MasTec’s debt, which includes finance lease obligations, as of December 31, 2021 were as follows (in millions): 2022 $ 137.9 2023 96.9 2024 57.6 2025 36.9 2026 1,103.3 Thereafter 600.0 Total $ 2,032.6 |
Lease Obligations (Tables)
Lease Obligations (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Leases [Abstract] | |
Schedule of Future Minimum Lease Commitments, Finance Leases | Future minimum lease commitments as of December 31, 2021 were as follows (in millions): Finance Operating Leases 2022 $ 143.4 $ 104.6 2023 90.1 65.5 2024 50.0 49.6 2025 19.6 32.5 2026 1.5 18.2 Thereafter — 17.1 Total minimum lease payments $ 304.6 $ 287.5 Less amounts representing interest (11.6) (15.7) Total lease obligations, net of interest $ 293.0 $ 271.8 Less current portion 135.8 95.4 Long-term portion of lease obligations, net of interest $ 157.2 $ 176.4 |
Schedule of Future Minimum Lease Commitments, Operating Leases | Future minimum lease commitments as of December 31, 2021 were as follows (in millions): Finance Operating Leases 2022 $ 143.4 $ 104.6 2023 90.1 65.5 2024 50.0 49.6 2025 19.6 32.5 2026 1.5 18.2 Thereafter — 17.1 Total minimum lease payments $ 304.6 $ 287.5 Less amounts representing interest (11.6) (15.7) Total lease obligations, net of interest $ 293.0 $ 271.8 Less current portion 135.8 95.4 Long-term portion of lease obligations, net of interest $ 157.2 $ 176.4 |
Stock-Based Compensation and _2
Stock-Based Compensation and Other Employee Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
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 1,246,583 30.77 Vested (372,445) 39.88 Canceled/forfeited (250,390) 57.95 Non-vested restricted shares, as of December 31, 2020 1,845,341 $ 34.90 Granted 338,446 89.20 Vested (403,538) 42.32 Canceled/forfeited (31,564) 32.96 Non-vested restricted shares, as of December 31, 2021 1,748,685 $ 43.73 (a) Includes 1,300 and 2,300 restricted stock units as of December 31, 2021 and 2020, respectively. There were no restricted stock units as of December 31, 2019 . |
Other Retirement Plans (Tables)
Other Retirement Plans (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Retirement Benefits [Abstract] | |
Schedule of Multiemployer Pension Plans | Details of significant multiemployer pension plans as of and for the periods indicated, based upon information available to the Company from plan administrators as well as publicly available information on the U.S. Department of Labor website, are provided in the following table: Contributions Pension Protection Act Zone Status Multiemployer Pension Plan Employer Identification Number Plan Number 2021 2020 2019 Expiration Date of CBA 2021 As of 2020 As of FIP/RP Status Surcharge National Electrical Benefit Fund 530181657 001 $ 5.9 $ 1.6 $ 1.2 Varies through 5/31/2026 Green 12/31/2020 Green 12/31/2019 NA No IBEW Local 1249 Pension Plan 156035161 001 1.4 3.7 3.2 5/4/2025 Green 12/31/2020 Green 12/31/2019 NA No Local Union 9 IBEW and Outside Contractors Pension Fund 516077720 001 4.7 0.0 0.0 5/31/2025 Green 10/31/2020 (a) Green 10/31/2019 (a) NA No Central Pension Fund of the IUOE & Participating Employers 366052390 001 27.4 5.6 12.6 Varies through 5/31/2027 Green 1/31/2021 Green 1/31/2020 NA No Laborers' District Council of Western Pennsylvania Pension Fund 256135576 001 3.1 1.8 1.9 5/31/2023 Yellow 12/31/2020 Yellow 12/31/2019 Implemented No Central Laborers' Pension Fund 376052379 001 1.3 0.8 1.3 Varies through 5/31/2023 Yellow 12/31/2020 (b) Yellow 12/31/2019 (b) Implemented No Pipeline Industry Pension Fund 736146433 001 10.9 2.6 9.6 5/31/2023 Green 12/31/2020 Green 12/31/2019 (a) NA No Laborers' National Pension Fund 751280827 001 3.8 0.8 3.0 Varies through 5/31/2023 Red 12/31/2020 Red 12/31/2019 Implemented No Teamsters National Pipeline Pension Fund 461102851 001 6.2 1.8 4.5 5/31/2023 Green 12/31/2020 (a) Green 12/31/2019 (a) NA No Michigan Laborers' Pension Plan 386233976 001 1.6 0.4 1.1 5/31/2023 Yellow 8/31/2021 Yellow 8/31/2020 (b) Implemented No West Virginia Laborers' Pension Trust Fund 556026775 001 2.5 1.4 4.9 5/31/2023 Green 3/31/2021 (a) Green 3/31/2020 (a) NA No Minnesota Laborers' Pension Fund 416159599 001 5.1 0.8 0.8 5/31/2023 Green 12/31/2020 Green 12/31/2019 NA No International Union of Operating Engineers Local 132 Pension Fund 556015364 001 1.4 1.2 5.0 5/31/2023 Green 3/31/2021 (a) Green 3/31/2020 (a) NA No Employer- Teamsters Local Nos. 175 & 505 Pension Trust Fund 556021850 001 0.6 0.6 1.7 5/31/2023 Red 12/31/2020 (a), (b) Red 12/31/2019 (a), (b) Implemented No Minnesota Teamsters Construction Division Pension Fund 416187751 001 3.1 0.2 0.0 5/31/2023 Green 11/30/2020 Green 11/30/2019 NA No Other funds 15.0 6.7 16.1 Total multiemployer pension plan contributions $ 94.0 $ 30.0 $ 66.9 (a) The Company’s contributions to this plan represent greater than 5% of the plan’s total contributions. (b) This plan has utilized extended amortization provisions, which provide plans with extensions of time to amortize pension funding shortfalls. |
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) For the Years Ended December 31: Low High Pension Other Multiemployer Total 2021 2,412 6,979 $ 94.0 $ 34.1 $ 128.1 2020 1,119 2,412 $ 30.0 $ 7.5 $ 37.5 2019 1,119 5,349 $ 66.9 $ 5.7 $ 72.6 |
Equity (Tables)
Equity (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Accumulated Other Comprehensive Loss | |
Rollforward of Accumulated Other Comprehensive Loss | A rollforward of activity within accumulated other comprehensive income (loss) for the periods indicated was as follows (in thousands): For the Years Ended December 31, 2021 2020 2019 Foreign Currency Other Total Foreign Currency Other Total Foreign Currency Other Total Balance as of January 1 $ (64,272) $ (27,172) $ (91,444) $ (65,685) $ (10,021) $ (75,706) $ (65,496) $ 5,002 $ (60,494) Unrealized gains (losses), net of tax 258 12,410 12,668 1,413 (17,151) (15,738) (189) (15,023) (15,212) Balance as of December 31 $ (64,014) $ (14,762) $ (78,776) $ (64,272) $ (27,172) $ (91,444) $ (65,685) $ (10,021) $ (75,706) |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income before Income Taxes | The components of income before income taxes for the periods indicated were as follows (in millions): For the Years Ended December 31, 2021 2020 2019 Domestic $ 414.1 $ 435.9 $ 452.2 Foreign 16.0 (10.7) 58.7 Total $ 430.1 $ 425.2 $ 510.9 |
Schedule of Provision for Income Taxes | The provision for income taxes for the periods indicated were as follows (in millions): For the Years Ended December 31, 2021 2020 2019 Current: Federal $ 36.9 $ 70.6 $ 77.4 Foreign 1.5 2.1 6.2 State and local 9.0 22.6 15.6 $ 47.4 $ 95.3 $ 99.2 Deferred: Federal $ 37.0 $ 14.8 $ 22.4 Foreign (0.1) (9.8) (2.8) State and local 15.0 2.2 (2.0) $ 51.9 $ 7.2 $ 17.6 Provision for income taxes $ 99.3 $ 102.5 $ 116.8 |
Schedule of Deferred Tax Assets and Liabilities | The tax effects of significant items comprising the Company’s net deferred tax liability as of the dates indicated were as follows (in millions): December 31, 2021 2020 Deferred tax assets: Accrued insurance $ 42.2 $ 31.1 Operating loss carryforwards and tax credits 80.7 82.1 Compensation and benefits 36.1 32.8 Bad debt 1.6 3.7 Other 15.4 12.3 Valuation allowance (54.2) (45.8) Total deferred tax assets $ 121.8 $ 116.2 Deferred tax liabilities: Property and equipment $ 310.1 $ 205.0 Goodwill 77.9 58.7 Other intangible assets 58.7 30.7 Gain on remeasurement of equity investee 7.2 7.0 Revenue recognition 1.6 22.4 Investments in unconsolidated entities 99.7 79.8 Other 17.0 15.5 Total deferred tax liabilities $ 572.2 $ 419.1 Net deferred tax liabilities $ (450.4) $ (302.9) |
Schedule of Effective Tax Rate Reconciliation | A reconciliation of the U.S. statutory federal income tax rate related to pretax income to the effective tax rate for the periods indicated is as follows: For the Years Ended December 31, 2021 2020 2019 U.S. statutory federal rate applied to pretax income 21.0 % 21.0 % 21.0 % State and local income taxes, net of federal benefit 4.3 4.3 3.2 Foreign tax rate differential 0.1 (0.2) 0.2 Non-deductible expenses 0.3 1.5 1.7 Goodwill and intangible assets 0.4 (0.2) (0.5) Change in tax rate 1.6 0.6 (1.5) Other 0.8 (0.6) (1.0) Tax credits (4.8) (1.2) (0.6) Stock basis adjustment (0.9) 0.0 (1.8) Valuation allowance for deferred tax assets 0.3 (1.1) 2.2 Effective income tax rate 23.1 % 24.1 % 22.9 % |
Rollforward of Uncertain Tax Positions | A reconciliation of the beginning and ending amount of uncertain tax positions including interest and penalties is as follows (in millions): For the Years Ended December 31, 2021 2020 2019 Beginning balance $ 18.4 $ 13.5 $ 9.4 Additions based on tax positions related to the current year 4.4 1.5 3.7 Additions for tax positions of prior years 6.8 3.4 0.7 Reductions for tax positions of prior years — — (0.3) Settlements (5.1) — — Lapse of statute of limitations (0.8) — — Ending balance $ 23.7 $ 18.4 $ 13.5 |
Segments and Related Informat_2
Segments and Related Information (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Segment Reporting [Abstract] | |
Schedule of Financial Information by Reportable Segment | Summarized financial information for MasTec’s reportable segments is presented and reconciled to consolidated financial information for total MasTec in the following tables, including a reconciliation of consolidated income before income taxes to EBITDA, all of which are presented in millions. The tables below may contain slight summation differences due to rounding. For the Years Ended December 31, Revenue: 2021 2020 2019 Communications (a) $ 2,551.1 $ 2,512.2 $ 2,618.8 Clean Energy and Infrastructure 1,865.0 1,526.9 1,034.3 Oil and Gas 2,540.5 1,789.8 3,117.2 Power Delivery 1,016.8 506.5 413.9 Other 0.0 0.6 0.2 Eliminations (21.6) (15.0) (1.2) Consolidated revenue $ 7,951.8 $ 6,321.0 $ 7,183.2 (a) Revenue generated primarily by utilities customers represented 20.8%, 15.6% and 15.0% of Communications segment revenue for the years ended December 31, 2021, 2020 and 2019, respectively. For the Years Ended December 31, EBITDA: 2021 2020 2019 Communications $ 269.5 $ 270.1 $ 208.8 Clean Energy and Infrastructure 75.0 80.4 40.1 Oil and Gas 557.6 510.9 634.2 Power Delivery 68.0 14.9 29.5 Other 33.8 30.7 26.5 Corporate (97.5) (124.5) (115.7) Consolidated EBITDA $ 906.3 $ 782.5 $ 823.4 For the Years Ended December 31, Depreciation and Amortization: 2021 2020 2019 Communications $ 99.3 $ 87.1 $ 65.0 Clean Energy and Infrastructure 43.5 18.2 14.1 Oil and Gas 207.8 156.6 127.2 Power Delivery 61.5 24.7 20.0 Other 0.0 0.1 0.1 Corporate 10.7 11.1 9.1 Consolidated depreciation and amortization $ 422.8 $ 297.8 $ 235.5 As of December 31, Assets: 2021 2020 2019 Communications $ 2,031.5 $ 1,941.9 $ 1,958.1 Clean Energy and Infrastructure 1,067.0 653.7 570.5 Oil and Gas 1,450.6 1,631.1 1,762.4 Power Delivery 2,209.4 541.6 463.9 Other 238.1 191.8 192.2 Corporate 124.8 267.8 49.9 Consolidated segment assets $ 7,121.4 $ 5,227.8 $ 4,997.0 For the Years Ended December 31, Capital Expenditures: 2021 2020 2019 Communications $ 50.6 $ 38.4 $ 36.0 Clean Energy and Infrastructure 44.6 14.0 12.7 Oil and Gas 55.7 149.2 59.7 Power Delivery 13.0 3.8 6.8 Other 0.0 0.0 0.0 Corporate 6.2 8.3 11.3 Consolidated capital expenditures $ 170.1 $ 213.7 $ 126.5 |
Reconciliation of Consolidated Income before Income Taxes to EBITDA | For the Years Ended December 31, EBITDA Reconciliation: 2021 2020 2019 Income before income taxes $ 430.1 $ 425.2 $ 510.9 Plus: Interest expense, net 53.4 59.6 77.0 Depreciation 345.6 258.8 212.5 Amortization 77.2 38.9 23.0 Consolidated EBITDA $ 906.3 $ 782.5 $ 823.4 |
Schedule of Significant Customers, Revenue Concentration Information | Revenue concentration information for significant customers as a percentage of total consolidated revenue was as follows: For the Years Ended December 31, 2021 2020 2019 Customer: Enbridge, Inc. (a) 16% 4% —% AT&T (excluding DIRECTV ® ) (b) 9% 15% 15% Equitrans Midstream Corporation (c) 4% 3% 11% (a) The Company’s relationship with Enbridge, Inc. is based upon various construction contracts for pipeline activities, for which the related revenue is included within the Oil and Gas segment. (b) The Company’s relationship with AT&T is based upon multiple separate master service and other service agreements, including for installation and maintenance services, as well as construction/installation contracts for AT&T’s: (i) wireless; (ii) wireline/fiber; and (iii) other installation services, including smart city initiatives. Revenue from AT&T is included within the Communications segment. DIRECTV ® was spun off from AT&T in July 2021. Revenue from DIRECTV ® is excluded from AT&T for all periods presented. (c) The Company's relationship with Equitrans Midstream Corporation and its affiliates is based upon various construction contracts for pipeline activities, for which the related revenue is included within the Oil and Gas segment. |
Business, Basis of Presentati_3
Business, Basis of Presentation and Significant Accounting Policies - Additional Information (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021USD ($)segment | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
Business, Basis Of Presentation And Significant Accounting Policies [Line Items] | |||
Number of reportable segments | segment | 5 | ||
Accrued payroll taxes | $ 42,000 | $ 59,000 | |
Valuation allowances for inventory | 11,100 | 8,500 | |
Cash held by proportionately consolidated entities | 360,736 | 423,118 | |
Financing costs incurred | 6,000 | 8,900 | $ 5,500 |
Amortization of deferred financing costs | 3,200 | 3,000 | 2,900 |
Deferred financing costs, net of accumulated amortization | 18,500 | 16,000 | |
Gain (loss) on sale of property and equipment | 35,600 | 16,200 | 13,100 |
2021 Acquisitions | |||
