MasTec (MTZ) 10-Q 4 May 23 2023 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Mar. 31, 2023	May 01, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2023
Document Transition Report	false
Entity File Number	001-08106
Entity Registrant Name	MasTec, Inc.
Entity Incorporation, State or Country Code	FL
Entity Tax Identification Number	65-0829355
Entity Address, Address Line One	800 S. Douglas Road, 12th Floor
Entity Address, City or Town	Coral Gables,
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	33134
City Area Code	305
Local Phone Number	599-1800
Title of 12(b) Security	Common Stock, $0.10 Par Value
Trading Symbol	MTZ
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		78,859,193
Entity Central Index Key	0000015615
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Amendment Flag	false

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Income Statement [Abstract]
Revenue	$ 2,584,659	$ 1,954,400
Costs of revenue, excluding depreciation and amortization	2,359,494	1,733,316
Depreciation	107,247	85,194
Amortization of intangible assets	41,944	25,589
General and administrative expenses	163,914	145,390
Interest expense, net	52,693	16,041
Equity in earnings of unconsolidated affiliates, net	(9,152)	(6,777)
Other (income) expense, net	(6,201)	3,754
Loss before income taxes	(125,280)	(48,107)
Benefit from income taxes	44,734	13,148
Net loss	(80,546)	(34,959)
Net (loss) income attributable to non-controlling interests	(6)	19
Net loss attributable to MasTec, Inc.	$ (80,540)	$ (34,978)
Loss per share (Note 2):
Basic earnings per share (in dollars per share)	$ (1.05)	$ (0.47)
Diluted earnings per share (in dollars per share)	$ (1.05)	$ (0.47)
Basic weighted average common shares outstanding (in shares)	76,984	74,789
Diluted weighted average common shares outstanding (in shares)	76,984	74,789

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Statement of Comprehensive Income [Abstract]
Net loss	$ (80,546)	$ (34,959)
Other comprehensive (loss) income:
Foreign currency translation gains, net of tax	672	913
Unrealized (losses) gains on investment activity, net of tax	(4,177)	13,754
Comprehensive loss	(84,051)	(20,292)
Comprehensive (loss) income attributable to non-controlling interests	(6)	19
Comprehensive loss attributable to MasTec, Inc.	$ (84,045)	$ (20,311)

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 141,560	$ 370,592
Accounts receivable, net of allowance	1,372,046	1,399,732
Contract assets	1,769,631	1,729,886
Inventories, net	164,917	117,969
Prepaid expenses	123,378	122,308
Other current assets	85,131	118,640
Total current assets	3,656,663	3,859,127
Property and equipment, net	1,730,602	1,754,101
Operating lease right-of-use assets	276,231	279,534
Goodwill, net	2,065,602	2,045,041
Other intangible assets, net	904,412	946,299
Other long-term assets	421,826	409,157
Total assets	9,055,336	9,293,259
Current liabilities:
Current portion of long-term debt, including finance leases	166,676	171,916
Current portion of operating lease liabilities	96,817	96,516
Accounts payable	925,609	1,109,867
Accrued salaries and wages	198,295	181,888
Other accrued expenses	331,247	365,971
Contract liabilities	438,645	406,232
Other current liabilities	221,246	163,647
Total current liabilities	2,378,535	2,496,037
Long-term debt, including finance leases	3,045,526	3,052,193
Long-term operating lease liabilities	190,132	194,050
Deferred income taxes	535,531	571,401
Other long-term liabilities	257,980	238,391
Total liabilities	6,407,704	6,552,072
Commitments and contingencies (Note 14)
Equity
Preferred stock, $1.00 par value: authorized shares - 5,000,000; issued and outstanding shares – none	0	0
Common stock, $0.10 par value: authorized shares - 145,000,000; issued shares - 98,674,997 and 98,615,105 (including 1,377,480 and 2,047,130 of unvested stock awards) as of March 31, 2023 and December 31, 2022, respectively	9,867	9,862
Capital surplus	1,235,608	1,246,590
Retained earnings	2,115,202	2,195,742
Accumulated other comprehensive loss	(54,460)	(50,955)
Treasury stock, at cost: 19,813,055 and 19,933,055 shares as of March 31, 2023 and December 31, 2022, respectively	(659,913)	(663,910)
Total MasTec, Inc. shareholders’ equity	2,646,304	2,737,329
Non-controlling interests	1,328	3,858
Total equity	2,647,632	2,741,187
Total liabilities and equity	$ 9,055,336	$ 9,293,259

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2023	Dec. 31, 2022
Preferred stock, par value (in dollars per share)	$ 1	$ 1
Preferred stock, shares authorized (in shares)	5,000,000	5,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.10	$ 0.10
Common stock, shares authorized (in shares)	145,000,000	145,000,000
Common stock, shares issued (in shares)	98,674,997	98,615,105
Treasury stock, shares (in shares)	19,813,055	19,933,055
Common Stock
Common stock, shares issued (in shares)	98,674,997	98,615,105
Restricted Stock Awards | Common Stock
Unvested stock awards (in shares)	1,377,480	2,047,130

Consolidated Statements of Equi

Consolidated Statements of Equity - USD ($) $ in Thousands	Total	Total MasTec, Inc. Shareholders’ Equity	Common Stock	Treasury Stock	Capital Surplus	Retained Earnings	Accumulated Other Comprehensive Loss	Non-Controlling Interests
Beginning balance, common shares outstanding (in shares) at Dec. 31, 2021			95,371,211
Beginning balance at Dec. 31, 2021	$ 2,543,861	$ 2,539,809	$ 9,537	$ (586,955)	$ 1,033,615	$ 2,162,388	$ (78,776)	$ 4,052
Beginning balance, treasury shares (in shares) at Dec. 31, 2021				(18,941,926)
Condensed Unaudited Consolidated Statements of Equity
Net (loss) income	(34,959)	(34,978)				(34,978)		19
Other comprehensive income (loss)	14,667	14,667					14,667
Non-cash stock-based compensation	6,336	6,336			6,336
Issuance of restricted shares, net (in shares)			165,010
Issuance of restricted shares, net	0	0	$ 17		(17)
Shares withheld for taxes, net of other stock issuances (in shares)			(48,204)
Shares withheld for taxes, net of other stock issuances	$ (4,037)	(4,037)	$ (5)		(4,032)
Acquisition of treasury stock, at cost (in shares)	(187,978)			(187,978)
Acquisition of treasury stock, at cost	$ (13,791)	(13,791)		$ (13,791)
Ending balance, common shares outstanding (in shares) at Mar. 31, 2022			95,488,017
Ending balance at Mar. 31, 2022	$ 2,512,077	2,508,006	$ 9,549	$ (600,746)	1,035,902	2,127,410	(64,109)	4,071
Ending balance, treasury shares (in shares) at Mar. 31, 2022				(19,129,904)
Beginning balance, common shares outstanding (in shares) at Dec. 31, 2022	98,615,105		98,615,105
Beginning balance at Dec. 31, 2022	$ 2,741,187	2,737,329	$ 9,862	$ (663,910)	1,246,590	2,195,742	(50,955)	3,858
Beginning balance, treasury shares (in shares) at Dec. 31, 2022	(19,933,055)			(19,933,055)
Condensed Unaudited Consolidated Statements of Equity
Net (loss) income	$ (80,546)	(80,540)				(80,540)		(6)
Other comprehensive income (loss)	(3,505)	(3,505)					(3,505)
Non-cash stock-based compensation	8,515	8,515			8,515
Issuance of shares in connection with acquisition (in shares)			2,235
Issuance of shares in connection with acquisition	206	206			206
Issuance of restricted shares, net (in shares)			174,833
Issuance of restricted shares, net	0	0	$ 17		(17)
Shares withheld for taxes, net of other stock issuances (in shares)			(117,176)
Shares withheld for taxes, net of other stock issuances	(8,225)	(8,225)	$ (12)		(8,213)
Purchase of non-controlling interests				120,000
Purchase of non-controlling interests	$ (10,000)	(7,476)		$ 3,997	(11,473)			(2,524)
Acquisition of treasury stock, at cost (in shares)	0
Ending balance, common shares outstanding (in shares) at Mar. 31, 2023	98,674,997		98,674,997
Ending balance at Mar. 31, 2023	$ 2,647,632	$ 2,646,304	$ 9,867	$ (659,913)	$ 1,235,608	$ 2,115,202	$ (54,460)	$ 1,328
Ending balance, treasury shares (in shares) at Mar. 31, 2023	(19,813,055)			(19,813,055)

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Cash flows from operating activities:
Net loss	$ (80,546)	$ (34,959)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:
Depreciation	107,247	85,194
Amortization of intangible assets	41,944	25,589
Non-cash stock-based compensation expense	8,515	6,336
(Benefit from) provision for deferred income taxes	(30,863)	1,647
Equity in earnings of unconsolidated affiliates, net	(9,152)	(6,777)
Gains on sales of assets, net	(7,818)	(2,568)
Non-cash interest expense, net	1,367	854
Other non-cash items, net	1,585	(926)
Changes in assets and liabilities, net of acquisitions:
Accounts receivable	50,082	121,646
Contract assets	(22,011)	(104,490)
Inventories	(5,673)	(8,980)
Other assets, current and long-term portion	36,587	36,268
Accounts payable and accrued expenses	(212,714)	14,537
Contract liabilities	29,495	(13,802)
Other liabilities, current and long-term portion	5,584	11,949
Net cash (used in) provided by operating activities	(86,371)	131,518
Cash flows from investing activities:
Cash paid for acquisitions, net of cash acquired	(46,506)	(21,840)
Capital expenditures	(63,346)	(83,191)
Proceeds from sales of property and equipment	19,946	4,630
Payments for other investments	(205)	(960)
Proceeds from other investments	425	0
Other investing activities, net	200	0
Net cash used in investing activities	(89,486)	(101,361)
Cash flows from financing activities:
Proceeds from credit facilities	918,000	773,500
Repayments of credit facilities	(911,188)	(855,083)
Payments of finance lease obligations	(37,047)	(41,600)
Repurchases of common stock	0	(13,791)
Payments to non-controlling interests, including acquisition of interests and distributions	(11,660)	0
Payments for stock-based awards	(13,107)	(3,996)
Other financing activities, net	1,560	(17,046)
Net cash used in financing activities	(53,442)	(158,016)
Effect of currency translation on cash	267	256
Net decrease in cash and cash equivalents	(229,032)	(127,603)
Cash and cash equivalents - beginning of period	370,592	360,736
Cash and cash equivalents - end of period	141,560	233,133
Supplemental cash flow information:
Interest paid	59,444	23,178
Income tax payments, net	(939)	(740)
Supplemental disclosure of non-cash information:
Additions to property and equipment from finance leases	$ 22,633	$ 48,604

Business, Basis of Presentation

Business, Basis of Presentation and Significant Accounting Policies	3 Months Ended
	Mar. 31, 2023
Accounting Policies [Abstract]
Business, Basis of Presentation and Significant Accounting Policies	Business, Basis of Presentation and Significant Accounting Policies Nature of the Business MasTec, Inc. (collectively with its subsidiaries, “MasTec” or the “Company”) is a leading infrastructure construction company operating mainly throughout North America across a range of industries. The Company’s primary activities include the engineering, building, installation, maintenance and upgrade of communications, energy, utility and other infrastructure, such as: power delivery services, including transmission, distribution, environmental planning and compliance; wireless, wireline/fiber and customer fulfillment activities; power generation, primarily from clean energy and renewable sources; pipeline distribution infrastructure, including natural gas, carbon capture sequestration, water and pipeline integrity services; heavy civil; industrial infrastructure; and environmental remediation services. MasTec’s customers are primarily in these industries. MasTec reports its results under five reportable segments: (1) Communications; (2) Clean Energy and Infrastructure; (3) Oil and Gas; (4) Power Delivery and (5) Other. Basis of Presentation The accompanying consolidated financial statements are unaudited and have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) for interim financial information and with the instructions for Form 10-Q and Rule 10-01 of Regulation S-X. Pursuant to these rules and regulations, certain information and footnote disclosures normally included in the annual audited consolidated financial statements prepared in accordance with U.S. GAAP have been condensed or omitted. The accompanying consolidated balance sheet as of December 31, 2022 is derived from the Company’s audited financial statements as of that date. Because certain information and footnote disclosures have been condensed or omitted, these consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto as of and for the year ended December 31, 2022 contained in the Company’s 2022 Annual Report on Form 10-K (the “2022 Form 10-K”). In management’s opinion, all normal and recurring adjustments considered necessary for a fair presentation of the financial position, results of operations and cash flows for the periods presented have been included. When appropriate, prior year amounts are reclassified to conform with the current period presentation. Interim period operating results do not necessarily indicate the results that may be expected for any other interim period or for the full fiscal year. The Company believes that the disclosures made in these consolidated financial statements are adequate to make the information not misleading. Principles of Consolidation The accompanying consolidated financial statements include MasTec, Inc. and its subsidiaries and include the accounts of all majority owned subsidiaries over which the Company exercises control and, when applicable, entities in which the Company has a controlling financial interest. All significant intercompany balances and transactions have been eliminated in consolidation. Other parties’ interests in entities that MasTec consolidates are reported as non-controlling interests within equity, except for mandatorily redeemable non-controlling interests, which are recorded within other liabilities. Net income or loss attributable to non-controlling interests is reported as a separate line item below net income or loss. Investments in entities for which the Company does not have a controlling financial interest, but over which it has the ability to exert significant influence, are accounted for under the equity method of accounting. For equity investees in which the Company has an undivided interest in the assets, liabilities and profits or losses of an unincorporated entity, but does not exercise control over the entity, the Company consolidates its proportional interest in the accounts of the entity. Translation of Foreign Currencies The assets and liabilities of foreign subsidiaries with a functional currency other than the U.S. dollar are translated into U.S. dollars at period-end exchange rates, with resulting translation gains or losses included within other comprehensive income or loss. Revenue and expenses are translated into U.S. dollars at average rates of exchange during the applicable period. Substantially all of the Company’s foreign operations use their local currency as their functional currency. For foreign operations for which the local currency is not the functional currency, the operation’s non-monetary assets are remeasured into U.S. dollars at historical exchange rates. All other accounts are remeasured at current exchange rates. Gains or losses from remeasurement are included in other income or expense, net. Currency gains or losses resulting from transactions executed in currencies other than the functional currency are included in other income or expense, net. In these consolidated financial statements, “$” means U.S. dollars unless otherwise noted. Management Estimates The preparation of consolidated financial statements in accordance with U.S. GAAP requires the use of estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. These estimates are based on historical experience and various other assumptions that management believes to be reasonable under the circumstances, including the potential future effects of macroeconomic trends and events, such as inflation and interest rate levels; uncertainty from potential recessionary effects; supply chain disruptions; 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, Market and Regulatory Conditions The Company has experienced, and may continue to experience, direct and indirect negative effects on its business and operations from negative economic, market, and regulatory conditions, including rising interest rates, recent inflationary effects on fuel prices, labor and materials costs, 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 extent to which general economic, market and regulatory 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. Significant Accounting Policies Revenue Recognition The Company recognizes revenue from contracts with customers when, or as, control of promised services and goods is transferred to customers. The amount of revenue recognized reflects the consideration to which the Company expects to be entitled in exchange for the services and goods transferred. The Company primarily recognizes revenue over time utilizing the cost-to-cost measure of progress, which best depicts the continuous transfer of control of goods or services to the customer, and correspondingly, when performance obligations are satisfied for the related contracts. Contracts. The Company derives revenue primarily from construction projects performed under: (i) master service and other service agreements, which generally provide a menu of available services in a specific geographic territory that are utilized on an as-needed basis, and are typically priced using either a time and materials or a fixed price per unit basis; and (ii) contracts for specific projects requiring the construction and installation of an entire infrastructure system, or specified units within an infrastructure system, which 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 47% and 58% of consolidated revenue for the three month periods ended March 31, 2023 and 2022, respectively. For certain master service and other service agreements, revenue is recognized at a point in time, primarily for install-to-the-home and certain other wireless services in the Company’s Communications segment, and to a lesser extent, certain revenue in the Company’s Clean Energy and Infrastructure and Oil and Gas segments. Point in time revenue is recognized when the work order has been fulfilled, which for the majority of the Company’s point in time revenue, is the same day it is initiated. Point in time revenue accounted for approximately 3% and 4% of consolidated revenue for the three month periods ended March 31, 2023 and 2022, respectively. 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 revisions could materially affect the Company’s consolidated results of operations for that period. Provisions for losses on uncompleted contracts are recorded in the period in which such losses are determined. For the three month period ended March 31, 2023, excluding the effects on the Company’s results of operations of margin decreases for three projects within the Company’s Clean Energy and Infrastructure segment totaling approximately $8.5 million, project profit was affected by less than 5% as a result of changes in contract estimates included in projects that were in process as of December 31, 2022. For the three month period ended March 31, 2022, project profit was affected by less than 5% as a result of changes in contract estimates included in projects that were in process as of December 31, 2021. Changes in recognized revenue, net, as a result of changes in total contract transaction price estimates, including from variable consideration, and/or changes in cost estimates, related to performance obligations satisfied or partially satisfied in prior periods, for the three month period ended March 31, 2023 totaled a net decrease of approximately $9.6 million, and for the three month period ended March 31, 2022, totaled a n et increase o f approximately $11.9 million. 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 majority of the Company’s performance obligations are completed within one year. Remaining performance obligations represent the amount of unearned transaction prices under contracts for which work is wholly or partially unperformed, including the Company’s share of unearned transaction prices from its proportionately consolidated non-controlled joint ventures. As of March 31, 2023, the amount of the Company’s remaining performance obligations was $8.4 billion. Based on current expectations, the Company anticipates it will recognize approximately $5.7 billion of its remaining performance obligations as revenue during 2023, with the majority of the remaining balance expected to be recognized in 2024. Variable Consideration. Transaction prices for the Company’s contracts may include variable consideration, which comprises items such as change orders, claims and incentives. Management estimates variable consideration for a performance obligation utilizing estimation methods that it believes best predict the amount of consideration to which the Company will be entitled. Management’s estimates of variable consideration and the determination of whether to include estimated amounts in transaction prices are based largely on 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. To the extent unapproved change orders, claims and other variable consideration reflected in transaction prices are not resolved in the Company’s favor, or to the extent incentives reflected in transaction prices are not earned, there could be reductions in, or reversals of, previously recognized revenue. As of March 31, 2023 and December 31, 2022, the Company included approximately $285 million and $271 million, respectively, of change orders and/or claims in transaction prices for certain contracts that were in the process of being resolved in the ordinary course of business, including through negotiation, arbitration and other proceedings. These transaction price adjustments, when earned, are included within contract assets or accounts receivable, net of allowance, as appropriate. As of both March 31, 2023 and December 31, 2022, these change orders and/or claims primarily related to certain projects in the Company’s Clean Energy and Infrastructure and Power Delivery segments 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. Recent Accounting Pronouncements The discussion below describes the effects of recent accounting pronouncements, as updated from the discussion in the Company’s 2022 Form 10-K. Accounting Pronouncements Adopted in 2023 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, which the Company adopted in the first quarter of 2023, did not have a material effect on the Company’s consolidated financial statements. Recently Issued Accounting Pronouncements In March 2023, the FASB issued ASU 2023-01, Leases (Topic 842): Common Control Arrangements (“ASU 2023-01”) to improve the guidance for applying Topic 842, Leases, to arrangements between entities under common control. ASU 2023-01 improves current GAAP by clarifying the accounting for leasehold improvements associated with common control leases, thereby reducing diversity in practice. The provisions of this ASU that apply to public companies include a requirement for entities to amortize leasehold improvements associated with common control leases over the useful life to the common control group. ASU 2023-01 is effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2023, with early adoption permitted. The Company is currently evaluating the effects of this ASU, however, this ASU is not expected to have a material effect on the Company’s consolidated financial statements.

