MasTec (MTZ) 10-Q 1 Aug 24 2024 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Jun. 30, 2024	Jul. 29, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
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		79,220,966
Entity Central Index Key	0000015615
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Amendment Flag	false

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Statement [Abstract]
Revenue	$ 2,961,086	$ 2,874,115	$ 5,647,935	$ 5,458,774
Costs of revenue, excluding depreciation and amortization	2,540,447	2,484,780	4,920,119	4,844,274
Depreciation	102,141	103,038	209,576	210,285
Amortization of intangible assets	33,611	42,043	67,301	83,987
General and administrative expenses	167,081	176,155	332,618	340,069
Interest expense, net	50,571	59,415	102,630	112,108
Equity in earnings of unconsolidated affiliates, net	(5,892)	(7,496)	(15,111)	(16,648)
Loss on extinguishment of debt	11,344	0	11,344	0
Other (income) expense, net	(1,329)	(3,508)	1,884	(9,709)
Income (loss) before income taxes	63,112	19,688	17,574	(105,592)
(Provision for) benefit from income taxes	(19,344)	(2,934)	(8,265)	41,800
Net income (loss)	43,768	16,754	9,309	(63,792)
Net income attributable to non-controlling interests	9,780	1,212	16,501	1,206
Net income (loss) attributable to MasTec, Inc.	$ 33,988	$ 15,542	$ (7,192)	$ (64,998)
Earnings (loss) per share (Note 2):
Basic earrings (loss) per share (in dollars per share)	$ 0.44	$ 0.20	$ (0.09)	$ (0.84)
Basic weighted average common shares outstanding (in shares)	78,038	77,635	77,984	77,306
Diluted earnings (loss) per share (in dollars per share)	$ 0.43	$ 0.20	$ (0.09)	$ (0.84)
Diluted weighted average common shares outstanding (in shares)	78,860	78,372	77,984	77,306

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 43,768	$ 16,754	$ 9,309	$ (63,792)
Other comprehensive (loss) income:
Foreign currency translation (losses) gains, net of tax	(998)	1,007	(1,379)	1,679
Unrealized gains on investment activity, net of tax	123	4,576	2,847	399
Comprehensive income (loss)	42,893	22,337	10,777	(61,714)
Comprehensive income attributable to non-controlling interests	9,780	1,212	16,501	1,206
Comprehensive income (loss) attributable to MasTec, Inc.	$ 33,113	$ 21,125	$ (5,724)	$ (62,920)

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 297,586	$ 529,561
Accounts receivable, net of allowance	1,341,983	1,370,074
Contract assets	1,533,543	1,756,381
Inventories, net	107,883	108,146
Prepaid expenses	101,202	105,880
Other current assets	94,867	104,211
Total current assets	3,477,064	3,974,253
Property and equipment, net	1,514,660	1,651,462
Operating lease right-of-use assets	418,893	418,685
Goodwill, net	2,125,893	2,126,366
Other intangible assets, net	717,232	784,260
Other long-term assets	425,244	418,485
Total assets	8,678,986	9,373,511
Current liabilities:
Current portion of long-term debt, including finance leases	201,458	177,246
Current portion of operating lease liabilities	147,039	137,765
Accounts payable	993,982	1,242,602
Accrued salaries and wages	192,441	198,943
Other accrued expenses	403,495	415,075
Contract liabilities	620,676	480,967
Other current liabilities	188,818	184,621
Total current liabilities	2,747,909	2,837,219
Long-term debt, including finance leases	2,359,637	2,888,058
Long-term operating lease liabilities	283,117	292,873
Deferred income taxes	326,249	390,399
Other long-term liabilities	227,967	243,701
Total liabilities	5,944,879	6,652,250
Commitments and contingencies (Note 12)
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 - 99,044,551 and 99,093,134 (including 1,321,507 and 1,504,996 of unvested stock awards) as of June 30, 2024 and December 31, 2023, respectively	9,904	9,909
Capital surplus	1,277,301	1,263,360
Retained earnings	2,138,601	2,145,793
Accumulated other comprehensive loss	(51,529)	(52,997)
Treasury stock, at cost: 19,813,055 shares as of both June 30, 2024 and December 31, 2023.	(659,913)	(659,913)
Total MasTec, Inc. shareholders’ equity	2,714,364	2,706,152
Non-controlling interests	19,743	15,109
Total equity	2,734,107	2,721,261
Total liabilities and equity	$ 8,678,986	$ 9,373,511

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2024	Dec. 31, 2023
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)	99,044,551	99,093,134
Treasury stock, shares (in shares)	19,813,055	19,813,055
Common Stock
Common stock, shares issued (in shares)	99,044,551	99,093,134
Restricted Stock Awards | Common Stock
Unvested stock awards (in shares)	1,321,507	1,504,996

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, 2022			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)
Condensed Unaudited Consolidated Statements of Equity
Net (loss) income	(63,792)	(64,998)				(64,998)		1,206
Other comprehensive income (loss)	2,078	2,078					2,078
Non-cash stock-based compensation	17,090	17,090			17,090
Issuance of restricted shares, net (in shares)			172,589
Issuance of restricted shares, net	0	0	$ 17		(17)
Shares withheld for taxes, net of other stock issuances (in shares)			(117,557)
Shares withheld for taxes, net of other stock issuances	(5,374)	(5,374)	$ (12)		(5,362)
Issuance of shares in connection with acquisition (in shares)			4,112
Issuance of shares in connection with acquisition	403	403			403
Acquisition-related assumption of non-controlling interest	6,828							6,828
Purchase of non-controlling interests (in shares)				120,000
Purchase of non-controlling interests	(10,000)	(7,476)		$ 3,997	(11,473)			(2,524)
Ending balance, common shares outstanding (in shares) at Jun. 30, 2023			98,674,249
Ending balance at Jun. 30, 2023	2,688,420	2,679,052	$ 9,867	$ (659,913)	1,247,231	2,130,744	(48,877)	9,368
Ending balance, treasury shares (in shares) at Jun. 30, 2023				(19,813,055)
Beginning balance, common shares outstanding (in shares) at Mar. 31, 2023			98,674,997
Beginning 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
Beginning balance, treasury shares (in shares) at Mar. 31, 2023				(19,813,055)
Condensed Unaudited Consolidated Statements of Equity
Net (loss) income	16,754	15,542				15,542		1,212
Other comprehensive income (loss)	5,583	5,583					5,583
Non-cash stock-based compensation	8,575	8,575			8,575
Forfeiture of restricted shares, net (in shares)			(2,244)
Shares withheld for taxes, net of other stock issuances (in shares)			(381)
Shares withheld for taxes, net of other stock issuances	2,851	2,851			2,851
Issuance of shares in connection with acquisition (in shares)			1,877
Issuance of shares in connection with acquisition	197	197			197
Acquisition-related assumption of non-controlling interest	6,828							6,828
Ending balance, common shares outstanding (in shares) at Jun. 30, 2023			98,674,249
Ending balance at Jun. 30, 2023	$ 2,688,420	2,679,052	$ 9,867	$ (659,913)	1,247,231	2,130,744	(48,877)	9,368
Ending balance, treasury shares (in shares) at Jun. 30, 2023				(19,813,055)
Beginning balance, common shares outstanding (in shares) at Dec. 31, 2023	99,093,134		99,093,134
Beginning balance at Dec. 31, 2023	$ 2,721,261	2,706,152	$ 9,909	$ (659,913)	1,263,360	2,145,793	(52,997)	15,109
Beginning balance, treasury shares (in shares) at Dec. 31, 2023	(19,813,055)			(19,813,055)
Condensed Unaudited Consolidated Statements of Equity
Net (loss) income	$ 9,309	(7,192)				(7,192)		16,501
Other comprehensive income (loss)	1,468	1,468					1,468
Non-cash stock-based compensation	16,698	16,698			16,698
Forfeiture of restricted shares, net (in shares)			(16,611)
Forfeiture of restricted shares, net	0	0	$ (2)		2
Shares withheld for taxes, net of other stock issuances (in shares)			(31,972)
Shares withheld for taxes, net of other stock issuances	(2,762)	(2,762)	$ (3)		(2,759)
Distributions to non-controlling interests	(12,632)							(12,632)
Acquisition-related assumption of non-controlling interest	$ 765							765
Ending balance, common shares outstanding (in shares) at Jun. 30, 2024	99,044,551		99,044,551
Ending balance at Jun. 30, 2024	$ 2,734,107	2,714,364	$ 9,904	$ (659,913)	1,277,301	2,138,601	(51,529)	19,743
Ending balance, treasury shares (in shares) at Jun. 30, 2024	(19,813,055)			(19,813,055)
Beginning balance, common shares outstanding (in shares) at Mar. 31, 2024			99,272,155
Beginning balance at Mar. 31, 2024	$ 2,690,024	2,674,264	$ 9,927	$ (659,913)	1,270,291	2,104,613	(50,654)	15,760
Beginning balance, treasury shares (in shares) at Mar. 31, 2024				(19,813,055)
Condensed Unaudited Consolidated Statements of Equity
Net (loss) income	43,768	33,988				33,988		9,780
Other comprehensive income (loss)	(875)	(875)					(875)
Non-cash stock-based compensation	7,025	7,025			7,025
Forfeiture of restricted shares, net (in shares)			(227,257)
Forfeiture of restricted shares, net	0	0	$ (23)		23
Shares withheld for taxes, net of other stock issuances (in shares)			(347)
Shares withheld for taxes, net of other stock issuances	(38)	(38)			(38)
Distributions to non-controlling interests	$ (5,797)							(5,797)
Ending balance, common shares outstanding (in shares) at Jun. 30, 2024	99,044,551		99,044,551
Ending balance at Jun. 30, 2024	$ 2,734,107	$ 2,714,364	$ 9,904	$ (659,913)	$ 1,277,301	$ 2,138,601	$ (51,529)	$ 19,743
Ending balance, treasury shares (in shares) at Jun. 30, 2024	(19,813,055)			(19,813,055)

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Cash flows from operating activities:
Net income (loss)	$ 43,768	$ 16,754	$ 9,309	$ (63,792)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation	102,141	103,038	209,576	210,285
Amortization of intangible assets	33,611	42,043	67,301	83,987
Non-cash stock-based compensation expense			16,698	17,090
Benefit from deferred income taxes			(65,312)	(42,548)
Equity in earnings of unconsolidated affiliates, net	(5,892)	(7,496)	(15,111)	(16,648)
Gains on sales and impairments of assets, net			(9,415)	(13,598)
Loss on extinguishment of debt	11,344	0	11,344	0
Non-cash interest expense, net			2,885	2,864
Other non-cash items, net			12,714	389
Changes in assets and liabilities, net of acquisitions:
Accounts receivable			45,258	(61,606)
Contract assets			222,547	(97,689)
Inventories			10,113	3,693
Other assets, current and long-term portion			35,805	38,324
Accounts payable and accrued expenses			(312,882)	(204,453)
Contract liabilities			139,745	65,404
Other liabilities, current and long-term portion			(8,376)	(19,612)
Net cash provided by (used in) operating activities			372,199	(97,910)
Cash flows from investing activities:
Cash paid for acquisitions, net of cash acquired			(61)	(63,880)
Capital expenditures			(56,907)	(119,067)
Proceeds from sales of property and equipment			31,079	42,570
Payments for other investments			(884)	(1,627)
Proceeds from other investments			0	425
Other investing activities, net			2,303	119
Net cash used in investing activities			(24,470)	(141,460)
Cash flows from financing activities:
Proceeds from credit facilities			2,108,500	1,687,400
Repayments of credit facilities and term loans			(2,933,375)	(1,580,775)
Proceeds from issuance of 5.900% senior notes			549,758	0
Repayments of 6.625% senior notes			(203,709)	0
Payments of finance lease obligations			(71,226)	(85,223)
Payments of acquisition-related contingent consideration			(2,874)	(8,955)
Payments to non-controlling interests, including acquisition of interests and distributions			(12,632)	(11,660)
Payments for stock-based awards			(2,761)	(10,256)
Other financing activities, net			(10,759)	(2,686)
Net cash used in financing activities			(579,078)	(12,155)
Effect of currency translation on cash			(626)	838
Net decrease in cash and cash equivalents			(231,975)	(250,687)
Cash and cash equivalents - beginning of period			529,561	370,592	$ 370,592
Cash and cash equivalents - end of period	$ 297,586	$ 119,905	297,586	119,905	$ 529,561
Supplemental cash flow information:
Interest paid			104,622	111,969
Income taxes paid, net of refunds			44,996	13,947
Supplemental disclosure of non-cash information:
Additions to property and equipment from finance leases and other financing arrangements			$ 53,093	$ 84,323

Consolidated Statements of Ca_2

Consolidated Statements of Cash Flows (Parenthetical) - Senior Notes	Jun. 30, 2024	Jun. 10, 2024
5.900% Senior Notes
Debt instrument, interest rate (percentage)		5.90%
6.625% Senior Notes
Debt instrument, interest rate (percentage)	6.625%

