Cover Page
Cover Page - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 31, 2022 | Mar. 08, 2023 | Jun. 30, 2022 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2022 | ||
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) | $ 4.1 | ||
Entity Common Stock, Shares Outstanding | 78,791,125 | ||
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 2023 annual meeting of shareholders is incorporated by reference in Part III of this Form 10-K to the extent stated herein. | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2022 | ||
Document Fiscal Period Focus | FY | ||
Entity Central Index Key | 0000015615 |
Audit Information
Audit Information | 12 Months Ended |
Dec. 31, 2022 | |
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, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income Statement [Abstract] | |||
Revenue | $ 9,778,038 | $ 7,951,781 | $ 6,320,975 |
Costs of revenue, excluding depreciation and amortization | 8,586,333 | 6,805,735 | 5,270,879 |
Depreciation | 371,240 | 345,612 | 258,841 |
Amortization of intangible assets | 135,908 | 77,214 | 38,910 |
General and administrative expenses | 559,437 | 306,970 | 302,981 |
Interest expense, net | 112,255 | 53,413 | 59,629 |
Equity in earnings of unconsolidated affiliates, net | (28,836) | (33,830) | (29,738) |
Loss on extinguishment of debt | 0 | 0 | 5,569 |
Other income, net | (1,358) | (33,408) | (11,260) |
Income before income taxes | 43,059 | 430,075 | 425,164 |
Provision for income taxes | (9,171) | (99,346) | (102,465) |
Net income | 33,888 | 330,729 | 322,699 |
Net income (loss) attributable to non-controlling interests | 534 | 1,898 | (149) |
Net income attributable to MasTec, Inc. | $ 33,354 | $ 328,831 | $ 322,848 |
Earnings per share (Note 2): | |||
Basic earnings per share (in dollars per share) | $ 0.45 | $ 4.54 | $ 4.43 |
Basic weighted average common shares outstanding (in shares) | 74,917 | 72,499 | 72,799 |
Diluted earnings per share (in dollars per share) | $ 0.42 | $ 4.45 | $ 4.38 |
Diluted weighted average common shares outstanding (in shares) | 76,185 | 73,941 | 73,715 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 33,888 | $ 330,729 | $ 322,699 |
Other comprehensive income (loss): | |||
Foreign currency translation (losses) gains, net of tax | (3,089) | 258 | 1,413 |
Unrealized gains (losses) on investment activity, net of tax | 30,910 | 12,410 | (17,151) |
Comprehensive income | 61,709 | 343,397 | 306,961 |
Comprehensive income (loss) attributable to non-controlling interests | 534 | 1,898 | (149) |
Comprehensive income attributable to MasTec, Inc. | $ 61,175 | $ 341,499 | $ 307,110 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 370,592 | $ 360,736 |
Accounts receivable, net of allowance | 1,399,732 | 1,019,324 |
Contract assets | 1,729,886 | 1,227,927 |
Inventories, net | 117,969 | 92,595 |
Prepaid expenses | 122,308 | 91,488 |
Other current assets | 118,640 | 81,884 |
Total current assets | 3,859,127 | 2,873,954 |
Property and equipment, net | 1,754,101 | 1,436,087 |
Operating lease right-of-use assets | 279,534 | 260,410 |
Goodwill, net | 2,045,041 | 1,520,575 |
Other intangible assets, net | 946,299 | 670,280 |
Other long-term assets | 409,157 | 360,087 |
Total assets | 9,293,259 | 7,121,393 |
Current liabilities: | ||
Current portion of long-term debt, including finance leases | 171,916 | 137,912 |
Current portion of operating lease liabilities | 96,516 | 95,426 |
Accounts payable | 1,109,867 | 663,063 |
Accrued salaries and wages | 181,888 | 203,141 |
Other accrued expenses | 365,971 | 229,936 |
Contract liabilities | 406,232 | 313,965 |
Other current liabilities | 163,647 | 141,155 |
Total current liabilities | 2,496,037 | 1,784,598 |
Long-term debt, including finance leases | 3,052,193 | 1,876,233 |
Long-term operating lease liabilities | 194,050 | 176,378 |
Deferred income taxes | 571,401 | 450,361 |
Other long-term liabilities | 238,391 | 289,962 |
Total liabilities | 6,552,072 | 4,577,532 |
Commitments and contingencies (Note 14) | ||
Equity | ||
Preferred stock, $1.00 par value: authorized shares - 5,000,000; issued and outstanding shares – none | 0 | 0 |
Common stock, $0.10 par value: authorized shares - 145,000,000; issued shares - 98,615,105 and 95,371,211 (including 2,047,130 and 1,747,385 of unvested stock awards) as of December 31, 2022 and 2021, respectively | 9,862 | 9,537 |
Capital surplus | 1,246,590 | 1,033,615 |
Retained earnings | 2,195,742 | 2,162,388 |
Accumulated other comprehensive loss | (50,955) | (78,776) |
Treasury stock, at cost: 19,933,055 and 18,941,926 shares as of December 31, 2022 and 2021, respectively | (663,910) | (586,955) |
Total MasTec, Inc. shareholders’ equity | 2,737,329 | 2,539,809 |
Non-controlling interests | 3,858 | 4,052 |
Total equity | 2,741,187 | 2,543,861 |
Total liabilities and equity | $ 9,293,259 | $ 7,121,393 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2022 | Dec. 31, 2021 |
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 | 98,615,105 | 95,371,211 |
Treasury stock, shares | 19,933,055 | 18,941,926 |
Common Stock | ||
Common stock, shares issued | 98,615,105 | 95,371,211 |
Restricted Stock | Common Stock | ||
Unvested stock awards (in shares) | 2,047,130 | 1,747,385 |
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, 2019 | 91,909,430 | |||||||
Beginning balance at Dec. 31, 2019 | $ 1,791,691 | $ 9,191 | $ (466,727) | $ 809,753 | $ 1,510,709 | $ (75,706) | $ 1,787,220 | $ 4,471 |
Beginning balance, treasury shares (in shares) at Dec. 31, 2019 | (15,344,917) | |||||||
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 (forfeiture) of restricted shares, net (in shares) | 993,893 | |||||||
Issuance (forfeiture) 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 | |||||||
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) | |||||||
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 (forfeiture) of restricted shares, net (in shares) | 305,882 | |||||||
Issuance (forfeiture) 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 | |||||||
Issuance of shares in connection with acquisition (in shares) | 1,975,232 | |||||||
Issuance of shares in connection with acquisitions | $ 181,682 | $ 198 | 181,484 | 181,682 | ||||
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 Equity | ||||||||
Net income (loss) | $ 33,888 | 33,354 | 33,354 | 534 | ||||
Other comprehensive income (loss) | 27,821 | 27,821 | 27,821 | |||||
Non-cash stock-based compensation | 27,446 | 27,446 | 27,446 | |||||
Issuance (forfeiture) of restricted shares, net (in shares) | 534,909 | |||||||
Issuance (forfeiture) of restricted shares, net | 0 | $ 53 | (53) | |||||
Other stock issuances (shares withheld for taxes), net (in shares) | (49,418) | |||||||
Other stock issuances (shares withheld for taxes), net | $ (2,867) | $ (5) | (2,862) | (2,867) | ||||
Acquisition of treasury stock, at cost (in shares) | (1,124,000) | (1,124,286) | ||||||
Acquisition of treasury stock, at cost | $ (81,291) | $ (81,291) | (81,291) | |||||
Issuance of shares in connection with acquisition (in shares) | 2,758,403 | 133,157 | ||||||
Issuance of shares in connection with acquisitions | 193,057 | $ 277 | $ 4,336 | 188,444 | 193,057 | |||
Distributions to non-controlling interests | $ (728) | (728) | ||||||
Ending balance, common shares outstanding (in shares) at Dec. 31, 2022 | 98,615,105 | 98,615,105 | ||||||
Ending balance at Dec. 31, 2022 | $ 2,741,187 | $ 9,862 | $ (663,910) | $ 1,246,590 | $ 2,195,742 | $ (50,955) | $ 2,737,329 | $ 3,858 |
Ending balance, treasury shares (in shares) at Dec. 31, 2022 | (19,933,055) | (19,933,055) |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Cash flows from operating activities: | |||
Net income | $ 33,888 | $ 330,729 | $ 322,699 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation | 371,240 | 345,612 | 258,841 |
Amortization of intangible assets | 135,908 | 77,214 | 38,910 |
Non-cash stock-based compensation expense | 27,446 | 24,805 | 21,875 |
Provision for deferred income taxes | 9,549 | 51,931 | 7,180 |
Equity in earnings of unconsolidated affiliates, net | (28,836) | (33,830) | (29,738) |
Gains on sales of assets, net | (39,692) | (35,635) | (16,210) |
Non-cash interest expense, net | 4,172 | 3,171 | 2,988 |
Other non-cash items, net | 4,743 | (12,323) | 21,775 |
Changes in assets and liabilities, net of acquisitions: | |||
Accounts receivable | 6,298 | 149,152 | 87,372 |
Contract assets | (304,351) | 49,295 | 63,306 |
Inventories | (20,523) | 10,147 | 17,904 |
Other assets, current and long-term portion | 68,603 | (35,837) | 20,486 |
Accounts payable and accrued expenses | 192,119 | (104,481) | 94,069 |
Contract liabilities | (39,372) | 10,603 | 21,326 |
Other liabilities, current and long-term portion | (68,895) | (37,479) | 4,471 |
Net cash provided by operating activities | 352,297 | 793,074 | 937,254 |
Cash flows from investing activities: | |||
Cash paid for acquisitions, net of cash acquired | (635,763) | (1,244,603) | (24,971) |
Capital expenditures | (263,352) | (170,066) | (213,746) |
Proceeds from sale of property and equipment | 81,470 | 65,287 | 37,077 |
Payments for other investments | (3,981) | (9,996) | (17,456) |
Proceeds from other investments | 400 | 557 | 648 |
Other investing activities, net | 43 | 1,650 | 1,843 |
Net cash used in investing activities | (821,183) | (1,357,171) | (216,605) |
Cash flows from financing activities: | |||
Proceeds from credit facilities and term loans | 4,065,000 | 1,503,372 | 1,434,610 |
Repayments of credit facilities | (3,241,128) | (812,103) | (1,741,067) |
Proceeds from issuance of 4.50% senior notes | 0 | 0 | 600,000 |
Repayments of 4.875% senior notes | 0 | 0 | (400,000) |
Payments of finance lease obligations | (181,481) | (158,892) | (126,988) |
Payments of acquisition-related contingent consideration | (35,149) | (21,675) | (10,097) |
Payments for acquisition-related contingent assets | (17,636) | 0 | 0 |
Payments to non-controlling interests, including acquisition of interests | (728) | (8,965) | (719) |
Proceeds from stock-based awards | 0 | 0 | 7,090 |
Payments for stock-based awards | (4,098) | (6,024) | (636) |
Repurchases of common stock | (81,291) | 0 | (120,228) |
Other financing activities, net | (22,592) | 6,229 | (11,852) |
Net cash provided by (used in) financing activities | 480,897 | 501,942 | (369,887) |
Effect of currency translation on cash | (2,155) | (227) | 929 |
Net increase (decrease) in cash and cash equivalents | 9,856 | (62,382) | 351,691 |
Cash and cash equivalents - beginning of period | 360,736 | 423,118 | 71,427 |
Cash and cash equivalents - end of period | 370,592 | 360,736 | 423,118 |
Supplemental cash flow information: | |||
Interest paid | 106,484 | 61,815 | 65,016 |
Income taxes paid, net of refunds | 8,603 | 69,110 | 64,651 |
Supplemental disclosure of non-cash information: | |||
Additions to property and equipment from finance leases | $ 206,620 | $ 160,286 | $ 114,221 |
CONSOLIDATED STATEMENTS OF CA_2
CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - Senior Notes | Dec. 31, 2022 |
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, 2022 | |
Accounting Policies [Abstract] | |
Business, Basis of Presentation and Significant Accounting Policies | Business, Basis of Presentation and Significant Accounting Policies Nature of the Business MasTec, Inc. (collectively with its subsidiaries, “MasTec” or the “Company”) is a leading infrastructure construction company operating mainly throughout North America across a range of industries. The Company’s primary activities include the engineering, building, installation, maintenance and upgrade of communications, energy, utility and other infrastructure, such as: power delivery services, including transmission, distribution, environmental planning and compliance; wireless, wireline/fiber and customer fulfillment activities; power generation, primarily from clean energy and renewable sources; pipeline distribution infrastructure, including natural gas, carbon capture sequestration, water and pipeline integrity services; heavy civil; industrial infrastructure; and environmental remediation services. MasTec’s customers are primarily in these industries. MasTec reports its results under five reportable segments: (1) Communications; (2) Clean Energy and Infrastructure; (3) Oil and Gas; (4) Power Delivery; and (5) Other. During the first quarter of 2022, the Company began reporting its December 30, 2021 acquisition of Henkels & McCoy Holdings, Inc., formerly known as Henkels & McCoy Group, Inc. (“HMG”), which was initially reported within the Company’s Power Delivery segment, within its Power Delivery, Communications and Oil and Gas segments, as appropriate, and HMG’s corporate functions within its Corporate results. Accordingly, HMG’s December 31, 2021 balance sheet information was recast to conform with the new reporting structure. See Note 13 - Segments and Related Information. Additionally, see Note 3 – Acquisitions, Goodwill and Other Intangible Assets, Net, for discussion related to the Company’s recent business acquisition activity. Principles of Consolidation The accompanying consolidated financial statements include MasTec, Inc. and its subsidiaries and include the accounts of all majority owned subsidiaries over which the Company exercises control and, when applicable, entities in which the Company has a controlling financial interest. All significant intercompany balances and transactions have been eliminated in consolidation. Other parties’ interests in entities that MasTec consolidates are reported as non-controlling interests within equity, except for mandatorily redeemable non-controlling interests, which are recorded within other liabilities. Net income or loss attributable to non-controlling interests is reported as a separate line item below net income or loss. Investments in entities for which the Company does not have a controlling financial interest, but over which it has the ability to exert significant influence, are accounted for under the equity method of accounting. For equity investees in which the Company has an undivided interest in the assets, liabilities and profits or losses of an unincorporated entity, but does not exercise control over the entity, the Company consolidates its proportional interest in the accounts of the entity. When appropriate, prior year amounts are 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 macroeconomic trends and events, such as inflation and interest rate levels; supply chain disruptions; uncertainty from potential recessionary effects; climate-related matters; market, industry and regulatory factors, including permitting issues; global events, such as the ongoing military conflict in Ukraine; and public health matters. These estimates form the basis for making judgments about the Company’s operating results and the carrying values of assets and liabilities that are not readily apparent from other sources. While management believes that such estimates are reasonable when considered in conjunction with the Company’s consolidated financial position and results of operations taken as a whole, actual results could differ materially from these estimates. Key estimates include: the recognition of revenue and project profit or loss, which the Company defines as project revenue less project costs of revenue, including project-related depreciation, in particular, on construction contracts accounted for under the cost-to-cost method, for which the recorded amounts require estimates of costs to complete and the amount and probability of variable consideration included in the contract transaction price; fair value estimates, including acquisition-related assets, such as goodwill and intangible assets, equity investments, long-lived and other assets; acquisition-related liabilities, including contingent consideration, other liabilities and debt obligations; allowances for credit losses; asset lives used in computing depreciation and amortization; fair values of financial instruments; self-insurance liabilities; certain other accruals and allowances; income taxes; and the estimated effects of litigation and other contingencies. General Economic, Regulatory and Market Conditions The Company has experienced, and may continue to experience, direct and indirect negative effects on its business and operations from negative economic, regulatory and market conditions, including recent inflationary effects on fuel prices, labor and materials costs, rising interest rates, supply chain disruptions and uncertainty from potential recessionary effects that could negatively affect demand for future projects and/or delay existing project timing or cause increased project costs. The Company may also experience negative effects from possible longer-term changes in consumer and customer behavior resulting from the effects of the COVID-19 pandemic. The extent to which general economic, regulatory and market conditions could affect the Company’s business, operations and financial results is uncertain as it will depend upon numerous evolving factors that management may not be able to accurately predict, and, therefore, any future impacts on the Company’s business, financial condition and/or results of operations cannot be quantified or predicted with specificity. The Coronavirus Aid, Relief and Economic Security Act (the “CARES Act”), which was enacted in response to the effects of the COVID-19 pandemic, permitted deferral and/or reduction of certain federal and payroll tax amounts, certain of which the Company pursued. Payroll tax deferrals under the CARES Act, which totaled $42 million as of December 31, 2021, were fully paid as of December 31, 2022. 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, which best depicts the continuous transfer of control of goods or services to the customer, and correspondingly, when performance obligations are satisfied for the related contracts. Contracts. The Company derives revenue primarily from construction projects performed under: (i) master service and other service agreements, which generally provide a menu of available services in a specific geographic territory that are utilized on an as-needed basis, and are typically priced using either a time and materials or a fixed price per unit basis; and (ii) contracts for specific projects requiring the construction and installation of an entire infrastructure system, or specified units within an infrastructure system, which 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 51%, 38% and 36% of consolidated revenue for the years ended December 31, 2022, 2021 and 2020, respectively. Revenue from contracts for specific projects, as well as for certain projects pursuant to master and other service agreements, is typically recognized over time using the cost-to-cost measure of progress, which is an input method. 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 certain other wireless services in the Company’s Communications segment, and to a lesser extent, certain revenue in the Company’s Clean Energy and Infrastructure and Oil and Gas segments. Point in time revenue is recognized when the work order has been fulfilled, which for the majority of the Company’s point in time revenue, is the same day it is initiated. Point in time revenue accounted for approximately 4% of consolidated revenue in both of the years ended December 31, 2022 and 2021, and accounted for approximately 5% of consolidated revenue for the year ended December 31, 2020. 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, operational 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. In each of the years ended December 31, 2022, 2021 and 2020, 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, 2021, 2020 and 2019. Changes in recognized revenue, net, 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, for the years ended December 31, 2022, 2021 and 2020 totaled net increases of approximately $13.8 million, $41.1 million and $13.5 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, were not material as of December 31, 2022 or 2021. 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 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, 2022, the amount of the Company’s remaining performance obligations was $7.7 billion. Based on current expectations, the Company anticipates it will recognize approximately $5.6 billion of its remaining performance obligations as revenue during 2023, with the remainder expected to be recognized primarily in 2024. Variable Consideration. Transaction prices for the Company’s contracts may include variable consideration, which comprises items such as change orders, claims and incentives. Management estimates variable consideration for a performance obligation utilizing estimation methods that it believes best predict the amount of consideration to which the Company will be entitled. 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 advice, 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 recognized as an adjustment to revenue, typically 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, 2022 and 2021, the Company included approximately $271 million and $104 million, respectively, of change orders and/or claims in transaction prices for certain contracts that were in the process of being resolved in the ordinary course of business, including through negotiation, arbitration and other proceedings. These transaction price adjustments, when earned, are included within contract assets or accounts receivable, net of allowance, as appropriate. As of both December 31, 2022 and 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 include amounts related to recently acquired businesses. 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 management’s expectations of future economic, industry or other conditions and/or changes in credit quality or unanticipated financial difficulties affecting the Company’s customers. In addition, if anticipated recoveries in existing work-out negotiations or bankruptcies 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, such as the current market environment, 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 end-market volatility and/or other macroeconomic trends, such as the current market environment of rising interest rates and inflation, on the credit quality of the Company’s customers and/or its financial assets. Inventories Inventories primarily 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, 2022 and 2021, valuation allowances for inventory totaled $12.2 million and $11.1 million, respectively. Cash and Cash Equivalents Cash and cash equivalents primarily consist of interest-bearing demand deposits. The Company considers highly liquid investments with original maturities of less than three months to be cash equivalents. The balances in certain of our bank accounts exceed federally insured limits. Cash and cash equivalents are maintained at financial institutions that management considers to be of high credit quality. 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, 2022 and 2021 are amounts held by entities that are proportionately consolidated totaling $25.7 million and $14.6 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 assets and investments, deferred compensation plan assets and liabilities, accounts payable and other current liabilities, acquisition-related contingent consideration and other liabilities, 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 and term loan 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, 2022, except for one individually insignificant VIE, the Company does not have the power to direct the primary activities that most significantly impact the economic performance of its VIEs, nor is it the primary beneficiary. Accordingly, except for the previously mentioned VIE, the Company’s VIEs are not consolidated. The carrying values of the Company’s VIEs totaled approximately $24 million as of both December 31, 2022 and 2021, which amounts are recorded within other long-term assets in the consolidated balance sheets, and management believes that the Company’s maximum exposure to loss for its VIEs, inclusive of additional financing commitments, approximated $37 million for both periods. 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 the Company’s 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 in the Company’s consolidated balance sheets. 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, which is referred to as the “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, 2022 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 unsecured 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, 2022, 2021 and 2020, the Company deferred $2.8 million, $6.0 million and $8.9 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 $3.6 million, $3.2 million and $3.0 million for each of the years ended December 31, 2022, 2021 and 2020, 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 $17.6 million and $18.5 million as of December 31, 2022 and 2021, respectively. For further information pertaining to the Company’s debt instruments, see Note 7 - Debt. Other Long-Term Assets Other long-term 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 primarily of property and equipment, including finance lease assets, and finite-lived intangible assets. Purchased property and equipment is recorded at cost, or, if acquired in a business combination, at the acquisition date fair value. Finance lease assets are recognized based |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2022 | |
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 primarily under the treasury stock method, which includes the potential effect of dilutive common stock equivalents, such as issued but unvested restricted shares. If the Company reports a loss, rather than income, the computation of diluted loss per share excludes the effect of dilutive common stock equivalents, 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, 2022 2021 2020 Net income attributable to MasTec: Net income - basic (a) $ 33,354 $ 328,831 $ 322,848 Fair value gain (loss) related to resolved contingent payments (b) $ 1,682 $ — $ — Net income - diluted (a) $ 31,672 $ 328,831 $ 322,848 Weighted average shares outstanding: Weighted average shares outstanding - basic (c) 74,917 72,499 72,799 Dilutive common stock equivalents (d)(e) 1,268 1,442 916 Weighted average shares outstanding - diluted 76,185 73,941 73,715 (a) Basic net income is calculated as total net income or loss less amounts attributable to non-controlling interests. Diluted net income is calculated as total net income or loss, less amounts attributable to non-controlling interests, adjusted for the fair value gain or loss, if any, related to additional contingent payments to the former owners of an acquired business for which the contingency has been resolved as of the respective period. See discussion above and in Note 3 – Acquisitions, Goodwill and Other Intangible Assets, Net. (b) Represents the fair value gain or loss related to additional contingent payments for which the contingency has been resolved as of December 31, 2022. See Note 3 – Acquisitions, Goodwill and Other Intangible Assets, Net. (c) For the year ended December 31, 2022, basic shares include approximately 127,000 weighted average shares related to additional contingent payments. (d) For the years ended December 31, 2022, 2021 and 2020, weighted average anti-dilutive common stock equivalents totaled approximately 255,000, 159,000 and 44,000, respectively. For the year ended December 31, 2022, weighted average anti-dilutive common stock equivalents included approximately 29,200 warrants associated with the IEA acquisition. (e) For the year ended December 31, 2022, common stock equivalents included approximately 105,000 weighted average shares related to additional contingent payments to the former owners of an acquired business. Share repurchases . For the year ended December 31, 2022, the Company repurchased approximately 1,124,000 shares of its common stock under its share repurchase programs, the effect of which on the Company’s weighted average shares outstanding in 2022 was a reduction of approximately 731,000 shares as compared with 2021. There were no share repurchases under the Company’s share repurchase programs for the year ended December 31, 2021. See Note 11 – Equity for details of the Company’s share repurchase transactions. |
Acquisitions, Goodwill and Othe
Acquisitions, Goodwill and Other Intangible Assets, Net | 12 Months Ended |
Dec. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Acquisitions, Goodwill and Other Intangible Assets | Acquisitions, Goodwill and Other Intangible Assets, Net The following table provides a reconciliation of changes in goodwill by reportable segment for the periods indicated (in millions). Goodwill balances as of December 31, 2021 were recast in the first quarter of 2022 to reflect the change in segment reporting for the HMG acquisition, as discussed in Note 1 - Business, Basis of Presentation and Significant Accounting Policies. Goodwill was reallocated based on the estimated relative fair value of the respective HMG reporting units. See Note 13 - Segments and Related Information for additional information. Communications Clean Energy and Infrastructure Oil and Gas Power Delivery Total Goodwill Goodwill, gross, as of December 31, 2020 $ 562.1 $ 152.7 $ 501.9 $ 150.1 $ 1,366.8 Accumulated impairment loss (a) — — (123.8) — (123.8) Goodwill, net, as of December 31, 2020 $ 562.1 $ 152.7 $ 378.1 $ 150.1 $ 1,243.0 Additions from new business combinations 52.3 13.4 58.3 153.3 277.3 Measurement period adjustments (b) 0.1 — — — 0.1 Currency translation adjustments — — 0.2 — 0.2 Goodwill, net, as of December 31, 2021 (c) $ 614.5 $ 166.1 $ 436.6 $ 303.4 $ 1,520.6 Additions from new business combinations 3.0 535.2 4.6 1.9 544.7 Measurement period adjustments (b) (11.4) 2.0 25.3 (35.2) (19.3) Currency translation adjustments — — (1.0) — (1.0) Goodwill, net, as of December 31, 2022 $ 606.1 $ 703.3 $ 465.5 $ 270.1 $ 2,045.0 Accumulated impairment loss (a) — — (116.7) — (116.7) Goodwill, gross, as of December 31, 2022 $ 606.1 $ 703.3 $ 582.2 $ 270.1 $ 2,161.7 (a) Accumulated impairment losses include the effects of currency translation gains and/or losses. (b) Represents adjustments, net, to preliminary estimates of fair value within the measurement period of up to one year from the date of acquisition. Measurement period adjustments, net, in 2022 relate primarily to an increase in amortizing intangible assets, partially offset by an increase in consideration transferred resulting from federal income tax elections. (c) The above described change in segment reporting for the HMG acquisition resulted in a decrease in goodwill for the Power Delivery segment of $23.4 million and increases in goodwill for the Communications and Oil and Gas segments of $13.0 million and $10.4 million, respectively, as of December 31, 2021. The following table provides a reconciliation of changes in other intangible assets, net, for the periods indicated (in millions): Other Intangible Assets, Net Customer Relationships and Backlog Trade Names (a) Other (b) Total Other intangible assets, gross, as of December 31, 2020 $ 297.9 $ 50.4 $ 84.3 $ 432.6 Accumulated amortization (218.5) (9.7) (20.4) (248.6) Other intangible assets, net, as of December 31, 2020 $ 79.4 $ 40.7 $ 63.9 $ 184.0 Additions from new business combinations 465.0 89.7 8.4 563.1 Currency translation adjustments — — 0.4 0.4 Amortization expense (59.3) (5.9) (12.0) (77.2) Other intangible assets, net, as of December 31, 2021 $ 485.1 $ 124.5 $ 60.7 $ 670.3 Additions from new business combinations 272.0 95.8 0.3 368.1 Measurement period adjustments (c) 56.0 (6.9) (3.6) 45.5 Currency translation adjustments — — (1.7) (1.7) Amortization expense (112.5) (13.4) (10.0) (135.9) Other intangible assets, net, as of December 31, 2022 $ 700.6 $ 200.0 $ 45.7 $ 946.3 Remaining weighted average amortization, in years 13 14 9 13 (a) Trade names includes approximately $34.5 million of non-amortizing trade names as of each of December 31, 2022, 2021 and 2020. (b) Consists principally of pre-qualifications and non-compete agreements. (c) Represents adjustments, net, to preliminary estimates of fair value within the measurement period of up to one year from the date of acquisition. Measurement period adjustments, net, in 2022 relate primarily to an increase in amortizing intangible assets resulting from the finalization of the related intangible asset valuations. Expected future amortization expense as of December 31, 2022 is summarized in the following table (in millions): Amortization Expense 2023 $ 167.6 2024 132.8 2025 109.2 2026 90.2 2027 81.0 Thereafter 331.0 Total $ 911.8 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. In 2021, the Company initiated a significant transformation of its end-market business operations to support the nation’s transition to low-carbon energy sources and position the company for expected future opportunities associated with this transition. This transformation has included significant business combination activity, including expansion of the Company’s scale and capacity in renewable energy, power delivery and heavy civil services, which activity has resulted in significant acquisition and integration costs, both in the Company’s existing and recently acquired operations. Acquisitions are funded with cash on hand, borrowings under the Company’s senior unsecured credit facility and other debt financing and, for certain acquisitions, with shares of the Company’s common stock, and are generally subject to customary purchase price adjustments. 