Earnings Per Share

Earnings Per Share	3 Months Ended
	Mar. 31, 2023
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share Basic earnings or loss per share is computed by dividing net income or loss attributable to MasTec by the weighted average number of common shares outstanding for the period, which excludes non-participating unvested restricted share awards. Diluted earnings per share is computed by dividing net income attributable to MasTec by the weighted average number of fully diluted shares, as calculated primarily under the treasury stock method, which includes the potential effect of dilutive common stock equivalents, such as issued but unvested restricted shares. If the Company reports a loss, rather than income, the computation of diluted loss per share excludes the effect of dilutive common stock equivalents, as their effect would be anti-dilutive. The following table provides details underlying the Company’s earnings per share calculations for the periods indicated (in thousands): For the Three Months Ended March 31, 2023 2022 Net loss attributable to MasTec: Net loss - basic and diluted (a) $ (80,540) $ (34,978) Weighted average shares outstanding: Weighted average shares outstanding - basic (b) 76,984 74,789 Dilutive common stock equivalents (c) — — Weighted average shares outstanding - diluted 76,984 74,789 (a) Basic net income or loss is calculated as total net income or loss, less amounts attributable to non-controlling interests. Diluted net income or loss is calculated as total net income or loss, less amounts attributable to non-controlling interests, adjusted for the fair value gain or loss, if any, related to additional contingent payments to the former owners of an acquired business for which the contingency has been resolved as of the respective period. See Note 3 - Acquisitions, Goodwill and Other Intangible Assets, Net, for additional information. (b) For the three month periods ended March 31, 2023 and 2022, basic shares include approximately 99,000 and 72,000 weighted average shares, respectively, related to additional contingent payments. (c) Weighted average anti-dilutive common stock equivalents totaled approximately 1,330,000 and 1,321,000, for the three month periods ended March 31, 2023 and 2022, respectively. For the three month period ended March 31, 2023, weighted average anti-dilutive common stock equivalents related to additional contingent payments to the former owners of an acquired business were de minimis, and for the three month period ended March 31, 2022, such anti-dilutive common stock equivalents totaled 63,000. Share repurchases . There were no share repurchases under the Company’s share repurchase programs for the three month period ended March 31, 2023. For the three month period ended March 31, 2022, the Company repurchased 187,978 shares of its common stock, the effect of which on the Company’s weighted average shares outstanding was minimal. See Note 11 - Equity for details of the Company’s share repurchase transactions. Shares issued for acquisitions . In the fourth quarter of 2022, the Company iss ued approximately 2,758,000 sha res of its common stock in conjunction with the October 2022 acquisition of Infrastructure and Energy Alternatives, Inc. (“IEA”). In the second quarter of 2022, the Company issued 133,000 shares in connection with the December 2021 acquisition of Henkels & McCoy Holdings, Inc., formerly known as Henkels & McCoy Group, Inc. (“HMG”). See Note 3 - Acquisitions, Goodwill and Other Intangible Assets, Net for additional information.

Acquisitions, Goodwill, and Oth

Acquisitions, Goodwill, and Other Intangible Assets, Net	3 Months Ended
	Mar. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Acquisitions, Goodwill, and Other Intangible Assets, Net	Acquisitions, Goodwill and Other Intangible Assets, Net The following table provides a reconciliation of changes in goodwill by reportable segment for the three month period ended March 31, 2023 (in millions): Communications Clean Energy and Infrastructure Oil and Gas Power Delivery Total Goodwill Goodwill, gross, as of December 31, 2022 $ 606.1 $ 703.3 $ 582.2 $ 270.1 $ 2,161.7 Accumulated impairment loss (a) — — (116.7) — (116.7) Goodwill, net, as of December 31, 2022 $ 606.1 $ 703.3 $ 465.5 $ 270.1 $ 2,045.0 Additions from new business combinations 0.3 — — — 0.3 Measurement period adjustments (b) — 19.4 0.9 — 20.3 Goodwill, net as of March 31, 2023 $ 606.4 $ 722.7 $ 466.4 $ 270.1 $ 2,065.6 (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, for the three month period ended March 31, 2023 relate primarily to reductions in certain accounts receivable balances and increases in contingent liabilities, including for insurance and other matters. The following table provides a reconciliation of changes in other intangible assets, net, for the period indicated (in millions): Other Intangible Assets, Net Customer Relationships and Backlog Trade Names (a) Other (b) Total Other intangible assets, gross, as of December 31, 2022 $ 1,089.4 $ 228.9 $ 86.6 $ 1,404.9 Accumulated amortization (388.8) (28.9) (40.9) (458.6) Other intangible assets, net, as of December 31, 2022 $ 700.6 $ 200.0 $ 45.7 $ 946.3 Amortization expense (34.8) (5.0) (2.1) (41.9) Other intangible assets, net, as of March 31, 2023 $ 665.8 $ 195.0 $ 43.6 $ 904.4 (a) Trade names includes approximately $34.5 million of non-amortizing trade names as of both March 31, 2023 and December 31, 2022. (b) Consists principally of pre-qualifications and non-compete agreements. Quarterly Assessment for Indicators of Impairment . During the first quarter of 2023, the Company performed a quarterly review for indicators of impairment, which considered its results for the three month period ended March 31, 2023, together with its expectations of future results, including consideration of the potential effects of shifts in timing for projects and macroeconomic factors. In conjunction with this quarterly review, management performed a quantitative assessment of the goodwill associated with one reporting unit within the Communications segment, one reporting unit within the Oil and Gas segment and one reporting unit within the Clean Energy and Infrastructure segment. Based on the results of these assessments, management determined that the estimated fair values of these reporting units substantially exceeded their carrying values as of March 31, 2023. Significant changes in the assumptions or estimates used in management’s assessment, such as a reduction in profitability and/or cash flows, changes in market conditions, including decreases in market activity levels and/or the effects of rising inflation, including on interest rates, could result in non-cash impairment charges to goodwill and indefinite-lived intangible assets in the future. Recent Acquisitions The Company seeks to grow and diversify its business both organically and through acquisitions and/or strategic arrangements in order to deepen its market presence, broaden its geographic reach and expand its service offerings. In 2021, the Company initiated a significant transformation of its end-market business operations to focus on the nation’s transition to low-carbon energy sources and position the Company for expected future opportunities. This transformation has included significant business combination activity, including expansion of the Company’s scale and capacity in renewable energy, power delivery, heavy civil and telecommunications services, which activity has resulted in significant acquisition and integration costs, both in the Company’s existing and recently acquired operations. Acquisitions are funded with cash on hand, borrowings under the Company’s senior unsecured credit facility and other debt financing and, for certain recent acquisitions, with shares of the Company’s common stock, and are generally subject to customary purchase price adjustments. 2023 Acquisitions. For the three month period ended March 31, 2023, MasTec acquired certain of the assets of a telecommunications company specializing in wireless services that is included within the Company’s Communications segment, which acquisition was effective in January and has been accounted for as a business combination under ASC 805, “ Business Combinations .” The aggregate purchase price for this entity was composed of approximately $45 million in cash, net of cash acquired. Determination of the estimated fair values of net assets acquired and consideration transferred for this acquisition was preliminary as of March 31, 2023; as a result, further adjustments to these estimates may occur. 2022 Acquisitions. During 2022, MasTec completed five acquisitions, which included all of the equity interests of the following: (i) within the Company’s Clean Energy and Infrastructure segment: IEA, a leading utility-scale infrastructure solutions provider in North America, with expertise in renewable energy and heavy civil projects, as well as rail and environmental remediation services, which acquisition was effective in October; and a company 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 the net assets acquired and the estimated earn-out liabilities and consideration transferred for certain of the Company’s 2022 acquisitions was preliminary as of March 31, 2023; as a result, further adjustments to such estimates may occur. The following table summarizes, as of March 31, 2023, the estimated fair values of consideration paid and net assets acquired, as adjusted, for the Company’s 2022 acquisitions (in millions): Acquisition consideration: IEA All other Total Cash, net of cash acquired $ 564.5 $ 48.4 $ 612.9 Shares transferred 173.7 — 173.7 Estimated fair value of warrants 10.3 — 10.3 Estimated fair value of contingent consideration — 2.8 2.8 Total consideration $ 748.5 $ 51.2 $ 799.7 Identifiable assets acquired and liabilities assumed: Accounts receivable and contract assets $ 584.9 $ 6.1 $ 591.0 Current assets 36.1 1.5 37.6 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 (136.5) (4.6) (141.1) Current liabilities, including current portion of operating lease liabilities (435.8) (2.7) (438.5) Long-term debt, including finance lease obligations (330.8) (0.2) (331.0) Long-term liabilities, primarily operating lease liabilities and deferred income taxes (131.4) (0.2) (131.6) Total identifiable net assets $ 198.6 $ 36.1 $ 234.7 Goodwill 549.9 15.1 565.0 Total net assets acquired, including goodwill $ 748.5 $ 51.2 $ 799.7 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 $39 million of the goodwill balance related to the 2022 acquisitions is expected to be tax deductible as of March 31, 2023. The shares of MasTec common stock included in consideration transferred for IEA in the table above consist of approximately 2.7 million shares, valued at approximately $174 million based on the market price of MasTec common stock on the date of closing. Total cash paid for acquisitions, net, includes approximately $44 million of cash acquired. 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. Included in consideration transferred for IEA is the value of certain warrants that were originally issued by IEA, for which the remaining warrants outstanding as of December 31, 2022 had an estimated fair value of $3.1 million. Under the terms of the IEA merger agreement, holders of the IEA warrants became entitled to receive an amount in cash and shares of MasTec common stock upon the exercise of the IEA warrants. During the first quarter of 2023, the number of MasTec shares issued in connection with exercised IEA warrants was de minimis. The remaining warrants expired unexercised on March 26, 2023. For the three month period ended March 31, 2023, the Company recorded fair value gains totaling approximately $2.8 million, related primarily to the expired warrants, which amount is reflected in other income. 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 March 31, 2023, the range of remaining potential undiscounted earn-out liabilities for the 2022 acquisitions was estimated to be up to $4 million; however, there is no maximum payment amount. Current liabilities reflected in the table above include contingent liabilities for insurance and other matters. HMG Additional Payments. The HMG purchase agreement, for which the subject acquisition was effective in December 2021, provides for certain additional payments to be made to the sellers if certain acquired receivables are collected by the Company (the “Additional Payments”). Pursuant to the terms of the purchase agreement, a portion of the Additional Payments will be made in cash, with the remainder due in shares of MasTec common stock. The estimated number of potential shares that could be issued related to such Additional Payments will be based on the amounts ultimately collected and the share price as defined within the purchase agreement. Changes in the estimated fair value of potential shares that could be issued, which result from changes in MasTec’s share price as compared with the share price as defined within the purchase agreement, are reflected within other income or expense, as appropriate. An Additional Payment of approximately $29.4 million was made in May 2022, which payment was composed of approximately $18 million in cash and 133,157 shares of MasTec common stock. As of March 31, 2023 and December 31, 2022, the estimated fair value of remaining Additional Payments was approximately $39 million and $37 million, respectively, which amounts are included within other current liabilities in the consolidated balance sheet and include the effects of unrealized fair value gains or losses related to the contingent shares. The estimated number of shares that would be paid in connection with the remaining Additional Payment liability totaled approximately 170,000 shares as of both March 31, 2023 and December 31, 2022. For the three month period ended March 31, 2023, unrealized fair value measurement activity related to the contingent shares totaled losses of approximately $1.6 million . The amount of Additional Payments due to the sellers as of both March 31, 2023 and December 31, 2022 totaled approximately $21.8 million, of which the amount due in shares totaled approximately $9.3 million and $8.4 million, respectively, or 98,800 shares, for both periods. See Note 2 - Earnings Per Share for the effect of th e above referenced shares on the Company’s earnings per share calculations. Pro forma results. For the three month periods ended March 31, 2023 and 2022, unaudited supplemental pro forma revenue totaled approximately $2.6 billion and $2.3 billion, respectively, and unaudited supplemental pro forma net loss totaled approximately $83.2 million and $74.6 million, respectively. Supplemental pro forma information for the Company’s first quarter 2023 acquisition has not been presented for the pre-acquisition periods due to the impracticability of obtaining accurate or reliable historical financial information for the assets of the entity that were acquired. Acquisition-related results . For the three month periods ended March 31, 2023 and 2022, the Company’s consolidated results of operations included acquisition-related revenue of approximately $400.6 million and $704.7 million, respectively. Acquisition-related revenue for the three month period ended March 31, 2023 included approximately $370.0 million for IEA, and for the three month period ended March 31, 2022 included approximately $548.1 million for HMG and INTREN in the aggregate. Acquisition-related net losses for the three month periods ended March 31, 2023 and 2022 totaled approximately $34.1 million and $4.3 million, respectively, based on the Company’s consolidated effective tax rates. These acquisition-related results include amortization of acquired intangible assets and certain acquisition integration costs. Acquisition and integration costs . The Company has incurred certain acquisition and integration costs in connection with its recent acquisitions, which costs are included within general and administrative expenses, costs of revenue, excluding depreciation and amortization, and other expense. 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, in the second half of 2022, 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 three month period ended March 31, 2023, such acquisition and integration costs totaled approximately $17.1 million, of which $14.6 million and $2.5 million were included within general and administrative expenses and costs of revenue, excluding depreciation and amortization, respectively. Acquisition and integration costs for the three month period ended March 31, 2022 totaled approximately $13.6 million, which amount was included within general and administrative expenses. As of March 31, 2023 and December 31, 2022, approximately $1.9 million and $5.5 million, respectively, was included within current liabilities within the consolidated balance sheets related to such costs.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	3 Months Ended
	Mar. 31, 2023
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	Fair Value of Financial InstrumentsThe 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. Acquisition-Related Contingent Consideration and Other Liabilities Acquisition-related contingent consideration and other liabilities is composed of earn-outs, which represent the estimated fair value of future amounts payable for businesses, including for mandatorily redeemable non-controlling interests (together, “Earn-outs”), that are contingent upon the acquired business achieving certain levels of earnings in the future. As of March 31, 2023 and December 31, 2022, the estimated fair value of the Company’s Earn-out liabilities totaled $125.4 million and $127.4 million, respectively, of which $12.3 million and $13.9 million, respectively, related to mandatorily redeemable non-controlling interests. Earn-out liabilities included within other current liabilities totaled approximately $36.0 million and $37.7 million as of March 31, 2023 and December 31, 2022, respectively. The fair values of the Company’s Earn-out liabilities are estimated using income approaches such as discounted cash flows or option pricing models, both of which incorporate significant inputs not observable in the market (Level 3 inputs), including management’s estimates and entity-specific assumptions, and are evaluated on an ongoing basis. Key assumptions include the discount rate, which was 12.0% as of March 31, 2023, and probability-weighted projections of earnings before interest, taxes, depreciation and amortization (“EBITDA”). Significant changes in any of these assumptions could result in significantly higher or lower potential Earn-out liabilities. The ultimate payment amounts for the Company’s Earn-out liabilities will be determined based on the actual results achieved by the acquired businesses. As of March 31, 2023, the range of potential undiscounted Earn-out liabilities was estimated to be between $36 million and $149 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 three month period ended March 31, 2023, there were no additions from new business combinations, and for the three month period ended March 31, 2022, additions from new business combinations totaled approximately $1.7 million. There were no measurement period adjustments for the three month period ended March 31, 2023, and for the three month period ended March 31, 2022, measurement period adjustments totaled a decrease of approximately $1.9 million and related primarily to the Company’s Oil and Gas segment. For the three month period ended March 31, 2023, fair value adjustments across multiple segments totaled a decrease, net of approximately $0.3 million, and for the three month period ended March 31, 2022, there were no fair value adjustments. Earn-out payments for the three month period ended March 31, 2023 totaled approximately $1.7 million and related to mandatorily redeemable non-controlling interests. There were no Earn-out payments for the three month period ended March 31, 2022. Equity Investments The Company’s equity investments as of March 31, 2023 include: (i) the Company’s 33% equity interests in Trans-Pecos Pipeline, LLC (“TPP”) and Comanche Trail Pipeline, LLC (“CTP,” and together with TPP, the “Waha JVs”); (ii) a 15% equity interest in Cross Country Infrastructure Services, Inc. (“CCI”); (iii) the Company’s 50% equity interests in each of FM Technology Holdings, LLC, FM USA Holdings, LLC and All Communications Solutions Holdings, LLC, collectively “FM Tech”; (iv) the Company’s interests in certain proportionately consolidated non-controlled contractual joint ventures; and (v) certain other equity investments. Investment Arrangements . From time to time, the Company may participate in selected investment or strategic arrangements, including equity interests in various business entities and participation in contractual joint ventures, some of which may involve the extension of loans or other types of financing arrangements. The Company has determined that certain of its investment arrangements are variable interest entities (“VIEs”). As of March 31, 2023, except for one individually insignificant VIE, the Company does not have the power to direct the primary activities that most significantly impact the economic performance of its VIEs, nor is it the primary beneficiary. Accordingly, except for the previously mentioned VIE, the Company’s VIEs are not consolidated. The carrying values of the Company’s VIEs totaled approximately $26 million and $24 million as of March 31, 2023 and December 31, 2022, respectively, 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. Equity investments, other than those accounted for as equity method investments or those that are proportionately consolidated, are measured at fair value if their fair values are readily determinable. Equity investments that do not have readily determinable fair values are measured at cost, adjusted for changes from observable market transactions, if any, less impairment, which is referred to as the “adjusted cost basis.” As of March 31, 2023 and December 31, 2022, the aggregate carrying value of the Company’s equity investments, including equity investments measured on an adjusted cost basis, totaled approximately $307 million and $306 million, respectively. As of both March 31, 2023 and December 31, 2022, 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 either of the three month periods ended March 31, 2023 or 2022. The Waha JVs . The Waha JVs own and operate certain pipeline infrastructure that transports natural gas to the Mexican border for export. The Company’s investments in the Waha JVs are accounted for as equity method investments. Equity in earnings related to the Company’s proportionate share of income from the Waha JVs, which is included within the Company’s Other segment, totaled approximately $8.0 million and $7.4 million for the three month periods ended March 31, 2023 and 2022, respectively. Distributions of earnings from the Waha JVs, which are included within operating cash flows, totaled $4.3 million and $3.1 million for the three month periods ended March 31, 2023 and 2022, respectively. Cumulative undistributed earnings from the Waha JVs, which represents cumulative equity in earnings for the Waha JVs less distributions of earnings, totaled $114.3 million as of March 31, 2023. The Company’s net investment in the Waha JVs, which differs from its proportionate share of the net assets of the Waha JVs due primarily to equity method goodwill associated with capitalized investment costs, totaled approximately $262 million and $263 million as of March 31, 2023 and December 31, 2022, respectively. The Waha JVs are party to separate non-recourse financing facilities, each of which are secured by pledges of the equity interests in the respective entities, as well as a first lien security interest over virtually all of their assets. The Waha JVs are also party to certain interest rate swaps (the “Waha JV swaps”), which are accounted for as qualifying cash flow hedges. The Company reflects its proportionate share of any unrealized fair market value gains or losses from fluctuations in interest rates associated with these swaps within other comprehensive income or loss, as appropriate. For the three month period ended March 31, 2023, the Company’s proportionate share of unrecognized unrealized activity on the Waha JV swaps totaled losses of approximately $5.6 million, or $4.2 million, net of tax, and for the three month period ended March 31, 2022, unrecognized unrealized activity totaled gains of approximately $18.2 million, or $13.8 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 March 31, 2023 and December 31, 2022, the Company had an aggregate investment of approximately $22 million and $21 million, respectively, in these entities, including $18 million for FM Tech as of both periods. The Company made no equity contributions related to its investments in telecommunications entities for the three month period ended March 31, 2023, and made equity contributions totaling approximately $0.5 million for the three month period ended March 31, 2022. Equity in earnings, net, related to the Company’s proportionate share of income from these telecommunications entities totaled approximately $1.1 million for the three month period ended March 31, 2023, and for the three month period ended March 31, 2022, equity in losses, net, related to these entities totaled approximately $0.3 million. Certain of these telecommunications entities provide services to MasTec. Expense recognized in connection with services provided by these entities totaled approximately $0.4 million and $1.0 million for the three month periods ended March 31, 2023 and 2022, respectively. As of March 31, 2023 and December 31, 2022, related amounts payable to these entities totaled approximately $0.1 million and $0.2 million, respectively. In addition, the Company had an employee leasing arrangement with one of these entities and has advanced certain amounts to these entities. For the three month period ended March 31, 2023, employee lease expenses and advances to these entities were de minimis, and for the three month period ended March 31, 2022, there were no employee lease expenses or advances to these entities. As of both March 31, 2023 and December 31, 2022, receivables related to these arrangements totaled approximately $3.8 million. The Company has 49% equity interests in certain entities included within its Communications and Power Delivery segments that are accounted for as equity method investments, for which its aggregate investment as of both March 31, 2023 and December 31, 2022 totaled approximately $3 million. For both the three month periods ended March 31, 2023 and 2022, equity in losses, net, related to these entities totaled approximately $0.1 million. Certain of these entities provide construction services to MasTec. Expense recognized in connection with construction services provided by these entities totaled approximately $0.3 million and $3.6 million for the three month periods ended March 31, 2023 and 2022, respectively. As of March 31, 2023, related amounts payable totaled approximately $0.1 million, and as of December 31, 2022, were de minimis. In addition, the Company has line of credit arrangements with these entities, which, as of March 31, 2023 and December 31, 2022, provide for up to $3.0 million and $4.5 million, respectively, of borrowing availability. There were no borrowings as of March 31, 2023, and as of December 31, 2022, $0.6 million was drawn, which amount was included within other current assets in the consolidated balance sheets. The Company has a 75% equity interest in Confluence Networks, LLC (“Confluence”), an undersea fiber-optic communications systems developer and VIE, which is accounted for as an equity method investment. As of March 31, 2023, a total of $2.1 million of the $2.5 million initial commitment had been funded, of which $0.2 million was funded during the three month period ended March 31, 2023. No amounts were funded for the three month period ended March 31, 2022. Equity in losses related to the Company’s proportionate share of income from this investment was $0.1 million and $0.2 million for the three month periods ended March 31, 2023 and 2022, respectively. The Company also has certain equity investments in American Virtual Cloud Technologies, Inc. (“AVCT”), in which the Company has no active involvement. AVCT filed for bankruptcy in the first quarter of 2023, during which period the Company wrote-off its remaining $0.2 million investment. Senior Notes As of both March 31, 2023 and December 31, 2022, the gross carrying amount of the Company’s 4.50% senior notes due August 15, 2028 (the “4.50% Senior Notes”) totaled $600.0 million, and their estimated fair value totaled approximately $552.0 million and $534.0 million for the respective periods. As of March 31, 2023 and December 31, 2022, the gross carrying amount of the Company’s 6.625% senior notes due August 15, 2029 totaled $282.1 million and $281.2 million, respectively, which notes are composed of $225.1 million aggregate principal amount of 6.625%% IEA senior notes (the “6.625% IEA Senior Notes”) and $74.9 million aggregate principal amount of 6.625% MasTec senior notes (the “6.625% MasTec Senior Notes”), collectively, the “6.625% Senior Notes”). The estimated fair value of the 6.625% Senior Notes totaled approximately $268.5 million and $280.5 million as of March 31, 2023 and December 31, 2022, respectively. The estimated fair values of the Company’s 4.50% Senior Notes and 6.625% Senior Notes were determined based on an exit price approach using Level 1 inputs.

