0000015615-20-000024 | 10-Q | XBRL Viewer

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Cover Page - shares	6 Months Ended
Cover Page - shares	Jun. 30, 2020	Jul. 27, 2020
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2020
Document Transition Report	false
Entity File Number	001-08106
Entity Registrant Name	MasTec, Inc.
Entity Central Index Key	0000015615
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q2
Amendment Flag	false
Entity Incorporation, State or Country Code	FL
Entity Tax Identification Number	65-0829355
Entity Address, Address Line One	800 S. Douglas Road, 12th Floor
Entity Address, City or Town	Coral Gables,
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	33134
City Area Code	305
Local Phone Number	599-1800
Title of 12(b) Security	Common Stock, $0.10 Par Value
Trading Symbol	MTZ
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		73,818,180

Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Income Statement [Abstract]
Revenue	$ 1,569,297	$ 1,939,006	$ 2,985,901	$ 3,457,346
Costs of revenue, excluding depreciation and amortization	1,341,825	1,633,400	2,568,122	2,945,448
Depreciation	57,687	55,279	110,776	109,504
Amortization of intangible assets	9,793	4,665	17,184	9,471
General and administrative expenses	84,959	70,819	170,473	143,436
Interest expense, net	14,808	16,623	31,812	38,881
Equity in earnings of unconsolidated affiliates	(6,813)	(6,551)	(14,647)	(12,811)
Other (income) expense, net	(10,527)	4,812	(11,869)	8,317
Income before income taxes	77,565	159,959	114,050	215,100
Provision for income taxes	(20,738)	(39,736)	(21,161)	(51,770)
Net income	56,827	120,223	92,889	163,330
Net (loss) income attributable to non-controlling interests	(178)	513	(346)	507
Net income attributable to MasTec, Inc.	$ 57,005	$ 119,710	$ 93,235	$ 162,823
Earnings per share (Note 2):
Basic earnings per share (in dollars per share)	$ 0.79	$ 1.59	$ 1.27	$ 2.17
Basic weighted average common shares outstanding	72,045	75,183	73,392	75,088
Diluted earnings per share (in dollars per share)	$ 0.78	$ 1.58	$ 1.26	$ 2.15
Diluted weighted average common shares outstanding	72,777	75,747	74,135	75,661

Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Statement of Comprehensive Income [Abstract]
Net income	$ 56,827	$ 120,223	$ 92,889	$ 163,330
Other comprehensive (loss) income:
Foreign currency translation (losses) gains, net of tax	(840)	113	(1,137)	13
Unrealized losses on equity investee activity, net of tax	(1,325)	(8,732)	(24,286)	(14,194)
Comprehensive income	54,662	111,604	67,466	149,149
Comprehensive (loss) income attributable to non-controlling interests	(178)	513	(346)	507
Comprehensive income attributable to MasTec, Inc.	$ 54,840	$ 111,091	$ 67,812	$ 148,642

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income (loss) and other comprehensive income (loss), attributable to noncontrolling interests. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

+ References

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+ Details

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Current assets:
Cash and cash equivalents	$ 48,638	$ 71,427
Accounts receivable, net of allowance	927,764	850,326
Contract assets	965,887	1,024,568
Inventories, net	104,893	100,069
Prepaid expenses	44,138	52,000
Other current assets	45,728	75,169
Total current assets	2,137,048	2,173,559
Property and equipment, net	972,177	905,835
Operating lease assets	198,844	229,903
Goodwill, net	1,227,405	1,221,440
Other intangible assets, net	202,165	211,528
Other long-term assets	252,346	254,741
Total assets	4,989,985	4,997,006
Current liabilities:
Current portion of long-term debt, including finance leases	126,697	118,429
Current portion of operating lease liabilities	78,044	81,561
Accounts payable	630,456	535,029
Accrued salaries and wages	118,068	87,562
Other accrued expenses	163,629	115,581
Contract liabilities	338,230	206,180
Other current liabilities	68,267	74,784
Total current liabilities	1,523,391	1,219,126
Long-term debt, including finance leases	1,115,839	1,314,030
Long-term operating lease liabilities	133,535	154,553
Deferred income taxes	267,525	296,326
Other long-term liabilities	198,859	221,280
Total liabilities	3,239,149	3,205,315
Commitments and contingencies (Note 14)
Equity
Preferred stock, $1.00 par value: authorized shares - 5,000,000; issued and outstanding shares – none	0	0
Common stock, $0.10 par value: authorized shares - 145,000,000; issued shares - 92,665,097 and 91,909,430 (including 1,734,554 and 1,221,593 of unvested stock awards) as of June 30, 2020 and December 31, 2019, respectively	9,267	9,191
Capital surplus	821,584	809,753
Retained earnings	1,603,944	1,510,709
Accumulated other comprehensive loss	(101,129)	(75,706)
Treasury stock, at cost: 18,941,926 shares and 15,344,917 shares as of June 30, 2020 and December 31, 2019, respectively	(586,955)	(466,727)
Total MasTec, Inc. shareholders’ equity	1,746,711	1,787,220
Non-controlling interests	4,125	4,471
Total equity	1,750,836	1,791,691
Total liabilities and equity	$ 4,989,985	$ 4,997,006

Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Jun. 30, 2020	Dec. 31, 2019
Preferred stock, par value (in dollars per share)	$ 1	$ 1
Preferred stock, shares authorized	5,000,000	5,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value (in dollars per share)	$ 0.1	$ 0.1
Common stock, shares authorized	145,000,000	145,000,000
Common stock, shares issued	92,665,097	91,909,430
Treasury stock, shares	18,941,926	15,344,917
Common Stock [Member]
Common stock, shares issued	92,665,097	91,909,430
Restricted Stock Awards [Member] \| Common Stock [Member]
Unvested stock awards (in shares)	1,734,554	1,221,593

Consolidated Statements of Equity (Unaudited) - USD ($) $ in Thousands	Total	Common Stock [Member]	Treasury Stock [Member]	Capital Surplus [Member]	Retained Earnings [Member]	Accumulated Other Comprehensive Loss [Member]	Total MasTec, Inc. Shareholders' Equity [Member]	Non-Controlling Interests [Member]
Beginning balance, common shares outstanding (in shares) at Dec. 31, 2018		91,327,009
Beginning balance at Dec. 31, 2018	$ 1,392,024	$ 9,133	$ (466,125)	$ 789,009	$ 1,118,375	$ (60,494)	$ 1,389,898	$ 2,126
Beginning balance, treasury shares (in shares) at Dec. 31, 2018			(15,329,817)
Condensed Unaudited Consolidated Statements of Equity
Net income (loss)	163,330				162,823		162,823	507
Other comprehensive loss	(14,181)					(14,181)	(14,181)
Non-cash stock-based compensation	7,940			7,940			7,940
Issuance of restricted shares, net (in shares)		233,419
Issuance of restricted shares, net	0	$ 23		(23)			0
Other stock issuances, net of shares withheld for taxes (in shares)		66,558
Other stock issuances, net of shares withheld for taxes	2,243	$ 7		2,236			2,243
Acquisition of treasury stock, at cost (in shares)			(15,100)
Acquisition of treasury stock, at cost	(602)		$ (602)				(602)
Noncontrolling interest, increase from subsidiary equity issuance	584						0	584
Ending balance, common shares outstanding (in shares) at Jun. 30, 2019		91,626,986
Ending balance at Jun. 30, 2019	1,551,338	$ 9,163	$ (466,727)	799,162	1,281,198	(74,675)	1,548,121	3,217
Ending balance, treasury shares (in shares) at Jun. 30, 2019			(15,344,917)
Beginning balance, common shares outstanding (in shares) at Mar. 31, 2019		91,591,398
Beginning balance at Mar. 31, 2019	1,433,732	$ 9,159	$ (466,727)	793,748	1,161,487	(66,056)	1,431,611	2,121
Beginning balance, treasury shares (in shares) at Mar. 31, 2019			(15,344,917)
Condensed Unaudited Consolidated Statements of Equity
Net income (loss)	120,223				119,710		119,710	513
Other comprehensive loss	(8,619)					(8,619)	(8,619)
Non-cash stock-based compensation	4,220			4,220			4,220
Issuance of restricted shares, net (in shares)		57
Issuance of restricted shares, net	0	$ 0		0			0
Other stock issuances, net of shares withheld for taxes (in shares)		35,531
Other stock issuances, net of shares withheld for taxes	$ 1,198	$ 4		1,194			1,198
Acquisition of treasury stock, at cost (in shares)	0
Noncontrolling interest, increase from subsidiary equity issuance	$ 584						0	584
Ending balance, common shares outstanding (in shares) at Jun. 30, 2019		91,626,986
Ending balance at Jun. 30, 2019	$ 1,551,338	$ 9,163	$ (466,727)	799,162	1,281,198	(74,675)	1,548,121	3,217
Ending balance, treasury shares (in shares) at Jun. 30, 2019			(15,344,917)
Beginning balance, common shares outstanding (in shares) at Dec. 31, 2019	91,909,430	91,909,430
Beginning balance at Dec. 31, 2019	$ 1,791,691	$ 9,191	$ (466,727)	809,753	1,510,709	(75,706)	1,787,220	4,471
Beginning balance, treasury shares (in shares) at Dec. 31, 2019	(15,344,917)		(15,344,917)
Condensed Unaudited Consolidated Statements of Equity
Net income (loss)	$ 92,889				93,235		93,235	(346)
Other comprehensive loss	(25,423)					(25,423)	(25,423)
Non-cash stock-based compensation	9,899			9,899			9,899
Issuance of restricted shares, net (in shares)		693,355
Issuance of restricted shares, net	0	$ 69		(69)			0
Other stock issuances, net of shares withheld for taxes (in shares)		62,312
Other stock issuances, net of shares withheld for taxes	$ 2,008	$ 7		2,001			2,008
Acquisition of treasury stock, at cost (in shares)	(3,600,000)		(3,597,009)
Acquisition of treasury stock, at cost	$ (120,228)		$ (120,228)				(120,228)
Ending balance, common shares outstanding (in shares) at Jun. 30, 2020	92,665,097	92,665,097
Ending balance at Jun. 30, 2020	$ 1,750,836	$ 9,267	$ (586,955)	821,584	1,603,944	(101,129)	1,746,711	4,125
Ending balance, treasury shares (in shares) at Jun. 30, 2020	(18,941,926)		(18,941,926)
Beginning balance, common shares outstanding (in shares) at Mar. 31, 2020		92,618,032
Beginning balance at Mar. 31, 2020	$ 1,689,813	$ 9,262	$ (586,153)	814,425	1,546,939	(98,963)	1,685,510	4,303
Beginning balance, treasury shares (in shares) at Mar. 31, 2020			(18,914,841)
Condensed Unaudited Consolidated Statements of Equity
Net income (loss)	56,827				57,005		57,005	(178)
Other comprehensive loss	(2,166)					(2,166)	(2,166)
Non-cash stock-based compensation	5,850			5,850			5,850
Issuance of restricted shares, net (in shares)		(1,424)
Issuance of restricted shares, net	0	$ 0		0			0
Other stock issuances, net of shares withheld for taxes (in shares)		48,489
Other stock issuances, net of shares withheld for taxes	1,314	$ 5		1,309			1,314
Acquisition of treasury stock, at cost (in shares)			(27,085)
Acquisition of treasury stock, at cost	$ (802)		$ (802)				(802)
Ending balance, common shares outstanding (in shares) at Jun. 30, 2020	92,665,097	92,665,097
Ending balance at Jun. 30, 2020	$ 1,750,836	$ 9,267	$ (586,955)	$ 821,584	$ 1,603,944	$ (101,129)	$ 1,746,711	$ 4,125
Ending balance, treasury shares (in shares) at Jun. 30, 2020	(18,941,926)		(18,941,926)

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Cash flows from operating activities:
Net income	$ 56,827	$ 120,223	$ 92,889	$ 163,330
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	57,687	55,279	110,776	109,504
Amortization of intangible assets	9,793	4,665	17,184	9,471
Non-cash interest expense, net			1,451	737
Non-cash stock-based compensation expense			9,899	7,940
Benefit from deferred income taxes			(20,575)	(14,190)
Equity in earnings of unconsolidated affiliates	(6,813)	(6,551)	(14,647)	(12,811)
Gains on sales of assets, net			(8,334)	(6,074)
Other non-cash items, net			12,297	(2,899)
Changes in assets and liabilities, net of acquisitions:
Accounts receivable, net of allowance			(60,246)	3,196
Contract assets			64,321	113,827
Inventories			(4,629)	(265)
Other assets, current and long-term portion			31,234	6,187
Accounts payable and accrued expenses			164,297	(26,355)
Contract liabilities			130,784	(12,278)
Other liabilities, current and long-term portion			(30,199)	12,141
Net cash provided by operating activities			496,502	351,461
Cash flows from investing activities:
Cash paid for acquisitions, net of cash acquired			(10,493)	(94,647)
Capital expenditures			(132,755)	(57,455)
Proceeds from sale of property and equipment			17,861	19,567
Payments for other investments			(16,777)	(4,972)
Proceeds from other investments			648	14,705
Other investing activities, net			4,843	0
Net cash used in investing activities			(136,673)	(122,802)
Cash flows from financing activities:
Proceeds from credit facilities			1,235,935	1,627,909
Repayments of credit facilities			(1,401,899)	(1,754,043)
(Repayments of) proceeds from other borrowings, net			(17)	1
Payments of finance lease obligations			(61,587)	(38,646)
Payments of acquisition-related contingent consideration			39,379	29,267
Proceeds from non-controlling interests			0	584
Proceeds from stock-based awards			3,936	2,311
Payments for stock-based awards			(593)	(22)
Repurchases of common stock			(120,228)	(5,652)
Net cash used in financing activities			(383,832)	(196,825)
Effect of currency translation on cash			1,214	(80)
Net (decrease) increase in cash and cash equivalents			(22,789)	31,754
Cash and cash equivalents - beginning of period			71,427	27,422	$ 27,422
Cash and cash equivalents - end of period	$ 48,638	$ 59,176	48,638	59,176	$ 71,427
Supplemental cash flow information:
Interest paid			33,046	43,102
Income tax payments, net of refunds			1,469	39,417
Supplemental disclosure of non-cash information:
Additions to property and equipment from finance leases			$ 44,987	$ 110,164