Business, Basis of Presentation

Business, Basis of Presentation and Significant Accounting Policies	6 Months Ended
	Jun. 30, 2024
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: wireless, wireline/fiber and customer fulfillment activities; power delivery infrastructure, including transmission, distribution, environmental planning and compliance; power generation infrastructure, primarily from clean energy and renewable sources; pipeline infrastructure, including for natural gas, water and carbon capture sequestration pipelines and pipeline integrity services; heavy civil and industrial infrastructure, including roads, bridges and rail; 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) Power Delivery; (4) Oil and Gas; 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, 2023 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, 2023 contained in the Company’s 2023 Annual Report on Form 10-K (the “2023 Form 10-K”). In management’s opinion, all normal and recurring adjustments considered necessary for a fair statement of the financial position, results of operations and cash flows for the periods presented have been included. 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. 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. 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 may be subject to one or multiple pricing models, 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 40% and 43% of consolidated revenue for the three month periods ended June 30, 2024 and 2023, respectively, and totaled 40% and 45% for the six month periods ended June 30, 2024 and 2023, 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 2% of consolidated revenue for both the three and six month periods ended June 30, 2024, and totaled approximately 3% for both the three and six month periods ended June 30, 2023. The total contract transaction price and cost estimation processes used for recognizing revenue over time under the cost-to-cost method is based primarily on the professional knowledge and experience of the Company’s project managers, operational and financial professionals and other professional expertise, as warranted. Management reviews estimates of total contract transaction price and costs on an ongoing basis. Changes in job performance, job conditions and management’s assessment of the estimated amount and probability of 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 the amount of revenue recognized 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 based on management’s estimates. For the six month periods ended June 30, 2024 and 2023, 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, 2023 and 2022 . 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 positively affected revenue by approximately 0.4% and 1.5% for the three month periods ended June 30, 2024 and 2023, respectively, and such net changes positively affected revenue by approximately 0.2% and 0.6% for the six month periods ended June 30, 2024 and 2023, respectively. Performance Obligations. A performance obligation is a contractual promise to transfer a distinct good or service to a customer. The transaction price of a contract is allocated to each distinct performance obligation and recognized as revenue when or as the performance obligation is satisfied. The Company’s contracts often require significant services to integrate complex activities and equipment into a single deliverable, and are therefore generally accounted for as a single performance obligation, even when delivering multiple distinct services. 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 June 30, 2024, the amount of the Company’s remaining performance obligations was $9.3 billion. Based on current expectations, the Company anticipates it will recognize approximately $4.2 billion, or 45.0%, of its remaining performance obligations as revenue during 2024, with the majority of the remaining balance expected to be recognized over the subsequent two year period. 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 specific discussions, correspondence or preliminary negotiations and past practices with the customer, engineering studies and legal advice 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 June 30, 2024 and December 31, 2023, the Company’s contract transaction prices included approximately $175 million and $194 million, respectively, of change orders and/or claims for certain contracts that were in the process of being resolved in the ordinary course of its 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 June 30, 2024 and December 31, 2023, these change orders and/or claims primarily related to certain projects in the Company’s Clean Energy and Infrastructure and Power Delivery segments. The Company actively engages with its customers to complete the final approval process for such amounts 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 2023 Form 10-K. In August 2023, the FASB issued ASU 2023-05, Business Combinations—Joint Venture Formations (Subtopic 805-60): Recognition and Initial Measurement (“ASU 2023-05”) to clarify existing guidance and reduce diversity in practice in the accounting for joint ventures. ASU 2023-05 addresses the accounting for contributions made to a joint venture upon formation in a joint venture’s separate financial statements. The provisions of this ASU require that a joint venture initially measure all contributions received upon its formation at fair value, largely consistent with Topic 805, Business Combinations. The amendments in this ASU are not applicable to the formation of proportionately consolidated joint ventures. ASU 2023-05 is effective prospectively for all joint ventures with a formation date on or after January 1, 2025, with early adoption permitted on a retrospective basis for joint ventures formed before January 1, 2025. The Company is currently evaluating the effects of this ASU. In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”) to enhance segment reporting disclosures. ASU 2023-07 requires disclosure of significant segment expenses that are regularly provided to the chief operating decision maker (CODM) and included within each reported measure of segment profit or loss, as well as disclosure of the total amount and description of other segment items by reportable segment. This ASU also requires disclosure of the title and position of the CODM and an explanation of how the CODM uses the reported measures of segment profit or loss in assessing segment performance and deciding how to allocate resources. Under ASU 2023-07, the disclosures that are currently required on an annual basis under Topic 280, Segment Reporting, pertaining to reportable segment profit or loss and assets will also be required for interim periods. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and for interim periods within fiscal years beginning after December 15, 2024, with retrospective application. Early adoption is permitted. The Company is currently evaluating the effect of this ASU on its segment disclosures. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”) to enhance transparency and decision usefulness of income tax disclosures. ASU 2023-09 requires greater standardization and disaggregation of categories within an entity’s tax rate reconciliation disclosure, as well as disclosure of income taxes paid by jurisdiction, among other requirements. ASU 2023-09 is effective for annual periods beginning after December 15, 2024, with early adoption permitted. ASU 2023-09 is effective on a prospective basis, with retrospective application permitted. The Company is currently evaluating the effects of this ASU on its income tax disclosures. In March 2024, the Securities and Exchange Commission (“SEC”) adopted final rules under SEC Release No. 33-11275, The Enhancement and Standardization of Climate-Related Disclosures for Investors , which requires registrants to provide certain climate-related disclosures in registration statements and annual reports. The new rules are scheduled to begin to phase in for fiscal years beginning on or after January 1, 2025, on a prospective basis. On April 4, 2024, the SEC voluntarily stayed implementation of the final rules pending certain legal challenges to the rules. The Company is currently monitoring developments related to the rules and evaluating their potential effect on its consolidated financial statements.

Earnings Per Share

Earnings Per Share	6 Months Ended
	Jun. 30, 2024
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. The following table provides details underlying the Company’s earnings per share calculations for the periods indicated (in thousands): For the Three Months Ended June 30, For the Six Months Ended June 30, 2024 2023 2024 2023 Net income (loss) attributable to MasTec: Net income (loss) - basic and diluted $ 33,988 $ 15,542 $ (7,192) $ (64,998) Weighted average shares outstanding: Weighted average shares outstanding - basic 78,038 77,635 77,984 77,306 Dilutive common stock equivalents (a) 822 737 — — Weighted average shares outstanding - diluted 78,860 78,372 77,984 77,306 (a) For the three month periods ended June 30, 2024 and 2023, anti-dilutive common stock equivalents totaled approximately 5,000 and 2,000 shares, respectively, and for the six month periods ended June 30, 2024 and 2023, such shares totaled approximately 929,000 and 1,147,000, respectively.

Acquisitions, Goodwill, and Oth

Acquisitions, Goodwill, and Other Intangible Assets, Net	6 Months Ended
	Jun. 30, 2024
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 six month period ended June 30, 2024 (in millions): Communications Clean Energy and Infrastructure Power Delivery Oil and Gas Total Goodwill Goodwill, gross, as of December 31, 2023 $ 646.9 $ 742.0 $ 270.8 $ 586.0 $ 2,245.7 Accumulated impairment loss (a) — — — (119.3) (119.3) Goodwill, net, as of December 31, 2023 $ 646.9 $ 742.0 $ 270.8 $ 466.7 $ 2,126.4 Currency translation adjustments — — — (0.5) (0.5) Goodwill, net as of June 30, 2024 $ 646.9 $ 742.0 $ 270.8 $ 466.2 $ 2,125.9 (a) Accumulated impairment loss includes the effects of currency translation gains and/or losses. 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, 2023 $ 1,096.6 $ 229.0 $ 87.6 $ 1,413.2 Accumulated amortization (529.3) (49.8) (49.8) (628.9) Other intangible assets, net, as of December 31, 2023 $ 567.3 $ 179.2 $ 37.8 $ 784.3 Additions from new business combinations 0.8 — — 0.8 Currency translation adjustments — — (0.6) (0.6) Amortization expense (54.7) (9.3) (3.3) (67.3) Other intangible assets, net, as of June 30, 2024 $ 513.4 $ 169.9 $ 33.9 $ 717.2 (a) Includes approximately $34.5 million of non-amortizing trade names as of both June 30, 2024 and December 31, 2023. (b) Consists principally of pre-qualifications and non-compete agreements. During the first quarter of 2024, the reporting units within the Power Delivery operating segment were restructured to more closely align with the segment’s end markets and to better correspond with the operational management reporting structure of the segment, including from the effects of the Company’s recent transformative acquisition efforts. Under the new reporting unit structure, each of the five components within the Power Delivery operating segment is a reporting unit. Management performed testing under the previous reporting unit structure and determined that no goodwill impairment existed, and under the new reporting unit structure the estimated fair values of all but one of the reporting units substantially exceeded their carrying values. A 100 basis point increase in the discount rate would not have resulted in any of the tested reporting units’ carrying values exceeding their fair values. As of March 31, 2024, the reporting unit that did not substantially exceed its carrying value had approximately $47.1 million of goodwill. This reporting unit’s estimated fair value exceeded its carrying value by approximately 16%. Significant assumptions used in testing this reporting unit included terminal values based on a terminal growth rate of 3%, 5 years of discounted cash flows prior to the terminal value, including revenue growth and EBITDA margin assumptions, and a weighted average discount rate of 12%. Additionally, no events occurred during the three month period ended June 30, 2024 that would indicate it was more likely than not that a goodwill impairment exists. 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, regulatory or other conditions, including decreases in project activity levels and/or the effects of elevated levels of inflation, market interest rates or other market disruptions, including from geopolitical or other events, 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 and customer base, broaden its geographic reach and expand its service offerings. Acquisitions are funded with cash on hand, borrowings under the Company’s senior unsecured credit facility and other debt financing and, for certain acquisitions, with shares of the Company’s common stock, and are generally subject to customary purchase price adjustments. 2024 Acquisitions. In July 2024, MasTec acquired all of the equity interests of a construction company focused on underground utility infrastructure for industrial and municipal projects, with expertise in data center utility systems, for approximately $35 million in cash and a five year earn-out liability. The Company expects to include the results of operations from the date of acquisition within the Power Delivery segment. The Company is in the process of preparing its initial valuation of the tangible and intangible assets relating to this acquisition and the allocation of the purchase price to the assets acquired and liabilities assumed. 2023 Acquisitions. During 2023, MasTec completed four acquisitions, including the acquisition of certain assets of a telecommunications company specializing in wireless services, which acquisition was included within the Company’s Communications segment, and was effective in January; and, effective in July, the acquisition of the equity interests of a telecommunications construction company specializing in broadband and fiber-to-the-home initiatives in the New England area, which acquisition was included within the Company’s Communications segment. Determination of the estimated fair values of the net assets acquired and consideration transferred for these acquisitions, which have been accounted for as business combinations under ASC Topic 805, Business Combinations (“ASC 805”), was substantially complete as of June 30, 2024, with exception for certain seller tax reimbursements. Additionally, effective in May 2023, MasTec acquired certain of the equity interests of two equipment companies which were accounted for as asset acquisitions under ASC 805 and were included within the Company’s Oil and Gas segment. The aggregate purchase price of the Company’s 2023 acquisitions was composed of approximately $69 million in cash, net of cash acquired, and an earn-out liability valued at approximately $1 million. As of June 30, 2024, the remaining potential undiscounted earn-out liabilities for the 2023 acquisitions was estimated to be up to $2 million; however, there is no maximum payment amount. See Note 4 – Fair Value of Financial Instruments for fair value estimates and other details related to the Company’s earn-out arrangements. Approximately $42 million of the goodwill balance related to the 2023 acquisitions is expected to be tax deductible as of June 30, 2024. Acquisition and integration costs. 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 growth opportunities. This transformation 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 resulted in significant acquisition and integration costs in prior periods. These acquisition and integration activities were completed in the fourth quarter of 2023. For the three and six month periods ended June 30, 2023, such acquisition and integration costs totaled approximately $22.7 million and $39.8 million, respectively, of which $20.4 million and $35.0 million, respectively, was included within general and administrative expenses, and of which $2.3 million and $4.8 million, respectively, was included within costs of revenue, excluding depreciation and amortization.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	6 Months Ended
	Jun. 30, 2024
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	Fair Value of Financial Instruments The Company’s financial instruments are primarily composed of cash and cash equivalents, accounts receivable and contract assets, 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, and debt obligations. Fair value is the price that would be received to sell an asset or the amount paid to transfer a liability, also referred to as the “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, including quoted market prices for identical or similar assets or liabilities in markets that are not active; 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 Acquisition-related contingent consideration is composed of earn-outs, which represent the estimated fair value of future amounts payable for businesses, which we refer to as “Earn-outs,” that are contingent upon the acquired businesses achieving certain levels of earnings in the future. As of June 30, 2024 and December 31, 2023, the estimated fair value of the Company’s Earn-out liabilities totaled $71.1 million and $77.4 million, respectively. Earn-out liabilities included within other current liabilities totaled approximately $38.5 million and $29.8 million as of June 30, 2024 and December 31, 2023, 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 14.0% as of June 30, 2024, and probability-weighted projections of 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 June 30, 2024, the range of potential undiscounted Earn-out liabilities was estimated to be between $24 million and $82 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. There were no additions from new business combinations or measurement period adjustments in any of the three or six month periods ended June 30, 2024 or 2023. Fair value adjustments totaled an increase, net, of approximately $4.3 million for the three month period ended June 30, 2024 and related primarily to acquisitions within the Company’s Oil and Gas segment, and for the six month period ended June 30, 2024, totaled a decrease, net, of approximately $1.8 million and related primarily to acquisitions within the Company’s Communications and Oil and Gas segments. For the three and six month periods ended June 30, 2023, fair value adjustments totaled a decrease, net, of approximately $1.8 million and $2.1 million, respectively, including decreases related to acquisitions within the Company’s Communications segment, which were largely offset by increases related to acquisitions within the Company’s Clean Energy and Infrastructure and Oil and Gas segments. Earn-out payments totaled approximately $4.6 million for both the three and six month periods ended June 30, 2024, and totaled approximately $24.5 million and $26.1 million for the three and six month periods ended June 30, 2023, respectively. Equity Investments The Company’s equity investments as of June 30, 2024 include: (i) the Company’s 33% equity interests in Trans-Pecos Pipeline, LLC (“TPP”) and Comanche Trail Pipeline, LLC (“CTP,” and together with TPP, the “Waha JVs”); (ii) a 15% equity interest in Cross Country Infrastructure Services, Inc. (“CCI”); (iii) the Company’s 50% equity interests in each of FM Technology Holdings, LLC, FM USA Holdings, LLC and All Communications Solutions Holdings, LLC, collectively “FM Tech”; (iv) the Company’s interests in certain proportionately consolidated non-controlled contractual joint ventures; and (v) certain other equity investments. As of June 30, 2024 and December 31, 2023, the aggregate carrying value of the Company’s equity investments totaled approximately $328 million and $319 million, respectively. There were no impairments related to these investments in any of the three or six month periods ended June 30, 2024 or 2023. 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 $6.4 million and $14.1 million for the three and six month periods ended June 30, 2024, respectively, and totaled approximately $7.5 million and $15.4 million for the three and six month periods ended June 30, 2023, respectively. Distributions of earnings from the Waha JVs, which are included within operating cash flows, totaled approximately $5.1 million and $9.3 million for the three and six month periods ended June 30, 2024, respectively, and totaled approximately $1.5 million and $5.8 million for the three and six month periods ended June 30, 2023, respectively. Cumulative undistributed earnings from the Waha JVs, which represents cumulative equity in earnings for the Waha JVs less distributions of earnings, totaled $130.4 million as of June 30, 2024. 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 $282 million and $274 million as of June 30, 2024 and December 31, 2023, respectively. Other Investments. The Company has equity interests in certain other entities that are accounted for as equity method investments. For both the six month periods ended June 30, 2024 and 2023, the Company made equity contributions of approximately $0.2 million to these entities. The Company has subcontracting arrangements with certain of these entities for the performance of construction services, and expenses recognized in connection with these arrangements totaled approximately $1.2 million and $2.4 million for the three and six month periods ended June 30, 2024, respectively, and totaled approximately $0.7 million and $1.5 million for the three and six month periods ended June 30, 2023, respectively. As of June 30, 2024 and December 31, 2023, related amounts payable to these entities totaled approximately $0.2 million and $0.1 million, respectively. In addition, the Company has advanced amounts to certain of these entities, which for the six month periods ended June 30, 2024 and 2023, totaled approximately $0.1 million and $0.4 million, respectively. As of June 30, 2024 and December 31, 2023, receivables related to these arrangements totaled approximately $4.2 million and $4.0 million, respectively. Variable Interest Entities . The Company has determined that certain of its investment arrangements are variable interest entities (“VIEs”). Management assesses its VIEs on an ongoing basis to determine if the Company is the primary beneficiary and if consolidation is required. As of June 30, 2024, management determined that the Company is the primary beneficiary of two of its VIEs, and accordingly, has consolidated these entities within the Company’s financial statements, with the other parties’ interests accounted for as a non-controlling interests. The Company’s consolidated VIEs include an electric utility contractor in which the Company acquired a 49% interest in the first quarter of 2024. As of June 30, 2024 and December 31, 2023, the carrying values of assets associated with the Company’s consolidated VIEs totaled approximately $15.7 million and $1.7 million, respectively, which amounts consisted primarily of accounts receivable, net of allowance and cash. The carrying values of liabilities associated with the Company’s consolidated VIEs totaled approximately $13.8 million and $1.6 million as of June 30, 2024 and December 31, 2023, respectively, which amounts consisted primarily of accounts payable and accrued salaries and wages. The Company has not provided, nor is it obligated to provide, any financial support to any of its consolidated VIEs. The carrying values of the Company’s VIEs that are not consolidated totaled approximately $24 million and $23 million as of June 30, 2024 and December 31, 2023, respectively, which amounts are recorded within other long-term assets in the consolidated balance sheets. Management believes that the Company’s maximum exposure to loss for its non-consolidated VIEs, inclusive of additional financing commitments, approximated $35 million as of both June 30, 2024 and December 31, 2023. Senior Notes As of both June 30, 2024 and December 31, 2023, the gross carrying amount of the Company’s 4.500% senior notes due August 15, 2028 (the “4.500% Senior Notes”) totaled $600.0 million, and their estimated fair value totaled approximately $571.2 million and $565.2 million for the respective periods. As of June 30, 2024, the gross carrying amount of the Company’s 5.900% senior notes due June 15, 2029 (the “5.900% Senior Notes”) totaled $550.0 million, and their estimated fair value totaled approximately $552.2 million. As of June 30, 2024 and December 31, 2023, the gross carrying amount of the Company’s 6.625% senior notes due August 15, 2029 (the “6.625% Senior Notes”) totaled $91.7 million and $284.2 million, respectively, and their estimated fair value totaled approximately $94.6 million and $273.9 million for the respective periods. As of June 30, 2024, the estimated fair values of the Company’s senior notes were determined based on an exit price approach using Level 2 inputs. In the first quarter of 2024, management reevaluated its fair value hierarchy determination for its senior notes to better align with the valuation hierarchy of the fair value guidance, which resulted in an update of the Level determination from Level 1 inputs to Level 2 inputs. The update had no effect on the reported fair values of the related senior notes.