Business, Basis Of Presentation And Significant Accounting Policies [Line Items] | |||
Accrued payroll taxes | 13,000 | ||
Acquisition costs | $ 7,000 | 2,000 | $ 1,000 |
4.875% Senior Notes | Senior Notes | |||
Business, Basis Of Presentation And Significant Accounting Policies [Line Items] | |||
Debt instrument, interest rate (percentage) | 4.875% | ||
Write off of deferred debt issuance cost | 2,300 | ||
Self-Insurance | Workers' Compensation Policy | |||
Business, Basis Of Presentation And Significant Accounting Policies [Line Items] | |||
Per claim deductible, insurance policies | $ 2,000 | ||
Self-Insurance | General Liability Policy | |||
Business, Basis Of Presentation And Significant Accounting Policies [Line Items] | |||
Per claim deductible, insurance policies | 5,000 | ||
Self-Insurance | Property Insurance Policy | Automobile Liability | |||
Business, Basis Of Presentation And Significant Accounting Policies [Line Items] | |||
Per claim deductible, insurance policies | 10,000 | ||
Self-Insurance | Employee Group Medical Claims Policy | |||
Business, Basis Of Presentation And Significant Accounting Policies [Line Items] | |||
Loss contingency, maximum loss per employee | 600 | ||
Proportionately Consolidated Non-Controlled Joint Venture | |||
Business, Basis Of Presentation And Significant Accounting Policies [Line Items] | |||
Cash held by proportionately consolidated entities | $ 14,600 | $ 8,200 | |
Maximum | |||
Business, Basis Of Presentation And Significant Accounting Policies [Line Items] | |||
Lease, term of contract | 10 years | ||
Maximum | Equipment Leases | |||
Business, Basis Of Presentation And Significant Accounting Policies [Line Items] | |||
Lease, renewal term | 5 years | ||
Maximum | Facility Leases | |||
Business, Basis Of Presentation And Significant Accounting Policies [Line Items] | |||
Lease, renewal term | 5 years | ||
Minimum | Equipment Leases | |||
Business, Basis Of Presentation And Significant Accounting Policies [Line Items] | |||
Lease, renewal term | 1 year | ||
Minimum | Facility Leases | |||
Business, Basis Of Presentation And Significant Accounting Policies [Line Items] | |||
Lease, renewal term | 1 year |
Business, Basis of Presentati_4
Business, Basis of Presentation and Significant Accounting Policies - Revenue Recognition (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Revenue [Line Items] | |||
Revenue recognition, performance obligations satisfied in previous periods, revenue recognized | $ 41.1 | $ 13.5 | $ 58.3 |
Revenue recognition, remaining performance obligations, contract price allocated | 4,900 | ||
Contract with customer, unapproved change orders and/or claims, amount (in dollars) | $ 104 | 51 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01 | |||
Revenue [Line Items] | |||
Revenue recognition, remaining performance obligations, completion period (in years) | 1 year | ||
Revenue recognition, remaining performance obligations, contract price allocated | $ 3,900 | ||
Mobilization Costs | |||
Revenue [Line Items] | |||
Capitalized mobilization costs, net | $ 1.4 | $ 5.5 | |
Maximum | |||
Revenue [Line Items] | |||
Revenue recognition, changes in contract estimates, cost-to-cost method, financial effect, percentage | 5.00% | 5.00% | 5.00% |
Change order or claim approval process, term within which expected to be completed (in years) | 1 year | ||
Revenue Benchmark | Concentration Risk from Type of Arrangement | Master Service and Other Service Agreements | |||
Revenue [Line Items] | |||
Concentration risk, percentage of total | 38.00% | 36.00% | 36.00% |
Revenue Benchmark | Concentration Risk from Type of Arrangement | Master Service and Other Service Agreements | Point in Time | |||
Revenue [Line Items] | |||
Concentration risk, percentage of total | 4.00% | 5.00% | 5.00% |
Business, Basis of Presentati_5
Business, Basis of Presentation and Significant Accounting Policies - Goodwill and Indefinite-Lived Intangible Assets (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021USD ($)yrreportingUnit | Dec. 31, 2020USD ($)yrreportingUnit | Dec. 31, 2019USD ($)reportingUnit | |
Goodwill and Indefinite-Lived Intangible Assets [Line Items] | |||
Intangible asset, pre-tax impairment charge | $ 3,300 | ||
Goodwill | $ 1,520,575 | $ 1,243,034 | 1,221,400 |
Pre-Qualifications | |||
Goodwill and Indefinite-Lived Intangible Assets [Line Items] | |||
Intangible asset, pre-tax impairment charge | 3,300 | ||
Terminal Growth Rate | Minimum | |||
Goodwill and Indefinite-Lived Intangible Assets [Line Items] | |||
Goodwill impairment testing, measurement input | 0.025 | 0.025 | |
Terminal Growth Rate | Maximum | |||
Goodwill and Indefinite-Lived Intangible Assets [Line Items] | |||
Goodwill impairment testing, measurement input | 0.030 | ||
Number of Years of Discounted Cash Flows | Minimum | |||
Goodwill and Indefinite-Lived Intangible Assets [Line Items] | |||
Goodwill impairment testing, measurement input | yr | 5 | 5 | |
Number of Years of Discounted Cash Flows | Maximum | |||
Goodwill and Indefinite-Lived Intangible Assets [Line Items] | |||
Goodwill impairment testing, measurement input | yr | 9 | 9 | |
Discount Rate | Minimum | |||
Goodwill and Indefinite-Lived Intangible Assets [Line Items] | |||
Goodwill impairment testing, measurement input | 0.105 | 0.130 | |
Discount Rate | Maximum | |||
Goodwill and Indefinite-Lived Intangible Assets [Line Items] | |||
Goodwill impairment testing, measurement input | 0.150 | 0.150 | |
Goodwill | |||
Goodwill and Indefinite-Lived Intangible Assets [Line Items] | |||
Discount rate sensitivity analysis, spread on discount rate for which evaluation was completed (percentage) | 1.00% | 1.00% | |
Clean Energy and Infrastructure | |||
Goodwill and Indefinite-Lived Intangible Assets [Line Items] | |||
Goodwill impairment testing, number of reporting units | reportingUnit | 1 | ||
Goodwill | $ 166,100 | $ 152,700 | 152,600 |
Power Delivery | |||
Goodwill and Indefinite-Lived Intangible Assets [Line Items] | |||
Goodwill | $ 326,800 | $ 150,100 | $ 149,900 |
Communications | |||
Goodwill and Indefinite-Lived Intangible Assets [Line Items] | |||
Goodwill impairment testing, number of reporting units | reportingUnit | 3 | 1 | 1 |
Goodwill | $ 601,500 | $ 562,100 | $ 541,300 |
Oil and Gas | |||
Goodwill and Indefinite-Lived Intangible Assets [Line Items] | |||
Goodwill impairment testing, number of reporting units | reportingUnit | 4 | 3 | 3 |
Goodwill | $ 426,200 | $ 378,100 | $ 377,600 |
Oil and Gas | Reporting Unit A, Quantitative Testing | |||
Goodwill and Indefinite-Lived Intangible Assets [Line Items] | |||
Goodwill impairment testing, number of reporting units | reportingUnit | 1 | ||
Oil and Gas | Reporting Unit B, Quantitative Testing | |||
Goodwill and Indefinite-Lived Intangible Assets [Line Items] | |||
Goodwill | $ 15,000 | ||
Goodwill impairment testing, reporting unit, percentage of estimated fair value in excess of carrying value | 15.00% |
Business, Basis of Presentati_6
Business, Basis of Presentation and Significant Accounting Policies - Stock-Based Compensation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation, shares withheld (in shares) | 63,054 | 11,667 | |
Stock-based compensation, payments for employee tax obligations to taxing authorities (in dollars) | $ 6,024 | $ 636 | $ 45 |
Restricted Shares | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation, vesting period (in years) | 3 years | ||
Employee Stock Purchase Plans | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation, purchase price of common stock, percentage | 85.00% |
Earnings Per Share - Schedule o
Earnings Per Share - Schedule of Earnings Per Share Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Net income attributable to MasTec: | |||
Net income - basic | $ 328,831 | $ 322,848 | $ 392,334 |
Net income - diluted | $ 328,831 | $ 322,848 | $ 392,334 |
Weighted average shares outstanding: | |||
Weighted average shares outstanding - basic (in shares) | 72,499,000 | 72,799,000 | 75,185,000 |
Dilutive common stock equivalents (in shares) | 1,442,000 | 916,000 | 661,000 |
Weighted average shares outstanding - diluted (in shares) | 73,941,000 | 73,715,000 | 75,846,000 |
Anti-dilutive common stock (in shares) | 159,431 | 43,989 |
Earnings Per Share - Narrative
Earnings Per Share - Narrative (Details) - shares | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Business Combinations [Line Items] | ||
Treasury stock acquired (in shares) | 0 | 3,600,000 |
Effect of share repurchases, decrease in weighted average shares outstanding (in shares) | 700,000 | 2,900,000 |
HMG | ||
Business Combinations [Line Items] | ||
Business acquisition, number of shares issued (in shares) | 2,000,000 |
Acquisitions, Goodwill and Ot_3
Acquisitions, Goodwill and Other Intangible Assets - Rollforward of Goodwill by Segment (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Goodwill [Line Items] | |||
Goodwill, gross | $ 1,645,300 | $ 1,342,900 | |
Accumulated impairment loss | (124,700) | (121,500) | |
Goodwill, net | 1,520,575 | $ 1,243,034 | 1,221,400 |
Goodwill [Roll Forward] | |||
Goodwill, net, beginning balance | 1,243,034 | 1,221,400 | |
Additions from new business combinations | 277,300 | 15,100 | |
Measurement period adjustments, net | 100 | 6,100 | |
Currency translation adjustments | 200 | 400 | |
Goodwill, net, ending balance | 1,520,575 | 1,243,034 | 1,221,400 |
Communications | |||
Goodwill [Line Items] | |||
Goodwill, gross | 601,500 | 541,300 | |
Accumulated impairment loss | 0 | 0 | |
Goodwill, net | 601,500 | 562,100 | 541,300 |
Goodwill [Roll Forward] | |||
Goodwill, net, beginning balance | 562,100 | 541,300 | |
Additions from new business combinations | 39,300 | 14,900 | |
Measurement period adjustments, net | 100 | 5,900 | |
Currency translation adjustments | 0 | 0 | |
Goodwill, net, ending balance | 601,500 | 562,100 | 541,300 |
Clean Energy and Infrastructure | |||
Goodwill [Line Items] | |||
Goodwill, gross | 166,100 | 152,600 | |
Accumulated impairment loss | 0 | 0 | |
Goodwill, net | 166,100 | 152,700 | 152,600 |
Goodwill [Roll Forward] | |||
Goodwill, net, beginning balance | 152,700 | 152,600 | |
Additions from new business combinations | 13,400 | 0 | |
Measurement period adjustments, net | 0 | 100 | |
Currency translation adjustments | 0 | 0 | |
Goodwill, net, ending balance | 166,100 | 152,700 | 152,600 |
Oil and Gas | |||
Goodwill [Line Items] | |||
Goodwill, gross | 550,900 | 499,100 | |
Accumulated impairment loss | (124,700) | (121,500) | |
Goodwill, net | 426,200 | 378,100 | 377,600 |
Goodwill [Roll Forward] | |||
Goodwill, net, beginning balance | 378,100 | 377,600 | |
Additions from new business combinations | 47,900 | 0 | |
Measurement period adjustments, net | 0 | 100 | |
Currency translation adjustments | 200 | 400 | |
Goodwill, net, ending balance | 426,200 | 378,100 | 377,600 |
Power Delivery | |||
Goodwill [Line Items] | |||
Goodwill, gross | 326,800 | 149,900 | |
Accumulated impairment loss | 0 | 0 | |
Goodwill, net | 326,800 | 150,100 | 149,900 |
Goodwill [Roll Forward] | |||
Goodwill, net, beginning balance | 150,100 | 149,900 | |
Additions from new business combinations | 176,700 | 200 | |
Measurement period adjustments, net | 0 | 0 | |
Currency translation adjustments | 0 | 0 | |
Goodwill, net, ending balance | $ 326,800 | $ 150,100 | $ 149,900 |
Acquisitions, Goodwill and Ot_4
Acquisitions, Goodwill and Other Intangible Assets - Rollforward of Other Intangible Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Jan. 01, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Other Intangible Assets [Line Items] | |||||
Other intangible assets, gross | $ 420,200 | ||||
Accumulated amortization | (208,700) | ||||
Other Intangible Assets [Roll Forward] | |||||
Other intangible assets, net, beginning balance | $ 211,500 | $ 184,043 | $ 211,500 | ||
Additions from new business combinations | 563,100 | 11,100 | |||
Classification changes | 0 | ||||
Measurement period adjustments | (200) | ||||
Currency translation adjustments | 400 | 500 | |||
Amortization expense | (77,200) | (38,900) | |||
Other intangible assets, net, amortizing, ending balance | 635,800 | ||||
Other intangible assets, net, ending balance | $ 184,043 | 670,280 | 184,043 | ||
Weighted Average | |||||
Other Intangible Assets [Roll Forward] | |||||
Remaining weighted average amortization period (in years) | 14 years | ||||
Customer Relationships and Backlog | |||||
Other Intangible Assets [Line Items] | |||||
Other intangible assets, amortizing, gross | 286,500 | ||||
Accumulated amortization | (191,200) | ||||
Other Intangible Assets [Roll Forward] | |||||
Other intangible assets, net, amortizing, beginning balance | 95,300 | 79,400 | 95,300 | ||
Additions from new business combinations, amortizing intangible assets | 465,000 | 11,000 | |||
Classification changes, amortizing intangible assets | 0 | ||||
Measurement period adjustments, amortizing intangible assets | (200) | ||||
Currency translation adjustments, amortizing intangible assets | 0 | 0 | |||
Amortization expense | (59,300) | (26,700) | |||
Other intangible assets, net, amortizing, ending balance | $ 79,400 | 485,100 | 79,400 | ||
Customer Relationships and Backlog | Weighted Average | |||||
Other Intangible Assets [Roll Forward] | |||||
Remaining weighted average amortization period (in years) | 14 years | ||||
Pre-Qualifications | |||||
Other Intangible Assets [Line Items] | |||||
Other intangible assets, amortizing, gross | 0 | ||||
Accumulated amortization | 0 | ||||
Other Intangible Assets [Roll Forward] | |||||
Other intangible assets, net, amortizing, beginning balance | $ 0 | 63,200 | 0 | ||
Additions from new business combinations, amortizing intangible assets | 0 | 0 | |||
Classification changes, amortizing intangible assets | 69,800 | ||||