Accounts Receivable, Net of All

Accounts Receivable, Net of Allowance, and Contract Assets and Liabilities	3 Months Ended
	Mar. 31, 2023
Receivables [Abstract]
Accounts Receivable, Net of Allowance, and Contract Assets and Liabilities	Accounts Receivable, Net of Allowance, and Contract Assets and Liabilities The following table provides details of accounts receivable, net of allowance, and contract assets (together, “accounts receivable, net”) as of the dates indicated (in millions): March 31, December 31, Contract billings $ 1,380.5 $ 1,408.1 Less allowance (8.5) (8.4) Accounts receivable, net of allowance $ 1,372.0 $ 1,399.7 Retainage 350.6 401.9 Unbilled receivables 1,419.0 1,328.0 Contract assets $ 1,769.6 $ 1,729.9 Contract billings represent the amount of performance obligations that have been billed but not yet collected, whereas contract assets consist of unbilled receivables and retainage. Unbilled receivables represent the estimated value of unbilled work for projects with performance obligations recognized over time. Retainage represents a portion of the contract amount that has been billed, but for which the contract allows the customer to retain a portion of the billed amount until final contract settlement (generally, from 5% to 10% of contract billings). For the three month period ended March 31, 2023, provisions for credit losses totaled $0.5 million, and for the three month period ended March 31, 2022, provisions for credit losses were de minimis. Impairment losses on contract assets were not material in either period. Contract liabilities consist primarily of deferred revenue. Under certain contracts, the Company may be entitled to invoice the customer and receive payments in advance of performing the related contract work. In those instances, the Company recognizes a liability for advance billings in excess of revenue recognized, which is referred to as deferred revenue. Contract liabilities also include the amount of any accrued project losses. Total contract liabilities, including accrued project losses, totaled approximately $438.6 million and $406.2 million as of March 31, 2023 and December 31, 2022, respectively, of which deferred revenue comprised approximately $423.5 million and $390.3 million, respectively. For the three month period ended March 31, 2023, the Company recognized revenue of approximately $287.6 million related to amounts that were included in deferred revenue as of December 31, 2022, resulting primarily from the advancement of physical progress on the related projects during the period, including amounts from recently acquired businesses. The Company is party to non-recourse financing arrangements in the ordinary course of business, under which certain receivables are settled with the customer’s bank in return for a nominal fee. Discount charges related to these arrangements, which are included within interest expense, net, totaled approximately $3.8 million and $1.0 million for the three month periods ended March 31, 2023 and 2022, respectively.

Property and Equipment, Net

Property and Equipment, Net	3 Months Ended
	Mar. 31, 2023
Property, Plant and Equipment [Abstract]
Property and Equipment, Net	Property and Equipment, Net The following table provides details of property and equipment, net, including property and equipment held under finance leases as of the dates indicated (in millions): March 31, December 31, Land $ 73.6 $ 73.5 Buildings and leasehold improvements 91.4 86.7 Machinery, equipment and vehicles 2,854.6 2,797.0 Office equipment, furniture and internal-use software 312.7 286.8 Construction in progress 45.0 67.4 Total property and equipment $ 3,377.3 $ 3,311.4 Less accumulated depreciation and amortization (1,646.7) (1,557.3) Property and equipment, net $ 1,730.6 $ 1,754.1 As of March 31, 2023 and December 31, 2022, the gross amount of capitalized internal-use software totaled $202.4 million and $186.6 million, respectively, and, net of accumulated amortization, totaled $51.9 million and $39.9 million, respectively.

Debt

Debt	3 Months Ended
	Mar. 31, 2023
Debt Disclosure [Abstract]
Debt	Debt The following table provides details of the carrying values of debt as of the dates indicated (in millions): Description Maturity Date March 31, December 31, Senior credit facility: November 1, 2026 Revolving loans $ 905.0 $ 896.0 Term loan 347.8 350.0 4.50% Senior Notes August 15, 2028 600.0 600.0 6.625% Senior Notes August 15, 2029 282.1 281.2 2022 Term Loan Facility October 7, 2025 and October 7, 2027 700.0 700.0 Finance lease and other obligations 393.9 414.5 Total debt obligations $ 3,228.8 $ 3,241.7 Less unamortized deferred financing costs (16.6) (17.6) Total debt, net of deferred financing costs $ 3,212.2 $ 3,224.1 Current portion of long-term debt 166.7 171.9 Long-term debt $ 3,045.5 $ 3,052.2 Senior Credit Facility As of March 31, 2023, the Company’s senior unsecured credit facility (the “Credit Facility”) had aggregate borrowing commitments totaling approximately $2.25 billion , which amount is composed of $1.9 billion of revolving commitments and a term loan with an original principal amount of $350 million (the “Term Loan”). The Term Loan is subject to amortization in quarterly principal installments of approximately $2.2 million, which quarterly installments increase to approximately $4.4 million in March 2025 until maturity. Quarterly principal installments on the Term Loan are subject to adjustment, if applicable, for certain prepayments. As of March 31, 2023 and December 31, 2022, the fair values of the Credit Facility and Term Loan, as estimated based on an income approach utilizing significant unobservable Level 3 inputs including discount rate assumptions, approximated their carrying values. Revolving loans accrued interest at weighted average rates of approximately 6.45% and 5.82% per annum a s of March 31, 2023 and December 31, 2022 , respectively. The Term Loan accrued interest at rates of 6.53% and 5.80% as of March 31, 2023 and December 31, 2022, respectively. Letters of credit of approximately $145.7 million and $143.1 million were issued as of March 31, 2023 and December 31, 2022, respectively. As of March 31, 2023 and December 31, 2022, letter of credit fees accrued at 0.6875% and 0.5625%, respectively, per annum for performance standby letters of credit, and accrued at 1.625% and 1.375%, 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 March 31, 2023 and December 31, 2022, availability for revolving loans totaled $849.3 million and $860.9 million, respectively, or up to $504.3 million and $506.9 million, respectively, for new letters of credit. As of both March 31, 2023 and December 31, 2022, there were no borrowings denominated in foreign currencies . Revolving loan borrowing capacity included $300.0 million of availability in either Canadian dollars or Mexican pesos as of both March 31, 2023 and December 31, 2022. The unused facility fee as of March 31, 2023 and December 31, 2022 accrued at a rate of 0.225% and 0.200%, respectively, per annum. Other Credit Facilities The Company has other credit facilities that support the working capital requirements of its foreign operations and certain letter of credit issuances. As of March 31, 2023, outstanding borrowings under the Company’s other credit facilities totaled $2.6 million, which accrued interest at a weighted average rate of 7.45%. There were no outstanding borrowings under the Company’s other credit facilities as of December 31, 2022. Additionally, the Company has a separate credit facility, under which it may issue performance standby letters of credit. As of March 31, 2023 and December 31, 2022, letters of credit issued under this facility totaled $17.2 million and $23.6 million, respectively, which accrued fees at 0.90% and 0.75%, respectively, per annum. 2022 Term Loan Facility As of March 31, 2023 , the Company has $700.0 million of additional unsecured term loans entered into in connection with the acquisition of IEA, composed of a three Three Three Three Three As of March 31, 2023 and December 31, 2022 , the fair value of the 2022 Term Loan Facility, as estimated based on an income approach, utilizing significant unobservable Level 3 inputs including discount rate assumptions, approximated its carrying value. Debt Covenants MasTec was in compliance with the provisions and covenants of its outstanding debt instruments as of both March 31, 2023 and December 31, 2022. Additional Information As of March 31, 2023 and December 31, 2022, accrued interest payable, which is recorded within other accrued expenses in the consolidated balance sheets, totaled $14.3 million and $24.8 million, respectively. For additional information pertaining to the Company’s debt instruments, see Note 7 - Debt in the Company’s 2022 Form 10-K.

Lease Obligations

Lease Obligations	3 Months Ended
	Mar. 31, 2023
Leases [Abstract]
Lease Obligations	Lease Obligations In the ordinary course of business, the Company enters into agreements that provide financing for machinery and equipment and for other of its facility, vehicle and equipment needs, including related party leases. As of March 31, 2023, the Company’s leases have remaining lease terms of up to sixteen years. Lease agreements may contain renewal clauses, which, if elected, generally extend the term of the lease for one Finance Leases The gross amount of assets held under finance leases as of March 31, 2023 and December 31, 2022 totaled $715.7 million and $720.1 million, respectively. Assets held under finance leases, net of accumulated depreciation Operating Leases Operating lease additions for the three month periods ended March 31, 2023 and 2022 totaled $26.3 million and $26.9 million, respectively. For the three month periods ended March 31, 2023 and 2022, rent expense for leases that have terms in excess of one year totaled approximately $35.2 million and $34.0 million, respectively, of which $4.0 million and $3.0 million, respectively, represented variable lease costs. The Company also incurred rent expense for leases with terms of one year or less totaling approximately $111.1 million and $74.3 million for the three month periods ended March 31, 2023 and 2022, respectively. Rent expense for operating leases is generally consistent with the amount of the related payments, which payments are included within operating activities in the consolidated statements of cash flows. Additional Lease Information Future minimum lease commitments as of March 31, 2023 were as follows (in millions): Finance Leases Operating 2023, remaining nine months $ 125.3 $ 78.4 2024 127.5 85.3 2025 90.9 59.4 2026 33.9 40.7 2027 4.0 18.7 Thereafter 0.5 32.1 Total minimum lease payments $ 382.1 $ 314.6 Less amounts representing interest (17.2) (27.7) Total lease obligations, net of interest $ 364.9 $ 286.9 Less current portion 148.8 96.8 Long-term portion of lease obligations, net of interest $ 216.1 $ 190.1
Lease Obligations	Lease Obligations In the ordinary course of business, the Company enters into agreements that provide financing for machinery and equipment and for other of its facility, vehicle and equipment needs, including related party leases. As of March 31, 2023, the Company’s leases have remaining lease terms of up to sixteen years. Lease agreements may contain renewal clauses, which, if elected, generally extend the term of the lease for one Finance Leases The gross amount of assets held under finance leases as of March 31, 2023 and December 31, 2022 totaled $715.7 million and $720.1 million, respectively. Assets held under finance leases, net of accumulated depreciation Operating Leases Operating lease additions for the three month periods ended March 31, 2023 and 2022 totaled $26.3 million and $26.9 million, respectively. For the three month periods ended March 31, 2023 and 2022, rent expense for leases that have terms in excess of one year totaled approximately $35.2 million and $34.0 million, respectively, of which $4.0 million and $3.0 million, respectively, represented variable lease costs. The Company also incurred rent expense for leases with terms of one year or less totaling approximately $111.1 million and $74.3 million for the three month periods ended March 31, 2023 and 2022, respectively. Rent expense for operating leases is generally consistent with the amount of the related payments, which payments are included within operating activities in the consolidated statements of cash flows. Additional Lease Information Future minimum lease commitments as of March 31, 2023 were as follows (in millions): Finance Leases Operating 2023, remaining nine months $ 125.3 $ 78.4 2024 127.5 85.3 2025 90.9 59.4 2026 33.9 40.7 2027 4.0 18.7 Thereafter 0.5 32.1 Total minimum lease payments $ 382.1 $ 314.6 Less amounts representing interest (17.2) (27.7) Total lease obligations, net of interest $ 364.9 $ 286.9 Less current portion 148.8 96.8 Long-term portion of lease obligations, net of interest $ 216.1 $ 190.1

Stock-Based Compensation and Ot

Stock-Based Compensation and Other Employee Benefit Plans	3 Months Ended
	Mar. 31, 2023
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation and Other Employee Benefit Plans	Stock-Based Compensation and Other Employee Benefit PlansThe Company has stock-based compensation plans, under which shares of the Company’s common stock are reserved for issuance. Under all stock-based compensation plans in effect as of March 31, 2023, there were approximately 2,762,000 shares available for future grant. Non-cash stock-based compensation expense under all plans totaled $8.5 million and $6.3 million for the three month periods ended March 31, 2023 and 2022, respectively. Income tax benefits associated with stock-based compensation arrangements totaled $10.2 million and $2.2 million for the three month periods ended March 31, 2023 and 2022, respectively, including net tax benefits related to the vesting of share-based payment awards totaling $8.8 million and $0.9 million, respectively. Restricted Shares MasTec grants restricted stock awards and restricted stock units (together, “restricted shares”) to eligible participants, which are valued based on the closing market share price of MasTec common stock (the “market price”) on the date of grant. During the restriction period, holders of restricted stock awards are entitled to vote the shares. As of March 31, 2023, total unearned compensation related to restricted shares was approximately $66.5 million, which amount is expected to be recognized over a weighted average period of approximately 2.2 years. The fair value of restricted shares that vested, which is based on the market price on the date of vesting, totaled $77.3 million and $19.0 million for the three month periods ended March 31, 2023 and 2022, respectively. Activity, restricted shares: (a) Restricted Per Share Weighted Average Grant Date Fair Value Non-vested restricted shares, as of December 31, 2022 2,049,280 $ 52.33 Granted 194,906 96.17 Vested (844,483) 27.18 Canceled/forfeited (21,223) 37.24 Non-vested restricted shares, as of March 31, 2023 1,378,480 $ 74.18 (a) Includes 1,000 and 2,150 restricted stock units as of March 31, 2023 and December 31, 2022, respectively. Employee Stock Purchase Plans The Company has certain employee stock purchase plans (collectively, “ESPPs”), under which shares of the Company’s common stock are available for purchase by eligible participants. Under the ESPPs, eligible participants are permitted to purchase MasTec, Inc. common stock at 85% of the fair market value of the shares on the date of purchase, which occurs on the last trading day of each two week offering period. At the Company’s discretion, share purchases may be satisfied by delivering either newly issued common shares, or common shares reacquired on the open market or in privately negotiated transactions. For the three month periods ended March 31, 2023 and 2022, 21,299 shares and 24,737 share s, respectively, were purchased by participants under the Company’s ESPPs for $1.7 million and $1.9 million, respectively, and were satisfied with shares reacquired by the Company on the open market. Compensation expense associated with the Company’s ESPPs totaled approximately $0.3 million for both the three month periods ended March 31, 2023 and 2022.