Accounts Receivable, Net of All

Accounts Receivable, Net of Allowance, and Contract Assets and Liabilities	6 Months Ended
	Jun. 30, 2024
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): June 30, December 31, Contract billings $ 1,361.9 $ 1,385.2 Less allowance (19.9) (15.1) Accounts receivable, net of allowance $ 1,342.0 $ 1,370.1 Retainage $ 324.9 $ 356.4 Unbilled receivables 1,208.6 1,400.0 Contract assets $ 1,533.5 $ 1,756.4 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. Unbilled receivables, which are included in contract assets, include amounts for work performed for which the Company has an unconditional right to receive payment and that are not subject to the completion of any other specific task, other than the billing itself. 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. For the six month period ended June 30, 2024, provisions for credit losses totaled approximately $3.9 million, including certain project-specific reserves, and for the six month period ended June 30, 2023, provisions for credit losses totaled a recovery of approximately $0.7 million. 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 $620.7 million and $481.0 million as of June 30, 2024 and December 31, 2023, respectively, of which deferred revenue comprised approximately $614.5 million and $475.2 million, respectively. The increase in contract liabilities as of June 30, 2024 was driven primarily by ordinary course project activity, including in connection with new project starts within the Company’s Clean Energy and Infrastructure segment. For the six month periods ended June 30, 2024 and 2023, the Company recognized revenue of approximately $374.1 million and $342.2 million, respectively, related to amounts that were included in deferred revenue as of December 31, 2023 and 2022, respectively, resulting primarily from the advancement of physical progress on the related projects during the respective periods. The Company is party to certain non-recourse financing arrangements in the ordinary course of business, under which certain receivables are sold to a financial institution in return for a nominal fee. Beginning in the third quarter of 2023, the Company entered into certain additional non-recourse financing arrangements under which it continues to manage collections for the transferred receivables, and for which the corresponding servicing assets or liabilities are not material. For the six month period ended June 30, 2024, the Company sold approximately $228 million of receivables under financing arrangements for which it continues to manage collections for the transferred receivable, and, as of June 30, 2024 and December 31, 2023, outstanding sold receivables related thereto totaled approximately $85 million and $64 million, respectively, which amounts are excluded from Accounts Receivable, net of Allowance, in the consolidated balance sheets. The Company’s involvement in the collection process for these receivables is not considered to constitute significant continuing involvement, and, therefore, the receivables are accounted for as a sale under ASC Topic 860, Transfers and Servicing . Cash collections from the sale of receivables are reflected within operating activities in the consolidated statements of cash flows. The Company is also party to arrangements with certain customers that allow for early collection of receivables for a nominal fee, at the Company’s option. Discount charges related to the above described financing arrangements, which are included within interest expense, net, totaled approximately $5.1 million and $4.2 million for the three month periods ended June 30, 2024 and 2023, respectively, and totaled approximately $10.3 million and $8.0 million for the six month periods ended June 30, 2024 and 2023, respectively.

Debt

Debt	6 Months Ended
	Jun. 30, 2024
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 June 30, December 31, Senior credit facility: November 1, 2026 Revolving loans $ 360.0 $ 773.0 Term loan 336.9 341.3 4.500% Senior Notes August 15, 2028 600.0 600.0 5.900% Senior Notes June 15, 2029 550.0 — 6.625% Senior Notes August 15, 2029 91.7 284.2 Five October 7, 2027 292.5 300.0 Three October 7, 2025 — 400.0 Finance lease and other obligations 347.2 380.3 Total debt obligations $ 2,578.3 $ 3,078.8 Less unamortized deferred financing costs (17.2) (13.5) Total debt, net of deferred financing costs $ 2,561.1 $ 3,065.3 Current portion of long-term debt 201.5 177.2 Long-term debt $ 2,359.6 $ 2,888.1 Second Quarter 2024 Debt Transactions On June 10, 2024, the Company completed an offering of $550 million aggregate principal amount of 5.900% Senior Notes. Interest on the 5.900% Senior Notes is payable semiannually in arrears on June 15 and December 15 of each year, beginning on December 15, 2024. The 5.900% Senior Notes are general senior unsecured obligations of the Company, and rank equal in right of payment with all of the Company’s existing and future senior unsecured indebtedness and senior in right of payment to all of the Company’s future subordinated indebtedness. The 5.900% Senior Notes are effectively subordinated to all secured indebtedness of the Company, to the extent of the value of the assets securing such indebtedness, and structurally subordinated to all of the obligations of the subsidiaries of the Company, including trade payables. Financing costs incurred in connection with the issuance of the 5.900% Senior Notes totaled approximately $5.9 million, which will be amortized over the term of the 5.900% Senior Notes using the effective interest method. The Company has the option to redeem all or a portion of the 5.900% Senior Notes at the redemption prices specified in the indenture that governs the 5.900% Senior Notes (the “5.900% Senior Notes Indenture”), plus accrued and unpaid interest, if any, to, but excluding, the redemption date. If a change of control triggering event, as defined in the 5.900% Senior Notes Indenture, occurs, each holder of the 5.900% Senior Notes will have the right to require the Company to repurchase all or any portion of such holder’s 5.900% Senior Notes then outstanding at a price equal to 101% of the principal amount of the 5.900% Senior Notes, plus accrued and unpaid interest, if any, to, but excluding, the date of repurchase, subject to the right of holders of 5.900% Senior Notes on the relevant record date to receive interest due on the relevant interest payment date. The 5.900% Senior Notes Indenture, among other things, generally limits the ability of the Company and certain of its subsidiaries to create liens, enter into sale and leaseback transactions and effect mergers, subject to certain exceptions. The 5.900% Senior Notes Indenture provides for customary events of default, which include, subject, in certain cases, to customary grace and cure periods, among others, nonpayment of principal or interest; breach of other covenants or agreements in the 5.900% Senior Notes Indenture; failure to pay certain other indebtedness; and certain events of bankruptcy or insolvency. Generally, if an event of default occurs and is continuing, the trustee or holders of at least 25% of the 5.900% Senior Notes then outstanding may declare the principal amount, premium, if any, and accrued interest on all of the 5.900% Senior Notes to be immediately due and payable. Concurrently with the Company’s offering of the 5.900% Senior Notes, IEA Energy Services LLC (“IEA LLC”), a wholly-owned subsidiary of the Company, launched a tender offer and consent solicitation (the “IEA Tender”) for IEA LLC’s 6.625% senior notes due 2029 (the “6.625% IEA Senior Notes”). The Company used a portion of the proceeds from the 5.900% Senior Notes offering to purchase $203.7 million in aggregate principal amount of 6.625% IEA Senior Notes tendered at a price equal to 100.0% of the principal amount of the 6.625% IEA Senior Notes, plus accrued and unpaid interest to, but excluding, the payment date. In July 2024, subsequent to the IEA Tender, IEA LLC exercised its right under the indenture that governs the 6.625% IEA Senior Notes to redeem the remaining $21.4 million in aggregate principal amount of the 6.625% IEA Senior Notes at a price equal to 95.0% of the principal amount of the 6.625% IEA Senior Notes redeemed, plus accrued and unpaid interest to, but excluding, the redemption date. The remaining net proceeds from the 5.900% Senior Notes offering were used, along with available cash, for the repayment of the Company’s $400.0 million Three $11.3 million in the second quarter of 2024 in connection with these transactions, which is separately presented within the Company’s consolidated statements of operations. Senior Credit Facility The Company maintains a $2.25 billion senior unsecured credit facility (the “Credit Facility”), which is composed of $1.9 billion of revolving commitments and a term loan with an original principal amount of $350.0 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 June 30, 2024 and December 31, 2023, 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 6.81% and 7.71% per annum a s of June 30, 2024 and December 31, 2023 , respectively. The Term Loan accrued interest at rates of 6.82% and 7.08% as of June 30, 2024 and December 31, 2023, respectively. Letters of credit of approximately $66.1 million and $64.9 million were issued as of June 30, 2024 and December 31, 2023, respectively. As of June 30, 2024 and December 31, 2023, letter of credit fees accrued at 0.5625% and 0.6875% per annum, respectively, for performance standby letters of credit, and for financial standby letters of credit, accrued at 1.375% and 1.625% per annum, respectively. Outstanding letters of credit mature at various dates and most have automatic renewal provisions, subject to prior notice of cancellation. As of June 30, 2024 and December 31, 2023, availability for revolving loans totaled $1,473.9 million and $1,062.1 million, respectively, or up to $583.9 million and $585.1 million, respectively, for new letters of credit. T here were no outstanding revolving borrowings denominated in foreign currencies as of either June 30, 2024 or December 31, 2023. Revolving loan borrowing capacity included $300.0 million of availability in either Canadian dollars or Mexican pesos as of both June 30, 2024 and December 31, 2023 . The unused facility fee as of June 30, 2024 and December 31, 2023 accrued at rates of 0.200% and 0.225% per annum, respectively. 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 June 30, 2024, outstanding borrowings under the Company’s other credit facilities totaled approximately $1.2 million and accrued interest at a rate of 7.70%, and as of December 31, 2023, there were no outstanding borrowings. Additionally, the Company has a separate credit facility, under which it may issue up to $50.0 million of performance standby letters of credit. As of June 30, 2024 and December 31, 2023, letters of credit issued under this facility totaled $17.8 million and $17.2 million, respectively, which accrued fees at 0.75% and 0.90% per annum, respectively. Five As of June 30, 2024 , the Company had $292.5 million outstanding under an unsecured five Five Five Five Five s of June 30, 2024 and December 31, 2023 , 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 June 30, 2024 and December 31, 2023. Additional Information As of June 30, 2024 and December 31, 2023, accrued interest payable, which is recorded within other accrued expenses in the consolidated balance sheets, totaled $22.0 million and $24.1 million, respectively. For additional information pertaining to the Company’s debt instruments, see Note 7 – Debt in the Company’s 2023 Form 10-K.

Lease Obligations

Lease Obligations	6 Months Ended
	Jun. 30, 2024
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 certain related party leases. As of June 30, 2024, the Company’s leases have remaining lease terms of up to 15 years. Lease agreements may contain renewal clauses, which, if elected, generally extend the term of the lease for 1 to 5 years for both equipment and facility leases. Certain lease agreements may also contain options to purchase the leased property and/or options to terminate the lease. In addition, lease agreements may include periodic adjustments to payment amounts for inflation or other variables, or may require payments for taxes, insurance, maintenance or other expenses, which are generally referred to as non-lease components. The Company’s lease agreements do not contain significant residual value guarantees or material restrictive covenants. Finance Leases The gross amount of assets held under finance leases as of June 30, 2024 and December 31, 2023 totaled $668.4 million and $679.9 million, respectively. Assets held under finance leases, net of accumulated depreciation Operating Leases Operating lease additions for the three month periods ended June 30, 2024 and 2023 totaled $35.6 million and $97.2 million, respectively, and for the six month periods ended June 30, 2024 and 2023, totaled $115.8 million and $123.5 million, respectively. For the three month periods ended June 30, 2024 and 2023, rent expense for leases that have terms in excess of one year totaled approximately $48.9 million and $37.5 million, respectively, of which $4.6 million and $3.6 million, respectively, represented variable lease costs. For the six month periods ended June 30, 2024 and 2023, rent expense for such leases totaled approximately $97.4 million and $72.7 million, respectively, of which $9.3 million and $7.6 million, respectively, represented variable lease costs. The Company also incurred rent expense for leases with terms of one year or less totaling approximately $125.4 million and $130.7 million for the three month periods ended June 30, 2024 and 2023, respectively, and totaling approximately $261.0 million and $241.8 million for the six month periods ended June 30, 2024 and 2023, 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 June 30, 2024 were as follows (in millions): Finance Operating 2024, remaining six months $ 78.9 $ 84.6 2025 126.4 148.1 2026 68.6 111.2 2027 28.5 61.2 2028 6.4 28.1 Thereafter 0.7 39.0 Total minimum lease payments $ 309.5 $ 472.2 Less amounts representing interest (18.3) (42.1) Total lease obligations, net of interest $ 291.2 $ 430.1 Less current portion 138.8 147.0 Long-term portion of lease obligations, net of interest $ 152.4 $ 283.1 As of June 30, 2024 and December 31, 2023, finance leases had weighted average remaining lease terms of 2.4 years and 2.6 years, respectively, and a weighted average discount rate of 4.8% and 4.7% for the respective periods. Non-cancelable operating leases had weighted average remaining lease terms of 3.8 years as of both June 30, 2024 and December 31, 2023, and a weighted average discount rate of 5.0% and 4.8% for the respective periods.
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 certain related party leases. As of June 30, 2024, the Company’s leases have remaining lease terms of up to 15 years. Lease agreements may contain renewal clauses, which, if elected, generally extend the term of the lease for 1 to 5 years for both equipment and facility leases. Certain lease agreements may also contain options to purchase the leased property and/or options to terminate the lease. In addition, lease agreements may include periodic adjustments to payment amounts for inflation or other variables, or may require payments for taxes, insurance, maintenance or other expenses, which are generally referred to as non-lease components. The Company’s lease agreements do not contain significant residual value guarantees or material restrictive covenants. Finance Leases The gross amount of assets held under finance leases as of June 30, 2024 and December 31, 2023 totaled $668.4 million and $679.9 million, respectively. Assets held under finance leases, net of accumulated depreciation Operating Leases Operating lease additions for the three month periods ended June 30, 2024 and 2023 totaled $35.6 million and $97.2 million, respectively, and for the six month periods ended June 30, 2024 and 2023, totaled $115.8 million and $123.5 million, respectively. For the three month periods ended June 30, 2024 and 2023, rent expense for leases that have terms in excess of one year totaled approximately $48.9 million and $37.5 million, respectively, of which $4.6 million and $3.6 million, respectively, represented variable lease costs. For the six month periods ended June 30, 2024 and 2023, rent expense for such leases totaled approximately $97.4 million and $72.7 million, respectively, of which $9.3 million and $7.6 million, respectively, represented variable lease costs. The Company also incurred rent expense for leases with terms of one year or less totaling approximately $125.4 million and $130.7 million for the three month periods ended June 30, 2024 and 2023, respectively, and totaling approximately $261.0 million and $241.8 million for the six month periods ended June 30, 2024 and 2023, 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 June 30, 2024 were as follows (in millions): Finance Operating 2024, remaining six months $ 78.9 $ 84.6 2025 126.4 148.1 2026 68.6 111.2 2027 28.5 61.2 2028 6.4 28.1 Thereafter 0.7 39.0 Total minimum lease payments $ 309.5 $ 472.2 Less amounts representing interest (18.3) (42.1) Total lease obligations, net of interest $ 291.2 $ 430.1 Less current portion 138.8 147.0 Long-term portion of lease obligations, net of interest $ 152.4 $ 283.1 As of June 30, 2024 and December 31, 2023, finance leases had weighted average remaining lease terms of 2.4 years and 2.6 years, respectively, and a weighted average discount rate of 4.8% and 4.7% for the respective periods. Non-cancelable operating leases had weighted average remaining lease terms of 3.8 years as of both June 30, 2024 and December 31, 2023, and a weighted average discount rate of 5.0% and 4.8% for the respective periods.