Measurement period adjustments, amortizing intangible assets | 0 | ||||
Currency translation adjustments, amortizing intangible assets | 400 | 3,600 | |||
Amortization expense | (11,100) | (10,200) | |||
Other intangible assets, net, amortizing, ending balance | $ 63,200 | 52,500 | 63,200 | ||
Pre-Qualifications | Weighted Average | |||||
Other Intangible Assets [Roll Forward] | |||||
Remaining weighted average amortization period (in years) | 10 years | 12 years | |||
Other | |||||
Other Intangible Assets [Line Items] | |||||
Other intangible assets, amortizing, gross | 26,300 | ||||
Accumulated amortization | (17,500) | ||||
Other Intangible Assets [Roll Forward] | |||||
Other intangible assets, net, amortizing, beginning balance | $ 8,800 | 6,900 | 8,800 | ||
Additions from new business combinations, amortizing intangible assets | 98,100 | 100 | |||
Classification changes, amortizing intangible assets | 0 | ||||
Measurement period adjustments, amortizing intangible assets | 0 | ||||
Currency translation adjustments, amortizing intangible assets | 0 | 0 | |||
Amortization expense | (6,800) | (2,000) | |||
Other intangible assets, net, amortizing, ending balance | $ 6,900 | 98,200 | 6,900 | ||
Other | Weighted Average | |||||
Other Intangible Assets [Roll Forward] | |||||
Remaining weighted average amortization period (in years) | 16 years | ||||
Trade Names | |||||
Other Intangible Assets [Line Items] | |||||
Other intangible assets, non-amortizing | $ 34,500 | 34,500 | 34,500 | 34,500 | |
Other Intangible Assets [Roll Forward] | |||||
Other intangible assets, non-amortizing, beginning balance | 34,500 | 34,500 | 34,500 | ||
Additions from new business combinations, non-amortizing intangible assets | 0 | 0 | |||
Classification changes, non-amortizing intangible assets | 0 | ||||
Measurement period adjustments, non-amortizing intangible assets | 0 | ||||
Currency translation adjustments, non-amortizing intangible assets | 0 | 0 | |||
Other intangible assets, non-amortizing, ending balance | 34,500 | 34,500 | 34,500 | ||
Pre-Qualifications | |||||
Other Intangible Assets [Line Items] | |||||
Other intangible assets, non-amortizing | 0 | 0 | 0 | $ 72,900 | |
Other Intangible Assets [Roll Forward] | |||||
Other intangible assets, non-amortizing, beginning balance | $ 72,900 | 0 | 72,900 | ||
Additions from new business combinations, non-amortizing intangible assets | 0 | 0 | |||
Classification changes, non-amortizing intangible assets | (69,800) | ||||
Measurement period adjustments, non-amortizing intangible assets | 0 | ||||
Currency translation adjustments, non-amortizing intangible assets | 0 | (3,100) | |||
Other intangible assets, non-amortizing, ending balance | $ 0 | $ 0 | $ 0 |
Acquisitions, Goodwill and Ot_5
Acquisitions, Goodwill and Other Intangible Assets - Schedule of Expected Future Amortization Expense (Details) $ in Millions | Dec. 31, 2021USD ($) |
Amortization Expense | |
2022 | $ 95.8 |
2023 | 84.5 |
2024 | 74.6 |
2025 | 64.5 |
2026 | 55.2 |
Thereafter | 261.2 |
Total | $ 635.8 |
Acquisitions, Goodwill and Ot_6
Acquisitions, Goodwill and Other Intangible Assets - 2021 Acquisitions (Details) $ in Thousands, shares in Millions | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||
May 31, 2021USD ($) | Dec. 31, 2021USD ($)yr | Dec. 31, 2021USD ($)yracquisitionshares | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
Business Combinations [Line Items] | |||||
Goodwill | $ 1,520,575 | $ 1,520,575 | $ 1,243,034 | $ 1,221,400 | |
Cash, net of cash acquired | 1,244,603 | 24,971 | 179,481 | ||
Power Delivery | |||||
Business Combinations [Line Items] | |||||
Goodwill | 326,800 | $ 326,800 | $ 150,100 | $ 149,900 | |
2021 Acquisitions | |||||
Business Combinations [Line Items] | |||||
Business combinations, number of acquisitions | acquisition | 14 | ||||
Amortizing intangible assets | 563,100 | $ 563,100 | |||
Goodwill | 277,300 | 277,300 | |||
Business combinations, goodwill, expected tax deductible amount | 125,000 | 125,000 | |||
Bargain purchase gain | 3,500 | ||||
Total consideration transferred | 1,567,300 | ||||
Shares transferred | 181,700 | ||||
Business combinations, contingent consideration, earn-out liabilities | 101,600 | 101,600 | |||
Business combinations, contingent consideration liabilities, range of potential undiscounted earn-out liabilities, low | 12,000 | 12,000 | |||
Business combinations, contingent consideration liabilities, range of potential undiscounted earn-out liabilities, high | $ 164,000 | 164,000 | |||
Cash, net of cash acquired | $ 1,284,000 | ||||
2021 Acquisitions | Minimum | Expected Term | |||||
Business Combinations [Line Items] | |||||
Business combinations, contingent consideration, earn-out period (in years) | yr | 1 | 1 | |||
2021 Acquisitions | Maximum | Expected Term | |||||
Business Combinations [Line Items] | |||||
Business combinations, contingent consideration, earn-out period (in years) | yr | 5 | 5 | |||
2021 Acquisitions | Power Delivery | |||||
Business Combinations [Line Items] | |||||
Bargain purchase gain | $ 3,500 | ||||
HMG | |||||
Business Combinations [Line Items] | |||||
Business combinations, acquired finite-lived intangible assets, weighted average lives (in years) | 14 years | ||||
Amortizing intangible assets | 112,000 | $ 112,000 | |||
Goodwill | 120,800 | 120,800 | |||
Bargain purchase gain | 0 | ||||
Total consideration transferred | $ 598,600 | ||||
Business acquisition, number of shares issued (in shares) | shares | 2 | ||||
Shares transferred | $ 181,700 | ||||
Business combinations, contingent consideration, earn-out liabilities | 0 | 0 | |||
Cash, net of cash acquired | $ 416,900 | ||||
HMG | Customer Relationships | |||||
Business Combinations [Line Items] | |||||
Business combinations, acquired finite-lived intangible assets, weighted average lives (in years) | 13 years | ||||
HMG | Trade Names | |||||
Business Combinations [Line Items] | |||||
Business combinations, acquired finite-lived intangible assets, weighted average lives (in years) | 20 years | ||||
All other | |||||
Business Combinations [Line Items] | |||||
Business combinations, acquired finite-lived intangible assets, weighted average lives (in years) | 16 years | ||||
Amortizing intangible assets | 451,100 | $ 451,100 | |||
Goodwill | 156,500 | 156,500 | |||
Bargain purchase gain | 3,500 | ||||
Total consideration transferred | 968,700 | ||||
Shares transferred | 0 | ||||
Business combinations, contingent consideration, earn-out liabilities | 101,600 | 101,600 | |||
Cash, net of cash acquired | 867,100 | ||||
All other | Power Delivery | |||||
Business Combinations [Line Items] | |||||
Goodwill | $ 49,000 | 49,000 | |||
Total consideration transferred | $ 452,000 | ||||
Cash, net of cash acquired | $ 78,000 | ||||
All other | Power Delivery | Minimum | Expected Term | |||||
Business Combinations [Line Items] | |||||
Business combinations, contingent consideration, earn-out period (in years) | yr | 1 | 1 | |||
All other | Customer Relationships | |||||
Business Combinations [Line Items] | |||||
Business combinations, acquired finite-lived intangible assets, weighted average lives (in years) | 17 years | ||||
All other, INTREN acquisition | Customer Relationships And Trade Names | Power Delivery | |||||
Business Combinations [Line Items] | |||||
Business combinations, acquired finite-lived intangible assets, weighted average lives (in years) | 20 years | ||||
Amortizing intangible assets | $ 281,000 | $ 281,000 |
Acquisitions, Goodwill and Ot_7
Acquisitions, Goodwill and Other Intangible Assets - Schedule of Recognized Identified Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Business Combination, Consideration Transferred [Abstract] | |||
Cash, net of cash acquired | $ 1,244,603 | $ 24,971 | $ 179,481 |
Identifiable assets acquired and liabilities assumed: | |||
Goodwill | 1,520,575 | $ 1,243,034 | $ 1,221,400 |
2021 Acquisitions | |||
Business Combination, Consideration Transferred [Abstract] | |||
Cash, net of cash acquired | 1,284,000 | ||
Shares transferred | 181,700 | ||
Estimated fair value of contingent consideration | 101,600 | ||
Total consideration transferred | 1,567,300 | ||
Identifiable assets acquired and liabilities assumed: | |||
Accounts receivable and contract assets | 683,700 | ||
Current assets | 42,200 | ||
Property and equipment | 498,100 | ||
Long-term assets, primarily operating lease right-of-use assets | 170,900 | ||
Amortizing intangible assets | 563,100 | ||
Accounts payable | (174,700) | ||
Current liabilities, including current portion of operating lease liabilities | (269,000) | ||
Long-term debt, including finance lease obligations | (5,100) | ||
Long-term debt, including finance lease obligations | (215,700) | ||
Total identifiable net assets | 1,293,500 | ||
Goodwill | 277,300 | ||
Total net assets acquired, including goodwill | 1,570,800 | ||
Bargain purchase gain | (3,500) | ||
Acquisition consideration outstanding | 40,000 | ||
HMG | |||
Business Combination, Consideration Transferred [Abstract] | |||
Cash, net of cash acquired | 416,900 | ||
Shares transferred | 181,700 | ||
Estimated fair value of contingent consideration | 0 | ||
Total consideration transferred | 598,600 | ||
Identifiable assets acquired and liabilities assumed: | |||
Accounts receivable and contract assets | 414,300 | ||
Current assets | 14,600 | ||
Property and equipment | 247,000 | ||
Long-term assets, primarily operating lease right-of-use assets | 85,100 | ||
Amortizing intangible assets | 112,000 | ||
Accounts payable | (125,400) | ||
Current liabilities, including current portion of operating lease liabilities | (132,200) | ||
Long-term debt, including finance lease obligations | 0 | ||
Long-term debt, including finance lease obligations | (137,600) | ||
Total identifiable net assets | 477,800 | ||
Goodwill | 120,800 | ||
Total net assets acquired, including goodwill | 598,600 | ||
Bargain purchase gain | 0 | ||
All other | |||
Business Combination, Consideration Transferred [Abstract] | |||
Cash, net of cash acquired | 867,100 | ||
Shares transferred | 0 | ||
Estimated fair value of contingent consideration | 101,600 | ||
Total consideration transferred | 968,700 | ||
Identifiable assets acquired and liabilities assumed: | |||
Accounts receivable and contract assets | 269,400 | ||
Current assets | 27,600 | ||
Property and equipment | 251,100 | ||
Long-term assets, primarily operating lease right-of-use assets | 85,800 | ||
Amortizing intangible assets | 451,100 | ||
Accounts payable | (49,300) | ||
Current liabilities, including current portion of operating lease liabilities | (136,800) | ||
Long-term debt, including finance lease obligations | (5,100) | ||
Long-term debt, including finance lease obligations | (78,100) | ||
Total identifiable net assets | 815,700 | ||
Goodwill | 156,500 | ||
Total net assets acquired, including goodwill | 972,200 | ||
Bargain purchase gain | $ (3,500) |
Acquisitions, Goodwill and Ot_8
Acquisitions, Goodwill and Other Intangible Assets - 2020 Acquisitions (Details) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023USD ($) | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($)yracquisition | Dec. 31, 2019USD ($) | |
Business Combinations [Line Items] | ||||
Cash, net of cash acquired | $ | $ 1,244,603 | $ 24,971 | $ 179,481 | |
2020 Acquisitions | ||||
Business Combinations [Line Items] | ||||
Business combinations, number of acquisitions | acquisition | 5,000,000 | |||
Cash, net of cash acquired | $ | $ 23,600 | |||
Business combinations, contingent consideration, earn-out liabilities | $ | $ 8,300 | |||
Business combinations, contingent consideration liabilities, range of potential undiscounted earn-out liabilities, low | $ | 3,000 | |||
Business combinations, contingent consideration liabilities, range of potential undiscounted earn-out liabilities, high | $ | $ 20,000 | |||
2020 Acquisitions | Maximum | Expected Term | ||||
Business Combinations [Line Items] | ||||
Business combinations, contingent consideration, earn-out period (in years) | yr | 5 | |||
2020 Acquisitions | Forecast | ||||
Business Combinations [Line Items] | ||||
Cash, net of cash acquired | $ | $ 3,100 | |||
2020 Acquisitions | Install to Home | ||||
Business Combinations [Line Items] | ||||
Business combinations, number of acquisitions | acquisition | 1,000,000 | |||
2020 Acquisitions | Clean Energy and Infrastructure | ||||
Business Combinations [Line Items] | ||||
Business combinations, number of acquisitions | acquisition | 2,000,000 | |||
Business combinations, percentage of interests acquired | 91.00% | 91.00% | 96.00% | |
2020 Acquisitions | Communications and Electrical Transmission | ||||
Business Combinations [Line Items] | ||||
Business combinations, number of acquisitions | acquisition | 3 | |||
2020 Acquisitions | Communications | ||||
Business Combinations [Line Items] | ||||
Business combinations, number of acquisitions | acquisition | 1 | |||
2020 Acquisitions | Power Delivery | ||||
Business Combinations [Line Items] | ||||
Business combinations, number of acquisitions | acquisition | 1 |
Acquisitions, Goodwill and Ot_9
Acquisitions, Goodwill and Other Intangible Assets - 2019 Acquisitions (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($)acquisition | |
Business Combinations [Line Items] | |||
Cash, net of cash acquired | $ 1,244,603 | $ 24,971 | $ 179,481 |
2019 Acquisitions | |||
Business Combinations [Line Items] | |||
Business combinations, number of acquisitions | acquisition | 6 | ||
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 | $ 35,000 | ||
Cash, net of cash acquired | $ 176,400 | ||
Business combinations, contingent consideration, earn-out liabilities | $ 40,100 | ||
2019 Acquisitions | Oil and Gas | |||
Business Combinations [Line Items] | |||
Business combinations, number of acquisitions | acquisition | 1 | ||