2022 Acquisitions. During 2022, MasTec completed five acquisitions, which included all of the equity interests of the following: (i) within the Company’s Clean Energy and Infrastructure segment: Infrastructure and Energy Alternatives, Inc. (“IEA”), a leading utility-scale infrastructure solutions provider in North America, with expertise in renewable energy and heavy civil projects, as well as rail and environmental remediation services, which acquisition was effective in October; and a company that specializes in the production of concrete and aggregate products, which acquisition was effective in August; (ii) within the Company’s Oil and Gas segment: an infrastructure construction company focusing on water, sewer and utility projects and with expertise in excavation and site work, which acquisition was effective in January; (iii) within the Company’s Communications segment: a telecommunications company specializing in wireline services, which acquisition was effective as of the end of May; and (iv) within the Company’s Power Delivery segment: a company specializing in the construction of overhead high voltage transmission lines, which acquisition was effective in July. Determination of the estimated fair values of net assets acquired and the estimated earn-out liabilities and consideration transferred for the Company’s 2022 acquisitions was preliminary as of December 31, 2022 due to the limited amount of time since these acquisitions; as a result, further adjustments to these estimates may occur. The following table summarizes, as of December 31, 2022, the estimated fair values of consideration paid and net assets acquired, as adjusted, for the 2022 acquisitions (in millions): Acquisition consideration: IEA All other Total Cash, net of cash acquired $ 564.5 $ 47.5 $ 612.0 Shares transferred 173.7 — 173.7 Estimated fair value of warrants 10.3 — 10.3 Estimated fair value of contingent consideration — 2.8 2.8 Total consideration $ 748.5 $ 50.3 $ 798.8 Identifiable assets acquired and liabilities assumed: Accounts receivable and contract assets $ 593.6 $ 6.1 $ 599.7 Current assets 34.5 1.6 36.1 Property and equipment 213.0 30.2 243.2 Long-term assets, primarily operating lease right-of-use assets 36.9 0.1 37.0 Amortizing intangible assets 362.2 5.9 368.1 Accounts payable (136.4) (4.7) (141.1) Current liabilities, including current portion of operating lease liabilities (422.5) (2.6) (425.1) Long-term debt, including finance lease obligations (330.8) (0.2) (331.0) Long-term liabilities, primarily operating lease liabilities and deferred income taxes (132.6) (0.2) (132.8) Total identifiable net assets $ 217.9 $ 36.2 $ 254.1 Goodwill 530.6 14.1 544.7 Total net assets acquired, including goodwill $ 748.5 $ 50.3 $ 798.8 Amortizing intangible assets related to the IEA acquisition are primarily composed of customer relationships, and to a lesser extent, trade names and backlog. Customer relationship and trade name intangible assets for IEA, in the aggregate, totaled approximately $321 million, which each had a weighted average life of approximately 14 years, based on IEA’s operational history and established relationships with, and the nature of, its customers, which are primarily in the renewable energy and specialty civil industries. Backlog intangible assets for IEA totaled approximately $42 million, with a weighted average life of approximately 1 year, and are based on estimated cash flows expected to be derived from future work on acquired contracts with customers. The weighted average life of amortizing intangible assets in the aggregate for the IEA acquisition was 13 years. Amortizing intangible assets related to “All other” acquisitions, which are primarily composed of customer relationships, had an aggregate weighted average life of 9 years. Amortizing intangible assets are amortized in a manner consistent with the pattern in which the related benefits are expected to be consumed. The goodwill balances for each of the respective acquisitions represent the estimated values of each acquired company’s geographic presence in key markets, assembled workforce, 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 $16 million of the goodwill balance related to the 2022 acquisitions is expected to be tax deductible as of December 31, 2022. The shares of MasTec common stock included in consideration transferred for IEA in the table above consist of approximately 2.7 million shares, valued at approximately $174 million based on the market price of MasTec common stock on the date of closing. Total cash paid for acquisitions, net, includes approximately $44 million of cash acquired. The long-term debt assumed in the table above includes $300 million aggregate principal balance of 6.625% senior unsecured notes assumed in connection with the acquisition of IEA. See Note 7 - Debt for additional information related to the new term loan facility, assumed debt and related debt exchange transaction associated with the IEA acquisition. Included in consideration transferred for IEA is the value of certain warrants that were originally issued by IEA, which warrants expire on March 26, 2023. Under the terms of the IEA merger agreement, holders of the IEA warrants became entitled to receive an amount in cash and shares of MasTec common stock upon the exercise of the IEA warrants. For the year ended December 31, 2022, the Company issued 107,187 shares of MasTec common stock and approximately $1.7 million of net cash payments to the warrant holders in connection with the exercise of such warrants. The fair value of the issued shares totaled approximately $8.1 million based on the market price of MasTec common stock on the date of exercise. As of December 31, 2022, certain IEA warrants remained outstanding with an estimated fair value of approximately $3.1 million, which amount includes the fair value of approximately 26,500 shares of MasTec common stock. The fair value of the remaining outstanding IEA warrants was determined based on their intrinsic value due to the warrants being significantly in-the-money and expiring in less than 3 months. During the year ended December 31, 2022, the Company recorded fair value losses totaling approximately $2.7 million related to changes in the fair value of the IEA warrants, which amount is reflected in other expense. The contingent consideration included in the table above is composed of earn-out liabilities, which generally equal a portion of the acquired companies’ earnings before interest, taxes, depreciation and amortization (“EBITDA”) in excess of thresholds agreed upon with the sellers, if applicable. The earn-out arrangements for the 2022 acquisitions are payable annually and have five-year terms, as set forth in the respective purchase agreements, and are valued at approximately $3 million in the aggregate. Earn-outs are recorded within other current and other long-term liabilities, as appropriate, in the consolidated balance sheets. See Note 4 - Fair Value of Financial Instruments for details pertaining to fair value estimates for the Company’s earn-out arrangements. As of December 31, 2022, the range of remaining potential undiscounted earn-out liabilities for the 2022 acquisitions was estimated to be up to $6 million; however, there is no maximum payment amount. 2021 Acquisitions. During 2021, MasTec completed fourteen acquisitions, which included all of the equity interests of the following: (i) Within the Company’s Power Delivery segment: 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, which acquisition was effective in December. In the first quarter of 2022, MasTec integrated and began reporting the results of HMG within its Power Delivery, Communications and Oil and Gas segments, as appropriate, and began reporting HMG’s corporate functions within its Corporate results. See Note 13 - Segments and Related Information for additional information. During 2021, the Company also acquired an electric utility distribution contractor and a company specializing in vegetation management services for the electric and telecommunications industries, 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. The following table summarizes, as of December 31, 2022, 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 $ 402.4 $ 876.7 $ 1,279.1 Shares transferred 181.7 — 181.7 Estimated fair value of contingent consideration — 104.9 104.9 Total consideration $ 584.1 $ 981.6 $ 1,565.7 Identifiable assets acquired and liabilities assumed: Accounts receivable and contract assets $ 409.0 $ 266.2 $ 675.2 Current assets 19.5 26.7 46.2 Property and equipment 248.6 250.6 499.2 Long-term assets, primarily operating lease right-of-use assets 84.9 81.9 166.8 Amortizing intangible assets 164.4 444.2 608.6 Accounts payable (108.0) (49.3) (157.3) Current liabilities, including current portion of operating lease liabilities (157.2) (140.7) (297.9) Long-term debt, including finance lease obligations (0.2) (4.4) (4.6) Long-term liabilities, primarily operating lease liabilities and deferred income taxes (148.3) (76.6) (224.9) Total identifiable net assets $ 512.7 $ 798.6 $ 1,311.3 Goodwill 71.4 186.6 258.0 Total net assets acquired, including goodwill $ 584.1 $ 985.2 $ 1,569.3 Bargain purchase gain — (3.6) (3.6) Total consideration $ 584.1 $ 981.6 $ 1,565.7 (a) Acquisition consideration in the table above excludes approximately $65 million of measurement period adjustments for estimated payments that will be made to the sellers of HMG if certain acquired receivables are collected. Given the pass-through nature of these contingent payments, they have been excluded from total consideration and current assets in the table above. See below for related discussion. Amortizing intangible assets related to the HMG acquisition are primarily composed of customer relationships, and to a lesser extent, trade names and backlog. Customer relationship intangible assets totaled approximately $132 million, and had a weighted average life of approximately 12 years, as adjusted, 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 in the aggregate, as adjusted, for the HMG acquisition was 11 years. 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, as adjusted, related to “All other” amortizing intangible assets was 17 years. INTREN’s acquired intangible assets, which are included within “All other” acquisitions in the table above, included a customer relationship and a trade name intangible asset representing $281 million in the aggregate, having weighted average 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, 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 $164 million of the goodwill balance related to the 2021 acquisitions is expected to be tax deductible as of December 31, 2022. One of the Company’s fourth quarter 2021 acquisitions within its Power Delivery segment resulted in the recognition of a bargain purchase gain of $3.6 million, of which $0.2 million was recognized during the year ended December 31, 2022. The HMG purchase agreement provides for certain additional payments to be made to the sellers if certain acquired receivables are collected by the Company (the “Additional Payments”). Pursuant to the terms of the purchase agreement, a portion of the Additional Payments will be made in cash, with the remainder due in shares of MasTec common stock. The estimated number of potential shares that could be issued related to such Additional Payments will be based on the amounts ultimately collected and the share price as defined within the purchase agreement. Changes in the estimated fair value of potential shares that could be issued, which result from changes in MasTec’s share price as compared with the share price as defined within the purchase agreement, are reflected within other income or expense, as appropriate. An Additional Payment of approximately $29.4 million was made in May 2022, which payment was composed of approximately $18 million in cash and is reflected within financing activities in the consolidated statement of cash flows, and 133,157 shares of MasTec common stock. A realized gain of approximately $1 million was recognized within other income, net, in connection with this payment. In addition, the HMG purchase agreement provides for a customary net working capital adjustment. In the second quarter of 2022, this working capital adjustment was resolved, resulting in a reduction in purchase consideration for the HMG acquisition of approximately $15 million, which reduction is reflected in the table above. This working capital adjustment had no impact on the number of shares issued in connection with the acquisition. As of December 31, 2022, the estimated fair value of remaining Additional Payments was approximately $37 million, which amount is included within other current liabilities in the consolidated balance sheet and includes the effect of unrealized fair value gains related to the contingent shares. For the year ended December 31, 2022, unrealized fair value measurement activity related to the contingent shares totaled gains of approximately $1.2 million, which amount is reflected within other income, net. The estimated number of shares that would be paid in connection with the remaining Additional Payment liability is approximately 170,000 shares as of December 31, 2022. The amount of Additional Payments due to the sellers as of December 31, 2022 from collections of acquired receivables totaled approximately $21.8 million, of which the amount due in shares totaled approximately $8.4 million, or 98,800 shares. See Note 2 - Earnings Per Share for the effect of the above referenced shares on the Company’s earnings per share calculations. Included within “All other” acquisition consideration is approximately $455 million of consideration, including estimated earn-out liabilities, for INTREN. Total cash paid for acquisitions, net, includes approximately $78 million of cash acquired. The shares of MasTec common stock transferred in connection with the HMG acquisition in the table above 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 generally equal a portion of the acquired companies’ EBITDA in excess of thresholds agreed upon with the sellers, if applicable. The length of 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 $105 million in the aggregate. The earn-out arrangement for the INTREN acquisition 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, as appropriate, in the consolidated balance sheets. See Note 4 - Fair Value of Financial Instruments for details pertaining to fair value estimates for the Company’s earn-out arrangements. As of December 31, 2022, the range of remaining potential undiscounted earn-out liabilities for the 2021 acquisitions was estimated to be between $18 million and $118 million; however, there is no maximum payment amount. 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, 2022 and 2021, 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, 2022, the range of remaining potential undiscounted earn-out liabilities for the 2020 acquisitions was estimated to be between $2 million and $12 million; however, there is no maximum payment amount. Pro forma results . For the years ended December 31, 2022, 2021 and 2020, unaudited supplemental pro forma revenue totaled approximately $11.6 billion, $12.3 billion and $9.4 billion, respectively, and unaudited supplemental pro forma net income totaled approximately $14.2 million, $229.1 million and $366.8 million, respectively. These unaudited pro forma financial results include the results of operations of acquired companies as if those companies had been consolidated as of the beginning of the year prior to their acquisition, and are provided for illustrative purposes only. These unaudited pro forma financial results do not purport to be indicative of the actual results that would have been achieved by the combined companies for the periods indicated, or of the results that may be achieved by the combined companies in the future. The Company’s unaudited pro forma financial results were prepared by adding the unaudited historical results of acquired businesses to the historical results of MasTec, and then adjusting those combined results for (i) acquisition costs; (ii) amortization expense from acquired intangible assets; (iii) interest expense from cash consideration paid; (iv) interest expense from debt repaid upon acquisition; and (iv) other purchase accounting related adjustments. These unaudited pro forma financial results do not include adjustments to reflect other cost savings or synergies that may have resulted from these acquisitions. Future results may vary significantly due to future events and other factors, many of which are beyond the Company’s control. Acquisition-related results . For the years ended December 31, 2022, 2021 and 2020, the Company’s consolidated results of operations included acquisition-related revenue of approximately $2,990.1 million, $1,021.8 million and $229.9 million, respectively. Acquisition-related revenue for the year ended December 31, 2022 included approximately $567.2 million for IEA and $1,902.4 million for HMG and INTREN in the aggregate, and for the year ended December 31, 2021, included approximately $436.0 million for INTREN. Acquisition-related net income for the years ended December 31, 2022 and 2021 totaled approximately $53.9 million and $6.6 million, respectively, and acquisition-related net losses totaled $6.7 million for the year ended December 31, 2020, based on the Company’s consolidated effective tax rates. These acquisition-related results include amortization of acquired intangible assets and certain acquisition integration costs. Acquisition and integration costs . The Company has incurred certain acquisition and integration costs in connection with certain 2021 and 2022 acquisitions, including acquisition-related costs for the recently completed acquisition of IEA, which costs are included within general and administrative expenses, costs of revenue, excluding depreciation and amortization, and other expense. Acquisition and integration costs include i) the costs of integrating acquired entities, such as: employee termination expenses, including employee compensation relating to the elimination of certain positions that were determined to be redundant, and other integration-type costs, including operating cost redundancies, facility consolidation expenses, lease termination expenses, losses on disposal of identified assets, system migration expenses, training and other integration costs, as well as ii) legal, professional and other fees associated with the consummation of these acquisitions, including fees paid in connection with certain transaction-related financing commitments, including bridge financing related to the IEA acquisition. The Company is currently in the process of integrating these acquisitions and expects to incur additional acquisition and integration expenses. For the year ended December 31, 2022, such acquisition and integration costs totaled approximately $86.0 million, of which $52.0 million was included within general and administrative expenses, and $29.3 million and $4.7 million were included within costs of revenue, excluding depreciation and amortization, and other expense, respectively. For the year ended December 31, 2021, such acquisition and integration costs totaled $3.6 million and were included within general and administrative expenses. As of December 31, 2022, approximately $5.5 million was included within current liabilities within the consolidated balance sheets related to such costs. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 12 Months Ended |
Dec. 31, 2022 | |
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, 2022 and 2021, the estimated fair value of the Company’s Earn-out liabilities totaled $127.4 million and $160.2 million, respectively, of which $13.9 million related to mandatorily redeemable non-controlling interests as of both periods. Earn-out liabilities included within other current liabilities totaled approximately $37.7 million and $38.8 million as of December 31, 2022 and 2021, respectively. The fair values of the Company’s Earn-out liabilities are estimated using income approaches such as discounted cash flows or option pricing models, both of which incorporate significant inputs not observable in the market (Level 3 inputs), including management’s estimates and entity-specific assumptions, and are evaluated on an ongoing basis. Key assumptions include the discount rate, which was 12.0% as of December 31, 2022, 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, 2022, the range of potential undiscounted Earn-out liabilities was estimated to be between $38 million and $144 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, 2022, 2021 and 2020, additions from new business combinations totaled approximately $2.8 million, $101.6 million and $7.2 million, respectively. Measurement period adjustments for the year ended December 31, 2022 totaled an increase, net, of approximately $3.3 million and related to a net increase in the Company’s Oil and Gas segment, partially offset by a decrease in its Communications segment. There were no measurement period adjustments for the year ended December 31, 2021, and for the year ended December 31, 2020, measurement period adjustments totaled an increase of approximately $2.1 million and related to the Company’s Communications segment. For the year ended December 31, 2022, fair value adjustments totaled a net decrease of approximately $1.2 million, and related primarily to the Company’s Communications segment. For the years ended December 31, 2021 and 2020, fair value adjustments across multiple segments totaled a net decrease of $29.5 million and net increase of $3.1 million, respectively, including a $2.8 million decrease and $1.0 million increase, respectively, related to mandatorily redeemable non-controlling interests. Earn-out payments totaled $37.8 million, $47.0 million and $50.4 million for the years ended December 31, 2022, 2021 and 2020, respectively. Equity Investments The Company’s equity investments as of December 31, 2022 include: (i) the Company’s 33% equity interests in Trans-Pecos Pipeline, LLC (“TPP”) and Comanche Trail Pipeline, LLC (“CTP,” and together with TPP, the “Waha JVs”); (ii) a 15% equity interest in Cross Country Infrastructure Services, Inc. (“CCI”); (iii) the Company’s 50% equity interests in each of FM Technology Holdings, LLC, FM USA Holdings, LLC and All Communications Solutions Holdings, LLC, collectively “FM Tech”; (iv) the Company’s interests in certain proportionately consolidated non-controlled contractual joint ventures; and (v) certain other equity investments. As of December 31, 2022 and 2021, the aggregate carrying value of the Company’s equity investments, including equity investments measured on an adjusted cost basis, totaled approximately $306 million and $267 million, respectively. As of both December 31, 2022 and 2021, equity investments measured on an adjusted cost basis, including the Company’s $15 million investment in CCI, totaled approximately $20 million. There were no impairments related to 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 $30.2 million, $35.3 million and $31.3 million for the years ended December 31, 2022, 2021 and 2020, respectively. Distributions of earnings from the Waha JVs, which are included within operating cash flows, totaled $14.4 million, $7.7 million and $12.0 million for the years ended December 31, 2022, 2021 and 2020, respectively. Cumulative undistributed earnings from the Waha JVs, which represents cumulative equity in earnings for the Waha JVs less distributions of earnings, totaled $110.6 million as of December 31, 2022. 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 $263 million and $216 million as of December 31, 2022 and 2021, 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 years ended December 31, 2022 and 2021, the Company’s proportionate share of unrecognized unrealized activity on the Waha JV swaps totaled gains of approximately $41.0 million and $18.2 million, respectively, or $30.9 million and $13.8 million, net of tax, respectively, and for the year ended December 31, 2020, totaled losses of approximately $24.4 million, or $18.5 million, net of tax. Other Investments . The Company has equity interests in certain telecommunications entities that are accounted for as equity method investments. As of December 31, 2022 and 2021, the Company had an aggregate investment of approximately $21 million and $20 million, respectively, in these entities, including $18 million and $17 million for FM Tech, respectively. 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 as of both December 31, 2022 and 2021. As of December 31, 2022, the contingent payment could range up to $7 million. For the years ended December 31, 2022 and 2021, the Company made equity contributions related to its investments in telecommunications entities totaling approximately $1 million and $2 million, respectively, and for the year ended December 31, 2020, made no equity contributions. Equity in losses, net, related to the Company’s proportionate share of income from these telecommunications entities totaled approximately $0.3 million, $0.7 million and $1.5 million for the years ended December 31, 2022, 2021 and 2020, respectively. 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 telecommunications entities provide services to MasTec. Expense recognized in connection with services provided by these entities totaled $7.6 million, $9.9 million and $11.5 million for the years ended December 31, 2022, 2021 and 2020, respectively. As of December 31, 2022 and 2021, related amounts payable to these entities totaled approximately $0.2 million and $0.3 million, respectively. In addition, the Company had an employee leasing arrangement with one of these entities and has advanced certain amounts to these entities. Employee lease expenses and advances to these entities totaled approximately $3.3 million, $0.2 million and $0.4 million for the years ended December 31, 2022, 2021 and 2020, respectively. As of December 31, 2022 and 2021, receivables related to these arrangements totaled $3.8 million and $0.9 million, respectively. The Company has 49% equity interests in certain entities included within its Communications and Power Delivery segments that are accounted for as equity method investments, for which its aggregate investment as of December 31, 2022 and 2021 totaled approximately $3 million and $4 million, respectively. For the year ended December 31, 2022, equity in losses,net, related to these entities totaled approximately $0.4 million, and there was no activity related to these entities for the year ended December 31, 2021. Certain of these entities provide construction services to MasTec. Expense recognized in connection with construction services provided by these entities totaled approximately $6.6 million for the year ended December 31, 2022 and related amounts payable were de minimis as of December 31, 2022. In addition, the Company has line of credit arrangements with these entities, which, as of December 31, 2022 and 2021, provide for up to $4.5 million and $8.5 million, respectively, of borrowing availability, of which $0.6 million and $0.4 million, respectively, was drawn, which amounts are included within other current assets in the consolidated balance sheets. In 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. As of December 31, 2022, a total of $1.9 million had been funded, of which $0.2 million and $1.7 million were funded during the years ended December 31, 2022 and 2021, respectively. Equity in losses related to the Company’s proportionate share of income from this investment totaled $0.4 million and $0.7 million for the years ended December 31, 2022 and 2021, respectively. MasTec has less than a majority of the members on the board of Confluence and does not have a controlling financial interest. As a result, management has determined that MasTec does not have the power to direct the primary activities that most significantly impact the economic performance of Confluence, nor is it the primary beneficiary. The Company does, however, have the ability to exert significant influence over Confluence as of December 31, 2022, and as a result, accounts for this investment as an equity method investment. The Company has certain equity investments in American Virtual Cloud Technologies, Inc. (“AVCT”), a company in which the Company currently has no active involvement. The Company’s investments in AVCT are included within other current assets in its consolidated financial statements, and include shares of AVCT common stock, which are equity securities, and 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, 2022 and 2021, the Company’s ownership interest in AVCT’s common stock totaled approximately 1% and 3%, respectively, and its aggregate ownership interest, assuming the exercise of all legally exercisable warrants into AVCT common stock, totaled approximately 1% and 6%, respectively. As of December 31, 2022 and 2021, the aggregate fair value of the Company’s investments in AVCT approximated $0.2 million and $7.9 million, respectively, with an aggregate cost approximating $6.3 million as of both periods. Unrealized fair value measurement activity related to the AVCT securities, which is recorded within other income or expense, as appropriate, totaled losses of approximately $7.7 million and $8.5 million for the years ended December 31, 2022 and 2021, respectively, 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, which were recognized within other comprehensive income, totaled losses of approximately $1.1 million, or $0.8 million, net of tax, for the year ended December 31, 2021, and totaled gains of approximately $1.8 million, or $1.4 million, net of tax, for the year ended December 31, 2020. The fair value of the AVCT convertible debentures was determined based on Level 3 inputs. Senior Notes As of both December 31, 2022 and 2021, the gross carrying amount of the Company’s 4.50% senior notes due August 15, 2028 (the “4.50% Senior Notes”) totaled $600.0 million and their estimated fair value totaled approximately $534.0 million and $619.5 million, for the respective periods. As of December 31, 2022, the gross carrying amount of the Company’s 6.625% senior notes due August 15, 2029 totaled $281.2 million, which notes are composed of $225.1 million aggregate principal amount of 6.625% IEA senior notes (the “6.625% IEA Senior Notes”) and $74.9 million aggregate principal amount of 6.625% MasTec senior notes (the “6.625% MasTec Senior Notes”), collectively, the “6.625% Senior Notes”). The estimated fair value of the 6.625% Senior Notes totaled approximately $280.5 million as of December 31, 2022. The estimated fair values of the Company’s 4.50% Senior Notes and, as of December 31, 2022, the Company’s 6.625% Senior Notes, was determined based on an exit price approach using Level 1 inputs. See Note 7 - Debt for information related to the Company’s debt instruments, including the assumption of IEA’s 6.625% senior notes and the related debt exchange transaction. |
Accounts Receivable, Net of All
Accounts Receivable, Net of Allowance, and Contract Assets and Liabilities | 12 Months Ended |
Dec. 31, 2022 | |
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, 2022 2021 Contract billings $ 1,408.1 $ 1,027.1 Less allowance (8.4) (7.8) Accounts receivable, net of allowance $ 1,399.7 $ 1,019.3 Retainage $ 401.9 $ 296.8 Unbilled receivables 1,328.0 931.1 Contract assets $ 1,729.9 $ 1,227.9 Contract billings represent the amount of performance obligations that have been billed but not yet collected, whereas contract assets consist of unbilled receivables and retainage. Unbilled receivables represent the estimated value of unbilled work for projects with performance obligations recognized over time. Retainage represents a portion of the contract amount that has been billed, but for which the contract allows the customer to retain a portion of the billed amount until final contract settlement (generally, from 5% to 10% of contract billings). Retainage is not considered to be a significant financing component because the intent is to protect the customer. Unbilled receivables and retainage amounts are generally classified as current assets within the Company’s consolidated balance sheets. The increase in unbilled receivables and retainage as of December 31, 2022 was driven primarily by ordinary course project activity associated with higher levels of revenue, including from the Company’s recent acquisitions. 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, 2022, provisions for credit losses totaled $0.7 million, and amounts charged against the allowance, including direct write-offs, totaled $0.1 million. 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. Impairment losses on contract assets were not material in any of the years ended December 31, 2022, 2021 or 2020. 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 $406.2 million and $314.0 million as of December 31, 2022 and 2021, respectively, of which deferred revenue comprised approximately $390.3 million and $296.1 million, respectively. The increase in contract liabilities as of December 31, 2022 was driven primarily by ordinary course project activity associated with the Company’s recent acquisitions. For the years ended December 31, 2022 and 2021, the Company recognized revenue of approximately $270.7 million and $186.9 million, respectively, related to amounts that were included in deferred revenue as of December 31, 2021 and 2020, respectively, resulting primarily from the advancement of physical progress on the related projects during the respective 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 $9.0 million, $3.2 million and $5.0 million for the years ended December 31, 2022, 2021 and 2020, respectively. |
Property and Equipment, Net
Property and Equipment, Net | 12 Months Ended |
Dec. 31, 2022 | |
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, 2022 2021 Estimated Useful Lives (in years) Land $ 73.5 $ 40.0 Buildings and leasehold improvements 86.7 94.1 3 - 40 Machinery, equipment and vehicles 2,797.0 2,411.0 2 - 20 Office equipment, furniture and internal-use software 286.8 262.6 3 - 7 Construction in progress 67.4 32.7 Total property and equipment $ 3,311.4 $ 2,840.4 Less accumulated depreciation and amortization (1,557.3) (1,404.3) Property and equipment, net $ 1,754.1 $ 1,436.1 As of December 31, 2022 and 2021, the gross amount of capitalized internal-use software totaled $186.6 million and $176.4 million, respectively, and, net of accumulated amortization, totaled $39.9 million and $43.9 million, respectively. Accrued capital expenditures, the effects of which are excluded from capital expenditures in the Company’s consolidated statements of cash flows given their non-cash nature, totaled $14.2 million and $17.5 million as of December 31, 2022 and 2021, respectively. |
Debt
Debt | 12 Months Ended |
Dec. 31, 2022 | |