Other Retirement Plans

Other Retirement Plans	3 Months Ended
	Mar. 31, 2023
Retirement Benefits [Abstract]
Other Retirement Plans	Other Retirement Plans Multiemployer Plans. Certain of MasTec’s subsidiaries contribute amounts to multiemployer pension and other multiemployer benefit plans and trusts (“MEPPs”). Contributions are generally based on fixed amounts per hour per employee for employees covered under these plans. Multiemployer plan contribution rates are determined annually and are assessed on a “pay-as-you-go” basis based on union employee payrolls. Union payrolls cannot be determined for future periods because the number of union employees employed at a given time, and the plans in which they participate, vary depending upon the location and number of ongoing projects and the need for union resources in connection with those projects. Total contributions to multiemployer plans and the related number of employees covered by these plans for the periods indicated were as follows: Multiemployer Plans Covered Employees Contributions (in millions) Low High Pension Other Multiemployer Total For the Three Months Ended March 31: 2023 6,806 7,581 $ 21.8 $ 13.4 $ 35.2 2022 6,601 6,672 $ 17.0 $ 13.2 $ 30.2 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 three month period ended March 31, 2023, multiemployer plan activity was driven primarily by project work within the Company’s Power Delivery operations and acquisition-related project work within the Company’s Clean Energy and Infrastructure operations, whereas for the three month period ended March 31, 2022, activity was driven primarily by acquisition-related project work within the Company’s Power Delivery operations.

Equity

Equity	3 Months Ended
	Mar. 31, 2023
Equity [Abstract]
Equity	Equity Share Activity The Company’s share repurchase programs provide for the repurchase, from time to time, of MasTec common shares in open market transactions or in privately negotiated transactions in accordance with applicable securities laws. 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. There were no share repurchases under the Company’s share repurchase programs for the three month period ended March 31, 2023. For the three month period ended March 31, 2022, the Company repurchased 0.2 million shares of its common stock for an aggregate purchase price of approximately $13.8 million, of which 0.1 million shares were repurchased for $8.6 million under the Company’s December 2018 $100 million share repurchase program, which completed the program. The remaining 0.1 million shares were repurchased for $5.2 million under the Company’s March 2020 $150 million share repurchase program. As of March 31, 2023, $77.3 million was available for future share repurchases under the Company’s March 2020 share repurchase program. Accumulated Other Comprehensive Loss Unrealized foreign currency translation activity, net, for the three month periods ended March 31, 2023 and 2022 relates primarily to the Company’s operations in Canada and Mexico. Unrealized investment activity for the three month periods ended March 31, 2023 and 2022 relates to unrealized fair value gains or losses associated with the Waha JV interest rate swaps. See Note 4 - Fair Value of Financial Instruments for additional information.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Income Taxes	Income TaxesIn determining the quarterly provision for income taxes, management uses an estimated annual effective tax rate based on forecasted annual pre-tax income, permanent tax differences, statutory tax rates and tax planning opportunities in the various jurisdictions in which the Company operates. The effect of significant discrete items is separately recognized in the quarter(s) in which they occur. For the three month periods ended March 31, 2023 and 2022, the Company’s consolidated effective tax rates were 35.7% and 27.3%, respectively. The Company’s effective tax rate for the three month period ended March 31, 2023 included the effects of a net tax benefit of approximately $8.8 million related to the vesting of share-based payment awards and an increase in non-deductible expenses, and for the three month period ended March 31, 2022, included a net benefit of approximately $0.9 million related to the vesting of share-based payment awards.

Segments and Related Informatio

Segments and Related Information	3 Months Ended
	Mar. 31, 2023
Segment Reporting [Abstract]
Segments and Related Information	Segments and Related Information Segment Discussion The Company manages its operations under five operating segments, which represent its five reportable segments: (1) Communications; (2) Clean Energy and Infrastructure; (3) Oil and Gas; (4) Power Delivery and (5) Other. This structure is generally focused on broad end-user markets for the Company’s labor-based construction services. All five reportable segments derive their revenue primarily from the engineering, installation and maintenance of infrastructure, primarily in North America. The Communications segment performs engineering, construction, maintenance and customer fulfillment activities related to communications infrastructure, primarily for wireless and wireline/fiber communications and install-to-the-home customers, as well as infrastructure for utilities, among others. The Clean Energy and Infrastructure segment primarily serves energy, utility, government and other end-markets through the installation and construction of power generation facilities, primarily from clean energy and renewable sources, such as wind, solar, biomass, natural gas and hydrogen, as well as battery storage 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. Earnings before interest, taxes, depreciation and amortization (“EBITDA”) is the measure of profitability used by management to manage its segments and, accordingly, in its segment reporting. As appropriate, the Company supplements the reporting of its consolidated financial information determined in accordance with U.S. GAAP with certain non-U.S. GAAP financial measures, including EBITDA. The Company believes these non-U.S. GAAP measures provide meaningful information and help investors understand the Company’s financial results and assess its prospects for future performance. The Company uses EBITDA to evaluate its performance, both internally and as compared with its peers, because it excludes certain items that may not be indicative of the Company’s core operating results for its reportable segments, as well as items that can vary widely across different industries or among companies within the same industry. Segment EBITDA is calculated in a manner consistent with consolidated EBITDA. Summarized financial information for MasTec’s reportable segments is presented and reconciled to consolidated financial information for total MasTec in the following tables, including a reconciliation of consolidated income before income taxes to EBITDA, all of which are presented in millions. The tables below may contain slight summation differences due to rounding. For the Three Months Ended March 31, Revenue: 2023 2022 Communications (a) $ 806.6 $ 664.2 Clean Energy and Infrastructure 824.9 435.9 Oil and Gas 256.5 211.0 Power Delivery 709.4 650.5 Other — — Eliminations (12.7) (7.2) Consolidated revenue $ 2,584.7 $ 1,954.4 (a) Revenue generated primarily by utilities customers represented 23.7% and 25.6% of Communications segment revenue for the three month periods ended March 31, 2023 and 2022, respectively. For the Three Months Ended March 31, EBITDA: 2023 2022 Communications $ 52.8 $ 40.3 Clean Energy and Infrastructure 5.3 10.9 Oil and Gas 14.5 21.5 Power Delivery 47.4 46.1 Other 7.1 6.9 Segment EBITDA $ 127.1 $ 125.7 For the three month period ended March 31, 2023, Communications, Clean Energy and Infrastructure and Power Delivery EBITDA included $8.9 million, $5.2 million and $1.7 million, respectively, of acquisition and integration costs related to the Company’s recent acquisitions, and Corporate EBITDA included $1.3 million of such costs. For the three month period ended March 31, 2022, Communications, Oil and Gas and Power Delivery EBITDA included $0.8 million, $2.0 million and $7.0 million, respectively, of such acquisition and integration costs, and Corporate EBITDA included $3.8 million. For the Three Months Ended March 31, EBITDA Reconciliation: 2023 2022 Loss before income taxes $ (125.3) $ (48.1) Plus: Interest expense, net 52.7 16.0 Depreciation 107.2 85.2 Amortization 41.9 25.6 Corporate EBITDA 50.5 47.0 Segment EBITDA $ 127.1 $ 125.7 For the Three Months Ended March 31, Depreciation and Amortization: 2023 2022 Communications $ 34.6 $ 29.0 Clean Energy and Infrastructure 38.4 11.4 Oil and Gas 34.3 31.6 Power Delivery 39.3 35.7 Other 0.0 0.0 Corporate 2.6 3.1 Consolidated depreciation and amortization $ 149.2 $ 110.8 Assets: March 31, December 31, Communications $ 2,504.6 $ 2,378.6 Clean Energy and Infrastructure 2,665.2 2,979.9 Oil and Gas 1,567.0 1,544.2 Power Delivery 1,901.2 1,967.9 Other 295.4 297.3 Corporate 121.9 125.4 Consolidated assets $ 9,055.3 $ 9,293.3 Foreign Operations and Other. MasTec operates primarily in the United States and Canada, and, to a far lesser extent, in Mexico, the Caribbean and India. Revenue derived from U.S. operations totaled $2.6 billion and $1.9 billion for the three month periods ended March 31, 2023 and 2022, respectively. Revenue derived from foreign operations totaled $27.5 million and $24.5 million for the three month periods ended March 31, 2023 and 2022, respectively, which revenue was derived primarily from the Company’s Canadian operations in its Oil and Gas segment. Long-lived assets held in the U.S. included property and equipment, net, of $1.7 billion as of both March 31, 2023 and December 31, 2022, and for the Company’s businesses in foreign countries, totaled $20.3 million and $21.0 million, for the respective periods. Intangible assets and goodwill, net, related to the Company’s U.S. operations totaled approximately $2.9 billion and $3.0 billion as of March 31, 2023 and December 31, 2022, respectively, and for the Company’s businesses in foreign countries, totaled approximately $35.1 million and $35.5 million, respectively. Substantially all of the Company’s long-lived and intangible assets and goodwill in foreign countries relate to its Canadian operations. As of both March 31, 2023 and December 31, 2022, amounts due from customers from which foreign revenue was derived accounted for approximately 1% of the Company’s consolidated net accounts receivable position, which is calculated as accounts receivable, net, less deferred revenue. Revenue from governmental entities for the three month periods ended March 31, 2023 and 2022 totaled approximately 8% and 6%, respectively, of total revenue, substantially all of which was derived from the Company’s U.S. operations. Significant Customers No customer represented greater than 10% of the Company’s total consolidated revenue in either of the three month periods ended March 31, 2023 and 2022.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies MasTec is subject to a variety of legal cases, claims and other disputes that arise from time to time in the ordinary course of its business, including project contract price and other project disputes, other project-related liabilities and acquisition purchase price disputes. MasTec cannot provide assurance that it will be successful in recovering all or any of the potential damages it has claimed or in defending claims against the Company. The outcome of such cases, claims and disputes cannot be predicted with certainty and an unfavorable resolution of one or more of them could have a material adverse effect on the Company’s business, financial condition, results of operations and cash flows. Acquired Legacy Solar Matter. On April 28, 2023, a jury found IEA and its subsidiary, IEA Constructors, LLC ("IEAC"), liable to plaintiffs H&L Farms LLC, Shaun Harris and Amie Harris following a trial in the U.S. District Court for the Middle District of Georgia, Columbus Division (the “Court”), against the IEA entities, IEAC’s customer, Silicon Ranch Corporation, the owner of a solar farm project (“SRC”), and engineering firm Westwood Professional Services, Inc. The suit, filed in August 2021, arose out of a project that commenced in 2021 involving the construction by IEAC of a solar farm for SRC. The project was being constructed on SRC’s property located adjacent to a 1,400 acre tract of land owned by the plaintiffs, purchased by the plaintiffs in March 2021 for approximately $3.3 million, which tract contained a 21 acre lake. The plaintiffs brought various causes of action under Georgia law, including trespass, nuisance and negligence, arising out of the defendants’ alleged failure to exercise appropriate efforts required by Georgia law to prevent and remediate soil erosion and sedimentary run-off that flowed from SRC’s property into the plaintiffs’ lake. Following trial, the jury awarded compensatory damages of $4.5 million for emotional distress/loss of enjoyment for each of Mr. and Mrs. Harris, and another $1.5 million in remediation costs, which damages were apportioned 30% to SRC and 70% to IEA and IEAC. The jury also awarded $25 million in punitive damages against SRC and $50 million in punitive damages against each of IEA and IEAC. The Court entered judgment on the verdict on May 3, 2023. Injunctive relief is also expected to be awarded to expedite the continued lake clean-up efforts under threat of further sanction by the Court. IEA and IEAC believe that the compensatory damages awards are excessive and the punitive damages are both excessive and unwarranted as a matter of law because, among other reasons, the plaintiffs purchased the 1,400 acres of land for $3.3 million in March 2021 and the lake was only 21 acres; IEA has expended significant sums trying to prevent the soil erosion; and Georgia’s statutory cap on punitive damages of $250,000 per plaintiff should have been applied. IEA and IEAC intend to seek an entirely new trial, a reduction or elimination of the damages awards and, if necessary, an appeal of the result of the trial to the Court of Appeals for the 11th Circuit. IEAC’s insurance carrier has agreed to tender the limit of its policy of $10 million. Other Commitments and Contingencies Leases . In the ordinary course of business, the Company enters into non-cancelable operating leases for certain of its facility, vehicle and equipment needs, including related party leases. See Note 8 - Lease Obligations and Note 15 - Related Party Transactions. Letters of Credit. In the ordinary course of business, the Company is required to post letters of credit for its insurance carriers and surety bond providers and in support of performance under certain contracts as well as certain obligations associated with the Company’s equity investments and other strategic arrangements, including its variable interest entities. Such letters of credit are generally issued by a bank or similar financial institution. The letter of credit commits the issuer to pay specified amounts to the holder of the letter of credit under certain conditions. If this were to occur, the Company would be required to reimburse the issuer of the letter of credit, which, depending upon the circumstances, could result in a charge to earnings. As of March 31, 2023 and December 31, 2022, there were $162.9 million and $166.7 million, respectively, of letters of credit issued under the Company’s credit facilities. Letter of credit claims have historically not been material. The Company is not aware of any material claims relating to its outstanding letters of credit as of March 31, 2023 or December 31, 2022. Performance and Payment Bonds. In the ordinary course of business, MasTec is required by certain customers to provide performance and payment bonds for contractual commitments related to its projects. These bonds provide a guarantee to the customer that the Company will perform under the terms of a contract and that the Company will pay its subcontractors and vendors. If the Company fails to perform under a contract or to pay its subcontractors and vendors, the customer may demand that the surety make payments or provide services under the bond. The Company must reimburse the surety for expenses or outlays it incurs. As of March 31, 2023 and December 31, 2022, outstanding performance and payment bonds approximated $5,374.0 million and $4,855.5 million, respectively, and estimated costs to complete projects secured by these bonds totaled $1,942.2 million and $1,739.9 million, respectively. Included in these balances as of March 31, 2023 and December 31, 2022 are $254.5 million and $115.8 million, respectively, of outstanding performance and payment bonds issued on behalf of the Company’s proportionately consolidated non-controlled contractual joint ventures, representing the Company’s proportionate share of the total bond obligation for the related projects. Investment and Strategic Arrangements. The Company holds undivided interests, ranging from 85% to 90%, in multiple proportionately consolidated non-controlled contractual joint ventures that provide infrastructure construction services for electrical transmission projects, as well as undivided interests ranging from 25% to 50% in 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 March 31, 2023, the Company was not aware of material future claims against it in connection with these arrangements. For the three month period ended March 31, 2023, the Company provided $0.3 million of project-related financing to its contractual joint ventures, which amount was outstanding as of March 31, 2023. Included in the Company’s cash balances as of March 31, 2023 and December 31, 2022 are amounts held by entities that are proportionately consolidated totaling $16.7 million and $25.7 million, respectively. These amounts are available to support the operations of those entities, but are not available for the Company’s other operations. The Company has other investment and strategic arrangements, under which it may incur costs or provide financing, performance, financial and/or other guarantees. See Note 4 - Fair Value of Financial Instruments and Note 15 - Related Party Transactions for additional information pertaining to the Company’s investment and strategic arrangements. Self-Insurance . MasTec maintains insurance policies for workers’ compensation, general liability and automobile liability, which are subject to per claim deductibles. The Company is self-insured up to the amount of the deductible. The Company also maintains excess umbrella coverage. The Company manages certain of its insurance liabilities indirectly through its wholly-owned captive insurance companies, which reimburse claims up to the applicable insurance limits. Cash balances held by the Company’s captive insurance companies, which totaled approximately $0.9 million and $1.1 million as of March 31, 2023 and December 31, 2022, respectively, are generally not available for use in the Company’s other operations. As of March 31, 2023 and December 31, 2022, MasTec’s estimated liability for unpaid claims and associated expenses, including incurred but not reported losses related to these policies, totaled $190.1 million and $176.7 million, respectively, of which $118.8 million and $109.3 million, respectively, were reflected within other long-term liabilities in the consolidated balance sheets. MasTec also maintains an insurance policy with respect to employee group medical claims, which is subject to annual per employee maximum losses. MasTec’s estimated liability for employee group medical claims totaled $4.3 million and $4.1 million as of March 31, 2023 and December 31, 2022, respectively. The Company is required to post collateral, generally in the form of letters of credit, surety bonds and cash to certain of its insurance carriers. Insurance-related letters of credit for the Company’s workers’ compensation, general liability and automobile liability policies amounted to $95.6 million as of both March 31, 2023 and December 31, 2022. Outstanding surety bonds related to self-insurance programs amounted to $110.9 million as of both March 31, 2023 and December 31, 2022. Collective Bargaining Agreements and Multiemployer Plans. As discussed in Note 10 - Other Retirement Plans, certain of MasTec’s subsidiaries are party to various collective bargaining agreements with unions representing certain of their employees, which require the Company to pay specified wages, provide certain benefits and contribute certain amounts to MEPPs. The Employee Retirement Income Security Act of 1974, as amended by the Multiemployer Pension Plan Amendments Act of 1980 (collectively, “ERISA”), which governs U.S.-registered MEPPs, subjects employers to substantial liabilities in the event of an employer’s complete or partial withdrawal from, or upon termination of, such plans. The Company currently contributes, and in the past, has contributed to, plans that are underfunded, and, therefore, could have potential liability associated with a voluntary or involuntary withdrawal from, or termination of, these plans. As of March 31, 2023, the Company does not have plans to withdraw from, and is not aware of circumstances that would reasonably lead to material claims against it, in connection with the MEPPs in which it participates. There can be no assurance, however, that the Company will not be assessed liabilities in the future, including in the form of a surcharge on future benefit contributions or increased contributions on underfunded plans. The amount the Company could be obligated to pay or contribute in the future cannot be estimated, as these amounts are based on future levels of work of the union employees covered by these plans, investment returns, which could be negatively affected by economic and market conditions, and the level of underfunding of such plans. In connection with the IEA acquisition, the Company assumed a multiemployer pension plan withdrawal liability, under which IEA is obligated to make monthly payments of approximately $10,000. As of both March 31, 2023 and 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 March 31, 2023 and December 31, 2022, 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 had approximately 995 customers for the three month period ended March 31, 2023. No customer represented greater than 10% of the Company’s consolidated net accounts receivable position, which is calculated as accounts receivable, net, less deferred revenue, as of either March 31, 2023 or December 31, 2022. For the three month periods ended March 31, 2023 and 2022, the Company derived approximately 39% a nd 42% , respectively, of its revenue from its top ten customers.