2019 Acquisitions | Communications | |||
Business Combinations [Line Items] | |||
Business combinations, number of acquisitions | acquisition | 4 | ||
Business combinations, percentage of interests acquired | 96.00% | ||
2019 Acquisitions | Clean Energy and Infrastructure | |||
Business Combinations [Line Items] | |||
Business combinations, number of acquisitions | acquisition | 1 |
Acquisitions, Goodwill and O_10
Acquisitions, Goodwill and Other Intangible Assets - Pro Forma Financial Information and Acquisition Results (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Business Combinations [Line Items] | |||
Business combinations, unaudited supplemental pro forma revenue | $ 10,100 | $ 9,400 | $ 7,600 |
Business combinations, unaudited supplemental pro forma net income | 350.1 | 366.8 | 406.6 |
Business combinations, consolidated acquisition-related revenue | 1,000 | 229.9 | 188.3 |
Business combinations, consolidated acquisition-related net income | 6.6 | $ (6.7) | $ (1.4) |
All other, INTREN acquisition | |||
Business Combinations [Line Items] | |||
Business combinations, consolidated acquisition-related revenue | $ 436 |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments - Acquisition-Related Contingent Consideration (Details) | 12 Months Ended | ||
Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
Fair Value, Financial Instruments Measured on a Recurring Basis [Line Items] | |||
Acquisition-related contingent consideration liabilities, net increase (decrease), measurement period adjustments | $ 100,000 | $ 6,100,000 | |
All Acquisitions | |||
Fair Value, Financial Instruments Measured on a Recurring Basis [Line Items] | |||
Acquisition-related contingent consideration liabilities, range of potential undiscounted earn-out liabilities, low | 38,000,000 | ||
Acquisition-related contingent consideration liabilities, range of potential undiscounted earn-out liabilities, high | $ 258,000,000 | ||
Discount Rate | Minimum | |||
Fair Value, Financial Instruments Measured on a Recurring Basis [Line Items] | |||
Acquisition-related contingent consideration liabilities, measurement input, discount rate | 0.120 | ||
Discount Rate | Maximum | |||
Fair Value, Financial Instruments Measured on a Recurring Basis [Line Items] | |||
Acquisition-related contingent consideration liabilities, measurement input, discount rate | 0.179 | ||
Discount Rate | Weighted Average | |||
Fair Value, Financial Instruments Measured on a Recurring Basis [Line Items] | |||
Acquisition-related contingent consideration liabilities, measurement input, discount rate | 0.132 | ||
Earn-Out Liabilities | |||
Fair Value, Financial Instruments Measured on a Recurring Basis [Line Items] | |||
Acquisition-related contingent consideration liabilities, estimated fair value | $ 160,200,000 | 135,200,000 | |
Acquisition-related contingent consideration liabilities, additions from new business combinations | 101,600,000 | 7,200,000 | $ 45,200,000 |
Acquisition-related contingent consideration liabilities, net increase (decrease), measurement period adjustments | 0 | 2,100,000 | (6,100,000) |
Acquisition-related contingent consideration liabilities, net increase (decrease), fair value adjustments, expense (income) | (29,500,000) | 3,100,000 | 51,000,000 |
Acquisition-related contingent consideration liabilities, payments | 47,000,000 | 50,400,000 | $ 35,000,000 |
Earn-Out Liabilities | Mandatorily Redeemable Stock | |||
Fair Value, Financial Instruments Measured on a Recurring Basis [Line Items] | |||
Acquisition-related contingent consideration liabilities, estimated fair value | 13,900,000 | 18,800,000 | |
Acquisition-related contingent consideration liabilities, net increase (decrease), fair value adjustments, expense (income) | 2,800,000 | 1,000,000 | |
Earn-Out Liabilities | Other Current Liabilities | |||
Fair Value, Financial Instruments Measured on a Recurring Basis [Line Items] | |||
Acquisition-related contingent consideration liabilities, estimated fair value | $ 38,800,000 | $ 48,100,000 |
Fair Value of Financial Instr_4
Fair Value of Financial Instruments - Equity Investments (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Fair Value, Financial Instruments Measured on a Non-Recurring Basis [Line Items] | |||
Equity investments, carrying value | $ 267,000,000 | $ 220,000,000 | |
Equity investments, adjusted cost basis, amount | 20,000,000 | 17,000,000 | |
Equity investments, impairments | $ 0 | 0 | $ 0 |
Waha JVs | |||
Fair Value, Financial Instruments Measured on a Non-Recurring Basis [Line Items] | |||
Equity method investment, ownership percentage | 33.00% | ||
Equity investments, carrying value | $ 216,000,000 | 175,000,000 | |
CCI | |||
Fair Value, Financial Instruments Measured on a Non-Recurring Basis [Line Items] | |||
Equity investment, ownership percentage | 15.00% | ||
Equity investments, adjusted cost basis, amount | $ 15,000,000 | ||
FM Tech | |||
Fair Value, Financial Instruments Measured on a Non-Recurring Basis [Line Items] | |||
Equity method investment, ownership percentage | 50.00% | ||
Equity investments, carrying value | $ 17,000,000 | $ 16,000,000 |
Fair Value of Financial Instr_5
Fair Value of Financial Instruments - The Waha JVs (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Fair Value, Financial Instruments Measured on a Non-Recurring Basis [Line Items] | |||
Equity method investments, equity in earnings (losses) | $ 33,830 | $ 29,738 | $ 27,367 |
Equity method investments, net investment | 267,000 | 220,000 | |
Unrealized gains (losses) on equity investee activity, net of tax | 12,410 | (17,151) | (15,023) |
Waha JVs | |||
Fair Value, Financial Instruments Measured on a Non-Recurring Basis [Line Items] | |||
Equity method investments, equity in earnings (losses) | 35,300 | 31,300 | 27,300 |
Equity method investments, distributions of earnings received, operating cash flows | 7,700 | 12,000 | 9,100 |
Equity method investments, cumulative undistributed earnings | 94,800 | ||
Equity method investments, net investment | 216,000 | 175,000 | |
Unrealized gains (losses) on equity investee activity, before tax | 18,200 | (24,400) | (19,900) |
Unrealized gains (losses) on equity investee activity, net of tax | $ 13,800 | $ (18,500) | $ (15,000) |
Fair Value of Financial Instr_6
Fair Value of Financial Instruments - Other Investments - AVCT (Details) - AVCT - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |
Sep. 30, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | |
Fair Value, Financial Instruments Measured on a Recurring Basis [Line Items] | |||
Equity investment ownership percentage | 3.00% | 9.00% | |
Beneficial ownership of all interests percentage | 6.00% | 21.00% | |
Equity investment and warrants, amount paid (in dollars) | $ 6 | $ 5 | |
Unrealized fair value measurement gains, net, AVCT shares | (8.5) | 10.1 | |
Reclassified gains (losses) on AVCT convertible debentures | $ 0.7 | ||
Unrealized gains on AVCT convertible debentures, before tax | (1.1) | 1.8 | |
Unrealized gains on AVCT convertible debentures, net of tax | (0.8) | 1.4 | |
Common Stock | |||
Fair Value, Financial Instruments Measured on a Recurring Basis [Line Items] | |||
Equity securities, fair value | $ 8 | $ 17 |
Fair Value of Financial Instr_7
Fair Value of Financial Instruments - Other Investments - Other Equity Investments (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2021 | |
Fair Value, Financial Instruments Measured on a Non-Recurring Basis [Line Items] | ||||
Equity method investments, net investment | $ 267,000,000 | $ 220,000,000 | ||
Equity method investments, equity in earnings (losses) | 33,830,000 | 29,738,000 | $ 27,367,000 | |
Equity Investee | Subcontracting Arrangements | ||||
Fair Value, Financial Instruments Measured on a Non-Recurring Basis [Line Items] | ||||
Payments, related party | 9,900,000 | 11,500,000 | 7,000,000 | |
Payables, related party | 300,000 | 200,000 | ||
Confluence | ||||
Fair Value, Financial Instruments Measured on a Non-Recurring Basis [Line Items] | ||||
Equity method investment, ownership percentage | 75.00% | |||
Equity method investments, net investment | 1,700,000 | |||
Equity method investments, equity in earnings (losses) | $ (700,000) | |||
Confluence | Maximum | ||||
Fair Value, Financial Instruments Measured on a Non-Recurring Basis [Line Items] | ||||
Financing commitments | $ 2,500,000 | |||
FM Tech | ||||
Fair Value, Financial Instruments Measured on a Non-Recurring Basis [Line Items] | ||||
Equity method investment, ownership percentage | 50.00% | |||
Equity method investments, net investment | $ 17,000,000 | 16,000,000 | ||
Equity method investments, equity contributions | 2,000,000 | |||
FM Tech | Equity Method Investments | ||||
Fair Value, Financial Instruments Measured on a Non-Recurring Basis [Line Items] | ||||
Financing commitments | 3,000,000 | 5,000,000 | ||
FM Tech | Maximum | Equity Method Investments | ||||
Fair Value, Financial Instruments Measured on a Non-Recurring Basis [Line Items] | ||||
Financing commitments | 7,000,000 | |||
Telecommunications Equity Method Investees | ||||
Fair Value, Financial Instruments Measured on a Non-Recurring Basis [Line Items] | ||||
Equity method investments, net investment | 20,000,000 | 19,000,000 | ||
Equity method investments, equity in earnings (losses) | (700,000) | (1,500,000) | ||
Equity method investments, equity contributions | 2,000,000 | 0 | $ 0 | |
Payments for advance to affiliate | 200,000 | |||
Telecommunications Equity Method Investees | Employee Leasing Arrangement | ||||
Fair Value, Financial Instruments Measured on a Non-Recurring Basis [Line Items] | ||||
Payments, related party | 400,000 | |||
Receivables, related party | $ 700,000 | $ 400,000 |
Fair Value of Financial Instr_8
Fair Value of Financial Instruments - Schedule of Summarized Financial Information of Equity Method Investments (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Schedule of Equity Method Investments [Line Items] | |||
Total current assets | $ 2,873,954 | $ 2,359,015 | |
Total assets | 7,121,393 | 5,227,849 | $ 4,997,000 |
Current liabilities | 1,784,598 | 1,415,199 | |
Total liabilities | 4,577,532 | 3,222,324 | |
Revenue | 7,951,781 | 6,320,975 | 7,183,188 |
Net income | 330,729 | 322,699 | 394,096 |
Equity Method Investment, Nonconsolidated Investee or Group of Investees | |||
Schedule of Equity Method Investments [Line Items] | |||
Total current assets | 209,500 | 160,300 | |
Long-term assets | 1,431,400 | 1,395,400 | |
Total assets | 1,640,900 | 1,555,700 | |
Current liabilities | 89,200 | 56,000 | |
Long-term liabilities | 951,100 | 1,024,500 | |
Total liabilities | 1,040,300 | 1,080,500 | |
Revenue | 422,700 | 169,200 | 152,400 |
Net income | $ 107,100 | $ 94,700 | $ 82,800 |
Fair Value of Financial Instr_9
Fair Value of Financial Instruments - Senior Notes (Details) - 4.50% Senior Notes - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Fair Value Disclosure of Liabilities Not Measured at Fair Value [Line Items] | ||
Senior notes, gross carrying amount | $ 600 | $ 600 |
Senior Notes | ||
Fair Value Disclosure of Liabilities Not Measured at Fair Value [Line Items] | ||
Debt instrument, interest rate (percentage) | 4.50% | |
Senior notes, estimated fair value | $ 619.5 | $ 625.5 |
Accounts Receivable, Net of A_3
Accounts Receivable, Net of Allowance, and Contract Assets and Liabilities - Schedule of Accounts Receivable, Net of Allowance, and Contract Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Receivables [Abstract] | ||
Contract billings | $ 1,027,100 | $ 805,000 |
Less allowance | (7,800) | (20,500) |
Accounts receivable, net of allowance | 1,019,324 | 784,488 |
Contract Assets [Abstract] | ||
Retainage | 296,800 | 287,700 |
Unbilled receivables | 931,100 | 682,000 |
Contract assets | $ 1,227,927 | $ 969,743 |
Accounts Receivable, Net of A_4
Accounts Receivable, Net of Allowance, and Contract Assets and Liabilities - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Schedule of Accounts Receivable, Net of Allowance, and Contract Assets and Liabilities [Line Items] | |||
Retainage, expected collection period (in years) | 1 year | ||
Accounts receivable, credit loss expense (reversal) | $ (11,900) | $ 12,100 | |
Amounts charged against the allowance | 800 | 1,700 | |
Contract liabilities | 313,965 | 228,388 | |
Contract with customer liability deferred revenue current | 296,100 | 203,000 | |
Deferred revenue, revenue recognized | 186,900 | 159,600 | |
Non-recourse financing agreement, discount charge | (53,413) | (59,629) | $ (77,026) |
Receivables, Non-Recourse Arrangement | |||
Schedule of Accounts Receivable, Net of Allowance, and Contract Assets and Liabilities [Line Items] | |||
Non-recourse financing agreement, discount charge | $ (3,200) | $ (5,000) | $ (10,100) |
Minimum | |||
Schedule of Accounts Receivable, Net of Allowance, and Contract Assets and Liabilities [Line Items] | |||
Retainage, percentage of contract billings | 5.00% | ||
Maximum | |||
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 - S
Property and Equipment, Net - Schedule of Property and Equipment, Net (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Property and Equipment [Line Items] | ||
Total property and equipment | $ 2,840,400 | $ 2,169,700 |
Less accumulated depreciation and amortization | (1,404,300) | (1,187,400) |
Property and equipment, net | 1,436,087 | 982,328 |
Land | ||
Property and Equipment [Line Items] | ||
Total property and equipment | 40,000 | 6,000 |
Buildings and leasehold improvements | ||
Property and Equipment [Line Items] | ||
Total property and equipment | $ 94,100 | 40,500 |
Buildings and leasehold improvements | Minimum | ||
Property and Equipment [Line Items] | ||
Estimated useful lives (in years) | 3 years | |
Buildings and leasehold improvements | Maximum | ||