Stock-Based Compensation and Ot

Stock-Based Compensation and Other Employee Benefit Plans	6 Months Ended
	Jun. 30, 2024
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation and Other Employee Benefit Plans	Stock-Based Compensation and Other Employee Benefit Plans The Company has stock-based compensation plans, under which shares of the Company’s common stock are reserved for issuance. In May 2024, MasTec’s shareholders approved the MasTec, Inc. Amended and Restated 2013 Incentive Compensation Plan (the “2013 Incentive Plan”) and the MasTec, Inc. Amended and Restated 2011 Employee Stock Purchase Plan (the “2011 ESPP”), which amendments included the authorization to issue an additional 1,200,000 shares under the 2013 Incentive Plan and 1,000,000 shares under the 2011 ESPP. Under all stock-based compensation plans in effect as of June 30, 2024, there were approximately 4,441,000 shares available for future grants. Non-cash stock-based compensation expense under all plans totaled approximately $7.0 million and $8.6 million for the three month periods ended June 30, 2024 and 2023, respectively, and totaled approximately $16.7 million and $17.1 million for the six month periods ended June 30, 2024 and 2023, respectively. Income tax benefits associated with stock-based compensation arrangements totaled $1.1 million and $1.5 million for the three month periods ended June 30, 2024 and 2023, respectively. For the six month periods ended June 30, 2024 and 2023, income tax benefits totaled $3.0 million and $11.8 million, respectively, including net tax shortfalls related to the vesting of share-based payment awards totaling $0.1 million and net tax benefits totaling $8.9 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 June 30, 2024, total unearned compensation related to restricted shares was approximately $52.7 million, which amount is expected to be recognized over a weighted average period of approximately 2.0 years. The fair value of restricted shares that vested, which is based on the market price on the date of vesting, totaled approximately $1.1 million and $0.7 million for the three month periods ended June 30, 2024 and 2023, respectively, and totaled approximately $14.4 million and $78.0 million for the six month periods ended June 30, 2024 and 2023, respectively. Activity, restricted shares: (a) Restricted Per Share Weighted Average Grant Date Fair Value Non-vested restricted shares, as of December 31, 2023 1,505,996 $ 71.35 Granted 237,228 86.65 Vested (166,878) 91.41 Canceled/forfeited (253,839) 50.68 Non-vested restricted shares, as of June 30, 2024 1,322,507 $ 75.53 (a) Includes 1,000 restricted stock units as of both June 30, 2024 and December 31, 2023. 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 June 30, 2024 and 2023, participants under the Company’s ESPPs purchased 24,944 shares and 25,353 share s, respectively, for $2.1 million in both periods, and for the six month periods ended June 30, 2024 and 2023, 54,858 shares and 46,651 shares, respectively, were purchased for $4.0 million and $3.8 million, respectively . In each of the three and six month periods ended June 30, 2024 and 2023, shares purchased by participants under the Company’s ESPPs were delivered with shares reacquired by the Company on the open market. Compensation expense associated with the Company’s ESPPs totaled approximately $0.4 million for both the three month periods ended June 30, 2024 and 2023, and totaled approximately $0.8 million and $0.7 million for the six month periods ended June 30, 2024 and 2023, respectively.

Equity

Equity	6 Months Ended
	Jun. 30, 2024
Equity [Abstract]
Equity	Equity Share Repurchases The Company’s share repurchase program provides 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 program does 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 program in any of the three or six month periods ended June 30, 2024 or 2023. As of June 30, 2024, $77.3 million was available for future share repurchases under the Company’s March 2020 share repurchase program. Accumulated Other Comprehensive Loss

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes In determining the quarterly provision for income taxes, management uses an estimated annual effective tax rate based on forecasted annual pre-tax income, permanent tax differences, statutory tax rates and tax planning opportunities in the various jurisdictions in which the Company operates. The effect of significant discrete items is separately recognized in the quarter(s) in which they occur. For the three month periods ended June 30, 2024 and 2023, the Company’s consolidated effective tax rates were 30.7% and 14.9%, respectively, and for the six month periods ended June 30, 2024 and 2023 were 47.0% and 39.6%, respectively. The Company’s effective tax rate for the six month period ended June 30, 2024 included the effect of an increase in non-deductible expenses as compared with the same period in 2023. For the six month period ended June 30, 2023, the Company’s effective tax rate included a net tax benefit of approximately $8.9 million related to share-based payment awards and a benefit from certain prior period tax return adjustments.

Segments and Related Informatio

Segments and Related Information	6 Months Ended
	Jun. 30, 2024
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) Power Delivery; (4) Oil and Gas and (5) Other. This structure is generally focused on broad end-user markets for the Company’s labor-based construction services. The Company’s 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 systems for renewable energy; various types of heavy civil and industrial infrastructure, including roads, bridges and rail; and environmental remediation services. 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 Oil and Gas segment performs engineering, construction, maintenance and other services for pipeline infrastructure, including natural gas, water and carbon capture sequestration pipelines, as well as pipeline integrity and other services for the energy and utilities industries. 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 with activities in 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 additional financial measures, including EBITDA. The Company believes these additional financial 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, or underlying, operating results for its reportable segments, as well as items that can vary widely across different industries or among companies within the same industry. Management also uses these additional financial measures, including EBITDA, to allocate resources. 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 June 30, For the Six Months Ended June 30, Revenue: 2024 2023 2024 2023 Communications (a) $ 824.6 $ 868.7 $ 1,557.5 $ 1,675.2 Clean Energy and Infrastructure 942.3 969.7 1,695.8 1,794.6 Power Delivery 636.6 702.6 1,207.5 1,412.0 Oil and Gas 572.4 341.8 1,206.2 598.3 Other — — — — Eliminations (14.8) (8.7) (19.1) (21.3) Consolidated revenue $ 2,961.1 $ 2,874.1 $ 5,647.9 $ 5,458.8 (a) Revenue generated primarily by utilities customers represented 25.0% and 23.6% of Communications segment revenue for the three month periods ended June 30, 2024 and 2023, respectively, and represented 26.3% and 23.6% for the six month periods ended June 30, 2024 and 2023, respectively. For the Three Months Ended June 30, For the Six Months Ended June 30, EBITDA: 2024 2023 2024 2023 Communications $ 81.9 $ 89.5 $ 130.7 $ 142.3 Clean Energy and Infrastructure 47.4 33.2 67.8 38.5 Power Delivery 51.4 57.1 78.7 104.5 Oil and Gas 135.1 77.0 227.8 91.5 Other 2.8 6.8 9.8 13.9 Segment EBITDA $ 318.6 $ 263.6 $ 514.8 $ 390.7 For both the three and six month periods ended June 30, 2024, Corporate EBITDA included a loss on debt extinguishment of $11.3 million . For the three month period ended June 30, 2023, Communications, Clean Energy and Infrastructure and Power Delivery EBITDA included $4.6 million, $16.4 million and $0.3 million, respectively, of acquisition and integration costs related to certain acquisitions, and Corporate EBITDA included $1.4 million of such costs, and, for the six month period ended June 30, 2023, $13.5 million, $21.7 million , $1.9 million and $2.7 million, of such costs were included in EBITDA of the segments and Corporate, respectively. Additionally, for the six month period ended June 30, 2023, Corporate EBITDA included fair value losses of $0.2 million related to an investment. For the Three Months Ended June 30, For the Six Months Ended June 30, EBITDA Reconciliation: 2024 2023 2024 2023 Income (loss) before income taxes $ 63.1 $ 19.7 $ 17.6 $ (105.6) Plus: Interest expense, net 50.6 59.4 102.6 112.1 Depreciation 102.1 103.0 209.6 210.3 Amortization 33.6 42.0 67.3 84.0 Corporate EBITDA 69.2 39.4 117.7 89.9 Segment EBITDA $ 318.6 $ 263.6 $ 514.8 $ 390.7 For the Three Months Ended June 30, For the Six Months Ended June 30, Depreciation and Amortization: 2024 2023 2024 2023 Communications $ 32.3 $ 34.0 $ 65.7 $ 68.6 Clean Energy and Infrastructure 31.2 31.7 63.5 70.1 Power Delivery 34.1 40.2 68.3 79.4 Oil and Gas 35.7 36.6 74.3 70.9 Other — — — — Corporate 2.5 2.6 5.1 5.3 Consolidated depreciation and amortization $ 135.8 $ 145.1 $ 276.9 $ 294.3 Assets: June 30, December 31, Communications $ 2,148.4 $ 2,332.2 Clean Energy and Infrastructure 2,650.3 2,978.8 Power Delivery 1,741.9 1,837.1 Oil and Gas 1,690.2 1,758.0 Other 317.2 305.0 Corporate 131.0 162.4 Consolidated assets $ 8,679.0 $ 9,373.5 Foreign Operations and Other. MasTec operates primarily within the United States and Canada, and, to a far lesser extent, the Caribbean, India and Mexico. Revenue derived from foreign operations totaled $24.2 million and $22.1 million for the three month periods ended June 30, 2024 and 2023, respectively, and totaled $50.9 million and $49.6 million for the six month periods ended June 30, 2024 and 2023, respectively. Revenue from foreign operations was derived primarily from the Company’s Canadian operations in its Oil and Gas segment. As of June 30, 2024 and December 31, 2023, long-lived assets held by the Company’s businesses in foreign countries included property and equipment, net, of $15.5 million and $17.5 million, respectively, and intangible assets and goodwill, net, of $29.9 million and $32.6 million, for the respective periods. Substantially all of the Company’s long-lived and intangible assets and goodwill in foreign countries relate to its Canadian operations. Revenue from governmental entities for the three month periods ended June 30, 2024 and 2023 totaled approximately 14% and 12% of total revenue, respectively, and for the six month periods ended June 30, 2024 and 2023, totaled approximately 13% and 10% of total revenue, respectively, substantially all of which was derived from its U.S. operations. Significant Customers No customer represented greater than 10% of the Company’s total consolidated revenue in any of the three or six month periods ended June 30, 2024 and 2023.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2024
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 See Note 14 – Commitments and Contingencies contained within the Company’s audited consolidated financial statements filed with its 2023 Form 10-K for additional information regarding the acquired legacy solar matter, as to which there have been no material developments since the filing of such Form 10-K. 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 certain related party leases. See Note 7 – Lease Obligations and Note 13 – 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 June 30, 2024 and December 31, 2023, there were $83.9 million and $82.1 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 June 30, 2024 or December 31, 2023. 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 June 30, 2024 and December 31, 2023, outstanding performance and payment bonds approximated $6.7 billion and $5.6 billion, respectively, and estimated costs to complete projects secured by these bonds totaled $2.1 billion and $1.6 billion, respectively. Included in these balances as of June 30, 2024 and December 31, 2023 are $825.2 million and $368.3 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 each of five civil construction projects. Income and/or loss incurred by these joint ventures is 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 June 30, 2024, the Company was not aware of material future claims against it in connection with these arrangements. Included in the Company’s cash balances as of June 30, 2024 and December 31, 2023 are amounts held by entities that are proportionately consolidated totaling $62.8 million and $38.1 million, respectively. These amounts are available to support the operations of those entities, but are not available for the Company’s other operations. The Company has other investment 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 13 – 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 company, which reimburses claims up to the applicable insurance limits. Captive insurance-related cash balances totaled approximately $2.1 million and $1.2 million as of June 30, 2024 and December 31, 2023, respectively, which amounts are generally not available for use in the Company’s other operations. MasTec’s estimated liability for unpaid claims and associated expenses, including incurred but not reported losses related to these policies, totaled $217.6 million and $209.7 million as of June 30, 2024 and December 31, 2023, respectively, of which $153.7 million and $141.0 million was reflected within other long-term liabilities in the consolidated balance sheets for the respective periods. 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 $5.5 million and $4.1 million as of June 30, 2024 and December 31, 2023, 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 $9.1 million and $9.6 million as of June 30, 2024 and December 31, 2023, respectively. Outstanding surety bonds related to self-insurance programs amounted to $190.0 million and $192.7 million as of June 30, 2024 and December 31, 2023, respectively. 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 June 30, 2024 and December 31, 2023, the Company had accrued project close-out liabilities of approximately $20 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 1,080 customers for the six month period ended June 30, 2024. As of June 30, 2024, 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 December 31, 2023, one customer accounted for approximately 10% of the Company’s consolidated net accounts receivable position. The Company derived approximately 36% and 35%, respectively, of its revenue from its top ten customers for the three month periods ended June 30, 2024 and 2023, and derived approximately 39% and 36% of such revenue for the six month periods ended June 30, 2024 and 2023, respectively.