Related Party Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2023
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions MasTec purchases, rents and leases equipment and purchases various types of supplies and services used in its business, including ancillary construction services, project-related site restoration and marketing, business development and administrative activities, from a number of different vendors on a non-exclusive basis, and from time to time, rents equipment to, sells certain supplies, or performs construction services on behalf of, entities in which members of subsidiary management have ownership or commercial interests. For the three month periods ended March 31, 2023 and 2022, such payments to related party entities totaled approximately $16.1 million and $6.8 million, respectively. Payables associated with such arrangements totaled approximately $3.9 million and $2.6 million as of March 31, 2023 and December 31, 2022, respectively. Revenue from such related party arrangements totaled approximately $2.2 million and $3.8 million for the three month periods ended March 31, 2023 and 2022, respectively, and related amounts receivable totaled approximately $3.5 million and $3.2 million as of March 31, 2023 and December 31, 2022, respectively. The Company rents and leases equipment and purchases certain supplies and servicing from CCI. Juan Carlos Mas, who is the brother of Jorge Mas, Chairman of MasTec’s Board of Directors, and José R. Mas, MasTec’s Chief Executive Officer, serves as the chairman of CCI, and a member of management of a MasTec subsidiary and an entity that is owned by the Mas family are minority owners. MasTec paid CCI $1.0 million for both the three month periods ended March 31, 2023 and 2022. Amounts payable to CCI totaled approximately $0.1 million and $0.6 million as of March 31, 2023 and December 31, 2022, respectively. MasTec has a leasing arrangement for an aircraft that is owned by an entity that Jorge Mas owns. For the three month periods ended March 31, 2023 and 2022, MasTec paid approximately $0.7 million and $0.6 million, respectively, 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. For the three month period ended March 31, 2023, MasTec charged approximately $0.1 million under these arrangements, which amount was outstanding as of March 31, 2023. Payments for other expenses related to the Franchise for the three month periods ended March 31, 2023 and 2022 totaled approximately $0.4 million and $0.1 million, respectively. MasTec has 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 three month periods ended March 31, 2023 and 2022, revenue recognized by MasTec under this arrangement totaled approximately $41.8 million and $28.8 million, respectively, and as of March 31, 2023 and December 31, 2022, related amounts receivable totaled approximately $54.2 million and $42.0 million, respectively. MasTec pays a management fee to this entity in connection with the subcontracting arrangement, under which MasTec incurred approximately $0.5 million and $0.2 million for the three month periods ended March 31, 2023 and 2022, respectively. As of March 31, 2023 and December 31, 2022, related amounts receivable totaled approximately $0.2 million and $0.3 million, respectively. During the fourth quarter of 2022, Jorge Mas and José R. Mas sold their majority interest in a company which is a MasTec customer and to which MasTec previously leased employees and provided satellite communication services. For the three month period ended March 31, 2022, charges under the prior arrangements totaled approximately $0.3 million. As of both March 31, 2023 and December 31, 2022, related amounts receivable were de minimis. From time to time, the Company advances amounts to the former owners of acquired businesses. Such advances totaled approximately $0.1 million and $1.3 million, respectively, for the three month periods ended March 31, 2023 and 2022, and amounts receivable for such advances totaled approximately $2.1 million and $2.0 million as of March 31, 2023 and December 31, 2022, respectively. In addition, the Company has a subcontracting arrangement with an entity in which it has a 25% interest. The Company’s interest in this entity is accounted for as an equity method investment. For the three month period ended March 31, 2023, the Company made no equity contributions to this entity, and for the three month period ended March 31, 2022, equity contributions totaled approximately $0.5 million. As of both March 31, 2023 and December 31, 2022, the Company’s net investment in this entity was a liability of approximately $0.2 million, which net amount included approximately $2.3 million of accounts receivable, net, less deferred revenue, related to the subcontracting arrangement for both periods. Additionally, the Company has certain arrangements with an entity in which members of management have an ownership interest, including a fee arrangement in conjunction with a $15.0 million le tter of credit issued by the Company on behalf of this entity. Income recognized in connection with these arrangements totaled approximately $0.2 million for both the three month periods ended March 31, 2023 and 2022 . As of March 31, 2023 and December 31, 2022, related amounts receivable totaled $0.2 million and $0.4 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 the first quarter of 2023, the Company acquired the remaining 15% equity interests of the non-controlling interests in one of these entities from two members of subsidiary management for $10.0 million in cash, plus 120,000 shares of MasTec common stock, valued at approximately $11.6 million. Split Dollar Agreements MasTec has split dollar life insurance agreements with trusts, for one of which Jorge Mas is a trustee, and for the other of which José R. Mas is a trustee. There were no payments in connection with these agreements in either of the three month periods ended March 31, 2023 or 2022 , and life insurance assets associated with these agreements totaled approximately $25.8 million as of both March 31, 2023 and December 31, 2022.

Business, Basis of Presentati_2

Business, Basis of Presentation and Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2023
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying consolidated financial statements are unaudited and have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) for interim financial information and with the instructions for Form 10-Q and Rule 10-01 of Regulation S-X. Pursuant to these rules and regulations, certain information and footnote disclosures normally included in the annual audited consolidated financial statements prepared in accordance with U.S. GAAP have been condensed or omitted. The accompanying consolidated balance sheet as of December 31, 2022 is derived from the Company’s audited financial statements as of that date. Because certain information and footnote disclosures have been condensed or omitted, these consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto as of and for the year ended December 31, 2022 contained in the Company’s 2022 Annual Report on Form 10-K (the “2022 Form 10-K”). In management’s opinion, all normal and recurring adjustments considered necessary for a fair presentation of the financial position, results of operations and cash flows for the periods presented have been included. When appropriate, prior year amounts are reclassified to conform with the current period presentation. Interim period operating results do not necessarily indicate the results that may be expected for any other interim period or for the full fiscal year. The Company believes that the disclosures made in these consolidated financial statements are adequate to make the information not misleading.
Reclassifications	When appropriate, prior year amounts are reclassified to conform with the current period presentation.
Principles of Consolidation	Principles of Consolidation The accompanying consolidated financial statements include MasTec, Inc. and its subsidiaries and include the accounts of all majority owned subsidiaries over which the Company exercises control and, when applicable, entities in which the Company has a controlling financial interest. All significant intercompany balances and transactions have been eliminated in consolidation. Other parties’ interests in entities that MasTec consolidates are reported as non-controlling interests within equity, except for mandatorily redeemable non-controlling interests, which are recorded within other liabilities. Net income or loss attributable to non-controlling interests is reported as a separate line item below net income or loss. Investments in entities for which the Company does not have a controlling financial interest, but over which it has the ability to exert significant influence, are accounted for under the equity method of accounting. For equity investees in which the Company has an undivided interest in the assets, liabilities and profits or losses of an unincorporated entity, but does not exercise control over the entity, the Company consolidates its proportional interest in the accounts of the entity.
Translation of Foreign Currencies	Translation of Foreign Currencies The assets and liabilities of foreign subsidiaries with a functional currency other than the U.S. dollar are translated into U.S. dollars at period-end exchange rates, with resulting translation gains or losses included within other comprehensive income or loss. Revenue and expenses are translated into U.S. dollars at average rates of exchange during the applicable period. Substantially all of the Company’s foreign operations use their local currency as their functional currency. For foreign operations for which the local currency is not the functional currency, the operation’s non-monetary assets are remeasured into U.S. dollars at historical exchange rates. All other accounts are remeasured at current exchange rates. Gains or losses from remeasurement are included in other income or expense, net. Currency gains or losses resulting from transactions executed in currencies other than the functional currency are included in other income or expense, net.
Management Estimates	Management Estimates The preparation of consolidated financial statements in accordance with U.S. GAAP requires the use of estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. These estimates are based on historical experience and various other assumptions that management believes to be reasonable under the circumstances, including the potential future effects of macroeconomic trends and events, such as inflation and interest rate levels; uncertainty from potential recessionary effects; supply chain disruptions; 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
General Economic, Market and Regulatory Conditions	General Economic, Market and Regulatory Conditions The Company has experienced, and may continue to experience, direct and indirect negative effects on its business and operations from negative economic, market, and regulatory conditions, including rising interest rates, recent inflationary effects on fuel prices, labor and materials costs, 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 extent to which general economic, market and regulatory 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.
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 47% and 58% of consolidated revenue for the three month periods ended March 31, 2023 and 2022, respectively. For certain master service and other service agreements, revenue is recognized at a point in time, primarily for install-to-the-home and certain other wireless services in the Company’s Communications segment, and to a lesser extent, certain revenue in the Company’s Clean Energy and Infrastructure and Oil and Gas segments. Point in time revenue is recognized when the work order has been fulfilled, which for the majority of the Company’s point in time revenue, is the same day it is initiated. Point in time revenue accounted for approximately 3% and 4% of consolidated revenue for the three month periods ended March 31, 2023 and 2022, respectively. 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 revisions could materially affect the Company’s consolidated results of operations for that period. Provisions for losses on uncompleted contracts are recorded in the period in which such losses are determined. For the three month period ended March 31, 2023, excluding the effects on the Company’s results of operations of margin decreases for three projects within the Company’s Clean Energy and Infrastructure segment totaling approximately $8.5 million, project profit was affected by less than 5% as a result of changes in contract estimates included in projects that were in process as of December 31, 2022. For the three month period ended March 31, 2022, project profit was affected by less than 5% as a result of changes in contract estimates included in projects that were in process as of December 31, 2021. Changes in recognized revenue, net, as a result of changes in total contract transaction price estimates, including from variable consideration, and/or changes in cost estimates, related to performance obligations satisfied or partially satisfied in prior periods, for the three month period ended March 31, 2023 totaled a net decrease of approximately $9.6 million, and for the three month period ended March 31, 2022, totaled a n et increase o f approximately $11.9 million. 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 majority of the Company’s performance obligations are completed within one year. Remaining performance obligations represent the amount of unearned transaction prices under contracts for which work is wholly or partially unperformed, including the Company’s share of unearned transaction prices from its proportionately consolidated non-controlled joint ventures. As of March 31, 2023, the amount of the Company’s remaining performance obligations was $8.4 billion. Based on current expectations, the Company anticipates it will recognize approximately $5.7 billion of its remaining performance obligations as revenue during 2023, with the majority of the remaining balance expected to be recognized in 2024. Variable Consideration. Transaction prices for the Company’s contracts may include variable consideration, which comprises items such as change orders, claims and incentives. Management estimates variable consideration for a performance obligation utilizing estimation methods that it believes best predict the amount of consideration to which the Company will be entitled. Management’s estimates of variable consideration and the determination of whether to include estimated amounts in transaction prices are based largely on 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. To the extent unapproved change orders, claims and other variable consideration reflected in transaction prices are not resolved in the Company’s favor, or to the extent incentives reflected in transaction prices are not earned, there could be reductions in, or reversals of, previously recognized revenue. As of March 31, 2023 and December 31, 2022, the Company included approximately $285 million and $271 million, respectively, of change orders and/or claims in transaction prices for certain contracts that were in the process of being resolved in the ordinary course of business, including through negotiation, arbitration and other proceedings. These transaction price adjustments, when earned, are included within contract assets or accounts receivable, net of allowance, as appropriate. As of both March 31, 2023 and December 31, 2022, these change orders and/or claims primarily related to certain projects in the Company’s Clean Energy and Infrastructure and Power Delivery segments 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.
Recently Issued Accounting Pronouncements	Recent Accounting Pronouncements The discussion below describes the effects of recent accounting pronouncements, as updated from the discussion in the Company’s 2022 Form 10-K. Accounting Pronouncements Adopted in 2023 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, which the Company adopted in the first quarter of 2023, did not have a material effect on the Company’s consolidated financial statements. Recently Issued Accounting Pronouncements In March 2023, the FASB issued ASU 2023-01, Leases (Topic 842): Common Control Arrangements (“ASU 2023-01”) to improve the guidance for applying Topic 842, Leases, to arrangements between entities under common control. ASU 2023-01 improves current GAAP by clarifying the accounting for leasehold improvements associated with common control leases, thereby reducing diversity in practice. The provisions of this ASU that apply to public companies include a requirement for entities to amortize leasehold improvements associated with common control leases over the useful life to the common control group. ASU 2023-01 is effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2023, with early adoption permitted. The Company is currently evaluating the effects of this ASU, however, 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)	3 Months Ended
	Mar. 31, 2023
Earnings Per Share [Abstract]
Schedule of Earnings Per Share	The following table provides details underlying the Company’s earnings per share calculations for the periods indicated (in thousands): For the Three Months Ended March 31, 2023 2022 Net loss attributable to MasTec: Net loss - basic and diluted (a) $ (80,540) $ (34,978) Weighted average shares outstanding: Weighted average shares outstanding - basic (b) 76,984 74,789 Dilutive common stock equivalents (c) — — Weighted average shares outstanding - diluted 76,984 74,789 (a) Basic net income or loss is calculated as total net income or loss, less amounts attributable to non-controlling interests. Diluted net income or loss is calculated as total net income or loss, less amounts attributable to non-controlling interests, adjusted for the fair value gain or loss, if any, related to additional contingent payments to the former owners of an acquired business for which the contingency has been resolved as of the respective period. See Note 3 - Acquisitions, Goodwill and Other Intangible Assets, Net, for additional information. (b) For the three month periods ended March 31, 2023 and 2022, basic shares include approximately 99,000 and 72,000 weighted average shares, respectively, related to additional contingent payments. (c) Weighted average anti-dilutive common stock equivalents totaled approximately 1,330,000 and 1,321,000, for the three month periods ended March 31, 2023 and 2022, respectively. For the three month period ended March 31, 2023, weighted average anti-dilutive common stock equivalents related to additional contingent payments to the former owners of an acquired business were de minimis, and for the three month period ended March 31, 2022, such anti-dilutive common stock equivalents totaled 63,000.

Acquisitions, Goodwill, and O_2

Acquisitions, Goodwill, and Other Intangible Assets, Net (Tables)	3 Months Ended
	Mar. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Goodwill by Segment	The following table provides a reconciliation of changes in goodwill by reportable segment for the three month period ended March 31, 2023 (in millions): Communications Clean Energy and Infrastructure Oil and Gas Power Delivery Total Goodwill Goodwill, gross, as of December 31, 2022 $ 606.1 $ 703.3 $ 582.2 $ 270.1 $ 2,161.7 Accumulated impairment loss (a) — — (116.7) — (116.7) Goodwill, net, as of December 31, 2022 $ 606.1 $ 703.3 $ 465.5 $ 270.1 $ 2,045.0 Additions from new business combinations 0.3 — — — 0.3 Measurement period adjustments (b) — 19.4 0.9 — 20.3 Goodwill, net as of March 31, 2023 $ 606.4 $ 722.7 $ 466.4 $ 270.1 $ 2,065.6 (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, for the three month period ended March 31, 2023 relate primarily to reductions in certain accounts receivable balances and increases in contingent liabilities, including for insurance and other matters.
Schedule of Finite-Lived Intangible Assets	The following table provides a reconciliation of changes in other intangible assets, net, for the period indicated (in millions): Other Intangible Assets, Net Customer Relationships and Backlog Trade Names (a) Other (b) Total Other intangible assets, gross, as of December 31, 2022 $ 1,089.4 $ 228.9 $ 86.6 $ 1,404.9 Accumulated amortization (388.8) (28.9) (40.9) (458.6) Other intangible assets, net, as of December 31, 2022 $ 700.6 $ 200.0 $ 45.7 $ 946.3 Amortization expense (34.8) (5.0) (2.1) (41.9) Other intangible assets, net, as of March 31, 2023 $ 665.8 $ 195.0 $ 43.6 $ 904.4 (a) Trade names includes approximately $34.5 million of non-amortizing trade names as of both March 31, 2023 and December 31, 2022. (b) Consists principally of pre-qualifications and non-compete agreements.
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed	Determination of the estimated fair values of the net assets acquired and the estimated earn-out liabilities and consideration transferred for certain of the Company’s 2022 acquisitions was preliminary as of March 31, 2023; as a result, further adjustments to such estimates may occur. The following table summarizes, as of March 31, 2023, the estimated fair values of consideration paid and net assets acquired, as adjusted, for the Company’s 2022 acquisitions (in millions): Acquisition consideration: IEA All other Total Cash, net of cash acquired $ 564.5 $ 48.4 $ 612.9 Shares transferred 173.7 — 173.7 Estimated fair value of warrants 10.3 — 10.3 Estimated fair value of contingent consideration — 2.8 2.8 Total consideration $ 748.5 $ 51.2 $ 799.7 Identifiable assets acquired and liabilities assumed: Accounts receivable and contract assets $ 584.9 $ 6.1 $ 591.0 Current assets 36.1 1.5 37.6 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 (136.5) (4.6) (141.1) Current liabilities, including current portion of operating lease liabilities (435.8) (2.7) (438.5) Long-term debt, including finance lease obligations (330.8) (0.2) (331.0) Long-term liabilities, primarily operating lease liabilities and deferred income taxes (131.4) (0.2) (131.6) Total identifiable net assets $ 198.6 $ 36.1 $ 234.7 Goodwill 549.9 15.1 565.0 Total net assets acquired, including goodwill $ 748.5 $ 51.2 $ 799.7