Property and Equipment [Line Items] | ||
Estimated useful lives (in years) | 40 years | |
Machinery and equipment | ||
Property and Equipment [Line Items] | ||
Total property and equipment | $ 2,411,000 | 1,875,500 |
Machinery and equipment | Minimum | ||
Property and Equipment [Line Items] | ||
Estimated useful lives (in years) | 2 years | |
Machinery and equipment | Maximum | ||
Property and Equipment [Line Items] | ||
Estimated useful lives (in years) | 20 years | |
Office furniture and equipment | ||
Property and Equipment [Line Items] | ||
Total property and equipment | $ 262,600 | 221,600 |
Office furniture and equipment | Minimum | ||
Property and Equipment [Line Items] | ||
Estimated useful lives (in years) | 3 years | |
Office furniture and equipment | Maximum | ||
Property and Equipment [Line Items] | ||
Estimated useful lives (in years) | 7 years | |
Construction in progress | ||
Property and Equipment [Line Items] | ||
Total property and equipment | $ 32,700 | $ 26,100 |
Property and Equipment, Net - N
Property and Equipment, Net - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Property, Plant and Equipment [Abstract] | ||
Capitalized internal-use software, gross | $ 176.4 | $ 154.1 |
Capitalized internal-use software, net | 43.9 | 34.3 |
Accrued capital expenditures | $ 17.5 | $ 13.5 |
Debt - Schedule of Carrying Val
Debt - Schedule of Carrying Values of Debt (Details) - USD ($) | Dec. 31, 2021 | Nov. 01, 2021 | Dec. 31, 2020 |
Debt Instrument [Line Items] | |||
Long-term debt obligations | $ 0 | ||
Finance lease and other obligations | $ 310,300,000 | 288,500,000 | |
Total debt obligations | 2,032,600,000 | 1,318,700,000 | |
Less unamortized deferred financing costs | (18,500,000) | (16,000,000) | |
Total debt, net of deferred financing costs | 2,014,100,000 | 1,302,700,000 | |
Current portion of long-term debt | 137,912,000 | 145,110,000 | |
Long-term debt | 1,876,233,000 | 1,157,632,000 | |
Credit Facility | |||
Debt Instrument [Line Items] | |||
Less unamortized deferred financing costs | $ (6,000,000) | ||
Credit Facility | Revolving loans | |||
Debt Instrument [Line Items] | |||
Long-term debt obligations | 772,300,000 | 32,700,000 | |
Credit Facility | Term loan | |||
Debt Instrument [Line Items] | |||
Long-term debt obligations | 350,000,000 | 397,500,000 | |
Senior Notes | 4.50% Senior Notes | |||
Debt Instrument [Line Items] | |||
Long-term debt obligations | $ 600,000,000 | $ 600,000,000 | |
Debt instrument, interest rate (percentage) | 4.50% |
Debt - Senior Credit Facility (
Debt - Senior Credit Facility (Details) $ in Millions | Nov. 01, 2021USD ($) | Oct. 31, 2021USD ($) | Mar. 31, 2025USD ($) | Dec. 31, 2021USD ($)instanceqtr | Dec. 31, 2020USD ($) |
Debt Instrument [Line Items] | |||||
Financing costs | $ 18.5 | $ 16 | |||
Line of credit facility, letters of credit issued | 188.5 | 151.8 | |||
Credit Facility | |||||
Debt Instrument [Line Items] | |||||
Line of credit facility, maximum borrowing capacity | $ 2,000 | $ 1,750 | |||
Financing costs | $ 6 | ||||
Line of credit facility, letters of credit issued | $ 166.3 | $ 133.6 | |||
Line of credit facility, unused facility fee (percentage) | 0.175% | 0.20% | |||
Credit Facility | Eurocurrency Rate | |||||
Debt Instrument [Line Items] | |||||
Line of credit facility, interest rate description | 1.00% | ||||
Credit Facility | Federal Funds Rate | |||||
Debt Instrument [Line Items] | |||||
Line of credit facility, interest rate description | 0.50% | ||||
Credit Facility | Plan | |||||
Debt Instrument [Line Items] | |||||
Permitted acquisitions amount | $ 100 | ||||
Credit Facility | Minimum | |||||
Debt Instrument [Line Items] | |||||
Line of credit facility, commitment fee (percentage) | 0.15% | 0.20% | |||
Percentage of consolidated EBITDA threshold, combined subsidiary guarantors | 15.00% | ||||
Consolidated interest coverage ratio | 3 | ||||
Credit Facility | Minimum | Eurocurrency Rate | |||||
Debt Instrument [Line Items] | |||||
Line of credit facility, interest rate description | 1.125% | 1.25% | |||
Credit Facility | Minimum | Base Rate | |||||
Debt Instrument [Line Items] | |||||
Line of credit facility, interest rate description | 0.125% | 0.25% | |||
Credit Facility | Maximum | |||||
Debt Instrument [Line Items] | |||||
Line of credit facility, commitment fee (percentage) | 0.225% | 0.30% | |||
Percentage of consolidated EBITDA threshold, combined subsidiary guarantors | 80.00% | ||||
Maximum consolidated leverage ratio | 3.50 | ||||
Credit Facility | Maximum | Eurocurrency Rate | |||||
Debt Instrument [Line Items] | |||||
Line of credit facility, interest rate description | 1.625% | 1.75% | |||
Credit Facility | Maximum | Base Rate | |||||
Debt Instrument [Line Items] | |||||
Line of credit facility, interest rate description | 0.625% | 0.75% | |||
Credit Facility | Maximum | Plan | Permitted Acquisition | |||||
Debt Instrument [Line Items] | |||||
Maximum consolidated leverage ratio | 4 | ||||
Number of fiscal quarters subsequent to quarter in which right was exercised | qtr | 4 | ||||
Number of times right may be exercised | instance | 2 | ||||
Credit Facility | Revolving loans | |||||
Debt Instrument [Line Items] | |||||
Line of credit facility, maximum borrowing capacity | $ 1,650 | ||||
Line of credit facility, remaining borrowing capacity | $ 700 | $ 1,200 | |||
Credit Facility | Revolving loans | Weighted Average | |||||
Debt Instrument [Line Items] | |||||
Line of credit facility, interest rate (percentage) | 2.32% | 1.87% | |||
Credit Facility | Term loan | |||||
Debt Instrument [Line Items] | |||||
Line of credit facility, maximum borrowing capacity | 350 | ||||
Line of credit facility, term loan, amount of quarterly principal installment payments | 2.2 | ||||
Line of credit facility, interest rate (percentage) | 1.35% | 1.40% | |||
Credit Facility | Term loan | Forecast | |||||
Debt Instrument [Line Items] | |||||
Line of credit facility, term loan, amount of quarterly principal installment payments | $ 4.4 | ||||
Credit Facility | Sublimit in Foreign Denominations | |||||
Debt Instrument [Line Items] | |||||
Line of credit facility, maximum borrowing capacity | 300 | ||||
Long-term line of credit | $ 32 | $ 33 | |||
Line of credit facility, remaining borrowing capacity | 267.7 | 267.3 | |||
Credit Facility | Letters of Credit | |||||
Debt Instrument [Line Items] | |||||
Line of credit facility, maximum borrowing capacity | $ 650 | ||||
Line of credit facility, capacity available for letters of credit | $ 483.7 | $ 516.4 | |||
Credit Facility | Letters of Credit | Commercial and/or Financial Standby | |||||
Debt Instrument [Line Items] | |||||
Line of credit facility, interest rate (percentage) | 1.25% | 1.25% | |||
Credit Facility | Letters of Credit | Performance Standby | |||||
Debt Instrument [Line Items] | |||||
Line of credit facility, interest rate (percentage) | 0.4375% | 0.375% | |||
Credit Facility | Letters of Credit | Minimum | Commercial and/or Financial Standby | |||||
Debt Instrument [Line Items] | |||||
Line of credit facility, interest rate (percentage) | 1.125% | 1.25% | |||
Credit Facility | Letters of Credit | Minimum | Performance Standby | |||||
Debt Instrument [Line Items] | |||||
Line of credit facility, interest rate (percentage) | 0.3125% | 0.375% | |||
Credit Facility | Letters of Credit | Maximum | Commercial and/or Financial Standby | |||||
Debt Instrument [Line Items] | |||||
Line of credit facility, interest rate (percentage) | 1.625% | 1.75% | |||
Credit Facility | Letters of Credit | Maximum | Performance Standby | |||||
Debt Instrument [Line Items] | |||||
Line of credit facility, interest rate (percentage) | 0.6875% | 0.75% | |||
Credit Facility | Letter of Credit in Alternative Currencies | |||||
Debt Instrument [Line Items] | |||||
Line of credit facility, maximum borrowing capacity | $ 200 | ||||
Credit Facility | Swing Line Loans | |||||
Debt Instrument [Line Items] | |||||
Line of credit facility, maximum borrowing capacity | $ 125 |
Debt - 4.50% Senior Notes (Deta
Debt - 4.50% Senior Notes (Details) - USD ($) $ in Thousands | Aug. 19, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Aug. 15, 2023 | Aug. 15, 2028 | Aug. 04, 2020 |
Debt Instrument [Line Items] | |||||||
Repayments of 4.875% senior notes | $ 0 | $ 400,000 | $ 0 | ||||
Loss on extinguishment of debt | $ 0 | 5,569 | $ 0 | ||||
Senior Notes | 4.50% Senior Notes | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument, interest rate (percentage) | 4.50% | ||||||
Debt instrument, face amount | $ 600,000 | ||||||
Debt issuance costs, gross | $ 8,900 | ||||||
Senior Notes | 4.50% Senior Notes | Forecast | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument, redemption price (percentage) | 100.00% | ||||||
Debt instrument, redemption price, percentage of principal amount redeemed | 40.00% | ||||||
Debt instrument redemption price percentage with equity offerings | 104.50% | ||||||
Debt instrument, change of control, redemption price, percent | 101.00% | ||||||
Debt instrument, minimum percentage of principal required to redeem in the event of default | 30.00% | ||||||
Senior Notes | 4.875% Senior Notes | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument, interest rate (percentage) | 4.875% | ||||||
Repayments of 4.875% senior notes | $ 400,000 | ||||||
Debt instrument, redemption price (percentage) | 100.813% | ||||||
Loss on extinguishment of debt | 5,600 | ||||||
Payment for debt extinguishment, call premiums | 3,300 | ||||||
Write off of deferred debt issuance cost | $ 2,300 |
Debt - Other Credit Facilities
Debt - Other Credit Facilities (Details) $ in Millions | Dec. 31, 2021USD ($) | Dec. 31, 2021CAD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2020CAD ($) |
Debt Instrument [Line Items] | ||||
Long-term debt obligations | $ 0 | |||
Letters of credit issued | $ 188,500,000 | 151,800,000 | ||
Other Credit Facilities | ||||
Debt Instrument [Line Items] | ||||
Long-term debt obligations | 0 | $ 20 | $ 20 | |
Line of credit facility, maximum borrowing capacity | 15,800,000 | 15,700,000 | ||
Line of Credit | Standby Letters of Credit | ||||
Debt Instrument [Line Items] | ||||
Letters of credit issued | 22,200,000 | $ 18,200,000 | ||
Line of Credit | Letter of Credit | ||||
Debt Instrument [Line Items] | ||||
Line of credit facility, maximum borrowing capacity | $ 50,000,000 | |||
Line of Credit | Letter of Credit | Standby Letters of Credit | ||||
Debt Instrument [Line Items] | ||||
Line of credit facility, interest rate (percentage) | 0.40% | 0.40% | 0.50% | 0.50% |
Debt - Schedule of Contractual
Debt - Schedule of Contractual Maturities of Debt and Finance Lease Obligations (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Contractual Maturities of Debt and Finance Lease Obligations | ||
2022 | $ 137.9 | |
2023 | 96.9 | |
2024 | 57.6 | |
2025 | 36.9 | |
2026 | 1,103.3 | |
Thereafter | 600 | |
Total debt obligations | $ 2,032.6 | $ 1,318.7 |
Debt - Other (Details)
Debt - Other (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Debt Disclosure [Abstract] | ||
Debt instruments, accrued interest payable | $ 11.7 | $ 12.4 |
Lease Obligations - Finance Lea
Lease Obligations - Finance Leases (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Leases [Abstract] | |||
Finance leases, assets, gross | $ 653.5 | $ 563 | |
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration] | Property and equipment, net | Property and equipment, net | |
Finance leases, assets, net | $ 468.5 | $ 418.7 | |
Finance leases, assets, depreciation | $ 80.1 | $ 68 | $ 48.6 |
Lease Obligations - Operating L
Lease Obligations - Operating Leases (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Operating Leased Assets [Line Items] | |||
Operating leases, additions | $ 172.9 | $ 28 | $ 103.3 |
Operating leases, expense | 107.7 | 113 | 114.5 |
Operating leases, variable lease costs | 10.1 | 10 | 10.4 |
Operating leases, short-term leases, expense | 494.7 | $ 312 | $ 448.2 |
2021 Acquisitions | |||
Operating Leased Assets [Line Items] | |||
Operating leases, additions | $ 149.3 |
Lease Obligations - Future Mini
Lease Obligations - Future Minimum Lease Commitments (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Finance Leases | ||
2022 | $ 143,400 | |
2023 | 90,100 | |
2024 | 50,000 | |
2025 | 19,600 | |
2026 | 1,500 | |
Thereafter | 0 | |
Total minimum lease payments | 304,600 | |
Less amounts representing interest | (11,600) | |
Total lease obligations, net of interest | 293,000 | |
Less current portion | 135,800 | |
Long-term portion of lease obligations, net of interest | $ 157,200 | |
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] | Current portion of long-term debt, including finance leases | |
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] | Long-term debt, including finance leases | |
Operating Leases | ||
2022 | $ 104,600 | |
2023 | 65,500 | |
2024 | 49,600 | |
2025 | 32,500 | |
2026 | 18,200 | |
Thereafter | 17,100 | |
Total minimum lease payments | 287,500 | |
Less amounts representing interest | (15,700) | |
Total lease obligations, net of interest | 271,800 | |
Less current portion | 95,426 | $ 72,481 |
Long-term portion of lease obligations, net of interest | $ 176,378 | $ 116,506 |
Lease Obligations - Additional
Lease Obligations - Additional Lease Information (Details) | Dec. 31, 2021 |
Leases [Abstract] | |
Finance lease, weighted average remaining lease term (in years) | 2 years 6 months |
Finance lease, weighted average discount rate, percent | 3.20% |
Operating lease, weighted average remaining lease term (in years) | 3 years 10 months 24 days |
Operating lease, weighted average discount rate, percent | 2.90% |
Stock-Based Compensation and _3
Stock-Based Compensation and Other Employee Benefit Plans - Additional Information (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | May 31, 2021 | |