Related Party Transactions

Related Party Transactions	6 Months Ended
	Jun. 30, 2024
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 June 30, 2024 and 2023, such payments to related party entities totaled approximately $8.3 million and $10.7 million, respectively, and for the six month periods ended June 30, 2024 and 2023, such payments totaled approximately $18.6 million and $26.8 million, respectively. Payables associated with such arrangements totaled approximately $0.7 million and $2.7 million as of June 30, 2024 and December 31, 2023, respectively. Revenue from such related party arrangements totaled approximately $4.2 million and $5.2 million for the three month periods ended June 30, 2024 and 2023, respectively, and totaled approximately $8.6 million and $7.4 million for the six month periods ended June 30, 2024 and 2023, respectively. As of June 30, 2024, accounts receivable, net, less deferred revenue related to these arrangements totaled a receivable of approximately $3.0 million, and as of December 31, 2023, totaled a liability of approximately $0.4 million. 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. For the three month periods ended June 30, 2024 and 2023, MasTec paid CCI approximately $2.8 million and $0.3 million, respectively, and for the six month periods ended June 30, 2024 and 2023, MasTec paid approximately $8.6 million and $1.3 million, respectively, for such equipment, supply and servicing expenses. Amounts payable to CCI totaled approximately $1.0 million and $4.6 million as of June 30, 2024 and December 31, 2023, respectively. The Company also rents equipment to CCI. For both the three and six month periods ended June 30, 2024, revenue from such equipment rentals to CCI totaled approximately $0.2 million, and for both the three and six month periods ended June 30, 2023, there was no revenue from such arrangements. As of June 30, 2024, related amounts receivable totaled $0.2 million, and as of December 31, 2023, there were no amounts outstanding. MasTec has a subcontracting arrangement with an entity for the performance of construction services, the minority owners of which include an entity controlled by Jorge Mas and José R. Mas, along with two members of management of a MasTec subsidiary. For the three and six month periods ended June 30, 2024, MasTec incurred subcontracting expenses in connection with this arrangement of approximately $1.2 million and $4.9 million, respectively, and for both the three and six month periods ended June 30, 2023, subcontracting expenses totaled approximately $0.4 million. Related amounts payable totaled approximately $0.5 million and $3.1 million as of June 30, 2024 and December 31, 2023, respectively. MasTec has an aircraft leasing arrangement with an entity that is owned by Jorge Mas, under which a new leasing agreement was entered into in December of 2023. For the three month periods ended June 30, 2024 and 2023, payments related to this leasing arrangement totaled approximately $1.6 million and $0.7 million, respectively, and for the six month periods ended June 30, 2024 and 2023, payments totaled approximately $2.9 million and $1.4 million, respectively. As of June 30, 2024, there were no amounts payable related to this arrangement, and as of December 31, 2023, related amounts payable totaled approximately $0.2 million. MasTec performs construction services on behalf of a professional Miami soccer franchise (the “Franchise”) in which Jorge Mas and José R. Mas are majority owners. Construction services include, and have included, the construction of a soccer facility and stadium as well as wireless infrastructure services. In the third quarter of 2023, construction services related to site preparation for a new soccer complex began. For the three month periods ended June 30, 2024 and 2023, revenue under these arrangements totaled approximately $3.6 million and $0.1 million, respectively, and totaled approximately $8.7 million and $0.2 million for the six month periods ended June 30, 2024 and 2023, respectively. As of June 30, 2024 and December 31, 2023, amounts receivable related to these arrangements totaled approximately $5.0 million and $4.1 million, respectively. Payments for other expenses related to the Franchise totaled approximately $0.4 million and $0.2 million for the three month periods ended June 30, 2024 and 2023, respectively, and for both the six month periods ended June 30, 2024 and 2023, totaled approximately $0.6 million. There were no amounts payable as of either June 30, 2024 or December 31, 2023. MasTec has a subcontracting arrangement to perform construction services for an entity, in which José R. Mas previously held a minority interest. On January 1, 2024, MasTec acquired José R. Mas’ interest in this entity for approximately $0.7 million. From time to time, the Company pays amounts on behalf of or to the former owners of acquired businesses, which, under the provisions of the related purchase agreements, the former owners are obligated to repay. The Company made no advances during either of the three month periods ended June 30, 2024 and 2023, and for the six month periods ended June 30, 2024 and 2023, such payments totaled approximately $0.3 million and $0.1 million, respectively. Amounts receivable for such payments, which are expected to be settled under customary terms associated with the related purchase agreements, totaled approximately $2.9 million and $2.6 million as of June 30, 2024 and December 31, 2023, respectively. Additionally, the Company has certain arrangements with an entity in which members of management have an ownership interest, including a fee arrangement in conjunction with a $15.0 million letter of credit issued by the Company on behalf of this entity. Income recognized in connection with these arrangements totaled approximately $0.2 million for both the three month periods ended June 30, 2024 and 2023, and totaled approximately $0.4 million for both the six month periods ended June 30, 2024 and 2023. As of both June 30, 2024 and December 31, 2023, related amounts receivable totaled approximately $0.4 million. 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, including the ownership interests in two entities that the Company acquired in the second quarter of 2023, of which it sold certain minority interests to members of management of a MasTec subsidiary for $7.1 million of notes receivable in the fourth quarter of 2023. These notes, which bear interest at a rate of 5.0% per annum, and of which $4.9 million and $6.9 million was outstanding as of June 30, 2024 and December 31, 2023, respectively, are recorded within other current or long-term assets, as appropriate, in the consolidated balance sheets. For the three and six month periods ended June 30, 2024, the Company recognized interest income related to these notes of approximately $0.1 million and $0.2 million, respectively. Additionally, in the first quarter of 2023, the Company acquired the remaining 15% equity interests in one of its subsidiaries, which interests were previously accounted for as non-controlling interests, 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. For both the three and six month periods ended June 30, 2024, the Company paid approximately $0.7 million in connection with these agreements, and paid approximately $1.2 million for both the three and six month periods ended June 30, 2023. As of June 30, 2024 and December 31, 2023, life insurance assets associated with these agreements totaled approximately $27.9 million and $27.2 million, respectively.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss) Attributable to Parent	$ 33,988	$ 15,542	$ (7,192)	$ (64,998)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended	6 Months Ended
	Jun. 30, 2024 shares	Jun. 30, 2024 shares
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		During the three month period ended June 30, 2024, except as provided below, no director or officer (as defined in Rule 16a-1(f) of the Exchange Act) adopted, modified or terminated a contract, instruction or written plan for the purchase or sale of our securities that was intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) or a “non-Rule 10b5-1 trading arrangement,” as defined in Item 408(c) of Regulation S-K: Name Title Type of Plan Action Date of Action Duration of Plan Aggregate Number of Securities Covered Under the Plan Robert E. Apple Chief Operating Officer Rule 10b5-1 Adopted 5/17/2024 8/15/2024 - 8/28/2026 Sale of up to 70,000 shares
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Robert E. Apple [Member]
Trading Arrangements, by Individual
Name	Robert E. Apple
Title	Chief Operating Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	5/17/2024
Expiration Date	8/28/2026
Arrangement Duration	743 days
Aggregate Available	70,000	70,000

Business, Basis of Presentati_2

Business, Basis of Presentation and Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2024
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, 2023 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, 2023 contained in the Company’s 2023 Annual Report on Form 10-K (the “2023 Form 10-K”). In management’s opinion, all normal and recurring adjustments considered necessary for a fair statement of the financial position, results of operations and cash flows for the periods presented have been included. 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	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. 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.
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 may be subject to one or multiple pricing models, 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 40% and 43% of consolidated revenue for the three month periods ended June 30, 2024 and 2023, respectively, and totaled 40% and 45% for the six month periods ended June 30, 2024 and 2023, 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 2% of consolidated revenue for both the three and six month periods ended June 30, 2024, and totaled approximately 3% for both the three and six month periods ended June 30, 2023. The total contract transaction price and cost estimation processes used for recognizing revenue over time under the cost-to-cost method is based primarily on the professional knowledge and experience of the Company’s project managers, operational and financial professionals and other professional expertise, as warranted. Management reviews estimates of total contract transaction price and costs on an ongoing basis. Changes in job performance, job conditions and management’s assessment of the estimated amount and probability of 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 the amount of revenue recognized 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 based on management’s estimates. For the six month periods ended June 30, 2024 and 2023, 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, 2023 and 2022 . 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 positively affected revenue by approximately 0.4% and 1.5% for the three month periods ended June 30, 2024 and 2023, respectively, and such net changes positively affected revenue by approximately 0.2% and 0.6% for the six month periods ended June 30, 2024 and 2023, respectively. Performance Obligations. A performance obligation is a contractual promise to transfer a distinct good or service to a customer. The transaction price of a contract is allocated to each distinct performance obligation and recognized as revenue when or as the performance obligation is satisfied. The Company’s contracts often require significant services to integrate complex activities and equipment into a single deliverable, and are therefore generally accounted for as a single performance obligation, even when delivering multiple distinct services. 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 June 30, 2024, the amount of the Company’s remaining performance obligations was $9.3 billion. Based on current expectations, the Company anticipates it will recognize approximately $4.2 billion, or 45.0%, of its remaining performance obligations as revenue during 2024, with the majority of the remaining balance expected to be recognized over the subsequent two year period. 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 specific discussions, correspondence or preliminary negotiations and past practices with the customer, engineering studies and legal advice 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 June 30, 2024 and December 31, 2023, the Company’s contract transaction prices included approximately $175 million and $194 million, respectively, of change orders and/or claims for certain contracts that were in the process of being resolved in the ordinary course of its 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 June 30, 2024 and December 31, 2023, these change orders and/or claims primarily related to certain projects in the Company’s Clean Energy and Infrastructure and Power Delivery segments. The Company actively engages with its customers to complete the final approval process for such amounts 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	Recent Accounting Pronouncements The discussion below describes the effects of recent accounting pronouncements, as updated from the discussion in the Company’s 2023 Form 10-K. In August 2023, the FASB issued ASU 2023-05, Business Combinations—Joint Venture Formations (Subtopic 805-60): Recognition and Initial Measurement (“ASU 2023-05”) to clarify existing guidance and reduce diversity in practice in the accounting for joint ventures. ASU 2023-05 addresses the accounting for contributions made to a joint venture upon formation in a joint venture’s separate financial statements. The provisions of this ASU require that a joint venture initially measure all contributions received upon its formation at fair value, largely consistent with Topic 805, Business Combinations. The amendments in this ASU are not applicable to the formation of proportionately consolidated joint ventures. ASU 2023-05 is effective prospectively for all joint ventures with a formation date on or after January 1, 2025, with early adoption permitted on a retrospective basis for joint ventures formed before January 1, 2025. The Company is currently evaluating the effects of this ASU. In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”) to enhance segment reporting disclosures. ASU 2023-07 requires disclosure of significant segment expenses that are regularly provided to the chief operating decision maker (CODM) and included within each reported measure of segment profit or loss, as well as disclosure of the total amount and description of other segment items by reportable segment. This ASU also requires disclosure of the title and position of the CODM and an explanation of how the CODM uses the reported measures of segment profit or loss in assessing segment performance and deciding how to allocate resources. Under ASU 2023-07, the disclosures that are currently required on an annual basis under Topic 280, Segment Reporting, pertaining to reportable segment profit or loss and assets will also be required for interim periods. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and for interim periods within fiscal years beginning after December 15, 2024, with retrospective application. Early adoption is permitted. The Company is currently evaluating the effect of this ASU on its segment disclosures. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”) to enhance transparency and decision usefulness of income tax disclosures. ASU 2023-09 requires greater standardization and disaggregation of categories within an entity’s tax rate reconciliation disclosure, as well as disclosure of income taxes paid by jurisdiction, among other requirements. ASU 2023-09 is effective for annual periods beginning after December 15, 2024, with early adoption permitted. ASU 2023-09 is effective on a prospective basis, with retrospective application permitted. The Company is currently evaluating the effects of this ASU on its income tax disclosures. In March 2024, the Securities and Exchange Commission (“SEC”) adopted final rules under SEC Release No. 33-11275, The Enhancement and Standardization of Climate-Related Disclosures for Investors , which requires registrants to provide certain climate-related disclosures in registration statements and annual reports. The new rules are scheduled to begin to phase in for fiscal years beginning on or after January 1, 2025, on a prospective basis. On April 4, 2024, the SEC voluntarily stayed implementation of the final rules pending certain legal challenges to the rules. The Company is currently monitoring developments related to the rules and evaluating their potential effect on its consolidated financial statements.

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	Jun. 30, 2024
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 June 30, For the Six Months Ended June 30, 2024 2023 2024 2023 Net income (loss) attributable to MasTec: Net income (loss) - basic and diluted $ 33,988 $ 15,542 $ (7,192) $ (64,998) Weighted average shares outstanding: Weighted average shares outstanding - basic 78,038 77,635 77,984 77,306 Dilutive common stock equivalents (a) 822 737 — — Weighted average shares outstanding - diluted 78,860 78,372 77,984 77,306 (a) For the three month periods ended June 30, 2024 and 2023, anti-dilutive common stock equivalents totaled approximately 5,000 and 2,000 shares, respectively, and for the six month periods ended June 30, 2024 and 2023, such shares totaled approximately 929,000 and 1,147,000, respectively.

Acquisitions, Goodwill, and O_2

Acquisitions, Goodwill, and Other Intangible Assets, Net (Tables)	6 Months Ended
	Jun. 30, 2024
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 six month period ended June 30, 2024 (in millions): Communications Clean Energy and Infrastructure Power Delivery Oil and Gas Total Goodwill Goodwill, gross, as of December 31, 2023 $ 646.9 $ 742.0 $ 270.8 $ 586.0 $ 2,245.7 Accumulated impairment loss (a) — — — (119.3) (119.3) Goodwill, net, as of December 31, 2023 $ 646.9 $ 742.0 $ 270.8 $ 466.7 $ 2,126.4 Currency translation adjustments — — — (0.5) (0.5) Goodwill, net as of June 30, 2024 $ 646.9 $ 742.0 $ 270.8 $ 466.2 $ 2,125.9 (a) Accumulated impairment loss includes the effects of currency translation gains and/or losses.
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, 2023 $ 1,096.6 $ 229.0 $ 87.6 $ 1,413.2 Accumulated amortization (529.3) (49.8) (49.8) (628.9) Other intangible assets, net, as of December 31, 2023 $ 567.3 $ 179.2 $ 37.8 $ 784.3 Additions from new business combinations 0.8 — — 0.8 Currency translation adjustments — — (0.6) (0.6) Amortization expense (54.7) (9.3) (3.3) (67.3) Other intangible assets, net, as of June 30, 2024 $ 513.4 $ 169.9 $ 33.9 $ 717.2 (a) Includes approximately $34.5 million of non-amortizing trade names as of both June 30, 2024 and December 31, 2023. (b) Consists principally of pre-qualifications and non-compete agreements.