Accounts Receivable, Net of A_2

Accounts Receivable, Net of Allowance, and Contract Assets and Liabilities (Tables)	3 Months Ended
	Mar. 31, 2023
Receivables [Abstract]
Schedule of Accounts Receivable, Net of Allowance, and Contract Assets	The following table provides details of accounts receivable, net of allowance, and contract assets (together, “accounts receivable, net”) as of the dates indicated (in millions): March 31, December 31, Contract billings $ 1,380.5 $ 1,408.1 Less allowance (8.5) (8.4) Accounts receivable, net of allowance $ 1,372.0 $ 1,399.7 Retainage 350.6 401.9 Unbilled receivables 1,419.0 1,328.0 Contract assets $ 1,769.6 $ 1,729.9

Property and Equipment, Net (Ta

Property and Equipment, Net (Tables)	3 Months Ended
	Mar. 31, 2023
Property, Plant and Equipment [Abstract]
Schedule of Property and Equipment, Net	The following table provides details of property and equipment, net, including property and equipment held under finance leases as of the dates indicated (in millions): March 31, December 31, Land $ 73.6 $ 73.5 Buildings and leasehold improvements 91.4 86.7 Machinery, equipment and vehicles 2,854.6 2,797.0 Office equipment, furniture and internal-use software 312.7 286.8 Construction in progress 45.0 67.4 Total property and equipment $ 3,377.3 $ 3,311.4 Less accumulated depreciation and amortization (1,646.7) (1,557.3) Property and equipment, net $ 1,730.6 $ 1,754.1

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2023
Debt Disclosure [Abstract]
Schedule of Carrying Values of Debt	The following table provides details of the carrying values of debt as of the dates indicated (in millions): Description Maturity Date March 31, December 31, Senior credit facility: November 1, 2026 Revolving loans $ 905.0 $ 896.0 Term loan 347.8 350.0 4.50% Senior Notes August 15, 2028 600.0 600.0 6.625% Senior Notes August 15, 2029 282.1 281.2 2022 Term Loan Facility October 7, 2025 and October 7, 2027 700.0 700.0 Finance lease and other obligations 393.9 414.5 Total debt obligations $ 3,228.8 $ 3,241.7 Less unamortized deferred financing costs (16.6) (17.6) Total debt, net of deferred financing costs $ 3,212.2 $ 3,224.1 Current portion of long-term debt 166.7 171.9 Long-term debt $ 3,045.5 $ 3,052.2

Lease Obligations (Tables)

Lease Obligations (Tables)	3 Months Ended
	Mar. 31, 2023
Leases [Abstract]
Schedule of Future Minimum Lease Commitments, Finance Leases	Future minimum lease commitments as of March 31, 2023 were as follows (in millions): Finance Leases Operating 2023, remaining nine months $ 125.3 $ 78.4 2024 127.5 85.3 2025 90.9 59.4 2026 33.9 40.7 2027 4.0 18.7 Thereafter 0.5 32.1 Total minimum lease payments $ 382.1 $ 314.6 Less amounts representing interest (17.2) (27.7) Total lease obligations, net of interest $ 364.9 $ 286.9 Less current portion 148.8 96.8 Long-term portion of lease obligations, net of interest $ 216.1 $ 190.1
Schedule of Future Minimum Lease Commitments, Operating Leases	Future minimum lease commitments as of March 31, 2023 were as follows (in millions): Finance Leases Operating 2023, remaining nine months $ 125.3 $ 78.4 2024 127.5 85.3 2025 90.9 59.4 2026 33.9 40.7 2027 4.0 18.7 Thereafter 0.5 32.1 Total minimum lease payments $ 382.1 $ 314.6 Less amounts representing interest (17.2) (27.7) Total lease obligations, net of interest $ 364.9 $ 286.9 Less current portion 148.8 96.8 Long-term portion of lease obligations, net of interest $ 216.1 $ 190.1

Stock-Based Compensation and _2

Stock-Based Compensation and Other Employee Benefit Plans (Tables)	3 Months Ended
	Mar. 31, 2023
Share-Based Payment Arrangement [Abstract]
Schedule of Activity, Restricted Shares	Activity, restricted shares: (a) Restricted Per Share Weighted Average Grant Date Fair Value Non-vested restricted shares, as of December 31, 2022 2,049,280 $ 52.33 Granted 194,906 96.17 Vested (844,483) 27.18 Canceled/forfeited (21,223) 37.24 Non-vested restricted shares, as of March 31, 2023 1,378,480 $ 74.18 (a) Includes 1,000 and 2,150 restricted stock units as of March 31, 2023 and December 31, 2022, respectively.

Other Retirement Plans (Tables)

Other Retirement Plans (Tables)	3 Months Ended
	Mar. 31, 2023
Retirement Benefits [Abstract]
Schedule of Covered Employees and Contributions, Multiemployer Plans	Total contributions to multiemployer plans and the related number of employees covered by these plans for the periods indicated were as follows: Multiemployer Plans Covered Employees Contributions (in millions) Low High Pension Other Multiemployer Total For the Three Months Ended March 31: 2023 6,806 7,581 $ 21.8 $ 13.4 $ 35.2 2022 6,601 6,672 $ 17.0 $ 13.2 $ 30.2

Segments and Related Informat_2

Segments and Related Information (Tables)	3 Months Ended
	Mar. 31, 2023
Segment Reporting [Abstract]
Schedule of Financial Information by Reportable Segment	For the Three Months Ended March 31, Revenue: 2023 2022 Communications (a) $ 806.6 $ 664.2 Clean Energy and Infrastructure 824.9 435.9 Oil and Gas 256.5 211.0 Power Delivery 709.4 650.5 Other — — Eliminations (12.7) (7.2) Consolidated revenue $ 2,584.7 $ 1,954.4 (a) Revenue generated primarily by utilities customers represented 23.7% and 25.6% of Communications segment revenue for the three month periods ended March 31, 2023 and 2022, respectively. For the Three Months Ended March 31, EBITDA: 2023 2022 Communications $ 52.8 $ 40.3 Clean Energy and Infrastructure 5.3 10.9 Oil and Gas 14.5 21.5 Power Delivery 47.4 46.1 Other 7.1 6.9 Segment EBITDA $ 127.1 $ 125.7 For the Three Months Ended March 31, Depreciation and Amortization: 2023 2022 Communications $ 34.6 $ 29.0 Clean Energy and Infrastructure 38.4 11.4 Oil and Gas 34.3 31.6 Power Delivery 39.3 35.7 Other 0.0 0.0 Corporate 2.6 3.1 Consolidated depreciation and amortization $ 149.2 $ 110.8 Assets: March 31, December 31, Communications $ 2,504.6 $ 2,378.6 Clean Energy and Infrastructure 2,665.2 2,979.9 Oil and Gas 1,567.0 1,544.2 Power Delivery 1,901.2 1,967.9 Other 295.4 297.3 Corporate 121.9 125.4 Consolidated assets $ 9,055.3 $ 9,293.3
Reconciliation of Consolidated Income before Income Taxes to EBITDA	For the Three Months Ended March 31, EBITDA Reconciliation: 2023 2022 Loss before income taxes $ (125.3) $ (48.1) Plus: Interest expense, net 52.7 16.0 Depreciation 107.2 85.2 Amortization 41.9 25.6 Corporate EBITDA 50.5 47.0 Segment EBITDA $ 127.1 $ 125.7

Business, Basis of Presentati_3

Business, Basis of Presentation and Significant Accounting Policies - Narrative (Details)	3 Months Ended
	Mar. 31, 2023 segment
Accounting Policies [Abstract]
Number of reportable segments	5

Business, Basis of Presentati_4

Business, Basis of Presentation and Significant Accounting Policies - Revenue Recognition (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Revenue [Line Items]
Revenue recognition, performance obligations satisfied in previous periods, revenue recognized	$ 9.6	$ 11.9
Revenue recognition, remaining performance obligations, contract price allocated	8,400
Contract with customer, unapproved change orders and/or claims, amount	285		$ 271
Operating Segments | Clean Energy and Infrastructure
Revenue [Line Items]
Revenue recognition, changes in contract estimates, result from margin decreases	$ 8.5
Maximum
Revenue [Line Items]
Revenue recognition, changes In contract estimates, cost-to-cost method, financial effect, percentage (less than)	5%	5%
Change order or claim approval process, term within which expected to be completed	1 year
Revenue Benchmark | Concentration Risk from Type of Arrangement | Master Service and Other Service Agreements
Revenue [Line Items]
Concentration risk, percentage of total	47%	58%
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	3%	4%
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01
Revenue [Line Items]
Revenue, remaining performance obligation, expected timing of satisfaction, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-04-01
Revenue [Line Items]
Revenue, remaining performance obligation, expected timing of satisfaction, period	9 months
Revenue recognition, remaining performance obligations, contract price allocated	$ 5,700

Earnings Per Share - Schedule o

Earnings Per Share - Schedule of Earnings Per Share (Details) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Net loss attributable to MasTec:
Net loss- basic	$ (80,540)	$ (34,978)
Net loss - diluted	$ (80,540)	$ (34,978)
Weighted average shares outstanding:
Weighted average shares outstanding - basic (in shares)	76,984	74,789
Dilutive common stock equivalents (in shares)	0	0
Weighted average shares outstanding - diluted (in shares)	76,984	74,789
Anti-dilutive common stock (in shares)	1,330	1,321
Former Owner Of Acquired Business
Weighted average shares outstanding:
Weighted average shares outstanding - basic (in shares)	99	72
Former Owner Of Acquired Business | 2021 Acquisitions
Weighted average shares outstanding:
Dilutive common stock equivalents (in shares)		63

Earnings Per Share - Narrative

Earnings Per Share - Narrative (Details) - shares	3 Months Ended
	Mar. 31, 2023	Dec. 31, 2022	Jun. 30, 2022	Mar. 31, 2022
Business Acquisition [Line Items]
Treasury stock acquired (in shares)	0			187,978
2022 Acquisitions, IEA
Business Acquisition [Line Items]
Business acquisition, number of shares issued (in shares)		2,758,000
HMG
Business Acquisition [Line Items]
Business acquisition, number of shares issued (in shares)			133,000

Acquisitions, Goodwill, and O_3

Acquisitions, Goodwill, and Other Intangible Assets, Net - Rollforward of Goodwill by Segment (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Goodwill [Line Items]
Goodwill		$ 2,161,700
Accumulated impairment loss		(116,700)
Goodwill, net	$ 2,065,602	2,045,041
Goodwill [Roll Forward]
Goodwill, net, beginning balance	2,045,041
Additions from new business combinations	300
Goodwill, measurement period adjustments	20,300
Goodwill, net, ending balance	2,065,602
Communications
Goodwill [Line Items]
Goodwill		606,100
Accumulated impairment loss		0
Goodwill, net	606,400	606,100
Goodwill [Roll Forward]
Goodwill, net, beginning balance	606,100
Additions from new business combinations	300
Goodwill, measurement period adjustments	0
Goodwill, net, ending balance	606,400
Clean Energy and Infrastructure
Goodwill [Line Items]
Goodwill		703,300
Accumulated impairment loss		0
Goodwill, net	722,700	703,300
Goodwill [Roll Forward]
Goodwill, net, beginning balance	703,300
Additions from new business combinations	0
Goodwill, measurement period adjustments	19,400
Goodwill, net, ending balance	722,700
Oil and Gas
Goodwill [Line Items]
Goodwill		582,200
Accumulated impairment loss		(116,700)
Goodwill, net	466,400	465,500
Goodwill [Roll Forward]
Goodwill, net, beginning balance	465,500
Additions from new business combinations	0
Goodwill, measurement period adjustments	900
Goodwill, net, ending balance	466,400
Power Delivery
Goodwill [Line Items]
Goodwill		270,100
Accumulated impairment loss		0
Goodwill, net	270,100	$ 270,100
Goodwill [Roll Forward]
Goodwill, net, beginning balance	270,100
Additions from new business combinations	0
Goodwill, measurement period adjustments	0
Goodwill, net, ending balance	$ 270,100

Acquisitions, Goodwill, and O_4

Acquisitions, Goodwill, and Other Intangible Assets, Net - Rollforward of Other Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Other Intangible Assets [Line Items]
Other intangible assets, gross		$ 1,404,900
Accumulated amortization		(458,600)
Other Intangible Assets [Rollforward]
Other intangible assets, net, beginning balance	$ 946,299
Amortization expense	(41,900)
Other intangible assets, net, ending balance	904,412
Customer Relationships and Backlog
Other Intangible Assets [Line Items]
Other intangible assets, gross		1,089,400
Accumulated amortization		(388,800)
Other Intangible Assets [Rollforward]
Other intangible assets, net, beginning balance	700,600
Amortization expense	(34,800)
Other intangible assets, net, ending balance	665,800
Trade Names
Other Intangible Assets [Line Items]
Other intangible assets, gross		228,900
Accumulated amortization		(28,900)
Other Intangible Assets [Rollforward]
Other intangible assets, net, beginning balance	200,000
Amortization expense	(5,000)
Other intangible assets, net, ending balance	195,000
Other
Other Intangible Assets [Line Items]
Other intangible assets, gross		86,600
Accumulated amortization		(40,900)
Other Intangible Assets [Rollforward]
Other intangible assets, net, beginning balance	45,700
Amortization expense	(2,100)
Other intangible assets, net, ending balance	43,600
Trade Names
Other Intangible Assets [Rollforward]
Other intangible assets, non-amortizing	$ 34,500	$ 34,500

Acquisitions, Goodwill, and O_5

Acquisitions, Goodwill, and Other Intangible Assets, Net - Quarterly Assessment for Indicators of Impairment - Narrative (Details)	3 Months Ended
	Mar. 31, 2023 reporting_unit
Oil and Gas
Goodwill [Line Items]
Number of reporting units	1
Communications
Goodwill [Line Items]
Number of reporting units	1
Clean Energy and Infrastructure
Goodwill [Line Items]
Number of reporting units	1

Acquisitions, Goodwill, and O_6

Acquisitions, Goodwill, and Other Intangible Assets, Net - Acquisitions - Narrative (Details) shares in Thousands, $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2023 USD ($) shares	Mar. 31, 2022 USD ($)	Dec. 31, 2022 USD ($) yr acquisition shares
Business Acquisition [Line Items]
Cash paid for acquisitions, net of cash acquired	$ 46,506	$ 21,840
6.625% Senior Notes | Senior Notes
Business Acquisition [Line Items]
Debt instrument, interest rate (percentage)	6.625%
2023 Acquisitions
Business Acquisition [Line Items]
Cash paid for acquisitions, net of cash acquired	$ 45,000
Business acquisition, number of shares issued (in shares) | shares	120
2022 Acquisitions
Business Acquisition [Line Items]
Business combinations, number of acquisitions | acquisition			5
Cash paid for acquisitions, net of cash acquired	$ 612,900
Amortizing intangible assets	368,100
Business acquisition, goodwill, expected tax deductible amount	39,000
Estimated fair value of contingent consideration	2,800		$ 3,000
Acquisition-related contingent consideration liabilities, range of potential undiscounted earn-out liabilities, high	4,000
2022 Acquisitions | Expected Term
Business Acquisition [Line Items]
Business combinations, contingent consideration, earn-out period (in years) | yr			5
IEA
Business Acquisition [Line Items]
Cash paid for acquisitions, net of cash acquired	564,500
Amortizing intangible assets	362,200
Amortizing intangible assets, weighted average useful life			13 years
Equity interest issued, number of shares | shares			2,700
Business acquisition, equity interest issued or issuable, value assigned			$ 174,000
Cash acquired from acquisition			44,000
Fair value of warrants outstanding			3,100
Estimated fair value of contingent consideration	0
IEA | Infrastructure Energy Alternatives, Inc. Warrants
Business Acquisition [Line Items]
Fair value gain related to warrants	2,800
IEA | 6.625% Senior Notes | Senior Notes
Business Acquisition [Line Items]
Debt assumed in acquisition			300,000
IEA | Trade Names and Customer Relationships
Business Acquisition [Line Items]
Amortizing intangible assets			$ 321,000
IEA | Customer Relationships
Business Acquisition [Line Items]
Amortizing intangible assets, weighted average useful life			14 years
IEA | Trade Names
Business Acquisition [Line Items]
Amortizing intangible assets, weighted average useful life			14 years
IEA | Backlog
Business Acquisition [Line Items]
Amortizing intangible assets			$ 42,000
Amortizing intangible assets, weighted average useful life			1 year
All other
Business Acquisition [Line Items]
Cash paid for acquisitions, net of cash acquired	48,400
Amortizing intangible assets	5,900
Amortizing intangible assets, weighted average useful life			9 years
Estimated fair value of contingent consideration	$ 2,800

Acquisitions, Goodwill, and O_7

Acquisitions, Goodwill, and Other Intangible Assets, Net - Schedule of Recognized Identified Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Acquisition consideration:
Cash, net of cash acquired	$ 46,506	$ 21,840
Identifiable assets acquired and liabilities assumed:
Goodwill	2,065,602		$ 2,045,041
IEA
Acquisition consideration:
Cash, net of cash acquired	564,500
Shares transferred	173,700
Estimated fair value of warrants	10,300
Estimated fair value of contingent consideration	0
Total consideration	748,500
Identifiable assets acquired and liabilities assumed:
Accounts receivable and contract assets	584,900
Current assets	36,100
Property and equipment	213,000
Long-term assets, primarily operating lease right-of-use assets	36,900
Amortizing intangible assets	362,200
Accounts payable	(136,500)
Current liabilities, including current portion of operating lease liabilities	(435,800)
Long-term debt, including finance lease obligations	(330,800)
Long-term liabilities, primarily operating lease liabilities and deferred income taxes	(131,400)
Total identifiable net assets	198,600
Goodwill	549,900
Total net assets acquired, including goodwill	748,500
All other
Acquisition consideration:
Cash, net of cash acquired	48,400
Shares transferred	0
Estimated fair value of warrants	0
Estimated fair value of contingent consideration	2,800
Total consideration	51,200
Identifiable assets acquired and liabilities assumed:
Accounts receivable and contract assets	6,100
Current assets	1,500
Property and equipment	30,200
Long-term assets, primarily operating lease right-of-use assets	100
Amortizing intangible assets	5,900
Accounts payable	(4,600)
Current liabilities, including current portion of operating lease liabilities	(2,700)
Long-term debt, including finance lease obligations	(200)
Long-term liabilities, primarily operating lease liabilities and deferred income taxes	(200)
Total identifiable net assets	36,100
Goodwill	15,100
Total net assets acquired, including goodwill	51,200
2022 Acquisitions
Acquisition consideration:
Cash, net of cash acquired	612,900
Shares transferred	173,700
Estimated fair value of warrants	10,300
Estimated fair value of contingent consideration	2,800		$ 3,000
Total consideration	799,700
Identifiable assets acquired and liabilities assumed:
Accounts receivable and contract assets	591,000
Current assets	37,600
Property and equipment	243,200
Long-term assets, primarily operating lease right-of-use assets	37,000
Amortizing intangible assets	368,100
Accounts payable	(141,100)
Current liabilities, including current portion of operating lease liabilities	(438,500)
Long-term debt, including finance lease obligations	(331,000)
Long-term liabilities, primarily operating lease liabilities and deferred income taxes	(131,600)
Total identifiable net assets	234,700
Goodwill	565,000
Total net assets acquired, including goodwill	$ 799,700