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 2022 2021 Senior credit facility: November 1, 2026 Revolving loans $ 896.0 $ 772.3 Term loan 350.0 350.0 4.50% Senior Notes August 15, 2028 600.0 600.0 6.625% Senior Notes August 15, 2029 281.2 — 2022 Term Loan Facility October 7, 2025 and October 7, 2027 700.0 — Finance lease and other obligations 414.5 310.3 Total debt obligations $ 3,241.7 $ 2,032.6 Less unamortized deferred financing costs (17.6) (18.5) Total debt, net of deferred financing costs $ 3,224.1 $ 2,014.1 Current portion of long-term debt 171.9 137.9 Long-term debt $ 3,052.2 $ 1,876.2 Senior Credit Facility The Company has a senior unsecured credit facility (the “Credit Facility”), which was amended on September 1, 2022. The amendment, among other changes, increased the Company’s aggregate borrowing commitments under the Credit Facility from approximately $2.0 billion to $2.25 billion, which amount is composed of $1.9 billion of revolving commitments, an increase of $250 million from the previous Credit Facility, and a term loan with an original principal amount of $350 million (the “Term Loan”). The amendment also released the guarantees that existed under the previous Credit Facility and removed the requirement that certain subsidiaries of the Company guarantee the obligations thereunder. The other terms and conditions of the Credit Facility remain substantially the same. Additionally, the amendment eliminated the use of London Interbank Offered Rate (“LIBOR”) as a basis to determine certain interest rates and transitioned to the Secured Overnight Financing Rate (“SOFR”) for such purposes. Obligations under the Credit Facility are not secured. Borrowings under the amended Credit Facility will be used for working capital requirements, capital expenditures and other corporate purposes, including potential acquisitions, equity investments or other strategic arrangements, and/or the repurchase or prepayment of indebtedness, among other corporate borrowing requirements, including potential share repurchases. 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. A s of December 31, 2022 and 2021, the fair values of the Credit Facility and Term Loan, as estimated based on an income approach, utilizing significant unobservable Level 3 inputs including discount rate assumptions, approximated their carrying values. The 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 Credit Facility is $650 million, of which up to $200 million can be denominated in either Canadian dollars and/or Mexican pesos. The Credit Facility also provides for swing line loans of up to $125 million, and, subject to certain conditions, the Company has the option to increase revolving commitments and/or establish additional term loan tranches, as defined in the Credit Facility. Subject to certain limitations described in the Credit Facility, these additional term loan tranches may have terms and pricing that differ from the Credit Facility. Outstanding revolving loans and the Term Loan und er the Credit Facility bear interest, at the Company’s option, at a rate equal to either (a) Term SOFR, as defined in the Credit Facility, plus a margin of 1.125% to 1.625%, or (b) a Base Rate, as defined in the Credit Facility, plus a margin of 0.125% to 0.625%. The Base Rate equals the highest of (i) the Federal Funds Rate, as defined in the Credit Facility, plus 0.50%, (ii) Bank of America’s prime rate, and (iii) Term SOFR plus 1.00%. Financial standby letters of credit and commercial letters of credit issued under the Credit Facility are subject to a letter of credit fee of 1.125% to 1.625%, and performance standby letters of credit issued under the Credit Facility are subject to a letter of credit fee of 0.3125% to 0.6875%. The Company must also pay a commitment fee to the lenders of 0.150% to 0.225% on any unused availability under the 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 Credit Facility, as of the then most recent fiscal quarter. Revolving loans accrued interest at rates of 5.82% and 2.32% as of December 31, 2022 and 2021 , respectively. The Term Loan accrued interest at rates of 5.80% and 1.35% as of December 31, 2022 and 2021 , respectively. Letters of credit of approximately $143.1 million and $166.3 million were issued as of December 31, 2022 and 2021 , respectively. As of December 31, 2022 and 2021 , letter of credit fees accrued at 0.5625% and 0.4375%, respectively, per annum for performance standby letters of credit, and accrued at 1.375% and 1.250%, respectively, per annum for financial standby letters of credit. Outstanding letters of credit mature at various dates and most have automatic renewal provisions, subject to prior notice of cancellation. As of December 31, 2022 and 2021 , availability for revolving loans totaled $860.9 million and $711.5 million, respectively, or up to $506.9 million and $483.7 million, respectively, for new letters of credit. As of December 31, 2022, there were no outstanding revolving borrowings denominated in foreign currencies, and as of December 31, 2021 , outstanding revolving borrowings denominated in foreign currencies totaled $32.3 million, which accrued interest at a weighted average rate of approximately 1.79% per annum. Revolving loan borrowing capacity included $300.0 million and $267.7 million of availability in either Canadian dollars or Mexican pesos as of December 31, 2022 and 2021 , respectively. The unused facility fee as of December 31, 2022 and 2021 accrued at a rate of 0.200% and 0.175%, respectively, per annum. The Credit Facility requires that the Company maintain a maximum Consolidated Leverage Ratio, as defined in the Credit Facility, of not more than 3.50 as of the end of any fiscal quarter (subject to the Acquisition Adjustment described below). The Credit Facility also requires that the Company maintain a minimum Consolidated Interest Coverage Ratio, as defined in the Credit Facility, of at least 3.00. Additionally, subject to certain conditions, if a Permitted Acquisition, as defined in the Credit Facility, or series of Permitted Acquisitions having consideration exceeding $100 million occurs during a fiscal quarter, the maximum Consolidated Leverage Ratio may be temporarily increased to up to 4.00 during such fiscal quarter and the subsequent four fiscal quarters (the “Acquisition Adjustment”). Such right may be exercised no more than two times during the term of the Credit Facility. Subject to customary exceptions, the Credit Facility limits the 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 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. Other Credit Facilities . The Company has other credit facilities that support the working capital requirements of its foreign operations and certain letter of credit issuances. 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, 2022 and 2021, or approximately $14.8 million and $15.8 million, respectively. As of both December 31, 2022 and 2021, there were no outstanding borrowings under the Company’s other credit facilities. Outstanding borrowings that are not renewed are repaid with borrowings under the Credit Facility. Accordingly, the carrying amounts of the Company’s borrowings under its other credit facilities, 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, 2022 and 2021, letters of credit issued under this facility totaled $23.6 million and $22.2 million, respectively, which accrued fees at 0.75% and 0.40% per annum, respectively. The Company’s other credit facilities are subject to customary provisions and covenants. 4.50% Senior Notes The Company has $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”), which were issued at par in a private offering. Interest on the 4.50% Senior Notes is payable semiannually in arrears on February 15 and August 15 of each year. Pursuant to the terms of the indenture governing the Company’s 4.50% Senior Notes, the existing guarantees on the 4.50% Senior Notes were released substantially concurrent with th e September 1, 2022 amendment to the Credit Facility, which, as discussed above, released the guarantors under the previous Credit Facility. Prior to the amendment, the 4.50% Senior Notes were fully and unconditionally guaranteed on a senior unsecured, joint and several basis by certain of the Company’s wholly-owned domestic restricted subsidiaries. Additionally, the indenture that governs the Company’s 4.50% Senior Notes contains a provision whereby certain restrictions that generally limit the ability of the Company and certain of its subsidiaries to (i) pay dividends, (ii) acquire shares of capital stock and (iii) make certain investments, are permanently terminated upon the Company’s 4.50% Senior Notes receiving “investment grade” ratings by Moody’s Investors Service, Inc. and Standard & Poor’s Ratings Group. In the first quarter of 2022, the Company’s 4.50% Senior Notes received such investment grade ratings, and, as a result, the aforementioned restrictions were permanently terminated. The other terms and conditions of the 4.50% Senior Notes remained unchanged. 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 in 2020 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. In 2020, the Company recorded a pre-tax debt extinguishment loss of approximately $5.6 million related to the issuance of the 4.50% Senior Notes and related redemption of its previous 4.875% senior notes. This loss is separately disclosed within the Company’s consolidated statements of operations. 6.625% Senior Notes Upon consummation of the October 2022 acquisition of IEA, the Company assumed $300.0 million aggregate principal amount of 6.625% senior unsecured notes that mature on August 15, 2029 (the “6.625% IEA Senior Notes”), for which the fair value approximated $280.7 million as of the date of acquisition. The 6.625% IEA Senior Notes were issued by IEA Energy Services LLC (the “IEA Issuer”), a wholly-owned subsidiary of IEA, in a private placement pursuant to an indenture, dated as of August 17, 2021 (the “IEA Senior Notes Indenture”), by and among the IEA Issuer, the IEA Guarantors (as defined therein) and Wilmington Trust, National Association, as trustee. Prior to the acquisition of IEA by MasTec, the 6.625% IEA Senior Notes were guaranteed by the IEA Guarantors. Effective October 7, 2022, concurrent with the acquisition of IEA and the repayment in full and termination of IEA’s credit facility, which resulted in the release of such guarantors under the prior credit facility, the IEA Guarantors of the 6.625% IEA Senior Notes were automatically and unconditionally released and discharged from their obligations under the IEA Senior Notes Indenture. The 6.625% IEA Senior Notes are structurally subordinated to all indebtedness and other liabilities, including trade payables, of the Company’s subsidiaries and are effectively subordinated to any secured indebtedness of the IEA Issuer, to the extent of the value of the collateral securing such indebtedness. Interest on the 6.625% IEA Senior Notes is payable semiannually in arrears on February 15 and August 15 of each year. On October 26, 2022, approximately $74.9 million in principal amount of the 6.625% IEA Senior Notes were exchanged for the same principal amount of MasTec’s 6.625% senior unsecured notes that mature on August 15, 2029 (the “6.625% MasTec Senior Notes”) in a private exchange offer and consent solicitation to certain holders of 6.625% IEA Senior Notes. See discussion of exchange offer and 6.625% MasTec Senior Notes below. At any time prior to August 15, 2024, the IEA Issuer may redeem some or all of the 6.625% IEA Senior Notes at a price equal to 100% of the principal amount of the 6.625% IEA Senior Notes, plus a “make-whole premium,” together with accrued and unpaid interest, if any, to, but not including, the date of redemption. In addition, at any time prior to August 15, 2024, the IEA Issuer may redeem up to 40% of the original principal amount of the 6.625% IEA Senior Notes with the proceeds of certain equity offerings at a redemption price of 106.625% of the principal amount of the 6.625% IEA Senior Notes, together with accrued and unpaid interest, if any, to, but not including, the date of redemption, subject to the right of holders of notes on the relevant record date to receive interest due on the relevant interest payment date. On or after August 15, 2024, the 6.625% IEA Senior Notes are subject to redemption at any time and from time to time at the option of the IEA Issuer, in whole or in part, at specified redemption prices, expressed as percentages of principal amount, of 103.3% declining over a two-year period to 100%, subject to the right of holders of notes on the relevant record date to receive interest due on the relevant interest payment date. The terms of the 6.625% IEA Senior Notes Indenture, among other things, limit the IEA Issuer’s ability to incur additional indebtedness; pay dividends or make other restricted payments; make loans and investments; incur liens; sell assets; enter into affiliate transactions; enter into certain sale and leaseback transactions; enter into agreements restricting the IEA Issuer’s subsidiaries’ ability to pay dividends; and merge, consolidate or amalgamate or sell all or substantially all of its property, subject to certain thresholds and exceptions. Certain of such limitations are suspended for so long as the 6.625% IEA Senior Notes are rated “investment grade” by at least two nationally recognized statistical rating agencies, subject to certain conditions. In October 2022, following the acquisition of IEA by MasTec, the 6.625% IEA Senior Notes were rated as investment grade by at least two nationally recognized ratings agencies and, as a result, the aforementioned covenants were suspended. The 6.625% IEA Senior Notes Indenture provides for customary events of default which include, subject in certain cases to customary grace and cure periods, among others, nonpayment of principal or interest; breach of other covenants or agreements in the 6.625% IEA Senior Notes Indenture; failure to pay certain other indebtedness; failure to pay certain final judgments; failure of certain guarantees to be enforceable; and certain events of bankruptcy or insolvency. Exchange Offer and 6.625% MasTec Senior Notes Pursuant to a private exchange offer and consent solicitation to certain holders of the 6.625% IEA Senior Notes, which was completed on October 26, 2022, approximately $74.9 million in principal amount of 6.625% IEA Senior Notes were exchanged for the same principal amount of 6.625% MasTec Senior Notes, for which the carrying value approximated $70.1 million. The exchange of the 6.625% IEA Senior Notes for the 6.625% MasTec Senior Notes was accounted for as a debt modification, whereby the carrying value of the 6.625% MasTec Senior Notes was determined based on the pro-rata acquisition date carrying value of the 6.625% IEA Senior Notes, plus applicable accretion as of the date of the exchange. The 6.625% MasTec Senior Notes are senior unsecured notes that mature on August 15, 2029. Interest on the 6.625% MasTec Senior Notes is payable semiannually on February 15 and August 15 of each year, commencing on February 15, 2023. In connection with the consent solicitation, the Company paid a consent payment to holders of the 6.625% IEA Senior Notes that consented to the changes to the IEA Senior Notes Indenture proposed in such consent solicitation in the amount of $2.50 in cash for each $1,000 principal amount tendered. The 6.625% MasTec 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 any of the Company’s future subordinated indebtedness. The 6.625% MasTec Senior Notes are effectively subordinated to all secured indebtedness of the Company to the extent of the value of the assets securing such indebtedness and are structurally subordinated to all obligations of the subsidiaries of the Company, including trade payables and the 6.625% IEA Senior Notes. On or after August 15, 2024, the Company has the option, at any time and from time to time, to redeem all or a portion of the 6.625% MasTec Senior Notes at the redemption prices specified in the indenture that governs the 6.625% MasTec Senior Notes (the “6.625% MasTec Senior Notes Indenture”), plus accrued and unpaid interest, if any, to, but not including, the redemption date, subject to the right of holders of notes on the relevant record date to receive interest due on the relevant interest payment date. In addition, at any time prior to August 15, 2024, the Company may redeem all or a part of the 6.625% MasTec Senior Notes at a redemption price equal to 100% of the principal amount of the 6.625% MasTec Senior Notes redeemed, plus accrued and unpaid interest, if any, to, but not including, the redemption date, subject to the right of holders of notes on the relevant record date to receive interest due on the relevant interest payment date, plus a “make-whole” premium. Further, prior to August 15, 2024, the Company may redeem up to 40% of the aggregate principal amount of the 6.625% MasTec Senior Notes using the net cash proceeds of certain equity offerings, at a redemption price equal to 106.625% of the principal amount of the 6.625% MasTec Senior Notes redeemed, plus accrued and unpaid interest, if any, to, but not including the date of redemption, subject to the right of holders of notes on the relevant record date to receive interest due on the relevant interest payment date, subject to certain conditions. If the Company undergoes a Change of Control, as defined in the 6.625% MasTec Senior Notes Indenture, the Company must make an offer to repurchase all of the 6.625% MasTec Senior Notes then outstanding at a price equal to 101% of their principal amount, plus accrued and unpaid interest, if any, to, but not including, the date of repurchase. The 6.625% MasTec 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 certain liens and (ii) effect mergers, consolidate or transfer all or substantially all of the Company’s assets, subject to certain thresholds and exceptions. The 6.625% MasTec Senior Notes Indenture provides for customary events of default, which include, subject, in certain cases, to customary grace and cure periods, among others, nonpayment of principal or interest; breach of other covenants or agreements in the 6.625% MasTec Senior Notes Indenture; failure to pay certain other indebtedness; and certain events of bankruptcy or insolvency. Generally, if an event of default occurs and is continuing, the trustee or holders of at least 30% of the 6.625% MasTec Senior Notes then outstanding may declare the principal of, premium, if any, and accrued interest on all of the 6.625% MasTec Senior Notes immediately due and payable. The Company incurred approximately $1.9 million of fees and expenses in connection with the debt exchange, which amount is primarily reflected within acquisition and integration costs within other expense in the Company’s consolidated statements of operations for the year ended December 31, 2022. 2022 Term Loan Facility On September 1, 2022, the Company entered into a new unsecured delayed draw term loan agreement (the “2022 Term Loan Facility”) to fund the acquisition of IEA, consisting of $400.0 million in principal amount of three-year commitments (the “Three-Year Tranche”) and $300.0 million in principal amount of five-year commitments (the “Five-Year Tranche”). The Term Loan Commitments were drawn on October 7, 2022, the Closing Date of the IEA acquisition. The Three-Year Tranche will mature on October 7, 2025 and the Five-Year Tranche will mature on October 7, 2027. Loans under the Three-Year Tranche are not subject to amortization. Loans under the Five-Year Tranche will be amortized in quarterly principal installments of $3.75 million, commencing on March 31, 2024 and will increase to $7.5 million on March 31, 2026, until maturity, subject to the application of certain prepayments. The Company incurred approximately $2.0 million of debt issuance costs in connection with the 2022 Term Loan Facility, which costs will be amortized over the respective terms of the Three A s of December 31, 2022, the fair value of the 2022 Term Loan Facility, as estimated based on an income approach, utilizing significant unobservable Level 3 inputs including discount rate assumptions, approximated its carrying value. Outstanding loans under the Three-Year Tranche bear interest, at the Company’s option, at a rate equal to either (a) Term SOFR, as defined in the 2022 Term Loan Facility, plus a margin of 1.125% to 1.500%, or (b) a Base Rate, as defined below, plus a margin of 0.125% to 0.500%. Outstanding loans under the Five-Year Tranche bear interest, at the Company’s option, at a rate equal to either (a) Term SOFR plus a margin of 1.250% to 1.625%, or (b) a Base Rate, plus a margin of 0.250% to 0.625%. The Base Rate equals the highest of (i) the Federal Funds Rate, as defined in the New Term Loan Facility, plus 0.50%, (ii) Bank of America’s prime rate and (iii) Term SOFR plus 1.00%. In each of the foregoing cases, the applicable margin is based on the Company’s Consolidated Leverage Ratio and Debt Rating, each as defined in the 2022 Term Loan Facility, as of the then most recent fiscal quarter. As of December 31, 2022 t he Three-Year Tranche and Five-Year Tranche accrued interest at rates of 5.692% and 5.817%, respectively. The obligations under the 2022 Term Loan Facility are unsecured and are not guaranteed by any of the Company or its subsidiaries. The 2022 Term Loan Facility requires the Company to maintain a Consolidated Leverage Ratio, as defined in the 2022 Term Loan Facility, of not more than 3.50 as of the end of any fiscal quarter (subject to the Acquisition Adjustment described below). The 2022 Term Loan Facility also requires the Company to maintain a Consolidated Interest Coverage Ratio, as defined in the Amended Credit Facility, of at least 3.00. The 2022 Term Loan Facility provides that, for purposes of calculating the Consolidated Leverage Ratio, funded indebtedness excludes undrawn standby performance letters of credit included in the calculation of Consolidated Funded Indebtedness (as defined in the 2022 Term Loan Facility). Notwithstanding the terms discussed above, subject to certain conditions, if a permitted acquisition or series of permitted acquisitions having consideration exceeding $100 million occurs during a fiscal quarter, the 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 2022 Term Loan Facility. Subject to customary exceptions, the 2022 Term Loan Facility limits the borrowers’ 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 on or repurchases of capital stock. However, distributions payable solely in capital stock are permitted. The 2022 Term Loan 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. Bridge Term Loan Facility. The Company incurred approximately $2.9 million of fees and expenses for the year ended December 31, 2022 in connection with commitments for a bridge term loan facility, which commitments were subsequently terminated in connection with the 2022 Term Loan Facility, which costs are reflected as acquisition and integration costs within other expense. Debt Covenants MasTec was in compliance with the provisions and covenants of its outstanding debt instruments as of both December 31, 2022 and 2021. Contractual Maturities of Debt Contractual maturities of MasTec’s debt, which includes finance lease obligations, as of December 31, 2022 were as follows (in millions): 2023 $ 171.9 2024 144.2 2025 519.1 2026 1,274.1 2027 247.6 Thereafter 884.8 Total $ 3,241.7 As of December 31, 2022 and 2021, accrued interest payable, which is recorded within other accrued expenses in the consolidated balance sheets, totaled $24.8 million and $11.7 million, respectively. |
Lease Obligations
Lease Obligations | 12 Months Ended |
Dec. 31, 2022 | |
Leases [Abstract] | |
Lease Obligations | Lease Obligations Finance Leases The gross amount of assets held under finance leases as of December 31, 2022 and 2021 totaled $720.1 million and $653.5 million, respectively. Assets held under finance leases, net of accumulated depreciation Operating Leases Operating lease additions for the years ended December 31, 2022 and 2021 totaled $119.1 million and $172.9 million, respectively, of which acquisition-related additions totaled $32.4 million and $149.3 million, respectively. Operating lease additions for the year ended December 31, 2020 totaled $28.0 million. For the years ended December 31, 2022, 2021 and 2020, rent expense for leases that have terms in excess of one year totaled approximately $134.1 million, $107.7 million and $113.0 million, respectively, of which $11.1 million, $10.1 million and $10.0 million, respectively, represented variable lease costs. The Company also incurred rent expense for leases with terms of one year or less totaling approximately $377.8 million, $494.7 million and $312.0 million for the years ended December 31, 2022, 2021, and 2020, 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, 2022 were as follows (in millions): Finance Operating Leases 2023 $ 171.0 $ 102.0 2024 122.4 79.0 2025 85.7 53.0 2026 29.6 35.0 2027 3.5 16.8 Thereafter 0.6 31.9 Total minimum lease payments $ 412.8 $ 317.7 Less amounts representing interest (23.7) (27.1) Total lease obligations, net of interest $ 389.1 $ 290.6 Less current portion 158.2 96.5 Long-term portion of lease obligations, net of interest $ 230.9 $ 194.1 |
Lease Obligations | Lease Obligations Finance Leases The gross amount of assets held under finance leases as of December 31, 2022 and 2021 totaled $720.1 million and $653.5 million, respectively. Assets held under finance leases, net of accumulated depreciation Operating Leases Operating lease additions for the years ended December 31, 2022 and 2021 totaled $119.1 million and $172.9 million, respectively, of which acquisition-related additions totaled $32.4 million and $149.3 million, respectively. Operating lease additions for the year ended December 31, 2020 totaled $28.0 million. For the years ended December 31, 2022, 2021 and 2020, rent expense for leases that have terms in excess of one year totaled approximately $134.1 million, $107.7 million and $113.0 million, respectively, of which $11.1 million, $10.1 million and $10.0 million, respectively, represented variable lease costs. The Company also incurred rent expense for leases with terms of one year or less totaling approximately $377.8 million, $494.7 million and $312.0 million for the years ended December 31, 2022, 2021, and 2020, 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, 2022 were as follows (in millions): Finance Operating Leases 2023 $ 171.0 $ 102.0 2024 122.4 79.0 2025 85.7 53.0 2026 29.6 35.0 2027 3.5 16.8 Thereafter 0.6 31.9 Total minimum lease payments $ 412.8 $ 317.7 Less amounts representing interest (23.7) (27.1) Total lease obligations, net of interest $ 389.1 $ 290.6 Less current portion 158.2 96.5 Long-term portion of lease obligations, net of interest $ 230.9 $ 194.1 |
Stock-Based Compensation and Ot
Stock-Based Compensation and Other Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2022 | |
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 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, 2022, there were approximately 2,840,000 shares available for future grant. Non-cash stock-based compensation expense under all plans totaled $27.4 million, $24.8 million and $21.9 million for the years ended December 31, 2022, 2021 and 2020, respectively. Income tax benefits associated with stock-based compensation arrangements totaled $5.9 million, $8.5 million and $5.7 million for the years ended December 31, 2022, 2021 and 2020, respectively, including net tax benefits related to the vesting of share-based payment awards totaling $0.9 million, $3.8 million and $0.5 million for the years ended December 31, 2022, 2021 and 2020, 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, 2022, total unearned compensation related to restricted shares was approximately $57.0 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 $19.7 million, $37.4 million and $16.8 million for the years ended December 31, 2022, 2021 and 2020, respectively. Activity, restricted shares: (a) Restricted Per Share Weighted Average Grant Date Fair Value 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 Granted 613,364 74.37 Vested (235,164) 48.33 Canceled/forfeited (77,605) 44.84 Non-vested restricted shares, as of December 31, 2022 2,049,280 $ 52.33 (a) Includes 2,150, 1,300 and 2,300 restricted stock units as of December 31, 2022, 2021 and 2020, respectively. Employee Stock Purchase Plans. For the years ended December 31, 2022 and 2021, 112,341 shares and 86,510 shares, respectively, were purchased by participants under the Company’s ESPPs for $7.4 million and $7.0 million, respectively, which shares were delivered with shares reacquired by the Company on the open market. For the year ended December 31, 2020, 239,322 shares were purchased by participants under the Company’s ESPPs for $7.1 million, which shares were delivered with shares newly issued by the Company. Compensation expense associated with the Company’s ESPPs totaled approximately $1.3 million, $1.2 million and $2.2 million for the years ended December 31, 2022, 2021 and 2020, 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, 2022, 2021 and 2020, matching contributions totaled approximately $30.2 million, $23.1 million and $19.3 million, respectively. Deferred Compensation Plans. MasTec offers a deferred compensation plan to eligible 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. The Company also has remaining obligations under other deferred compensation plans, primarily related to acquired companies. Total deferred compensation plan assets, which are included within other long-term assets in the consolidated balance sheets, totaled $21.3 million and $17.5 million as of December 31, 2022 and 2021, respectively. Total deferred compensation plan liabilities, which are included within other long-term liabilities in the consolidated balance sheets, totaled $26.1 million and $18.7 million as of December 31, 2022 and 2021, respectively. |
Other Retirement Plans
Other Retirement Plans | 12 Months Ended |
Dec. 31, 2022 | |
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 2022 2021 2020 Expiration Date of CBA 2022 As of 2021 As of FIP/RP Status Surcharge National Electrical Benefit Fund 530181657 001 $ 17.7 $ 5.9 $ 1.6 Varies through 05/31/2027 Green 12/31/2021 Green 12/31/2020 NA No Local Union No. 9 IBEW and Outside Contractors Pension Fund 516077720 001 9.3 4.7 0.0 5/31/2025 Green 10/31/2021 (a) Green 10/31/2020 (a) NA No Central Pension Fund of the IUOE & Participating Employers 366052390 001 8.1 27.4 5.6 Varies through 4/30/2027 Green 1/31/2022 Green 1/31/2021 NA No Heavy & General Laborers' Local Unions 472 and 172 of New Jersey Pension Fund 226032103 001 3.7 0.0 0.0 2/29/2024 Green 3/31/2022 Green 3/31/2021 NA No Construction Laborers' Pension Trust Fund for Southern California 436159056 001 3.4 0.0 0.0 Varies through 6/30/2026 Green 12/31/2021 Green 12/31/2020 NA No IBEW Local 1249 Pension Plan 156035161 001 3.3 1.4 3.7 Varies through 12/31/2025 Green 12/31/2021 Green 12/31/2020 NA No IBEW Local 456 Pension Plan 226238995 001 3.2 0.0 0.0 11/29/2025 Green 12/31/2021 (a) Green 12/31/2020 NA No Chicago & Vicinity Laborers' District Council Pension Plan 362514514 002 2.5 0.8 0.2 Varies through 5/31/2026 Green 5/31/2021 Green 5/31/2020 NA No Pipeline Industry Pension Fund 736146433 001 2.3 10.9 2.6 Varies through 6/4/2023 Green 12/31/2021 Green 12/31/2020 NA No Midwest Operating Engineers Pension Trust Fund 366140097 001 2.1 1.6 1.1 Varies through 5/31/2025 Green 3/31/2022 (b) Green 3/31/2021 (b) NA No Teamsters National Pipe Line Pension Plan 461102851 001 1.5 6.2 1.8 Varies through 6/04/2023 Green 12/31/2021 (a) Green 12/31/2020 (a) NA No San Diego County Construction Laborers' Pension Trust Fund 956090541 001 1.5 0.0 0.0 6/30/2026 Green 8/31/2021 Green 8/31/2020 NA No Laborers' Local Union No. 158 Pension Plan 236580323 001 1.5 0.7 0.9 Varies through 05/31/27 Green 12/31/2021 (a) Green 12/31/2020 (a) NA No Southern California Pipe Trades Retirement Fund 516108443 001 1.4 0.0 0.0 4/30/2025 Green 12/31/2021 Green 12/31/2020 NA No Central Laborers' Pension Fund 376052379 001 1.3 1.3 0.8 Varies through 4/30/2027 Yellow 12/31/2021 (b) Yellow 12/31/2020 (b) Implemented No West Virginia Laborers' Pension Trust Fund 556026775 001 0.9 2.5 1.4 Varies through 6/4/2023 Green 3/31/2022 (a) Green 3/31/2021 (a) NA No Minnesota Laborers' Pension Fund 416159599 001 0.7 5.1 0.8 Varies through 5/31/2023 Green 12/31/2021 Green 12/31/2020 NA No Laborers' National Pension Fund 751280827 001 0.6 3.8 0.8 Varies through 6/30/2025 Red 12/31/2021 (a) Red 12/31/2020 Implemented No Employer- Teamsters Local Nos. 175 & 505 Pension Trust Fund 556021850 001 0.5 0.6 0.6 5/31/2023 Red 12/31/2021 (b) Red 12/31/2020 (a), (b) Implemented No Laborers' District Council of Western Pennsylvania Pension Fund 256135576 001 0.5 3.1 1.8 Varies through 3/31/2025 Yellow 12/31/2021 Yellow 12/31/2020 Implemented No Other funds 23.0 18.0 6.3 Total multiemployer pension plan contributions $ 89.0 $ 94.0 $ 30.0 (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 2022 6,601 7,136 $ 89.0 $ 56.3 $ 145.3 2021 2,412 6,979 $ 94.0 $ 34.1 $ 128.1 2020 1,119 2,412 $ 30.0 $ 7.5 $ 37.5 The fluctuations in the number of employees covered under multiemployer plans and associated contributions in the table above related primarily to the timing of activity for the Company’s union resource-based projects, as well as the effects of the Company’s recent acquisitions. For the year ended December 31, 2022, multiemployer plan activity was driven primarily by acquisition-related project work within the Company’s Power Delivery operations, and, to a lesser extent, its Oil and Gas operations, whereas for the years ended December 31, 2021 and 2020, activity was driven primarily by the Company’s Oil and Gas operations, as well as the effect in 2021 of the Company’s acquisitions within its Power Delivery segment. |
Equity
Equity | 12 Months Ended |
Dec. 31, 2022 | |
Equity [Abstract] | |
Equity | Equity Share Activity The Company’s share repurchase programs provide for the repurchase, from time to time, of MasTec common shares in open market transactions or in privately negotiated transactions in 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. Share repurchases are recorded as of the trade date, whereas payments for share repurchases are made on the date the trade is settled. For the year ended December 31, 2022, the Company repurchased 1.1 million shares of its common stock for an aggregate purchase price of approximately $81.3 million. Of the total repurchased shares, 0.1 million were repurchased for $8.6 million under the Company’s December 2018 $100 million share repurchase program, which completed the program. The remaining 1.0 million shares were repurchased for $72.7 million under the Company’s March 2020 $150 million share repurchase program. There were no share repurchases under the Company’s share repurchase programs for the year ended December 31, 2021. For the year ended December 31, 2020, the Company repurchased 3.6 million shares of its common stock for an aggregate purchase price totaling approximately $120.2 million, 3.0 million of which were repurchased for $91.4 million under the Company’s December 2018 $100 million share repurchase program, with the remaining 0.6 million repurchased for $28.8 million under the Company’s September 2018 $150 million share repurchase program that was completed in 2020. As of December 31, 2022, $77.3 million was available for future share repurchases under the Company’s March 2020 share repurchase program. The Company may use either authorized or unissued shares or treasury shares to meet its share issuance requirements. During the second quarter of 2022, the Company reissued 0.1 million shares of its treasury stock with a cost basis of $4.3 million in settlement of certain Additional Payments in connection with the HMG acquisition. For additional information related to shares issued for acquisitions, see Note 2 - Earnings Per Share and Note 3 - Acquisitions, Goodwill and Other Intangible Assets, Net. 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, 2022 2021 2020 Foreign Currency Other Total Foreign Currency Other Total Foreign Currency Other Total Balance as of January 1 $ (64,014) $ (14,762) $ (78,776) $ (64,272) $ (27,172) $ (91,444) $ (65,685) $ (10,021) $ (75,706) Unrealized (losses) gains, net of tax (3,089) 30,910 27,821 258 12,410 12,668 1,413 (17,151) (15,738) Balance as of December 31 $ (67,103) $ 16,148 $ (50,955) $ (64,014) $ (14,762) $ (78,776) $ (64,272) $ (27,172) $ (91,444) Unrealized foreign currency translation activity, net, for the three years in the period ended December 31, 2022 relates primarily to the Company’s operations in Canada and Mexico. Unrealized investment activity for the year ended December 31, 2022 relates to unrealized gains associated with the Waha JV interest rate swaps. 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. See Note 4 - Fair Value of Financial Instruments for additional information related to the Waha JV swaps and AVCT convertible debentures. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2022 | |