Accounts Receivable, Net of A_2

Accounts Receivable, Net of Allowance, and Contract Assets and Liabilities (Tables)	6 Months Ended
	Jun. 30, 2024
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): June 30, December 31, Contract billings $ 1,361.9 $ 1,385.2 Less allowance (19.9) (15.1) Accounts receivable, net of allowance $ 1,342.0 $ 1,370.1 Retainage $ 324.9 $ 356.4 Unbilled receivables 1,208.6 1,400.0 Contract assets $ 1,533.5 $ 1,756.4

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jun. 30, 2024
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 June 30, December 31, Senior credit facility: November 1, 2026 Revolving loans $ 360.0 $ 773.0 Term loan 336.9 341.3 4.500% Senior Notes August 15, 2028 600.0 600.0 5.900% Senior Notes June 15, 2029 550.0 — 6.625% Senior Notes August 15, 2029 91.7 284.2 Five October 7, 2027 292.5 300.0 Three October 7, 2025 — 400.0 Finance lease and other obligations 347.2 380.3 Total debt obligations $ 2,578.3 $ 3,078.8 Less unamortized deferred financing costs (17.2) (13.5) Total debt, net of deferred financing costs $ 2,561.1 $ 3,065.3 Current portion of long-term debt 201.5 177.2 Long-term debt $ 2,359.6 $ 2,888.1

Lease Obligations (Tables)

Lease Obligations (Tables)	6 Months Ended
	Jun. 30, 2024
Leases [Abstract]
Schedule of Future Minimum Lease Commitments, Finance Leases	Future minimum lease commitments as of June 30, 2024 were as follows (in millions): Finance Operating 2024, remaining six months $ 78.9 $ 84.6 2025 126.4 148.1 2026 68.6 111.2 2027 28.5 61.2 2028 6.4 28.1 Thereafter 0.7 39.0 Total minimum lease payments $ 309.5 $ 472.2 Less amounts representing interest (18.3) (42.1) Total lease obligations, net of interest $ 291.2 $ 430.1 Less current portion 138.8 147.0 Long-term portion of lease obligations, net of interest $ 152.4 $ 283.1
Schedule of Future Minimum Lease Commitments, Operating Leases	Future minimum lease commitments as of June 30, 2024 were as follows (in millions): Finance Operating 2024, remaining six months $ 78.9 $ 84.6 2025 126.4 148.1 2026 68.6 111.2 2027 28.5 61.2 2028 6.4 28.1 Thereafter 0.7 39.0 Total minimum lease payments $ 309.5 $ 472.2 Less amounts representing interest (18.3) (42.1) Total lease obligations, net of interest $ 291.2 $ 430.1 Less current portion 138.8 147.0 Long-term portion of lease obligations, net of interest $ 152.4 $ 283.1

Stock-Based Compensation and _2

Stock-Based Compensation and Other Employee Benefit Plans (Tables)	6 Months Ended
	Jun. 30, 2024
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, 2023 1,505,996 $ 71.35 Granted 237,228 86.65 Vested (166,878) 91.41 Canceled/forfeited (253,839) 50.68 Non-vested restricted shares, as of June 30, 2024 1,322,507 $ 75.53 (a) Includes 1,000 restricted stock units as of both June 30, 2024 and December 31, 2023.

Segments and Related Informat_2

Segments and Related Information (Tables)	6 Months Ended
	Jun. 30, 2024
Segment Reporting [Abstract]
Schedule of Financial Information by Reportable Segment	For the Three Months Ended June 30, For the Six Months Ended June 30, Revenue: 2024 2023 2024 2023 Communications (a) $ 824.6 $ 868.7 $ 1,557.5 $ 1,675.2 Clean Energy and Infrastructure 942.3 969.7 1,695.8 1,794.6 Power Delivery 636.6 702.6 1,207.5 1,412.0 Oil and Gas 572.4 341.8 1,206.2 598.3 Other — — — — Eliminations (14.8) (8.7) (19.1) (21.3) Consolidated revenue $ 2,961.1 $ 2,874.1 $ 5,647.9 $ 5,458.8 (a) Revenue generated primarily by utilities customers represented 25.0% and 23.6% of Communications segment revenue for the three month periods ended June 30, 2024 and 2023, respectively, and represented 26.3% and 23.6% for the six month periods ended June 30, 2024 and 2023, respectively. For the Three Months Ended June 30, For the Six Months Ended June 30, EBITDA: 2024 2023 2024 2023 Communications $ 81.9 $ 89.5 $ 130.7 $ 142.3 Clean Energy and Infrastructure 47.4 33.2 67.8 38.5 Power Delivery 51.4 57.1 78.7 104.5 Oil and Gas 135.1 77.0 227.8 91.5 Other 2.8 6.8 9.8 13.9 Segment EBITDA $ 318.6 $ 263.6 $ 514.8 $ 390.7 For the Three Months Ended June 30, For the Six Months Ended June 30, Depreciation and Amortization: 2024 2023 2024 2023 Communications $ 32.3 $ 34.0 $ 65.7 $ 68.6 Clean Energy and Infrastructure 31.2 31.7 63.5 70.1 Power Delivery 34.1 40.2 68.3 79.4 Oil and Gas 35.7 36.6 74.3 70.9 Other — — — — Corporate 2.5 2.6 5.1 5.3 Consolidated depreciation and amortization $ 135.8 $ 145.1 $ 276.9 $ 294.3 Assets: June 30, December 31, Communications $ 2,148.4 $ 2,332.2 Clean Energy and Infrastructure 2,650.3 2,978.8 Power Delivery 1,741.9 1,837.1 Oil and Gas 1,690.2 1,758.0 Other 317.2 305.0 Corporate 131.0 162.4 Consolidated assets $ 8,679.0 $ 9,373.5
Reconciliation of Consolidated Income before Income Taxes to EBITDA	For the Three Months Ended June 30, For the Six Months Ended June 30, EBITDA Reconciliation: 2024 2023 2024 2023 Income (loss) before income taxes $ 63.1 $ 19.7 $ 17.6 $ (105.6) Plus: Interest expense, net 50.6 59.4 102.6 112.1 Depreciation 102.1 103.0 209.6 210.3 Amortization 33.6 42.0 67.3 84.0 Corporate EBITDA 69.2 39.4 117.7 89.9 Segment EBITDA $ 318.6 $ 263.6 $ 514.8 $ 390.7

Business, Basis of Presentati_3

Business, Basis of Presentation and Significant Accounting Policies - Narrative (Details)	6 Months Ended
	Jun. 30, 2024 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		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Revenue [Line Items]
Revenue recognition, changes In contract estimates, cost-to-cost method, financial effect, percentage (less than)	0.40%	1.50%	0.20%	0.60%
Revenue recognition, remaining performance obligations, contract price allocated	$ 9,300		$ 9,300
Contract with customer, unapproved change orders and/or claims, amount	$ 175		$ 175		$ 194
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	40%	43%	40%	45%
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	2%	3%	2%	3%
Revenue Benchmark | Performance Obligation Concentration Risk | Performance Obligation, Timing Of Recognition, Remainder Of Year
Revenue [Line Items]
Concentration risk, percentage of total			45%
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01
Revenue [Line Items]
Revenue, remaining performance obligation, expected timing of satisfaction, period	1 year		1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-07-01
Revenue [Line Items]
Revenue, remaining performance obligation, expected timing of satisfaction, period	6 months		6 months
Revenue recognition, remaining performance obligations, contract price allocated	$ 4,200		$ 4,200
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01
Revenue [Line Items]
Revenue, remaining performance obligation, expected timing of satisfaction, period	2 years		2 years
Revenue recognition, remaining performance obligations, contract price allocated	$ 5,100		$ 5,100

Earnings Per Share - Schedule o

Earnings Per Share - Schedule of Earnings Per Share (Details) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Net income (loss) attributable to MasTec:
Net income (loss) - basic	$ 33,988	$ 15,542	$ (7,192)	$ (64,998)
Net income (loss) - diluted	$ 33,988	$ 15,542	$ (7,192)	$ (64,998)
Weighted average shares outstanding:
Weighted average shares outstanding - basic (in shares)	78,038	77,635	77,984	77,306
Dilutive common stock equivalents (in shares)	822	737	0	0
Weighted average shares outstanding - diluted (in shares)	78,860	78,372	77,984	77,306
Anti-dilutive common stock (in shares)	5	2	929	1,147

Acquisitions, Goodwill, and O_3

Acquisitions, Goodwill, and Other Intangible Assets, Net - Rollforward of Goodwill by Segment (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Goodwill [Line Items]
Goodwill		$ 2,245,700
Accumulated impairment loss		(119,300)
Goodwill, net	$ 2,125,893	2,126,366
Goodwill [Roll Forward]
Goodwill, net, beginning balance	2,126,366
Currency translation adjustments	(500)
Goodwill, net, ending balance	2,125,893
Communications
Goodwill [Line Items]
Goodwill		646,900
Accumulated impairment loss		0
Goodwill, net	646,900	646,900
Goodwill [Roll Forward]
Goodwill, net, beginning balance	646,900
Currency translation adjustments	0
Goodwill, net, ending balance	646,900
Clean Energy and Infrastructure
Goodwill [Line Items]
Goodwill		742,000
Accumulated impairment loss		0
Goodwill, net	742,000	742,000
Goodwill [Roll Forward]
Goodwill, net, beginning balance	742,000
Currency translation adjustments	0
Goodwill, net, ending balance	742,000
Power Delivery
Goodwill [Line Items]
Goodwill		270,800
Accumulated impairment loss		0
Goodwill, net	270,800	270,800
Goodwill [Roll Forward]
Goodwill, net, beginning balance	270,800
Currency translation adjustments	0
Goodwill, net, ending balance	270,800
Oil and Gas
Goodwill [Line Items]
Goodwill		586,000
Accumulated impairment loss		(119,300)
Goodwill, net	466,200	$ 466,700
Goodwill [Roll Forward]
Goodwill, net, beginning balance	466,700
Currency translation adjustments	(500)
Goodwill, net, ending balance	$ 466,200

Acquisitions, Goodwill, and O_4

Acquisitions, Goodwill, and Other Intangible Assets, Net - Rollforward of Other Intangible Assets (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Other Intangible Assets [Line Items]
Other intangible assets, gross		$ 1,413,200
Accumulated amortization		(628,900)
Other Intangible Assets [Rollforward]
Other intangible assets, net, beginning balance	$ 784,260
Additions from new business combinations	800
Currency translation adjustments	(600)
Amortization expense	(67,300)
Other intangible assets, net, ending balance	717,232
Customer Relationships and Backlog
Other Intangible Assets [Line Items]
Other intangible assets, gross		1,096,600
Accumulated amortization		(529,300)
Other Intangible Assets [Rollforward]
Other intangible assets, net, beginning balance	567,300
Additions from new business combinations	800
Currency translation adjustments	0
Amortization expense	(54,700)
Other intangible assets, net, ending balance	513,400
Trade Names
Other Intangible Assets [Line Items]
Other intangible assets, gross		229,000
Accumulated amortization		(49,800)
Other Intangible Assets [Rollforward]
Other intangible assets, net, beginning balance	179,200
Additions from new business combinations	0
Currency translation adjustments	0
Amortization expense	(9,300)
Other intangible assets, net, ending balance	169,900
Other
Other Intangible Assets [Line Items]
Other intangible assets, gross		87,600
Accumulated amortization		(49,800)
Other Intangible Assets [Rollforward]
Other intangible assets, net, beginning balance	37,800
Additions from new business combinations	0
Currency translation adjustments	(600)
Amortization expense	(3,300)
Other intangible assets, net, ending balance	33,900
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 - Narrative (Details) $ in Thousands	1 Months Ended	3 Months Ended	6 Months Ended		12 Months Ended
	Jul. 31, 2024 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($) yr reporting_unit	Jun. 30, 2023 USD ($)	Dec. 31, 2023 USD ($) acquisition	Mar. 31, 2024 USD ($)
Business Acquisition [Line Items]
Cash paid for acquisitions, net of cash acquired			$ 61	$ 63,880
Equipment Company Acquisition Two
Business Acquisition [Line Items]
Number of equipment companies acquired | acquisition					2
2024 Acquisitions | Subsequent Event
Business Acquisition [Line Items]
Earn-out liability term	5 years
Cash paid for acquisitions, net of cash acquired	$ 35,000
2023 Acquisitions
Business Acquisition [Line Items]
Business combinations, number of acquisitions | acquisition					4
Cash paid for acquisitions, net of cash acquired					$ 69,000
Earn-out liability					$ 1,000
Acquisition-related contingent consideration liabilities, range of potential undiscounted earn-out liabilities, high			2,000
Business acquisition, goodwill, expected tax deductible amount			$ 42,000
Business combination, acquisition and integration related costs		$ 22,700		39,800
2023 Acquisitions | General and Administrative Expense
Business Acquisition [Line Items]
Business combination, acquisition and integration related costs		20,400		35,000
2023 Acquisitions | Cost of Revenue, Excluding Depreciation and Amortization
Business Acquisition [Line Items]
Business combination, acquisition and integration related costs		$ 2,300		$ 4,800
Power Delivery
Business Acquisition [Line Items]
Number of reporting units | reporting_unit			5
Number of reporting units not substantially exceeding reporting value | reporting_unit			1
Power Delivery | Power Delivery Segment, Reporting Unit One
Business Acquisition [Line Items]
Value of fair value in excess of carrying value						$ 47,100
Percentage of fair value in excess of carrying amount			16%
Power Delivery | Power Delivery Segment, Reporting Unit One | Measurement Input, Long-Term Revenue Growth Rate
Business Acquisition [Line Items]
Measurement input			0.03
Power Delivery | Power Delivery Segment, Reporting Unit One | Number Of Years Of Discounted Cash Flows
Business Acquisition [Line Items]
Measurement input | yr			5
Power Delivery | Power Delivery Segment, Reporting Unit One | Discount Rate
Business Acquisition [Line Items]
Measurement input			0.12

Fair Value of Financial Instr_2

Fair Value of Financial Instruments - Acquisition-Related Contingent Consideration and Other Liabilities - Narrative (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)
Fair Value, Financial Instruments Measured on a Recurring Basis [Line Items]
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	$ 24,000,000		$ 24,000,000
Acquisition-related contingent consideration liabilities, range of potential undiscounted earn-out liabilities, high	$ 82,000,000		$ 82,000,000
Discount Rate
Fair Value, Financial Instruments Measured on a Recurring Basis [Line Items]
Acquisition-related contingent consideration liabilities, measurement input, discount rate	0.140		0.140
Earn-Out Liabilities
Fair Value, Financial Instruments Measured on a Recurring Basis [Line Items]
Acquisition-related contingent consideration liabilities, estimated fair value	$ 71,100,000		$ 71,100,000		$ 77,400,000
Acquisition-related contingent consideration liabilities, additions from new business combinations	0	$ 0	0	$ 0
Acquisition-related contingent consideration liabilities, net increase (decrease), fair value adjustments	4,300,000	(1,800,000)	(1,800,000)	(2,100,000)
Acquisition-related contingent consideration liabilities, payments	4,600,000	$ 24,500,000	4,600,000	$ 26,100,000
Earn-Out Liabilities | Other Current Liabilities
Fair Value, Financial Instruments Measured on a Recurring Basis [Line Items]
Acquisition-related contingent consideration liabilities, estimated fair value	$ 38,500,000		$ 38,500,000		$ 29,800,000