Acquisitions, Goodwill, and O_8

Acquisitions, Goodwill, and Other Intangible Assets, Net - HMG Additional Payments, Pro Forma Financial Information, Acquisition Results, and Acquisition and Integration Costs - Narrative (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended			12 Months Ended
	May 31, 2022	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2022
Business Acquisition [Line Items]
Business combinations, unaudited supplemental pro forma revenue		$ 2,600		$ 2,300
Business combinations, unaudited supplemental pro forma net income (loss)		(83.2)		(74.6)
Business combinations, consolidated acquisition-related revenue		400.6		704.7
Business combinations, consolidated acquisition-related income (loss)		(34.1)		(4.3)
HMG
Business Acquisition [Line Items]
Business acquisition, number of shares issued (in shares)			133,000
HMG | Contingent Consideration, Value Of Common Stock
Business Acquisition [Line Items]
Total consideration	$ 29.4
Business acquisition, cash payment	$ 18
Business acquisition, number of shares issued (in shares)	133,157
Business combination, contingent consideration, current		$ 39			$ 37
HMG | Contingent Consideration, Value Of Common Stock | Power Delivery
Business Acquisition [Line Items]
Business acquisition, number of shares issued (in shares)		170,000			170,000
Unrealized gain (loss) included in other income		$ (1.6)
HMG | Contingent Consideration, Collections From Acquired Receivables
Business Acquisition [Line Items]
Business acquisition, number of shares issued (in shares)		98,800			98,800
Unrealized gain (loss) included in other income		$ 9.3			$ 8.4
Estimated fair value of contingent consideration		21.8			21.8
IEA
Business Acquisition [Line Items]
Total consideration		748.5
Estimated fair value of contingent consideration		0
2021 Acquisitions, Henkels & McCoy Group, Inc. and INTREN
Business Acquisition [Line Items]
Business combinations, consolidated acquisition-related revenue				548.1
2023 Acquisitions, Infrastructure Energy Alternatives, Inc.
Business Acquisition [Line Items]
Business combinations, consolidated acquisition-related revenue		$ 370
2023 Acquisitions
Business Acquisition [Line Items]
Business acquisition, number of shares issued (in shares)		120,000
Business combination, acquisition and integration related costs		$ 17.1
2023 Acquisitions | General and Administrative Expense
Business Acquisition [Line Items]
Business combination, acquisition and integration related costs		14.6
2023 Acquisitions | Cost of Revenue, Excluding Depreciation and Amortization
Business Acquisition [Line Items]
Business combination, acquisition and integration related costs		2.5
2022 Acquisitions
Business Acquisition [Line Items]
Total consideration		799.7
Estimated fair value of contingent consideration		2.8			3
2022 Acquisitions | General and Administrative Expense
Business Acquisition [Line Items]
Business combination, acquisition and integration related costs				$ 13.6
2022 and 2023 Acquisitions
Business Acquisition [Line Items]
Business combination, integration related liabilities		$ 1.9			$ 5.5

Fair Value of Financial Instr_2

Fair Value of Financial Instruments - Acquisition-Related Contingent Consideration and Other Liabilities - Narrative (Details)	3 Months Ended
	Mar. 31, 2023 USD ($)	Mar. 31, 2022 USD ($)	Dec. 31, 2022 USD ($)
Fair Value, Financial Instruments Measured on a Recurring Basis [Line Items]
Acquisition-related contingent consideration liabilities, net increase (decrease), measurement period adjustments	$ 20,300,000
Fair Value Recurring Basis Unobservable Input Reconciliation Liability Gain Loss Statement Of Income Extensible List Not Disclosed Flag	fair value adjustments	fair value adjustments
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	$ 36,000,000
Acquisition-related contingent consideration liabilities, range of potential undiscounted earn-out liabilities, high	$ 149,000,000
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	$ 125,400,000		$ 127,400,000
Acquisition-related contingent consideration liabilities, additions from new business combinations	0	$ 1,700,000
Acquisition-related contingent consideration liabilities, net increase (decrease), measurement period adjustments	0	(1,900,000)
Acquisition-related contingent consideration liabilities, net increase (decrease), fair value adjustments, expense (income)	(300,000)	0
Acquisition-related contingent consideration liabilities, payments	1,700,000	$ 0
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	36,000,000		37,700,000
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	$ 12,300,000		$ 13,900,000

Fair Value of Financial Instr_3

Fair Value of Financial Instruments - Equity Investments - Narrative (Details) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Fair Value, Financial Instruments Measured on a Non-Recurring Basis [Line Items]
Nonconsolidated, carrying amount of assets and liabilities	$ 26,000,000		$ 24,000,000
Reporting entity involvement, maximum loss exposure, amount	37,000,000		37,000,000
Equity investments, carrying value	307,000,000		306,000,000
Equity investments, adjusted cost basis, amount	20,000,000		20,000,000
Equity investments, impairments	$ 0	$ 0
Waha JVs
Fair Value, Financial Instruments Measured on a Non-Recurring Basis [Line Items]
Equity method investments, ownership percentage	33%
Equity investments, carrying value	$ 262,000,000		263,000,000
CCI
Fair Value, Financial Instruments Measured on a Non-Recurring Basis [Line Items]
Equity investments, 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 investments, ownership percentage	50%
Equity investments, carrying value	$ 18,000,000	$ 18,000,000

Fair Value of Financial Instr_4

Fair Value of Financial Instruments - The Waha JVs - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Fair Value, Financial Instruments Measured on a Non-Recurring Basis [Line Items]
Equity method investments, equity in earnings (losses)	$ 9,152	$ 6,777
Equity method investments, net investment	307,000		$ 306,000
Unrealized gains (losses) on equity investee activity, net of tax	(4,177)	13,754
Waha JVs
Fair Value, Financial Instruments Measured on a Non-Recurring Basis [Line Items]
Equity method investments, equity in earnings (losses)	8,000	7,400
Equity method investments, distributions of earnings received, operating cash flows	4,300	3,100
Equity method investments, cumulative undistributed earnings	114,300
Equity method investments, net investment	262,000		$ 263,000
Unrealized gains (losses) on equity investee activity, before tax	(5,600)	18,200
Unrealized gains (losses) on equity investee activity, net of tax	$ (4,200)	$ 13,800

Fair Value of Financial Instr_5

Fair Value of Financial Instruments - Other Investments - Other Equity Method Investments - Narrative (Details) - USD ($)	3 Months Ended		27 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Fair Value, Financial Instruments Measured on a Non-Recurring Basis [Line Items]
Equity method investments, net investment	$ 307,000,000		$ 307,000,000	$ 306,000,000
Equity method investments, equity contributions	0	$ 500,000
Equity method investments, equity in earnings (losses)	9,152,000	6,777,000
Telecommunications Equity Method Investees
Fair Value, Financial Instruments Measured on a Non-Recurring Basis [Line Items]
Equity method investments, net investment	22,000,000	22,000,000	22,000,000	21,000,000
Equity method investments, equity contributions	0	500,000
Equity method investments, equity in earnings (losses)	1,100,000	(300,000)
Payments for advance to affiliate	0
Telecommunications Equity Method Investees | Subcontracting Arrangements
Fair Value, Financial Instruments Measured on a Non-Recurring Basis [Line Items]
Expenses, related party	400,000	1,000,000
Payables, related party	100,000		100,000	200,000
Telecommunications Equity Method Investees | Employee Leasing and Advanced Receivable Arrangement
Fair Value, Financial Instruments Measured on a Non-Recurring Basis [Line Items]
Receivables, related party	3,800,000		3,800,000	3,800,000
FM Tech
Fair Value, Financial Instruments Measured on a Non-Recurring Basis [Line Items]
Equity method investments, net investment	$ 18,000,000	18,000,000	$ 18,000,000
Equity method investments, ownership percentage	50%		50%
Certain Entities, Each Accounted for Using Equity Method Investments
Fair Value, Financial Instruments Measured on a Non-Recurring Basis [Line Items]
Equity method investments, net investment	$ 3,000,000	3,000,000	$ 3,000,000
Equity method investments, equity in earnings (losses)	(100,000)	(100,000)
Expenses, related party	300,000	3,600,000
Payables, related party	$ 100,000		$ 100,000
Equity method investments, ownership percentage	49%		49%
Line of credit, amount drawn	$ 3,000,000		$ 3,000,000	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]
Line of credit, amount drawn	0		0	$ 600,000
Confluence
Fair Value, Financial Instruments Measured on a Non-Recurring Basis [Line Items]
Equity method investments, equity contributions	200,000	0	$ 2,100,000
Equity method investments, equity in earnings (losses)	$ (100,000)	$ (200,000)
Equity method investments, ownership percentage	75%		75%
Financing commitments (up to)					$ 2,500,000
AVCT | Common Stock
Fair Value, Financial Instruments Measured on a Non-Recurring Basis [Line Items]
Equity securities, fair value	$ 200,000		$ 200,000

Fair Value of Financial Instr_6

Fair Value of Financial Instruments - Senior Notes - Narrative (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
4.50% Senior Notes
Fair Value Disclosure of Liabilities Not Measured at Fair Value [Line Items]
Senior notes, gross carrying amount	$ 600	$ 600
4.50% Senior Notes | Senior Notes
Fair Value Disclosure of Liabilities Not Measured at Fair Value [Line Items]
Debt instrument, interest rate (percentage)	4.50%
Senior notes, estimated fair value	$ 552	534
6.625% Senior Notes
Fair Value Disclosure of Liabilities Not Measured at Fair Value [Line Items]
Senior notes, gross carrying amount	$ 282.1	281.2
6.625% Senior Notes | Senior Notes
Fair Value Disclosure of Liabilities Not Measured at Fair Value [Line Items]
Debt instrument, interest rate (percentage)	6.625%
Senior notes, estimated fair value	$ 268.5	$ 280.5
Six Point Six Two Five Percent IEA Senior Notes
Fair Value Disclosure of Liabilities Not Measured at Fair Value [Line Items]
Senior notes, gross carrying amount	225.1
Six Point Six Two Five Percent MasTec Senior Notes
Fair Value Disclosure of Liabilities Not Measured at Fair Value [Line Items]
Senior notes, gross carrying amount	$ 74.9

Accounts Receivable, Net of A_3

Accounts Receivable, Net of Allowance, and Contract Assets and Liabilities - Schedule of Accounts Receivable, Net of Allowance and Contract Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Receivables [Abstract]
Contract billings	$ 1,380,500	$ 1,408,100
Less allowance	(8,500)	(8,400)
Accounts receivable, net of allowance	1,372,046	1,399,732
Contract Assets [Abstract]
Retainage	350,600	401,900
Unbilled receivables	1,419,000	1,328,000
Contract assets	$ 1,769,631	$ 1,729,886

Accounts Receivable, Net of A_4

Accounts Receivable, Net of Allowance, and Contract Assets and Liabilities - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Schedule of Accounts Receivable, Net of Allowance, and Contract Assets and Liabilities [Line Items]
Accounts receivable, credit loss provision (recovery)	$ 500
Contract liabilities	438,645		$ 406,232
Contract with customer liability, deferred revenue current	423,500		$ 390,300
Deferred revenue, revenue recognized	287,600
Non-recourse financing agreement, discount charge	52,693	$ 16,041
Receivables, Non-Recourse Arrangement
Schedule of Accounts Receivable, Net of Allowance, and Contract Assets and Liabilities [Line Items]
Non-recourse financing agreement, discount charge	$ 3,800	$ 1,000
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	Mar. 31, 2023	Dec. 31, 2022
Property and Equipment [Line Items]
Property and equipment	$ 3,377,300	$ 3,311,400
Less accumulated depreciation and amortization	(1,646,700)	(1,557,300)
Property and equipment, net	1,730,602	1,754,101
Land
Property and Equipment [Line Items]
Property and equipment	73,600	73,500
Buildings and leasehold improvements
Property and Equipment [Line Items]
Property and equipment	91,400	86,700
Machinery, equipment and vehicles
Property and Equipment [Line Items]
Property and equipment	2,854,600	2,797,000
Office equipment, furniture and internal-use software
Property and Equipment [Line Items]
Property and equipment	312,700	286,800
Construction in progress
Property and Equipment [Line Items]
Property and equipment	$ 45,000	$ 67,400

Property and Equipment, Net - N

Property and Equipment, Net - Narrative (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment [Abstract]
Capitalized internal-use software, gross	$ 202.4	$ 186.6
Capitalized internal-use software, net	$ 51.9	$ 39.9

Debt - Schedule of Carrying Val

Debt - Schedule of Carrying Values of Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Finance lease and other obligations	$ 393,900	$ 414,500
Total debt obligations	3,228,800	3,241,700
Less unamortized deferred financing costs	(16,600)	(17,600)
Total debt, net of deferred financing costs	3,212,200	3,224,100
Current portion of long-term debt	166,676	171,916
Long-term debt	3,045,526	3,052,193
Credit Facility | Revolving Loans
Debt Instrument [Line Items]
Long-term debt obligations	905,000	896,000
Credit Facility | Term Loan
Debt Instrument [Line Items]
Long-term debt obligations	347,800	350,000
Credit Facility | Term Loan | 2022 Term Loan Facility
Debt Instrument [Line Items]
Long-term debt obligations	$ 700,000	700,000
Senior Notes | 4.50% Senior Notes
Debt Instrument [Line Items]
Debt instrument, interest rate (percentage)	4.50%
Long-term debt obligations	$ 600,000	600,000
Senior Notes | 6.625% Senior Notes
Debt Instrument [Line Items]
Debt instrument, interest rate (percentage)	6.625%
Long-term debt obligations	$ 282,100	$ 281,200

Debt - Senior Credit Facility -

Debt - Senior Credit Facility - Narrative (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended	12 Months Ended
	Mar. 31, 2025	Mar. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Line of credit facility, letters of credit issued		$ 162.9	$ 166.7
Credit Facility
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity		2,250
Line of credit facility, letters of credit issued		$ 145.7	$ 143.1
Line of credit facility, unused facility fee (percentage)		0.225%	0.20%
Credit Facility | Revolving Loans
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity		$ 1,900
Weighted average interest rate (percentage)		6.45%	5.82%
Line of credit facility, remaining borrowing capacity		$ 849.3	$ 860.9
Credit Facility | Term Loan
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity		350
Line of credit facility, term loan, amount of quarterly principal installment payments		$ 2.2
Line of credit facility, interest rate (percentage)		6.53%	5.80%
Credit Facility | Term Loan | Forecast
Debt Instrument [Line Items]
Line of credit facility, term loan, amount of quarterly principal installment payments	$ 4.4
Credit Facility | Letters of Credit
Debt Instrument [Line Items]
Line of credit facility, capacity available for letters of credit		$ 504.3	$ 506.9
Credit Facility | Letters of Credit | Performance Standby
Debt Instrument [Line Items]
Line of credit facility, interest rate (percentage)		0.6875%	0.5625%
Credit Facility | Letters of Credit | Commercial and/or Financial Standby
Debt Instrument [Line Items]
Line of credit facility, interest rate (percentage)		1.625%	1.375%
Credit Facility | Foreign Denomination
Debt Instrument [Line Items]
Line of credit facility, remaining borrowing capacity		$ 300	$ 300
Long-term line of credit		$ 0	$ 0

Debt - Other Credit Facilities

Debt - Other Credit Facilities - Narrative (Details) - USD ($)	Mar. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Letters of credit issued	$ 162,900,000	$ 166,700,000
Other Credit Facilities
Debt Instrument [Line Items]
Long-term debt obligations	$ 2,600,000	0
Weighted average interest rate (percentage)	7.45%
Standby Letters of Credit | Line of Credit
Debt Instrument [Line Items]
Letters of credit issued	$ 17,200,000	$ 23,600,000
Standby Letters of Credit | Line of Credit | Letters of Credit
Debt Instrument [Line Items]
Line of credit facility, interest rate (percentage)	0.90%	0.75%

Debt - 2022 Term Loan Facility

Debt - 2022 Term Loan Facility (Details) - Unsecured Debt - Line of Credit - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2026	Mar. 31, 2024
New Term Loan Facility
Debt Instrument [Line Items]
Debt instrument, face amount	$ 700,000
New Term Loan Facility, Three-Year Tranche
Debt Instrument [Line Items]
Debt instrument, face amount	$ 400,000
Debt instrument, term	3 years
Debt instrument, interest rate during period	6.308%	5.692%
New Term Loan Facility, Five-Year Tranche
Debt Instrument [Line Items]
Debt instrument, face amount	$ 300,000
Debt instrument, term	5 years
Debt instrument, interest rate during period	6.433%	5.817%
New Term Loan Facility, Five-Year Tranche | Forecast
Debt Instrument [Line Items]
Quarterly installments			$ 7,500	$ 3,750

Debt - Additional Information -

Debt - Additional Information - Narrative (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Debt Disclosure [Abstract]
Debt instruments, accrued interest payable	$ 14.3	$ 24.8