Business, Basis of Presentation and Significant Accounting Policies	6 Months Ended
	Jun. 30, 2020
Accounting Policies [Abstract]
Business, Basis of Presentation and Significant Accounting Policies	Note 1 – Business, Basis of Presentation and Significant Accounting Policies Nature of the Business MasTec, Inc. (collectively with its subsidiaries, “MasTec” or the “Company”) is a leading infrastructure construction company operating mainly throughout North America across a range of industries. The Company’s primary activities include the engineering, building, installation, maintenance and upgrade of communications, energy, utility and other infrastructure, such as: wireless, wireline/fiber and customer fulfillment activities; petroleum and natural gas pipeline infrastructure; electrical utility transmission and distribution; power generation, including from renewable sources; heavy civil; and industrial infrastructure. MasTec’s customers are primarily in these industries. MasTec reports its results under five reportable segments: (1) Communications; (2) Oil and Gas; (3) Electrical Transmission; (4) Clean Energy and Infrastructure; and (5) Other. During the second quarter of 2020, the Company renamed its Power Generation and Industrial segment as the Clean Energy and Infrastructure segment to better represent the nature of the segment’s operations, end markets and customer characteristics. There was no change to the composition of the segment or its historical results. Basis of Presentation The accompanying consolidated financial statements are unaudited and have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) for interim financial information and with the instructions for Form 10-Q and Rule 10-01 of Regulation S-X. Pursuant to these rules and regulations, certain information and footnote disclosures normally included in the annual audited consolidated financial statements prepared in accordance with U.S. GAAP have been condensed or omitted. The accompanying consolidated balance sheet as of December 31, 2019 is derived from the Company’s audited financial statements as of that date. Because certain information and footnote disclosures have been condensed or omitted, these consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto as of and for the year ended December 31, 2019 contained in the Company’s 2019 Annual Report on Form 10-K (the “2019 Form 10-K”). In management’s opinion, all normal and recurring adjustments considered necessary for a fair presentation of the financial position, results of operations and cash flows for the periods presented have been included. When necessary, certain prior year amounts have been reclassified to conform to the current period presentation. Interim period operating results do not necessarily indicate the results that may be expected for any other interim period or for the full fiscal year. The Company believes that the disclosures made in these consolidated financial statements are adequate to make the information not misleading. Principles of Consolidation The accompanying consolidated financial statements include MasTec, Inc. and its subsidiaries and include the accounts of all majority owned subsidiaries over which the Company exercises control and, when applicable, entities in which the Company has a controlling financial interest. All significant intercompany balances and transactions have been eliminated in consolidation. Other parties’ interests in entities that MasTec consolidates are reported as non-controlling interests within equity, except for mandatorily redeemable non-controlling interests, which are recorded within liabilities. Net income or loss attributable to non-controlling interests is reported as a separate line item below net income or loss. The Company’s investments in entities for which the Company does not have a controlling interest, but over which it has the ability to exert significant influence, are accounted for using the equity method of accounting. For equity investees in which the Company has an undivided interest in the assets, liabilities and profits or losses of an unincorporated entity, but does not exercise control over the entity, the Company consolidates its proportional interest in the accounts of the entity. Translation of Foreign Currencies The assets and liabilities of foreign subsidiaries with a functional currency other than the U.S. dollar are translated into U.S. dollars at period-end exchange rates, with resulting translation gains or losses included within other comprehensive income or loss. Revenue and expenses are translated into U.S. dollars at average rates of exchange during the applicable period. Substantially all of the Company’s foreign operations use their local currency as their functional currency. Currency gains or losses resulting from transactions executed in currencies other than the functional currency are included in other income or expense, net. In these consolidated financial statements, “$” means U.S. dollars unless otherwise noted. Management Estimates The preparation of consolidated financial statements in accordance with U.S. GAAP requires the use of estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. These estimates are based on historical experience and various other assumptions, including the potential future effects of the COVID-19 pandemic and other relevant global events. These estimates form the basis for making judgments about the Company’s operating results and the carrying values of assets and liabilities that are not readily apparent from other sources. While management believes that such estimates are reasonable when considered in conjunction with the Company’s consolidated financial position and results of operations taken as a whole, actual results could differ materially from those estimates. Key estimates include: the recognition of revenue and project profit or loss, which the Company defines as project revenue, less project costs of revenue, including project-related depreciation, in particular, on construction contracts accounted for under the cost-to-cost method, for which the recorded amounts require estimates of costs to complete and the amount and probability of variable consideration included in the contract transaction price; fair value estimates, including those related to acquisitions, valuations of goodwill and intangible assets, acquisition-related contingent consideration and other liabilities, equity investments and other long-lived assets; allowances for credit losses; asset lives used in computing depreciation and amortization; fair values of financial instruments; self-insurance liabilities; other accruals and allowances; income taxes; and the estimated effects of litigation and other contingencies. Significant Accounting Policies Revenue Recognition The Company recognizes revenue from contracts with customers under Accounting Standards Codification (“ASC”) Topic 606 (“Topic 606”). Under Topic 606, revenue is recognized when, or as, control of promised goods and services is transferred to customers, and the amount of revenue recognized reflects the consideration to which an entity expects to be entitled in exchange for the goods and services transferred. Revenue is primarily recognized by the Company over time utilizing the cost-to-cost measure of progress, which best depicts the continuous transfer of control of goods or services to the customer, and correspondingly, when performance obligations are satisfied for the related contracts. Contracts. The Company derives revenue primarily from construction projects performed under: (i) master and other service agreements, which provide a menu of available services in a specific geographic territory that are utilized on an as-needed basis, and are typically priced using either a time and materials, or a fixed price per unit basis; and (ii) contracts for specific projects requiring the construction and installation of an entire infrastructure system, or specified units within an infrastructure system, which are subject to multiple pricing options, including fixed price, unit price, time and materials, or cost plus a markup. Revenue derived from projects performed under master service and other service agreements totaled 36% and 33% of consolidated revenue for the three month periods ended June 30, 2020 and 2019, respectively, and totaled 39% and 36% for the six month periods ended June 30, 2020 and 2019, respectively. For certain master service and other service agreements under which the Company performs installation and maintenance services, primarily for install-to-the-home service providers in its Communications segment, revenue is recognized at a point in time. This is generally when the work order has been fulfilled, which is typically the same day the work is initiated. For each of the three and six month periods ended June 30, 2020 and 2019, point in time revenue accounted for approximately 5% of consolidated revenue. Substantially all of the Company’s other revenue is recognized over time. The total contract transaction price and cost estimation processes used for recognizing revenue over time under the cost-to-cost method is based on the professional knowledge and experience of the Company’s project managers, engineers and financial professionals. Management reviews estimates of total contract transaction price and total project costs on an ongoing basis. Changes in job performance, job conditions and management’s assessment of expected variable consideration are factors that influence estimates of the total contract transaction price, total costs to complete those contracts and the Company’s profit recognition. Changes in these factors could result in revisions to revenue in the period in which the revisions are determined, which could materially affect the Company’s consolidated results of operations for that period. Provisions for losses on uncompleted contracts are recorded in the period in which such losses are determined. For both the six month periods ended June 30, 2020 and 2019, project profit was affected by less than 5% as a result of changes in contract estimates included in projects that were in process as of December 31, 2019 and 2018. Revenue recognized for the three month periods ended June 30, 2020 and 2019 as a result of changes in total contract transaction price estimates, including for variable consideration, from performance obligations satisfied or partially satisfied in prior periods, totaled approximately $5.4 million and $22.6 million, respectively, and totaled $15.8 million and $28.9 million for the six month periods ended June 30, 2020 and 2019, respectively. The Company may incur certain costs that can be capitalized, such as initial set-up or mobilization costs. Such costs, which are amortized over the life of the respective projects, were not material for the three or six month periods ended June 30, 2020 or 2019. Performance Obligations. A performance obligation is a contractual promise to transfer a distinct good or service to a customer, and is the unit of account under Topic 606. The transaction price of a contract is allocated to each distinct performance obligation and recognized as revenue when or as the performance obligation is satisfied. The vast majority of the Company’s performance obligations are completed within one year. Remaining performance obligations represent the amount of unearned transaction prices under contracts for which work is wholly or partially unperformed, including the Company’s share of unearned transaction prices from its proportionately consolidated non-controlled joint ventures. As of June 30, 2020, the amount of the Company’s remaining performance obligations was $5.3 billion. Based on current expectations, the Company expects to recognize approximately $2.8 billion of its remaining performance obligations as revenue during 2020, with the remainder to be recognized primarily in 2021. Variable Consideration. Transaction prices for the Company’s contracts may include variable consideration, which comprises items such as change orders, claims and incentives. Management estimates variable consideration for a performance obligation utilizing estimation methods that it believes best predict the amount of consideration to which the Company will be entitled. Management’s estimates of variable consideration and the determination of whether to include estimated amounts in transaction prices are based largely on engineering studies and legal opinions, past practices with the customer, specific discussions, correspondence or preliminary negotiations with the customer and all other relevant information that is reasonably available at the time of the estimate. To the extent unapproved change orders, claims and other variable consideration reflected in transaction prices are not resolved in the Company’s favor, or to the extent incentives reflected in transaction prices are not earned, there could be reductions in, or reversals of, previously recognized revenue. As of June 30, 2020 and December 31, 2019, the Company included approximately $40 million and $27 million, respectively, of change orders and/or claims in transaction prices for certain contracts that were in the process of being resolved in the ordinary course of business, including through negotiation, arbitration and other proceedings. These transaction price adjustments, when earned, are included within contract assets or accounts receivable, net of allowance, as appropriate. As of both June 30, 2020 and December 31, 2019, these change orders and/or claims were primarily related to certain projects in the Company’s Oil and Gas and Electrical Transmission segments. The Company actively engages with its customers to complete the final approval process, and generally expects these processes to be completed within one year. Amounts ultimately realized upon final agreement by customers could be higher or lower than such estimated amounts. Recently Issued Accounting Pronouncements See the recent accounting pronouncements discussion below for information pertaining to the effects of recently adopted and other recent accounting pronouncements, as updated from the discussion in the Company’s 2019 Form 10-K. Accounting Pronouncements Adopted in 2020 In August 2018, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) 2018-15, Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40) Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract (“ASU 2018-15”) to reduce diversity in practice in accounting for the costs of implementing cloud computing arrangements that are service contracts. ASU 2018-15 aligns the requirements for capitalizing implementation costs incurred in a cloud computing arrangement that is a service contract with the requirements for internal-use software. Accounting for the service element of the cloud computing arrangement is not affected by the new guidance. Under ASU 2018-15, amortization expense, payments for and asset balances related to such capitalized implementation costs are to be presented within the same line items of the entity’s statements of operations, cash flows and balance sheets, respectively, as the related service fee activity and balances would be presented. ASU 2018-15, which the Company adopted on a prospective basis during the first quarter of 2020, did not have a material effect on the Company’s consolidated financial statements. In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820) Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement (“ASU 2018-13”). ASU 2018-13, which is intended to improve the effectiveness of fair value measurement disclosures, modifies the disclosure requirements for certain estimates and assumptions used in determining the fair value of assets and liabilities. ASU 2018-13, which the Company adopted during the first quarter of 2020, did not have a material effect on the Company’s consolidated financial statements. See Note 4 - Fair Value of Financial Instruments for disclosure updates pertaining to significant unobservable inputs used to develop fair value estimates for certain of the Company’s Level 3 financial instruments. In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments. This ASU, together with its related clarifying ASUs (collectively, “ASU 2016-13”), introduced an expected credit loss methodology for the measurement and recognition of credit losses on most financial assets, including financial assets arising from revenue transactions, such as accounts receivable and contract assets. The new expected credit loss methodology, which is based on historical experience, current conditions and reasonable and supportable forecasts, replaced the incurred loss model for measuring and recognizing expected credit losses. The Company adopted this ASU in the first quarter of 2020 and incorporated this guidance into its methodology for estimating its accounts receivable allowances. Based on historical trends, the financial condition of the Company’s customers and management’s expectations of economic and industry factors affecting the Company’s customers, ASU 2016-13 did not have a material effect on the Company’s consolidated financial statements upon adoption. Future credit loss expectations could be affected by changes in estimates or developing trends, including from changes in credit quality of the Company’s customers, changes in specific risks associated with the Company’s financial assets, or from changes in management’s expectations of future economic and industry conditions or other factors. Management actively monitors the economic environment, including any potential effects from the COVID-19 pandemic and/or volatility in the oil and gas markets on the credit quality of the Company’s customers and/or its financial assets. For additional information about the Company’s accounts receivable and related allowances, see Note 5 - Accounts Receivable, Net of Allowance, and Contract Assets and Liabilities. In March 2020, the Securities and Exchange Commission (the “SEC”) issued a final rule, Financial Disclosures about Guarantors and Issuers of Guaranteed Securities and Affiliates Whose Securities Collateralize a Registrant’s Securities, that simplifies the disclosure requirements related to registered debt securities under Rule 3-10 of Regulation S-X. Among other updates, the final rule replaces the requirement to provide condensed consolidating financial information with a requirement to provide summarized financial information of the issuers and guarantors, reduces the periods for which summarized financial information is required to the most recent annual period and year-to-date interim period, and permits the disclosures to be located outside the financial statements. The Company early adopted the reporting requirements of the final rule in the second quarter of 2020, and the disclosure required thereby is included within Item 2, Management’s Discussion and Analysis of Financial Condition and Results of Operations for related disclosures. Other Recent Accounting Pronouncements In March 2020, the FASB issued ASU 2020-04, Reference Reform Rate (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”) to provide temporary optional expedients and exceptions to the contract modifications, hedge relationships and other transactions affected by reference rate reform if certain criteria are met. This ASU, which was effective upon issuance and may be applied through December 31, 2022, is applicable to all contracts and hedging relationships that reference the London Interbank Offered Rate or any other reference rate expected to be discontinued. The guidance in ASU 2020-04 may be implemented over time as reference rate reform activities occur. The Company is currently evaluating the impact of reference rate reform and the potential application of this guidance.

Earnings Per Share

6 Months Ended

Jun. 30, 2020

Earnings Per Share [Abstract]

Earnings Per Share

Note 2 – Earnings Per Share

Basic earnings or loss per share is computed by dividing net income attributable to MasTec by the weighted average number of common shares outstanding for the period, which excludes non-participating unvested restricted share awards. Diluted earnings per share is computed by dividing net income attributable to MasTec by the weighted average number of fully diluted shares, as calculated under the treasury stock method, which includes the potential effect of dilutive common stock equivalents, such as issued but unvested restricted shares. If the Company reports a loss, rather than income, the computation of diluted loss per share excludes the effect of dilutive common stock equivalents, as their effect would be anti-dilutive.

The following table provides details underlying the Company’s earnings per share calculations for the periods indicated (in thousands):



	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2020		2019		2020		2019
Net income attributable to MasTec:
Net income - basic and diluted ^(a)	$	57,005	$	119,710	$	93,235	$	162,823
Weighted average shares outstanding:
Weighted average shares outstanding - basic	72,045		75,183		73,392		75,088
Dilutive common stock equivalents ^(b)	732		564		743		573
Weighted average shares outstanding - diluted	72,777		75,747		74,135		75,661


(a)	Calculated as total net income less amounts attributable to non-controlling interests.


(b)	For the six month period ended June 30, 2020, there were 88,462 anti-dilutive common stock equivalents.

The Company repurchased approximately 3.6 million shares of its common stock during the six month period ended June 30, 2020, as discussed in Note 11 - Equity. The effect of these repurchases on the Company’s weighted average shares outstanding for the six month period ended June 30, 2020 was a reduction of 2.2 million shares, due to the timing of the repurchases.

Goodwill and Other Intangible Assets

6 Months Ended

Jun. 30, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets

Note 3 – Goodwill and Other Intangible Assets

The following table provides balances for goodwill by reportable segment as of June 30, 2020 (in millions):



	Communications		Oil and Gas			Electrical Transmission		Clean Energy and Infrastructure		Total Goodwill
Goodwill, gross	$	547.5	$	493.6		$	150.1	$	152.7	$	1,343.9
Accumulated impairment loss	—		(116.5		)	—		—		(116.5		)
Goodwill, net	$	547.5	$	377.1		$	150.1	$	152.7	$	1,227.4

For the six month period ended June 30, 2020, goodwill included additions of $5.2 million from new business combinations and a net increase of $1.4 million from measurement period adjustments. Currency translation effects related to goodwill and accumulated impairment losses for the six month period ended June 30, 2020 totaled approximately $5.6 million of losses and $5.0 million of gains, respectively.

The following table provides a reconciliation of changes in other intangible assets, net, for the period indicated (in millions):



	Other Intangible Assets
	Non-Amortizing					Amortizing
	Trade Names		Pre-Qualifications			Customer Relationships and Backlog			Pre-Qualifications			Other ^(a)			Total
Other intangible assets, gross, as of December 31, 2019	$	34.5	$	72.9		$	286.5		$	—		$	26.3		$	420.2
Accumulated amortization						(191.2		)	—			(17.5		)	(208.7		)
Other intangible assets, net, as of December 31, 2019	$	34.5	$	72.9		$	95.3		$	—		$	8.8		$	211.5
Additions from new business combinations	—		—			9.7			—			0.1			9.8
Classification changes ^(b)	—		(69.8		)	—			69.8			—			—
Measurement period adjustments ^(c)	—		—			(0.2		)	—			—			(0.2		)
Currency translation adjustments	—		(3.1		)	0.1			1.3			—			(1.7		)
Amortization expense						(12.2		)	(4.0		)	(1.0		)	(17.2		)
Other intangible assets, net, as of June 30, 2020	$	34.5	$	—		$	92.7		$	67.1		$	7.9		$	202.2


(a)	Consists principally of trade names and non-compete agreements.

(b)

In connection with its first quarter assessment of goodwill and indefinite-lived intangible assets, management reassessed the indefinite-life classification of its two pre-qualification intangible assets. Management determined that, based on changes in the assets’ characteristics, including current and expected changes in the customer mix of the associated reporting units, a finite-life classification for these assets was more appropriate. As a result, in the first quarter of 2020, the Company changed the classification of these pre-qualification intangible assets from indefinite-lived to finite-lived and began amortizing them on an accelerated basis, with an estimated remaining weighted average useful life of approximately 12 years.


(c)	Represents adjustments to preliminary estimates of fair value within the measurement period of up to one year from the date of acquisition.

2020 Acquisitions. For the six month period ended June 30, 2020, MasTec completed four acquisitions, including, through a 96%-owned consolidated subsidiary, all of the equity interests in a heavy civil infrastructure construction company that is included within the Company’s Clean Energy and Infrastructure segment, and all of the equity interests in a utility service and telecommunications construction contractor that is included within the Company’s Communications segment. The Company also acquired the assets of two entities, one that specializes in wireless telecommunications and one that specializes in electrical transmission services.

The aggregate purchase price for these entities was composed of approximately $9.8 million in cash, net of cash acquired, with an additional $2.8 million due through 2023, subject to certain indemnification provisions, and a five-year earn-out liability valued at approximately $7.2 million. Earn-outs are generally payable annually and are recorded within other current and other long-term liabilities in the consolidated balance sheets. As of June 30, 2020, the range of remaining potential undiscounted Earn-out liabilities for the 2020 acquisitions was estimated to be up to $12 million; however, there is no maximum payment amount. Determination of the estimated fair values of the net assets acquired and the estimated Earn-out liabilities for these acquisitions was preliminary as of June 30, 2020; as a result, further adjustments to these estimates may occur.

2019 Acquisitions. During 2019, MasTec completed six acquisitions, one of which specializes in water infrastructure for pipeline companies and is included within the Company’s Oil and Gas segment, four of which are included within the Company’s Communications segment, including a wireline/fiber deployment construction contractor and a telecommunications company specializing in a broad range of end-to-end wireless telecommunications solutions, and one of which specializes in construction projects in the power industry and is included in the Company’s Clean Energy and Infrastructure segment. For all but one of these acquisitions, the Company acquired all of the equity interests in the related entities. For the telecommunications company specializing in wireless telecommunications solutions, the Company acquired 96% of the entity’s equity interests, with the obligation to acquire the balance over time.

The aggregate purchase price for these entities, as adjusted, was composed of approximately $175.9 million in cash, net of cash acquired, plus earn-out liabilities and a mandatorily redeemable non-controlling interest valued at approximately $22.3 million and $17.8 million, respectively. The Company refers to its traditional earn-out arrangements and the mandatorily redeemable non-controlling interest collectively as “Earn-outs.” Earn-outs for the 2019 acquisitions have terms ranging from three to five years. As of June 30, 2020, the range of remaining potential undiscounted Earn-out liabilities for the 2019 acquisitions was estimated to be between $2 million and $72 million; however, there is no maximum payment amount. Determination of the estimated fair values of the net assets acquired and the estimated Earn-out liabilities for these acquisitions was preliminary as of June 30, 2020; as a result, further adjustments to these estimates may occur.

Pro Forma Financial Information and Acquisition Results. For the three month periods ended June 30, 2020 and 2019, unaudited supplemental pro forma revenue totaled approximately $1.6 billion and $2.0 billion, respectively, and unaudited supplemental pro forma net income totaled approximately $59.4 million and $126.2 million, respectively. For the six month periods ended June 30, 2020 and 2019, unaudited supplemental pro forma revenue totaled approximately $3.0 billion and $3.6 billion, respectively, and unaudited supplemental pro forma net income totaled approximately $95.0 million and $173.3 million, respectively.

For the three and six month periods ended June 30, 2020, the Company’s consolidated results of operations included acquisition-related revenue of approximately $63.5 million and $113.0 million, respectively, and included acquisition-related net income of approximately $0.4 million and acquisition-related net losses of approximately $0.5 million, respectively, based on the Company’s consolidated effective tax rates. For the three and six month periods ended June 30, 2019, the Company’s consolidated results of operations included acquisition-related revenue of approximately $35.5 million and $75.1 million, respectively, and included acquisition-related net losses of approximately $1.4 million and $7.4 million, respectively, based on the Company’s consolidated effective tax rates. These acquisition-related results do not include the effects of acquisition costs or interest expense associated with consideration paid for the related acquisitions.