Fair Value of Financial Instr_3

Fair Value of Financial Instruments - Equity Investments - Narrative (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Fair Value, Financial Instruments Measured on a Non-Recurring Basis [Line Items]
Equity investments, carrying value	$ 328,000,000		$ 328,000,000		$ 319,000,000
Equity investments, impairments	$ 0	$ 0	$ 0	$ 0
Waha JVs
Fair Value, Financial Instruments Measured on a Non-Recurring Basis [Line Items]
Equity method investments, ownership percentage	33%		33%
Equity investments, carrying value	$ 282,000,000		$ 282,000,000		$ 274,000,000
CCI
Fair Value, Financial Instruments Measured on a Non-Recurring Basis [Line Items]
Equity investments, ownership percentage	15%		15%
FM Tech
Fair Value, Financial Instruments Measured on a Non-Recurring Basis [Line Items]
Equity method investments, ownership percentage	50%		50%

Fair Value of Financial Instr_4

Fair Value of Financial Instruments - The Waha JVs - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Fair Value, Financial Instruments Measured on a Non-Recurring Basis [Line Items]
Equity method investments, equity in earnings (losses)	$ 5,892	$ 7,496	$ 15,111	$ 16,648
Equity method investments, net investment	328,000		328,000		$ 319,000
Waha JVs
Fair Value, Financial Instruments Measured on a Non-Recurring Basis [Line Items]
Equity method investments, equity in earnings (losses)	6,400	7,500	14,100	15,400
Equity method investments, distributions of earnings received, operating cash flows	5,100	$ 1,500	9,300	$ 5,800
Equity method investments, cumulative undistributed earnings	130,400		130,400
Equity method investments, net investment	$ 282,000		$ 282,000		$ 274,000

Fair Value of Financial Instr_5

Fair Value of Financial Instruments - Other Investments - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Other Equity Method Investments
Fair Value, Financial Instruments Measured on a Non-Recurring Basis [Line Items]
Equity contributions			$ 0.2	$ 0.2
Subcontracting Arrangements | Related Party
Fair Value, Financial Instruments Measured on a Non-Recurring Basis [Line Items]
Operating costs and expenses	$ 1.2	$ 0.7	2.4	1.5
Accounts payable	0.2		0.2		$ 0.1
Accounts receivable, after allowance for credit loss	0.4		0.4		0.4
Advanced Receivable Arrangement
Fair Value, Financial Instruments Measured on a Non-Recurring Basis [Line Items]
Operating costs and expenses			0.1	$ 0.4
Employee Leasing and Advanced Receivable Arrangement | Related Party
Fair Value, Financial Instruments Measured on a Non-Recurring Basis [Line Items]
Accounts receivable, after allowance for credit loss	$ 4.2		$ 4.2		$ 4

Fair Value of Financial Instr_6

Fair Value of Financial Instruments - Variable Interest Entities - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Jun. 30, 2024	Dec. 31, 2023
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Consolidated assets		$ 8,678,986	$ 9,373,511
Liabilities		5,944,879	6,652,250
Other long-term assets		425,244	418,485
Reporting entity involvement, maximum loss exposure, amount		35,000	35,000
Variable Interest Entity, Primary Beneficiary
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Consolidated assets		15,700	1,700
Liabilities		13,800	1,600
Variable Interest Entity, Not Primary Beneficiary
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Other long-term assets		$ 24,000	$ 23,000
Electric Utility Company One
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Variable interest entity, percent	49%

Fair Value of Financial Instr_7

Fair Value of Financial Instruments - Senior Notes - Narrative (Details) - USD ($) $ in Millions	Jun. 30, 2024	Jun. 10, 2024	Dec. 31, 2023
4.500% Senior Notes
Fair Value Disclosure of Liabilities Not Measured at Fair Value [Line Items]
Senior notes, gross carrying amount	$ 600		$ 600
4.500% 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	$ 571.2		565.2
5.900% Senior Notes
Fair Value Disclosure of Liabilities Not Measured at Fair Value [Line Items]
Senior notes, gross carrying amount	550
5.900% Senior Notes | Senior Notes
Fair Value Disclosure of Liabilities Not Measured at Fair Value [Line Items]
Debt instrument, interest rate (percentage)		5.90%
Senior notes, estimated fair value	552.2
6.625% Senior Notes
Fair Value Disclosure of Liabilities Not Measured at Fair Value [Line Items]
Senior notes, gross carrying amount	$ 91.7		284.2
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	$ 94.6		$ 273.9

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	Jun. 30, 2024	Dec. 31, 2023
Receivables [Abstract]
Contract billings	$ 1,361,900	$ 1,385,200
Less allowance	(19,900)	(15,100)
Accounts receivable, net of allowance	1,341,983	1,370,074
Contract Assets [Abstract]
Retainage	324,900	356,400
Unbilled receivables	1,208,600	1,400,000
Contract assets	$ 1,533,543	$ 1,756,381

Accounts Receivable, Net of A_4

Accounts Receivable, Net of Allowance, and Contract Assets and Liabilities - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Schedule of Accounts Receivable, Net of Allowance, and Contract Assets and Liabilities [Line Items]
Provision (recovery) of credit losses			$ 3,900	$ (700)
Contract liabilities	$ 620,676		620,676		$ 480,967
Contract with customer liability, deferred revenue current	614,500		614,500		475,200
Deferred revenue, revenue recognized			374,100	342,200
Discount charges related to financing arrangements	50,571	$ 59,415	102,630	112,108
Receivables, Non-Recourse Arrangement
Schedule of Accounts Receivable, Net of Allowance, and Contract Assets and Liabilities [Line Items]
Proceeds from sale of receivables	228,000		228,000
Value of receivables sold	85,000		85,000		$ 64,000
Discount charges related to financing arrangements	$ 5,100	$ 4,200	$ 10,300	$ 8,000

Debt - Schedule of Carrying Val

Debt - Schedule of Carrying Values of Debt (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 10, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Finance lease and other obligations	$ 347,200		$ 380,300
Total debt obligations	2,578,300		3,078,800
Less unamortized deferred financing costs	(17,200)		(13,500)
Total debt, net of deferred financing costs	2,561,100		3,065,300
Current portion of long-term debt	201,458		177,246
Long-term debt	2,359,637		2,888,058
Credit Facility | Revolving Loans
Debt Instrument [Line Items]
Long-term debt obligations	360,000		773,000
Credit Facility | Term Loan
Debt Instrument [Line Items]
Long-term debt obligations	$ 336,900		341,300
Credit Facility | Term Loan | New Term Loan Facility, Five-Year Tranche
Debt Instrument [Line Items]
Debt instrument, term	5 years
Long-term debt obligations	$ 292,500		300,000
Credit Facility | Term Loan | New Term Loan Facility, Three-Year Tranche
Debt Instrument [Line Items]
Debt instrument, term	3 years
Long-term debt obligations	$ 0		400,000
Senior Notes | 4.500% Senior Notes
Debt Instrument [Line Items]
Debt instrument, interest rate (percentage)	4.50%
Long-term debt obligations	$ 600,000		600,000
Senior Notes | 5.900% Senior Notes
Debt Instrument [Line Items]
Debt instrument, interest rate (percentage)		5.90%
Long-term debt obligations	$ 550,000		0
Less unamortized deferred financing costs		$ (5,900)
Senior Notes | 6.625% Senior Notes
Debt Instrument [Line Items]
Debt instrument, interest rate (percentage)	6.625%
Long-term debt obligations	$ 91,700		$ 284,200

Debt - Issuance of 5.900% Senio

Debt - Issuance of 5.900% Senior Notes, Repayment of 6.625% Senior Notes, and Repayment of Three-Year Term Loan Facility (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		6 Months Ended
	Jul. 31, 2024	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Jun. 10, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Financing costs		$ 17,200		$ 17,200			$ 13,500
Pre-tax debt extinguishment loss		$ 11,344	$ 0	$ 11,344	$ 0
5.900% Senior Notes | Senior Notes
Debt Instrument [Line Items]
Debt instrument, interest rate (percentage)						5.90%
Debt instrument, face amount						$ 550,000
Financing costs						$ 5,900
Debt instrument, redemption price (percentage)				101%
Debt instrument, holders percentage						0.25
6.625% Senior Notes | Senior Notes
Debt Instrument [Line Items]
Debt instrument, interest rate (percentage)		6.625%		6.625%
Debt instrument, redemption price (percentage)				100%
Debt instrument, repurchase amount		$ 203,700		$ 203,700
6.625% Senior Notes | Senior Notes | Subsequent Event
Debt Instrument [Line Items]
Debt instrument, redemption price (percentage)	95%
Debt instrument, repurchase amount	$ 21,400
New Term Loan Facility, Three-Year Tranche | Line of Credit | Unsecured Debt
Debt Instrument [Line Items]
Debt instrument, face amount		400,000		400,000
Pre-tax debt extinguishment loss		$ 11,300		$ 11,300
New Term Loan Facility, Three-Year Tranche | Credit Facility | Term Loan
Debt Instrument [Line Items]
Debt instrument, term				3 years

Debt - Senior Credit Facility -

Debt - Senior Credit Facility - Narrative (Details) - USD ($) $ in Millions	1 Months Ended	6 Months Ended	12 Months Ended
	Mar. 31, 2025	Jun. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Line of credit facility, letters of credit issued		$ 83.9	$ 82.1
Credit Facility
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity		2,250
Line of credit facility, letters of credit issued		$ 66.1	$ 64.9
Line of credit facility, unused facility fee (percentage)		0.20%	0.225%
Credit Facility | Revolving commitments
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity		$ 1,900
Weighted average interest rate (percentage)		6.81%	7.71%
Line of credit facility, remaining borrowing capacity		$ 1,473.9	$ 1,062.1
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)		6.82%	7.08%
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		$ 583.9	$ 585.1
Credit Facility | Letters of Credit | Standby Letters of Credit
Debt Instrument [Line Items]
Line of credit facility, interest rate (percentage)		0.5625%	0.6875%
Credit Facility | Letters of Credit | Commercial and/or Financial Standby
Debt Instrument [Line Items]
Line of credit facility, interest rate (percentage)		1.375%	1.625%
Credit Facility | Foreign Denomination
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity		$ 300	$ 300
Long-term line of credit		$ 0	$ 0

Debt - Other Credit Facilities

Debt - Other Credit Facilities - Narrative (Details) - USD ($)	6 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Letters of credit issued	$ 83,900,000	$ 82,100,000
Other Credit Facilities
Debt Instrument [Line Items]
Long-term debt obligations	$ 1,200,000	0
Debt instrument, interest rate during period	7.70%
Line of Credit | Letters of Credit
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	$ 50,000,000
Standby Letters of Credit | Line of Credit
Debt Instrument [Line Items]
Letters of credit issued	$ 17,800,000	$ 17,200,000
Standby Letters of Credit | Line of Credit | Letters of Credit
Debt Instrument [Line Items]
Line of credit facility, interest rate (percentage)	0.75%	0.90%

Debt - Term Loan Facility (Deta

Debt - Term Loan Facility (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023	Mar. 31, 2026	Mar. 31, 2024
Unsecured Debt | New Term Loan Facility, Five-Year Tranche | Line of Credit
Debt Instrument [Line Items]
Debt instrument, face amount	$ 300,000
Quarterly installments				$ 3,750
Debt instrument, interest rate during period	6.25%	6.96%
Unsecured Debt | New Term Loan Facility, Five-Year Tranche | Line of Credit | Forecast
Debt Instrument [Line Items]
Quarterly installments			$ 7,500
Term Loan | Credit Facility
Debt Instrument [Line Items]
Long-term debt obligations	$ 336,900	$ 341,300
Term Loan | New Term Loan Facility, Five-Year Tranche | Credit Facility
Debt Instrument [Line Items]
Debt instrument, term	5 years
Long-term debt obligations	$ 292,500	$ 300,000
Term Loan | Five-Year Term Loan Facility | Credit Facility
Debt Instrument [Line Items]
Long-term debt obligations	$ 292,500

Debt - Additional Information -

Debt - Additional Information - Narrative (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Debt Disclosure [Abstract]
Debt instruments, accrued interest payable	$ 22	$ 24.1

Lease Obligations - Narrative (

Lease Obligations - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Lessee, Lease, Description [Line Items]
Leases, remaining lease terms			15 years
Finance leases, assets, gross	$ 668.4		$ 668.4		$ 679.9
Assets held under finance leases, location	Property and equipment, net		Property and equipment, net		Property and equipment, net
Finance leases, assets, net	$ 437.5		$ 437.5		$ 473.3
Finance leases, assets, depreciation	22.7	$ 24.5	46.9	$ 52.5
Operating leases, additions	$ 35.6	97.2	$ 115.8	123.5
Operating leases, term of contract	1 year		1 year
Operating lease expense	$ 48.9	37.5	$ 97.4	72.7
Operating leases, variable lease costs	4.6	3.6	9.3	7.6
Operating leases, short-term leases, expense	$ 125.4	$ 130.7	$ 261	$ 241.8
Finance leases, weighted average remaining lease term (in years)	2 years 4 months 24 days		2 years 4 months 24 days		2 years 7 months 6 days
Finance leases, weighted average discount rate, percent	4.80%		4.80%		4.70%
Operating leases, weighted average remaining lease term (in years)	3 years 9 months 18 days		3 years 9 months 18 days		3 years 9 months 18 days
Operating leases, weighted average discount rate, percent	5%		5%		4.80%
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	Jun. 30, 2024	Dec. 31, 2023
Finance Leases
2024, remaining six months	$ 78,900
2025	126,400
2026	68,600
2027	28,500
2028	6,400
Thereafter	700
Total minimum lease payments	309,500
Less amounts representing interest	(18,300)
Total lease obligations, net of interest	291,200
Less current portion	138,800
Long-term portion of lease obligations, net of interest	$ 152,400
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
2024, remaining six months	$ 84,600
2025	148,100
2026	111,200
2027	61,200
2028	28,100
Thereafter	39,000
Total minimum lease payments	472,200
Less amounts representing interest	(42,100)
Total lease obligations, net of interest	430,100
Less current portion	147,039	$ 137,765
Long-term portion of lease obligations, net of interest	$ 283,117	$ 292,873

Stock-Based Compensation and _3

Stock-Based Compensation and Other Employee Benefit Plans - Narrative (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended		6 Months Ended
	May 31, 2024	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Stock-Based Compensation and Other Employee Benefit Plans [Line Items]
Stock-based compensation plans, number of shares available for future grant (in shares)		4,441,000		4,441,000
Non-cash stock-based compensation expense		$ 7	$ 8.6	$ 16.7	$ 17.1
Stock-based compensation, income tax benefits		$ 1.1	$ 1.5	3	11.8
Stock-based compensation, vested awards, net income tax benefit (deficiency)				$ (0.1)	$ 8.9
2013 Incentive Plan
Stock-Based Compensation and Other Employee Benefit Plans [Line Items]
Share-based compensation, number of additional shares authorized	1,200,000
2011 Incentive Plan
Stock-Based Compensation and Other Employee Benefit Plans [Line Items]
Share-based compensation, number of additional shares authorized	1,000,000

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		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Stock-Based Compensation and Other Employee Benefit Plans [Line Items]
Stock-based compensation awards, unearned compensation	$ 52.7		$ 52.7
Stock-based compensation awards, unearned compensation, weighted average expected recognition period (in years)			2 years
Stock-based compensation, vested awards, intrinsic value	$ 1.1	$ 0.7	$ 14.4	$ 78