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, 2022 2021 2020 Domestic $ 66.7 $ 414.1 $ 435.9 Foreign (23.6) 16.0 (10.7) Total $ 43.1 $ 430.1 $ 425.2 The provision for income taxes for the periods indicated were as follows (in millions): For the Years Ended December 31, 2022 2021 2020 Current: Federal $ (9.8) $ 36.9 $ 70.6 Foreign 3.6 1.5 2.1 State and local 5.8 9.0 22.6 $ (0.4) $ 47.4 $ 95.3 Deferred: Federal $ 5.9 $ 37.0 $ 14.8 Foreign 0.6 (0.1) (9.8) State and local 3.1 15.0 2.2 $ 9.6 $ 51.9 $ 7.2 Provision for income taxes $ 9.2 $ 99.3 $ 102.5 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, 2022 2021 Deferred tax assets: Accrued insurance $ 40.9 $ 42.2 Operating loss carryforwards and tax credits 115.4 80.7 Compensation and benefits 36.9 36.1 Bad debt 2.0 1.6 Other 36.4 15.4 Capitalized expenses 110.3 — Valuation allowance (87.6) (54.2) Total deferred tax assets $ 254.3 $ 121.8 Deferred tax liabilities: Property and equipment $ 375.7 $ 310.1 Goodwill 91.3 77.9 Other intangible assets 131.4 58.7 Gain on remeasurement of equity investee 7.3 7.2 Revenue recognition 84.6 1.6 Investments in unconsolidated entities 109.3 99.7 Other 26.1 17.0 Total deferred tax liabilities $ 825.7 $ 572.2 Net deferred tax liabilities $ (571.4) $ (450.4) 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, 2022 and 2021 are related primarily to foreign net operating losses and deferred tax assets. The Company’s deferred tax assets for its state net operating loss carryforwards, which may be carried forward from 5 years to indefinitely, depending on the jurisdiction, totaled approximately $21.4 million and $18.6 million as of December 31, 2022 and 2021, 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 $87.9 million and $57.7 million as of December 31, 2022 and 2021, respectively. The Canadian net operating loss carryforwards, which make up the majority of the foreign net operating loss carryforwards, begin to expire in 2034. The Company’s deferred tax assets for its federal net operating loss carryforwards, which carryforward indefinitely, totaled $2.5 million and $2.9 million as of December 31, 2022 and 2021, 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, 2022 2021 2020 U.S. statutory federal rate applied to pretax income 21.0 % 21.0 % 21.0 % State and local income taxes, net of federal benefit 8.8 4.3 4.3 Foreign tax rate differential 1.3 0.1 (0.2) Non-deductible expenses (1.6) 0.3 1.5 Goodwill and intangible assets (0.7) 0.4 (0.2) Change in tax rate 12.7 1.6 0.6 Other (1.3) 0.8 (0.6) Tax credits (37.9) (4.8) (1.2) Stock basis adjustment 0.0 (0.9) 0.0 Valuation allowance for deferred tax assets 19.0 0.3 (1.1) Effective income tax rate 21.3 % 23.1 % 24.1 % 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, 2022 2021 2020 Beginning balance $ 23.7 $ 18.4 $ 13.5 Additions based on tax positions related to the current year 8.0 4.4 1.5 Additions for tax positions of prior years 17.6 6.8 3.4 Settlements — (5.1) — Lapse of statute of limitations (6.9) (0.8) — Ending balance $ 42.4 $ 23.7 $ 18.4 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. Accrued interest and penalties related to uncertain tax positions were $3.1 million and $2.3 million as of December 31, 2022 and 2021, respectively. The effect on the Company’s tax rate if it were to recognize its gross unrecognized tax benefits as of December 31, 2022 approximates $42.4 million, including interest and penalties. The IRS has examined the Company’s federal income tax returns through 2017. 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, 2022, the Company is no longer subject to state examinations by taxing authorities for years before 2015. |
Segments and Related Informatio
Segments and Related Information | 12 Months Ended |
Dec. 31, 2022 | |
Segment Reporting [Abstract] | |
Segments and Related Information | Segments and Related Information Segment Discussion The Company manages its operations under five operating segments, which represent its five reportable segments: (1) Communications; (2) Clean Energy and Infrastructure; (3) Oil and Gas; (4) Power Delivery and (5) Other. This structure is generally focused on broad end-user markets for the Company’s labor-based construction services. All five reportable segments derive their revenue primarily from the engineering, installation and maintenance of infrastructure, primarily in North America. In the first quarter of 2022, the Company began integrating the acquisition of HMG into its operations. The HMG acquisition was completed on December 30, 2021, with its initial balance sheet reported within the Company’s Power Delivery segment. During the first quarter of 2022, the Company reported portions of HMG’s operations within its Power Delivery, Communications and Oil and Gas segments, as appropriate, and HMG’s corporate functions within its Corporate results. Accordingly, HMG’s December 31, 2021 balance sheet information was recast to conform with the new reporting structure. 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; various types of heavy civil and industrial infrastructure, including rail; and environmental remediation services. The Company performs engineering, construction and maintenance services for pipeline distribution, including natural gas, carbon capture sequestration, water and pipeline integrity services 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; and environmental planning and compliance services. The Other segment includes certain equity investees, the services of which may vary from those provided by the Company’s primary segments, as well as other small business units that perform construction and other services for certain international end-markets. 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, including treasury and administration functions, including for legal and professional matters, as well as changes in the fair value of Earn-outs, other liabilities and certain investments, acquisition-related transaction costs and other discrete items, including certain integration activities and debt transaction costs. Segment results include certain allocations of centralized costs such as general liability, medical and workers’ compensation insurance and certain information technology and interest costs, as well as certain discrete items, including certain acquisition and business integration and/or streamlining 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: 2022 2021 2020 Communications (a) $ 3,233.7 $ 2,551.1 $ 2,512.2 Clean Energy and Infrastructure 2,618.6 1,865.0 1,526.9 Oil and Gas 1,219.6 2,540.5 1,789.8 Power Delivery 2,725.2 1,016.8 506.5 Other — 0.0 0.6 Eliminations (19.1) (21.6) (15.0) Consolidated revenue $ 9,778.0 $ 7,951.8 $ 6,321.0 (a) Revenue generated primarily by utilities customers represented 23.6%, 20.8% and 15.6% of Communications segment revenue for the years ended December 31, 2022, 2021 and 2020, respectively. For the Years Ended December 31, EBITDA: 2022 2021 2020 Communications $ 327.1 $ 269.5 $ 270.1 Clean Energy and Infrastructure 102.8 75.0 80.4 Oil and Gas 163.5 557.6 510.9 Power Delivery 202.9 68.0 14.9 Other 31.8 33.8 30.7 Segment EBITDA $ 828.1 $ 1,003.8 $ 907.0 For the Years Ended December 31, EBITDA Reconciliation: 2022 2021 2020 Income before income taxes $ 43.1 $ 430.1 $ 425.2 Plus: Interest expense, net 112.3 53.4 59.6 Depreciation 371.2 345.6 258.8 Amortization 135.9 77.2 38.9 Corporate EBITDA 165.6 97.5 124.5 Segment EBITDA $ 828.1 $ 1,003.8 $ 907.0 For the year ended December 31, 2022, Communications, Clean Energy and Infrastructure, Oil and Gas and Power Delivery EBITDA included $4.7 million, $6.4 million, $8.0 million and $39.0 million, respectively, of acquisition and integration costs related to the Company’s recent acquisitions, and Corporate EBITDA included $27.9 million of such costs. For the year ended December 31, 2021, Corporate EBITDA included such acquisition and integration costs of $3.6 million. For the years ended December 31, 2022 and 2021, Corporate EBITDA included fair value losses related to an investment of $7.7 million and $7.8 million, respectively, and for the year ended December 31, 2020, Corporate EBITDA included fair value gains of $10.1 million. For the years ended December 31, 2022 and 2021, Corporate EBITDA included bargain purchase gains of $0.2 million and $3.5 million, respectively. For the year ended December 31, 2022, Other segment EBITDA included $2.8 million of project gains from a proportionately consolidated non-controlled Canadian joint venture. For the year ended December 31, 2020, Corporate EBITDA included $5.6 million of debt extinguishment losses. For the Years Ended December 31, Depreciation and Amortization: 2022 2021 2020 Communications $ 126.4 $ 99.3 $ 87.1 Clean Energy and Infrastructure 87.0 43.5 18.2 Oil and Gas 134.6 207.8 156.6 Power Delivery 147.8 61.5 24.7 Other — 0.0 0.1 Corporate 11.3 10.7 11.1 Consolidated depreciation and amortization $ 507.1 $ 422.8 $ 297.8 As of December 31, Assets: 2022 2021 (a) 2020 Communications $ 2,378.6 $ 2,100.9 $ 1,941.9 Clean Energy and Infrastructure 2,979.9 1,067.0 653.7 Oil and Gas 1,544.2 1,527.6 1,631.1 Power Delivery 1,967.9 2,017.2 541.6 Other 297.3 238.1 191.8 Corporate 125.4 170.6 267.8 Consolidated segment assets $ 9,293.3 $ 7,121.4 $ 5,227.9 (a) Segment assets as of December 31, 2021 were recast during the first quarter of 2022 to conform with the change in segment reporting for the HMG acquisition, the effect of which was a decrease in Power Delivery segment assets of $192.2 million, an increase in Communications and Oil and Gas segment assets of $69.4 million and $77.0 million, respectively, and an increase in Corporate assets of $45.8 million. For the Years Ended December 31, Capital Expenditures: 2022 2021 2020 Communications $ 87.1 $ 50.6 $ 38.4 Clean Energy and Infrastructure 35.8 44.6 14.0 Oil and Gas 49.0 55.7 149.2 Power Delivery 83.4 13.0 3.8 Other — 0.0 0.0 Corporate 8.0 6.2 8.3 Consolidated capital expenditures $ 263.4 $ 170.1 $ 213.7 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 $9.6 billion, $7.8 billion and $6.2 billion for the years ended December 31, 2022, 2021 and 2020, respectively, and revenue derived from foreign operations totaled $149.9 million, $165.2 million and $133.1 million, respectively. Revenue from foreign operations was derived primarily from the Company’s Canadian operations in its Oil and Gas segment. Long-lived assets held in the United States included property and equipment, net, of $1,733.1 million, $1,411.6 million and $959.5 million as of December 31, 2022, 2021 and 2020, respectively, and for the Company’s businesses in foreign countries, totaled $21.0 million, $24.5 million and $22.8 million, respectively. Intangible assets and goodwill, net, related to the Company’s U.S. operations totaled approximately $3.0 billion, $2.1 billion and $1.4 billion as of December 31, 2022, 2021 and 2020, respectively. For the Company’s businesses in foreign countries, intangible assets and goodwill, net, totaled approximately $35.5 million, $43.8 million and $50.5 million as of December 31, 2022, 2021 and 2020, 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, 2022, 2021 and 2020, amounts due from customers from which foreign revenue was derived accounted for approximately 1%, 2% and 5%, respectively, of the Company’s consolidated net accounts receivable position, which represents accounts receivable, net, less deferred revenue. Revenue from governmental entities for the years ended December 31, 2022, 2021 and 2020 totaled approximately 7%, 5% and 2%, respectively, of total revenue, substantially all of which was derived from the Company’s U.S. operations. Significant Customers For the year ended December 31, 2022, no customer represented greater than 10% of the Company’s total consolidated revenue. For the year ended December 31, 2021, revenue for Enbridge, Inc. represented 16% of the Company’s total consolidated revenue, and for the year ended December 31, 2020, revenue for AT&T represented 15% of the Company’s total consolidated revenue. 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. 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. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies MasTec is subject to a variety of legal cases, claims and other disputes that arise from time to time in the ordinary course of its business, including project contract price and other project disputes, other project-related liabilities and acquisition purchase price disputes. MasTec cannot provide assurance that it will be successful in recovering all or any of the potential damages it has claimed or in defending claims against the Company. The outcome of such cases, claims and disputes cannot be predicted with certainty and an unfavorable resolution of one or more of them could have a material adverse effect on the Company’s business, financial condition, results of operations and cash flows. In the third quarter of 2021, a settlement was finalized in favor of MasTec for approximately $25.0 million. As of December 31, 2022, the settlement had been collected in full, and as of December 31, 2021, $19.0 million, net of related settlement costs, was reflected within other current assets. Net of legal and other costs incurred, the Company recorded $5.0 million of other income related to this settlement 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, 2022 and 2021, there were $166.7 million and $188.5 million, respectively, of letters of credit issued under the Company’s credit facilities. Letter of credit claims have historically not been material. The Company is not aware of any material claims relating to its outstanding letters of credit as of December 31, 2022 or 2021. 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, 2022 and 2021, outstanding performance and payment bonds approximated $4,855.5 million and $2,155.2 million, respectively, and estimated costs to complete projects secured by these bonds totaled $1,739.9 million and $768.8 million as of December 31, 2022 and 2021, respectively. Included in these balances as of December 31, 2022 and 2021 are $115.8 million and $115.0 million, respectively, of outstanding performance and payment bonds issued on behalf of the Company’s proportionately consolidated non-controlled contractual joint ventures, representing the Company’s proportionate share of the total bond obligation for the related projects. Investment and Strategic Arrangements. The Company holds undivided interests, ranging from 85% to 90%, in multiple proportionately consolidated non-controlled contractual joint ventures that provide infrastructure construction services for electrical transmission projects, as well as undivided interests ranging from 25% to 50% in four 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, 2022, the Company was not aware of material future claims against it in connection with these arrangements. For the year ended December 31, 2022, the Company provided no project-related financing to its contractual joint ventures, and for the year ended December 31, 2021, the Company provided $0.7 million of project-related financing, all of which had been repaid 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. The Company manages certain of its insurance liabilities indirectly through its wholly-owned captive insurance companies, which reimburse claims up to the applicable insurance limits. Cash balances held by the Company’s captive insurance companies totaled approximately $1.1 million and $0.3 million as of December 31, 2022 and 2021, respectively. As of December 31, 2022 and 2021, MasTec’s estimated liability for unpaid claims and associated expenses, including incurred but not reported losses related to these policies, totaled $176.7 million and $189.8 million, respectively, of which $109.3 million and $126.5 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 $4.1 million and $4.2 million as of December 31, 2022 and 2021, 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 $95.6 million and $125.7 million as of December 31, 2022 and 2021, respectively. Outstanding surety bonds related to self-insurance programs amounted to $110.9 million and $52.9 million as of December 31, 2022 and 2021, 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, 2022, the Company does not have plans to withdraw from, and is not aware of circumstances that would reasonably lead to material claims against it, in connection with the MEPPs in which it participates. There can be no assurance, however, that the Company will not be assessed liabilities in the future, including in the form of a surcharge on future benefit contributions or increased contributions on underfunded plans. The amount the Company could be obligated to pay or contribute in the future cannot be estimated, as these amounts are based on future levels of work of the union employees covered by these plans, investment returns, which could be negatively affected by economic and market conditions, and the level of underfunding of such plans. In the fourth quarter of 2022, the Company paid $2.8 million to settle a withdrawal liability assumed in connection with the HMG acquisition, for which it recognized a gain of $0.5 million for the year ended December 31, 2022. As of December 31, 2021, this withdrawal liability totaled approximately $3.4 million and was recorded within other current and other long-term liabilities, as appropriate, within the consolidated balance sheets. Additionally, in connection with the IEA acquisition, the Company assumed a multiemployer pension plan withdrawal liability, under which IEA is obligated to make monthly payments of approximately $10,000. As of December 31, 2022, the remaining obligation approximated $1.9 million. 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 both December 31, 2022 and 2021, the Company had accrued project close-out liabilities of approximately $40 million. 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: risks related to market conditions, market uncertainty, including from economic downturns or other economic factors, including potential recessionary concerns, inflationary risk, rising interest rates, supply chain disruptions or public health matters; 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; the ability to manage projects effectively and in accordance with management’s estimates and resolution of unapproved change orders; risks related to the Company’s acquisitions, including acquisition integration and financing; availability of qualified employees; risks related to rapid technological changes or customer consolidation; competition; 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; exposure to litigation; 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; the adequacy of our reserves; exposure related to strategic investments or 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: wireless and wireline/fiber service providers; broadband operators; install-to-the-home service providers; public and private energy providers, including renewable energy providers; pipeline operators; heavy civil and industrial infrastructure providers; and government entities The industries served by MasTec’s customers include the communications and utilities industries, including the power industry, among others. The Company had approximately 1,560 customers for the year ended December 31, 2022. As of both December 31, 2022 and 2021, no customers represented greater than 10% of the Company’s consolidated net accounts receivable position, which represents accounts receivable, net, less deferred revenue. For the years ended December 31, 2022, 2021 and 2020, the Company derived 39%, 54% and 55% of its revenue from its top ten customers, respectively. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2022 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions MasTec purchases, rents and leases equipment and purchases various types of supplies and services used in its business, including ancillary construction services, project-related site restoration and marketing, business development and administrative activities from a number of different vendors on a non-exclusive basis, and from time to time, rents equipment to, sells certain supplies, or performs construction services on behalf of, entities in which members of subsidiary management have ownership or commercial interests. For the years ended December 31, 2022, 2021 and 2020, such payments to related party entities totaled approximately $35.0 million, $81.2 million and $80.9 million, respectively. Payables associated with such arrangements totaled approximately $2.6 million and $0.6 million as of December 31, 2022 and 2021, respectively. Revenue from such related party arrangements totaled approximately $10.4 million, $4.2 million and $4.1 million for the years ended December 31, 2022, 2021 and 2020, respectively, and related amounts receivable totaled approximately $3.2 million and $0.4 million as of December 31, 2022 and 2021, 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 $4.0 million and $23.2 million for the years ended December 31, 2022 and 2021, respectively, and paid $6.8 million, net of rebates, for the year ended December 31, 2020 related to this activity. Amounts payable to CCI totaled approximately $0.6 million and $0.8 million as of December 31, 2022 and 2021, respectively. The Company has also rented equipment to CCI. Revenue from equipment rentals to CCI totaled approximately $0.3 million and $0.1 million for the years ended December 31, 2022 and 2021, respectively. As of December 31, 2022, related receivables were de minimis, and as of December 31, 2021, there were no related receivables. 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, 2022, 2021 and 2020, MasTec incurred subcontracting expenses in connection with this arrangement of approximately $0.2 million, $90.3 million and $1.9 million, respectively. As of December 31, 2022, related amounts payable were de minimis, and as of December 31, 2021, related amounts payable totaled approximately $0.5 million. MasTec has a leasing arrangement for an aircraft that is owned by an entity that Jorge Mas owns. MasTec paid approximately $2.6 million in each of the years ended December 31, 2022, 2021 and 2020 related to this leasing arrangement. MasTec has performed construction services on behalf of a professional Miami soccer franchise (the “Franchise”) in which Jorge Mas and José R. Mas are majority owners. Services provided by MasTec have included the construction of a soccer facility and stadium as well as wireless infrastructure services. MasTec may perform additional construction services for the Franchise in the future. Payments for other expenses related to the Franchise totaled $0.5 million, $0.6 million and $0.3 million for the years ended December 31, 2022, 2021 and 2020, respectively, for which there were no amounts outstanding as of either December 31, 2022 or 2021. In 2021, MasTec entered into a subcontracting arrangement to perform construction services for an entity, of which José R. Mas acquired a minority interest, and of which a member of management of a MasTec subsidiary owns the remaining interest. For the year ended December 31, 2022, revenue recognized by MasTec under this arrangement totaled approximately $128.4 million, and as of December 31, 2022, related amounts receivable totaled approximately $42.0 million. No services were performed under this arrangement in 2021. MasTec pays a management fee to this entity in connection with the subcontracting arrangement, under which MasTec incurred approximately $1.5 million for the year ended December 31, 2022. As of December 31, 2022, related payables totaled approximately $0.3 million. 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 $1.1 million, $1.2 million and $1.3 million for the years ended December 31, 2022, 2021 and 2020, respectively. As of December 31, 2022, related amounts receivable were de minimis, and as of December 31, 2021, related amounts receivable totaled approximately $0.8 million. From time to time, the Company advances amounts to the former owners of acquired businesses. Such advances totaled approximately $1.5 million for both the years ended December 31, 2022 and 2021, and amounts receivable for such advances totaled approximately $2.0 million and $1.5 million as of December 31, 2022 and 2021, respectively. In addition, the Company has a subcontracting arrangement with an entity in which it has a 25% interest. The Company’s interest in this entity is accounted for as an equity method investment. For the year ended December 31, 2022, the Company made equity contributions to this entity of approximately $0.9 million. As of December 31, 2022 and 2021, the Company’s net investment in this entity was a liability of approximately $0.2 million and $1.6 million, respectively, which net amounts as of both December 31, 2022 and 2021, include approximately $2.3 million 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 both the years ended December 31, 2022 and 2021, approximately $0.8 million, of income was recognized in connection with these arrangements, and $0.9 million of income was recognized for the year ended December 31, 2020. As of both December 31, 2022 and 2021, related amounts receivable totaled $0.4 million. The Company advanced $1.2 million in 2020 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 fully complete as of December 31, 2022. Outstanding performance guarantees on behalf of this contractual joint venture totaled Canadian $9.7 million as of both December 31, 2022 and 2021, or approximately $7.1 million and $7.7 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. In the first quarter of 2023, the Company acquired the remaining 15% equity interests of this entity for $10.0 million in cash, plus 120,000 shares of MasTec common stock, valued at approximately $11.6 million. Split Dollar Agreements MasTec has 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, 2022, 2021 and 2020 in connection with the split dollar agreements for Jorge Mas, and paid approximately $0.7 million in each of the years ended December 31, 2022, 2021 and 2020 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 $25.8 million and $24.0 million as of December 31, 2022 and 2021, respectively. |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2022 | |
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, 2022 Allowance for credit losses $ 7.8 $ 2.6 (a) $ — $ (2.0) (b) $ 8.4 Allowance for unbilled receivables and project close-out liabilities 96.8 9.4 (a) 40.3 (g) (29.5) (b) 117.0 Valuation allowance for inventory 11.1 2.5 (c) — (1.4) (d) 12.2 Valuation allowance for deferred tax assets 54.2 11.6 (e) 29.6 (g) (7.8) (f) 87.6 Total $ 169.9 $ 26.1 $ 69.9 $ (40.7) $ 225.2 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) (f) 45.8 Total $ 123.9 $ 59.2 $ — $ (57.9) $ 125.2 (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. (g) Assumption of acquisition-related balances. |
Business, Basis of Presentati_2
Business, Basis of Presentation and Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
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. Investments in entities for which the Company does not have a controlling financial interest, but over which it has the ability to exert significant influence, are accounted for under the equity method of accounting. For equity investees in which the Company has an undivided interest in the assets, liabilities and profits or losses of an unincorporated entity, but does not exercise control over the entity, the Company consolidates its proportional interest in the accounts of the entity. |
Reclassifications | When appropriate, prior year amounts are reclassified to conform with the current period presentation. |
Translation of Foreign Currencies | Translation of Foreign Currencies The assets and liabilities of foreign subsidiaries with a functional currency other than the U.S. dollar are translated into U.S. dollars at period-end exchange rates, with resulting translation gains or losses included within other comprehensive income or loss. Revenue and expenses are translated into U.S. dollars at average rates of exchange during the applicable period. Substantially all of the Company’s foreign operations use their local currency as their functional currency. For foreign operations for which the local currency is not the functional currency, the operation’s non-monetary assets are remeasured into U.S. dollars at historical exchange rates. All other accounts are remeasured at current exchange rates. Gains or losses from remeasurement are included in other income or expense, net. Currency gains or losses resulting from transactions executed in currencies other than the functional currency are included in other income or expense, net. |
Management Estimates | Management Estimates The preparation of consolidated financial statements in accordance with U.S. GAAP requires the use of estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. These estimates are based on historical experience and various other assumptions that management believes to be reasonable under the circumstances, including the potential future effects of macroeconomic trends and events, such as inflation and interest rate levels; supply chain disruptions; uncertainty from potential recessionary effects; climate-related matters; market, industry and regulatory factors, including permitting issues; global events, such as the ongoing military conflict in Ukraine; and public health matters. These estimates form the basis for making judgments about the Company’s operating results and the carrying values of assets and liabilities that are not readily apparent from other sources. While management believes that such estimates are reasonable when considered in conjunction with the Company’s consolidated financial position and results of operations taken as a whole, actual results could differ materially from these estimates. |
General Economic, Regulatory and Market Conditions | General Economic, Regulatory and Market Conditions The Company has experienced, and may continue to experience, direct and indirect negative effects on its business and operations from negative economic, regulatory and market conditions, including recent inflationary effects on fuel prices, labor and materials costs, rising interest rates, supply chain disruptions and uncertainty from potential recessionary effects that could negatively affect demand for future projects and/or delay existing project timing or cause increased project costs. The Company may also experience negative effects from possible longer-term changes in consumer and customer behavior resulting from the effects of the COVID-19 pandemic. The extent to which general economic, regulatory and market conditions could affect the Company’s business, operations and financial results is uncertain as it will depend upon numerous evolving factors that management may not be able to accurately predict, and, therefore, any future impacts on the Company’s business, financial condition and/or results of operations cannot be quantified or predicted with specificity. The Coronavirus Aid, Relief and Economic Security Act (the “CARES Act”), which was enacted in response to the effects of the COVID-19 pandemic, permitted deferral and/or reduction of certain federal and payroll tax amounts, certain of which the Company pursued. Payroll tax deferrals under the CARES Act, which totaled $42 million as of December 31, 2021, were fully paid as of December 31, 2022. |