Fair Value of Financial Instruments	6 Months Ended
Fair Value of Financial Instruments	Jun. 30, 2020
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	Note 4 – Fair Value of Financial Instruments The Company’s financial instruments include cash and cash equivalents, accounts and notes receivable, cash collateral deposited with insurance carriers, life insurance assets, equity investments, investments in convertible debt securities and warrants, deferred compensation plan assets and liabilities, accounts payable and other current liabilities, acquisition-related contingent consideration, mandatorily redeemable non-controlling interests and debt obligations. Fair value is the price that would be received to sell an asset or the amount paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The fair value guidance establishes a valuation hierarchy, which requires maximizing the use of observable inputs when measuring fair value. The three levels of inputs that may be used are: (i) Level 1 - quoted market prices in active markets for identical assets or liabilities; (ii) Level 2 - observable market-based inputs or other observable inputs; and (iii) Level 3 - significant unobservable inputs that cannot be corroborated by observable market data, which are generally determined using valuation models incorporating management estimates of market participant assumptions. Acquisition-Related Contingent Consideration and Other Liabilities Acquisition-related contingent consideration and other liabilities is composed of Earn-outs, which represent the estimated fair value of future amounts payable for businesses that are contingent upon the acquired business achieving certain levels of earnings in the future. As of June 30, 2020 and December 31, 2019, the estimated fair value of the Company’s Earn-out liabilities totaled $132.8 million and $173.2 million, respectively, of which $47.1 million and $54.1 million, respectively, was included within other current liabilities. The fair values of the Company’s Earn-out liabilities are estimated using income approaches such as discounted cash flows or option pricing models, both of which incorporate significant inputs not observable in the market (Level 3 inputs), including management’s estimates and entity-specific assumptions, and are evaluated on an ongoing basis. Key assumptions include the discount rate, which ranged from 12.0% to 24.7%, with a weighted average rate of 15.3% based on the relative fair value of each instrument as of June 30, 2020, and probability-weighted projections of earnings before interest, taxes, depreciation and amortization (“EBITDA”). Significant changes in any of these assumptions could result in significantly higher or lower potential Earn-out liabilities. The ultimate payout of Earn-out liabilities will be based on actual results achieved. As of June 30, 2020, the range of potential undiscounted Earn-out liabilities was estimated to be between $20 million and $206 million; however, there is no maximum payment amount. Earn-out activity consists primarily of additions from new business combinations; changes in the expected fair value of future payment obligations; and payments. Measurement period adjustments for Earn-out liabilities, which are fair value adjustments relating to new information obtained about the facts and circumstances existing as of the date of acquisition for a period of up to one year, are recorded to goodwill. Other revisions to the expected fair values of the Company’s traditional earn-out liabilities are reflected as other income or expense, as appropriate, and, for the mandatorily redeemable non-controlling interest, are recorded as interest expense, net. Earn-out payments, to the extent they relate to estimated liabilities as of the date of acquisition, are reflected within financing activities in the consolidated statements of cash flows. Payments in excess of acquisition date liabilities are classified within operating activities. Additions to acquisition-related contingent consideration and other liabilities from new business combinations totaled $7.2 million for both the three and six month periods ended June 30, 2020, and for the three and six month periods ended June 30, 2019, additions from new business combinations totaled $1.0 million and $16.2 million, respectively. There were no measurement period adjustments for the three month period ended June 30, 2020, and measurement period adjustments for the six month period ended June 30, 2020 totaled an increase of approximately $1.1 million, and related to a business in the Company’s Communications segment. There were no measurement period adjustments for the three or six month periods ended June 30, 2019. Fair value adjustments, net, were de minimis for the three month period ended June 30, 2020, and totaled a net increase of approximately $1.7 million for the six month period ended June 30, 2020, and related to businesses in the Company’s Oil and Gas and Communications segments. Fair value adjustments, including those related to finalization of completed earn-out arrangements, totaled a net increase of approximately $29.2 million and $36.5 million for the three and six month periods ended June 30, 2019, respectively, and related to businesses in the Company’s Oil and Gas and Communications segments. Earn-out payments totaled $50.4 million for both the three and six month periods ended June 30, 2020, and totaled $30.0 million for both the three and six month periods ended June 30, 2019. Equity Investments The Company’s equity investments as of June 30, 2020 include: (i) the Company’s 33% equity interests in Trans-Pecos Pipeline, LLC (“TPP”) and Comanche Trail Pipeline, LLC (“CTP,” and together with TPP, the “Waha JVs”), which are accounted for as equity method investments; (ii) a $15 million investment in Cross Country Infrastructure Services, Inc. (“CCI”); (iii) the Company’s interests in certain proportionately consolidated non-controlled contractual joint ventures; (iv) the Company’s equity interests in American Virtual Cloud Technologies, Inc., or “AVCT” (formerly named Pensare Acquisition Corp.); and (v) certain other equity investments. Investment Arrangements. From time to time, the Company may participate in selected investment or strategic arrangements, including equity interests in various business entities and participation in contractual joint ventures, some of which may involve the extension of loans or other types of financing arrangements. As of June 30, 2020, the Company determined that certain of its investment arrangements were variable interest entities (“VIEs”). Except for one individually insignificant VIE, the Company does not have the power to direct the primary activities that most significantly impact the economic performance of its VIEs nor is it the primary beneficiary. Accordingly, except for the previously mentioned VIE, the Company’s VIEs are not consolidated. Equity investments, other than those accounted for as equity method investments or those that are proportionately consolidated, are measured at fair value if their fair values are readily determinable. Equity investments that do not have readily determinable fair values are measured at cost, adjusted for changes from observable market transactions, less impairment (“adjusted cost basis”). As of June 30, 2020 and December 31, 2019, the aggregate carrying value of the Company’s equity investments totaled approximately $197 million and $196 million, respectively, including approximately $17 million and $18 million of equity investments measured on an adjusted cost basis as of June 30, 2020 and December 31, 2019, respectively. There were no material changes in the fair values of, or impairments related to, these investments during either of the six month periods ended June 30, 2020 or 2019. The Waha JVs. The Waha JVs own and operate two pipelines and a header system that transport natural gas to the Mexican border for export. Equity in earnings related to the Company’s proportionate share of income from the Waha JVs, which is included within the Company’s Other segment, totaled approximately $7.6 million and $6.6 million for the three month periods ended June 30, 2020 and 2019, respectively, and totaled $15.3 million and $12.9 million for the six month periods ended June 30, 2020 and 2019, respectively. Cumulative undistributed earnings from the Waha JVs, which represents cumulative equity in earnings for the Waha JVs less distributions of earnings, totaled $55.4 million as of June 30, 2020. Distributions of earnings from the Waha JVs, which are included within operating cash flows, totaled $5.2 million and $2.1 million for the three month periods ended June 30, 2020 and 2019, respectively, and totaled $7.9 million and $6.0 million for the six month periods ended June 30, 2020 and 2019, respectively. The Company’s net investment in the Waha JVs, which differs from its proportionate share of the net assets of the Waha JVs due primarily to capitalized investment costs, totaled approximately $157 million and $174 million as of June 30, 2020 and December 31, 2019, respectively. The Waha JVs are party to separate non-recourse financing facilities, each of which are secured by pledges of the equity interests in the respective entities, as well as a first lien security interest over virtually all of their assets. The Waha JVs are also party to certain interest rate swaps, which are accounted for as qualifying cash flow hedges. The Company reflects its proportionate share of any unrealized fair market value gains or losses from fluctuations in interest rates associated with these swaps within other comprehensive income or loss, as appropriate. For the three and six month periods ended June 30, 2020, the Company’s proportionate share of unrecognized unrealized activity on these interest rate swaps totaled losses of approximately $1.7 million, or $1.3 million, net of tax, and $32.0 million, or $24.3 million, net of tax, respectively. For the three and six month periods ended June 30, 2019, the Company’s proportionate share of unrecognized unrealized activity on these interest rate swaps totaled losses of approximately $11.6 million, or $8.7 million, net of tax, and $18.8 million, or $14.2 million, net of tax, respectively. Other Investments. The Company’s investments in AVCT (collectively, the “AVCT securities”) as of June 30, 2020 consist of: (i) approximately 1.7 million shares of AVCT common stock (the “AVCT shares”); (ii) warrants to purchase 2.0 million shares of AVCT common stock at $11.50 per share (the “initial warrants”); (iii) warrants to purchase 0.3 million shares of AVCT common stock at $0.01 per share (the “AVCT warrants”); and (iv) approximately $3.0 million in principal amount of AVCT Series A convertible debentures (the “AVCT convertible debentures”), convertible into AVCT common stock at $3.45 per share, subject to customary anti-dilution adjustments. All of the AVCT securities are included within other long-term assets in the Company’s consolidated financial statements. As of June 30, 2020 and December 31, 2019, the Company’s ownership interest in AVCT’s common stock represented by the AVCT shares totaled approximately 9% and 21%, respectively, and its aggregate beneficial ownership interest, assuming the exercise and conversion of all exercisable warrants and convertible debt into AVCT common stock, totaled approximately 21% for both periods. José R. Mas, MasTec’s Chief Executive Officer, was a director of AVCT through the end of March 2020. The Company does not have the ability to exert significant influence over the operating and financial policies of AVCT. The Company paid $2.0 million for the AVCT shares and initial warrants in 2017. The AVCT shares are not transferable or salable until April 7, 2021, with limited exceptions. The initial warrants are exercisable at any time from May 7, 2020, until the earlier to occur of April 7, 2025 and the liquidation of AVCT, subject to extension. In April 2020, concurrent with the completion of AVCT’s business combination with Stratos Management Systems, Inc., MasTec invested $3.0 million for the AVCT warrants and AVCT convertible debentures. The AVCT warrants are exercisable at any time from April 7, 2020 through April 7, 2025. The AVCT convertible debentures have a stated annual interest rate of 10%, which is paid in-kind on a quarterly basis until maturity. Maturity will occur upon the earlier of MasTec’s demand, which may occur on or after October 7, 2022, or upon a change of control of AVCT. The AVCT convertible debentures may be converted in whole or in part at any time from April 7, 2020 until full payment thereof, subject to mandatory conversion of the convertible debentures, pursuant to the terms thereof. As of June 30, 2020, the fair value of the Company’s issued AVCT shares approximated $5 million, which was determined based on the market price of identical securities, adjusted for the restrictions on sale, a Level 3 input. The initial warrants and the AVCT warrants, for which the aggregate fair value was not material as of June 30, 2020, are derivative financial instruments. The AVCT convertible debentures are available-for-sale securities. Interest on the AVCT convertible debentures is recognized in earnings and changes in fair value are recognized in other comprehensive income or loss, as appropriate, neither of which was material for the three month period ended June 30, 2020. As of December 31, 2019, the AVCT shares were measured on an adjusted cost basis as their fair value was not readily determinable. The aggregate carrying value of the Company’s investment in AVCT as of December 31, 2019, including the AVCT shares and initial warrants, was approximately $2 million. For the three month period ended June 30, 2020, following completion of the AVCT transactions, the Company recorded a net fair value measurement gain on the AVCT securities within other income totaling approximately $3.8 million, primarily related to the AVCT shares. The Company has equity interests in three telecommunications entities that provide certain services to MasTec. For the three and six month periods ended June 30, 2020, expense recognized in connection with these arrangements totaled $3.6 million and $6.3 million, respectively, and related amounts payable were $0.4 million as of June 30, 2020. Senior Notes As of both June 30, 2020 and December 31, 2019, the gross carrying amount of the Company’s 4.875% senior notes due March 15, 2023 (the “4.875% Senior Notes”), which are measured at fair value on a non-recurring basis, totaled $400 million. As of June 30, 2020 and December 31, 2019, the estimated fair value of the 4.875% Senior Notes, based on Level 1 inputs, totaled $396.0 million and $404.5 million, respectively.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Accounts Receivable, Net of Allowance, and Contract Assets and Liabilities

6 Months Ended

Jun. 30, 2020

Receivables [Abstract]

Accounts Receivable, Net of Allowance, and Contract Assets and Liabilities

Note 5 – Accounts Receivable, Net of Allowance, and Contract Assets and Liabilities

The following table provides details of accounts receivable, net of allowance, and contract assets (together, “accounts receivable, net”) as of the dates indicated (in millions):



	June 30, 2020			December 31, 2019
Contract billings	$	949.9		$	860.4
Less allowance	(22.1		)	(10.1		)
Accounts receivable, net of allowance	$	927.8		$	850.3

Retainage	290.1			345.2
Unbilled receivables	675.8			679.4
Contract assets	$	965.9		$	1,024.6

Contract billings represent the amount of performance obligations that have been billed but not yet collected. Contract assets consist of unbilled receivables and retainage. Unbilled receivables represent the estimated value of unbilled work for projects with performance obligations recognized over time. Retainage represents a portion of the contract amount that has been billed, but for which the contract allows the customer to retain a portion of the billed amount until final contract settlement (generally, from 5% to 10% of contract billings). For the six month period ended June 30, 2020, provisions for credit losses totaled $12.3 million and include potential credit losses resulting from current economic uncertainty, as compared with credit losses of $0.9 million for the six month period ended June 30, 2019. 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 $338.2 million and $206.2 million as of June 30, 2020 and December 31, 2019, respectively, of which deferred revenue comprised approximately $316.7 million and $184.1 million, respectively. The increase in deferred revenue was primarily driven by timing of billings for projects in the Company’s Oil and Gas and Clean Energy and Infrastructure segments. For the three and six month periods ended June 30, 2020, the Company recognized revenue of approximately $23.7 million and $129.3 million, respectively, related to amounts that were included in deferred revenue as of December 31, 2019, resulting primarily from the advancement of physical progress on the related projects during the period.

The Company is party to non-recourse financing arrangements in the ordinary course of business, under which certain receivables are settled with the customer’s bank in return for a nominal fee. Discount charges related to these arrangements, which are included within interest expense, net, totaled approximately $1.4 million and $2.8 million for the three month periods ended June 30, 2020 and 2019, respectively, and totaled $3.2 million and $5.7 million for the six month periods ended June 30, 2020 and 2019, respectively.

Property and Equipment, Net

6 Months Ended

Jun. 30, 2020

Property, Plant and Equipment [Abstract]

Property and Equipment, Net

Note 6 – Property and Equipment, Net

The following table provides details of property and equipment, net, including property and equipment held under finance leases as of the dates indicated (in millions):



	June 30, 2020			December 31, 2019
Land	$	6.0		$	4.9
Buildings and leasehold improvements	40.4			35.8
Machinery and equipment	1,776.7			1,659.4
Office furniture and equipment	211.1			197.3
Construction in progress	24.9			26.1
Total property and equipment	$	2,059.1		$	1,923.5
Less accumulated depreciation and amortization	(1,086.9		)	(1,017.7		)
Property and equipment, net	$	972.2		$	905.8

The gross amount of capitalized internal-use software, which is included within office furniture and equipment, totaled $146.5 million and $138.2 million as of June 30, 2020 and December 31, 2019, respectively. Capitalized internal-use software, net of accumulated amortization, totaled $33.1 million and $31.5 million as of June 30, 2020 and December 31, 2019, respectively. The effects of accrued capital expenditures are excluded from the Company’s consolidated statements of cash flows given their non-cash nature.

Debt

6 Months Ended

Jun. 30, 2020

Debt Disclosure [Abstract]

Debt

Note 7 – Debt

The following table provides details of the carrying values of debt as of the dates indicated (in millions):



Description	Maturity Date	June 30, 2020			December 31, 2019
Senior secured credit facility:	September 19, 2024
Revolving loans		$	166.8		$	339.2
Term loan		400.0			400.0
4.875% Senior Notes	March 15, 2023	400.0			400.0
Finance lease and other obligations		286.6			305.6
Total debt obligations		$	1,253.4		$	1,444.8
Less unamortized deferred financing costs		(10.9		)	(12.4		)
Total debt, net of deferred financing costs		$	1,242.5		$	1,432.4
Current portion of long-term debt		126.7			118.4
Long-term debt		$	1,115.8		$	1,314.0

Senior Secured Credit Facility

The Company’s senior secured credit facility (the “Credit Facility”) has aggregate borrowing commitments totaling approximately $1.75 billion as of June 30, 2020, composed of $1.35 billion of revolving commitments and a term loan of approximately $400 million. The term loan is subject to amortization in quarterly principal installments of $2.5 million commencing in December 2020, which amount will increase to $5.0 million commencing in December 2021. Quarterly principal installments on the term loan are subject to adjustment, if applicable, for certain prepayments.

As of June 30, 2020 and December 31, 2019, outstanding revolving loans, which included $111 million and $138 million, respectively, of borrowings denominated in foreign currencies, accrued interest at weighted average rates of approximately 2.38% and 3.50% per annum, respectively. The term loan accrued interest at rates of 1.43% and 3.05% as of June 30, 2020 and December 31, 2019, respectively. Letters of credit of approximately $140.1 million and $98.0 million were issued as of June 30, 2020 and December 31, 2019, respectively. As of both June 30, 2020 and December 31, 2019, letter of credit fees accrued at 0.375% per annum for performance standby letters of credit and at 1.25% per annum for financial standby letters of credit. Outstanding letters of credit mature at various dates and most have automatic renewal provisions, subject to prior notice of cancellation. As of June 30, 2020 and December 31, 2019, availability for revolving loans totaled $1,043.1 million and $912.8 million, respectively, or up to $509.9 million and $552.0 million, respectively, for new letters of credit. Revolving loan borrowing capacity included $189.2 million and $162.4 million of availability in either Canadian dollars or Mexican pesos as of June 30, 2020 and December 31, 2019, respectively. The unused facility fee as of both June 30, 2020 and December 31, 2019 accrued at a rate of 0.20%.

The Credit Facility is guaranteed by certain subsidiaries of the Company (the “Guarantor Subsidiaries”) and the obligations under the Credit Facility are secured by substantially all of the Company’s and the Guarantor Subsidiaries’ respective assets, subject to certain exceptions.

Other Credit Facilities. The Company has other credit facilities that support the working capital requirements of its foreign operations and certain letter of credit issuances. As of both June 30, 2020 and December 31, 2019, there were no borrowings under the Company’s other credit facilities. Additionally, the Company has a credit facility under which it may issue up to $50.0 million of performance standby letters of credit. As of June 30, 2020 and December 31, 2019, letters of credit issued under this facility totaled $18.2 million and $17.1 million, respectively, and accrued fees at 0.50%

and 0.40% per annum, respectively. The Company’s other credit facilities are subject to customary provisions and covenants.

Debt Guarantees and Covenants

The 4.875% Senior Notes are senior unsecured unsubordinated obligations and rank equal in right of payment with existing and future unsubordinated debt, and rank senior in right of payment to existing and future subordinated debt and are fully and unconditionally guaranteed on an unsecured, unsubordinated, joint and several basis by certain of the Company’s existing and future 100%-owned direct and indirect domestic subsidiaries that are each guarantors of the Credit Facility or other outstanding indebtedness. See Recently Issued Accounting Pronouncements in Note 1 – Business, Basis of Presentation and Significant Accounting Policies for information related to the Company’s adoption of the SEC’s amended rules regarding financial disclosure requirements for guarantors and issuers of guaranteed securities. MasTec was in compliance with the provisions and covenants of its outstanding debt instruments as of June 30, 2020 and December 31, 2019.

Additional Information

As of June 30, 2020 and December 31, 2019, accrued interest payable, which is recorded within other accrued expenses in the consolidated balance sheets, totaled $7.1 million and $7.5 million, respectively. For additional information pertaining to the Company’s debt instruments, including its 4.875% Senior Notes, see Note 7 - Debt in the Company’s 2019 Form 10-K.

Subsequent Event

In July 2020, the Company agreed to issue $600 million aggregate principal amount of 4.50% senior unsecured notes due August 15, 2028 (the “4.50% Senior Notes”) at par in a private offering (the “Private Offering). The Private Offering is expected to close on August 4, 2020, subject to customary closing conditions. The proceeds from the Private Offering will be used to redeem or repurchase all of the Company’s existing 4.875% Senior Notes, to pay fees and expenses in connection therewith, and to repay revolving loans under the Credit Facility. Prior to redeeming the 4.875% Senior Notes, the Company may temporarily pay down revolving loans under the Credit Facility and then, subject to customary borrowing conditions, re-borrow under the Credit Facility to effect the redemption. The 4.50% Senior Notes will rank equally in right of payment with any existing and future senior debt, and senior in right of payment to any existing and future subordinated debt. The 4.50% Senior Notes will be effectively junior to the Company’s secured debt, including the Credit Facility, to the extent of the value of the assets securing that debt. The 4.50% Senior Notes will be fully and unconditionally guaranteed on a senior unsecured, joint and several basis by certain of the Company’s existing and future 100%-owned direct and indirect domestic restricted subsidiaries that are each guarantors of the Credit Facility or other outstanding indebtedness. Concurrent with the commencement of the Private Offering, the Company delivered a conditional notice for the full redemption of all of its outstanding 4.875% Senior Notes on August 19, 2020, subject to certain conditions including consummation of the Private Offering.

Lease Obligations

6 Months Ended

Jun. 30, 2020

Leases [Abstract]

Lease Obligations

Note 8 – Lease Obligations

In the ordinary course of business, the Company enters into agreements that provide financing for machinery and equipment and for other of its facility, vehicle and equipment needs, including related party leases. As of June 30, 2020, the Company’s leases have remaining lease terms of up to nine years. Lease agreements may contain renewal clauses, which, if elected, generally extend the term of the lease for one to five years for both equipment and facility leases. Certain lease agreements may also contain options to purchase the leased property and/or options to terminate the lease. In addition, lease agreements may include periodic adjustments to payment amounts for inflation or other variables, or may require payments for taxes, insurance, maintenance or other expenses, which are generally referred to as non-lease components. The Company’s lease agreements do not contain significant residual value guarantees or material restrictive covenants.

Finance Leases

The gross amount of assets held under finance leases as of June 30, 2020 and December 31, 2019 totaled $502.0 million and $463.5 million, respectively. Assets held under finance leases, net of accumulated depreciation, totaled $387.1 million and $375.9 million as of June 30, 2020 and December 31, 2019, respectively. Depreciation expense associated with finance leases totaled $16.8 million and $11.2 million for the three month periods ended June 30, 2020 and 2019, respectively, and totaled $32.6 million and $21.2 million for the six month periods ended June 30, 2020 and 2019, respectively.

Operating Leases

Operating lease additions for the three and six month periods ended June 30, 2020 totaled $7.5 million and $13.3 million, respectively, and totaled $54.1 million and $66.4 million for the three and six month periods ended June 30, 2019, respectively, excluding the effect of adoption of ASU 2016-02, Leases (Topic 842), of approximately $230.0 million.

For the three month periods ended June 30, 2020 and 2019, rent expense for leases that have terms in excess of one year totaled approximately $26.8 million and $27.4 million, respectively, of which $2.8 million and $2.1 million, respectively, represented variable lease costs, and for the six month periods ended June 30, 2020 and 2019, rent expense for such leases totaled approximately $62.1 million and $55.3 million, respectively, of which $5.7 million and $4.4 million, respectively, represented variable lease costs. The Company also incurred rent expense for leases with terms of one year or less totaling approximately $72.9 million and $115.6 million for the three month periods ended June 30, 2020 and 2019, respectively, and totaling approximately $150.4 million and $208.4 million for the six month periods ended June 30, 2020 and 2019, respectively. Rent expense for operating leases is generally consistent with the amount of the related payments, and is included within operating activities in the consolidated statements of cash flows.

Additional Lease Information

Future minimum lease commitments as of June 30, 2020 were as follows (in millions):



	Finance Leases			Operating Leases
2020, remaining six months	$	66.8		$	50.4
2021	120.0			69.8
2022	79.6			44.5
2023	31.2			21.7
2024	4.8			13.9
Thereafter	0.3			29.1
Total minimum lease payments	$	302.7		$	229.4
Less amounts representing interest	(16.2		)	(17.9		)
Total lease obligations, net of interest	$	286.5		$	211.5
Less current portion	119.1			78.0
Long-term portion of lease obligations, net of interest	$	167.4		$	133.5

As of June 30, 2020, finance leases had a weighted average remaining lease term of 2.6 years and a weighted average discount rate of 4.0%. Non-cancelable operating leases had a weighted average remaining lease term of 4.0 years and a weighted average discount rate of 4.0% as of June 30, 2020.

Stock-Based Compensation and Other Employee Benefit Plans

6 Months Ended

Jun. 30, 2020

Share-based Payment Arrangement [Abstract]

Stock-Based Compensation and Other Employee Benefit Plans

Note 9 – Stock-Based Compensation and Other Employee Benefit Plans

The Company has stock-based compensation plans, under which shares of the Company’s common stock are reserved for issuance. Under all stock-based compensation plans in effect as of June 30, 2020, there were approximately 3,107,000 shares available for future grant. Non-cash stock-based compensation expense under all plans totaled $5.8 million and $4.2 million for the three month periods ended June 30, 2020 and 2019, respectively, and totaled $9.9 million and $7.9 million for the six month periods ended June 30, 2020 and 2019, respectively. Income tax benefits associated with stock-based compensation arrangements totaled $1.4 million and $1.1 million for the three month periods ended June 30, 2020 and 2019, respectively. For the six month periods ended June 30, 2020 and 2019 income tax benefits totaled $2.2 million and $4.2 million, respectively, including net tax deficiencies related to the vesting of share-based payment awards totaling $0.2 million and net tax benefits totaling $2.3 million, respectively.

Restricted Shares

MasTec grants restricted stock awards and restricted stock units (together, “restricted shares”) to eligible participants, which are valued based on the closing market share price of MasTec common stock (the “market price”) on the date of grant. During the restriction period, holders of restricted stock awards are entitled to vote the shares. As of June 30, 2020, total unearned compensation related to restricted shares was approximately $36.0 million, which is expected to be recognized over a weighted average period of approximately 2.2 years. The fair value of restricted shares that vested, which is based on the market price on the date of vesting, totaled $0.9 million and $0.3 million for the three month periods ended June 30, 2020 and 2019, respectively, and totaled $6.5 million and $13.9 million for the six month periods ended June 30, 2020 and 2019, respectively.



Activity, restricted shares: ^(a)	Restricted Shares		Per Share Weighted Average Grant Date Fair Value
Non-vested restricted shares, as of December 31, 2019	1,221,593		$	45.36
Granted	933,455		27.08
Vested	(180,394	)	39.47
Canceled/forfeited	(237,800	)	59.20
Non-vested restricted shares, as of June 30, 2020	1,736,854		$	34.25


(a)	Includes 2,300 restricted stock units as of June 30, 2020.