Stock-Based Compensation and _5

Stock-Based Compensation and Other Employee Benefit Plans - Schedule of Activity, Restricted Shares (Details)	6 Months Ended
	Jun. 30, 2024 $ / shares shares
Restricted Shares
Restricted Shares
Non-vested restricted shares, beginning balance (in shares)	1,505,996
Granted (in shares)	237,228
Vested (in shares)	(166,878)
Canceled/forfeited (in shares)	(253,839)
Non-vested restricted shares, ending balance (in shares)	1,322,507
Per Share Weighted Average Grant Date Fair Value
Non-vested restricted shares, beginning balance (in dollars per share) | $ / shares	$ 71.35
Granted (in dollars per share) | $ / shares	86.65
Vested (in dollars per share) | $ / shares	91.41
Canceled/forfeited (in dollars per share) | $ / shares	50.68
Non-vested restricted shares, ending balance (in dollars per share) | $ / shares	$ 75.53
Restricted Stock Units
Restricted Shares
Non-vested restricted shares, beginning balance (in shares)	1,000
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		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Stock-Based Compensation and Other Employee Benefit Plans [Line Items]
Common shares issued (in shares)	24,944	25,353	54,858	46,651
Employee Stock Purchase Plans
Stock-Based Compensation and Other Employee Benefit Plans [Line Items]
ESPP purchase price, percent			85%
Cash proceeds	$ 2.1	$ 2.1	$ 4	$ 3.8
Compensation expense	$ 0.4	$ 0.4	$ 0.8	$ 0.7

Equity (Details)

Equity (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Equity, Treasury Stock [Line Items]
Treasury stock acquired (in shares)	0	0	0	0
March 2020 Share Repurchase Program
Equity, Treasury Stock [Line Items]
Stock repurchase program, remaining authorized repurchase amount	$ 77.3		$ 77.3

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Effective tax rate, expense (benefit)	30.70%	14.90%	47%	39.60%
Stock-based compensation, vested awards, net income tax benefit (deficiency)			$ (0.1)	$ 8.9

Segments and Related Informat_3

Segments and Related Information - Narrative (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($) segment	Jun. 30, 2023 USD ($)
Segment Reporting, Other Significant Reconciling Item [Line Items]
Number of operating segments | segment			5
Number of reportable segments | segment			5
Loss on extinguishment of debt	$ 11,344	$ 0	$ 11,344	$ 0
Unsecured Debt | New Term Loan Facility, Three-Year Tranche | Line of Credit
Segment Reporting, Other Significant Reconciling Item [Line Items]
Loss on extinguishment of debt	$ 11,300		$ 11,300
2023 Acquisitions
Segment Reporting, Other Significant Reconciling Item [Line Items]
Business combination, acquisition and integration related costs		22,700		39,800
Corporate | 2023 Acquisitions
Segment Reporting, Other Significant Reconciling Item [Line Items]
Business combination, acquisition and integration related costs		1,400		2,700
Fair value losses related to investment				(200)
Communications | Operating Segments | 2023 Acquisitions
Segment Reporting, Other Significant Reconciling Item [Line Items]
Business combination, acquisition and integration related costs		4,600		13,500
Clean Energy and Infrastructure | Operating Segments | 2023 Acquisitions
Segment Reporting, Other Significant Reconciling Item [Line Items]
Business combination, acquisition and integration related costs		16,400		21,700
Power Delivery | Operating Segments | 2023 Acquisitions
Segment Reporting, Other Significant Reconciling Item [Line Items]
Business combination, acquisition and integration related costs		$ 300		$ 1,900

Segments and Related Informat_4

Segments and Related Information - Schedule of Financial Information by Reportable Segment (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Segments and Related Information [Line Items]
Consolidated revenue	$ 2,961,086	$ 2,874,115	$ 5,647,935	$ 5,458,774
Segment EBITDA	318,600	263,600	514,800	390,700
Consolidated depreciation and amortization	135,800	$ 145,100	276,900	$ 294,300
Consolidated assets	$ 8,678,986		$ 8,678,986		$ 9,373,511
Communications | Customer Concentration Risk | Revenue | Utilities
Segments and Related Information [Line Items]
Concentration risk, percentage of total	25%	23.60%	26.30%	23.60%
Reportable Segments | Communications
Segments and Related Information [Line Items]
Consolidated revenue	$ 824,600	$ 868,700	$ 1,557,500	$ 1,675,200
Segment EBITDA	81,900	89,500	130,700	142,300
Consolidated depreciation and amortization	32,300	34,000	65,700	68,600
Consolidated assets	2,148,400		2,148,400		2,332,200
Reportable Segments | Clean Energy and Infrastructure
Segments and Related Information [Line Items]
Consolidated revenue	942,300	969,700	1,695,800	1,794,600
Segment EBITDA	47,400	33,200	67,800	38,500
Consolidated depreciation and amortization	31,200	31,700	63,500	70,100
Consolidated assets	2,650,300		2,650,300		2,978,800
Reportable Segments | Power Delivery
Segments and Related Information [Line Items]
Consolidated revenue	636,600	702,600	1,207,500	1,412,000
Segment EBITDA	51,400	57,100	78,700	104,500
Consolidated depreciation and amortization	34,100	40,200	68,300	79,400
Consolidated assets	1,741,900		1,741,900		1,837,100
Reportable Segments | Oil and Gas
Segments and Related Information [Line Items]
Consolidated revenue	572,400	341,800	1,206,200	598,300
Segment EBITDA	135,100	77,000	227,800	91,500
Consolidated depreciation and amortization	35,700	36,600	74,300	70,900
Consolidated assets	1,690,200		1,690,200		1,758,000
Reportable Segments | Other
Segments and Related Information [Line Items]
Consolidated revenue	0	0	0	0
Segment EBITDA	2,800	6,800	9,800	13,900
Consolidated depreciation and amortization	0	0	0	0
Consolidated assets	317,200		317,200		305,000
Eliminations
Segments and Related Information [Line Items]
Consolidated revenue	(14,800)	(8,700)	(19,100)	(21,300)
Corporate
Segments and Related Information [Line Items]
Consolidated depreciation and amortization	2,500	$ 2,600	5,100	$ 5,300
Consolidated assets	$ 131,000		$ 131,000		$ 162,400

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		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
EBITDA Reconciliation:
Income (loss) before income taxes	$ 63,112	$ 19,688	$ 17,574	$ (105,592)
Interest expense, net	50,571	59,415	102,630	112,108
Depreciation	102,141	103,038	209,576	210,285
Amortization of intangible assets	33,611	42,043	67,301	83,987
Corporate EBITDA	69,200	39,400	117,700	89,900
Segment EBITDA	$ 318,600	$ 263,600	$ 514,800	$ 390,700

Segments and Related Informat_6

Segments and Related Information - Foreign Operations and Other - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Segments and Related Information [Line Items]
Revenue	$ 2,961,086	$ 2,874,115	$ 5,647,935	$ 5,458,774
Property and equipment, net	$ 1,514,660		$ 1,514,660		$ 1,651,462
Govermment | Revenue Benchmark | Customer Concentration Risk
Segments and Related Information [Line Items]
Concentration risk, percentage of total	14%	12%	13%	10%
Foreign Operations
Segments and Related Information [Line Items]
Revenue	$ 24,200	$ 22,100	$ 50,900	$ 49,600
Property and equipment, net	15,500		15,500		17,500
Intangible assets and goodwill, net	$ 29,900		$ 29,900		$ 32,600

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2024 USD ($) project	Jun. 30, 2023	Jun. 30, 2024 USD ($) project customer	Jun. 30, 2023	Dec. 31, 2023 USD ($)
Loss Contingencies [Line Items]
Line of credit facility, letters of credit issued	$ 83,900		$ 83,900		$ 82,100
Cash and cash equivalents	297,586		297,586		529,561
Indemnities, accrued project close-out liabilities	$ 20,000		$ 20,000		$ 20,000
Number of customers | customer			1,080
One Customer | Accounts Receivable, Net, Less Deferred Revenue | Customer Concentration Risk
Loss Contingencies [Line Items]
Concentration risk, percentage of total					10%
Ten Largest Customers | Revenue Benchmark | Customer Concentration Risk
Loss Contingencies [Line Items]
Concentration risk, percentage of total	36%	35%	39%	36%
Self-Insurance | Workers' Compensation, General and Automobile Policies
Loss Contingencies [Line Items]
Self-insurance reserve	$ 217,600		$ 217,600		$ 209,700
Self-Insurance | Employee Group Medical Claims
Loss Contingencies [Line Items]
Self-insurance reserve	5,500		5,500		4,100
Other Long-Term Liabilities | Self-Insurance | Workers' Compensation, General and Automobile Policies
Loss Contingencies [Line Items]
Self-insurance reserve, non-current	153,700		153,700		141,000
Corporate Joint Venture
Loss Contingencies [Line Items]
Cash and cash equivalents	$ 62,800		$ 62,800		38,100
Corporate Joint Venture | Joint Venture Civil Construction Project
Loss Contingencies [Line Items]
Number of joint ventures | project	5		5
Corporate Joint Venture | Minimum | Joint Ventures That Provide Electrical Transmission Infrastructure Services
Loss Contingencies [Line Items]
Proportionately consolidated non-controlled joint venture, ownership percentage	85%		85%
Corporate Joint Venture | Minimum | Joint Venture Civil Construction Project
Loss Contingencies [Line Items]
Proportionately consolidated non-controlled joint venture, ownership percentage	25%		25%
Corporate Joint Venture | Maximum | Joint Ventures That Provide Electrical Transmission Infrastructure Services
Loss Contingencies [Line Items]
Proportionately consolidated non-controlled joint venture, ownership percentage	90%		90%
Corporate Joint Venture | Maximum | Joint Venture Civil Construction Project
Loss Contingencies [Line Items]
Proportionately consolidated non-controlled joint venture, ownership percentage	50%		50%
Captive Insurance Company
Loss Contingencies [Line Items]
Cash and cash equivalents	$ 2,100		$ 2,100		1,200
Performance and Payment Bonds
Loss Contingencies [Line Items]
Bonded projects, estimated costs to complete	2,100,000		2,100,000		1,600,000
Commercial and/or Financial Standby | Self-Insurance | Workers' Compensation, General and Automobile Policies
Loss Contingencies [Line Items]
Line of credit facility, letters of credit issued	9,100		9,100		9,600
Surety Bonds | Self-Insurance | Workers' Compensation
Loss Contingencies [Line Items]
Guarantor obligations, maximum exposure, undiscounted	190,000		190,000		192,700
Subsidiaries | Performance and Payment Bonds
Loss Contingencies [Line Items]
Guarantor obligations, maximum exposure, undiscounted	6,700,000		6,700,000		5,600,000
Subsidiaries | Performance and Payment Bonds | Corporate Joint Venture
Loss Contingencies [Line Items]
Guarantor obligations, maximum exposure, undiscounted	$ 825,200		$ 825,200		$ 368,300

Related Party Transactions (Det

Related Party Transactions (Details) shares in Thousands		3 Months Ended			6 Months Ended
	Jan. 01, 2024 USD ($)	Jun. 30, 2024 USD ($) employee	Jun. 30, 2023 USD ($)	Mar. 31, 2023 USD ($) shares	Jun. 30, 2024 USD ($) employee	Jun. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)
Related Party Transaction [Line Items]
Revenue		$ 2,961,086,000	$ 2,874,115,000		$ 5,647,935,000	$ 5,458,774,000
Line of credit facility, letters of credit issued		83,900,000			83,900,000		$ 82,100,000
Other long-term assets		425,244,000			425,244,000		418,485,000
Noncontrolling interest, percentage of voting interests acquired				15%
Payments to non-controlling interests, including acquisition of interests and distributions					12,632,000	11,660,000
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) | 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
Related Party Transaction [Line Items]
Other operating income		100,000			200,000
Notes receivable							$ 7,100,000
Interest rate on notes receivable							5%
Other long-term assets		4,900,000			4,900,000		$ 6,900,000
Chairman, Board of Directors
Related Party Transaction [Line Items]
Payments for life insurance policies		700,000	1,200,000		700,000	1,200,000
Executive Officers
Related Party Transaction [Line Items]
Life insurance assets, carrying amount		27,900,000			27,900,000		27,200,000
Executive Officers | Former Owner
Related Party Transaction [Line Items]
Accounts receivable, after allowance for credit loss		2,900,000			2,900,000		2,600,000
Payments, net of rebates, related party		0	0		300,000	100,000
Equipment, Supplies and Services | Related Party
Related Party Transaction [Line Items]
Operating costs and expenses		8,300,000	10,700,000		18,600,000	26,800,000
Accounts payable		700,000			700,000		2,700,000
Revenue		4,200,000	5,200,000		8,600,000	7,400,000
Accounts receivable, after allowance for credit loss		3,000,000			3,000,000
Liability							400,000
Equipment | Related Party
Related Party Transaction [Line Items]
Revenue		200,000	0		200,000	0
Equipment | Related Party | CCI
Related Party Transaction [Line Items]
Accounts payable		1,000,000			1,000,000		4,600,000
Accounts receivable, after allowance for credit loss		200,000			200,000		0
Equipment | Immediate Family Member of Management | CCI
Related Party Transaction [Line Items]
Payments, net of rebates, related party		2,800,000	300,000		8,600,000	1,300,000
Subcontracting Arrangements
Related Party Transaction [Line Items]
Payments to acquire interest in subsidiaries and affiliates	$ 700,000
Subcontracting Arrangements | Related Party
Related Party Transaction [Line Items]
Operating costs and expenses		1,200,000	700,000		2,400,000	1,500,000
Accounts payable		200,000			200,000		100,000
Accounts receivable, after allowance for credit loss		400,000			400,000		400,000
Subcontracting Arrangements | Management
Related Party Transaction [Line Items]
Operating costs and expenses		$ 1,200,000	400,000		$ 4,900,000	400,000
Number of management members, subcontracting arrangement | employee		2			2
Subcontracting Arrangements | Related Customer
Related Party Transaction [Line Items]
Accounts payable		$ 500,000			$ 500,000		3,100,000
Lease Agreements | Related Party
Related Party Transaction [Line Items]
Accounts payable		0			0		200,000
Lease Agreements | Chairman, Board of Directors
Related Party Transaction [Line Items]
Operating costs and expenses		1,600,000	700,000		2,900,000	1,400,000
Construction Services | Related Party
Related Party Transaction [Line Items]
Accounts receivable, after allowance for credit loss		5,000,000			5,000,000		4,100,000
Construction Services | Executive Officers
Related Party Transaction [Line Items]
Operating costs and expenses		400,000	200,000		600,000	600,000
Accounts payable		0			0		$ 0
Payments, net of rebates, related party		3,600,000	100,000		8,700,000	200,000
Other Subcontracting Arrangements | Related Party
Related Party Transaction [Line Items]
Other operating income		200,000	$ 200,000		400,000	$ 400,000
Other Subcontracting Arrangements | Management | Line of Credit
Related Party Transaction [Line Items]
Line of credit facility, letters of credit issued		$ 15,000,000			$ 15,000,000