Revenue Recognition | Revenue Recognition The Company recognizes revenue from contracts with customers when, or as, control of promised services and goods is transferred to customers. The amount of revenue recognized reflects the consideration to which the Company expects to be entitled in exchange for the services and goods transferred. The Company primarily recognizes revenue over time utilizing the cost-to-cost measure of progress, which best depicts the continuous transfer of control of goods or services to the customer, and correspondingly, when performance obligations are satisfied for the related contracts. Contracts. The Company derives revenue primarily from construction projects performed under: (i) master service and other service agreements, which generally provide a menu of available services in a specific geographic territory that are utilized on an as-needed basis, and are typically priced using either a time and materials or a fixed price per unit basis; and (ii) contracts for specific projects requiring the construction and installation of an entire infrastructure system, or specified units within an infrastructure system, which 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 51%, 38% and 36% of consolidated revenue for the years ended December 31, 2022, 2021 and 2020, respectively. Revenue from contracts for specific projects, as well as for certain projects pursuant to master and other service agreements, is typically recognized over time using the cost-to-cost measure of progress, which is an input method. 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 certain other wireless services in the Company’s Communications segment, and to a lesser extent, certain revenue in the Company’s Clean Energy and Infrastructure and Oil and Gas segments. Point in time revenue is recognized when the work order has been fulfilled, which for the majority of the Company’s point in time revenue, is the same day it is initiated. Point in time revenue accounted for approximately 4% of consolidated revenue in both of the years ended December 31, 2022 and 2021, and accounted for approximately 5% of consolidated revenue for the year ended December 31, 2020. 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, operational 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. In each of the years ended December 31, 2022, 2021 and 2020, 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, 2021, 2020 and 2019. Changes in recognized revenue, net, 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, for the years ended December 31, 2022, 2021 and 2020 totaled net increases of approximately $13.8 million, $41.1 million and $13.5 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, were not material as of December 31, 2022 or 2021. 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 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, 2022, the amount of the Company’s remaining performance obligations was $7.7 billion. Based on current expectations, the Company anticipates it will recognize approximately $5.6 billion of its remaining performance obligations as revenue during 2023, with the remainder expected to be recognized primarily in 2024. Variable Consideration. Transaction prices for the Company’s contracts may include variable consideration, which comprises items such as change orders, claims and incentives. Management estimates variable consideration for a performance obligation utilizing estimation methods that it believes best predict the amount of consideration to which the Company will be entitled. 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 advice, 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 recognized as an adjustment to revenue, typically 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, 2022 and 2021, the Company included approximately $271 million and $104 million, respectively, of change orders and/or claims in transaction prices for certain contracts that were in the process of being resolved in the ordinary course of business, including through negotiation, arbitration and other proceedings. These transaction price adjustments, when earned, are included within contract assets or accounts receivable, net of allowance, as appropriate. As of both December 31, 2022 and 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 include amounts related to recently acquired businesses. 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 management’s expectations of future economic, industry or other conditions and/or changes in credit quality or unanticipated financial difficulties affecting the Company’s customers. In addition, if anticipated recoveries in existing work-out negotiations or bankruptcies 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, such as the current market environment, 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 end-market volatility and/or other macroeconomic trends, such as the current market environment of rising interest rates and inflation, on the credit quality of the Company’s customers and/or its financial assets. |
Inventories | InventoriesInventories primarily 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. |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents primarily consist of interest-bearing demand deposits. The Company considers highly liquid investments with original maturities of less than three months to be cash equivalents. The balances in certain of our bank accounts exceed federally insured limits. Cash and cash equivalents are maintained at financial institutions that management considers to be of high credit quality. 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, 2022 and 2021 are amounts held by entities that are proportionately consolidated totaling $25.7 million and $14.6 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 assets and investments, deferred compensation plan assets and liabilities, accounts payable and other current liabilities, acquisition-related contingent consideration and other liabilities, 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 and term loan 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 the Company’s 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 in the Company’s consolidated balance sheets. 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, which is referred to as the “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 unsecured 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 is 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 equipment, furniture and internal-use software. 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. When the Company identifies assets to be sold, those assets are valued based on their estimated fair value less costs to sell and classified as held-for-sale and depreciation is no longer recorded. |
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, which are Level 3 inputs. |
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. See below for details of the Company’s results of impairment testing for the years ended December 31, 2022, 2021 and 2020. |
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, 2022, 2021 and 2020, the Company incurred approximately $17 million, $7 million and $2 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 that relate to facts and circumstances that occurred subsequent to the date of acquisition 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 certain of the Company’s 2022 and 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, which are Level 3 inputs. 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. The volume of lease activity for leases with an initial term of twelve months or less varies depending upon the number of ongoing projects at a given time, as well as the location and type of equipment required in connection with those projects. 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, equipment and other leasing arrangements, which are not considered material to the consolidated financial statements. As of December 31, 2022, the Company’s leases have remaining lease terms of up to 16 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. any 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 |
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 $9.5 million for its automobile liability policy. In addition, the Company has excess umbrella coverage. The Company manages certain of its insurance liabilities indirectly through its wholly-owned captive insurance companies, which reimburse claims up to the applicable insurance limits. Cash balances held by the Company’s captive insurance companies are generally not available for use in the Company’s other operations. Estimated liabilities under the Company’s 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 statements, as they reduce the number of shares that would have been issued upon vesting. The Company then pays the corresponding withholding taxes to the appropriate taxing authorities in cash on behalf of the recipient. Withheld shares, which are valued at the market price on the date of vesting, are recorded as a reduction to additional paid-in capital and are reflected within financing activities in the consolidated statements of cash flows. For the years ended December 31, 2022, 2021 and 2020, shares withheld in connection with stock-based compensation arrangements totaled 49,418, 63,054 and 11,667, respectively, and related payments to taxing authorities totaled $4.1 million, $6.0 million and $0.6 million, respectively. The Company has certain employee stock purchase plans (collectively, “ESPPs”) under which shares of the Company’s common stock are available for purchase by eligible participants. Under the ESPPs, eligible participants are permitted to purchase MasTec, Inc. common stock at 85% of the fair market value of the shares on the date of purchase, which occurs on the last trading day of each two week offering period. Prior to January 1, 2021, the ESPPs allowed participants to purchase MasTec, Inc. common stock at 85% of the fair market value of the shares at the lower of (i) the date of commencement of the offering period and (ii) the last day of the offering period, and the fair value of purchases was estimated using the Black-Scholes option-pricing valuation model. At the Company’s discretion, share purchases may be satisfied by delivering either newly issued common shares, or common shares reacquired on the open market or in privately negotiated transactions. |
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 acquisition and 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 and integration costs, or restructuring charges, can include such items as employee separation or termination costs, other integration-type costs, including facility consolidation and lease termination expenses, operating cost redundancies, losses on disposal of identified assets, and certain acquisition-related costs. 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 and integration costs. Business streamlining costs, acquisition and 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. Costs incurred for litigation are expensed as incurred. 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 to be Adopted in 2023 In October 2021, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“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. This ASU is not expected to have a material effect on the Company’s consolidated financial statements. |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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, 2022 2021 2020 Net income attributable to MasTec: Net income - basic (a) $ 33,354 $ 328,831 $ 322,848 Fair value gain (loss) related to resolved contingent payments (b) $ 1,682 $ — $ — Net income - diluted (a) $ 31,672 $ 328,831 $ 322,848 Weighted average shares outstanding: Weighted average shares outstanding - basic (c) 74,917 72,499 72,799 Dilutive common stock equivalents (d)(e) 1,268 1,442 916 Weighted average shares outstanding - diluted 76,185 73,941 73,715 (a) Basic net income is calculated as total net income or loss less amounts attributable to non-controlling interests. Diluted net income is calculated as total net income or loss, less amounts attributable to non-controlling interests, adjusted for the fair value gain or loss, if any, related to additional contingent payments to the former owners of an acquired business for which the contingency has been resolved as of the respective period. See discussion above and in Note 3 – Acquisitions, Goodwill and Other Intangible Assets, Net. (b) Represents the fair value gain or loss related to additional contingent payments for which the contingency has been resolved as of December 31, 2022. See Note 3 – Acquisitions, Goodwill and Other Intangible Assets, Net. (c) For the year ended December 31, 2022, basic shares include approximately 127,000 weighted average shares related to additional contingent payments. (d) For the years ended December 31, 2022, 2021 and 2020, weighted average anti-dilutive common stock equivalents totaled approximately 255,000, 159,000 and 44,000, respectively. For the year ended December 31, 2022, weighted average anti-dilutive common stock equivalents included approximately 29,200 warrants associated with the IEA acquisition. (e) For the year ended December 31, 2022, common stock equivalents included approximately 105,000 weighted average shares related to additional contingent |
Acquisitions, Goodwill and Ot_2
Acquisitions, Goodwill and Other Intangible Assets, Net (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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). Goodwill balances as of December 31, 2021 were recast in the first quarter of 2022 to reflect the change in segment reporting for the HMG acquisition, as discussed in Note 1 - Business, Basis of Presentation and Significant Accounting Policies. Goodwill was reallocated based on the estimated relative fair value of the respective HMG reporting units. See Note 13 - Segments and Related Information for additional information. Communications Clean Energy and Infrastructure Oil and Gas Power Delivery Total Goodwill Goodwill, gross, as of December 31, 2020 $ 562.1 $ 152.7 $ 501.9 $ 150.1 $ 1,366.8 Accumulated impairment loss (a) — — (123.8) — (123.8) Goodwill, net, as of December 31, 2020 $ 562.1 $ 152.7 $ 378.1 $ 150.1 $ 1,243.0 Additions from new business combinations 52.3 13.4 58.3 153.3 277.3 Measurement period adjustments (b) 0.1 — — — 0.1 Currency translation adjustments — — 0.2 — 0.2 Goodwill, net, as of December 31, 2021 (c) $ 614.5 $ 166.1 $ 436.6 $ 303.4 $ 1,520.6 Additions from new business combinations 3.0 535.2 4.6 1.9 544.7 Measurement period adjustments (b) (11.4) 2.0 25.3 (35.2) (19.3) Currency translation adjustments — — (1.0) — (1.0) Goodwill, net, as of December 31, 2022 $ 606.1 $ 703.3 $ 465.5 $ 270.1 $ 2,045.0 Accumulated impairment loss (a) — — (116.7) — (116.7) Goodwill, gross, as of December 31, 2022 $ 606.1 $ 703.3 $ 582.2 $ 270.1 $ 2,161.7 (a) Accumulated impairment losses include the effects of currency translation gains and/or losses. (b) Represents adjustments, net, to preliminary estimates of fair value within the measurement period of up to one year from the date of acquisition. Measurement period adjustments, net, in 2022 relate primarily to an increase in amortizing intangible assets, partially offset by an increase in consideration transferred resulting from federal income tax elections. (c) The above described change in segment reporting for the HMG acquisition resulted in a decrease in goodwill for the Power Delivery segment of $23.4 million and increases in goodwill for the Communications and Oil and Gas segments of $13.0 million and $10.4 million, respectively, as of December 31, 2021. |
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, Net Customer Relationships and Backlog Trade Names (a) Other (b) Total Other intangible assets, gross, as of December 31, 2020 $ 297.9 $ 50.4 $ 84.3 $ 432.6 Accumulated amortization (218.5) (9.7) (20.4) (248.6) Other intangible assets, net, as of December 31, 2020 $ 79.4 $ 40.7 $ 63.9 $ 184.0 Additions from new business combinations 465.0 89.7 8.4 563.1 Currency translation adjustments — — 0.4 0.4 Amortization expense (59.3) (5.9) (12.0) (77.2) Other intangible assets, net, as of December 31, 2021 $ 485.1 $ 124.5 $ 60.7 $ 670.3 Additions from new business combinations 272.0 95.8 0.3 368.1 Measurement period adjustments (c) 56.0 (6.9) (3.6) 45.5 Currency translation adjustments — — (1.7) (1.7) Amortization expense (112.5) (13.4) (10.0) (135.9) Other intangible assets, net, as of December 31, 2022 $ 700.6 $ 200.0 $ 45.7 $ 946.3 Remaining weighted average amortization, in years 13 14 9 13 (a) Trade names includes approximately $34.5 million of non-amortizing trade names as of each of December 31, 2022, 2021 and 2020. (b) Consists principally of pre-qualifications and non-compete agreements. (c) Represents adjustments, net, to preliminary estimates of fair value within the measurement period of up to one year from the date of acquisition. Measurement period adjustments, net, in 2022 relate primarily to an increase in amortizing intangible assets resulting from the finalization of the related intangible asset valuations. |
Schedule of Expected Future Amortization Expense | Expected future amortization expense as of December 31, 2022 is summarized in the following table (in millions): Amortization Expense 2023 $ 167.6 2024 132.8 2025 109.2 2026 90.2 2027 81.0 Thereafter 331.0 Total $ 911.8 |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The following table summarizes, as of December 31, 2022, the estimated fair values of consideration paid and net assets acquired, as adjusted, for the 2022 acquisitions (in millions): Acquisition consideration: IEA All other Total Cash, net of cash acquired $ 564.5 $ 47.5 $ 612.0 Shares transferred 173.7 — 173.7 Estimated fair value of warrants 10.3 — 10.3 Estimated fair value of contingent consideration — 2.8 2.8 Total consideration $ 748.5 $ 50.3 $ 798.8 Identifiable assets acquired and liabilities assumed: Accounts receivable and contract assets $ 593.6 $ 6.1 $ 599.7 Current assets 34.5 1.6 36.1 Property and equipment 213.0 30.2 243.2 Long-term assets, primarily operating lease right-of-use assets 36.9 0.1 37.0 Amortizing intangible assets 362.2 5.9 368.1 Accounts payable (136.4) (4.7) (141.1) Current liabilities, including current portion of operating lease liabilities (422.5) (2.6) (425.1) Long-term debt, including finance lease obligations (330.8) (0.2) (331.0) Long-term liabilities, primarily operating lease liabilities and deferred income taxes (132.6) (0.2) (132.8) Total identifiable net assets $ 217.9 $ 36.2 $ 254.1 Goodwill 530.6 14.1 544.7 Total net assets acquired, including goodwill $ 748.5 $ 50.3 $ 798.8 The following table summarizes, as of December 31, 2022, 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 $ 402.4 $ 876.7 $ 1,279.1 Shares transferred 181.7 — 181.7 Estimated fair value of contingent consideration — 104.9 104.9 Total consideration $ 584.1 $ 981.6 $ 1,565.7 Identifiable assets acquired and liabilities assumed: Accounts receivable and contract assets $ 409.0 $ 266.2 $ 675.2 Current assets 19.5 26.7 46.2 Property and equipment 248.6 250.6 499.2 Long-term assets, primarily operating lease right-of-use assets 84.9 81.9 166.8 Amortizing intangible assets 164.4 444.2 608.6 Accounts payable (108.0) (49.3) (157.3) Current liabilities, including current portion of operating lease liabilities (157.2) (140.7) (297.9) Long-term debt, including finance lease obligations (0.2) (4.4) (4.6) Long-term liabilities, primarily operating lease liabilities and deferred income taxes (148.3) (76.6) (224.9) Total identifiable net assets $ 512.7 $ 798.6 $ 1,311.3 Goodwill 71.4 186.6 258.0 Total net assets acquired, including goodwill $ 584.1 $ 985.2 $ 1,569.3 Bargain purchase gain — (3.6) (3.6) Total consideration $ 584.1 $ 981.6 $ 1,565.7 (a) Acquisition consideration in the table above excludes approximately $65 million of measurement period adjustments for estimated payments that will be made to the sellers of HMG if certain acquired receivables are collected. Given the pass-through nature of these contingent payments, they have been excluded from total consideration and current assets in the table above. See below for related discussion. |
Accounts Receivable, Net of A_2
Accounts Receivable, Net of Allowance, and Contract Assets and Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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, 2022 2021 Contract billings $ 1,408.1 $ 1,027.1 Less allowance (8.4) (7.8) Accounts receivable, net of allowance $ 1,399.7 $ 1,019.3 Retainage $ 401.9 $ 296.8 Unbilled receivables 1,328.0 931.1 Contract assets $ 1,729.9 $ 1,227.9 |
Property and Equipment, Net (Ta
Property and Equipment, Net (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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, 2022 2021 Estimated Useful Lives (in years) Land $ 73.5 $ 40.0 Buildings and leasehold improvements 86.7 94.1 3 - 40 Machinery, equipment and vehicles 2,797.0 2,411.0 2 - 20 Office equipment, furniture and internal-use software 286.8 262.6 3 - 7 Construction in progress 67.4 32.7 Total property and equipment $ 3,311.4 $ 2,840.4 Less accumulated depreciation and amortization (1,557.3) (1,404.3) Property and equipment, net $ 1,754.1 $ 1,436.1 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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 2022 2021 Senior credit facility: November 1, 2026 Revolving loans $ 896.0 $ 772.3 Term loan 350.0 350.0 4.50% Senior Notes August 15, 2028 600.0 600.0 6.625% Senior Notes August 15, 2029 281.2 — 2022 Term Loan Facility October 7, 2025 and October 7, 2027 700.0 — Finance lease and other obligations 414.5 310.3 Total debt obligations $ 3,241.7 $ 2,032.6 Less unamortized deferred financing costs (17.6) (18.5) Total debt, net of deferred financing costs $ 3,224.1 $ 2,014.1 Current portion of long-term debt 171.9 137.9 Long-term debt $ 3,052.2 $ 1,876.2 |
Schedule of Contractual Maturities of Debt and Finance Lease Obligations | Contractual maturities of MasTec’s debt, which includes finance lease obligations, as of December 31, 2022 were as follows (in millions): 2023 $ 171.9 2024 144.2 2025 519.1 2026 1,274.1 2027 247.6 Thereafter 884.8 Total $ 3,241.7 |
Lease Obligations (Tables)
Lease Obligations (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Leases [Abstract] | |
Schedule of Future Minimum Lease Commitments, Finance Leases | Future minimum lease commitments as of December 31, 2022 were as follows (in millions): Finance Operating Leases 2023 $ 171.0 $ 102.0 2024 122.4 79.0 2025 85.7 53.0 2026 29.6 35.0 2027 3.5 16.8 Thereafter 0.6 31.9 Total minimum lease payments $ 412.8 $ 317.7 Less amounts representing interest (23.7) (27.1) Total lease obligations, net of interest $ 389.1 $ 290.6 Less current portion 158.2 96.5 Long-term portion of lease obligations, net of interest $ 230.9 $ 194.1 |
Schedule of Future Minimum Lease Commitments, Operating Leases | Future minimum lease commitments as of December 31, 2022 were as follows (in millions): Finance Operating Leases 2023 $ 171.0 $ 102.0 2024 122.4 79.0 2025 85.7 53.0 2026 29.6 35.0 2027 3.5 16.8 Thereafter 0.6 31.9 Total minimum lease payments $ 412.8 $ 317.7 Less amounts representing interest (23.7) (27.1) Total lease obligations, net of interest $ 389.1 $ 290.6 Less current portion 158.2 96.5 Long-term portion of lease obligations, net of interest $ 230.9 $ 194.1 |
Stock-Based Compensation and _2
Stock-Based Compensation and Other Employee Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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, 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 Granted 613,364 74.37 Vested (235,164) 48.33 Canceled/forfeited (77,605) 44.84 Non-vested restricted shares, as of December 31, 2022 2,049,280 $ 52.33 (a) Includes 2,150, 1,300 and 2,300 restricted stock units as of December 31, 2022, 2021 and 2020, respectively. |
Other Retirement Plans (Tables)
Other Retirement Plans (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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 2022 2021 2020 Expiration Date of CBA 2022 As of 2021 As of FIP/RP Status Surcharge National Electrical Benefit Fund 530181657 001 $ 17.7 $ 5.9 $ 1.6 Varies through 05/31/2027 Green 12/31/2021 Green 12/31/2020 NA No Local Union No. 9 IBEW and Outside Contractors Pension Fund 516077720 001 9.3 4.7 0.0 5/31/2025 Green 10/31/2021 (a) Green 10/31/2020 (a) NA No Central Pension Fund of the IUOE & Participating Employers 366052390 001 8.1 27.4 5.6 Varies through 4/30/2027 Green 1/31/2022 Green 1/31/2021 NA No Heavy & General Laborers' Local Unions 472 and 172 of New Jersey Pension Fund 226032103 001 3.7 0.0 0.0 2/29/2024 Green 3/31/2022 Green 3/31/2021 NA No Construction Laborers' Pension Trust Fund for Southern California 436159056 001 3.4 0.0 0.0 Varies through 6/30/2026 Green 12/31/2021 Green 12/31/2020 NA No IBEW Local 1249 Pension Plan 156035161 001 3.3 1.4 3.7 Varies through 12/31/2025 Green 12/31/2021 Green 12/31/2020 NA No IBEW Local 456 Pension Plan 226238995 001 3.2 0.0 0.0 11/29/2025 Green 12/31/2021 (a) Green 12/31/2020 NA No Chicago & Vicinity Laborers' District Council Pension Plan 362514514 002 2.5 0.8 0.2 Varies through 5/31/2026 Green 5/31/2021 Green 5/31/2020 NA No Pipeline Industry Pension Fund 736146433 001 2.3 10.9 2.6 Varies through 6/4/2023 Green 12/31/2021 Green 12/31/2020 NA No Midwest Operating Engineers Pension Trust Fund 366140097 001 2.1 1.6 1.1 Varies through 5/31/2025 Green 3/31/2022 (b) Green 3/31/2021 (b) NA No Teamsters National Pipe Line Pension Plan 461102851 001 1.5 6.2 1.8 Varies through 6/04/2023 Green 12/31/2021 (a) Green 12/31/2020 (a) NA No San Diego County Construction Laborers' Pension Trust Fund 956090541 001 1.5 0.0 0.0 6/30/2026 Green 8/31/2021 Green 8/31/2020 NA No Laborers' Local Union No. 158 Pension Plan 236580323 001 1.5 0.7 0.9 Varies through 05/31/27 Green 12/31/2021 (a) Green 12/31/2020 (a) NA No Southern California Pipe Trades Retirement Fund 516108443 001 1.4 0.0 0.0 4/30/2025 Green 12/31/2021 Green 12/31/2020 NA No Central Laborers' Pension Fund 376052379 001 1.3 1.3 0.8 Varies through 4/30/2027 Yellow 12/31/2021 (b) Yellow 12/31/2020 (b) Implemented No West Virginia Laborers' Pension Trust Fund 556026775 001 0.9 2.5 1.4 Varies through 6/4/2023 Green 3/31/2022 (a) Green 3/31/2021 (a) NA No Minnesota Laborers' Pension Fund 416159599 001 0.7 5.1 0.8 Varies through 5/31/2023 Green 12/31/2021 Green 12/31/2020 NA No Laborers' National Pension Fund 751280827 001 0.6 3.8 0.8 Varies through 6/30/2025 Red 12/31/2021 (a) Red 12/31/2020 Implemented No Employer- Teamsters Local Nos. 175 & 505 Pension Trust Fund 556021850 001 0.5 0.6 0.6 5/31/2023 Red 12/31/2021 (b) Red 12/31/2020 (a), (b) Implemented No Laborers' District Council of Western Pennsylvania Pension Fund 256135576 001 0.5 3.1 1.8 Varies through 3/31/2025 Yellow 12/31/2021 Yellow 12/31/2020 Implemented No Other funds 23.0 18.0 6.3 Total multiemployer pension plan contributions $ 89.0 $ 94.0 $ 30.0 (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 2022 6,601 7,136 $ 89.0 $ 56.3 $ 145.3 2021 2,412 6,979 $ 94.0 $ 34.1 $ 128.1 2020 1,119 2,412 $ 30.0 $ 7.5 $ 37.5 |
Equity (Tables)
Equity (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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, 2022 2021 2020 Foreign Currency Other Total Foreign Currency Other Total Foreign Currency Other Total Balance as of January 1 $ (64,014) $ (14,762) $ (78,776) $ (64,272) $ (27,172) $ (91,444) $ (65,685) $ (10,021) $ (75,706) Unrealized (losses) gains, net of tax (3,089) 30,910 27,821 258 12,410 12,668 1,413 (17,151) (15,738) Balance as of December 31 $ (67,103) $ 16,148 $ (50,955) $ (64,014) $ (14,762) $ (78,776) $ (64,272) $ (27,172) $ (91,444) |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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, 2022 2021 2020 Domestic $ 66.7 $ 414.1 $ 435.9 Foreign (23.6) 16.0 (10.7) Total $ 43.1 $ 430.1 $ 425.2 |
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, 2022 2021 2020 Current: Federal $ (9.8) $ 36.9 $ 70.6 Foreign 3.6 1.5 2.1 State and local 5.8 9.0 22.6 $ (0.4) $ 47.4 $ 95.3 Deferred: Federal $ 5.9 $ 37.0 $ 14.8 Foreign 0.6 (0.1) (9.8) State and local 3.1 15.0 2.2 $ 9.6 $ 51.9 $ 7.2 Provision for income taxes $ 9.2 $ 99.3 $ 102.5 |
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, 2022 2021 Deferred tax assets: Accrued insurance $ 40.9 $ 42.2 Operating loss carryforwards and tax credits 115.4 80.7 Compensation and benefits 36.9 36.1 Bad debt 2.0 1.6 Other 36.4 15.4 Capitalized expenses 110.3 — Valuation allowance (87.6) (54.2) Total deferred tax assets $ 254.3 $ 121.8 Deferred tax liabilities: Property and equipment $ 375.7 $ 310.1 Goodwill 91.3 77.9 Other intangible assets 131.4 58.7 Gain on remeasurement of equity investee 7.3 7.2 Revenue recognition 84.6 1.6 Investments in unconsolidated entities 109.3 99.7 Other 26.1 17.0 Total deferred tax liabilities $ 825.7 $ 572.2 Net deferred tax liabilities $ (571.4) $ (450.4) |
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, 2022 2021 2020 U.S. statutory federal rate applied to pretax income 21.0 % 21.0 % 21.0 % State and local income taxes, net of federal benefit 8.8 4.3 4.3 Foreign tax rate differential 1.3 0.1 (0.2) Non-deductible expenses (1.6) 0.3 1.5 Goodwill and intangible assets (0.7) 0.4 (0.2) Change in tax rate 12.7 1.6 0.6 Other (1.3) 0.8 (0.6) Tax credits (37.9) (4.8) (1.2) Stock basis adjustment 0.0 (0.9) 0.0 Valuation allowance for deferred tax assets 19.0 0.3 (1.1) Effective income tax rate 21.3 % 23.1 % 24.1 % |
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, 2022 2021 2020 Beginning balance $ 23.7 $ 18.4 $ 13.5 Additions based on tax positions related to the current year 8.0 4.4 1.5 Additions for tax positions of prior years 17.6 6.8 3.4 Settlements — (5.1) — Lapse of statute of limitations (6.9) (0.8) — Ending balance $ 42.4 $ 23.7 $ 18.4 |
Segments and Related Informat_2
Segments and Related Information (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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: 2022 2021 2020 Communications (a) $ 3,233.7 $ 2,551.1 $ 2,512.2 Clean Energy and Infrastructure 2,618.6 1,865.0 1,526.9 Oil and Gas 1,219.6 2,540.5 1,789.8 Power Delivery 2,725.2 1,016.8 506.5 Other — 0.0 0.6 Eliminations (19.1) (21.6) (15.0) Consolidated revenue $ 9,778.0 $ 7,951.8 $ 6,321.0 (a) Revenue generated primarily by utilities customers represented 23.6%, 20.8% and 15.6% of Communications segment revenue for the years ended December 31, 2022, 2021 and 2020, respectively. For the Years Ended December 31, EBITDA: 2022 2021 2020 Communications $ 327.1 $ 269.5 $ 270.1 Clean Energy and Infrastructure 102.8 75.0 80.4 Oil and Gas 163.5 557.6 510.9 Power Delivery 202.9 68.0 14.9 Other 31.8 33.8 30.7 Segment EBITDA $ 828.1 $ 1,003.8 $ 907.0 For the Years Ended December 31, Depreciation and Amortization: 2022 2021 2020 Communications $ 126.4 $ 99.3 $ 87.1 Clean Energy and Infrastructure 87.0 43.5 18.2 Oil and Gas 134.6 207.8 156.6 Power Delivery 147.8 61.5 24.7 Other — 0.0 0.1 Corporate 11.3 10.7 11.1 Consolidated depreciation and amortization $ 507.1 $ 422.8 $ 297.8 As of December 31, Assets: 2022 2021 (a) 2020 Communications $ 2,378.6 $ 2,100.9 $ 1,941.9 Clean Energy and Infrastructure 2,979.9 1,067.0 653.7 Oil and Gas 1,544.2 1,527.6 1,631.1 Power Delivery 1,967.9 2,017.2 541.6 Other 297.3 238.1 191.8 Corporate 125.4 170.6 267.8 Consolidated segment assets $ 9,293.3 $ 7,121.4 $ 5,227.9 (a) Segment assets as of December 31, 2021 were recast during the first quarter of 2022 to conform with the change in segment reporting for the HMG acquisition, the effect of which was a decrease in Power Delivery segment assets of $192.2 million, an increase in Communications and Oil and Gas segment assets of $69.4 million and $77.0 million, respectively, and an increase in Corporate assets of $45.8 million. For the Years Ended December 31, Capital Expenditures: 2022 2021 2020 Communications $ 87.1 $ 50.6 $ 38.4 Clean Energy and Infrastructure 35.8 44.6 14.0 Oil and Gas 49.0 55.7 149.2 Power Delivery 83.4 13.0 3.8 Other — 0.0 0.0 Corporate 8.0 6.2 8.3 Consolidated capital expenditures $ 263.4 $ 170.1 $ 213.7 |
Reconciliation of Consolidated Income before Income Taxes to EBITDA | For the Years Ended December 31, EBITDA Reconciliation: 2022 2021 2020 Income before income taxes $ 43.1 $ 430.1 $ 425.2 Plus: Interest expense, net 112.3 53.4 59.6 Depreciation 371.2 345.6 258.8 Amortization 135.9 77.2 38.9 Corporate EBITDA 165.6 97.5 124.5 Segment EBITDA $ 828.1 $ 1,003.8 $ 907.0 |
Business, Basis of Presentati_3
Business, Basis of Presentation and Significant Accounting Policies - Additional Information (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 USD ($) segment | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
Business, Basis Of Presentation And Significant Accounting Policies [Line Items] | |||
Number of reportable segments | segment | 5 | ||
Accrued payroll taxes | $ 42,000 | ||
Valuation allowances for inventory | $ 12,200 | 11,100 | |
Cash held by proportionately consolidated entities | 370,592 | 360,736 | |
Variable interest entity, maximum loss exposure | 24,000 | 24,000 | |
Variable interest entity, maximum exposure to loss | 37,000 | 37,000 | |
Financing costs incurred | 2,800 | 6,000 | $ 8,900 |
Amortization of deferred financing costs | 3,600 | 3,200 | 3,000 |
Deferred financing costs, net of accumulated amortization | 17,600 | 18,500 | |
2022 Acquisitions | |||
Business, Basis Of Presentation And Significant Accounting Policies [Line Items] | |||
Acquisition costs | $ 17,000 | 7,000 | 2,000 |
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 | 9,500 | ||
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 | $ 25,700 | $ 14,600 | |
Maximum | |||
Business, Basis Of Presentation And Significant Accounting Policies [Line Items] | |||
Lease, term of contract | 16 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, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Revenue [Line Items] | |||
Revenue recognition, performance obligations satisfied in previous periods, revenue recognized | $ 13.8 | $ 41.1 | $ 13.5 |
Revenue recognition, remaining performance obligations, contract price allocated | 7,700 | ||
Contract with customer, unapproved change orders and/or claims, amount (in dollars) | $ 271 | $ 104 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | |||
Revenue [Line Items] | |||
Revenue recognition, remaining performance obligations, completion period (in years) | 1 year | ||
Revenue recognition, remaining performance obligations, contract price allocated | $ 5,600 | ||
Maximum | |||
Revenue [Line Items] | |||
Revenue recognition, changes in contract estimates, cost-to-cost method, financial effect, percentage | 5% | 5% | 5% |
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 | 51% | 38% | 36% |
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% | 4% | 5% |
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, 2022 USD ($) yr reportingUnit reportingComponent | Dec. 31, 2021 USD ($) yr reportingUnit | Dec. 31, 2020 USD ($) yr reportingUnit | |
Goodwill [Line Items] | |||
Goodwill | $ 2,045,041 | $ 1,520,575 | $ 1,243,000 |
Goodwill | |||
Goodwill [Line Items] | |||
Discount rate sensitivity analysis, spread on discount rate for which evaluation was completed (percentage) | 1% | 1% | 1% |
Terminal Growth Rate | |||
Goodwill [Line Items] | |||
Goodwill impairment testing, measurement input | 0.030 | 0.025 | 0.025 |
Discount Rate | |||
Goodwill [Line Items] | |||
Goodwill impairment testing, measurement input | 0.130 | ||
Maximum | Terminal Growth Rate | |||
Goodwill [Line Items] | |||
Goodwill impairment testing, measurement input | 0.030 | ||
Maximum | Number of Years of Discounted Cash Flows | |||
Goodwill [Line Items] | |||
Goodwill impairment testing, measurement input | yr | 9 | 9 | 9 |
Maximum | Discount Rate | |||
Goodwill [Line Items] | |||
Goodwill impairment testing, measurement input | 0.150 | 0.150 | |
Minimum | Number of Years of Discounted Cash Flows | |||
Goodwill [Line Items] | |||
Goodwill impairment testing, measurement input | yr | 5 | 5 | 5 |
Minimum | Discount Rate | |||
Goodwill [Line Items] | |||
Goodwill impairment testing, measurement input | 0.105 | 0.130 | |
Clean Energy and Infrastructure, Communications and Oil And Gas | |||
Goodwill [Line Items] | |||
Goodwill impairment testing, number of reporting units | reportingUnit | 1 | ||
Oil and Gas | |||
Goodwill [Line Items] | |||
Goodwill impairment testing, number of reporting units | reportingUnit | 4 | 4 | 3 |
Goodwill | $ 465,500 | $ 436,600 | $ 378,100 |
Oil and Gas | One Reporting Unit | |||
Goodwill [Line Items] | |||
Goodwill | $ 37,500 | ||
Goodwill impairment testing, reporting unit, percentage of estimated fair value in excess of carrying value (percentage) | 14% | ||
Power Delivery | |||
Goodwill [Line Items] | |||
Goodwill impairment testing, number of reporting units | reportingUnit | 1 | ||
Goodwill | $ 270,100 | $ 303,400 | 150,100 |