Employee Stock Purchase Plans

The Company has certain employee stock purchase plans (collectively, “ESPPs”), under which shares of the Company’s common stock are available for purchase by eligible employees. The following table provides details pertaining to the Company’s ESPPs for the periods indicated:



	For the Six Months Ended June 30,
	2020		2019
Cash proceeds (in millions)	$	3.9	$	2.4
Common shares issued	154,059		63,976
Weighted average price per share	$	25.61	$	37.52
Weighted average per share grant date fair value	$	7.71	$	9.54

Other Retirement Plans

6 Months Ended

Jun. 30, 2020

Retirement Benefits [Abstract]

Other Retirement Plans

Note 10 – Other Retirement Plans

Multiemployer Plans. Certain of MasTec’s subsidiaries, including certain subsidiaries in Canada, contribute amounts to multiemployer pension and other multiemployer benefit plans and trusts (“MEPPs”), which are recorded as a component of employee wages and salaries within costs of revenue, excluding depreciation and amortization. Contributions are generally based on fixed amounts per hour per employee for employees covered under these plans. Multiemployer plan contribution rates are determined annually and assessed on a “pay-as-you-go” basis based on union employee payrolls. Union payrolls cannot be determined for future periods because the number of union employees employed at a given time, and the plans in which they participate, vary depending upon the location and number of ongoing projects and the need for union resources in connection with those projects. Total contributions to multiemployer plans and the related number of employees covered by these plans for the periods indicated were as follows:



	Multiemployer Plans
	Covered Employees		Contributions (in millions)
	Low	High	Pension		Other Multiemployer		Total
For the Three Months Ended June 30:
2020	1,424	1,469	$	6.9	$	2.1	$	9.0
2019	2,117	5,349	$	21.8	$	1.5	$	23.3
For the Six Months Ended June 30:
2020	1,119	1,469	$	12.3	$	3.8	$	16.1
2019	1,626	5,349	$	28.8	$	2.8	$	31.5

The fluctuations in the number of employees covered under multiemployer plans and related contributions in the table above related primarily to timing of activity for the Company’s union resource-based projects, the majority of which are within its oil and gas operations.

- Definition

The entire disclosure for retirement benefits.

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+ Details

Equity	6 Months Ended
Equity	Jun. 30, 2020
Equity [Abstract]
Equity	Note 11 – Equity Share Activity The Company’s share repurchase programs provide for the repurchase of shares of MasTec common stock from time to time in open market transactions or in privately negotiated transactions in accordance with applicable securities laws. The timing and the amount of any repurchases is determined based on market conditions, legal requirements, cash flow and liquidity needs and other factors. The Company’s share repurchase programs do not have an expiration date and may be modified or suspended at any time at the Company’s discretion. Share repurchases, which are recorded at cost and are held in the Company’s treasury, are funded with available cash or with availability under the Credit Facility. The Company may use either authorized and unissued shares or treasury shares to meet share issuance requirements. Treasury stock is recorded at cost. During the six month period ended June 30, 2020, the Company repurchased 3.6 million shares of its common stock for an aggregate purchase price totaling approximately $120.2 million, of which $0.8 million was repurchased during the second quarter. Of the total repurchased shares, 0.6 million were repurchased for $28.8 million under a $150 million share repurchase program that was established in September 2018 and completed in the first quarter of 2020, and 3.0 million were repurchased for $91.4 million under the Company’s December 2018 $100 million share repurchase program. There were no share repurchases for the three month period ended June 30, 2019. For the six month period ended June 30, 2019, share repurchases totaled approximately $0.6 million, which were completed under the Company’s September 2018 $150 million share repurchase program. As of June 30, 2020, $158.6 million was available for future share repurchases under all of the Company’s open share repurchase programs, which included $8.6 million under the Company’s December 2018 share repurchase program, and the full amount of the Company’s March 2020 $150 million share repurchase program. Accumulated Other Comprehensive Loss Unrealized foreign currency translation activity, net, for the three and six month periods ended June 30, 2020 and 2019 relates to the Company’s operations in Canada and Mexico. Unrealized investment activity, net, for each of the three and six month periods ended June 30, 2020 and 2019 relates to unrealized losses on interest rate swaps associated with the Waha JVs.

Income Taxes	6 Months Ended
Income Taxes	Jun. 30, 2020
Income Tax Disclosure [Abstract]
Income Taxes	Note 12 – Income Taxes In determining the quarterly provision for income taxes, management uses an estimated annual effective tax rate based on forecasted annual pre-tax income, permanent tax differences, statutory tax rates and tax planning opportunities in the various jurisdictions in which the Company operates. The effect of significant discrete items is separately recognized in the quarter(s) in which they occur. For the three month periods ended June 30, 2020 and 2019, the Company’s consolidated effective tax rates were 26.7% and 24.8%, respectively. For the six month periods ended June 30, 2020 and 2019, the Company’s consolidated effective tax rates were 18.6% and 24.1%, respectively. The Company’s effective tax rate for the six month period ended June 30, 2020 included a benefit of approximately $9.6 million related to the release of certain valuation allowances on Canadian deferred tax assets that were no longer necessary. For the six month period ended June 30, 2019, the Company’s effective tax rate was favorably affected by reduced foreign earnings, the recognition of $2.3 million of excess tax benefits from the vesting of share-based awards and foreign tax rate changes. In response to the COVID-19 pandemic, the Coronavirus Aid, Relief and Economic Security Act (“CARES Act”) was signed into law on March 27, 2020. The CARES Act provides for various tax relief and tax incentive measures. At this time, management does not believe that the CARES Act will have a material impact on the Company’s financial results in 2020. The Company will continue to evaluate the impact of the CARES Act on its financial position, results of operations and cash flows.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References + Details

Segments and Related Information

6 Months Ended

Jun. 30, 2020

Segment Reporting [Abstract]

Segments and Related Information

Note 13 – Segments and Related Information

Segment Discussion

The Company manages its operations under five operating segments, which represent its five reportable segments: (1) Communications; (2) Oil and Gas; (3) Electrical Transmission; (4) Clean Energy and Infrastructure and (5) Other. This structure is generally focused on broad end-user markets for the Company’s labor-based construction services. All five reportable segments derive their revenue from the engineering, installation and maintenance of infrastructure, primarily in North America.

The Communications segment performs engineering, construction, maintenance and customer fulfillment activities related to communications infrastructure, primarily for wireless and wireline/fiber communications and install-to-the-home customers, and, to a lesser extent, infrastructure for utilities, among others. The Company performs engineering, construction and maintenance services for oil and natural gas pipelines and processing facilities for the energy and utilities industries through its Oil and Gas segment. The Electrical Transmission segment primarily serves the energy and utility industries through the engineering, construction and maintenance of electrical transmission lines and substations. The Clean Energy and Infrastructure segment primarily serves energy, utility and other end-markets through the installation and construction of power facilities, including from renewable sources, related electrical transmission infrastructure, ethanol/biofuel facilities and various types of heavy civil and industrial infrastructure. The Other segment includes certain equity investees, the services of which vary from those provided by the Company’s primary segments, as well as other small business units that perform construction and other services for a variety of international end-markets.

Earnings before interest, taxes, depreciation and amortization (“EBITDA”) is the measure of profitability used by management to manage its segments and, accordingly, in its segment reporting. As appropriate, the Company supplements the reporting of consolidated financial information determined in accordance with U.S. GAAP with certain non-U.S. GAAP financial measures, including EBITDA. The Company believes these non-U.S. GAAP measures provide meaningful information and help investors understand the Company’s financial results and assess its prospects for future performance. The Company uses EBITDA to evaluate its performance, both internally and as compared with its peers, because it excludes certain items that may not be indicative of the Company’s core operating results for its reportable segments, as well as items that can vary widely across different industries or among companies within the same industry. Segment EBITDA is calculated in a manner consistent with consolidated EBITDA.

Summarized financial information for MasTec’s reportable segments is presented and reconciled to consolidated financial information for total MasTec in the following tables, including a reconciliation of consolidated income before income taxes to EBITDA, all of which are presented in millions. The tables below may contain slight summation differences due to rounding.



	For the Three Months Ended June 30,						For the Six Months Ended June 30,
Revenue:	2020			2019			2020			2019
Communications ^(a)	$	654.3		$	652.6		$	1,298.4		$	1,265.4
Oil and Gas	368.5			936.8			727.6			1,558.1
Electrical Transmission	124.1			100.4			252.2			195.3
Clean Energy and Infrastructure	426.1			250.2			712.4			439.6
Other	0.1			0.0			0.1			0.1
Eliminations	(3.8		)	(1.0		)	(4.8		)	(1.2		)
Consolidated revenue	$	1,569.3		$	1,939.0		$	2,985.9		$	3,457.3


(a)	Revenue generated primarily by utilities customers represented 14.9% and 15.4% of Communications segment revenue for the three month periods ended June 30, 2020 and 2019, respectively, and represented 15.0% and 15.5% for the six month periods ended June 30, 2020 and 2019, respectively.



	For the Three Months Ended June 30,						For the Six Months Ended June 30,
EBITDA:	2020			2019			2020			2019
Communications	$	76.4		$	52.4		$	127.2		$	97.8
Oil and Gas	80.1			179.3			154.5			286.7
Electrical Transmission	(3.2		)	8.7			5.1			12.4
Clean Energy and Infrastructure	30.1			8.9			35.0			12.1
Other	7.5			6.4			14.9			12.7
Corporate	(31.0		)	(19.2		)	(62.9		)	(48.7		)
Consolidated EBITDA	$	159.9		$	236.5		$	273.8		$	373.0



	For the Three Months Ended June 30,				For the Six Months Ended June 30,
Depreciation and Amortization:	2020		2019		2020		2019
Communications	$	21.4	$	15.3	$	41.0	$	30.0
Oil and Gas	32.1		34.3		60.2		68.9
Electrical Transmission	6.6		5.2		12.4		9.7
Clean Energy and Infrastructure	4.7		3.3		8.7		6.4
Other	0.0		0.0		0.0		0.0
Corporate	2.7		1.8		5.7		4.0
Consolidated depreciation and amortization	$	67.5	$	59.9	$	128.0	$	119.0



	For the Three Months Ended June 30,				For the Six Months Ended June 30,
EBITDA Reconciliation:	2020		2019		2020		2019
Income before income taxes	$	77.6	$	160.0	$	114.1	$	215.1
Plus:
Interest expense, net	14.8		16.6		31.8		38.9
Depreciation	57.7		55.3		110.8		109.5
Amortization of intangible assets	9.8		4.7		17.2		9.5
Consolidated EBITDA	$	159.9	$	236.5	$	273.8	$	373.0

Foreign Operations and Other. MasTec operates in North America, primarily in the United States and Canada, and, to a lesser extent, in Mexico and the Caribbean. Revenue derived from U.S. operations totaled $1.6 billion and $1.9 billion for the three month periods ended June 30, 2020 and 2019, respectively, and totaled $2.9 billion and $3.3 billion for the six month periods ended June 30, 2020 and 2019, respectively. Revenue derived from foreign operations totaled $14.0 million and $47.9 million for the three month periods ended June 30, 2020 and 2019, respectively, and totaled $59.6 million and $126.7 million for the six month periods ended June 30, 2020 and 2019, respectively, the majority of which was derived from the Company’s Canadian operations in its Oil and Gas segment, and, to a lesser extent, from the Company’s wireless operations in Mexico. Long-lived assets held in the U.S. included property and equipment, net, of $949.1 million and $874.7 million as of June 30, 2020 and December 31, 2019, respectively, and, for the Company’s businesses in foreign countries, totaled $23.1 million and $31.1 million, respectively. Intangible assets and goodwill, net, related to the Company’s U.S. operations totaled approximately $1.4 billion as of both June 30, 2020 and December 31, 2019, respectively, and for the Company’s businesses in foreign countries, totaled approximately $51.4 million and $56.4 million as of June 30, 2020 and December 31, 2019, respectively. The majority of the Company’s long-lived and intangible assets and goodwill in foreign countries relate to its Canadian operations. As of June 30, 2020 and December 31, 2019, amounts due from customers from which foreign revenue was derived accounted for approximately 3% and 5%, respectively, of the Company’s consolidated net accounts receivable position, which represents accounts receivable, net, less deferred revenue. Revenue from governmental entities for both the three and six month periods ended June 30, 2020 totaled approximately 2% of total revenue, and for both the three and six month periods ended June 30, 2019 totaled approximately 1%. Substantially all revenue from governmental entities was derived from the Company’s U.S. operations.

Significant Customers

Revenue concentration information for significant customers as a percentage of total consolidated revenue was as follows:



	For the Three Months Ended June 30,		For the Six Months Ended June 30,
Customer:	2020	2019	2020	2019
AT&T (including DIRECTV^®) ^(a)	19%	18%	21%	20%
Permian Highway Pipeline ^(b)	10%	—%	7%	—%
Equitrans Midstream Corporation ^(c)	1%	12%	2%	9%

(a)

The Company’s relationship with AT&T is based upon multiple separate master service and other service agreements, including for installation and maintenance services, as well as construction/installation contracts for AT&T’s: (i) wireless; (ii) wireline/fiber; and (iii) various install-to-the-home businesses, including DIRECTV^®. Revenue from AT&T is included within the Communications segment.


(b)	The Company's relationship with Permian Highway Pipeline is based upon various construction contracts for pipeline activities, for which the related revenue is included in the Oil and Gas segment.

(c)

The Company's relationship with Equitrans Midstream Corporation and its affiliates is based upon various construction contracts for pipeline activities, for which the related revenue is included in the Oil and Gas segment.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

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+ Details

Commitments and Contingencies	6 Months Ended
Commitments and Contingencies	Jun. 30, 2020
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 14 – Commitments and Contingencies MasTec is subject to a variety of legal cases, claims and other disputes that arise from time to time in the ordinary course of its business, including project contract price and acquisition purchase price disputes. MasTec cannot provide assurance that it will be successful in recovering all or any of the potential damages it has claimed or in defending claims against the Company. The outcome of such cases, claims and disputes cannot be predicted with certainty and an unfavorable resolution of one or more of them could have a material adverse effect on the Company’s business, financial condition, results of operations and cash flows. COVID-19 Pandemic During March 2020, the World Health Organization declared a global pandemic related to the rapidly growing outbreak of a novel strain of coronavirus (“COVID-19”), with the pandemic accelerating during the first half of March and further accelerating into July. The COVID-19 pandemic has significantly affected economic conditions in the United States and internationally, as national, state and local governments reacted to the public health crisis by requiring mitigation measures resulting in workforce, supply chain and other market disruptions that have created significant uncertainties in the U.S. and global economies and disrupted business activities for an uncertain period of time. The COVID-19 pandemic has had a negative impact on the Company’s operations and may continue to affect our future business activities. These impacts include lost productivity from governmental permitting approval delays, reduced crew productivity due to social distancing, other mitigation measures or other factors, the health and availability of work crews or other key personnel, including subcontractors or supply chain disruptions, higher operating costs and lower levels of overhead cost absorption and/or delayed project start dates or project shutdowns or cancellations that may be mandated or requested by governmental authorities or others. Most of the Company’s construction services have been and currently are deemed essential under state and local pandemic mitigation orders, and all of its business segments continue to operate. The COVID-19 pandemic has had a negative impact on the Company’s operations and is expected to have some continued negative impact for the remainder of 2020. Management’s top priority has been to take appropriate actions to protect the health and safety of its employees, customers and business partners, including adjusting its standard operating procedures to respond to evolving health guidelines. Management believes that it is taking appropriate steps to mitigate any potential impact to the Company; however, given the uncertainty regarding the potential effects of the COVID-19 pandemic, any future impacts cannot be quantified or predicted with specificity. Other Commitments and Contingencies Leases. In the ordinary course of business, the Company enters into non-cancelable operating leases for certain of its facility, vehicle and equipment needs, including related party leases. See Note 8 - Lease Obligations and Note 15 - Related Party Transactions. Letters of Credit. In the ordinary course of business, the Company is required to post letters of credit for its insurance carriers and surety bond providers and in support of performance under certain contracts as well as certain obligations associated with the Company’s equity investments and other strategic arrangements, including its variable interest entities. Such letters of credit are generally issued by a bank or similar financial institution. The letter of credit commits the issuer to pay specified amounts to the holder of the letter of credit under certain conditions. If this were to occur, the Company would be required to reimburse the issuer of the letter of credit, which, depending upon the circumstances, could result in a charge to earnings. As of June 30, 2020 and December 31, 2019, there were $158.3 million and $115.1 million, respectively, of letters of credit issued under the Company’s credit facilities. The Company is not aware of any material claims relating to its outstanding letters of credit as of June 30, 2020 or December 31, 2019. Performance and Payment Bonds. In the ordinary course of business, MasTec is required by certain customers to provide performance and payment bonds for contractual commitments related to its projects. These bonds provide a guarantee to the customer that the Company will perform under the terms of a contract and that the Company will pay its subcontractors and vendors. If the Company fails to perform under a contract or to pay its subcontractors and vendors, the customer may demand that the surety make payments or provide services under the bond. The Company must reimburse the surety for expenses or outlays it incurs. As of June 30, 2020 and December 31, 2019, outstanding performance and payment bonds approximated $692.0 million and $551.4 million, respectively, and estimated costs to complete projects secured by these bonds totaled $188.8 million and $194.7 million as of June 30, 2020 and December 31, 2019, respectively. Investment Arrangements. The Company holds undivided interests, ranging from 85% to 90%, in multiple proportionately consolidated non-controlled contractual joint ventures that provide infrastructure construction services for electrical transmission projects, as well as a 50% undivided interest in a civil construction project. Income and/or losses incurred by these joint ventures are generally shared proportionally by the respective joint venture members, with the members of the joint ventures jointly and severally liable for all of the obligations of the joint venture. The respective joint venture agreements provide that each joint venture partner indemnify the other party for any liabilities incurred by such joint venture in excess of its ratable portion of such liabilities. Thus, it is possible that the Company could be required to pay or perform obligations in excess of its share if the other joint venture partners fail or refuse to pay or perform their respective share of the obligations. As of June 30, 2020, 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, 2020 and December 31, 2019 are amounts held by entities that are proportionately consolidated totaling $10.9 million and $13.1 million, respectively. These amounts are available to support the operations of those entities, but are not available for the Company’s other operations. The Company has other investment arrangements, under which it may incur costs or provide financing, performance, financial and/or other guarantees. See Note 4 - Fair Value of Financial Instruments regarding the Company’s other investment arrangements. Self-Insurance. MasTec maintains insurance policies for workers’ compensation, general liability and automobile liability, which are subject to per claim deductibles. The Company is self-insured up to the amount of the deductible. The Company also maintains excess umbrella coverage. As of June 30, 2020 and December 31, 2019, MasTec’s estimated liability for unpaid claims and associated expenses, including incurred but not reported losses related to these policies, totaled $123.8 million and $123.4 million, respectively, of which $83.2 million and $87.3 million, respectively, were reflected within other long-term liabilities in the consolidated balance sheets. MasTec also maintains an insurance policy with respect to employee group medical claims, which is subject to annual per employee maximum losses. MasTec’s estimated liability for employee group medical claims totaled $4.6 million and $4.2 million as of June 30, 2020 and December 31, 2019, respectively. The Company is required to post collateral, generally in the form of letters of credit, surety bonds and cash to certain of its insurance carriers. Insurance-related letters of credit for the Company’s workers’ compensation, general liability and automobile liability policies amounted to $64.0 million as of both June 30, 2020 and December 31, 2019. Outstanding surety bonds related to self-insurance programs amounted to $38.5 million as of both June 30, 2020 and December 31, 2019. Collective Bargaining Agreements and Multiemployer Plans. As discussed in Note 10 - Other Retirement Plans, certain of MasTec’s subsidiaries are party to various collective bargaining agreements with unions representing certain of their employees, which require the Company to pay specified wages, provide certain benefits and contribute certain amounts to MEPPs. The Employee Retirement Income Security Act of 1974, as amended by the Multiemployer Pension Plan Amendments Act of 1980 (collectively, “ERISA”), which governs U.S.-registered MEPPs, subjects employers to substantial liabilities in the event of an employer’s complete or partial withdrawal from, or upon termination of, such plans. The Company currently contributes, and in the past, has contributed to, plans that are underfunded, and, therefore, could have potential liability associated with a voluntary or involuntary withdrawal from, or termination of, these plans. As of June 30, 2020, the Company does not have plans to withdraw from, and is not aware of circumstances that would reasonably lead to material claims against it, in connection with the MEPPs in which it participates. There can be no assurance, however, that the Company will not be assessed liabilities in the future, including in the form of a surcharge on future benefit contributions or increased contributions on underfunded plans. The amount the Company could be obligated to pay or contribute in the future cannot be estimated, as these amounts are based on future levels of work of the union employees covered by these plans, investment returns, which could be negatively affected by economic and market conditions and the level of underfunding of such plans. Indemnities. The Company generally indemnifies its customers for the services it provides under its contracts, as well as other specified liabilities, which may subject the Company to indemnity claims, liabilities and related litigation. As of June 30, 2020 and December 31, 2019, the Company was not aware of any material asserted or unasserted claims in connection with these indemnity obligations. Other Guarantees. In the ordinary course of its business, from time to time, MasTec guarantees the obligations of its subsidiaries, including obligations under certain contracts with customers, certain lease obligations and in some states, obligations in connection with obtaining contractors’ licenses. MasTec has also issued performance and other guarantees in connection with certain of its equity investments. MasTec also generally warrants the work it performs for a one to two year period following substantial completion of a project. Much of the work performed by the Company is evaluated for defects shortly after the work is completed. Warranty claims have historically not been material. However, if warranty claims occur, the Company could be required to repair or replace warrantied items, or, if customers elect to repair or replace the warrantied item using the services of another provider, the Company could be required to pay for the cost of the repair or replacement. Concentrations of Risk. The Company had approximately 380 customers for the six month period ended June 30, 2020. As of June 30, 2020, two customers each accounted for approximately 17% and 14%, respectively, of the Company’s consolidated net accounts receivable position, which represents accounts receivable, net, less deferred revenue. As of December 31, 2019, three customers each accounted for approximately 17%, 13% and 11%, respectively, of the Company’s consolidated net accounts receivable position. In addition, the Company derived 66% and 65%, respectively, of its revenue from its top ten customers for the three month periods ended June 30, 2020 and 2019, and derived 63% of its revenue from its top ten customers for both the six month periods ended June 30, 2020 and 2019.
Unusual or Infrequent Items, or Both, COVID-19 Disclosure	During March 2020, the World Health Organization declared a global pandemic related to the rapidly growing outbreak of a novel strain of coronavirus (“COVID-19”), with the pandemic accelerating during the first half of March and further accelerating into July. The COVID-19 pandemic has significantly affected economic conditions in the United States and internationally, as national, state and local governments reacted to the public health crisis by requiring mitigation measures resulting in workforce, supply chain and other market disruptions that have created significant uncertainties in the U.S. and global economies and disrupted business activities for an uncertain period of time. The COVID-19 pandemic has had a negative impact on the Company’s operations and may continue to affect our future business activities. These impacts include lost productivity from governmental permitting approval delays, reduced crew productivity due to social distancing, other mitigation measures or other factors, the health and availability of work crews or other key personnel, including subcontractors or supply chain disruptions, higher operating costs and lower levels of overhead cost absorption and/or delayed project start dates or project shutdowns or cancellations that may be mandated or requested by governmental authorities or others. Most of the Company’s construction services have been and currently are deemed essential under state and local pandemic mitigation orders, and all of its business segments continue to operate. The COVID-19 pandemic has had a negative impact on the Company’s operations and is expected to have some continued negative impact for the remainder of 2020. Management’s top priority has been to take appropriate actions to protect the health and safety of its employees, customers and business partners, including adjusting its standard operating procedures to respond to evolving health guidelines. Management believes that it is taking appropriate steps to mitigate any potential impact to the Company; however, given the uncertainty regarding the potential effects of the COVID-19 pandemic, any future impacts cannot be quantified or predicted with specificity.