Stock-Based Compensation and Other Employee Benefit Plans [Line Items] | ||||
Stock-based compensation plans, number of shares available for future grant (in shares) | 3,525,000 | |||
Non-cash stock-based compensation expense | $ 24.8 | $ 21.9 | $ 16.4 | |
Stock-based compensation, income tax benefits | 8.5 | 5.7 | 7.9 | |
Stock-based compensation, vested awards, net income tax benefits | $ 3.8 | $ 0.5 | $ 3.9 | |
2013 Incentive Plan | Restricted Shares | ||||
Stock-Based Compensation and Other Employee Benefit Plans [Line Items] | ||||
Share-based compensation, number of shares authorized (in shares) | 8,541,000 | |||
Restated 2013 Incentive Plan | Restricted Shares | ||||
Stock-Based Compensation and Other Employee Benefit Plans [Line Items] | ||||
Share-based compensation, number of shares authorized (in shares) | 1,150,000 | |||
ESPPs | Employee Stock Purchase Plans | ||||
Stock-Based Compensation and Other Employee Benefit Plans [Line Items] | ||||
Share-based compensation, number of shares authorized (in shares) | 3,000,000 |
Stock-Based Compensation and _4
Stock-Based Compensation and Other Employee Benefit Plans - Restricted Shares (Details) - Restricted Shares - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Stock-Based Compensation and Other Employee Benefit Plans [Line Items] | |||
Stock-based compensation awards, unearned compensation | $ 42.3 | ||
Stock-based compensation awards, unearned compensation, weighted average expected recognition period (in years) | 2 years 1 month 6 days | ||
Stock-based compensation, vested awards, intrinsic value | $ 37.4 | $ 16.8 | $ 25 |
Stock-Based Compensation and _5
Stock-Based Compensation and Other Employee Benefit Plans - Schedule of Activity, Restricted Shares (Details) - $ / shares | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Restricted Shares | ||
Restricted Shares | ||
Non-vested restricted shares, beginning balance (in shares) | 1,845,341 | 1,221,593 |
Granted (in shares) | 338,446 | 1,246,583 |
Vested (in shares) | (403,538) | (372,445) |
Canceled/forfeited (in shares) | (31,564) | (250,390) |
Non-vested restricted shares, ending balance (in shares) | 1,748,685 | 1,845,341 |
Per Share Weighted Average Grant Date Fair Value | ||
Non-vested restricted shares, beginning balance (in dollars per share) | $ 34.90 | $ 45.36 |
Granted (in dollars per share) | 89.20 | 30.77 |
Vested (in dollars per share) | 42.32 | 39.88 |
Canceled/forfeited (in dollars per share) | 32.96 | 57.95 |
Non-vested restricted shares, ending balance (in dollars per share) | $ 43.73 | $ 34.90 |
Restricted Stock Units | ||
Restricted Shares | ||
Non-vested restricted shares, beginning balance (in shares) | 2,300 | 0 |
Non-vested restricted shares, ending balance (in shares) | 1,300 | 2,300 |
Stock-Based Compensation and _6
Stock-Based Compensation and Other Employee Benefit Plans - Employee Stock Purchase Plans (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Stock-Based Compensation and Other Employee Benefit Plans [Line Items] | |||
Common shares purchased (in shares) | 86,510 | 239,322 | 111,136 |
Cash proceeds | $ 0 | $ 7,090 | $ 4,655 |
Employee Stock Purchase Plans | |||
Stock-Based Compensation and Other Employee Benefit Plans [Line Items] | |||
Cash proceeds | 7,000 | 7,100 | 4,700 |
Compensation expense | $ 1,200 | $ 2,200 | $ 1,200 |
Stock-Based Compensation and _7
Stock-Based Compensation and Other Employee Benefit Plans - 401(k) Plan (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Defined Contribution Plan [Abstract] | |||
401(k) plan, maximum pre-tax annual contribution per employee, percentage of annual compensation | 75.00% | ||
401(k) plan, employer matching contribution, amount | $ 23.1 | $ 19.3 | $ 16.5 |
Stock-Based Compensation and _8
Stock-Based Compensation and Other Employee Benefit Plans - Deferred Compensation Plans (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Deferred Compensation Arrangements [Abstract] | ||
Deferred compensation plans, assets | $ 17.5 | $ 14.1 |
Deferred compensation plans, liabilities | $ 18.7 | $ 15 |
Other Retirement Plans - Narrat
Other Retirement Plans - Narrative (Details) | 12 Months Ended |
Dec. 31, 2021 | |
Initial Critical Year | |
Multiemployer Plans [Line Items] | |
Employer contribution under collective-bargaining arrangement to all participating employer contributions, percentage | 5.00% |
Succeeding Plan Years | |
Multiemployer Plans [Line Items] | |
Employer contribution under collective-bargaining arrangement to all participating employer contributions, percentage | 10.00% |
Other Retirement Plans - Schedu
Other Retirement Plans - Schedule of Multiemployer Pension Plans (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Multiemployer Plans [Line Items] | |||
Other funds | $ 15 | $ 6.7 | $ 16.1 |
Total multiemployer pension plan contributions | $ 128.1 | 37.5 | 72.6 |
National Electrical Benefit Fund | |||
Multiemployer Plans [Line Items] | |||
Employer Identification Number | 530181657 | ||
Plan Number | 001 | ||
Contributions (in millions) For the Years Ended December 31, | $ 5.9 | $ 1.6 | 1.2 |
Expiration Date of CBA | May 31, 2026 | ||
Pension Protection Act Zone Status | Green | Green | |
Pension Protection Act Zone Status, Date | Dec. 31, 2020 | Dec. 31, 2019 | |
FIP/RP Status | NA | ||
Surcharge | No | ||
IBEW Local 1249 Pension Plan | |||
Multiemployer Plans [Line Items] | |||
Employer Identification Number | 156035161 | ||
Plan Number | 001 | ||
Contributions (in millions) For the Years Ended December 31, | $ 1.4 | $ 3.7 | 3.2 |
Expiration Date of CBA | May 4, 2025 | ||
Pension Protection Act Zone Status | Green | Green | |
Pension Protection Act Zone Status, Date | Dec. 31, 2020 | Dec. 31, 2019 | |
FIP/RP Status | NA | ||
Surcharge | No | ||
Local Union 9 IBEW and Outside Contractors Pension Fund | |||
Multiemployer Plans [Line Items] | |||
Employer Identification Number | 516077720 | ||
Plan Number | 001 | ||
Contributions (in millions) For the Years Ended December 31, | $ 4.7 | $ 0 | 0 |
Expiration Date of CBA | May 31, 2025 | ||
Pension Protection Act Zone Status | Green | Green | |
Pension Protection Act Zone Status, Date | Oct. 31, 2020 | Oct. 31, 2019 | |
FIP/RP Status | NA | ||
Surcharge | No | ||
Multiemployer pension plans, Company contributions greater than 5% of total plan contributions | true | true | |
Central Pension Fund of the IUOE & Participating Employers | |||
Multiemployer Plans [Line Items] | |||
Employer Identification Number | 366052390 | ||
Plan Number | 001 | ||
Contributions (in millions) For the Years Ended December 31, | $ 27.4 | $ 5.6 | 12.6 |
Expiration Date of CBA | May 31, 2027 | ||
Pension Protection Act Zone Status | Green | Green | |
Pension Protection Act Zone Status, Date | Jan. 31, 2021 | Jan. 31, 2020 | |
FIP/RP Status | NA | ||
Surcharge | No | ||
Laborers' District Council of Western Pennsylvania Pension Fund | |||
Multiemployer Plans [Line Items] | |||
Employer Identification Number | 256135576 | ||
Plan Number | 001 | ||
Contributions (in millions) For the Years Ended December 31, | $ 3.1 | $ 1.8 | 1.9 |
Expiration Date of CBA | May 31, 2023 | ||
Pension Protection Act Zone Status | Yellow | Yellow | |
Pension Protection Act Zone Status, Date | Dec. 31, 2020 | Dec. 31, 2019 | |
FIP/RP Status | Implemented | ||
Surcharge | No | ||
Central Laborers' Pension Fund | |||
Multiemployer Plans [Line Items] | |||
Employer Identification Number | 376052379 | ||
Plan Number | 001 | ||
Contributions (in millions) For the Years Ended December 31, | $ 1.3 | $ 0.8 | 1.3 |
Expiration Date of CBA | May 31, 2023 | ||
Pension Protection Act Zone Status | Yellow | Yellow | |
Pension Protection Act Zone Status, Date | Dec. 31, 2020 | Dec. 31, 2019 | |
FIP/RP Status | Implemented | ||
Surcharge | No | ||
Multiemployer plans, pension protection act zone status, extended amortization provisions | true | true | |
Pipeline Industry Pension Fund | |||
Multiemployer Plans [Line Items] | |||
Employer Identification Number | 736146433 | ||
Plan Number | 001 | ||
Contributions (in millions) For the Years Ended December 31, | $ 10.9 | $ 2.6 | 9.6 |
Expiration Date of CBA | May 31, 2023 | ||
Pension Protection Act Zone Status | Green | Green | |
Pension Protection Act Zone Status, Date | Dec. 31, 2020 | Dec. 31, 2019 | |
FIP/RP Status | NA | ||
Surcharge | No | ||
Multiemployer pension plans, Company contributions greater than 5% of total plan contributions | true | ||
Laborers' National Pension Fund | |||
Multiemployer Plans [Line Items] | |||
Employer Identification Number | 751280827 | ||
Plan Number | 001 | ||
Contributions (in millions) For the Years Ended December 31, | $ 3.8 | $ 0.8 | 3 |
Expiration Date of CBA | May 31, 2023 | ||
Pension Protection Act Zone Status | Red | Red | |
Pension Protection Act Zone Status, Date | Dec. 31, 2020 | Dec. 31, 2019 | |
FIP/RP Status | Implemented | ||
Surcharge | No | ||
Teamsters National Pipeline Pension Fund | |||
Multiemployer Plans [Line Items] | |||
Employer Identification Number | 461102851 | ||
Plan Number | 001 | ||
Contributions (in millions) For the Years Ended December 31, | $ 6.2 | $ 1.8 | 4.5 |
Expiration Date of CBA | May 31, 2023 | ||
Pension Protection Act Zone Status | Green | Green | |
Pension Protection Act Zone Status, Date | Dec. 31, 2020 | Dec. 31, 2019 | |
FIP/RP Status | NA | ||
Surcharge | No | ||
Multiemployer pension plans, Company contributions greater than 5% of total plan contributions | true | true | |
Michigan Laborers' Pension Plan | |||
Multiemployer Plans [Line Items] | |||
Employer Identification Number | 386233976 | ||
Plan Number | 001 | ||
Contributions (in millions) For the Years Ended December 31, | $ 1.6 | $ 0.4 | 1.1 |
Expiration Date of CBA | May 31, 2023 | ||
Pension Protection Act Zone Status | Yellow | Yellow | |
Pension Protection Act Zone Status, Date | Aug. 31, 2021 | Aug. 31, 2020 | |
FIP/RP Status | Implemented | ||
Surcharge | No | ||
Multiemployer plans, pension protection act zone status, extended amortization provisions | true | ||
West Virginia Laborers' Pension Trust Fund | |||
Multiemployer Plans [Line Items] | |||
Employer Identification Number | 556026775 | ||
Plan Number | 001 | ||
Contributions (in millions) For the Years Ended December 31, | $ 2.5 | $ 1.4 | 4.9 |
Expiration Date of CBA | May 31, 2023 | ||
Pension Protection Act Zone Status | Green | Green | |
Pension Protection Act Zone Status, Date | Mar. 31, 2021 | Mar. 31, 2020 | |
FIP/RP Status | NA | ||
Surcharge | No | ||
Multiemployer pension plans, Company contributions greater than 5% of total plan contributions | true | true | |
Minnesota Laborers' Pension Fund | |||
Multiemployer Plans [Line Items] | |||
Employer Identification Number | 416159599 | ||
Plan Number | 001 | ||
Contributions (in millions) For the Years Ended December 31, | $ 5.1 | $ 0.8 | 0.8 |
Expiration Date of CBA | May 31, 2023 | ||
Pension Protection Act Zone Status | Green | Green | |
Pension Protection Act Zone Status, Date | Dec. 31, 2020 | Dec. 31, 2019 | |
FIP/RP Status | NA | ||
Surcharge | No | ||
International Union of Operating Engineers Local 132 Pension Fund | |||
Multiemployer Plans [Line Items] | |||
Employer Identification Number | 556015364 | ||
Plan Number | 001 | ||
Contributions (in millions) For the Years Ended December 31, | $ 1.4 | $ 1.2 | 5 |
Expiration Date of CBA | May 31, 2023 | ||
Pension Protection Act Zone Status | Green | Green | |
Pension Protection Act Zone Status, Date | Mar. 31, 2021 | Mar. 31, 2020 | |
FIP/RP Status | NA | ||
Surcharge | No | ||
Multiemployer pension plans, Company contributions greater than 5% of total plan contributions | true | true | |
Employer- Teamsters Local Nos. 175 & 505 Pension Trust Fund | |||
Multiemployer Plans [Line Items] | |||
Employer Identification Number | 556021850 | ||
Plan Number | 001 | ||
Contributions (in millions) For the Years Ended December 31, | $ 0.6 | $ 0.6 | 1.7 |
Expiration Date of CBA | May 31, 2023 | ||
Pension Protection Act Zone Status | Red | Red | |
Pension Protection Act Zone Status, Date | Dec. 31, 2020 | Dec. 31, 2019 | |
FIP/RP Status | Implemented | ||
Surcharge | No | ||
Multiemployer pension plans, Company contributions greater than 5% of total plan contributions | true | true | |
Multiemployer plans, pension protection act zone status, extended amortization provisions | true | true | |
Minnesota Teamsters Construction Division Pension Fund | |||
Multiemployer Plans [Line Items] | |||
Employer Identification Number | 416187751 | ||
Plan Number | 001 | ||
Contributions (in millions) For the Years Ended December 31, | $ 3.1 | $ 0.2 | 0 |
Expiration Date of CBA | May 31, 2023 | ||
Pension Protection Act Zone Status | Green | Green | |
Pension Protection Act Zone Status, Date | Nov. 30, 2020 | Nov. 30, 2019 | |
FIP/RP Status | NA | ||
Surcharge | No | ||
Pension | |||
Multiemployer Plans [Line Items] | |||
Total multiemployer pension plan contributions | $ 94 | $ 30 | $ 66.9 |
Other Retirement Plans - Sche_2
Other Retirement Plans - Schedule of Covered Employees and Contributions, Multiemployer Plans (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021USD ($)employee | Dec. 31, 2020USD ($)employee | Dec. 31, 2019USD ($)employee | |
Covered Employees and Contributions, Multiemployer Plans [Line Items] | |||
Total multiemployer pension plan contributions | $ 128.1 | $ 37.5 | $ 72.6 |
Low | |||
Covered Employees and Contributions, Multiemployer Plans [Line Items] | |||
Multiemployer plans, covered employees (in number of employees) | employee | 2,412 | 1,119 | 1,119 |
High | |||
Covered Employees and Contributions, Multiemployer Plans [Line Items] | |||
Multiemployer plans, covered employees (in number of employees) | employee | 6,979 | 2,412 | 5,349 |
Pension | |||
Covered Employees and Contributions, Multiemployer Plans [Line Items] | |||