Number of reporting components | reportingComponent | 3 | ||
Clean Energy and Infrastructure | |||
Goodwill [Line Items] | |||
Goodwill impairment testing, number of reporting units | reportingUnit | 1 | 1 | |
Goodwill | $ 703,300 | $ 166,100 | $ 152,700 |
Communications | |||
Goodwill [Line Items] | |||
Goodwill impairment testing, number of reporting units | reportingUnit | 3 | 1 | |
Goodwill | $ 606,100 | $ 614,500 | $ 562,100 |
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, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation, shares withheld (in shares) | 49,418 | 63,054 | 11,667 |
Stock-based compensation, payments for employee tax obligations to taxing authorities (in dollars) | $ 4,098 | $ 6,024 | $ 636 |
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% |
Earnings Per Share - Schedule o
Earnings Per Share - Schedule of Earnings Per Share Information (Details) - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Net income attributable to MasTec: | |||
Net income - basic | $ 33,354 | $ 328,831 | $ 322,848 |
Fair value gain (loss) related to resolved contingent payments | 1,682 | 0 | 0 |
Net income -diluted | $ 31,672 | $ 328,831 | $ 322,848 |
Weighted average shares outstanding: | |||
Weighted average shares outstanding - basic (in shares) | 74,917 | 72,499 | 72,799 |
Dilutive common stock equivalents (in shares) | 1,268 | 1,442 | 916 |
Weighted average shares outstanding - diluted (in shares) | 76,185 | 73,941 | 73,715 |
Earnings Per Share - Narrative
Earnings Per Share - Narrative (Details) - shares | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2022 | Jun. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Business Combinations [Line Items] | ||||||
Basic weighted average common shares outstanding (in shares) | 74,917,000 | 72,499,000 | 72,799,000 | |||
Anti-dilutive common stock (in shares) | 255,000 | 159,000 | 44,000 | |||
Dilutive common stock equivalents (in shares) | 1,268,000 | 1,442,000 | 916,000 | |||
Treasury stock acquired (in shares) | 1,124,000 | 0 | 3,600,000 | |||
Effect of share repurchases, decrease in weighted average shares outstanding (in shares) | 731,000 | |||||
Former Owner Of Acquired Business | ||||||
Business Combinations [Line Items] | ||||||
Basic weighted average common shares outstanding (in shares) | 127,000 | |||||
Dilutive common stock equivalents (in shares) | 105,000 | |||||
HMG | ||||||
Business Combinations [Line Items] | ||||||
Business acquisition, number of shares issued (in shares) | 1,975,000 | 133,000 | 2,000,000 | |||
IEA | ||||||
Business Combinations [Line Items] | ||||||
Business acquisition, number of shares issued (in shares) | 2,758,000 | |||||
Increase in number of shares issued (in shares) | 637,000 | |||||
IEA | Warrant | ||||||
Business Combinations [Line Items] | ||||||
Anti-dilutive common stock (in shares) | 29,200 |
Acquisitions, Goodwill and Ot_3
Acquisitions, Goodwill and Other Intangible Assets, Net - Rollforward of Goodwill by Segment (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Goodwill [Line Items] | |||
Goodwill, gross | $ 2,161,700 | $ 1,366,800 | |
Accumulated impairment loss | (116,700) | (123,800) | |
Goodwill, net | 2,045,041 | $ 1,520,575 | 1,243,000 |
Goodwill [Roll Forward] | |||
Goodwill, net, beginning balance | 1,520,575 | 1,243,000 | |
Additions from new business combinations | 544,700 | 277,300 | |
Measurement period adjustments, net | (19,300) | 100 | |
Currency translation adjustments | (1,000) | 200 | |
Goodwill, net, ending balance | 2,045,041 | 1,520,575 | 1,243,000 |
HMG | |||
Goodwill [Line Items] | |||
Goodwill, net | 71,400 | ||
Goodwill [Roll Forward] | |||
Goodwill, net, ending balance | 71,400 | ||
Communications | |||
Goodwill [Line Items] | |||
Goodwill, gross | 606,100 | 562,100 | |
Accumulated impairment loss | 0 | 0 | |
Goodwill, net | 606,100 | 614,500 | 562,100 |
Goodwill [Roll Forward] | |||
Goodwill, net, beginning balance | 614,500 | 562,100 | |
Additions from new business combinations | 3,000 | 52,300 | |
Measurement period adjustments, net | (11,400) | 100 | |
Currency translation adjustments | 0 | 0 | |
Goodwill, net, ending balance | 606,100 | 614,500 | 562,100 |
Clean Energy and Infrastructure | |||
Goodwill [Line Items] | |||
Goodwill, gross | 703,300 | 152,700 | |
Accumulated impairment loss | 0 | 0 | |
Goodwill, net | 703,300 | 166,100 | 152,700 |
Goodwill [Roll Forward] | |||
Goodwill, net, beginning balance | 166,100 | 152,700 | |
Additions from new business combinations | 535,200 | 13,400 | |
Measurement period adjustments, net | 2,000 | 0 | |
Currency translation adjustments | 0 | 0 | |
Goodwill, net, ending balance | 703,300 | 166,100 | 152,700 |
Oil and Gas | |||
Goodwill [Line Items] | |||
Goodwill, gross | 582,200 | 501,900 | |
Accumulated impairment loss | (116,700) | (123,800) | |
Goodwill, net | 465,500 | 436,600 | 378,100 |
Goodwill [Roll Forward] | |||
Goodwill, net, beginning balance | 436,600 | 378,100 | |
Additions from new business combinations | 4,600 | 58,300 | |
Measurement period adjustments, net | 25,300 | 0 | |
Currency translation adjustments | (1,000) | 200 | |
Goodwill, net, ending balance | 465,500 | 436,600 | 378,100 |
Oil and Gas | HMG | |||
Goodwill [Roll Forward] | |||
Goodwill, period increase (decrease) | 10,400 | ||
Power Delivery | |||
Goodwill [Line Items] | |||
Goodwill, gross | 270,100 | 150,100 | |
Accumulated impairment loss | 0 | 0 | |
Goodwill, net | 270,100 | 303,400 | 150,100 |
Goodwill [Roll Forward] | |||
Goodwill, net, beginning balance | 303,400 | 150,100 | |
Additions from new business combinations | 1,900 | 153,300 | |
Measurement period adjustments, net | (35,200) | 0 | |
Currency translation adjustments | 0 | 0 | |
Goodwill, net, ending balance | $ 270,100 | 303,400 | $ 150,100 |
Power Delivery | HMG | |||
Goodwill [Roll Forward] | |||
Goodwill, period increase (decrease) | (23,400) | ||
Communications Segment | HMG | |||
Goodwill [Roll Forward] | |||
Goodwill, period increase (decrease) | $ 13,000 |
Acquisitions, Goodwill and Ot_4
Acquisitions, Goodwill and Other Intangible Assets, Net - Rollforward of Other Intangible Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Other Intangible Assets [Line Items] | |||
Other intangible assets, gross | $ 432,600 | ||
Accumulated amortization | (248,600) | ||
Other Intangible Assets [Roll Forward] | |||
Other intangible assets, net, beginning balance | $ 670,280 | $ 184,000 | |
Additions from new business combinations | 368,100 | 563,100 | |
Measurement period adjustments | 45,500 | ||
Currency translation adjustments | (1,700) | 400 | |
Amortization expense | (135,900) | (77,200) | |
Other intangible assets, net, ending balance | $ 946,299 | 670,280 | |
Weighted Average | |||
Other Intangible Assets [Roll Forward] | |||
Remaining weighted average amortization period (in years) | 13 years | ||
Customer Relationships and Backlog | |||
Other Intangible Assets [Line Items] | |||
Other intangible assets, gross | 297,900 | ||
Accumulated amortization | (218,500) | ||
Other Intangible Assets [Roll Forward] | |||
Other intangible assets, net, beginning balance | $ 485,100 | 79,400 | |
Additions from new business combinations | 272,000 | 465,000 | |
Measurement period adjustments | 56,000 | ||
Currency translation adjustments | 0 | 0 | |
Amortization expense | (112,500) | (59,300) | |
Other intangible assets, net, ending balance | $ 700,600 | 485,100 | |
Customer Relationships and Backlog | Weighted Average | |||
Other Intangible Assets [Roll Forward] | |||
Remaining weighted average amortization period (in years) | 13 years | ||
Trade Names | |||
Other Intangible Assets [Line Items] | |||
Other intangible assets, gross | 50,400 | ||
Accumulated amortization | (9,700) | ||
Other Intangible Assets [Roll Forward] | |||
Other intangible assets, net, beginning balance | $ 124,500 | 40,700 | |
Additions from new business combinations | 95,800 | 89,700 | |
Measurement period adjustments | (6,900) | ||
Currency translation adjustments | 0 | 0 | |
Amortization expense | (13,400) | (5,900) | |
Other intangible assets, net, ending balance | $ 200,000 | 124,500 | |
Trade Names | Weighted Average | |||
Other Intangible Assets [Roll Forward] | |||
Remaining weighted average amortization period (in years) | 14 years | ||
Other | |||
Other Intangible Assets [Line Items] | |||
Other intangible assets, gross | 84,300 | ||
Accumulated amortization | (20,400) | ||
Other Intangible Assets [Roll Forward] | |||
Other intangible assets, net, beginning balance | $ 60,700 | 63,900 | |
Additions from new business combinations | 300 | 8,400 | |
Measurement period adjustments | (3,600) | ||
Currency translation adjustments | (1,700) | 400 | |
Amortization expense | (10,000) | (12,000) | |
Other intangible assets, net, ending balance | $ 45,700 | 60,700 | |
Other | Weighted Average | |||
Other Intangible Assets [Roll Forward] | |||
Remaining weighted average amortization period (in years) | 9 years | ||
Trade Names | |||
Other Intangible Assets [Roll Forward] | |||
Other intangible assets, non-amortizing | $ 34,500 | $ 34,500 | $ 34,500 |
Acquisitions, Goodwill and Ot_5
Acquisitions, Goodwill and Other Intangible Assets, Net - Schedule of Expected Future Amortization Expense (Details) $ in Millions | Dec. 31, 2022 USD ($) |
Amortization Expense | |
2023 | $ 167.6 |
2024 | 132.8 |
2025 | 109.2 |
2026 | 90.2 |
2027 | 81 |
Thereafter | 331 |
Total | $ 911.8 |
Acquisitions, Goodwill and Ot_6
Acquisitions, Goodwill and Other Intangible Assets, Net - Schedule of Recognized Identified Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | 24 Months Ended | ||
May 31, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2022 | |
Acquisition consideration | |||||
Cash, net of cash acquired | $ 635,763 | $ 1,244,603 | $ 24,971 | ||
Identifiable assets acquired and liabilities assumed: | |||||
Goodwill | $ 2,045,041 | 1,520,575 | 1,243,000 | $ 2,045,041 | |
Business Combination Bargain Purchase Gain Recognized Statement of Income or Comprehensive Income Extensible Enumeration not Disclosed Flag | Bargain purchase gain | ||||
Power Delivery | |||||
Identifiable assets acquired and liabilities assumed: | |||||
Goodwill | $ 270,100 | 303,400 | $ 150,100 | 270,100 | |
2022 Acquisitions | |||||
Acquisition consideration | |||||
Cash, net of cash acquired | 612,000 | ||||
Shares transferred | 173,700 | ||||
Estimated fair value of warrants | 10,300 | ||||
Estimated fair value of contingent consideration | 2,800 | 2,800 | |||
Total consideration | 798,800 | ||||
Identifiable assets acquired and liabilities assumed: | |||||
Accounts receivable and contract assets | 599,700 | 599,700 | |||
Current assets | 36,100 | 36,100 | |||
Property and equipment | 243,200 | 243,200 | |||
Long-term assets, primarily operating lease right-of-use assets | 37,000 | 37,000 | |||
Amortizing intangible assets | 368,100 | 368,100 | |||
Accounts payable | (141,100) | (141,100) | |||
Current liabilities, including current portion of operating lease liabilities | (425,100) | (425,100) | |||
Long-term debt, including finance lease obligations | (331,000) | (331,000) | |||
Long-term debt, including finance lease obligations | (132,800) | (132,800) | |||
Total identifiable net assets | 254,100 | 254,100 | |||
Goodwill | 544,700 | 544,700 | |||
Total net assets acquired, including goodwill | 798,800 | 798,800 | |||
Business combinations, contingent consideration, earn-out liabilities | 2,800 | 2,800 | |||
IEA | |||||
Acquisition consideration | |||||
Cash, net of cash acquired | 564,500 | ||||
Shares transferred | 173,700 | ||||
Estimated fair value of warrants | 10,300 | ||||
Estimated fair value of contingent consideration | 0 | 0 | |||
Total consideration | 748,500 | ||||
Identifiable assets acquired and liabilities assumed: | |||||
Accounts receivable and contract assets | 593,600 | 593,600 | |||
Current assets | 34,500 | 34,500 | |||
Property and equipment | 213,000 | 213,000 | |||
Long-term assets, primarily operating lease right-of-use assets | 36,900 | 36,900 | |||
Amortizing intangible assets | 362,200 | 362,200 | |||
Accounts payable | (136,400) | (136,400) | |||
Current liabilities, including current portion of operating lease liabilities | (422,500) | (422,500) | |||
Long-term debt, including finance lease obligations | (330,800) | (330,800) | |||
Long-term debt, including finance lease obligations | (132,600) | (132,600) | |||
Total identifiable net assets | 217,900 | 217,900 | |||
Goodwill | 530,600 | 530,600 | |||
Total net assets acquired, including goodwill | 748,500 | 748,500 | |||
Business combinations, contingent consideration, earn-out liabilities | 0 | 0 | |||
All other | |||||
Acquisition consideration | |||||
Cash, net of cash acquired | 47,500 | ||||
Shares transferred | 0 | ||||
Estimated fair value of warrants | 0 | ||||
Estimated fair value of contingent consideration | 2,800 | 2,800 | |||
Total consideration | 50,300 | ||||
Identifiable assets acquired and liabilities assumed: | |||||
Accounts receivable and contract assets | 6,100 | 6,100 | |||
Current assets | 1,600 | 1,600 | |||
Property and equipment | 30,200 | 30,200 | |||
Long-term assets, primarily operating lease right-of-use assets | 100 | 100 | |||
Amortizing intangible assets | 5,900 | 5,900 | |||
Accounts payable | (4,700) | (4,700) | |||
Current liabilities, including current portion of operating lease liabilities | (2,600) | (2,600) | |||
Long-term debt, including finance lease obligations | (200) | (200) | |||
Long-term debt, including finance lease obligations | (200) | (200) | |||
Total identifiable net assets | 36,200 | 36,200 | |||
Goodwill | 14,100 | 14,100 | |||
Total net assets acquired, including goodwill | 50,300 | 50,300 | |||
Business combinations, contingent consideration, earn-out liabilities | 2,800 | 2,800 | |||
2021 Acquisitions | |||||
Acquisition consideration | |||||
Cash, net of cash acquired | 1,279,100 | ||||
Shares transferred | 181,700 | ||||
Estimated fair value of contingent consideration | 104,900 | 105,000 | 104,900 | ||
Total consideration | 1,565,700 | ||||
Identifiable assets acquired and liabilities assumed: | |||||
Accounts receivable and contract assets | 675,200 | 675,200 | |||
Current assets | 46,200 | 46,200 | |||
Property and equipment | 499,200 | 499,200 | |||
Long-term assets, primarily operating lease right-of-use assets | 166,800 | 166,800 | |||
Amortizing intangible assets | 608,600 | 608,600 | |||
Accounts payable | (157,300) | (157,300) | |||
Current liabilities, including current portion of operating lease liabilities | (297,900) | (297,900) | |||
Long-term debt, including finance lease obligations | (4,600) | (4,600) | |||
Long-term debt, including finance lease obligations | (224,900) | (224,900) | |||
Total identifiable net assets | 1,311,300 | 1,311,300 | |||
Goodwill | 258,000 | 258,000 | |||
Total net assets acquired, including goodwill | 1,569,300 | 1,569,300 | |||
Bargain purchase gain | (3,600) | ||||
Business combinations, contingent consideration, earn-out liabilities | 104,900 | 105,000 | 104,900 | ||
2021 Acquisitions | Power Delivery | |||||
Identifiable assets acquired and liabilities assumed: | |||||
Bargain purchase gain | (200) | (3,600) | |||
HMG | |||||
Acquisition consideration | |||||
Cash, net of cash acquired | 402,400 | ||||
Shares transferred | 181,700 | 182,000 | |||
Estimated fair value of contingent consideration | 0 | 0 | |||
Total consideration | 584,100 | ||||
Identifiable assets acquired and liabilities assumed: | |||||
Accounts receivable and contract assets | 409,000 | 409,000 | |||
Current assets | 19,500 | 19,500 | |||
Property and equipment | 248,600 | 248,600 | |||
Long-term assets, primarily operating lease right-of-use assets | 84,900 | 84,900 | |||
Amortizing intangible assets | 164,400 | 164,400 | |||
Accounts payable | (108,000) | (108,000) | |||
Current liabilities, including current portion of operating lease liabilities | (157,200) | (157,200) | |||
Long-term debt, including finance lease obligations | (200) | (200) | |||
Long-term debt, including finance lease obligations | (148,300) | (148,300) | |||
Total identifiable net assets | 512,700 | 512,700 | |||
Goodwill | 71,400 | 71,400 | |||
Total net assets acquired, including goodwill | 584,100 | 584,100 | |||
Bargain purchase gain | 0 | ||||
Business combinations, contingent consideration, earn-out liabilities | 0 | 0 | |||
HMG | Contingent Consideration, Value Of Additional Payments | |||||
Acquisition consideration | |||||
Estimated fair value of contingent consideration | 65,000 | 65,000 | |||
Total consideration | $ 29,400 | ||||
Identifiable assets acquired and liabilities assumed: | |||||
Business combinations, contingent consideration, earn-out liabilities | 65,000 | 65,000 | |||
All other | |||||
Acquisition consideration | |||||
Cash, net of cash acquired | 876,700 | $ 78,000 | |||
Shares transferred | 0 | ||||
Estimated fair value of contingent consideration | 104,900 | 104,900 | |||
Total consideration | 981,600 | ||||
Identifiable assets acquired and liabilities assumed: | |||||
Accounts receivable and contract assets | 266,200 | 266,200 | |||
Current assets | 26,700 | 26,700 | |||
Property and equipment | 250,600 | 250,600 | |||
Long-term assets, primarily operating lease right-of-use assets | 81,900 | 81,900 | |||
Amortizing intangible assets | 444,200 | 444,200 | |||
Accounts payable | (49,300) | (49,300) | |||
Current liabilities, including current portion of operating lease liabilities | (140,700) | (140,700) | |||
Long-term debt, including finance lease obligations | (4,400) | (4,400) | |||
Long-term debt, including finance lease obligations | (76,600) | (76,600) | |||
Total identifiable net assets | 798,600 | 798,600 | |||
Goodwill | 186,600 | 186,600 | |||
Total net assets acquired, including goodwill | 985,200 | 985,200 | |||
Bargain purchase gain | (3,600) | ||||
Business combinations, contingent consideration, earn-out liabilities | $ 104,900 | $ 104,900 |
Acquisitions, Goodwill and Ot_7
Acquisitions, Goodwill and Other Intangible Assets, Net - 2022 Acquisitions (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2022 USD ($) yr shares | Dec. 31, 2022 USD ($) yr acquisition shares | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
Business Combinations [Line Items] | ||||
Fair value gain (loss) related to resolved contingent payments | $ 1,682 | $ 0 | $ 0 | |
6.625% Senior Notes | Senior Notes | ||||
Business Combinations [Line Items] | ||||
Debt instrument, interest rate (percentage) | 6.625% | 6.625% | ||
2022 Acquisitions | ||||
Business Combinations [Line Items] | ||||
Business combinations, number of acquisitions | acquisition | 5 | |||
Amortizing intangible assets | $ 368,100 | $ 368,100 | ||
Business combinations, goodwill, expected tax deductible amount | 16,000 | 16,000 | ||
Business combinations, contingent consideration, earn-out liabilities | 2,800 | 2,800 | ||
Business combinations, contingent consideration liabilities, range of potential undiscounted earn-out liabilities, high | $ 6,000 | 6,000 | ||
Shares transferred | $ 173,700 | |||
2022 Acquisitions | Expected Term | ||||
Business Combinations [Line Items] | ||||
Business combinations, contingent consideration, earn-out period (in years) | yr | 5 | 5 | ||
IEA | ||||
Business Combinations [Line Items] | ||||
Amortizing intangible assets | $ 362,200 | $ 362,200 | ||
Business combinations, acquired finite-lived intangible assets, weighted average lives (in years) | 13 years | |||
Number of shares issuable upon exercise of warrants (in shares) | shares | 2,700,000 | |||
Business acquisition, equity interest issued or issuable, value assigned | $ 174,000 | $ 174,000 | ||
Cash acquired | 44,000 | |||
Net cash payments to warrant holders | $ 1,700 | |||
Common stock outstanding (in shares) | shares | 26,500 | 26,500 | ||
Fair value of warrants and common stock | $ 3,100 | $ 3,100 | ||
Business combinations, contingent consideration, earn-out liabilities | $ 0 | 0 | ||
Business acquisition, number of shares issued (in shares) | shares | 2,758,000 | |||
Shares transferred | 173,700 | |||
IEA | Infrastructure Energy Alternatives, Inc. Warrants | ||||
Business Combinations [Line Items] | ||||
Fair value gain (loss) related to resolved contingent payments | $ (2,700) | |||
IEA | Common Stock | ||||
Business Combinations [Line Items] | ||||
Issuance of shares for acquisition (in shares) | shares | 107,187 | |||
Fair value of shares issued | $ 8,100 | |||
IEA | 6.625% Senior Notes | Senior Notes | ||||
Business Combinations [Line Items] | ||||
Long-term debt obligations acquired | $ 300,000 | $ 300,000 | ||
IEA | Customer Relationships | ||||
Business Combinations [Line Items] | ||||
Business combinations, acquired finite-lived intangible assets, weighted average lives (in years) | 14 years | |||
IEA | Trade Names | ||||
Business Combinations [Line Items] | ||||
Business combinations, acquired finite-lived intangible assets, weighted average lives (in years) | 14 years | |||
IEA | Backlog | ||||
Business Combinations [Line Items] | ||||
Amortizing intangible assets | 42,000 | $ 42,000 | ||
Business combinations, acquired finite-lived intangible assets, weighted average lives (in years) | 1 year | |||
IEA | Trade Names and Customer Relationships | ||||
Business Combinations [Line Items] | ||||
Amortizing intangible assets | 321,000 | $ 321,000 | ||
All other | ||||
Business Combinations [Line Items] | ||||
Amortizing intangible assets | 5,900 | $ 5,900 | ||
Business combinations, acquired finite-lived intangible assets, weighted average lives (in years) | 9 years | |||
Business combinations, contingent consideration, earn-out liabilities | $ 2,800 | $ 2,800 | ||
Shares transferred | $ 0 |
Acquisitions, Goodwill and Ot_8
Acquisitions, Goodwill and Other Intangible Assets, Net - 2021 Acquisitions (Details) $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | 24 Months Ended | |||
May 31, 2022 USD ($) shares | Dec. 31, 2021 USD ($) yr shares | Jun. 30, 2022 USD ($) shares | Dec. 31, 2022 USD ($) shares | Dec. 31, 2021 USD ($) yr acquisition shares | Dec. 31, 2020 USD ($) | Dec. 31, 2022 USD ($) | |
Business Combinations [Line Items] | |||||||
Goodwill | $ 1,520,575 | $ 2,045,041 | $ 1,520,575 | $ 1,243,000 | $ 2,045,041 | ||
Decrease in contingent consideration | (1,682) | 0 | 0 | ||||
Cash, net of cash acquired | 635,763 | 1,244,603 | 24,971 | ||||
Power Delivery | |||||||
Business Combinations [Line Items] | |||||||
Goodwill | 303,400 | 270,100 | $ 303,400 | $ 150,100 | 270,100 | ||
2021 Acquisitions | |||||||
Business Combinations [Line Items] | |||||||
Business combinations, number of acquisitions | acquisition | 14 | ||||||
Amortizing intangible assets | 608,600 | 608,600 | |||||
Goodwill | 258,000 | 258,000 | |||||
Business combinations, goodwill, expected tax deductible amount | 164,000 | 164,000 | |||||
Bargain purchase gain | (3,600) | ||||||
Total consideration | 1,565,700 | ||||||
Cash, net of cash acquired | 1,279,100 | ||||||
Business combinations, contingent consideration, earn-out liabilities | $ 105,000 | 104,900 | $ 105,000 | 104,900 | |||
Shares transferred | 181,700 | ||||||
Business combinations, contingent consideration liabilities, range of potential undiscounted earn-out liabilities, low | 18,000 | 18,000 | |||||
Business combinations, contingent consideration liabilities, range of potential undiscounted earn-out liabilities, high | 118,000 | 118,000 | |||||
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 | (200) | (3,600) | |||||
HMG | |||||||
Business Combinations [Line Items] | |||||||
Amortizing intangible assets | 164,400 | 164,400 | |||||
Business combinations, acquired finite-lived intangible assets, weighted average lives (in years) | 11 years | ||||||
Goodwill | 71,400 | 71,400 | |||||
Bargain purchase gain | 0 | ||||||
Total consideration | 584,100 | ||||||
Business acquisition, number of shares issued (in shares) | shares | 1,975,000 | 133,000 | 2,000,000 | ||||
Cash, net of cash acquired | 402,400 | ||||||
Business combinations, contingent consideration, earn-out liabilities | 0 | 0 | |||||
Shares transferred | 181,700 | $ 182,000 | |||||
HMG | Contingent Consideration, Value Of Additional Payments | |||||||
Business Combinations [Line Items] | |||||||
Total consideration | $ 29,400 | ||||||
Payments to acquire businesses, gross | $ 18,000 | ||||||
Business acquisition, number of shares issued (in shares) | shares | 133,157 | ||||||
Business combinations, contingent consideration, realized gain (loss) | 1,000 | ||||||
Decrease in contingent consideration | $ 15,000 | ||||||
Business combination, contingent consideration, current | 37,000 | 37,000 | |||||
Business combinations, contingent consideration, earn-out liabilities | $ 65,000 | 65,000 | |||||
HMG | Contingent Consideration, Collections From Acquired Receivables | |||||||
Business Combinations [Line Items] | |||||||
Business acquisition, number of shares issued (in shares) | shares | 98,800 | ||||||
Contingent consideration, unrealized gain (loss) | $ 8,400 | ||||||
Business combinations, contingent consideration, earn-out liabilities | $ 21,800 | 21,800 | |||||
HMG | Power Delivery | Contingent Consideration, Value Of Additional Payments | |||||||
Business Combinations [Line Items] | |||||||
Business acquisition, number of shares issued (in shares) | shares | 170,000 | ||||||
Contingent consideration, unrealized gain (loss) | $ 1,200 | ||||||
HMG | Customer Relationships | |||||||
Business Combinations [Line Items] | |||||||
Amortizing intangible assets | $ 132,000 | $ 132,000 | |||||
Business combinations, acquired finite-lived intangible assets, weighted average lives (in years) | 12 years | ||||||
All other | |||||||
Business Combinations [Line Items] | |||||||
Amortizing intangible assets | 444,200 | 444,200 | |||||
Business combinations, acquired finite-lived intangible assets, weighted average lives (in years) | 17 years | ||||||
Goodwill | 186,600 | 186,600 | |||||
Bargain purchase gain | (3,600) | ||||||
Total consideration | 981,600 | ||||||
Cash, net of cash acquired | 876,700 | $ 78,000 | |||||
Business combinations, contingent consideration, earn-out liabilities | 104,900 | $ 104,900 | |||||
Shares transferred | $ 0 | ||||||
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 | Trade Names | |||||||
Business Combinations [Line Items] | |||||||
Business combinations, acquired finite-lived intangible assets, weighted average lives (in years) | 17 years | ||||||
All other, INTREN acquisition | Power Delivery | |||||||
Business Combinations [Line Items] | |||||||
Goodwill | $ 49,000 | $ 49,000 | |||||
Total consideration | 455,000 | ||||||
All other, INTREN acquisition | Customer Relationships And Trade Names | Power Delivery | |||||||
Business Combinations [Line Items] | |||||||
Amortizing intangible assets | $ 281,000 | $ 281,000 | |||||
Business combinations, acquired finite-lived intangible assets, weighted average lives (in years) | 20 years |
Acquisitions, Goodwill and Ot_9
Acquisitions, Goodwill and Other Intangible Assets, Net - 2020 Acquisition (Details) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) yr acquisition | |
Business Combinations [Line Items] | ||||
Cash, net of cash acquired | $ | $ 635,763 | $ 1,244,603 | $ 24,971 | |
2020 Acquisitions | ||||
Business Combinations [Line Items] | ||||
Business combinations, number of acquisitions | acquisition | 5 | |||
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 | $ | 2,000 | |||
Business combinations, contingent consideration liabilities, range of potential undiscounted earn-out liabilities, high | $ | $ 12,000 | |||
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 | |||
2020 Acquisitions | Clean Energy and Infrastructure | ||||
Business Combinations [Line Items] | ||||
Business combinations, number of acquisitions | acquisition | 2 | |||
Business combinations, percentage of interests acquired | 91% | 91% | 96% | |
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 O_10
Acquisitions, Goodwill and Other Intangible Assets, Net - Pro Forma Financial Information and Acquisition Results and Integration Costs (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Business Combinations [Line Items] | |||
Business combinations, unaudited supplemental pro forma revenue | $ 11,600 | $ 12,300 | $ 9,400 |
Business combinations, unaudited supplemental pro forma net income | 14.2 | 229.1 | 366.8 |
Business combinations, consolidated acquisition-related revenue | 2,990.1 | 1,021.8 | 229.9 |
Business combinations, consolidated acquisition-related net income | 53.9 | 6.6 | $ (6.7) |
All other, INTREN acquisition | |||
Business Combinations [Line Items] | |||
Business combinations, consolidated acquisition-related revenue | 436 | ||
2021 Acquisitions, Henkels & McCoy Group, Inc. And INTREN | |||
Business Combinations [Line Items] | |||
Business combinations, consolidated acquisition-related revenue | 1,902.4 | ||
2021 and 2022 Acquisitions | |||
Business Combinations [Line Items] | |||
Acquisition and integration costs | 86 | ||
Integration related liabilities | 5.5 | ||
2021 and 2022 Acquisitions | General and Administrative Expense | |||
Business Combinations [Line Items] | |||
Acquisition and integration costs | 52 | ||
2021 and 2022 Acquisitions | Cost of Sales | |||
Business Combinations [Line Items] | |||
Acquisition and integration costs | 29.3 | ||
2021 and 2022 Acquisitions | Other Expense | |||
Business Combinations [Line Items] | |||
Acquisition and integration costs | 4.7 | ||
IEA | |||
Business Combinations [Line Items] | |||
Business combinations, consolidated acquisition-related revenue | $ 567.2 | ||
2021 Acquisitions | |||
Business Combinations [Line Items] | |||
Acquisition and integration costs | 3.6 | ||
2021 Acquisitions | General and Administrative Expense | |||
Business Combinations [Line Items] | |||
Acquisition and integration costs | $ 3.6 |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments - Acquisition-Related Contingent Consideration (Details) | 12 Months Ended | ||
Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
Fair Value, Financial Instruments Measured on a Recurring Basis [Line Items] | |||
Measurement period adjustments, net | $ (19,300,000) | $ 100,000 | |
Fair Value Recurring Basis Unobservable Input Reconciliation Liability Gain Loss Statement Of Income Extensible List Not Disclosed Flag | fair value adjustments | fair value adjustments | fair value adjustments |
All Acquisitions | |||
Fair Value, Financial Instruments Measured on a Recurring Basis [Line Items] | |||
Acquisition-related contingent consideration liabilities, range of potential undiscounted earn-out liabilities, low | $ 38,000,000 | ||
Acquisition-related contingent consideration liabilities, range of potential undiscounted earn-out liabilities, high | $ 144,000,000 | ||
Discount Rate | |||
Fair Value, Financial Instruments Measured on a Recurring Basis [Line Items] | |||
Acquisition-related contingent consideration liabilities, measurement input, discount rate | 0.120 | ||
Earn-Out Liabilities | |||
Fair Value, Financial Instruments Measured on a Recurring Basis [Line Items] | |||
Acquisition-related contingent consideration liabilities, estimated fair value | $ 127,400,000 | $ 160,200,000 | |
Acquisition-related contingent consideration liabilities, additions from new business combinations | 2,800,000 | 101,600,000 | $ 7,200,000 |
Measurement period adjustments, net | 3,300,000 | 0 | 2,100,000 |
Acquisition-related contingent consideration liabilities, net increase (decrease), fair value adjustments | (1,200,000) | (29,500,000) | 3,100,000 |
Acquisition-related contingent consideration liabilities, payments | 37,800,000 | 47,000,000 | 50,400,000 |
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 | 13,900,000 | |
Acquisition-related contingent consideration liabilities, net increase (decrease), fair value adjustments | (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 | $ 37,700,000 | $ 38,800,000 |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments - Equity Investments (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Fair Value, Financial Instruments Measured on a Non-Recurring Basis [Line Items] | |||
Equity investments, carrying value | $ 306,000,000 | $ 267,000,000 | |
Equity investments, adjusted cost basis, amount | 20,000,000 | 20,000,000 | |
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% | ||
Equity investments, carrying value | $ 263,000,000 | 216,000,000 | |
CCI | |||
Fair Value, Financial Instruments Measured on a Non-Recurring Basis [Line Items] | |||
Equity investment, ownership percentage | 15% | ||
Equity investments, adjusted cost basis, amount | $ 15,000,000 | 15,000,000 | |
FM Tech | |||
Fair Value, Financial Instruments Measured on a Non-Recurring Basis [Line Items] | |||
Equity method investment, ownership percentage | 50% | ||
Equity investments, carrying value | $ 18,000,000 | $ 17,000,000 |
Fair Value of Financial Instr_4
Fair Value of Financial Instruments - The Waha JVs (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Fair Value, Financial Instruments Measured on a Non-Recurring Basis [Line Items] | |||
Equity method investments, equity in earnings (losses) | $ 28,836 | $ 33,830 | $ 29,738 |
Equity method investments, net investment | 306,000 | 267,000 | |
Unrealized gains (losses) on equity investee activity, net of tax | 30,910 | 12,410 | (17,151) |
Waha JVs | |||
Fair Value, Financial Instruments Measured on a Non-Recurring Basis [Line Items] | |||
Equity method investments, equity in earnings (losses) | 30,200 | 35,300 | 31,300 |
Equity method investments, distributions of earnings received, operating cash flows | 14,400 | 7,700 | 12,000 |
Equity method investments, cumulative undistributed earnings | 110,600 | ||
Equity method investments, net investment | 263,000 | 216,000 | |
Unrealized gains (losses) on equity investee activity, before tax | 41,000 | 18,200 | (24,400) |
Unrealized gains (losses) on equity investee activity, net of tax | $ 30,900 | $ 13,800 | $ (18,500) |
Fair Value of Financial Instr_5
Fair Value of Financial Instruments - Other Investments - AVCT (Details) - AVCT - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Sep. 30, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Fair Value, Financial Instruments Measured on a Recurring Basis [Line Items] | ||||
Equity investment ownership percentage | 1% | 3% | ||
Beneficial ownership of all interests percentage | 1% | 6% | ||
Equity investment and warrants, amount paid (in dollars) | $ 6.3 | $ 6.3 | ||
Unrealized fair value measurement gains, net, AVCT shares | (7.7) | (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 | $ 0.2 | $ 7.9 |
Fair Value of Financial Instr_6
Fair Value of Financial Instruments - Other Investments - Other Equity Investments (Details) - USD ($) | 12 Months Ended | 24 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2022 | |
Fair Value, Financial Instruments Measured on a Non-Recurring Basis [Line Items] | ||||
Equity method investments, net investment | $ 306,000,000 | $ 267,000,000 | $ 306,000,000 | |