Related Party Transactions	6 Months Ended
Related Party Transactions	Jun. 30, 2020
Related Party Transactions [Abstract]
Related Party Transactions	Note 15 – Related Party Transactions MasTec purchases, rents and leases equipment and purchases various types of supplies and services used in its business, including ancillary construction services, project-related site restoration and marketing and business development activities, from a number of different vendors on a non-exclusive basis, and from time to time, rents equipment to, or performs construction services on behalf of, entities in which members of subsidiary management have ownership or commercial interests. For the three month periods ended June 30, 2020 and 2019, such payments to related party entities totaled approximately $16.2 million and $17.8 million, respectively, and for the six month periods ended June 30, 2020 and 2019, totaled approximately $41.5 million and $46.3 million, respectively. Related payables totaled approximately $7.6 million and $14.7 million as of June 30, 2020 and December 31, 2019, respectively. Revenue from such related party arrangements totaled approximately $1.3 million and $0.6 million for the three month periods ended June 30, 2020 and 2019, respectively, and totaled $2.3 million and $0.9 million for the six month periods ended June 30, 2020 and 2019, respectively. As of June 30, 2020, related amounts receivable, net, totaled approximately $0.4 million, and as of December 31, 2019, were de minimis. In 2018, MasTec acquired a construction management firm specializing in steel building systems, of which Juan Carlos Mas, who is the brother of Jorge Mas, Chairman of MasTec’s Board of Directors, and José R. Mas, MasTec’s Chief Executive Officer, was a minority owner. Amounts outstanding for advances made by the Company on behalf of this entity totaled approximately $0.1 million and $0.5 million, net as of June 30, 2020 and December 31, 2019, respectively, which are expected to be settled under customary terms associated with the related purchase agreement. The Company rents and leases equipment and purchases equipment supplies and servicing from CCI, in which it has a 15% equity investment. Juan Carlos Mas serves as the chairman of CCI, and a member of management of a MasTec subsidiary and an entity that is owned by the Mas family are minority owners. MasTec paid CCI, net of rebates, $1.0 million and $9.8 million, respectively, for the three month periods ended June 30, 2020 and 2019, and $1.4 million and $15.8 million, respectively, for the six month periods ended June 30, 2020 and 2019. As of June 30, 2020 and December 31, 2019, amounts payable to CCI, net of rebates receivable, totaled approximately $1.4 million and $0.2 million, respectively. The Company has also rented equipment to CCI. Revenue from equipment rentals to CCI totaled approximately $0.6 million for both the three and six month periods ended June 30, 2020, and related receivables totaled approximately $0.1 million as of June 30, 2020. 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. No subcontracting expenses were incurred by MasTec for the three month period ended June 30, 2020. MasTec incurred subcontracting expenses of approximately $4.6 million for the three month period ended June 30, 2019. MasTec incurred subcontracting expenses of approximately $0.6 million, net and $6.2 million for the six month periods ended June 30, 2020 and 2019, respectively. As of both June 30, 2020 and December 31, 2019, related amounts payable totaled approximately $0.2 million. MasTec has a leasing arrangement for an aircraft that is owned by an entity that Jorge Mas owns. For the three month periods ended June 30, 2020 and 2019, MasTec paid approximately $0.6 million and $0.7 million, respectively, related to this leasing arrangement, and for the six month periods ended June 30, 2020 and 2019, paid approximately $1.3 million and $1.4 million, respectively. MasTec performs construction services on behalf of a professional Miami soccer franchise (the “Franchise”) in which Jorge Mas and José R. Mas are minority owners. Services provided by MasTec include the construction of a soccer facility and stadium, including wireless infrastructure services. MasTec charged approximately $1.5 million and $5.5 million under these arrangements for the three and six month periods ended June 30, 2020, respectively, and charged approximately $2.3 million for both the three and six month periods ended June 30, 2019. Amounts outstanding as of June 30, 2020 and December 31, 2019 totaled approximately $3.1 million and $3.9 million, respectively. Payments for other expenses related to the Franchise totaled $0.2 million for the six month period ended June 30, 2020. MasTec leases employees and provides satellite communications services to a customer in which Jorge Mas and José R. Mas own a majority interest. Charges to this customer totaled approximately $0.3 million and $0.4 million, respectively, for the three month periods ended June 30, 2020 and 2019, and for both the six month periods ended June 30, 2020 and 2019 totaled approximately $0.7 million. As of June 30, 2020 and December 31, 2019, outstanding receivables related to these arrangements totaled approximately $0.9 million and $0.8 million, respectively. Split Dollar Agreements MasTec has split dollar life insurance agreements with trusts, of which Jorge Mas or José R. Mas is a trustee. The company paid $0.5 million and $0.7 million in the second quarters of both 2020 and 2019 in connection with the agreements for Jorge Mas and José R. Mas, respectively. As of June 30, 2020 and December 31, 2019, life insurance assets associated with these agreements totaled approximately $21.5 million and $20.3 million, respectively.

Business, Basis of Presentation and Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2020
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying consolidated financial statements are unaudited and have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) for interim financial information and with the instructions for Form 10-Q and Rule 10-01 of Regulation S-X. Pursuant to these rules and regulations, certain information and footnote disclosures normally included in the annual audited consolidated financial statements prepared in accordance with U.S. GAAP have been condensed or omitted. The accompanying consolidated balance sheet as of December 31, 2019 is derived from the Company’s audited financial statements as of that date. Because certain information and footnote disclosures have been condensed or omitted, these consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto as of and for the year ended December 31, 2019 contained in the Company’s 2019 Annual Report on Form 10-K (the “2019 Form 10-K”). In management’s opinion, all normal and recurring adjustments considered necessary for a fair presentation of the financial position, results of operations and cash flows for the periods presented have been included. When necessary, certain prior year amounts have been reclassified to conform to the current period presentation. Interim period operating results do not necessarily indicate the results that may be expected for any other interim period or for the full fiscal year. The Company believes that the disclosures made in these consolidated financial statements are adequate to make the information not misleading.
Reclassifications	When necessary, certain prior year amounts have been reclassified to conform to the current period presentation.
Principles of Consolidation	Principles of Consolidation The accompanying consolidated financial statements include MasTec, Inc. and its subsidiaries and include the accounts of all majority owned subsidiaries over which the Company exercises control and, when applicable, entities in which the Company has a controlling financial interest. All significant intercompany balances and transactions have been eliminated in consolidation. Other parties’ interests in entities that MasTec consolidates are reported as non-controlling interests within equity, except for mandatorily redeemable non-controlling interests, which are recorded within liabilities. Net income or loss attributable to non-controlling interests is reported as a separate line item below net income or loss. The Company’s investments in entities for which the Company does not have a controlling interest, but over which it has the ability to exert significant influence, are accounted for using the equity method of accounting. For equity investees in which the Company has an undivided interest in the assets, liabilities and profits or losses of an unincorporated entity, but does not exercise control over the entity, the Company consolidates its proportional interest in the accounts of the entity.
Equity Method Investments	The Company’s investments in entities for which the Company does not have a controlling interest, but over which it has the ability to exert significant influence, are accounted for using the equity method of accounting.
Unincorporated Entities, Proportional Consolidation	For equity investees in which the Company has an undivided interest in the assets, liabilities and profits or losses of an unincorporated entity, but does not exercise control over the entity, the Company consolidates its proportional interest in the accounts of the entity
Translation of Foreign Currencies	Translation of Foreign Currencies The assets and liabilities of foreign subsidiaries with a functional currency other than the U.S. dollar are translated into U.S. dollars at period-end exchange rates, with resulting translation gains or losses included within other comprehensive income or loss. Revenue and expenses are translated into U.S. dollars at average rates of exchange during the applicable period. Substantially all of the Company’s foreign operations use their local currency as their functional currency. Currency gains or losses resulting from transactions executed in currencies other than the functional currency are included in other income or expense, net.
Management Estimates	Management Estimates The preparation of consolidated financial statements in accordance with U.S. GAAP requires the use of estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. These estimates are based on historical experience and various other assumptions, including the potential future effects of the COVID-19 pandemic and other relevant global events. These estimates form the basis for making judgments about the Company’s operating results and the carrying values of assets and liabilities that are not readily apparent from other sources. While management believes that such estimates are reasonable when considered in conjunction with the Company’s consolidated financial position and results of operations taken as a whole, actual results could differ materially from those estimates. Key estimates include: the recognition of revenue and project profit or loss, which the Company defines as project revenue, less project costs of revenue, including project-related depreciation, in particular, on construction contracts accounted for under the cost-to-cost method, for which the recorded amounts require estimates of costs to complete and the amount and probability of variable consideration included in the contract transaction price; fair value estimates, including those related to acquisitions, valuations of goodwill and intangible assets, acquisition-related contingent consideration and other liabilities, equity investments and other long-lived assets; allowances for credit losses; asset lives used in computing depreciation and amortization; fair values of financial instruments; self-insurance liabilities; other accruals and allowances; income taxes; and the estimated effects of litigation and other contingencies.
Revenue Recognition	Revenue Recognition The Company recognizes revenue from contracts with customers under Accounting Standards Codification (“ASC”) Topic 606 (“Topic 606”). Under Topic 606, revenue is recognized when, or as, control of promised goods and services is transferred to customers, and the amount of revenue recognized reflects the consideration to which an entity expects to be entitled in exchange for the goods and services transferred. Revenue is primarily recognized by the Company over time utilizing the cost-to-cost measure of progress, which best depicts the continuous transfer of control of goods or services to the customer, and correspondingly, when performance obligations are satisfied for the related contracts. Contracts. The Company derives revenue primarily from construction projects performed under: (i) master and other service agreements, which provide a menu of available services in a specific geographic territory that are utilized on an as-needed basis, and are typically priced using either a time and materials, or a fixed price per unit basis; and (ii) contracts for specific projects requiring the construction and installation of an entire infrastructure system, or specified units within an infrastructure system, which are subject to multiple pricing options, including fixed price, unit price, time and materials, or cost plus a markup. Revenue derived from projects performed under master service and other service agreements totaled 36% and 33% of consolidated revenue for the three month periods ended June 30, 2020 and 2019, respectively, and totaled 39% and 36% for the six month periods ended June 30, 2020 and 2019, respectively. For certain master service and other service agreements under which the Company performs installation and maintenance services, primarily for install-to-the-home service providers in its Communications segment, revenue is recognized at a point in time. This is generally when the work order has been fulfilled, which is typically the same day the work is initiated. For each of the three and six month periods ended June 30, 2020 and 2019, point in time revenue accounted for approximately 5% of consolidated revenue. Substantially all of the Company’s other revenue is recognized over time. The total contract transaction price and cost estimation processes used for recognizing revenue over time under the cost-to-cost method is based on the professional knowledge and experience of the Company’s project managers, engineers and financial professionals. Management reviews estimates of total contract transaction price and total project costs on an ongoing basis. Changes in job performance, job conditions and management’s assessment of expected variable consideration are factors that influence estimates of the total contract transaction price, total costs to complete those contracts and the Company’s profit recognition. Changes in these factors could result in revisions to revenue in the period in which the revisions are determined, which could materially affect the Company’s consolidated results of operations for that period. Provisions for losses on uncompleted contracts are recorded in the period in which such losses are determined. For both the six month periods ended June 30, 2020 and 2019, project profit was affected by less than 5% as a result of changes in contract estimates included in projects that were in process as of December 31, 2019 and 2018. Revenue recognized for the three month periods ended June 30, 2020 and 2019 as a result of changes in total contract transaction price estimates, including for variable consideration, from performance obligations satisfied or partially satisfied in prior periods, totaled approximately $5.4 million and $22.6 million, respectively, and totaled $15.8 million and $28.9 million for the six month periods ended June 30, 2020 and 2019, respectively. The Company may incur certain costs that can be capitalized, such as initial set-up or mobilization costs. Such costs, which are amortized over the life of the respective projects, were not material for the three or six month periods ended June 30, 2020 or 2019. Performance Obligations. A performance obligation is a contractual promise to transfer a distinct good or service to a customer, and is the unit of account under Topic 606. The transaction price of a contract is allocated to each distinct performance obligation and recognized as revenue when or as the performance obligation is satisfied. The vast majority of the Company’s performance obligations are completed within one year. Remaining performance obligations represent the amount of unearned transaction prices under contracts for which work is wholly or partially unperformed, including the Company’s share of unearned transaction prices from its proportionately consolidated non-controlled joint ventures. As of June 30, 2020, the amount of the Company’s remaining performance obligations was $5.3 billion. Based on current expectations, the Company expects to recognize approximately $2.8 billion of its remaining performance obligations as revenue during 2020, with the remainder to be recognized primarily in 2021. Variable Consideration. Transaction prices for the Company’s contracts may include variable consideration, which comprises items such as change orders, claims and incentives. Management estimates variable consideration for a performance obligation utilizing estimation methods that it believes best predict the amount of consideration to which the Company will be entitled. Management’s estimates of variable consideration and the determination of whether to include estimated amounts in transaction prices are based largely on engineering studies and legal opinions, past practices with the customer, specific discussions, correspondence or preliminary negotiations with the customer and all other relevant information that is reasonably available at the time of the estimate. To the extent unapproved change orders, claims and other variable consideration reflected in transaction prices are not resolved in the Company’s favor, or to the extent incentives reflected in transaction prices are not earned, there could be reductions in, or reversals of, previously recognized revenue. As of June 30, 2020 and December 31, 2019, the Company included approximately $40 million and $27 million, respectively, of change orders and/or claims in transaction prices for certain contracts that were in the process of being resolved in the ordinary course of business, including through negotiation, arbitration and other proceedings. These transaction price adjustments, when earned, are included within contract assets or accounts receivable, net of allowance, as appropriate. As of both June 30, 2020 and December 31, 2019, these change orders and/or claims were primarily related to certain projects in the Company’s Oil and Gas and Electrical Transmission segments. The Company actively engages with its customers to complete the final approval process, and generally expects these processes to be completed within one year. Amounts ultimately realized upon final agreement by customers could be higher or lower than such estimated amounts.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements See the recent accounting pronouncements discussion below for information pertaining to the effects of recently adopted and other recent accounting pronouncements, as updated from the discussion in the Company’s 2019 Form 10-K. Accounting Pronouncements Adopted in 2020 In August 2018, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) 2018-15, Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40) Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract (“ASU 2018-15”) to reduce diversity in practice in accounting for the costs of implementing cloud computing arrangements that are service contracts. ASU 2018-15 aligns the requirements for capitalizing implementation costs incurred in a cloud computing arrangement that is a service contract with the requirements for internal-use software. Accounting for the service element of the cloud computing arrangement is not affected by the new guidance. Under ASU 2018-15, amortization expense, payments for and asset balances related to such capitalized implementation costs are to be presented within the same line items of the entity’s statements of operations, cash flows and balance sheets, respectively, as the related service fee activity and balances would be presented. ASU 2018-15, which the Company adopted on a prospective basis during the first quarter of 2020, did not have a material effect on the Company’s consolidated financial statements. In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820) Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement (“ASU 2018-13”). ASU 2018-13, which is intended to improve the effectiveness of fair value measurement disclosures, modifies the disclosure requirements for certain estimates and assumptions used in determining the fair value of assets and liabilities. ASU 2018-13, which the Company adopted during the first quarter of 2020, did not have a material effect on the Company’s consolidated financial statements. See Note 4 - Fair Value of Financial Instruments for disclosure updates pertaining to significant unobservable inputs used to develop fair value estimates for certain of the Company’s Level 3 financial instruments. In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments. This ASU, together with its related clarifying ASUs (collectively, “ASU 2016-13”), introduced an expected credit loss methodology for the measurement and recognition of credit losses on most financial assets, including financial assets arising from revenue transactions, such as accounts receivable and contract assets. The new expected credit loss methodology, which is based on historical experience, current conditions and reasonable and supportable forecasts, replaced the incurred loss model for measuring and recognizing expected credit losses. The Company adopted this ASU in the first quarter of 2020 and incorporated this guidance into its methodology for estimating its accounts receivable allowances. Based on historical trends, the financial condition of the Company’s customers and management’s expectations of economic and industry factors affecting the Company’s customers, ASU 2016-13 did not have a material effect on the Company’s consolidated financial statements upon adoption. Future credit loss expectations could be affected by changes in estimates or developing trends, including from changes in credit quality of the Company’s customers, changes in specific risks associated with the Company’s financial assets, or from changes in management’s expectations of future economic and industry conditions or other factors. Management actively monitors the economic environment, including any potential effects from the COVID-19 pandemic and/or volatility in the oil and gas markets on the credit quality of the Company’s customers and/or its financial assets. For additional information about the Company’s accounts receivable and related allowances, see Note 5 - Accounts Receivable, Net of Allowance, and Contract Assets and Liabilities. In March 2020, the Securities and Exchange Commission (the “SEC”) issued a final rule, Financial Disclosures about Guarantors and Issuers of Guaranteed Securities and Affiliates Whose Securities Collateralize a Registrant’s Securities, that simplifies the disclosure requirements related to registered debt securities under Rule 3-10 of Regulation S-X. Among other updates, the final rule replaces the requirement to provide condensed consolidating financial information with a requirement to provide summarized financial information of the issuers and guarantors, reduces the periods for which summarized financial information is required to the most recent annual period and year-to-date interim period, and permits the disclosures to be located outside the financial statements. The Company early adopted the reporting requirements of the final rule in the second quarter of 2020, and the disclosure required thereby is included within Item 2, Management’s Discussion and Analysis of Financial Condition and Results of Operations for related disclosures. Other Recent Accounting Pronouncements In March 2020, the FASB issued ASU 2020-04, Reference Reform Rate (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”) to provide temporary optional expedients and exceptions to the contract modifications, hedge relationships and other transactions affected by reference rate reform if certain criteria are met. This ASU, which was effective upon issuance and may be applied through December 31, 2022, is applicable to all contracts and hedging relationships that reference the London Interbank Offered Rate or any other reference rate expected to be discontinued. The guidance in ASU 2020-04 may be implemented over time as reference rate reform activities occur. The Company is currently evaluating the impact of reference rate reform and the potential application of this guidance.