Lease Obligations - Narrative (

Lease Obligations - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Lessee, Lease, Description [Line Items]
Leases, remaining lease terms	16 years
Finance leases, assets, gross	$ 715.7		$ 720.1
Assets held under finance leases, location	Property and equipment, net		Property and equipment, net
Finance leases, assets, net	$ 512.4		$ 535.3
Finance leases, assets, depreciation	28	$ 20.3
Operating leases, additions	$ 26.3	26.9
Operating leases, term of contract	1 year
Operating leases, expense	$ 35.2	34
Operating leases, variable lease costs	4	3
Operating leases, short-term leases, expense	$ 111.1	$ 74.3
Finance leases, weighted average remaining lease term (in years)	2 years 8 months 12 days
Finance leases, weighted average discount rate, percent	4.10%
Operating leases, weighted average remaining lease term (in years)	4 years 4 months 24 days
Operating leases, weighted average discount rate, percent	3.80%
Minimum | Equipment Leases
Lessee, Lease, Description [Line Items]
Leases, renewal term	1 year
Minimum | Facility Leases
Lessee, Lease, Description [Line Items]
Leases, renewal term	1 year
Maximum | Equipment Leases
Lessee, Lease, Description [Line Items]
Leases, renewal term	5 years
Maximum | Facility Leases
Lessee, Lease, Description [Line Items]
Leases, renewal term	5 years

Lease Obligations - Schedule of

Lease Obligations - Schedule of Future Minimum Lease Commitments (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Finance Leases
2023, remaining nine months	$ 125,300
2024	127,500
2025	90,900
2026	33,900
2027	4,000
Thereafter	500
Total minimum lease payments	382,100
Less amounts representing interest	(17,200)
Total lease obligations, net of interest	364,900
Less current portion	148,800
Long-term portion of lease obligations, net of interest	$ 216,100
Finance lease liability, current, location	Current portion of long-term debt, including finance leases
Finance lease liability, long-term, location	Long-term debt, including finance leases
Operating Leases
2023, remaining nine months	$ 78,400
2024	85,300
2025	59,400
2026	40,700
2027	18,700
Thereafter	32,100
Total minimum lease payments	314,600
Less amounts representing interest	(27,700)
Total lease obligations, net of interest	286,900
Less current portion	96,817	$ 96,516
Long-term portion of lease obligations, net of interest	$ 190,132	$ 194,050

Stock-Based Compensation and _3

Stock-Based Compensation and Other Employee Benefit Plans - Narrative (Details) - USD ($) shares in Thousands, $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Stock-Based Compensation and Other Employee Benefit Plans [Line Items]
Stock-based compensation plans, number of shares available for future grant (in shares)	2,762
Non-cash stock-based compensation expense	$ 8.5	$ 6.3
Stock-based compensation, income tax benefits	10.2	2.2
Stock-based compensation, vested awards, net income tax benefits	$ 8.8	$ 0.9

Stock-Based Compensation and _4

Stock-Based Compensation and Other Employee Benefit Plans - Restricted Shares, Narrative (Details) - Restricted Shares - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Stock-Based Compensation and Other Employee Benefit Plans [Line Items]
Stock-based compensation awards, unearned compensation	$ 66.5
Stock-based compensation awards, unearned compensation, weighted average expected recognition period (in years)	2 years 2 months 12 days
Stock-based compensation, vested awards, intrinsic value	$ 77.3	$ 19

Stock-Based Compensation and _5

Stock-Based Compensation and Other Employee Benefit Plans - Schedule of Activity, Restricted Shares (Details)	3 Months Ended
	Mar. 31, 2023 $ / shares shares
Restricted Shares
Restricted Shares
Non-vested restricted shares, beginning balance (in shares)	2,049,280
Granted (in shares)	194,906
Vested (in shares)	(844,483)
Canceled/forfeited (in shares)	(21,223)
Non-vested restricted shares, ending balance (in shares)	1,378,480
Per Share Weighted Average Grant Date Fair Value
Non-vested restricted shares, beginning balance (in dollars per share) | $ / shares	$ 52.33
Granted (in dollars per share) | $ / shares	96.17
Vested (in dollars per share) | $ / shares	27.18
Canceled/forfeited (in dollars per share) | $ / shares	37.24
Non-vested restricted shares, ending balance (in dollars per share) | $ / shares	$ 74.18
Restricted Stock Units
Restricted Shares
Non-vested restricted shares, beginning balance (in shares)	2,150
Non-vested restricted shares, ending balance (in shares)	1,000

Stock-Based Compensation and _6

Stock-Based Compensation and Other Employee Benefit Plans - ESPP (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Stock-Based Compensation and Other Employee Benefit Plans [Line Items]
Common shares issued (in shares)	21,299	24,737
Employee Stock Purchase Plans
Stock-Based Compensation and Other Employee Benefit Plans [Line Items]
ESPP purchase price, percent	85%
Cash proceeds	$ 1.7	$ 1.9
Compensation expense	$ 0.3	$ 0.3

Other Retirement Plans (Details

Other Retirement Plans (Details) $ in Millions	3 Months Ended
	Mar. 31, 2023 USD ($) employee	Mar. 31, 2022 USD ($) employee
Covered Employees and Contributions, Multiemployer Plans [Line Items]
Multiemployer plan, employer contribution, cost	$ 35.2	$ 30.2
Pension
Covered Employees and Contributions, Multiemployer Plans [Line Items]
Multiemployer plan, employer contribution, cost	21.8	17
Other Multiemployer
Covered Employees and Contributions, Multiemployer Plans [Line Items]
Multiemployer plan, employer contribution, cost	$ 13.4	$ 13.2
Low
Covered Employees and Contributions, Multiemployer Plans [Line Items]
Multiemployer plans, covered employees (in number of employees) | employee	6,806	6,601
High
Covered Employees and Contributions, Multiemployer Plans [Line Items]
Multiemployer plans, covered employees (in number of employees) | employee	7,581	6,672

Equity (Details)

Equity (Details) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Equity, Treasury Stock [Line Items]
Treasury stock acquired (in shares)	0	187,978
Treasury stock acquired, value		$ 13,791,000
December 2018 Share Repurchase Program
Equity, Treasury Stock [Line Items]
Treasury stock acquired (in shares)		100,000
Treasury stock acquired, value		$ 8,600,000
Share repurchase program, amount authorized, value		$ 100,000,000
March 2020 Share Repurchase Program
Equity, Treasury Stock [Line Items]
Treasury stock acquired (in shares)	100,000
Treasury stock acquired, value	$ 5,200,000
Share repurchase program, amount authorized, value	150,000,000
Stock repurchase program, remaining authorized repurchase amount	$ 77,300,000

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Income Tax Disclosure [Abstract]
Consolidated effective tax rate, percent	35.70%	27.30%
Stock-based compensation, vested awards, net income tax benefits	$ 8.8	$ 0.9

Segments and Related Informat_3

Segments and Related Information - Narrative (Details) $ in Millions	3 Months Ended
	Mar. 31, 2023 USD ($) segment	Mar. 31, 2022 USD ($)
Segment Reporting, Other Significant Reconciling Item [Line Items]
Number of operating segments | segment	5
Number of reportable segments | segment	5
2023 Acquisitions
Segment Reporting, Other Significant Reconciling Item [Line Items]
Business combination, acquisition and integration related costs	$ 17.1
Corporate | 2023 Acquisitions
Segment Reporting, Other Significant Reconciling Item [Line Items]
Business combination, acquisition and integration related costs	1.3	$ 3.8
Communications | Operating Segments | 2023 Acquisitions
Segment Reporting, Other Significant Reconciling Item [Line Items]
Business combination, acquisition and integration related costs	8.9	0.8
Clean Energy and Infrastructure | Operating Segments | 2023 Acquisitions
Segment Reporting, Other Significant Reconciling Item [Line Items]
Business combination, acquisition and integration related costs	5.2	2
Power Delivery | Operating Segments | 2023 Acquisitions
Segment Reporting, Other Significant Reconciling Item [Line Items]
Business combination, acquisition and integration related costs	$ 1.7	$ 7

Segments and Related Informat_4

Segments and Related Information - Schedule of Financial Information by Reportable Segment (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Segments and Related Information [Line Items]
Consolidated revenue	$ 2,584,659	$ 1,954,400
Segment EBITDA	127,100	125,700
Consolidated depreciation and amortization	149,200	$ 110,800
Consolidated assets	$ 9,055,336		$ 9,293,259
Communications | Customer Concentration Risk | Revenue | Utilities
Segments and Related Information [Line Items]
Concentration risk, percentage of total	23.70%	25.60%
Reportable Segments | Communications
Segments and Related Information [Line Items]
Consolidated revenue	$ 806,600	$ 664,200
Segment EBITDA	52,800	40,300
Consolidated depreciation and amortization	34,600	29,000
Consolidated assets	2,504,600		2,378,600
Reportable Segments | Clean Energy and Infrastructure
Segments and Related Information [Line Items]
Consolidated revenue	824,900	435,900
Segment EBITDA	5,300	10,900
Consolidated depreciation and amortization	38,400	11,400
Consolidated assets	2,665,200		2,979,900
Reportable Segments | Oil and Gas
Segments and Related Information [Line Items]
Consolidated revenue	256,500	211,000
Segment EBITDA	14,500	21,500
Consolidated depreciation and amortization	34,300	31,600
Consolidated assets	1,567,000		1,544,200
Reportable Segments | Power Delivery
Segments and Related Information [Line Items]
Consolidated revenue	709,400	650,500
Segment EBITDA	47,400	46,100
Consolidated depreciation and amortization	39,300	35,700
Consolidated assets	1,901,200		1,967,900
Reportable Segments | Other
Segments and Related Information [Line Items]
Consolidated revenue	0	0
Segment EBITDA	7,100	6,900
Consolidated depreciation and amortization	0	0
Consolidated assets	295,400		297,300
Eliminations
Segments and Related Information [Line Items]
Consolidated revenue	(12,700)	(7,200)
Corporate
Segments and Related Information [Line Items]
Consolidated depreciation and amortization	2,600	$ 3,100
Consolidated assets	$ 121,900		$ 125,400

Segments and Related Informat_5

Segments and Related Information - Reconciliation of Consolidated Income before Income Taxes to EBITDA (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
EBITDA Reconciliation:
Loss before income taxes	$ (125,280)	$ (48,107)
Interest expense, net	52,693	16,041
Depreciation	107,247	85,194
Amortization of intangible assets	41,944	25,589
Corporate EBITDA	50,500	47,000
Segment EBITDA	$ 127,100	$ 125,700

Segments and Related Informat_6

Segments and Related Information - Foreign Operations and Other - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Segments and Related Information [Line Items]
Revenue	$ 2,584,659	$ 1,954,400
Property and equipment, net	$ 1,730,602		$ 1,754,101
Govermment | Revenue Benchmark | Customer Concentration Risk
Segments and Related Information [Line Items]
Concentration risk, percentage of total	8%	6%
United States
Segments and Related Information [Line Items]
Revenue	$ 2,600,000	$ 1,900,000
Property and equipment, net	1,700,000		1,700,000
Intangible assets and goodwill, net	2,900,000		3,000,000
Foreign Operations
Segments and Related Information [Line Items]
Revenue	27,500	$ 24,500
Property and equipment, net	20,300		21,000
Intangible assets and goodwill, net	$ 35,100		$ 35,500
Foreign Operations | Accounts Receivable, Net, Less Deferred Revenue | Geographic Concentration Risk
Segments and Related Information [Line Items]
Concentration risk, percentage of total	1%		1%

Commitments and Contingencies -

Commitments and Contingencies - Narrative (Details) $ in Thousands		1 Months Ended	3 Months Ended
	Apr. 28, 2023 USD ($)	Mar. 31, 2021 USD ($)	Mar. 31, 2023 USD ($) constructionProject customer	Mar. 31, 2022	Dec. 31, 2022 USD ($)
Loss Contingencies [Line Items]
Line of credit facility, letters of credit issued			$ 162,900		$ 166,700
Number of joint ventures | constructionProject			4
Cash and cash equivalents			$ 141,560		370,592
Indemnities, accrued project close-out liabilities			$ 40,000		40,000
Number of customers | customer			995
Pension | IEA
Loss Contingencies [Line Items]
Withdrawal liability			$ 1,900		1,900
Workers' Compensation, General and Automobile Policies | Self-Insurance
Loss Contingencies [Line Items]
Self-insurance reserve			190,100		176,700
Workers' Compensation, General and Automobile Policies | Self-Insurance | Other Long-Term Liabilities
Loss Contingencies [Line Items]
Self-insurance reserve, non-current			118,800		109,300
Employee Group Medical Claims | Self-Insurance
Loss Contingencies [Line Items]
Self-insurance reserve			4,300		4,100
Corporate Joint Venture
Loss Contingencies [Line Items]
Cash and cash equivalents			$ 16,700		25,700
Corporate Joint Venture | Joint Ventures That Provide Electrical Transmission Infrastructure Services | Minimum
Loss Contingencies [Line Items]
Proportionately consolidated non-controlled joint venture, ownership percentage			85%
Corporate Joint Venture | Joint Ventures That Provide Electrical Transmission Infrastructure Services | Maximum
Loss Contingencies [Line Items]
Proportionately consolidated non-controlled joint venture, ownership percentage			90%
Corporate Joint Venture | Joint Venture Civil Construction Project | Minimum
Loss Contingencies [Line Items]
Proportionately consolidated non-controlled joint venture, ownership percentage			25%
Corporate Joint Venture | Joint Venture Civil Construction Project | Maximum
Loss Contingencies [Line Items]
Proportionately consolidated non-controlled joint venture, ownership percentage			50%
Contractual Joint Venture
Loss Contingencies [Line Items]
Payments for project financing			$ 300
Captive Insurance Company
Loss Contingencies [Line Items]
Cash and cash equivalents			900		1,100
Performance and Payment Bonds
Loss Contingencies [Line Items]
Bonded projects, estimated costs to complete			1,942,200		1,739,900
Commercial and/or Financial Standby | Workers' Compensation, General and Automobile Policies | Self-Insurance
Loss Contingencies [Line Items]
Line of credit facility, letters of credit issued			95,600		95,600
Surety Bonds | Workers' Compensation | Self-Insurance
Loss Contingencies [Line Items]
Guarantor obligations, maximum exposure, undiscounted			110,900		110,900
Subsidiaries | Performance and Payment Bonds
Loss Contingencies [Line Items]
Guarantor obligations, maximum exposure, undiscounted			5,374,000		4,855,500
Subsidiaries | Performance and Payment Bonds | Corporate Joint Venture
Loss Contingencies [Line Items]
Guarantor obligations, maximum exposure, undiscounted			$ 254,500		$ 115,800
Revenue Benchmark | Customer Concentration Risk | Ten Largest Customers
Loss Contingencies [Line Items]
Concentration risk, percentage of total			39%	42%
Infrastructure Energy Alternatives, Inc. | Pension
Loss Contingencies [Line Items]
Multiemployer plans, withdrawal obligation, monthly payment amount			$ 10
Silicon Ranch Corporation, LLC | Subsequent Event | Litigation Settlement, Benchmark | Commitments And Contingencies Concentration Risk
Loss Contingencies [Line Items]
Concentration risk, percentage of total	30%
Infrastructure Energy Alternatives, Inc. And IEA Constructors, LLC | Subsequent Event | Litigation Settlement, Benchmark | Commitments And Contingencies Concentration Risk
Loss Contingencies [Line Items]
Concentration risk, percentage of total	70%
Silicon Ranch Corporation, LLC Matter | H&L Farms
Loss Contingencies [Line Items]
Payments to acquire land		$ 3,300
Silicon Ranch Corporation, LLC Matter | Infrastructure Energy Alternatives, Inc. | Subsequent Event
Loss Contingencies [Line Items]
Compensatory damages awarded to plaintiffs	$ 4,500
Remediation costs	1,500
Silicon Ranch Corporation, LLC Matter | Silicon Ranch Corporation, LLC | Subsequent Event
Loss Contingencies [Line Items]
Punitive damages	25,000
Silicon Ranch Corporation, LLC Matter | Infrastructure Energy Alternatives, Inc. And IEA Constructors, LLC | Subsequent Event
Loss Contingencies [Line Items]
Punitive damages	50,000
Silicon Ranch Corporation, LLC Matter | IEA Constructors, LLC | Subsequent Event
Loss Contingencies [Line Items]
Insurance policy limit	$ 10,000

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($) shares in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Related Party Transaction [Line Items]
Equity investments, carrying value	$ 307,000,000		$ 306,000,000
Equity method Investment, related party, ownership percentage	25%
Equity method investments, equity contributions	$ 0	$ 500,000
Negative equity method investment	200,000		200,000
Line of credit facility, letters of credit issued	$ 162,900,000		166,700,000
Noncontrolling interest, percentage of voting interests acquired	15%
Payments to non-controlling interests, including acquisition of interests and distributions	$ (11,660,000)	0
2023 Acquisitions
Related Party Transaction [Line Items]
Payments to non-controlling interests, including acquisition of interests and distributions	$ (10,000,000)
Business acquisition, number of shares issued (in shares)	120
2023 Acquisitions | Oil and Gas
Related Party Transaction [Line Items]
Business acquisition, equity interest issued or issuable, value assigned	$ 11,600,000
Management | Equipment, Supplies and Services
Related Party Transaction [Line Items]
Payments, related party	16,100,000	6,800,000
Payables, related party	3,900,000		2,600,000
Revenue, related party	2,200,000	3,800,000
Receivables, related party	3,500,000		3,200,000
Management | Subcontracting Arrangements
Related Party Transaction [Line Items]
Payments, related party	500,000	200,000
Payables, related party	200,000		300,000
Revenue, related party	41,800,000	28,800,000
Receivables, related party	54,200,000		42,000,000
Management | Other Subcontracting Arrangements
Related Party Transaction [Line Items]
Receivables, related party	200,000		400,000
Charges, related party	200,000	200,000
Receivables, net of deferred revenue, related party	2,300,000		2,300,000
Management | Other Subcontracting Arrangements | Line of Credit
Related Party Transaction [Line Items]
Line of credit facility, letters of credit issued	15,000,000
Immediate Family Member of Management | Equipment | CCI
Related Party Transaction [Line Items]
Payables, related party	100,000		600,000
Payments, net of rebates, related party	1,000,000
Chairman, Board of Directors
Related Party Transaction [Line Items]
Payments for life insurance policies	0
Chairman, Board of Directors | Lease Agreements
Related Party Transaction [Line Items]
Payments, related party	700,000	600,000
Executive Officers
Related Party Transaction [Line Items]
Life insurance assets, carrying amount	25,800,000		25,800,000
Executive Officers | Related Customer
Related Party Transaction [Line Items]
Charges, related party		300,000
Executive Officers | Former Owner
Related Party Transaction [Line Items]
Receivables, related party	2,100,000		2,000,000
Equity investments, carrying value	100,000		$ 1,300,000
Executive Officers | Construction Services
Related Party Transaction [Line Items]
Payments, related party	400,000	100,000
Receivables, related party	$ 100,000
Chief Executive Officer
Related Party Transaction [Line Items]
Payments for life insurance policies		$ 0