Total multiemployer pension plan contributions | $ 94 | $ 30 | $ 66.9 |
Other Multiemployer | |||
Covered Employees and Contributions, Multiemployer Plans [Line Items] | |||
Total multiemployer pension plan contributions | $ 34.1 | $ 7.5 | $ 5.7 |
Equity - Share Activity (Detail
Equity - Share Activity (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Equity, Treasury Stock [Line Items] | ||||
Treasury stock acquired (in shares) | 0 | 3,600,000 | ||
Treasury stock acquired, value | $ 120,228,000 | $ 602,000 | ||
Stock repurchase program, remaining authorized repurchase amount | $ 158,600,000 | |||
September 2018 Share Repurchase Program | ||||
Equity, Treasury Stock [Line Items] | ||||
Treasury stock acquired (in shares) | 600,000 | |||
Treasury stock acquired, value | $ 28,800,000 | |||
Share repurchase program, amount authorized, value | $ 150,000,000 | |||
December 2018 Share Repurchase Program | ||||
Equity, Treasury Stock [Line Items] | ||||
Treasury stock acquired (in shares) | 3,000,000 | |||
Treasury stock acquired, value | $ 91,400,000 | |||
Share repurchase program, amount authorized, value | $ 100,000,000 | |||
Stock repurchase program, remaining authorized repurchase amount | 8,600,000 | |||
March 2020 Share Repurchase Program | ||||
Equity, Treasury Stock [Line Items] | ||||
Share repurchase program, amount authorized, value | 150,000,000 | |||
Stock repurchase program, remaining authorized repurchase amount | $ 150,000,000 |
Equity - Rollforward of Accumul
Equity - Rollforward of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Accumulated Other Comprehensive Loss [Line Items] | |||
Beginning balance | $ 2,005,525 | $ 1,791,691 | $ 1,392,024 |
Unrealized gains (losses), net of tax | 12,668 | (15,738) | (15,212) |
Ending balance | 2,543,861 | 2,005,525 | 1,791,691 |
Foreign Currency | |||
Accumulated Other Comprehensive Loss [Line Items] | |||
Beginning balance | (64,272) | (65,685) | (65,496) |
Unrealized gains (losses), net of tax | 258 | 1,413 | (189) |
Ending balance | (64,014) | (64,272) | (65,685) |
Other | |||
Accumulated Other Comprehensive Loss [Line Items] | |||
Beginning balance | (27,172) | (10,021) | 5,002 |
Unrealized gains (losses), net of tax | 12,410 | (17,151) | (15,023) |
Ending balance | (14,762) | (27,172) | (10,021) |
Total | |||
Accumulated Other Comprehensive Loss [Line Items] | |||
Beginning balance | (91,444) | (75,706) | (60,494) |
Ending balance | $ (78,776) | $ (91,444) | $ (75,706) |
Income Taxes - Schedule of Comp
Income Taxes - Schedule of Components of Income before Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |||
Domestic | $ 414,100 | $ 435,900 | $ 452,200 |
Foreign | 16,000 | (10,700) | 58,700 |
Income before income taxes | $ 430,075 | $ 425,164 | $ 510,939 |
Income Taxes - Schedule of Prov
Income Taxes - Schedule of Provision for Income Tax (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Current: | |||
Federal | $ 36,900 | $ 70,600 | $ 77,400 |
Foreign | 1,500 | 2,100 | 6,200 |
State and local | 9,000 | 22,600 | 15,600 |
Total current income tax expense | 47,400 | 95,300 | 99,200 |
Deferred: | |||
Federal | 37,000 | 14,800 | 22,400 |
Foreign | (100) | (9,800) | (2,800) |
State and local | 15,000 | 2,200 | (2,000) |
Total deferred income tax expense | 51,900 | 7,200 | 17,600 |
Provision for income taxes | $ 99,346 | $ 102,465 | $ 116,843 |
Income Taxes - Schedule of Defe
Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Deferred tax liabilities: | ||
Property and equipment | $ 310,100 | $ 205,000 |
Goodwill | 77,900 | 58,700 |
Other intangible assets | 58,700 | 30,700 |
Gain on remeasurement of equity investee | 7,200 | 7,000 |
Revenue recognition | 1,600 | 22,400 |
Investments in unconsolidated entities | 99,700 | 79,800 |
Other | 17,000 | 15,500 |
Total deferred tax liabilities | 572,200 | 419,100 |
Deferred tax assets: | ||
Accrued insurance | 42,200 | 31,100 |
Operating loss carryforwards and tax credits | 80,700 | 82,100 |
Compensation and benefits | 36,100 | 32,800 |
Bad debt | 1,600 | 3,700 |
Other | 15,400 | 12,300 |
Valuation allowance | (54,200) | (45,800) |
Total deferred tax assets | 121,800 | 116,200 |
Net deferred tax liabilities | $ (450,361) | $ (302,938) |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Taxes [Line Items] | |||
Net operating loss carryforwards, deferred tax assets | $ 80.7 | $ 82.1 | |
Unrecognized tax benefits, interest and penalties, income tax expense | (0.3) | 1.4 | $ 0.5 |
Unrecognized tax benefits, accrued interest and penalties | 2.3 | 2.6 | |
Unrecognized tax benefits | 23.7 | ||
State | |||
Income Taxes [Line Items] | |||
Net operating loss carryforwards, deferred tax assets | 18.6 | 15.7 | |
Foreign | |||
Income Taxes [Line Items] | |||
Net operating loss carryforwards, deferred tax assets | 57.7 | 66 | |
Federal | |||
Income Taxes [Line Items] | |||
Net operating loss carryforwards, deferred tax assets | $ 2.9 | $ 0.1 |
Income Taxes - Schedule of Effe
Income Taxes - Schedule of Effective Tax Rate Reconciliation (Details) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |||
U.S. statutory federal rate applied to pretax income | 21.00% | 21.00% | 21.00% |
State and local income taxes, net of federal benefit | 4.30% | 4.30% | 3.20% |
Foreign tax rate differential | 0.10% | (0.20%) | 0.20% |
Non-deductible expenses | 0.30% | 1.50% | 1.70% |
Goodwill and intangible assets | 0.40% | (0.20%) | (0.50%) |
Change in tax rate | 1.60% | 0.60% | (1.50%) |
Other | 0.80% | (0.60%) | (1.00%) |
Tax credits | (4.80%) | (1.20%) | (0.60%) |
Stock basis adjustment | (0.90%) | 0.00% | (1.80%) |
Valuation allowance for deferred tax assets | 0.30% | (1.10%) | 2.20% |
Effective income tax rate | 23.10% | 24.10% | 22.90% |
Income Taxes - Rollforward of U
Income Taxes - Rollforward of Uncertain Tax Positions (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Uncertain Tax Positions [Rollforward] | |||
Beginning balance | $ 18.4 | $ 13.5 | $ 9.4 |
Additions based on tax positions related to the current year | 4.4 | 1.5 | 3.7 |
Additions for tax positions of prior years | 6.8 | 3.4 | 0.7 |
Reductions for tax positions of prior years | 0 | 0 | (0.3) |
Settlements | (5.1) | 0 | 0 |
Lapse of statute of limitations | (0.8) | 0 | 0 |
Ending balance | $ 23.7 | $ 18.4 | $ 13.5 |
Segments and Related Informat_3
Segments and Related Information - Narrative (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021USD ($)segment | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
Segment and Related Information [Line Items] | |||
Number of operating segments | segment | 5 | ||
Number of reportable segments | segment | 5 | ||
Loss on extinguishment of debt | $ 0 | $ (5,569) | $ 0 |
Intangible asset, pre-tax impairment charge | 3,300 | ||
2021 Acquisitions | |||
Segment and Related Information [Line Items] | |||
Bargain purchase gain | 3,500 | ||
Acquisition and integration costs | $ 3,600 | ||
Pre-Qualifications | |||
Segment and Related Information [Line Items] | |||
Intangible asset, pre-tax impairment charge | $ 3,300 | ||
4.875% Senior Notes | Senior Notes | |||
Segment and Related Information [Line Items] | |||
Loss on extinguishment of debt | $ (5,600) |
Segments and Related Informat_4
Segments and Related Information - Schedule of Financial Information by Reportable Segment - Revenue (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Revenue: | |||
Revenue (in dollars) | $ 7,951,781 | $ 6,320,975 | $ 7,183,188 |
Communications | Customer Concentration Risk | Revenue Benchmark | Utilities | |||
Revenue: | |||
Concentration risk, percentage of total | 20.80% | 15.60% | 15.00% |
Reportable Segments | Communications | |||
Revenue: | |||
Revenue (in dollars) | $ 2,551,100 | $ 2,512,200 | $ 2,618,800 |
Reportable Segments | Clean Energy and Infrastructure | |||
Revenue: | |||
Revenue (in dollars) | 1,865,000 | 1,526,900 | 1,034,300 |
Reportable Segments | Oil and Gas | |||
Revenue: | |||
Revenue (in dollars) | 2,540,500 | 1,789,800 | 3,117,200 |
Reportable Segments | Power Delivery | |||
Revenue: | |||
Revenue (in dollars) | 1,016,800 | 506,500 | 413,900 |
Reportable Segments | Other | |||
Revenue: | |||
Revenue (in dollars) | 0 | 600 | 200 |
Eliminations | |||
Revenue: | |||
Revenue (in dollars) | $ (21,600) | $ (15,000) | $ (1,200) |
Segments and Related Informat_5
Segments and Related Information - Schedule of Financial Information by Reportable Segment - EBITDA (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
EBITDA: | |||
Consolidated EBITDA | $ 906,300 | $ 782,500 | $ 823,400 |
Loss on extinguishment of debt | 0 | (5,569) | 0 |
4.875% Senior Notes | Senior Notes | |||
EBITDA: | |||
Loss on extinguishment of debt | (5,600) | ||
Reportable Segments | Communications | |||
EBITDA: | |||
Consolidated EBITDA | 269,500 | 270,100 | 208,800 |
Reportable Segments | Clean Energy and Infrastructure | |||
EBITDA: | |||
Consolidated EBITDA | 75,000 | 80,400 | 40,100 |
Reportable Segments | Oil and Gas | |||
EBITDA: | |||
Consolidated EBITDA | 557,600 | 510,900 | 634,200 |
Reportable Segments | Power Delivery | |||
EBITDA: | |||
Consolidated EBITDA | 68,000 | 14,900 | 29,500 |
Reportable Segments | Other | |||
EBITDA: | |||
Consolidated EBITDA | 33,800 | 30,700 | 26,500 |
Corporate | |||
EBITDA: | |||
Consolidated EBITDA | $ (97,500) | $ (124,500) | $ (115,700) |
Segments and Related Informat_6
Segments and Related Information - Schedule of Financial Information by Reportable Segment - Depreciation and Amortization (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Depreciation and Amortization: | |||
Consolidated depreciation and amortization | $ 422.8 | $ 297.8 | $ 235.5 |
Reportable Segments | Communications | |||
Depreciation and Amortization: | |||
Consolidated depreciation and amortization | 99.3 | 87.1 | 65 |
Reportable Segments | Clean Energy and Infrastructure | |||
Depreciation and Amortization: | |||
Consolidated depreciation and amortization | 43.5 | 18.2 | 14.1 |
Reportable Segments | Oil and Gas | |||
Depreciation and Amortization: | |||
Consolidated depreciation and amortization | 207.8 | 156.6 | 127.2 |
Reportable Segments | Power Delivery | |||
Depreciation and Amortization: | |||
Consolidated depreciation and amortization | 61.5 | 24.7 | 20 |
Reportable Segments | Other | |||
Depreciation and Amortization: | |||
Consolidated depreciation and amortization | 0 | 0.1 | 0.1 |
Corporate | |||
Depreciation and Amortization: | |||
Consolidated depreciation and amortization | $ 10.7 | $ 11.1 | $ 9.1 |
Segments and Related Informat_7
Segments and Related Information - Schedule of Financial Information by Reportable Segment - Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Assets: | |||
Consolidated segment assets | $ 7,121,393 | $ 5,227,849 | $ 4,997,000 |
Reportable Segments | Communications | |||
Assets: | |||
Consolidated segment assets | 2,031,500 | 1,941,900 | 1,958,100 |
Reportable Segments | Clean Energy and Infrastructure | |||
Assets: | |||
Consolidated segment assets | 1,067,000 | 653,700 | 570,500 |
Reportable Segments | Oil and Gas | |||
Assets: | |||
Consolidated segment assets | 1,450,600 | 1,631,100 | 1,762,400 |
Reportable Segments | Power Delivery | |||
Assets: | |||
Consolidated segment assets | 2,209,400 | 541,600 | 463,900 |
Reportable Segments | Other | |||
Assets: | |||
Consolidated segment assets | 238,100 | 191,800 | 192,200 |
Corporate | |||
Assets: | |||
Consolidated segment assets | $ 124,800 | $ 267,800 | $ 49,900 |
Segments and Related Informat_8
Segments and Related Information - Schedule of Financial Information by Reportable Segment - Capital Expenditures (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Capital Expenditures: | |||
Consolidated capital expenditures | $ 170,066 | $ 213,746 | $ 126,473 |
Reportable Segments | Communications | |||
Capital Expenditures: | |||
Consolidated capital expenditures | 50,600 | 38,400 | 36,000 |
Reportable Segments | Clean Energy and Infrastructure | |||
Capital Expenditures: | |||
Consolidated capital expenditures | 44,600 | 14,000 | 12,700 |
Reportable Segments | Oil and Gas | |||
Capital Expenditures: | |||
Consolidated capital expenditures | 55,700 | 149,200 | 59,700 |
Reportable Segments | Power Delivery | |||
Capital Expenditures: | |||
Consolidated capital expenditures | 13,000 | 3,800 | 6,800 |
Reportable Segments | Other | |||
Capital Expenditures: | |||
Consolidated capital expenditures | 0 | 0 | 0 |
Corporate | |||
Capital Expenditures: | |||
Consolidated capital expenditures | $ 6,200 | $ 8,300 | $ 11,300 |
Segments and Related Informat_9
Segments and Related Information - Reconciliation of Consolidated Income before Income Taxes to EBITDA (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
EBITDA Reconciliation: | |||
Income before income taxes | $ 430,075 | $ 425,164 | $ 510,939 |
Interest expense, net | 53,413 | 59,629 | 77,026 |
Depreciation | 345,612 | 258,841 | 212,485 |
Amortization of intangible assets | 77,214 | 38,910 | 22,997 |
Consolidated EBITDA | $ 906,300 | $ 782,500 | $ 823,400 |
Segments and Related Informa_10
Segments and Related Information - Foreign Operations (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Segment and Related Information [Line Items] | ||||||
Revenue | $ 7,951,781 | $ 6,320,975 | $ 7,183,188 | |||
United States | ||||||
Segment and Related Information [Line Items] | ||||||
Revenue | 7,800,000 | 6,200,000 | 6,900,000 | |||
Property and equipment, net | $ 1,411,600 | $ 959,500 | $ 874,700 | 1,411,600 | 959,500 | 874,700 |
Intangible assets and goodwill, net | 2,100,000 | 2,100,000 | 1,400,000 | 2,100,000 | 2,100,000 | 1,400,000 |
Foreign Operations | ||||||
Segment and Related Information [Line Items] | ||||||
Revenue | 165,200 | 133,100 | 233,500 | |||
Property and equipment, net | 24,500 | 22,800 | 31,100 | 24,500 | 22,800 | 31,100 |