Earnings Per Share (Tables)

6 Months Ended

Jun. 30, 2020

Earnings Per Share [Abstract]

Schedule of Earnings Per Share Information

The following table provides details underlying the Company’s earnings per share calculations for the periods indicated (in thousands):



	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2020		2019		2020		2019
Net income attributable to MasTec:
Net income - basic and diluted ^(a)	$	57,005	$	119,710	$	93,235	$	162,823
Weighted average shares outstanding:
Weighted average shares outstanding - basic	72,045		75,183		73,392		75,088
Dilutive common stock equivalents ^(b)	732		564		743		573
Weighted average shares outstanding - diluted	72,777		75,747		74,135		75,661


(a)	Calculated as total net income less amounts attributable to non-controlling interests.

(b)

For the six month period ended June 30, 2020, there were 88,462 anti-dilutive common stock equivalents

Goodwill and Other Intangible Assets (Tables)

6 Months Ended

Jun. 30, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill by Segment

The following table provides balances for goodwill by reportable segment as of June 30, 2020 (in millions):



	Communications		Oil and Gas			Electrical Transmission		Clean Energy and Infrastructure		Total Goodwill
Goodwill, gross	$	547.5	$	493.6		$	150.1	$	152.7	$	1,343.9
Accumulated impairment loss	—		(116.5		)	—		—		(116.5		)
Goodwill, net	$	547.5	$	377.1		$	150.1	$	152.7	$	1,227.4

Rollforward of Other Intangible Assets

The following table provides a reconciliation of changes in other intangible assets, net, for the period indicated (in millions):



	Other Intangible Assets
	Non-Amortizing					Amortizing
	Trade Names		Pre-Qualifications			Customer Relationships and Backlog			Pre-Qualifications			Other ^(a)			Total
Other intangible assets, gross, as of December 31, 2019	$	34.5	$	72.9		$	286.5		$	—		$	26.3		$	420.2
Accumulated amortization						(191.2		)	—			(17.5		)	(208.7		)
Other intangible assets, net, as of December 31, 2019	$	34.5	$	72.9		$	95.3		$	—		$	8.8		$	211.5
Additions from new business combinations	—		—			9.7			—			0.1			9.8
Classification changes ^(b)	—		(69.8		)	—			69.8			—			—
Measurement period adjustments ^(c)	—		—			(0.2		)	—			—			(0.2		)
Currency translation adjustments	—		(3.1		)	0.1			1.3			—			(1.7		)
Amortization expense						(12.2		)	(4.0		)	(1.0		)	(17.2		)
Other intangible assets, net, as of June 30, 2020	$	34.5	$	—		$	92.7		$	67.1		$	7.9		$	202.2


(a)	Consists principally of trade names and non-compete agreements.

(b)

(c)

Represents adjustments to preliminary estimates of fair value within the measurement period of up to one year from the date of acquisition.

Accounts Receivable, Net of Allowance, and Contract Assets and Liabilities (Tables)

6 Months Ended

Jun. 30, 2020

Receivables [Abstract]

Schedule of Accounts Receivable, Net of Allowance, and Contract Assets

The following table provides details of accounts receivable, net of allowance, and contract assets (together, “accounts receivable, net”) as of the dates indicated (in millions):



	June 30, 2020			December 31, 2019
Contract billings	$	949.9		$	860.4
Less allowance	(22.1		)	(10.1		)
Accounts receivable, net of allowance	$	927.8		$	850.3

Retainage	290.1			345.2
Unbilled receivables	675.8			679.4
Contract assets	$	965.9		$	1,024.6

Property and Equipment, Net (Tables)

6 Months Ended

Jun. 30, 2020

Property, Plant and Equipment [Abstract]

Schedule of Property and Equipment, Net

The following table provides details of property and equipment, net, including property and equipment held under finance leases as of the dates indicated (in millions):



	June 30, 2020			December 31, 2019
Land	$	6.0		$	4.9
Buildings and leasehold improvements	40.4			35.8
Machinery and equipment	1,776.7			1,659.4
Office furniture and equipment	211.1			197.3
Construction in progress	24.9			26.1
Total property and equipment	$	2,059.1		$	1,923.5
Less accumulated depreciation and amortization	(1,086.9		)	(1,017.7		)
Property and equipment, net	$	972.2		$	905.8

Debt (Tables)

6 Months Ended

Jun. 30, 2020

Debt Disclosure [Abstract]

Schedule of Carrying Values of Debt

The following table provides details of the carrying values of debt as of the dates indicated (in millions):



Description	Maturity Date	June 30, 2020			December 31, 2019
Senior secured credit facility:	September 19, 2024
Revolving loans		$	166.8		$	339.2
Term loan		400.0			400.0
4.875% Senior Notes	March 15, 2023	400.0			400.0
Finance lease and other obligations		286.6			305.6
Total debt obligations		$	1,253.4		$	1,444.8
Less unamortized deferred financing costs		(10.9		)	(12.4		)
Total debt, net of deferred financing costs		$	1,242.5		$	1,432.4
Current portion of long-term debt		126.7			118.4
Long-term debt		$	1,115.8		$	1,314.0

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
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Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
-Topic 835
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-Section 45
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-URI http://asc.fasb.org/extlink&oid=119993939&loc=d3e28541-108399

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 6
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Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
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-Paragraph 1
-Subparagraph (SX 210.4-08.(e),(f))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=75038535&loc=d3e64711-112823

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 55
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=114775985&loc=d3e28878-108400

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21475-112644

+ Details

Lease Obligations (Tables)

6 Months Ended

Jun. 30, 2020

Leases [Abstract]

Schedule of Future Minimum Lease Commitments, Finance Leases

Future minimum lease commitments as of June 30, 2020 were as follows (in millions):



	Finance Leases			Operating Leases
2020, remaining six months	$	66.8		$	50.4
2021	120.0			69.8
2022	79.6			44.5
2023	31.2			21.7
2024	4.8			13.9
Thereafter	0.3			29.1
Total minimum lease payments	$	302.7		$	229.4
Less amounts representing interest	(16.2		)	(17.9		)
Total lease obligations, net of interest	$	286.5		$	211.5
Less current portion	119.1			78.0
Long-term portion of lease obligations, net of interest	$	167.4		$	133.5

Schedule of Future Minimum Lease Commitments, Operating Leases

Future minimum lease commitments as of June 30, 2020 were as follows (in millions):



	Finance Leases			Operating Leases
2020, remaining six months	$	66.8		$	50.4
2021	120.0			69.8
2022	79.6			44.5
2023	31.2			21.7
2024	4.8			13.9
Thereafter	0.3			29.1
Total minimum lease payments	$	302.7		$	229.4
Less amounts representing interest	(16.2		)	(17.9		)
Total lease obligations, net of interest	$	286.5		$	211.5
Less current portion	119.1			78.0
Long-term portion of lease obligations, net of interest	$	167.4		$	133.5

Stock-Based Compensation and Other Employee Benefit Plans (Tables)

6 Months Ended

Jun. 30, 2020

Share-based Payment Arrangement [Abstract]

Schedule of Activity, Restricted Shares



Activity, restricted shares: ^(a)	Restricted Shares		Per Share Weighted Average Grant Date Fair Value
Non-vested restricted shares, as of December 31, 2019	1,221,593		$	45.36
Granted	933,455		27.08
Vested	(180,394	)	39.47
Canceled/forfeited	(237,800	)	59.20
Non-vested restricted shares, as of June 30, 2020	1,736,854		$	34.25

(a)

Includes 2,300 restricted stock units as of June 30, 2020.

Schedule of Employee Stock Purchase Plans

The following table provides details pertaining to the Company’s ESPPs for the periods indicated:



	For the Six Months Ended June 30,
	2020		2019
Cash proceeds (in millions)	$	3.9	$	2.4
Common shares issued	154,059		63,976
Weighted average price per share	$	25.61	$	37.52
Weighted average per share grant date fair value	$	7.71	$	9.54

Other Retirement Plans (Tables)

6 Months Ended

Jun. 30, 2020

Retirement Benefits [Abstract]

Schedule of Covered Employees and Contributions, Multiemployer Plans

Total contributions to multiemployer plans and the related number of employees covered by these plans for the periods indicated were as follows:



	Multiemployer Plans
	Covered Employees		Contributions (in millions)
	Low	High	Pension		Other Multiemployer		Total
For the Three Months Ended June 30:
2020	1,424	1,469	$	6.9	$	2.1	$	9.0
2019	2,117	5,349	$	21.8	$	1.5	$	23.3
For the Six Months Ended June 30:
2020	1,119	1,469	$	12.3	$	3.8	$	16.1
2019	1,626	5,349	$	28.8	$	2.8	$	31.5

- Definition

Tabular disclosure of information about multiemployer plan.

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+ Details

Segments and Related Information (Tables)

6 Months Ended

Jun. 30, 2020

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:	2020			2019			2020			2019
Communications ^(a)	$	654.3		$	652.6		$	1,298.4		$	1,265.4
Oil and Gas	368.5			936.8			727.6			1,558.1
Electrical Transmission	124.1			100.4			252.2			195.3
Clean Energy and Infrastructure	426.1			250.2			712.4			439.6
Other	0.1			0.0			0.1			0.1
Eliminations	(3.8		)	(1.0		)	(4.8		)	(1.2		)
Consolidated revenue	$	1,569.3		$	1,939.0		$	2,985.9		$	3,457.3


(a)	Revenue generated primarily by utilities customers represented 14.9% and 15.4% of Communications segment revenue for the three month periods ended June 30, 2020 and 2019, respectively, and represented 15.0% and 15.5% for the six month periods ended June 30, 2020 and 2019, respectively.



	For the Three Months Ended June 30,						For the Six Months Ended June 30,
EBITDA:	2020			2019			2020			2019
Communications	$	76.4		$	52.4		$	127.2		$	97.8
Oil and Gas	80.1			179.3			154.5			286.7
Electrical Transmission	(3.2		)	8.7			5.1			12.4
Clean Energy and Infrastructure	30.1			8.9			35.0			12.1
Other	7.5			6.4			14.9			12.7
Corporate	(31.0		)	(19.2		)	(62.9		)	(48.7		)
Consolidated EBITDA	$	159.9		$	236.5		$	273.8		$	373.0



	For the Three Months Ended June 30,				For the Six Months Ended June 30,
Depreciation and Amortization:	2020		2019		2020		2019
Communications	$	21.4	$	15.3	$	41.0	$	30.0
Oil and Gas	32.1		34.3		60.2		68.9
Electrical Transmission	6.6		5.2		12.4		9.7
Clean Energy and Infrastructure	4.7		3.3		8.7		6.4
Other	0.0		0.0		0.0		0.0
Corporate	2.7		1.8		5.7		4.0
Consolidated depreciation and amortization	$	67.5	$	59.9	$	128.0	$	119.0

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:	2020		2019		2020		2019
Income before income taxes	$	77.6	$	160.0	$	114.1	$	215.1
Plus:
Interest expense, net	14.8		16.6		31.8		38.9
Depreciation	57.7		55.3		110.8		109.5
Amortization of intangible assets	9.8		4.7		17.2		9.5
Consolidated EBITDA	$	159.9	$	236.5	$	273.8	$	373.0

Business, Basis of Presentation and Significant Accounting Policies (Narrative) (Details) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020 USD ($)	Jun. 30, 2019 USD ($)	Jun. 30, 2020 USD ($) segment	Jun. 30, 2019 USD ($)	Dec. 31, 2019 USD ($)
Segment Reporting, Disclosure of Entity's Reportable Segments [Abstract]
Number of reportable segments \| segment			5
Revenue [Line Items]
Revenue recognition, performance obligations satisfied in previous periods, revenue recognized (in dollars)	$ 5.4	$ 22.6	$ 15.8	$ 28.9
Contract with customer, unapproved change orders and/or claims, amount (in dollars)	$ 40.0		$ 40.0		$ 27.0
Maximum [Member]
Revenue [Line Items]
Revenue recognition, changes In contract estimates, cost-to-cost method, financial effect, percentage			5.00%	5.00%
Change order or claim approval process, term within which expected to be completed (in years)			1 year
Revenue Benchmark [Member] \| Concentration Risk from Type of Arrangement [Member] \| Master Service and Other Service Agreements [Member]
Revenue [Line Items]
Concentration risk, percentage of total	36.00%	33.00%	39.00%	36.00%
Revenue Benchmark [Member] \| Concentration Risk from Type of Arrangement [Member] \| Master Service and Other Service Agreements [Member] \| Point in Time [Member]
Revenue [Line Items]
Concentration risk, percentage of total	5.00%	5.00%	5.00%	5.00%

Business, Basis of Presentation and Significant Accounting Policies (Remaining Performance Obligations) (Narrative) (Details) $ in Billions	Jun. 30, 2020 USD ($)
Accounting Policies [Abstract]
Revenue recognition, remaining performance obligations, contract price allocated (in dollars)	$ 5.3
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-07-01
Accounting Policies [Abstract]
Revenue recognition, remaining performance obligations, contract price allocated (in dollars)	$ 2.8
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	1 year

Business, Basis of Presentation and Significant Accounting Policies (Accounting Pronouncements Adopted) (Narrative) (Details)	Jun. 30, 2020
ASU 2018-15 [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Change in Accounting Principle, Accounting Standards Update, Adoption Date	Jan. 01, 2020
Change in Accounting Principle, Accounting Standards Update, Adopted [true false]	true
Change in Accounting Principle, Accounting Standards Update, Immaterial Effect [true false]	true
ASU 2018-13 [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Change in Accounting Principle, Accounting Standards Update, Adoption Date	Jan. 01, 2020
Change in Accounting Principle, Accounting Standards Update, Adopted [true false]	true
Change in Accounting Principle, Accounting Standards Update, Immaterial Effect [true false]	true
ASU 2016-13 [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Change in Accounting Principle, Accounting Standards Update, Adoption Date	Jan. 01, 2020
Change in Accounting Principle, Accounting Standards Update, Adopted [true false]	true
Change in Accounting Principle, Accounting Standards Update, Immaterial Effect [true false]	true

- Definition

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+ Details

Earnings Per Share (Narrative) (Details) - shares	3 Months Ended	6 Months Ended
Earnings Per Share (Narrative) (Details) - shares	Jun. 30, 2019	Jun. 30, 2020
Earnings Per Share [Abstract]
Treasury stock acquired (in shares)	0	3,600,000
Effect of share repurchases, decrease in weighted average shares outstanding (in shares)		2,200,000

Earnings Per Share (Schedule of Earnings Per Share Information) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Net income attributable to MasTec:
Net income - basic (in dollars)	$ 57,005	$ 119,710	$ 93,235	$ 162,823
Net income - diluted (in dollars)	$ 57,005	$ 119,710	$ 93,235	$ 162,823
Weighted average shares outstanding:
Weighted average shares outstanding - basic	72,045,000	75,183,000	73,392,000	75,088,000
Dilutive common stock equivalents (in shares)	732,000	564,000	743,000	573,000
Weighted average shares outstanding - diluted	72,777,000	75,747,000	74,135,000	75,661,000
Anti-dilutive common stock (in shares)			88,462

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

Goodwill and Other Intangible Assets (Schedule of Goodwill by Segment) (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Goodwill [Line Items]
Goodwill, gross	$ 1,343,900
Accumulated impairment loss	(116,500)
Goodwill, net	1,227,405	$ 1,221,440
Communications [Member]
Goodwill [Line Items]
Goodwill, gross	547,500
Accumulated impairment loss	0
Goodwill, net	547,500
Oil and Gas [Member]
Goodwill [Line Items]
Goodwill, gross	493,600
Accumulated impairment loss	(116,500)
Goodwill, net	377,100
Electrical Transmission [Member]
Goodwill [Line Items]
Goodwill, gross	150,100
Accumulated impairment loss	0
Goodwill, net	150,100
Power Generation and Industrial [Member]
Goodwill [Line Items]
Goodwill, gross	152,700
Accumulated impairment loss	0
Goodwill, net	$ 152,700

Goodwill and Other Intangible Assets (Narrative) (Details) $ in Millions	6 Months Ended
	Jun. 30, 2020 USD ($)
Goodwill [Line Items]
Goodwill, acquired during period	$ 5.2
Goodwill, measurement period adjustments	1.4
Goodwill, Gross [Member]
Goodwill [Line Items]
Goodwill, currency translation gains (losses)	(5.6)
Goodwill, Accumulated Impairment Loss [Member]
Goodwill [Line Items]
Goodwill, currency translation gains (losses)	$ 5.0

Goodwill and Other Intangible Assets (Rollforward of Other Intangible Assets) (Details) - USD ($) $ in Thousands		6 Months Ended
	Jan. 01, 2020	Jun. 30, 2020	Dec. 31, 2019
Other Intangible Assets [Line Items]
Other intangible assets, gross			$ 420,200
Accumulated amortization			(208,700)
Other Intangible Assets [Rollforward]
Other intangible assets, net, beginning balance	$ 211,528	$ 211,528
Additions from new business combinations		9,800
Transfers in (out)		0
Measurement period adjustments		(200)
Currency translation adjustments		(1,700)
Amortization expense		(17,200)
Other intangible assets, net, ending balance		202,165
Customer Relationships and Backlog [Member]
Other Intangible Assets [Line Items]
Other intangible assets, amortizing, gross			286,500
Accumulated amortization			(191,200)
Other Intangible Assets [Rollforward]
Other intangible assets, net, amortizing, beginning balance	95,300	95,300
Additions from new business combinations, amortizing intangible assets		9,700
Transfers in (out), amortizing intangible assets		0
Measurement period adjustments, amortizing intangible assets		(200)
Currency translation adjustments, amortizing intangible assets		100
Amortization expense		(12,200)
Other intangible assets, net, amortizing, ending balance		92,700
Pre-Qualifications [Member]
Other Intangible Assets [Line Items]
Other intangible assets, amortizing, gross			0
Accumulated amortization			0
Other Intangible Assets [Rollforward]
Other intangible assets, net, amortizing, beginning balance	$ 0	0
Additions from new business combinations, amortizing intangible assets		0
Transfers in (out), amortizing intangible assets		69,800
Measurement period adjustments, amortizing intangible assets		0
Currency translation adjustments, amortizing intangible assets		1,300
Amortization expense		(4,000)
Other intangible assets, net, amortizing, ending balance		67,100
Pre-Qualifications [Member] \| Weighted Average [Member]
Other Intangible Assets [Rollforward]
Remaining amortization period (in years)	12 years
Other Amortizing Intangible Assets [Member]
Other Intangible Assets [Line Items]
Other intangible assets, amortizing, gross			26,300
Accumulated amortization			(17,500)
Other Intangible Assets [Rollforward]
Other intangible assets, net, amortizing, beginning balance	$ 8,800	8,800
Additions from new business combinations, amortizing intangible assets		100
Transfers in (out), amortizing intangible assets		0
Measurement period adjustments, amortizing intangible assets		0
Currency translation adjustments, amortizing intangible assets		0
Amortization expense		(1,000)
Other intangible assets, net, amortizing, ending balance		7,900
Trade Names [Member]
Other Intangible Assets [Line Items]
Other intangible assets, non-amortizing	34,500	34,500	34,500
Other Intangible Assets [Rollforward]
Other intangible assets, non-amortizing, beginning balance	34,500	34,500
Additions from new business combinations, non-amortizing intangible assets		0
Transfers in (out), non-amortizing intangible assets		0
Measurement period adjustments, non-amortizing intangible assets		0
Currency translation adjustments, non-amortizing intangible assets		0
Other intangible assets, non-amortizing, ending balance		34,500
Pre-Qualifications [Member]
Other Intangible Assets [Line Items]
Other intangible assets, non-amortizing	72,900	0	$ 72,900
Other Intangible Assets [Rollforward]
Other intangible assets, non-amortizing, beginning balance	$ 72,900	72,900
Additions from new business combinations, non-amortizing intangible assets		0
Transfers in (out), non-amortizing intangible assets		(69,800)
Measurement period adjustments, non-amortizing intangible assets		0
Currency translation adjustments, non-amortizing intangible assets		(3,100)
Other intangible assets, non-amortizing, ending balance		$ 0