Equity method investments, equity contributions | 900,000 | |||
Equity method investments, equity in earnings (losses) | 28,836,000 | 33,830,000 | $ 29,738,000 | |
Subcontracting Arrangements | ||||
Fair Value, Financial Instruments Measured on a Non-Recurring Basis [Line Items] | ||||
Receivables, related party | 2,300,000 | 2,300,000 | 2,300,000 | |
Confluence | ||||
Fair Value, Financial Instruments Measured on a Non-Recurring Basis [Line Items] | ||||
Financing commitments | 2,500,000 | |||
Equity method investments, equity contributions | 200,000 | 1,700,000 | 1,900,000 | |
Equity method investments, equity in earnings (losses) | (400,000) | $ (700,000) | ||
Equity method investment, ownership percentage | 75% | |||
FM Tech | ||||
Fair Value, Financial Instruments Measured on a Non-Recurring Basis [Line Items] | ||||
Equity method investments, net investment | $ 18,000,000 | $ 17,000,000 | $ 18,000,000 | |
Equity method investments, equity contributions | 2,000,000 | |||
Equity method investment, ownership percentage | 50% | 50% | ||
FM Tech | Equity Method Investments | ||||
Fair Value, Financial Instruments Measured on a Non-Recurring Basis [Line Items] | ||||
Financing commitments | $ 3,000,000 | 3,000,000 | $ 3,000,000 | |
FM Tech | Maximum | Equity Method Investments | ||||
Fair Value, Financial Instruments Measured on a Non-Recurring Basis [Line Items] | ||||
Financing commitments | 7,000,000 | 7,000,000 | ||
Telecommunications Equity Method Investees | ||||
Fair Value, Financial Instruments Measured on a Non-Recurring Basis [Line Items] | ||||
Equity method investments, net investment | 21,000,000 | 20,000,000 | 21,000,000 | |
Equity method investments, equity contributions | 1,000,000 | 2,000,000 | 0 | |
Equity method investments, equity in earnings (losses) | (300,000) | (700,000) | (1,500,000) | |
Telecommunications Equity Method Investees | Subcontracting Arrangements | ||||
Fair Value, Financial Instruments Measured on a Non-Recurring Basis [Line Items] | ||||
Payments, related party | 7,600,000 | 9,900,000 | 11,500,000 | |
Payables, related party | 200,000 | 300,000 | 200,000 | |
Telecommunications Equity Method Investees | Employee Leasing and Advanced Receivable Arrangement | ||||
Fair Value, Financial Instruments Measured on a Non-Recurring Basis [Line Items] | ||||
Payments, related party | 3,300,000 | 200,000 | $ 400,000 | |
Receivables, related party | 3,800,000 | 900,000 | 3,800,000 | |
Certain Entities, Each Accounted for Using Equity Method Investments | ||||
Fair Value, Financial Instruments Measured on a Non-Recurring Basis [Line Items] | ||||
Equity method investments, net investment | 3,000,000 | 4,000,000 | $ 3,000,000 | |
Equity method investments, equity in earnings (losses) | (400,000) | 0 | ||
Payments, related party | $ 6,600,000 | |||
Equity method investment, ownership percentage | 49% | 49% | ||
Borrowing availability | $ 4,500,000 | 8,500,000 | $ 4,500,000 | |
Certain Entities, Each Accounted for Using Equity Method Investments | Other Current Assets | ||||
Fair Value, Financial Instruments Measured on a Non-Recurring Basis [Line Items] | ||||
Borrowing availability | $ 600,000 | $ 400,000 | $ 600,000 |
Fair Value of Financial Instr_7
Fair Value of Financial Instruments - Senior Notes (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
4.50% Senior Notes | ||
Fair Value Disclosure of Liabilities Not Measured at Fair Value [Line Items] | ||
Senior notes, gross carrying amount | $ 600 | $ 600 |
4.50% Senior Notes | Senior Notes | ||
Fair Value Disclosure of Liabilities Not Measured at Fair Value [Line Items] | ||
Debt instrument, interest rate (percentage) | 4.50% | |
Senior notes, estimated fair value | $ 534 | $ 619.5 |
6.625% Senior Notes | ||
Fair Value Disclosure of Liabilities Not Measured at Fair Value [Line Items] | ||
Senior notes, gross carrying amount | $ 281.2 | |
6.625% Senior Notes | Senior Notes | ||
Fair Value Disclosure of Liabilities Not Measured at Fair Value [Line Items] | ||
Debt instrument, interest rate (percentage) | 6.625% | |
Senior notes, estimated fair value | $ 280.5 | |
IEA Senior Notes | ||
Fair Value Disclosure of Liabilities Not Measured at Fair Value [Line Items] | ||
Senior notes, gross carrying amount | 225.1 | |
Mastec Senior Notes | ||
Fair Value Disclosure of Liabilities Not Measured at Fair Value [Line Items] | ||
Senior notes, gross carrying amount | $ 74.9 |
Accounts Receivable, Net of A_3
Accounts Receivable, Net of Allowance, and Contract Assets and Liabilities - Schedule of Accounts Receivable, Net of Allowance, and Contract Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Receivables [Abstract] | ||
Contract billings | $ 1,408,100 | $ 1,027,100 |
Less allowance | (8,400) | (7,800) |
Accounts receivable, net of allowance | 1,399,732 | 1,019,324 |
Contract Assets [Abstract] | ||
Retainage | 401,900 | 296,800 |
Unbilled receivables | 1,328,000 | 931,100 |
Contract assets | $ 1,729,886 | $ 1,227,927 |
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, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
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) | $ 700 | $ (11,900) | |
Amounts charged against the allowance | 100 | 800 | |
Contract liabilities | 406,232 | 313,965 | |
Contract with customer liability deferred revenue current | 390,300 | 296,100 | |
Deferred revenue, revenue recognized | 270,700 | 186,900 | |
Non-recourse financing agreement, discount charge | (112,255) | (53,413) | $ (59,629) |
Receivables, Non-Recourse Arrangement | |||
Schedule of Accounts Receivable, Net of Allowance, and Contract Assets and Liabilities [Line Items] | |||
Non-recourse financing agreement, discount charge | $ (9,000) | $ (3,200) | $ (5,000) |
Minimum | |||
Schedule of Accounts Receivable, Net of Allowance, and Contract Assets and Liabilities [Line Items] | |||
Retainage, percentage of contract billings | 5% | ||
Maximum | |||
Schedule of Accounts Receivable, Net of Allowance, and Contract Assets and Liabilities [Line Items] | |||
Retainage, percentage of contract billings | 10% |
Property and Equipment, Net - S
Property and Equipment, Net - Schedule of Property and Equipment, Net (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Property and Equipment [Line Items] | ||
Total property and equipment | $ 3,311,400 | $ 2,840,400 |
Less accumulated depreciation and amortization | (1,557,300) | (1,404,300) |
Property and equipment, net | 1,754,101 | 1,436,087 |
Land | ||
Property and Equipment [Line Items] | ||
Total property and equipment | 73,500 | 40,000 |
Buildings and leasehold improvements | ||
Property and Equipment [Line Items] | ||
Total property and equipment | $ 86,700 | 94,100 |
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, equipment and vehicles | ||
Property and Equipment [Line Items] | ||
Total property and equipment | $ 2,797,000 | 2,411,000 |
Machinery, equipment and vehicles | Minimum | ||
Property and Equipment [Line Items] | ||
Estimated Useful Lives (in years) | 2 years | |
Machinery, equipment and vehicles | Maximum | ||
Property and Equipment [Line Items] | ||
Estimated Useful Lives (in years) | 20 years | |
Office equipment, furniture and internal-use software | ||
Property and Equipment [Line Items] | ||
Total property and equipment | $ 286,800 | 262,600 |
Office equipment, furniture and internal-use software | Minimum | ||
Property and Equipment [Line Items] | ||
Estimated Useful Lives (in years) | 3 years | |
Office equipment, furniture and internal-use software | 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 | $ 67,400 | $ 32,700 |
Property and Equipment, Net - N
Property and Equipment, Net - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Property, Plant and Equipment [Abstract] | ||
Capitalized internal-use software, gross | $ 186.6 | $ 176.4 |
Capitalized internal-use software, net | 39.9 | 43.9 |
Accrued capital expenditures | $ 14.2 | $ 17.5 |
Debt - Schedule of Carrying Val
Debt - Schedule of Carrying Values of Debt (Details) - USD ($) | Dec. 31, 2022 | Oct. 26, 2022 | Oct. 07, 2022 | Dec. 31, 2021 | Aug. 04, 2020 |
Debt Instrument [Line Items] | |||||
Long-term debt obligations | $ 0 | ||||
Finance lease and other obligations | $ 414,500,000 | 310,300,000 | |||
Total debt obligations | 3,241,700,000 | 2,032,600,000 | |||
Less unamortized deferred financing costs | (17,600,000) | (18,500,000) | |||
Total debt, net of deferred financing costs | 3,224,100,000 | 2,014,100,000 | |||
Current portion of long-term debt | 171,916,000 | 137,912,000 | |||
Long-term debt | 3,052,193,000 | 1,876,233,000 | |||
Credit Facility | Revolving loans | |||||
Debt Instrument [Line Items] | |||||
Long-term debt obligations | 896,000,000 | 772,300,000 | |||
Credit Facility | Term loan | |||||
Debt Instrument [Line Items] | |||||
Long-term debt obligations | 350,000,000 | 350,000,000 | |||
Credit Facility | Term loan | 2022 Term Loan Facility | |||||
Debt Instrument [Line Items] | |||||
Long-term debt obligations | $ 700,000,000 | 0 | |||
Senior Notes | 4.50% Senior Notes | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, interest rate (percentage) | 4.50% | ||||
Long-term debt obligations | $ 600,000,000 | 600,000,000 | $ 600,000,000 | ||
Senior Notes | 6.625% Senior Notes | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, interest rate (percentage) | 6.625% | ||||
Long-term debt obligations | $ 281,200,000 | $ 74,900,000 | $ 300,000,000 | $ 0 |
Debt - Senior Credit Facility (
Debt - Senior Credit Facility (Details) $ in Millions | 1 Months Ended | 12 Months Ended | ||||
Sep. 01, 2022 | Nov. 01, 2021 | Mar. 31, 2025 USD ($) | Mar. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) qtr instance | Dec. 31, 2021 USD ($) | |
Debt Instrument [Line Items] | ||||||
Line of credit facility, letters of credit issued | $ 166.7 | $ 188.5 | ||||
Credit Facility | ||||||
Debt Instrument [Line Items] | ||||||
Line of credit facility, maximum borrowing capacity | 2,250 | 2,000 | ||||
Line of credit facility, letters of credit issued | $ 143.1 | $ 166.3 | ||||
Line of credit facility, unused facility fee (percentage) | 0.20% | 0.175% | ||||
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% | |||||
Consolidated interest coverage ratio | 3 | |||||
Credit Facility | Maximum | ||||||
Debt Instrument [Line Items] | ||||||
Line of credit facility, commitment fee (percentage) | 0.225% | |||||
Maximum consolidated leverage ratio | 3.50 | |||||
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 | $ 1,900 | |||||
Line of credit facility, increase (decrease), net | 250 | |||||
Line of credit facility, remaining borrowing capacity | $ 860.9 | $ 711.5 | ||||
Weighted average interest rate (percentage) | 5.82% | 2.32% | ||||
Credit Facility | Term loan | ||||||
Debt Instrument [Line Items] | ||||||
Line of credit facility, maximum borrowing capacity | $ 350 | |||||
Line of credit facility, interest rate (percentage) | 5.80% | 1.35% | ||||
Credit Facility | Term loan | Forecast | ||||||
Debt Instrument [Line Items] | ||||||
Line of credit facility, term loan, amount of quarterly principal installment payments | $ 4.4 | $ 2.2 | ||||
Credit Facility | Sublimit in Foreign Denominations | ||||||
Debt Instrument [Line Items] | ||||||
Line of credit facility, maximum borrowing capacity | $ 300 | |||||
Line of credit facility, remaining borrowing capacity | 300 | $ 267.7 | ||||
Long-term line of credit | 0 | $ 32.3 | ||||
Weighted average interest rate (percentage) | 1.79% | |||||
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 | $ 506.9 | $ 483.7 | ||||
Credit Facility | Letters of Credit | Commercial and/or Financial Standby | ||||||
Debt Instrument [Line Items] | ||||||
Line of credit facility, interest rate (percentage) | 1.375% | 1.25% | ||||
Credit Facility | Letters of Credit | Performance Standby | ||||||
Debt Instrument [Line Items] | ||||||
Line of credit facility, interest rate (percentage) | 0.5625% | 0.4375% | ||||
Credit Facility | Letters of Credit | Minimum | Commercial and/or Financial Standby | ||||||
Debt Instrument [Line Items] | ||||||
Line of credit facility, interest rate (percentage) | 1.125% | |||||
Credit Facility | Letters of Credit | Minimum | Performance Standby | ||||||
Debt Instrument [Line Items] | ||||||
Line of credit facility, interest rate (percentage) | 0.3125% | |||||
Credit Facility | Letters of Credit | Maximum | Commercial and/or Financial Standby | ||||||
Debt Instrument [Line Items] | ||||||
Line of credit facility, interest rate (percentage) | 1.625% | |||||
Credit Facility | Letters of Credit | Maximum | Performance Standby | ||||||
Debt Instrument [Line Items] | ||||||
Line of credit facility, interest rate (percentage) | 0.6875% | |||||
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 | |||||
Credit Facility | Unsecured Debt | Base Rate | New Term Loan Facility | ||||||
Debt Instrument [Line Items] | ||||||
Line of credit facility, interest rate description | 0.50% | |||||
Credit Facility | Unsecured Debt | Secured Overnight Financing Rate (SOFR) | New Term Loan Facility | ||||||
Debt Instrument [Line Items] | ||||||
Line of credit facility, interest rate description | 1% | |||||
Credit Facility | Unsecured Debt | Minimum | Base Rate | New Term Loan Facility, Three-Year Tranche | ||||||
Debt Instrument [Line Items] | ||||||
Line of credit facility, interest rate description | 0.125% | |||||
Credit Facility | Unsecured Debt | Minimum | Secured Overnight Financing Rate (SOFR) | New Term Loan Facility, Three-Year Tranche | ||||||
Debt Instrument [Line Items] | ||||||
Line of credit facility, interest rate description | 1.125% | |||||
Credit Facility | Unsecured Debt | Maximum | Base Rate | New Term Loan Facility, Three-Year Tranche | ||||||
Debt Instrument [Line Items] | ||||||
Line of credit facility, interest rate description | 0.625% | |||||
Credit Facility | Unsecured Debt | Maximum | Secured Overnight Financing Rate (SOFR) | New Term Loan Facility, Three-Year Tranche | ||||||
Debt Instrument [Line Items] | ||||||
Line of credit facility, interest rate description | 1.625% | |||||
Line of Credit | Performance Standby | ||||||
Debt Instrument [Line Items] | ||||||
Line of credit facility, letters of credit issued | $ 23.6 | $ 22.2 | ||||
Line of Credit | Letters of Credit | ||||||
Debt Instrument [Line Items] | ||||||
Line of credit facility, maximum borrowing capacity | $ 50 | |||||
Line of Credit | Letters of Credit | Performance Standby | ||||||
Debt Instrument [Line Items] | ||||||
Line of credit facility, interest rate (percentage) | 0.75% | 0.40% | ||||
Line of Credit | Unsecured Debt | New Term Loan Facility, Five-Year Tranche | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, term | 5 years | |||||
Line of Credit | Unsecured Debt | New Term Loan Facility | ||||||
Debt Instrument [Line Items] | ||||||
Consolidated leverage ratio, maximum | 3.50 | |||||
Consolidated interest coverage ratio, minimum | 3 | |||||
Line of Credit | Unsecured Debt | New Term Loan Facility, Acquisition Adjustment | ||||||
Debt Instrument [Line Items] | ||||||
Consolidated leverage ratio, maximum | 4 | |||||
Line of Credit | Unsecured Debt | New Term Loan Facility, Three-Year Tranche | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, term | 3 years | |||||
Line of Credit | Unsecured Debt | Base Rate | New Term Loan Facility | ||||||
Debt Instrument [Line Items] | ||||||
Line of credit facility, interest rate description | 0.50% | |||||
Line of Credit | Unsecured Debt | Secured Overnight Financing Rate (SOFR) | New Term Loan Facility | ||||||
Debt Instrument [Line Items] | ||||||
Line of credit facility, interest rate description | 1% | |||||
Line of Credit | Unsecured Debt | Minimum | Base Rate | New Term Loan Facility, Five-Year Tranche | ||||||
Debt Instrument [Line Items] | ||||||
Line of credit facility, interest rate description | 0.25% | |||||
Line of Credit | Unsecured Debt | Minimum | Base Rate | New Term Loan Facility, Three-Year Tranche | ||||||
Debt Instrument [Line Items] | ||||||
Line of credit facility, interest rate description | 0.125% | |||||
Line of Credit | Unsecured Debt | Minimum | Secured Overnight Financing Rate (SOFR) | New Term Loan Facility, Five-Year Tranche | ||||||
Debt Instrument [Line Items] | ||||||
Line of credit facility, interest rate description | 1.25% | |||||
Line of Credit | Unsecured Debt | Minimum | Secured Overnight Financing Rate (SOFR) | New Term Loan Facility, Three-Year Tranche | ||||||
Debt Instrument [Line Items] | ||||||
Line of credit facility, interest rate description | 1.125% | |||||
Line of Credit | Unsecured Debt | Maximum | Base Rate | New Term Loan Facility, Five-Year Tranche | ||||||
Debt Instrument [Line Items] | ||||||
Line of credit facility, interest rate description | 0.625% | |||||
Line of Credit | Unsecured Debt | Maximum | Base Rate | New Term Loan Facility, Three-Year Tranche | ||||||
Debt Instrument [Line Items] | ||||||
Line of credit facility, interest rate description | 0.50% | |||||
Line of Credit | Unsecured Debt | Maximum | Secured Overnight Financing Rate (SOFR) | New Term Loan Facility, Five-Year Tranche | ||||||
Debt Instrument [Line Items] | ||||||
Line of credit facility, interest rate description | 1.625% | |||||
Line of Credit | Unsecured Debt | Maximum | Secured Overnight Financing Rate (SOFR) | New Term Loan Facility, Three-Year Tranche | ||||||
Debt Instrument [Line Items] | ||||||
Line of credit facility, interest rate description | 1.50% | |||||
Senior Notes | 6.625% Senior Notes | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, interest rate (percentage) | 6.625% |
Debt - 4.50% Senior Notes (Deta
Debt - 4.50% Senior Notes (Details) - USD ($) | 12 Months Ended | 19 Months Ended | 96 Months Ended | ||||
Aug. 19, 2020 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Aug. 15, 2023 | Aug. 15, 2028 | Aug. 04, 2020 | |
Debt Instrument [Line Items] | |||||||
Long-term debt obligations | $ 0 | ||||||
Loss on extinguishment of debt | $ 0 | 0 | $ 5,569,000 | ||||
Senior Notes | 4.50% Senior Notes | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument, interest rate (percentage) | 4.50% | ||||||
Long-term debt obligations | $ 600,000,000 | $ 600,000,000 | $ 600,000,000 | ||||
Debt issuance costs, gross | $ 8,900,000 | ||||||
Senior Notes | 4.50% Senior Notes | Forecast | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument, redemption price, percentage of principal amount redeemed | 40% | ||||||
Debt instrument redemption price percentage with equity offerings | 104.50% | ||||||
Debt instrument, change of control, redemption price, percent | 101% | ||||||
Debt instrument, minimum percentage of principal required to redeem in the event of default | 30% | ||||||
Senior Notes | 4.875% Senior Notes | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument, interest rate (percentage) | 4.875% | ||||||
Debt instrument, redemption price (percentage) | 100% |
Debt - Other Credit Facilities
Debt - Other Credit Facilities (Details) $ in Millions | Dec. 31, 2022 USD ($) | Dec. 31, 2022 CAD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2021 CAD ($) |
Debt Instrument [Line Items] | ||||
Long-term debt obligations | $ 0 | |||
Letters of credit issued | $ 166,700,000 | 188,500,000 | ||
Other Credit Facilities | ||||
Debt Instrument [Line Items] | ||||
Long-term debt obligations | 0 | $ 20 | $ 20 | |
Line of credit facility, maximum borrowing capacity | 14,800,000 | 15,800,000 | ||
Line of Credit | Standby Letters of Credit | ||||
Debt Instrument [Line Items] | ||||
Letters of credit issued | 23,600,000 | $ 22,200,000 | ||
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) | 0.75% | 0.75% | 0.40% | 0.40% |
Debt - IEA 6.625% Notes (Detail
Debt - IEA 6.625% Notes (Details) - USD ($) | 12 Months Ended | |||
Oct. 07, 2022 | Dec. 31, 2022 | Oct. 26, 2022 | Dec. 31, 2021 | |
Debt Instrument [Line Items] | ||||
Long-term debt obligations | $ 0 | |||
Senior Notes | Debt Instrument, Redemption, Period One | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, redemption price (percentage) | 106.625% | |||
Debt instrument, redemption price, percentage of principal amount redeemed | 40% | |||
6.625% Senior Notes | Senior Notes | ||||
Debt Instrument [Line Items] | ||||
Long-term debt obligations | $ 300,000,000 | $ 281,200,000 | $ 74,900,000 | $ 0 |
Long-term debt, fair value | 280,700,000 | |||
Debt instrument, interest rate (percentage) | 6.625% | |||
Debt instrument, ownership percentage | 30% | |||
Fees and expenses incurred in connection with debt exchange | $ 1,900,000 | |||
Consent payment | $ 2.50 | |||
6.625% Senior Notes | Senior Notes | Debt Instrument, Redemption, Period One | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, redemption price (percentage) | 100% | |||
6.625% Senior Notes | Senior Notes | Debt Instrument, Redemption, Period Four | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, redemption price (percentage) | 101% | |||
6.625% Senior Notes | Senior Notes | Debt Instrument, Redemption, Period Two | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, redemption price (percentage) | 103.30% | |||
Debt instrument, term | 2 years | |||
6.625% Senior Notes Two | Senior Notes | ||||
Debt Instrument [Line Items] | ||||
Long-term debt obligations | $ 70,100,000 |
Debt - Term Loan Facility (Deta
Debt - Term Loan Facility (Details) $ in Thousands | 12 Months Ended | |||||
Sep. 01, 2022 USD ($) | Dec. 31, 2022 USD ($) | Mar. 31, 2026 USD ($) | Mar. 31, 2024 USD ($) | Oct. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Debt Instrument [Line Items] | ||||||
Deferred financing costs, net of accumulated amortization | $ 17,600 | $ 18,500 | ||||
Unsecured Debt | New Term Loan Facility, Three-Year Tranche | Line of Credit | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, face amount | $ 400,000 | |||||
Debt instrument, term | 3 years | |||||
Debt instrument, increase, accrued interest | 5.692% | |||||
Unsecured Debt | New Term Loan Facility, Three-Year Tranche | Line of Credit | Minimum | Secured Overnight Financing Rate (SOFR) | ||||||
Debt Instrument [Line Items] | ||||||
Line of credit facility, interest rate description | 1.125% | |||||
Unsecured Debt | New Term Loan Facility, Three-Year Tranche | Line of Credit | Minimum | Base Rate | ||||||
Debt Instrument [Line Items] | ||||||
Line of credit facility, interest rate description | 0.125% | |||||
Unsecured Debt | New Term Loan Facility, Three-Year Tranche | Line of Credit | Maximum | Secured Overnight Financing Rate (SOFR) | ||||||
Debt Instrument [Line Items] | ||||||
Line of credit facility, interest rate description | 1.50% | |||||
Unsecured Debt | New Term Loan Facility, Three-Year Tranche | Line of Credit | Maximum | Base Rate | ||||||
Debt Instrument [Line Items] | ||||||
Line of credit facility, interest rate description | 0.50% | |||||
Unsecured Debt | New Term Loan Facility, Three-Year Tranche | Credit Facility | Minimum | Secured Overnight Financing Rate (SOFR) | ||||||
Debt Instrument [Line Items] | ||||||
Line of credit facility, interest rate description | 1.125% | |||||
Unsecured Debt | New Term Loan Facility, Three-Year Tranche | Credit Facility | Minimum | Base Rate | ||||||
Debt Instrument [Line Items] | ||||||
Line of credit facility, interest rate description | 0.125% | |||||
Unsecured Debt | New Term Loan Facility, Three-Year Tranche | Credit Facility | Maximum | Secured Overnight Financing Rate (SOFR) | ||||||
Debt Instrument [Line Items] | ||||||
Line of credit facility, interest rate description | 1.625% | |||||
Unsecured Debt | New Term Loan Facility, Three-Year Tranche | Credit Facility | Maximum | Base Rate | ||||||
Debt Instrument [Line Items] | ||||||
Line of credit facility, interest rate description | 0.625% | |||||
Unsecured Debt | New Term Loan Facility, Five-Year Tranche | Line of Credit | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, face amount | $ 300,000 | |||||
Debt instrument, term | 5 years | |||||
Debt instrument, increase, accrued interest | 5.817% | |||||
Unsecured Debt | New Term Loan Facility, Five-Year Tranche | Line of Credit | Minimum | Secured Overnight Financing Rate (SOFR) | ||||||
Debt Instrument [Line Items] | ||||||
Line of credit facility, interest rate description | 1.25% | |||||
Unsecured Debt | New Term Loan Facility, Five-Year Tranche | Line of Credit | Minimum | Base Rate | ||||||
Debt Instrument [Line Items] | ||||||
Line of credit facility, interest rate description | 0.25% | |||||
Unsecured Debt | New Term Loan Facility, Five-Year Tranche | Line of Credit | Maximum | Secured Overnight Financing Rate (SOFR) | ||||||
Debt Instrument [Line Items] | ||||||
Line of credit facility, interest rate description | 1.625% | |||||
Unsecured Debt | New Term Loan Facility, Five-Year Tranche | Line of Credit | Maximum | Base Rate | ||||||
Debt Instrument [Line Items] | ||||||
Line of credit facility, interest rate description | 0.625% | |||||
Unsecured Debt | New Term Loan Facility, Five-Year Tranche | Line of Credit | Forecast | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, quarterly installments | $ 7,500 | $ 3,750 | ||||
Unsecured Debt | New Term Loan Facility | Line of Credit | ||||||
Debt Instrument [Line Items] | ||||||
Deferred financing costs, net of accumulated amortization | $ 2,000 | |||||
Consolidated leverage ratio, maximum | 3.50 | |||||
Consolidated interest coverage ratio, minimum | 3 | |||||
Unsecured Debt | New Term Loan Facility | Line of Credit | Secured Overnight Financing Rate (SOFR) | ||||||
Debt Instrument [Line Items] | ||||||
Line of credit facility, interest rate description | 1% | |||||
Unsecured Debt | New Term Loan Facility | Line of Credit | Base Rate | ||||||
Debt Instrument [Line Items] | ||||||
Line of credit facility, interest rate description | 0.50% | |||||
Unsecured Debt | New Term Loan Facility | Credit Facility | Secured Overnight Financing Rate (SOFR) | ||||||
Debt Instrument [Line Items] | ||||||
Line of credit facility, interest rate description | 1% | |||||
Unsecured Debt | New Term Loan Facility | Credit Facility | Base Rate | ||||||
Debt Instrument [Line Items] | ||||||
Line of credit facility, interest rate description | 0.50% | |||||
Unsecured Debt | New Term Loan Facility, Acquisition Adjustment | Line of Credit | ||||||
Debt Instrument [Line Items] | ||||||
Consolidated leverage ratio, maximum | 4 | |||||
Debt instrument, acquisition adjustment, maximum | $ 100,000 | |||||
Bridge Facility and Term Loan Facility | Credit Facility | ||||||
Debt Instrument [Line Items] | ||||||
Fees and expenses incurred in connection with debt | $ 2,900 |
Debt - Schedule of Contractual
Debt - Schedule of Contractual Maturities of Debt and Finance Lease Obligations (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Contractual Maturities of Debt and Finance Lease Obligations | ||
2023 | $ 171.9 | |
2024 | 144.2 | |
2025 | 519.1 | |
2026 | 1,274.1 | |
2027 | 247.6 | |
Thereafter | 884.8 | |
Total debt obligations | 3,241.7 | $ 2,032.6 |
Debt instruments, accrued interest payable | $ 24.8 | $ 11.7 |
Lease Obligations - Finance Lea
Lease Obligations - Finance Leases (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Leases [Abstract] | |||
Finance leases, assets, gross | $ 720.1 | $ 653.5 | |
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration] | Property and equipment, net | Property and equipment, net | |
Finance leases, assets, net | $ 535.3 | $ 468.5 | |
Finance leases, assets, depreciation | $ 91.7 | $ 80.1 | $ 68 |
Lease Obligations - Operating L
Lease Obligations - Operating Leases (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Operating Leased Assets [Line Items] | |||
Operating leases, additions | $ 119.1 | $ 172.9 | $ 28 |
Operating leases, expense | 134.1 | 107.7 | 113 |
Operating leases, variable lease costs | 11.1 | 10.1 | 10 |
Operating leases, short-term leases, expense | 377.8 | 494.7 | $ 312 |
2022 Acquisitions | |||
Operating Leased Assets [Line Items] | |||
Operating leases, additions | $ 32.4 | ||
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, 2022 | Dec. 31, 2021 |
Finance Leases | ||
2023 | $ 171,000 | |
2024 | 122,400 | |
2025 | 85,700 | |
2026 | 29,600 | |
2027 | 3,500 | |
Thereafter | 600 | |
Total minimum lease payments | 412,800 | |
Less amounts representing interest | (23,700) | |
Total lease obligations, net of interest | 389,100 | |
Less current portion | 158,200 | |
Long-term portion of lease obligations, net of interest | $ 230,900 | |
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 | ||
2023 | $ 102,000 | |
2024 | 79,000 | |
2025 | 53,000 | |
2026 | 35,000 | |
2027 | 16,800 | |
Thereafter | 31,900 | |
Total minimum lease payments | 317,700 | |
Less amounts representing interest | (27,100) | |
Total lease obligations, net of interest | 290,600 | |
Less current portion | 96,516 | $ 95,426 |
Long-term portion of lease obligations, net of interest | $ 194,050 | $ 176,378 |
Lease Obligations - Additional
Lease Obligations - Additional Lease Information (Details) | Dec. 31, 2022 |
Leases [Abstract] | |
Finance lease, weighted average remaining lease term (in years) | 2 years 9 months 18 days |
Finance lease, weighted average discount rate, percent | 4% |
Operating lease, weighted average remaining lease term (in years) | 4 years 6 months |
Operating lease, weighted average discount rate, percent | 3.60% |
Stock-Based Compensation and _3
Stock-Based Compensation and Other Employee Benefit Plans - Additional Information (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Stock-Based Compensation and Other Employee Benefit Plans [Line Items] | |||
Stock-based compensation plans, number of shares available for future grant (in shares) | 2,840,000 | ||
Non-cash stock-based compensation expense | $ 27.4 | $ 24.8 | $ 21.9 |
Stock-based compensation, income tax benefits | 5.9 | 8.5 | 5.7 |
Stock-based compensation, vested awards, net income tax benefits | $ 0.9 | $ 3.8 | $ 0.5 |
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 | ||
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, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Stock-Based Compensation and Other Employee Benefit Plans [Line Items] | |||
Stock-based compensation awards, unearned compensation | $ 57 | ||
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 | $ 19.7 | $ 37.4 | $ 16.8 |
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, 2022 | Dec. 31, 2021 | |
Restricted Shares | ||
Restricted Shares | ||
Non-vested restricted shares, beginning balance (in shares) | 1,748,685 | 1,845,341 |
Granted (in shares) | 613,364 | 338,446 |
Vested (in shares) | (235,164) | (403,538) |
Canceled/forfeited (in shares) | (77,605) | (31,564) |
Non-vested restricted shares, ending balance (in shares) | 2,049,280 | 1,748,685 |
Per Share Weighted Average Grant Date Fair Value | ||
Non-vested restricted shares, beginning balance (in dollars per share) | $ 43.73 | $ 34.90 |
Granted (in dollars per share) | 74.37 | 89.20 |
Vested (in dollars per share) | 48.33 | 42.32 |
Canceled/forfeited (in dollars per share) | 44.84 | 32.96 |
Non-vested restricted shares, ending balance (in dollars per share) | $ 52.33 | $ 43.73 |
Restricted Stock Units | ||
Restricted Shares | ||
Non-vested restricted shares, beginning balance (in shares) | 1,300 | 2,300 |
Non-vested restricted shares, ending balance (in shares) | 2,150 | 1,300 |
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, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Stock-Based Compensation and Other Employee Benefit Plans [Line Items] | |||
Common shares purchased (in shares) | 112,341 | 86,510 | 239,322 |
Cash proceeds | $ 0 | $ 0 | $ 7,090 |
Employee Stock Purchase Plans | |||
Stock-Based Compensation and Other Employee Benefit Plans [Line Items] | |||
Cash proceeds | 7,400 | 7,000 | 7,100 |
Compensation expense | $ 1,300 | $ 1,200 | $ 2,200 |
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, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Defined Contribution Plan [Abstract] | |||
401(k) plan, maximum pre-tax annual contribution per employee, percentage of annual compensation | 75% | ||
401(k) plan, employer matching contribution, amount | $ 30.2 | $ 23.1 | $ 19.3 |
Stock-Based Compensation and _8
Stock-Based Compensation and Other Employee Benefit Plans - Deferred Compensation Plans (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Deferred Compensation Arrangements [Abstract] | ||
Deferred compensation plans, assets | $ 21.3 | $ 17.5 |
Deferred compensation plans, liabilities | $ 26.1 | $ 18.7 |
Other Retirement Plans - Narrat
Other Retirement Plans - Narrative (Details) | 12 Months Ended |
Dec. 31, 2022 | |
Initial Critical Year | |
Multiemployer Plans [Line Items] | |
Employer contribution under collective-bargaining arrangement to all participating employer contributions, percentage | 5% |
Succeeding Plan Years | |
Multiemployer Plans [Line Items] | |
Employer contribution under collective-bargaining arrangement to all participating employer contributions, percentage | 10% |
Other Retirement Plans - Schedu
Other Retirement Plans - Schedule of Multiemployer Pension Plans (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Multiemployer Plans [Line Items] | |||
Other funds | $ 23 | $ 18 | $ 6.3 |
Total multiemployer pension plan contributions | $ 145.3 | 128.1 | 37.5 |
National Electrical Benefit Fund | |||
Multiemployer Plans [Line Items] | |||
Employer Identification Number | 530181657 | ||
Plan Number | 001 | ||
Contributions (in millions) For the Years Ended December 31, | $ 17.7 | $ 5.9 | 1.6 |
Expiration Date of CBA | May 31, 2027 | ||
Pension Protection Act Zone Status | Green | Green | |
Pension Protection Act Zone Status, Date | Dec. 31, 2021 | Dec. 31, 2020 | |
FIP/RP Status | NA | ||
Surcharge | No | ||
Local Union No. 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, | $ 9.3 | $ 4.7 | 0 |
Expiration Date of CBA | May 31, 2025 | ||
Pension Protection Act Zone Status | Green | Green | |
Pension Protection Act Zone Status, Date | Oct. 31, 2021 | Oct. 31, 2020 | |
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, | $ 8.1 | $ 27.4 | 5.6 |
Expiration Date of CBA | Apr. 30, 2027 | ||
Pension Protection Act Zone Status | Green | Green | |
Pension Protection Act Zone Status, Date | Jan. 31, 2022 | Jan. 31, 2021 | |
FIP/RP Status | NA | ||
Surcharge | No | ||
Heavy & General Laborers' Local Unions 472 and 172 of New Jersey Pension Fund | |||
Multiemployer Plans [Line Items] | |||
Employer Identification Number | 226032103 | ||
Plan Number | 001 | ||
Contributions (in millions) For the Years Ended December 31, | $ 3.7 | $ 0 | 0 |
Expiration Date of CBA | Feb. 29, 2024 | ||
Pension Protection Act Zone Status | Green | Green | |
Pension Protection Act Zone Status, Date | Mar. 31, 2022 | Mar. 31, 2021 | |
FIP/RP Status | NA | ||
Surcharge | No | ||
Construction Laborers' Pension Trust Fund for Southern California | |||
Multiemployer Plans [Line Items] | |||
Employer Identification Number | 436159056 | ||
Plan Number | 001 | ||