Intangible assets and goodwill, net | $ 43,800 | $ 50,500 | $ 56,400 | $ 43,800 | $ 50,500 | $ 56,400 |
Accounts Receivable, Net, Less Contract Liabilities | Geographic Concentration Risk | Foreign Operations | ||||||
Segment and Related Information [Line Items] | ||||||
Concentration risk, percentage of total | 2.00% | 5.00% | 5.00% | |||
Revenue Benchmark | Customer Concentration Risk | Government Transactions | ||||||
Segment and Related Information [Line Items] | ||||||
Concentration risk, percentage of total | 5.00% | 2.00% | 1.00% |
Segments and Related Informa_11
Segments and Related Information - Schedule of Significant Customers, Revenue Concentration Information (Details) - Customer Concentration Risk - Revenue Benchmark | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Enbridge, Inc. | |||
Revenue, Significant Customer [Line Items] | |||
Concentration risk, percentage of total | 16.00% | 4.00% | 0.00% |
AT&T (including DIRECTV) | |||
Revenue, Significant Customer [Line Items] | |||
Concentration risk, percentage of total | 9.00% | 15.00% | 15.00% |
Equitrans Midstream Corporation | |||
Revenue, Significant Customer [Line Items] | |||
Concentration risk, percentage of total | 4.00% | 3.00% | 11.00% |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Sep. 30, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Other Commitments [Line Items] | ||||
Other current assets | $ 81,884 | $ 31,390 | ||
Other long-term assets | 360,087 | 282,856 | ||
Other income | $ 33,408 | $ 11,260 | $ (27,184) | |
Third Quarter Settlement | Settled Litigation | ||||
Other Commitments [Line Items] | ||||
Other current assets | $ 25,000 | |||
Other long-term assets | 19,000 | |||
Other income | $ 5,000 |
Commitments and Contingencies_2
Commitments and Contingencies - Legal, Letters of Credit, Bonds, Self-Insurance, Indemnities (Details) $ in Millions, $ in Millions | Dec. 31, 2021USD ($) | Dec. 31, 2021CAD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2020CAD ($) |
Commitments and Contingencies [Line Items] | ||||
Letters of credit issued | $ 188.5 | $ 151.8 | ||
Indemnities, accrued project close-out liabilities | 40 | 20 | ||
Self-Insurance | Workers' Compensation, General and Automobile Policies | ||||
Commitments and Contingencies [Line Items] | ||||
Self-insurance reserve | 189.8 | 129.6 | ||
Self-Insurance | Workers' Compensation, General and Automobile Policies | Other Long-Term Liabilities | ||||
Commitments and Contingencies [Line Items] | ||||
Self-insurance reserve, non-current | 126.5 | 86.1 | ||
Self-Insurance | Employee Group Medical Claims Policy | ||||
Commitments and Contingencies [Line Items] | ||||
Self-insurance reserve | 4.2 | 4.3 | ||
Performance and Payment Bonds | ||||
Commitments and Contingencies [Line Items] | ||||
Bonded projects, estimated costs to complete | 768.8 | 263.2 | ||
Performance and Payment Bonds | Proportionately Consolidated Non-Controlled Joint Venture | ||||
Commitments and Contingencies [Line Items] | ||||
Outstanding bonds, amount | 7.7 | $ 9.7 | 20.7 | $ 26.4 |
Performance and Payment Bonds | Subsidiaries | ||||
Commitments and Contingencies [Line Items] | ||||
Outstanding bonds, amount | 2,155.2 | 764.8 | ||
Performance and Payment Bonds | Subsidiaries | Proportionately Consolidated Non-Controlled Joint Venture | ||||
Commitments and Contingencies [Line Items] | ||||
Outstanding bonds, amount | 115 | |||
Financial Guarantees | Self-Insurance | Workers' Compensation, General and Automobile Policies | ||||
Commitments and Contingencies [Line Items] | ||||
Letters of credit issued | 125.7 | 59.3 | ||
Surety Bonds | Self-Insurance | Workers' Compensation | ||||
Commitments and Contingencies [Line Items] | ||||
Outstanding bonds, amount | $ 52.9 | $ 37.4 |
Commitments and Contingencies_3
Commitments and Contingencies - Investment Arrangements (Details) - Proportionately Consolidated Non-Controlled Joint Venture $ in Millions | 12 Months Ended |
Dec. 31, 2021USD ($) | |
Other Commitments [Line Items] | |
Payments for advance to affiliate | $ 0.7 |
Joint Ventures That Provide Electrical Transmission Infrastructure Services | Minimum | |
Other Commitments [Line Items] | |
Proportionately consolidated non-controlled joint venture, ownership percentage | 85.00% |
Joint Ventures That Provide Electrical Transmission Infrastructure Services | Maximum | |
Other Commitments [Line Items] | |
Proportionately consolidated non-controlled joint venture, ownership percentage | 90.00% |
Joint Venture Civil Construction Project | Minimum | |
Other Commitments [Line Items] | |
Proportionately consolidated non-controlled joint venture, ownership percentage | 30.00% |
Joint Venture Civil Construction Project | Maximum | |
Other Commitments [Line Items] | |
Proportionately consolidated non-controlled joint venture, ownership percentage | 50.00% |
Commitments and Contingencies_4
Commitments and Contingencies - Concentrations of Risk (Details) - customer | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Concentration Risk [Line Items] | |||
Number of customers | 460 | ||
Accounts Receivable, Net, Less Contract Liabilities | Credit Concentration Risk | Customer A | |||
Concentration Risk [Line Items] | |||
Concentration risk, percentage of total | 15.00% | ||
Accounts Receivable, Net, Less Contract Liabilities | Credit Concentration Risk | Customer B | |||
Concentration Risk [Line Items] | |||
Concentration risk, percentage of total | 12.00% | ||
Revenue Benchmark | Customer Concentration Risk | Ten Largest Customers | |||
Concentration Risk [Line Items] | |||
Concentration risk, percentage of total | 54.00% | 55.00% | 62.00% |
Related Party Transactions - Ma
Related Party Transactions - Management and Other Transactions (Details) $ in Millions, $ in Millions | 12 Months Ended | ||||
Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2021CAD ($) | Dec. 31, 2020CAD ($) | |
Management | Equipment, Supplies And Services | |||||
Related Party Transaction [Line Items] | |||||
Payments, related party | $ 81.2 | $ 80.9 | $ 108 | ||
Payables, related party | 0.6 | 8.9 | |||
Revenue, related party | 4.2 | 4.1 | $ 2.3 | ||
Receivables, related party | 0.4 | 0.5 | |||
Proportionately Consolidated Non-Controlled Joint Venture | Performance and Payment Bonds | |||||
Related Party Transaction [Line Items] | |||||
Outstanding bonds, amount | $ 7.7 | $ 20.7 | $ 9.7 | $ 26.4 |
Related Party Transactions - Co
Related Party Transactions - Construction Management Firm and CCI (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Earn-Out Liabilities | |||
Related Party Transaction [Line Items] | |||
Acquisition-related contingent consideration liabilities, payments | $ 47 | $ 50.4 | $ 35 |
Construction Management Firm Specializing in Steel Building Systems | Immediate Family Member of Management | Earn-Out Liabilities | |||
Related Party Transaction [Line Items] | |||
Acquisition-related contingent consideration liabilities, payments | 0.8 | ||
CCI | Immediate Family Member of Management | Equipment | |||
Related Party Transaction [Line Items] | |||
Payments, net of rebates, related party | 23.2 | 6.8 | $ 41.7 |
Payables, related party | 0.8 | 4.2 | |
Revenue, related party | 0.1 | $ 0.9 | |
Receivables, related party | $ 0 |
Related Party Transactions - Ex
Related Party Transactions - Executive Officers (Details) | 12 Months Ended | ||
Dec. 31, 2021USD ($)employee | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
Management | Subcontracting Arrangements | |||
Related Party Transaction [Line Items] | |||
Number of management members, subcontracting arrangement | employee | 2 | ||
Payments or expenses, related party | $ 90,300,000 | $ 1,900,000 | $ 10,300,000 |
Payables, related party | 500,000 | 1,400,000 | |
Receivables, related party | 400,000 | 400,000 | |
Charges, related party | 800,000 | 900,000 | |
Executive Officers | Related Customer | |||
Related Party Transaction [Line Items] | |||
Receivables, related party | 800,000 | 900,000 | |
Charges, related party | 1,200,000 | 1,300,000 | 1,400,000 |
Executive Officers | Construction Services | |||
Related Party Transaction [Line Items] | |||
Payments or expenses, related party | 600,000 | 300,000 | |
Payables, related party | 0 | 0 | |
Revenue, related party | 7,100,000 | 12,600,000 | |
Chairman, Board of Directors | Leases | |||
Related Party Transaction [Line Items] | |||
Payments or expenses, related party | $ 2,600,000 | $ 2,600,000 | $ 2,400,000 |
Related Party Transactions - _2
Related Party Transactions - Management/Subcontracting agreement (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Jun. 30, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Related Party Transaction [Line Items] | ||||
Line of credit facility, letters of credit issued | $ 188,500 | $ 151,800 | ||
Noncontrolling Interest, Percentage of Voting Interests Acquired | 15.00% | |||
Proceeds from (Payments to) Noncontrolling Interests | $ 6,800 | 8,965 | 719 | $ (583) |
Management | ||||
Related Party Transaction [Line Items] | ||||
Payments for advance to affiliate | 1,200 | |||
Subcontracting Arrangements | Management | ||||
Related Party Transaction [Line Items] | ||||
Receivables, related party | 400 | 400 | ||
Charges, related party | 800 | $ 900 | ||
Subcontracting Arrangements | Management | Line of Credit | ||||
Related Party Transaction [Line Items] | ||||
Line of credit facility, letters of credit issued | 15,000 | |||
Community Condotte DeMoya JV, LLC | ||||
Related Party Transaction [Line Items] | ||||
Equity method investment, ownership percentage | 25.00% | |||
Negative equity method investment | 1,600 | $ 2,000 | ||
Community Condotte DeMoya JV, LLC | Subcontracting Arrangements | Management | ||||
Related Party Transaction [Line Items] | ||||
Receivables, related party | $ 2,300 | $ 1,900 |
Related Party Transactions - 20
Related Party Transactions - 2021 Acquisitions (Details) $ in Millions | Dec. 31, 2021USD ($) |
2021 Acquisition, Acquisition One | Former Owner Of Acquired Business | |
Related Party Transaction [Line Items] | |
Advance related to acquisition | $ 1 |
2021 Acquisitions, Acquisition Two | Certain Entities, Each Accounted for Using Equity Method Investments | |
Related Party Transaction [Line Items] | |
Equity method investment, ownership percentage | 49.00% |
Borrowing availability | $ 8.5 |
2021 Acquisitions, Acquisition Two | Certain Entities, Each Accounted for Using Equity Method Investments | Other Current Assets | |
Related Party Transaction [Line Items] | |
Borrowing availability | $ 0.4 |
Related Party Transactions - _3
Related Party Transactions - Contractual Joint Venture (Details) $ in Millions, $ in Millions | Dec. 31, 2021USD ($) | Dec. 31, 2021CAD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2020CAD ($) |
Joint Venture | Canadian Joint Venture | ||||
Related Party Transaction [Line Items] | ||||
Proportionately consolidated non-controlled joint venture, ownership percentage | 35.00% | 35.00% | ||
Joint Venture | Performance Guarantees | ||||
Related Party Transaction [Line Items] | ||||
Guarantees issued, related party | $ 7.7 | $ 9.7 | $ 20.7 | $ 26.4 |
Management | Subcontracting Arrangements | ||||
Related Party Transaction [Line Items] | ||||
Receivables, related party | $ 0.4 | $ 0.4 |
Related Party Transactions - Sp
Related Party Transactions - Split Dollar Agreements (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Chairman, Board of Directors | |||
Related Party Transaction [Line Items] | |||
Payments for life insurance policies | $ 1.1 | $ 1.1 | $ 1.1 |
Chief Executive Officer | |||
Related Party Transaction [Line Items] | |||
Payments for life insurance policies | 0.7 | 0.7 | $ 0.7 |
Executive Officers | |||
Related Party Transaction [Line Items] | |||
Life insurance assets, carrying amount | 24 | $ 22.2 | |
Maximum | Chairman, Board of Directors | |||
Related Party Transaction [Line Items] | |||
Life insurance, face amount | 200 | ||
Maximum | Chief Executive Officer | |||
Related Party Transaction [Line Items] | |||
Life insurance, face amount | $ 75 |
Schedule II - Valuation and Q_2
Schedule II - Valuation and Qualifying Accounts (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Schedule II - Valuation and Qualifying Accounts [Roll Forward] | |||
Balance at Beginning of Period | $ 125.2 | $ 123.9 | $ 112.7 |
Charges to Cost and Expense | 82.3 | 59.2 | 61.7 |
Other Additions | 0 | 0 | 0 |
(Deductions) | (37.6) | (57.9) | (50.5) |
Balance at End of Period | 169.9 | 125.2 | 123.9 |
Allowance for credit losses | |||
Schedule II - Valuation and Qualifying Accounts [Roll Forward] | |||
Balance at Beginning of Period | 20.5 | 10.1 | 16.3 |
Charges to Cost and Expense | 2.8 | 12.1 | 1.7 |
Other Additions | 0 | 0 | 0 |
(Deductions) | (15.5) | (1.7) | (7.9) |
Balance at End of Period | 7.8 | 20.5 | 10.1 |
Allowance for unbilled receivables and project close-out liabilities | |||
Schedule II - Valuation and Qualifying Accounts [Roll Forward] | |||
Balance at Beginning of Period | 50.4 | 57.3 | 48 |
Charges to Cost and Expense | 67 | 38.5 | 49.7 |
Other Additions | 0 | 0 | 0 |
(Deductions) | (20.6) | (45.4) | (40.4) |
Balance at End of Period | 96.8 | 50.4 | 57.3 |
Valuation allowance for inventory | |||
Schedule II - Valuation and Qualifying Accounts [Roll Forward] | |||
Balance at Beginning of Period | 8.5 | 7.7 | 7.8 |
Charges to Cost and Expense | 3.1 | 1.8 | 2.1 |
Other Additions | 0 | 0 | 0 |
(Deductions) | (0.5) | (1) | (2.2) |
Balance at End of Period | 11.1 | 8.5 | 7.7 |
Valuation allowance for deferred tax assets | |||
Schedule II - Valuation and Qualifying Accounts [Roll Forward] | |||
Balance at Beginning of Period | 45.8 | 48.8 | 40.6 |
Charges to Cost and Expense | 9.4 | 6.8 | 8.2 |
Other Additions | 0 | 0 | 0 |
(Deductions) | (1) | (9.8) | 0 |
Balance at End of Period | $ 54.2 | $ 45.8 | $ 48.8 |