Goodwill and Other Intangible Assets (2020 Acquisitions) (Narrative) (Details) $ in Thousands	6 Months Ended		12 Months Ended
	Jun. 30, 2020 USD ($) yr acquisition	Jun. 30, 2019 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2019 acquisition
Business Acquisition [Line Items]
Business combinations, number of acquisitions \| acquisition	4			6
Business combinations, cash, net of cash acquired	$ 10,493	$ 94,647
Business combinations, contingent consideration liabilities, range of potential undiscounted earn-out liabilities, low	20,000
Business combinations, contingent consideration liabilities, range of potential undiscounted earn-out liabilities, high	$ 206,000
2020 Acquisitions [Member]
Business Acquisition [Line Items]
Business combinations, percentage of interests acquired	96.00%
Business combinations, cash, net of cash acquired	$ 9,800
Business combinations, contingent consideration, earn-out liabilities	7,200
Business combinations, contingent consideration liabilities, range of potential undiscounted earn-out liabilities, high	$ 12,000
2020 Acquisitions [Member] \| Expected Term [Member] \| Maximum [Member]
Business Acquisition [Line Items]
Business combinations, contingent consideration, earn-out period (in years) \| yr	5
Forecast [Member] \| 2020 Acquisitions [Member]
Business Acquisition [Line Items]
Business combinations, cash, net of cash acquired			$ 2,800
Communications and Electrical Transmission [Domain]
Business Acquisition [Line Items]
Business combinations, number of acquisitions \| acquisition	2
Communications [Member]
Business Acquisition [Line Items]
Business combinations, number of acquisitions \| acquisition	1			4
Electrical Transmission [Member]
Business Acquisition [Line Items]
Business combinations, number of acquisitions \| acquisition	1

Goodwill and Other Intangible Assets (2019 Acquisitions) (Narrative) (Details) $ in Thousands	6 Months Ended		12 Months Ended
	Jun. 30, 2020 USD ($) yr acquisition	Jun. 30, 2019 USD ($)	Dec. 31, 2019 USD ($) acquisition
Business Acquisition [Line Items]
Business combinations, number of acquisitions \| acquisition	4		6
Business combinations, cash, net of cash acquired	$ 10,493	$ 94,647
Business combinations, contingent consideration liabilities, range of potential undiscounted earn-out liabilities, low	20,000
Business combinations, contingent consideration liabilities, range of potential undiscounted earn-out liabilities, high	206,000
2019 Acquisitions [Member]
Business Acquisition [Line Items]
Business combinations, percentage of interests acquired			96.00%
Business combinations, cash, net of cash acquired			$ 175,900
Business combinations, contingent consideration, earn-out liabilities			22,300
Business combinations, contingent consideration, mandatorily redeemable non-controlling interest			$ 17,800
Business combinations, contingent consideration liabilities, range of potential undiscounted earn-out liabilities, low	2,000
Business combinations, contingent consideration liabilities, range of potential undiscounted earn-out liabilities, high	$ 72,000
2019 Acquisitions [Member] \| Expected Term [Member] \| Minimum [Member]
Business Acquisition [Line Items]
Business combinations, contingent consideration, earn-out period (in years) \| yr	3
2019 Acquisitions [Member] \| Expected Term [Member] \| Maximum [Member]
Business Acquisition [Line Items]
Business combinations, contingent consideration, earn-out period (in years) \| yr	5
Oil and Gas [Member]
Business Acquisition [Line Items]
Business combinations, number of acquisitions \| acquisition			1
Communications [Member]
Business Acquisition [Line Items]
Business combinations, number of acquisitions \| acquisition	1		4
Power Generation and Industrial [Member]
Business Acquisition [Line Items]
Business combinations, number of acquisitions \| acquisition			1

Goodwill and Other Intangible Assets (Pro Forma Financial Information and Acquisition Results) (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Pro Forma Financial Information and Acquisition Results [Abstract]
Business combinations, unaudited supplemental pro forma revenue	$ 1,600.0	$ 2,000.0	$ 3,000.0	$ 3,600.0
Business combinations, unaudited supplemental pro forma net income (loss)	59.4	126.2	95.0	173.3
Business combinations, consolidated acquisition-related revenue	63.5	35.5	113.0	75.1
Business combinations, consolidated acquisition-related income (loss)	$ 0.4	$ (1.4)	$ (0.5)	$ (7.4)

Fair Value of Financial Instruments (Acquisition-Related Contingent Consideration and Other Liabilities) (Narrative) (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2020 USD ($)	Jun. 30, 2019 USD ($)	Jun. 30, 2020 USD ($)	Jun. 30, 2019 USD ($)	Dec. 31, 2019 USD ($)
Fair Value, Financial Instruments Measured on a Recurring Basis [Line Items]
Acquisition-related contingent consideration liabilities, range of potential undiscounted earn-out liabilities, low	$ 20,000,000		$ 20,000,000
Acquisition-related contingent consideration liabilities, range of potential undiscounted earn-out liabilities, high	$ 206,000,000		206,000,000
Acquisition-related contingent consideration liabilities, net increase (decrease), measurement period adjustments			$ 1,400,000
Discount Rate [Member] \| Minimum [Member]
Fair Value, Financial Instruments Measured on a Recurring Basis [Line Items]
Acquisition-related contingent consideration liabilities, measurement input, discount rate	0.120		0.120
Discount Rate [Member] \| Maximum [Member]
Fair Value, Financial Instruments Measured on a Recurring Basis [Line Items]
Acquisition-related contingent consideration liabilities, measurement input, discount rate	0.247		0.247
Discount Rate [Member] \| Weighted Average [Member]
Fair Value, Financial Instruments Measured on a Recurring Basis [Line Items]
Acquisition-related contingent consideration liabilities, measurement input, discount rate	0.153		0.153
Earn-Out Liabilities [Member]
Fair Value, Financial Instruments Measured on a Recurring Basis [Line Items]
Acquisition-related contingent consideration liabilities, estimated fair value	$ 132,800,000		$ 132,800,000		$ 173,200,000
Acquisition-related contingent consideration liabilities, additions from new business combinations	7,200,000	$ 1,000,000.0	7,200,000	$ 16,200,000
Acquisition-related contingent consideration liabilities, net increase (decrease), measurement period adjustments	0	0	1,100,000	0
Acquisition-related contingent consideration liabilities, net increase (decrease), fair value adjustments, expense (income)		29,200,000	1,700,000	36,500,000
Acquisition-related contingent consideration liabilities, payments	50,400,000	$ 30,000,000.0	50,400,000	$ 30,000,000
Earn-Out Liabilities [Member] \| Other Current Liabilities [Member]
Fair Value, Financial Instruments Measured on a Recurring Basis [Line Items]
Acquisition-related contingent consideration liabilities, estimated fair value	$ 47,100,000		$ 47,100,000		$ 54,100,000

Fair Value of Financial Instruments (Equity Investments) (Narrative) (Details) - USD ($)	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Fair Value, Financial Instruments Measured on a Non-Recurring Basis [Line Items]
Equity investments, adjusted cost basis, amount	$ 17,000,000		$ 18,000,000
Equity investments, carrying value	197,000,000		196,000,000
Equity investments, impairments	$ 0	$ 0
Waha JVs [Member]
Fair Value, Financial Instruments Measured on a Non-Recurring Basis [Line Items]
Equity method investment, ownership percentage	33.00%
Equity investments, carrying value	$ 157,000,000		$ 174,000,000
CCI [Member]
Fair Value, Financial Instruments Measured on a Non-Recurring Basis [Line Items]
Equity investments, adjusted cost basis, amount	$ 15,000,000

Fair Value of Financial Instruments (The Waha JVs) (Narrative) (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020 USD ($) pipeline	Jun. 30, 2019 USD ($)	Jun. 30, 2020 USD ($) pipeline	Jun. 30, 2019 USD ($)	Dec. 31, 2019 USD ($)
Fair Value, Financial Instruments Measured on a Non-Recurring Basis [Line Items]
Equity method investments, equity in earnings (losses)	$ 6,813	$ 6,551	$ 14,647	$ 12,811
Equity method investments, net investment	197,000		197,000		$ 196,000
Unrealized gains (losses) on equity investee activity, net of tax	$ (1,325)	(8,732)	$ (24,286)	(14,194)
Waha JVs [Member]
Fair Value, Financial Instruments Measured on a Non-Recurring Basis [Line Items]
Number of pipelines in operation \| pipeline	2		2
Equity method investments, equity in earnings (losses)	$ 7,600	6,600	$ 15,300	12,900
Equity method investments, cumulative undistributed earnings	55,400		55,400
Equity method investments, distributions of earnings received, operating cash flows	5,200	2,100	7,900	6,000
Equity method investments, net investment	157,000		157,000		$ 174,000
Unrealized gains (losses) on equity investee activity, before tax	(1,700)	(11,600)	(32,000)	(18,800)
Unrealized gains (losses) on equity investee activity, net of tax	$ (1,300)	$ (8,700)	$ (24,300)	$ (14,200)

Fair Value of Financial Instruments (Other Investments - AVCT) (Narrative) (Details) $ / shares in Units, warrant in Millions, shares in Millions, $ in Millions	1 Months Ended	3 Months Ended	12 Months Ended
	Apr. 30, 2020 USD ($) $ / shares	Jun. 30, 2020 USD ($) warrant $ / shares shares	Dec. 31, 2017 USD ($)	Dec. 31, 2019 USD ($)
Fair Value, Financial Instruments Measured on a Non-Recurring Basis [Line Items]
Equity investments, adjusted cost basis, amount		$ 17.0		$ 18.0
AVCT [Member]
Fair Value, Financial Instruments Measured on a Non-Recurring Basis [Line Items]
Equity investment ownership percentage		9.00%		21.00%
Beneficial ownership of all interests, percentage		21.00%		21.00%
Equity investment and warrants, amount paid (in dollars)	$ 3.0		$ 2.0
Equity investments, adjusted cost basis, amount				$ 2.0
Net gain on investment		$ 3.8
AVCT [Member] \| Common Stock [Member]
Fair Value, Financial Instruments Measured on a Non-Recurring Basis [Line Items]
Equity securities measured at fair value, shares \| shares		1.7
Equity securities, fair value		$ 5.0
AVCT [Member] \| Initial Warrant [Member]
Fair Value, Financial Instruments Measured on a Non-Recurring Basis [Line Items]
Derivative instruments, number held \| warrant		2.0
Warrants, exercise price (in dollars per share) \| $ / shares		$ 11.50
AVCT [Member] \| Warrant [Member]
Fair Value, Financial Instruments Measured on a Non-Recurring Basis [Line Items]
Derivative instruments, number held \| warrant		0.3
Warrants, exercise price (in dollars per share) \| $ / shares		$ 0.01
AVCT [Member] \| Convertible Debt Securities [Member]
Fair Value, Financial Instruments Measured on a Non-Recurring Basis [Line Items]
Debt instrument convertible note principal amount		$ 3.0
Conversion price (in dollars per share) \| $ / shares	$ 3.45
Investment interest rate	10.00%

Fair Value of Financial Instruments (Other Investments - Telecommunications Entities) (Narrative) (Details) - Equity Investee [Member] - Subcontracting Arrangements [Member] $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2020 USD ($)	Jun. 30, 2020 USD ($) entity
Fair Value, Financial Instruments Measured on a Non-Recurring Basis [Line Items]
Number of entities \| entity		3
Payments or expenses, related party	$ 3.6	$ 6.3
Payables, related party	$ 0.4	$ 0.4

Fair Value of Financial Instruments (Senior Notes) (Narrative) (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2020	Dec. 31, 2019
Fair Value, Financial Instruments Measured on a Non-Recurring Basis [Line Items]
4.875% Senior Notes, gross carrying amount	$ 400.0	$ 400.0
Senior Notes [Member]
Fair Value, Financial Instruments Measured on a Non-Recurring Basis [Line Items]
4.875% Senior Notes, estimated fair value	$ 396.0	$ 404.5
4.875% Senior Notes [Member] \| Senior Notes [Member]
Fair Value, Financial Instruments Measured on a Non-Recurring Basis [Line Items]
Debt instrument, interest rate (percentage)	4.875%
Debt instrument, maturity date	Mar. 15, 2023

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, 2020	Dec. 31, 2019
Receivables [Abstract]
Contract billings	$ 949,900	$ 860,400
Less allowance	(22,100)	(10,100)
Accounts receivable, net of allowance	927,764	850,326
Contract Assets [Abstract]
Retainage	290,100	345,200
Unbilled receivables	675,800	679,400
Contract assets	$ 965,887	$ 1,024,568

Accounts Receivable, Net of Allowance, and Contract Assets and Liabilities (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Schedule of Accounts Receivable, Net of Allowance, and Contract Assets and Liabilities [Line Items]
Provisions for credit losses			$ 12,300	$ 900
Contract liabilities	$ 338,230		338,230		$ 206,180
Contract with customer liability, deferred revenue current	316,700		316,700		$ 184,100
Deferred revenue, revenue recognized	23,700		129,300
Non-recourse financing agreement, discount charge	(14,808)	$ (16,623)	(31,812)	(38,881)
Receivables, Non-Recourse Arrangement [Member]
Schedule of Accounts Receivable, Net of Allowance, and Contract Assets and Liabilities [Line Items]
Non-recourse financing agreement, discount charge	$ (1,400)	$ (2,800)	$ (3,200)	$ (5,700)
Minimum [Member]
Schedule of Accounts Receivable, Net of Allowance, and Contract Assets and Liabilities [Line Items]
Retainage, percentage of contract billings			5.00%
Maximum [Member]
Schedule of Accounts Receivable, Net of Allowance, and Contract Assets and Liabilities [Line Items]
Retainage, percentage of contract billings			10.00%

Property and Equipment, Net (Schedule of Property and Equipment, Net) (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Property and Equipment [Line Items]
Property and equipment	$ 2,059,100	$ 1,923,500
Less accumulated depreciation and amortization	(1,086,900)	(1,017,700)
Property and equipment, net	972,177	905,835
Land [Member]
Property and Equipment [Line Items]
Property and equipment	6,000	4,900
Building and Leasehold Improvements [Member]
Property and Equipment [Line Items]
Property and equipment	40,400	35,800
Machinery and Equipment [Member]
Property and Equipment [Line Items]
Property and equipment	1,776,700	1,659,400
Office Furniture and Equipment [Member]
Property and Equipment [Line Items]
Property and equipment	211,100	197,300
Construction in Progress [Member]
Property and Equipment [Line Items]
Property and equipment	$ 24,900	$ 26,100

Property and Equipment, Net (Narrative) (Details) - USD ($) $ in Millions	Jun. 30, 2020	Dec. 31, 2019
Property, Plant and Equipment [Abstract]
Capitalized internal-use software, gross	$ 146.5	$ 138.2
Capitalized internal-use software, net	$ 33.1	$ 31.5

Debt (Schedule of Carrying Values of Debt) (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Finance lease and other obligations	$ 286,600	$ 305,600
Total debt obligations	1,253,400	1,444,800
Less unamortized deferred financing costs	(10,900)	(12,400)
Total debt, net of deferred financing costs	1,242,500	1,432,400
Current portion of long-term debt	126,697	118,429
Long-term debt	$ 1,115,839	1,314,030
Credit Facility [Member]
Debt Instrument [Line Items]
Line of credit facility, maturity date	Sep. 19, 2024
Credit Facility [Member] \| Revolving Loans [Member]
Debt Instrument [Line Items]
Long-term debt obligations	$ 166,800	339,200
Credit Facility [Member] \| Term Loan [Member]
Debt Instrument [Line Items]
Long-term debt obligations	400,000	400,000
Senior Notes [Member] \| 4.875% Senior Notes [Member]
Debt Instrument [Line Items]
Long-term debt obligations	$ 400,000	$ 400,000
Debt instrument, interest rate (percentage)	4.875%
Debt instrument, maturity date	Mar. 15, 2023

Debt (Senior Secured Credit Facility) (Narrative) (Details) - USD ($) $ in Millions			1 Months Ended
	Jun. 30, 2020	Dec. 31, 2019	Dec. 31, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Line of credit facility, letters of credit issued	$ 158.3	$ 115.1
Credit Facility [Member]
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	1,750.0
Line of credit facility, letters of credit issued	$ 140.1	$ 98.0
Line of credit facility, unused facility fee (percentage)	0.20%	0.20%
Credit Facility [Member] \| Revolving Loans [Member]
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	$ 1,350.0
Line of credit facility, remaining borrowing capacity	$ 1,043.1	$ 912.8
Credit Facility [Member] \| Revolving Loans [Member] \| Weighted Average [Member]
Debt Instrument [Line Items]
Line of credit facility, interest rate (percentage)	2.38%	3.50%
Credit Facility [Member] \| Term Loan [Member]
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	$ 400.0
Line of credit facility, interest rate (percentage)	1.43%	3.05%
Credit Facility [Member] \| Term Loan [Member] \| Forecast [Member]
Debt Instrument [Line Items]
Line of credit facility, term loan, amount of quarterly principal installment payments			$ 5.0	$ 2.5
Credit Facility [Member] \| Foreign Denomination [Member]
Debt Instrument [Line Items]
Long-term line of credit	$ 111.0	$ 138.0
Line of credit facility, remaining borrowing capacity	189.2	162.4
Credit Facility [Member] \| Letters of Credit [Member]
Debt Instrument [Line Items]
Line of credit facility, capacity available for letters of credit	$ 509.9	$ 552.0
Credit Facility [Member] \| Letters of Credit [Member] \| Performance Standby [Member]
Debt Instrument [Line Items]
Line of credit facility, interest rate (percentage)	0.375%	0.375%
Credit Facility [Member] \| Letters of Credit [Member] \| Commercial and/or Financial Standby [Member]
Debt Instrument [Line Items]
Line of credit facility, interest rate (percentage)	1.25%	1.25%

Debt (Other Credit Facilities) (Narrative) (Details) - USD ($)	Jun. 30, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Letters of credit issued	$ 158,300,000	$ 115,100,000
Other Credit Facilities [Member] \| Canadian Dollars [Member]
Debt Instrument [Line Items]
Long-term debt obligations	0	0
Line of Credit [Member] \| Letters of Credit [Member]
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	50,000,000.0
Standby Letters of Credit [Member] \| Line of Credit [Member]
Debt Instrument [Line Items]
Letters of credit issued	$ 18,200,000	$ 17,100,000
Standby Letters of Credit [Member] \| Line of Credit [Member] \| Letters of Credit [Member]
Debt Instrument [Line Items]
Line of credit facility, interest rate (percentage)	0.50%	0.40%

Debt (Debt Guarantees and Covenants) (Narrative) (Details) - Senior Notes [Member]	Jul. 22, 2020	Jun. 30, 2020
4.875% Senior Notes [Member]
Debt Instrument [Line Items]
Debt instrument, interest rate (percentage)		4.875%
Subsequent Event [Member] \| Four Point Five Percent Senior Notes [Member]
Debt Instrument [Line Items]
Debt instrument, interest rate (percentage)	4.50%

Debt (Additional Information) (Narrative) (Details) - USD ($) $ in Millions	Jun. 30, 2020	Dec. 31, 2019
Debt Disclosure [Abstract]
Debt instruments, accrued interest payable (in dollars)	$ 7.1	$ 7.5

Debt Debt (Subsequent Event) (Details) - Senior Notes [Member] - USD ($) $ in Millions	Jul. 22, 2020	Jun. 30, 2020
4.875% Senior Notes [Member]
Debt Instrument [Line Items]
Debt instrument, interest rate (percentage)		4.875%
Subsequent Event [Member] \| Four Point Five Percent Senior Notes [Member]
Debt Instrument [Line Items]
Debt instrument, face amount	$ 600
Debt instrument, interest rate (percentage)	4.50%

Lease Obligations (Additional Lease Information) (Narrative) (Details)	6 Months Ended
	Jun. 30, 2020
Lessee, Lease, Description [Line Items]
Finance leases, weighted average remaining lease term (in years)	2 years 7 months 6 days
Finance leases, weighted average discount rate, percent	4.00%
Operating leases, weighted average remaining lease term (in years)	4 years
Operating leases, weighted average discount rate, percent	4.00%
Minimum [Member] \| Equipment Leases [Member]
Lessee, Lease, Description [Line Items]
Leases, renewal term	1 year
Minimum [Member] \| Facility Leases [Member]
Lessee, Lease, Description [Line Items]
Leases, renewal term	1 year
Maximum [Member]
Lessee, Lease, Description [Line Items]
Leases, remaining lease terms	9 years
Maximum [Member] \| Equipment Leases [Member]
Lessee, Lease, Description [Line Items]
Leases, renewal term	5 years
Maximum [Member] \| Facility Leases [Member]
Lessee, Lease, Description [Line Items]
Leases, renewal term	5 years

Lease Obligations (Finance Leases) (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Leases [Abstract]
Finance leases, assets, gross	$ 502.0		$ 502.0		$ 463.5
Finance leases, assets, net	387.1		387.1		$ 375.9
Finance leases, assets, depreciation	$ 16.8	$ 11.2	$ 32.6	$ 21.2