Contributions (in millions) For the Years Ended December 31, | $ 3.4 | $ 0 | 0 |
Expiration Date of CBA | Jun. 30, 2026 | ||
Pension Protection Act Zone Status | Green | Green | |
Pension Protection Act Zone Status, Date | Dec. 31, 2021 | Dec. 31, 2020 | |
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, | $ 3.3 | $ 1.4 | 3.7 |
Expiration Date of CBA | Dec. 31, 2025 | ||
Pension Protection Act Zone Status | Green | Green | |
Pension Protection Act Zone Status, Date | Dec. 31, 2021 | Dec. 31, 2020 | |
FIP/RP Status | NA | ||
Surcharge | No | ||
IBEW Local 456 Pension Plan | |||
Multiemployer Plans [Line Items] | |||
Employer Identification Number | 226238995 | ||
Plan Number | 001 | ||
Contributions (in millions) For the Years Ended December 31, | $ 3.2 | $ 0 | 0 |
Expiration Date of CBA | Nov. 29, 2025 | ||
Pension Protection Act Zone Status | Green | Green | |
Pension Protection Act Zone Status, Date | Dec. 31, 2021 | Dec. 31, 2020 | |
FIP/RP Status | NA | ||
Surcharge | No | ||
Multiemployer pension plans, Company contributions greater than 5% of total plan contributions | true | ||
Chicago & Vicinity Laborers' District Council Pension Plan | |||
Multiemployer Plans [Line Items] | |||
Employer Identification Number | 362514514 | ||
Plan Number | 002 | ||
Contributions (in millions) For the Years Ended December 31, | $ 2.5 | $ 0.8 | 0.2 |
Expiration Date of CBA | May 31, 2026 | ||
Pension Protection Act Zone Status | Green | Green | |
Pension Protection Act Zone Status, Date | May 31, 2021 | May 31, 2020 | |
FIP/RP Status | NA | ||
Surcharge | No | ||
Pipeline Industry Pension Fund | |||
Multiemployer Plans [Line Items] | |||
Employer Identification Number | 736146433 | ||
Plan Number | 001 | ||
Contributions (in millions) For the Years Ended December 31, | $ 2.3 | $ 10.9 | 2.6 |
Expiration Date of CBA | Jun. 04, 2023 | ||
Pension Protection Act Zone Status | Green | Green | |
Pension Protection Act Zone Status, Date | Dec. 31, 2021 | Dec. 31, 2020 | |
FIP/RP Status | NA | ||
Surcharge | No | ||
Midwest Operating Engineers Pension Trust Fund | |||
Multiemployer Plans [Line Items] | |||
Employer Identification Number | 366140097 | ||
Plan Number | 001 | ||
Contributions (in millions) For the Years Ended December 31, | $ 2.1 | $ 1.6 | 1.1 |
Expiration Date of CBA | May 31, 2025 | ||
Pension Protection Act Zone Status | Green | Green | |
Pension Protection Act Zone Status, Date | Mar. 31, 2022 | Mar. 31, 2021 | |
FIP/RP Status | NA | ||
Surcharge | No | ||
Multiemployer plans, pension protection act zone status, extended amortization provisions | true | true | |
Teamsters National Pipe Line Pension Plan | |||
Multiemployer Plans [Line Items] | |||
Employer Identification Number | 461102851 | ||
Plan Number | 001 | ||
Contributions (in millions) For the Years Ended December 31, | $ 1.5 | $ 6.2 | 1.8 |
Expiration Date of CBA | Jun. 04, 2023 | ||
Pension Protection Act Zone Status | Green | Green | |
Pension Protection Act Zone Status, Date | Dec. 31, 2021 | Dec. 31, 2020 | |
FIP/RP Status | NA | ||
Surcharge | No | ||
Multiemployer pension plans, Company contributions greater than 5% of total plan contributions | true | true | |
San Diego County Construction Laborers' Pension Trust Fund | |||
Multiemployer Plans [Line Items] | |||
Employer Identification Number | 956090541 | ||
Plan Number | 001 | ||
Contributions (in millions) For the Years Ended December 31, | $ 1.5 | $ 0 | 0 |
Expiration Date of CBA | Jun. 30, 2026 | ||
Pension Protection Act Zone Status | Green | Green | |
Pension Protection Act Zone Status, Date | Aug. 31, 2021 | Aug. 31, 2020 | |
FIP/RP Status | NA | ||
Surcharge | No | ||
Laborers' Local Union No. 158 Pension Plan | |||
Multiemployer Plans [Line Items] | |||
Employer Identification Number | 236580323 | ||
Plan Number | 001 | ||
Contributions (in millions) For the Years Ended December 31, | $ 1.5 | $ 0.7 | 0.9 |
Expiration Date of CBA | May 31, 2027 | ||
Pension Protection Act Zone Status | Green | Green | |
Pension Protection Act Zone Status, Date | Dec. 31, 2021 | Dec. 31, 2020 | |
FIP/RP Status | NA | ||
Surcharge | No | ||
Multiemployer pension plans, Company contributions greater than 5% of total plan contributions | true | true | |
Southern California Pipe Trades Retirement Fund | |||
Multiemployer Plans [Line Items] | |||
Employer Identification Number | 516108443 | ||
Plan Number | 001 | ||
Contributions (in millions) For the Years Ended December 31, | $ 1.4 | $ 0 | 0 |
Expiration Date of CBA | Apr. 30, 2025 | ||
Pension Protection Act Zone Status | Green | Green | |
Pension Protection Act Zone Status, Date | Dec. 31, 2021 | Dec. 31, 2020 | |
FIP/RP Status | NA | ||
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 | $ 1.3 | 0.8 |
Expiration Date of CBA | Apr. 30, 2027 | ||
Pension Protection Act Zone Status | Yellow | Yellow | |
Pension Protection Act Zone Status, Date | Dec. 31, 2021 | Dec. 31, 2020 | |
FIP/RP Status | Implemented | ||
Surcharge | No | ||
Multiemployer plans, pension protection act zone status, extended amortization provisions | true | 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, | $ 0.9 | $ 2.5 | 1.4 |
Expiration Date of CBA | Jun. 04, 2023 | ||
Pension Protection Act Zone Status | Green | Green | |
Pension Protection Act Zone Status, Date | Mar. 31, 2022 | Mar. 31, 2021 | |
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, | $ 0.7 | $ 5.1 | 0.8 |
Expiration Date of CBA | May 31, 2023 | ||
Pension Protection Act Zone Status | Green | Green | |
Pension Protection Act Zone Status, Date | Dec. 31, 2021 | Dec. 31, 2020 | |
FIP/RP Status | NA | ||
Surcharge | No | ||
Laborers' National Pension Fund | |||
Multiemployer Plans [Line Items] | |||
Employer Identification Number | 751280827 | ||
Plan Number | 001 | ||
Contributions (in millions) For the Years Ended December 31, | $ 0.6 | $ 3.8 | 0.8 |
Expiration Date of CBA | Jun. 30, 2025 | ||
Pension Protection Act Zone Status | Red | Red | |
Pension Protection Act Zone Status, Date | Dec. 31, 2021 | Dec. 31, 2020 | |
FIP/RP Status | Implemented | ||
Surcharge | No | ||
Multiemployer pension plans, Company contributions greater than 5% of total plan contributions | 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, | $ 0.5 | $ 0.6 | 0.6 |
Expiration Date of CBA | May 31, 2023 | ||
Pension Protection Act Zone Status | Red | Red | |
Pension Protection Act Zone Status, Date | Dec. 31, 2021 | Dec. 31, 2020 | |
FIP/RP Status | Implemented | ||
Surcharge | No | ||
Multiemployer plans, pension protection act zone status, extended amortization provisions | true | true | |
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, | $ 0.5 | $ 3.1 | 1.8 |
Expiration Date of CBA | Mar. 31, 2025 | ||
Pension Protection Act Zone Status | Yellow | Yellow | |
Pension Protection Act Zone Status, Date | Dec. 31, 2021 | Dec. 31, 2020 | |
FIP/RP Status | Implemented | ||
Surcharge | No | ||
Pension | |||
Multiemployer Plans [Line Items] | |||
Total multiemployer pension plan contributions | $ 89 | $ 94 | $ 30 |
Other Retirement Plans - Sche_2
Other Retirement Plans - Schedule of Covered Employees and Contributions, Multiemployer Plans (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 USD ($) employee | Dec. 31, 2021 USD ($) employee | Dec. 31, 2020 USD ($) employee | |
Covered Employees and Contributions, Multiemployer Plans [Line Items] | |||
Total multiemployer pension plan contributions | $ 145.3 | $ 128.1 | $ 37.5 |
Low | |||
Covered Employees and Contributions, Multiemployer Plans [Line Items] | |||
Multiemployer plans, covered employees (in number of employees) | employee | 6,601 | 2,412 | 1,119 |
High | |||
Covered Employees and Contributions, Multiemployer Plans [Line Items] | |||
Multiemployer plans, covered employees (in number of employees) | employee | 7,136 | 6,979 | 2,412 |
Pension | |||
Covered Employees and Contributions, Multiemployer Plans [Line Items] | |||
Total multiemployer pension plan contributions | $ 89 | $ 94 | $ 30 |
Other Multiemployer | |||
Covered Employees and Contributions, Multiemployer Plans [Line Items] | |||
Total multiemployer pension plan contributions | $ 56.3 | $ 34.1 | $ 7.5 |
Equity - Share Activity (Detail
Equity - Share Activity (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Jun. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Equity, Treasury Stock [Line Items] | ||||
Treasury stock acquired (in shares) | 1,124,000 | 0 | 3,600,000 | |
Treasury stock acquired, value | $ 81,291,000 | $ 120,228,000 | ||
Treasury stock reissued (in shares) | 100,000 | |||
Treasury stock reissued | $ 4,300,000 | |||
December 2018 Share Repurchase Program | ||||
Equity, Treasury Stock [Line Items] | ||||
Treasury stock acquired (in shares) | 100,000 | 3,000,000 | ||
Treasury stock acquired, value | $ 8,600,000 | $ 91,400,000 | ||
Share repurchase program, amount authorized, value | $ 100,000,000 | |||
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 | |||
March 2020 Share Repurchase Program | ||||
Equity, Treasury Stock [Line Items] | ||||
Treasury stock acquired (in shares) | 1,000,000 | |||
Treasury stock acquired, value | $ 72,700,000 | |||
Share repurchase program, amount authorized, value | $ 150,000,000 | |||
Stock repurchase program, remaining authorized repurchase amount | $ 77,300,000 |
Equity - Rollforward of Accumul
Equity - Rollforward of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Accumulated Other Comprehensive Loss [Line Items] | |||
Beginning balance | $ 2,543,861 | $ 2,005,525 | $ 1,791,691 |
Unrealized (losses) gains, net of tax | 27,821 | 12,668 | (15,738) |
Ending balance | 2,741,187 | 2,543,861 | 2,005,525 |
Foreign Currency | |||
Accumulated Other Comprehensive Loss [Line Items] | |||
Beginning balance | (64,014) | (64,272) | (65,685) |
Unrealized (losses) gains, net of tax | (3,089) | 258 | 1,413 |
Ending balance | (67,103) | (64,014) | (64,272) |
Other | |||
Accumulated Other Comprehensive Loss [Line Items] | |||
Beginning balance | (14,762) | (27,172) | (10,021) |
Unrealized (losses) gains, net of tax | 30,910 | 12,410 | (17,151) |
Ending balance | 16,148 | (14,762) | (27,172) |
Total | |||
Accumulated Other Comprehensive Loss [Line Items] | |||
Beginning balance | (78,776) | (91,444) | (75,706) |
Ending balance | $ (50,955) | $ (78,776) | $ (91,444) |
Income Taxes - Schedule of Comp
Income Taxes - Schedule of Components of Income before Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |||
Domestic | $ 66,700 | $ 414,100 | $ 435,900 |
Foreign | (23,600) | 16,000 | (10,700) |
Income before income taxes | $ 43,059 | $ 430,075 | $ 425,164 |
Income Taxes - Schedule of Prov
Income Taxes - Schedule of Provision for Income Tax (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Current: | |||
Federal | $ (9,800) | $ 36,900 | $ 70,600 |
Foreign | 3,600 | 1,500 | 2,100 |
State and local | 5,800 | 9,000 | 22,600 |
Total current income tax expense | (400) | 47,400 | 95,300 |
Deferred: | |||
Federal | 5,900 | 37,000 | 14,800 |
Foreign | 600 | (100) | (9,800) |
State and local | 3,100 | 15,000 | 2,200 |
Total deferred income tax expense | 9,600 | 51,900 | 7,200 |
Provision for income taxes | $ 9,171 | $ 99,346 | $ 102,465 |
Income Taxes - Schedule of Defe
Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Deferred tax assets: | ||
Accrued insurance | $ 40,900 | $ 42,200 |
Operating loss carryforwards and tax credits | 115,400 | 80,700 |
Compensation and benefits | 36,900 | 36,100 |
Bad debt | 2,000 | 1,600 |
Other | 36,400 | 15,400 |
Capitalized expenses | 110,300 | 0 |
Valuation allowance | (87,600) | (54,200) |
Total deferred tax assets | 254,300 | 121,800 |
Deferred tax liabilities: | ||
Property and equipment | 375,700 | 310,100 |
Goodwill | 91,300 | 77,900 |
Other intangible assets | 131,400 | 58,700 |
Gain on remeasurement of equity investee | 7,300 | 7,200 |
Revenue recognition | 84,600 | 1,600 |
Investments in unconsolidated entities | 109,300 | 99,700 |
Other | 26,100 | 17,000 |
Total deferred tax liabilities | 825,700 | 572,200 |
Net deferred tax liabilities | $ (571,401) | $ (450,361) |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Income Taxes [Line Items] | ||
Net operating loss carryforwards, deferred tax assets | $ 115.4 | $ 80.7 |
Unrecognized tax benefits, accrued interest and penalties | 3.1 | 2.3 |
Unrecognized tax benefits | 42.4 | |
State | ||
Income Taxes [Line Items] | ||
Net operating loss carryforwards, deferred tax assets | 21.4 | 18.6 |
Foreign | ||
Income Taxes [Line Items] | ||
Net operating loss carryforwards, deferred tax assets | 87.9 | 57.7 |
Federal | ||
Income Taxes [Line Items] | ||
Net operating loss carryforwards, deferred tax assets | $ 2.5 | $ 2.9 |
Income Taxes - Schedule of Effe
Income Taxes - Schedule of Effective Tax Rate Reconciliation (Details) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |||
U.S. statutory federal rate applied to pretax income | 21% | 21% | 21% |
State and local income taxes, net of federal benefit | 8.80% | 4.30% | 4.30% |
Foreign tax rate differential | 1.30% | 0.10% | (0.20%) |
Non-deductible expenses | (1.60%) | 0.30% | 1.50% |
Goodwill and intangible assets | (0.70%) | 0.40% | (0.20%) |
Change in tax rate | 12.70% | 1.60% | 0.60% |
Other | (1.30%) | 0.80% | (0.60%) |
Tax credits | (37.90%) | (4.80%) | (1.20%) |
Stock basis adjustment | 0% | (0.90%) | 0% |
Valuation allowance for deferred tax assets | 19% | 0.30% | (1.10%) |
Effective income tax rate | 21.30% | 23.10% | 24.10% |
Income Taxes - Rollforward of U
Income Taxes - Rollforward of Uncertain Tax Positions (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Uncertain Tax Positions [Rollforward] | |||
Beginning balance | $ 23.7 | $ 18.4 | $ 13.5 |
Additions based on tax positions related to the current year | 8 | 4.4 | 1.5 |
Additions for tax positions of prior years | 17.6 | 6.8 | 3.4 |
Settlements | 0 | (5.1) | 0 |
Lapse of statute of limitations | (6.9) | (0.8) | 0 |
Ending balance | $ 42.4 | $ 23.7 | $ 18.4 |
Segments and Related Informat_3
Segments and Related Information - Narrative (Details) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 segment | Dec. 31, 2021 USD ($) | |
Segment and Related Information [Line Items] | ||
Number of operating segments | 5 | |
Number of reportable segments | 5 | |
2021 Acquisitions | ||
Segment and Related Information [Line Items] | ||
Acquisition and integration costs | $ | $ 3.6 |
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, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Revenue: | |||
Revenue (in dollars) | $ 9,778,038 | $ 7,951,781 | $ 6,320,975 |
Communications | Customer Concentration Risk | Revenue Benchmark | Utilities | |||
Revenue: | |||
Concentration risk, percentage of total | 23.60% | 20.80% | 15.60% |
Reportable Segments | Communications | |||
Revenue: | |||
Revenue (in dollars) | $ 3,233,700 | $ 2,551,100 | $ 2,512,200 |
Reportable Segments | Clean Energy and Infrastructure | |||
Revenue: | |||
Revenue (in dollars) | 2,618,600 | 1,865,000 | 1,526,900 |
Reportable Segments | Oil and Gas | |||
Revenue: | |||
Revenue (in dollars) | 1,219,600 | 2,540,500 | 1,789,800 |
Reportable Segments | Power Delivery | |||
Revenue: | |||
Revenue (in dollars) | 2,725,200 | 1,016,800 | 506,500 |
Reportable Segments | Other | |||
Revenue: | |||
Revenue (in dollars) | 0 | 0 | 600 |
Eliminations | |||
Revenue: | |||
Revenue (in dollars) | $ (19,100) | $ (21,600) | $ (15,000) |
Segments and Related Informat_5
Segments and Related Information - Schedule of Financial Information by Reportable Segment - EBITDA (Details) - USD ($) $ in Thousands | 12 Months Ended | 24 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2022 | |
EBITDA: | ||||
Segment EBITDA | $ 828,100 | $ 1,003,800 | $ 907,000 | |
Loss on extinguishment of debt | 0 | 0 | 5,569 | |
2021 Acquisitions | ||||
EBITDA: | ||||
Acquisition and integration costs | 3,600 | |||
Bargain purchase gain | 3,600 | |||
Power Delivery | 2021 Acquisitions | ||||
EBITDA: | ||||
Bargain purchase gain | 200 | $ 3,600 | ||
Other | ||||
EBITDA: | ||||
Gain (loss) on investments | 2,800 | |||
Reportable Segments | Communications | ||||
EBITDA: | ||||
Segment EBITDA | 327,100 | 269,500 | 270,100 | |
Reportable Segments | Clean Energy and Infrastructure | ||||
EBITDA: | ||||
Segment EBITDA | 102,800 | 75,000 | 80,400 | |
Acquisition and integration costs | 6,400 | |||
Reportable Segments | Oil and Gas | ||||
EBITDA: | ||||
Segment EBITDA | 163,500 | 557,600 | 510,900 | |
Acquisition and integration costs | 8,000 | |||
Reportable Segments | Power Delivery | ||||
EBITDA: | ||||
Segment EBITDA | 202,900 | 68,000 | 14,900 | |
Acquisition and integration costs | 39,000 | |||
Reportable Segments | Other | ||||
EBITDA: | ||||
Segment EBITDA | 31,800 | 33,800 | 30,700 | |
Reportable Segments | Communications Segment | ||||
EBITDA: | ||||
Acquisition and integration costs | 4,700 | |||
Corporate | ||||
EBITDA: | ||||
Gain (loss) on investments | (7,700) | (7,800) | 10,100 | |
Bargain purchase gain | 200 | $ 3,500 | ||
Loss on extinguishment of debt | $ 5,600 | |||
Corporate | 2021 Acquisitions | ||||
EBITDA: | ||||
Acquisition and integration costs | $ 27,900 |
Segments and Related Informat_6
Segments and Related Information - Reconciliation of Consolidated Income before Income Taxes to EBITDA (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
EBITDA Reconciliation: | |||
Income before income taxes | $ 43,059 | $ 430,075 | $ 425,164 |
Interest expense, net | 112,255 | 53,413 | 59,629 |
Depreciation | 371,240 | 345,612 | 258,841 |
Amortization of intangible assets | 135,908 | 77,214 | 38,910 |
Corporate EBITDA | 165,600 | 97,500 | 124,500 |
Segment EBITDA | $ 828,100 | $ 1,003,800 | $ 907,000 |
Segments and Related Informat_7
Segments and Related Information - Schedule of Financial Information by Reportable Segment - Depreciation and Amortization (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Depreciation and Amortization: | |||
Consolidated depreciation and amortization | $ 507.1 | $ 422.8 | $ 297.8 |
Reportable Segments | Communications | |||
Depreciation and Amortization: | |||
Consolidated depreciation and amortization | 126.4 | 99.3 | 87.1 |
Reportable Segments | Clean Energy and Infrastructure | |||
Depreciation and Amortization: | |||
Consolidated depreciation and amortization | 87 | 43.5 | 18.2 |
Reportable Segments | Oil and Gas | |||
Depreciation and Amortization: | |||
Consolidated depreciation and amortization | 134.6 | 207.8 | 156.6 |
Reportable Segments | Power Delivery | |||
Depreciation and Amortization: | |||
Consolidated depreciation and amortization | 147.8 | 61.5 | 24.7 |
Reportable Segments | Other | |||
Depreciation and Amortization: | |||
Consolidated depreciation and amortization | 0 | 0 | 0.1 |
Corporate | |||
Depreciation and Amortization: | |||
Consolidated depreciation and amortization | $ 11.3 | $ 10.7 | $ 11.1 |
Segments and Related Informat_8
Segments and Related Information - Schedule of Financial Information by Reportable Segment - Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Assets: | |||
Consolidated segment assets | $ 9,293,259 | $ 7,121,393 | $ 5,227,900 |
Reportable Segments | Communications | |||
Assets: | |||
Consolidated segment assets | 2,378,600 | 2,100,900 | 1,941,900 |
Reportable Segments | Clean Energy and Infrastructure | |||
Assets: | |||
Consolidated segment assets | 2,979,900 | 1,067,000 | 653,700 |
Reportable Segments | Oil and Gas | |||
Assets: | |||
Consolidated segment assets | 1,544,200 | 1,527,600 | 1,631,100 |
Reportable Segments | Oil and Gas | Revision of Prior Period, Adjustment | |||
Assets: | |||
Consolidated segment assets | 77,000 | ||
Reportable Segments | Power Delivery | |||
Assets: | |||
Consolidated segment assets | 1,967,900 | 2,017,200 | 541,600 |
Reportable Segments | Power Delivery | Revision of Prior Period, Adjustment | |||
Assets: | |||
Consolidated segment assets | (192,200) | ||
Reportable Segments | Other | |||
Assets: | |||
Consolidated segment assets | 297,300 | 238,100 | 191,800 |
Reportable Segments | Communications Segment | Revision of Prior Period, Adjustment | |||
Assets: | |||
Consolidated segment assets | 69,400 | ||
Corporate | |||
Assets: | |||
Consolidated segment assets | 125,400 | $ 170,600 | $ 267,800 |
Corporate | Revision of Prior Period, Adjustment | |||
Assets: | |||
Consolidated segment assets | $ 45,800 |
Segments and Related Informat_9
Segments and Related Information - Schedule of Financial Information by Reportable Segment - Capital Expenditures (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Capital Expenditures: | |||
Consolidated capital expenditures | $ 263,352 | $ 170,066 | $ 213,746 |
Reportable Segments | Communications | |||
Capital Expenditures: | |||
Consolidated capital expenditures | 87,100 | 50,600 | 38,400 |
Reportable Segments | Clean Energy and Infrastructure | |||
Capital Expenditures: | |||
Consolidated capital expenditures | 35,800 | 44,600 | 14,000 |
Reportable Segments | Oil and Gas | |||
Capital Expenditures: | |||
Consolidated capital expenditures | 49,000 | 55,700 | 149,200 |
Reportable Segments | Power Delivery | |||
Capital Expenditures: | |||
Consolidated capital expenditures | 83,400 | 13,000 | 3,800 |
Reportable Segments | Other | |||
Capital Expenditures: | |||
Consolidated capital expenditures | 0 | 0 | 0 |
Corporate | |||
Capital Expenditures: | |||
Consolidated capital expenditures | $ 8,000 | $ 6,200 | $ 8,300 |
Segments and Related Informa_10
Segments and Related Information - Foreign Operations (Details) - USD ($) $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Segment and Related Information [Line Items] | ||||||
Revenue | $ 9,778,038 | $ 7,951,781 | $ 6,320,975 | |||
United States | ||||||
Segment and Related Information [Line Items] | ||||||
Revenue | 9,600,000 | 7,800,000 | 6,200,000 | |||
Property and equipment, net | $ 1,733,100 | $ 1,411,600 | $ 959,500 | 1,733,100 | 1,411,600 | 959,500 |
Intangible assets and goodwill, net | 3,000,000 | 2,100,000 | 1,400,000 | 3,000,000 | 2,100,000 | 1,400,000 |
Foreign Operations | ||||||
Segment and Related Information [Line Items] | ||||||
Revenue | 149,900 | 165,200 | 133,100 | |||
Property and equipment, net | 21,000 | 24,500 | 22,800 | 21,000 | 24,500 | 22,800 |
Intangible assets and goodwill, net | $ 35,500 | $ 43,800 | $ 50,500 | $ 35,500 | $ 43,800 | $ 50,500 |
Accounts Receivable, Net, Less Contract Liabilities | Geographic Concentration Risk | Foreign Operations | ||||||
Segment and Related Information [Line Items] | ||||||
Concentration risk, percentage of total | 1% | 2% | 5% | |||
Revenue Benchmark | Customer Concentration Risk | Government Transactions | ||||||
Segment and Related Information [Line Items] | ||||||
Concentration risk, percentage of total | 7% | 5% | 2% |
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 | |
Enbridge, Inc. | ||
Revenue, Significant Customer [Line Items] | ||
Concentration risk, percentage of total | 16% | |
AT&T (including DIRECTV) | ||
Revenue, Significant Customer [Line Items] | ||
Concentration risk, percentage of total | 15% |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Dec. 31, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Other Commitments [Line Items] | |||
Other current assets | $ 118,640 | $ 81,884 | |
Pension | |||
Other Commitments [Line Items] | |||
Payments for withdrawal obligation | 2,800 | ||
Gain recognized in other income related to acquisitions | 500 | ||
Multiemployer plans, withdrawal obligation | 3,400 | ||
Pension | IEA | |||
Other Commitments [Line Items] | |||
Multiemployer plans, withdrawal obligation | 1,900 | ||
Pension | Infrastructure Energy Alternatives, Inc. | |||
Other Commitments [Line Items] | |||
Monthly payment amount | 10 | ||
Employee Group Medical Claims Policy | Self-Insurance | |||
Other Commitments [Line Items] | |||
Self-insurance reserve | $ 4,100 | 4,200 | |
Settled Litigation | |||
Other Commitments [Line Items] | |||
Favorable arbitration award | $ 25,000 | ||
Other current assets | $ 19,000 | ||
Other legal related cost | $ 5,000 |
Commitments and Contingencies_2
Commitments and Contingencies - Legal, Letters of Credit, Bonds, Self-Insurance, Indemnities (Details) $ in Thousands, $ in Millions | Dec. 31, 2022 USD ($) | Dec. 31, 2022 CAD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2021 CAD ($) |
Commitments and Contingencies [Line Items] | ||||
Letters of credit issued | $ 166,700 | $ 188,500 | ||
Cash and cash equivalents | 370,592 | 360,736 | ||
Indemnities, accrued project close-out liabilities | 40,000 | 40,000 | ||
Proportionately Consolidated Non-Controlled Joint Venture | ||||
Commitments and Contingencies [Line Items] | ||||
Cash and cash equivalents | 25,700 | 14,600 | ||
Captive Insurance Company | ||||
Commitments and Contingencies [Line Items] | ||||
Cash and cash equivalents | 1,100 | 300 | ||
Self-Insurance | Workers' Compensation, General and Automobile Policies | ||||
Commitments and Contingencies [Line Items] | ||||
Self-insurance reserve | 176,700 | 189,800 | ||
Self-Insurance | Workers' Compensation, General and Automobile Policies | Other Long-Term Liabilities | ||||
Commitments and Contingencies [Line Items] | ||||
Self-insurance reserve, non-current | 109,300 | 126,500 | ||
Self-Insurance | Employee Group Medical Claims Policy | ||||
Commitments and Contingencies [Line Items] | ||||
Self-insurance reserve | 4,100 | 4,200 | ||
Performance and Payment Bonds | ||||
Commitments and Contingencies [Line Items] | ||||
Bonded projects, estimated costs to complete | 1,739,900 | 768,800 | ||
Performance and Payment Bonds | Proportionately Consolidated Non-Controlled Joint Venture | ||||
Commitments and Contingencies [Line Items] | ||||
Outstanding bonds, amount | 7,100 | $ 9.7 | 7,700 | $ 9.7 |
Performance and Payment Bonds | Subsidiaries | ||||
Commitments and Contingencies [Line Items] | ||||
Outstanding bonds, amount | 4,855,500 | 2,155,200 | ||
Performance and Payment Bonds | Subsidiaries | Proportionately Consolidated Non-Controlled Joint Venture | ||||
Commitments and Contingencies [Line Items] | ||||
Outstanding bonds, amount | 115,800 | 115,000 | ||
Financial Guarantees | Self-Insurance | Workers' Compensation, General and Automobile Policies | ||||
Commitments and Contingencies [Line Items] | ||||
Letters of credit issued | 95,600 | 125,700 | ||
Surety Bonds | Self-Insurance | Workers' Compensation | ||||
Commitments and Contingencies [Line Items] | ||||
Outstanding bonds, amount | $ 110,900 | $ 52,900 |
Commitments and Contingencies_3
Commitments and Contingencies - Investment Arrangements (Details) | 12 Months Ended | |
Dec. 31, 2022 USD ($) constructionProject | Dec. 31, 2021 USD ($) | |
Other Commitments [Line Items] | ||
Number of joint ventures | constructionProject | 4 | |
Proportionately Consolidated Non-Controlled Joint Venture | ||
Other Commitments [Line Items] | ||
Payments for advance to affiliate | $ | $ 0 | $ 700,000 |
Proportionately Consolidated Non-Controlled Joint Venture | Joint Ventures That Provide Electrical Transmission Infrastructure Services | Minimum | ||
Other Commitments [Line Items] | ||
Proportionately consolidated non-controlled joint venture, ownership percentage | 85% | |
Proportionately Consolidated Non-Controlled Joint Venture | Joint Ventures That Provide Electrical Transmission Infrastructure Services | Maximum | ||
Other Commitments [Line Items] | ||
Proportionately consolidated non-controlled joint venture, ownership percentage | 90% | |
Proportionately Consolidated Non-Controlled Joint Venture | Joint Venture Civil Construction Project | Minimum | ||
Other Commitments [Line Items] | ||
Proportionately consolidated non-controlled joint venture, ownership percentage | 25% | |
Proportionately Consolidated Non-Controlled Joint Venture | Joint Venture Civil Construction Project | Maximum | ||
Other Commitments [Line Items] | ||
Proportionately consolidated non-controlled joint venture, ownership percentage | 50% |
Commitments and Contingencies_4
Commitments and Contingencies - Concentrations of Risk (Details) - customer | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Concentration Risk [Line Items] | |||
Number of customers | 1,560 | ||
Revenue Benchmark | Customer Concentration Risk | Ten Largest Customers | |||
Concentration Risk [Line Items] | |||
Concentration risk, percentage of total | 39% | 54% | 55% |
Related Party Transactions - Na
Related Party Transactions - Narrative (Details) shares in Thousands, $ in Millions | 3 Months Ended | 12 Months Ended | ||||
Mar. 31, 2023 USD ($) shares | Dec. 31, 2022 USD ($) employee | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | Dec. 31, 2022 CAD ($) employee | Dec. 31, 2021 CAD ($) | |
Related Party Transaction [Line Items] | ||||||
Equity method investments, net investment | $ 306,000,000 | $ 267,000,000 | ||||
Ownership interest | 25% | 25% | ||||
Equity method investments, equity contributions | $ 900,000 | |||||
Negative equity method investment | 200,000 | 1,600,000 | ||||
Line of credit facility, letters of credit issued | 166,700,000 | 188,500,000 | ||||
Payments to noncontrolling interests | 728,000 | $ 8,965,000 | $ 719,000 | |||
2021 Acquisitions | ||||||
Related Party Transaction [Line Items] | ||||||
Noncontrolling interest, percentage of voting interests acquired | 15% | 15% | ||||
Payments to noncontrolling interests | $ 6,800,000 | |||||
2023 Acquisitions | Subsequent Event | ||||||
Related Party Transaction [Line Items] | ||||||
Payments to noncontrolling interests | $ 10,000,000 | |||||
Business combinations, percentage of interests acquired | 15% | |||||
Business acquisition, number of shares issued (in shares) | shares | 120 | |||||
2023 Acquisitions | Oil and Gas | Subsequent Event | ||||||
Related Party Transaction [Line Items] | ||||||
Business acquisition, equity interest issued or issuable, value assigned | $ 11,600,000 | |||||
Subcontracting Arrangements | ||||||
Related Party Transaction [Line Items] | ||||||
Receivables, related party | 2,300,000 | 2,300,000 | ||||
Management | ||||||
Related Party Transaction [Line Items] | ||||||
Payments for advance to affiliate | 1,200,000 | |||||
Management | Equipment, Supplies And Services | ||||||
Related Party Transaction [Line Items] | ||||||
Payments, related party | 35,000,000 | 81,200,000 | 80,900,000 | |||
Payables, related party | 2,600,000 | 600,000 | ||||
Revenue, related party | 10,400,000 | 4,200,000 | 4,100,000 | |||
Receivables, related party | 3,200,000 | 400,000 | ||||
Management | Subcontracting Arrangements | ||||||
Related Party Transaction [Line Items] | ||||||
Payments, related party | 200,000 | 90,300,000 | 1,900,000 | |||
Payables, related party | 500,000 | |||||
Receivables, related party | $ 400,000 | 400,000 | ||||
Number of management members, subcontracting arrangement | employee | 2 | 2 | ||||
Charges, related party | $ 800,000 | 800,000 | 900,000 | |||
Management | Subcontracting Arrangements | Line of Credit | ||||||
Related Party Transaction [Line Items] | ||||||
Line of credit facility, letters of credit issued | 15,000,000 | |||||
Management | Subcontracting Arrangements | 2021 Acquisitions | ||||||
Related Party Transaction [Line Items] | ||||||
Payments, related party | 1,500,000 | |||||
Payables, related party | 300,000 | |||||
Revenue, related party | 128,400,000 | |||||
Receivables, related party | 42,000,000 | |||||
Immediate Family Member of Management | Equipment | CCI | ||||||
Related Party Transaction [Line Items] | ||||||
Payables, related party | 600,000 | 800,000 | ||||
Revenue, related party | 300,000 | 100,000 | ||||
Receivables, related party | 0 | |||||
Payments, net of rebates, related party | 4,000,000 | 23,200,000 | 6,800,000 | |||
Chairman, Board of Directors | Leases | ||||||
Related Party Transaction [Line Items] | ||||||
Payments, related party | 2,600,000 | 2,600,000 | 2,600,000 | |||
Executive Officers | Related Customer | ||||||
Related Party Transaction [Line Items] | ||||||
Receivables, related party | 800,000 | |||||
Charges, related party | 1,100,000 | 1,200,000 | 1,300,000 | |||
Executive Officers | Former Owner | ||||||
Related Party Transaction [Line Items] | ||||||
Receivables, related party | 2,000,000 | 1,500,000 | ||||
Equity method investments, net investment | 1,500,000 | 1,500,000 | ||||
Executive Officers | Construction Services | ||||||
Related Party Transaction [Line Items] | ||||||
Payments, related party | 500,000 | 600,000 | $ 300,000 | |||
Payables, related party | 0 | 0 | ||||
Proportionately Consolidated Non-Controlled Joint Venture | ||||||
Related Party Transaction [Line Items] | ||||||
Payments for advance to affiliate | $ 0 | 700,000 | ||||
Proportionately Consolidated Non-Controlled Joint Venture | Canadian Joint Venture | ||||||
Related Party Transaction [Line Items] | ||||||
Proportionately consolidated non-controlled joint venture, ownership percentage | 35% | 35% | ||||
Proportionately Consolidated Non-Controlled Joint Venture | Performance and Payment Bonds | ||||||
Related Party Transaction [Line Items] | ||||||
Outstanding bonds, amount | $ 7,100,000 | $ 7,700,000 | $ 9.7 | $ 9.7 |
Related Party Transactions - Sp
Related Party Transactions - Split Dollar Agreements (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
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 | 25.8 | $ 24 | |
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, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Schedule II - Valuation and Qualifying Accounts [Roll Forward] | |||
Balance at Beginning of Period | $ 169.9 | $ 125.2 | $ 123.9 |
Charges to Cost and Expense | 26.1 | 82.3 | 59.2 |
Other Additions | 69.9 | 0 | 0 |
(Deductions) | (40.7) | (37.6) | (57.9) |
Balance at End of Period | 225.2 | 169.9 | 125.2 |
Allowance for credit losses | |||
Schedule II - Valuation and Qualifying Accounts [Roll Forward] | |||
Balance at Beginning of Period | 7.8 | 20.5 | 10.1 |
Charges to Cost and Expense | 2.6 | 2.8 | 12.1 |
Other Additions | 0 | 0 | 0 |
(Deductions) | (2) | (15.5) | (1.7) |
Balance at End of Period | 8.4 | 7.8 | 20.5 |
Allowance for unbilled receivables and project close-out liabilities | |||
Schedule II - Valuation and Qualifying Accounts [Roll Forward] | |||
Balance at Beginning of Period | 96.8 | 50.4 | 57.3 |
Charges to Cost and Expense | 9.4 | 67 | 38.5 |
Other Additions | 40.3 | 0 | 0 |
(Deductions) | (29.5) | (20.6) | (45.4) |
Balance at End of Period | 117 | 96.8 | 50.4 |
Valuation allowance for inventory | |||
Schedule II - Valuation and Qualifying Accounts [Roll Forward] | |||
Balance at Beginning of Period | 11.1 | 8.5 | 7.7 |
Charges to Cost and Expense | 2.5 | 3.1 | 1.8 |
Other Additions | 0 | 0 | 0 |
(Deductions) | (1.4) | (0.5) | (1) |
Balance at End of Period | 12.2 | 11.1 | 8.5 |
Valuation allowance for deferred tax assets | |||
Schedule II - Valuation and Qualifying Accounts [Roll Forward] | |||
Balance at Beginning of Period | 54.2 | 45.8 | 48.8 |
Charges to Cost and Expense | 11.6 | 9.4 | 6.8 |
Other Additions | 29.6 | 0 | 0 |
(Deductions) | (7.8) | (1) | (9.8) |
Balance at End of Period | $ 87.6 | $ 54.2 | $ 45.8 |