Lease Obligations (Operating Leases) (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019	Jan. 01, 2019
Operating Leased Assets [Line Items]
Operating leases, additions	$ 7,500	$ 54,100	$ 13,300	$ 66,400
Operating lease assets	198,844		198,844		$ 229,903
Operating leases, expense	26,800	27,400	62,100	55,300
Operating leases, variable lease costs	2,800	2,100	5,700	4,400
Operating leases, short-term leases, expense	$ 72,900	$ 115,600	$ 150,400	$ 208,400
Minimum [Member]
Operating Leased Assets [Line Items]
Operating leases, term of contract (in years)	1 year		1 year
Maximum [Member]
Operating Leased Assets [Line Items]
Operating leases, term of contract (in years)	1 year		1 year
Accounting Standards Update 2016-02 [Member]
Operating Leased Assets [Line Items]
Operating lease assets						$ 230,000

Lease Obligations (Schedule of Future Minimum Lease Commitments) (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Finance Leases
2020, remaining six months	$ 66,800
2021	120,000
2022	79,600
2023	31,200
2024	4,800
Thereafter	300
Total minimum lease payments	302,700
Less amounts representing interest	(16,200)
Total lease obligations, net of interest	286,500
Less current portion	119,100
Long-term portion of lease obligations, net of interest	167,400
Operating Leases
2020, remaining six months	50,400
2021	69,800
2022	44,500
2023	21,700
2024	13,900
Thereafter	29,100
Total minimum lease payments	229,400
Less amounts representing interest	(17,900)
Total lease obligations, net of interest	211,500
Less current portion	78,044	$ 81,561
Long-term portion of lease obligations, net of interest	$ 133,535	$ 154,553

Stock-Based Compensation and Other Employee Benefit Plans (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Share-based Payment Arrangement [Abstract]
Stock-based compensation plans, number of shares available for future grant	3,107,000		3,107,000
Non-cash stock-based compensation expense	$ 5.8	$ 4.2	$ 9.9	$ 7.9
Stock-based compensation, income tax benefits	$ 1.4	$ 1.1	2.2	4.2
Stock-based compensation, vested awards, net income tax benefits			$ (0.2)	$ 2.3

Stock-Based Compensation and Other Employee Benefit Plans (Restricted Shares) (Narrative) (Details) - Restricted Shares [Member] - USD ($) $ in Millions		3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Stock-Based Compensation and Other Employee Benefit Plans [Line Items]
Stock-based compensation awards, unearned compensation	$ 36.0	$ 36.0		$ 36.0
Stock-based compensation awards, unearned compensation, weighted average expected recognition period (in years)	2 years 2 months 12 days
Stock-based compensation, vested awards, intrinsic value		$ 0.9	$ 0.3	$ 6.5	$ 13.9

Stock-Based Compensation and Other Employee Benefit Plans (Schedule of Activity, Restricted Shares) (Details)	6 Months Ended
	Jun. 30, 2020 $ / shares shares
Restricted Shares [Member]
Restricted Shares
Non-vested restricted shares, beginning balance (in shares)	1,221,593
Granted (in shares)	933,455
Vested (in shares)	(180,394)
Canceled/forfeited (in shares)	(237,800)
Non-vested restricted shares, ending balance (in shares)	1,736,854
Per Share Weighted Average Grant Date Fair Value
Non-vested restricted shares, per share weighted average grant date fair value, beginning balance (in dollars per share) \| $ / shares	$ 45.36
Granted (in dollars per share) \| $ / shares	27.08
Vested (in dollars per share) \| $ / shares	39.47
Canceled/forfeited (in dollars per share) \| $ / shares	59.20
Non-vested restricted shares, per share weighted average grant date fair value, ending balance (in dollars per share) \| $ / shares	$ 34.25
Restricted Stock Units [Member]
Restricted Shares
Non-vested restricted shares, ending balance (in shares)	2,300

Stock-Based Compensation and Other Employee Benefit Plans (Schedule of Employee Stock Purchase Plans) (Details) - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Stock-Based Compensation and Other Employee Benefit Plans [Line Items]
Cash proceeds (in dollars)	$ 3,936	$ 2,311
Common shares issued (in shares)	154,059	63,976
Weighted average price per share purchased under employee stock purchase plans	$ 25.61	$ 37.52
Weighted average per share grant date fair value (in dollars per share)	$ 7.71	$ 9.54
Employee Stock Purchase Plans [Member]
Stock-Based Compensation and Other Employee Benefit Plans [Line Items]
Cash proceeds (in dollars)	$ 3,900	$ 2,400

Other Retirement Plans (Schedule of Covered Employees and Contributions, Multiemployer Plans) (Details) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020 USD ($) employee	Jun. 30, 2019 USD ($) employee	Jun. 30, 2020 USD ($) employee	Jun. 30, 2019 USD ($) employee
Covered Employees and Contributions, Multiemployer Plans [Line Items]
Multiemployer Plan, Employer Contribution, Cost	$ 9.0	$ 23.3	$ 16.1	$ 31.5
Pension Plan [Member]
Covered Employees and Contributions, Multiemployer Plans [Line Items]
Multiemployer Plan, Employer Contribution, Cost	6.9	21.8	12.3	28.8
Multiemployer Plans, Other Multiemployer [Member]
Covered Employees and Contributions, Multiemployer Plans [Line Items]
Multiemployer Plan, Employer Contribution, Cost	$ 2.1	$ 1.5	$ 3.8	$ 2.8
Low [Member]
Covered Employees and Contributions, Multiemployer Plans [Line Items]
Multiemployer plans, covered employees (in number of employees) \| employee	1,424	2,117	1,119	1,626
High [Member]
Covered Employees and Contributions, Multiemployer Plans [Line Items]
Multiemployer plans, covered employees (in number of employees) \| employee	1,469	5,349	1,469	5,349

Equity (Share Activity) (Narrative) (Details) - USD ($)	3 Months Ended		6 Months Ended
Equity (Share Activity) (Narrative) (Details) - USD ($)	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Mar. 19, 2020	Dec. 21, 2018	Sep. 11, 2018
Equity, Treasury Stock [Line Items]
Treasury stock acquired, value	$ 802,000		$ 120,228,000	$ 602,000
Treasury stock acquired (in shares)		0	3,600,000
Stock repurchase program, remaining authorized repurchase amount	158,600,000		$ 158,600,000
September 2018 Share Repurchase Program [Member]
Equity, Treasury Stock [Line Items]
Treasury stock acquired, value			$ 28,800,000
Treasury stock acquired (in shares)			600,000
Share repurchase program, amount authorized, value							$ 150,000,000
December 2018 Share Repurchase Program [Member]
Equity, Treasury Stock [Line Items]
Treasury stock acquired, value			$ 91,400,000
Treasury stock acquired (in shares)			3,000,000.0
Share repurchase program, amount authorized, value						$ 100,000,000
Stock repurchase program, remaining authorized repurchase amount	8,600,000		$ 8,600,000
March 2020 Share Repurchase Program [Member]
Equity, Treasury Stock [Line Items]
Share repurchase program, amount authorized, value					$ 150,000,000
Stock repurchase program, remaining authorized repurchase amount	$ 150,000,000		$ 150,000,000

Income Taxes (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
Income Taxes (Narrative) (Details) - USD ($) $ in Millions	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Income Tax Disclosure [Abstract]
Consolidated effective tax rate, percent	26.70%	24.80%	18.60%	24.10%
Effective income tax rate reconciliation, other adjustments, amount			$ 9.6
Stock-based compensation, vested awards, net tax benefits				$ 2.3

Segments and Related Information (Narrative) (Details)	6 Months Ended
Segments and Related Information (Narrative) (Details)	Jun. 30, 2020 segment
Segment Reporting [Abstract]
Number of operating segments	5
Number of reportable segments	5

Segments and Related Information (Schedule of Financial Information by Reportable Segment - Revenue) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Revenue:
Revenue (in dollars)	$ 1,569,297	$ 1,939,006	$ 2,985,901	$ 3,457,346
Communications [Member] \| Customer Concentration Risk [Member] \| Revenue [Member] \| Utilities [Member]
Revenue:
Utilities customers, percentage of Communications segment revenue	14.90%	15.40%	15.00%	15.50%
Reportable Segments [Member] \| Communications [Member]
Revenue:
Revenue (in dollars)	$ 654,300	$ 652,600	$ 1,298,400	$ 1,265,400
Reportable Segments [Member] \| Oil and Gas [Member]
Revenue:
Revenue (in dollars)	368,500	936,800	727,600	1,558,100
Reportable Segments [Member] \| Electrical Transmission [Member]
Revenue:
Revenue (in dollars)	124,100	100,400	252,200	195,300
Reportable Segments [Member] \| Power Generation and Industrial [Member]
Revenue:
Revenue (in dollars)	426,100	250,200	712,400	439,600
Reportable Segments [Member] \| Other [Member]
Revenue:
Revenue (in dollars)	100	0	100	100
Eliminations [Member]
Revenue:
Revenue (in dollars)	$ (3,800)	$ (1,000)	$ (4,800)	$ (1,200)

Segments and Related Information (Schedule of Financial Information by Reportable Segment - EBITDA) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
EBITDA:
EBITDA	$ 159.9	$ 236.5	$ 273.8	$ 373.0
Reportable Segments [Member] \| Communications [Member]
EBITDA:
EBITDA	76.4	52.4	127.2	97.8
Reportable Segments [Member] \| Oil and Gas [Member]
EBITDA:
EBITDA	80.1	179.3	154.5	286.7
Reportable Segments [Member] \| Electrical Transmission [Member]
EBITDA:
EBITDA	(3.2)	8.7	5.1	12.4
Reportable Segments [Member] \| Power Generation and Industrial [Member]
EBITDA:
EBITDA	30.1	8.9	35.0	12.1
Reportable Segments [Member] \| Other [Member]
EBITDA:
EBITDA	7.5	6.4	14.9	12.7
Corporate [Member]
EBITDA:
EBITDA	$ (31.0)	$ (19.2)	$ (62.9)	$ (48.7)

Segments and Related Information (Schedule of Financial Information by Reportable Segment - Depreciation and Amortization) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Depreciation and Amortization:
Depreciation and amortization	$ 67.5	$ 59.9	$ 128.0	$ 119.0
Reportable Segments [Member] \| Communications [Member]
Depreciation and Amortization:
Depreciation and amortization	21.4	15.3	41.0	30.0
Reportable Segments [Member] \| Oil and Gas [Member]
Depreciation and Amortization:
Depreciation and amortization	32.1	34.3	60.2	68.9
Reportable Segments [Member] \| Electrical Transmission [Member]
Depreciation and Amortization:
Depreciation and amortization	6.6	5.2	12.4	9.7
Reportable Segments [Member] \| Power Generation and Industrial [Member]
Depreciation and Amortization:
Depreciation and amortization	4.7	3.3	8.7	6.4
Reportable Segments [Member] \| Other [Member]
Depreciation and Amortization:
Depreciation and amortization	0.0	0.0	0.0	0.0
Corporate [Member]
Depreciation and Amortization:
Depreciation and amortization	$ 2.7	$ 1.8	$ 5.7	$ 4.0

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, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
EBITDA Reconciliation:
Income before income taxes	$ 77,565	$ 159,959	$ 114,050	$ 215,100
Interest expense, net	14,808	16,623	31,812	38,881
Depreciation	57,687	55,279	110,776	109,504
Amortization of intangible assets	9,793	4,665	17,184	9,471
EBITDA	$ 159,900	$ 236,500	$ 273,800	$ 373,000

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8906-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 940
-SubTopic 20
-Section 25
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=68072869&loc=d3e41242-110953

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(10))
-URI http://asc.fasb.org/extlink&oid=120395209&loc=SL114868664-224227

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(8))
-URI http://asc.fasb.org/extlink&oid=120400993&loc=SL114874131-224263

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 235
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-05(b)(2))
-URI http://asc.fasb.org/extlink&oid=120399901&loc=d3e537907-122884

Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8924-108599

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(15))
-URI http://asc.fasb.org/extlink&oid=120399700&loc=SL114874048-224260

+ Details

Segments and Related Information (Foreign Operations) (Narrative) (Details) - USD ($) $ in Thousands			3 Months Ended		6 Months Ended
	Jun. 30, 2020	Dec. 31, 2019	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Segments and Related Information [Line Items]
Revenue			$ 1,569,297	$ 1,939,006	$ 2,985,901	$ 3,457,346
Property and equipment, net	$ 972,177	$ 905,835	972,177		972,177
United States [Member]
Segments and Related Information [Line Items]
Revenue			1,600,000	1,900,000	2,900,000	3,300,000
Property and equipment, net	949,100	874,700	949,100		949,100
Intangible assets and goodwill, net	1,400,000		1,400,000		1,400,000
Foreign Operations [Member]
Segments and Related Information [Line Items]
Revenue			14,000	$ 47,900	59,600	$ 126,700
Property and equipment, net	23,100	31,100	23,100		23,100
Intangible assets and goodwill, net	$ 51,400	$ 56,400	$ 51,400		$ 51,400
Foreign Operations [Member] \| Accounts Receivable, Net, Less Deferred Revenue [Member] \| Geographic Concentration Risk [Member]
Segments and Related Information [Line Items]
Concentration risk, percentage of total	3.00%	5.00%
Govermment [Member] \| Revenue Benchmark [Member] \| Customer Concentration Risk [Member]
Segments and Related Information [Line Items]
Concentration risk, percentage of total			2.00%	1.00%	2.00%	1.00%

Segments and Related Information Segments and Related Information (Significant Customers) (Narrative) (Details) - Revenue Benchmark [Member] - Customer Concentration Risk [Member]	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
AT&T [Member]
Segments and Related Information [Line Items]
Concentration risk, percentage of total	19.00%	18.00%	21.00%	20.00%
Permian Highway Pipeline [Member]
Segments and Related Information [Line Items]
Concentration risk, percentage of total	10.00%	0.00%	7.00%	0.00%
Equitrans Midstream Corporation/EQT Corporation [Member]
Segments and Related Information [Line Items]
Concentration risk, percentage of total	1.00%	12.00%	2.00%	9.00%

Commitments and Contingencies (Legal, Letters of Credit, Bonds, Self-Insurance) (Narrative) (Details) - USD ($) $ in Millions	Jun. 30, 2020	Dec. 31, 2019
Commitments and Contingencies [Line Items]
Letters of credit issued	$ 158.3	$ 115.1
Self-Insurance [Member] \| Workers' Compensation, General and Automobile Policies [Member]
Commitments and Contingencies [Line Items]
Self-insurance reserve	123.8	123.4
Self-Insurance [Member] \| Workers' Compensation, General and Automobile Policies [Member] \| Other Long-Term Liabilities [Member]
Commitments and Contingencies [Line Items]
Self-insurance reserve, non-current	83.2	87.3
Self-Insurance [Member] \| Employee Group Medical Claims [Member]
Commitments and Contingencies [Line Items]
Self-insurance reserve	4.6	4.2
Performance and Payment Bonds [Member]
Commitments and Contingencies [Line Items]
Bonded projects, estimated costs to complete	188.8	194.7
Performance and Payment Bonds [Member] \| Subsidiaries [Member]
Commitments and Contingencies [Line Items]
Outstanding bonds, amount	692.0	551.4
Financial Guarantees [Member] \| Self-Insurance [Member] \| Workers' Compensation, General and Automobile Policies [Member]
Commitments and Contingencies [Line Items]
Letters of credit issued	64.0	64.0
Surety Bonds [Member] \| Self-Insurance [Member] \| Workers' Compensation [Member]
Commitments and Contingencies [Line Items]
Outstanding bonds, amount	$ 38.5	$ 38.5

Commitments and Contingencies (Investment Arrangements) (Narrative) (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Other Commitments [Line Items]
Cash	$ 48,638	$ 71,427
Proportionately Consolidated Non-Controlled Joint Venture [Member]
Other Commitments [Line Items]
Cash	$ 10,900	$ 13,100
Proportionately Consolidated Non-Controlled Joint Venture [Member] \| Joint Ventures That Provide Electrical Transmission Infrastructure Services [Member] \| Minimum [Member]
Other Commitments [Line Items]
Proportionately consolidated non-controlled joint venture, ownership percentage	85.00%
Proportionately Consolidated Non-Controlled Joint Venture [Member] \| Joint Ventures That Provide Electrical Transmission Infrastructure Services [Member] \| Maximum [Member]
Other Commitments [Line Items]
Proportionately consolidated non-controlled joint venture, ownership percentage	90.00%
Proportionately Consolidated Non-Controlled Joint Venture [Member] \| Joint Venture Civil Construction Project [Member]
Other Commitments [Line Items]
Proportionately consolidated non-controlled joint venture, ownership percentage	50.00%

Commitments and Contingencies (Other Guarantees) (Narrative) (Details)	6 Months Ended
	Jun. 30, 2020
Minimum [Member]
Other Guarantees [Line Items]
General warranty, period (in years)	1 year
Maximum [Member]
Other Guarantees [Line Items]
General warranty, period (in years)	2 years

Commitments and Contingencies (Concentrations of Risk) (Narrative) (Details) - customer			3 Months Ended		6 Months Ended
	Jun. 30, 2020	Dec. 31, 2019	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Concentration Risk [Line Items]
Number of customers					380
Accounts Receivable, Net, Less Deferred Revenue [Member] \| Credit Concentration Risk [Member] \| Customers with Largest Net Accounts Receivable Positions [Member]
Concentration Risk [Line Items]
Number of customers	2	3
Accounts Receivable, Net, Less Deferred Revenue [Member] \| Credit Concentration Risk [Member] \| Customer with Largest Net Accounts Receivable Position [Member]
Concentration Risk [Line Items]
Concentration risk, percentage of total	17.00%	17.00%
Accounts Receivable, Net, Less Deferred Revenue [Member] \| Credit Concentration Risk [Member] \| Customer with Second Largest Net Accounts Receivable Position [Member]
Concentration Risk [Line Items]
Concentration risk, percentage of total	14.00%	13.00%
Accounts Receivable, Net, Less Deferred Revenue [Member] \| Credit Concentration Risk [Member] \| Customer with Third Largest Net Accounts Receivable Position [Member]
Concentration Risk [Line Items]
Concentration risk, percentage of total		11.00%
Revenue [Member] \| Customer Concentration Risk [Member] \| Ten Largest Customers [Member]
Concentration Risk [Line Items]
Number of customers			10	10	10	10
Concentration risk, percentage of total			66.00%	65.00%	63.00%	63.00%

Related Party Transactions (Management) (Narrative) (Details) - Management [Member] - Equipment, Supplies and Services [Member] - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Related Party Transaction [Line Items]
Payments, related party	$ 16.2	$ 17.8	$ 41.5	$ 46.3
Payables, related party	7.6		7.6		$ 14.7
Revenue, related party	1.3	$ 0.6	2.3	$ 0.9
Receivables, net, related party	$ 0.4		$ 0.4

Related Party Transactions (Construction Management Firm and CCI) (Narrative) (Details) - Immediate Family Member of Management [Member] - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Construction Management Firm Specializing in Steel Building Systems [Member]
Related Party Transaction [Line Items]
Advances outstanding, related party	$ 0.1		$ 0.1		$ 0.5
CCI [Member]
Related Party Transaction [Line Items]
Equity investment, ownership percentage	15.00%		15.00%
CCI [Member] \| Equipment [Member]
Related Party Transaction [Line Items]
Payments, net of rebates, related party	$ 1.0	$ 9.8	$ 1.4	$ 15.8
Payables, related party	1.4		1.4		$ 0.2
Revenue, related party	0.6		0.6
Receivables, related party	$ 0.1		$ 0.1

Related Party Transactions (Executive Officers) (Narrative) (Details) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020 USD ($) employee	Jun. 30, 2019 USD ($)	Jun. 30, 2020 USD ($) employee	Jun. 30, 2019 USD ($)	Dec. 31, 2019 USD ($)
Management [Member] \| Subcontracting Arrangements [Member]
Related Party Transaction [Line Items]
Number of additional management employees, subcontracting arrangement \| employee	2		2
Payments or expenses, related party	$ 0.0	$ 4.6	$ 0.6	$ 6.2
Payables, related party	0.2		0.2		$ 0.2
Chairman, Board of Directors [Member] \| Lease Agreements [Member]
Related Party Transaction [Line Items]
Payments or expenses, related party	0.6	0.7	1.3	1.4
Executive Officers [Member] \| Related Customer [Member]
Related Party Transaction [Line Items]
Receivables, related party	0.9		0.9		0.8
Charges, related party	0.3	0.4	0.7	0.7
Executive Officers [Member] \| Construction Services [Member]
Related Party Transaction [Line Items]
Payments or expenses, related party			0.2
Revenue, related party	1.5	$ 2.3	5.5	$ 2.3
Receivables, related party	$ 3.1		$ 3.1		$ 3.9

Related Party Transactions (Split Dollar Agreements) (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Chairman, Board of Directors [Member]
Related Party Transaction [Line Items]
Payments for life insurance policies	$ 0.5	$ 0.5	$ 0.5	$ 0.5
Chief Executive Officer [Member]
Related Party Transaction [Line Items]
Payments for life insurance policies	0.7	$ 0.7	0.7	$ 0.7
Executive Officers [Member]
Related Party Transaction [Line Items]
Life insurance assets, carrying amount	$ 21.5		$ 21.5		$ 20.3