0000015615-22-000017 | 10-Q | XBRL Viewer

Print Document View Excel Document

Fair Value of Financial Instruments - Other Investments - AVCT - Narrative (Details) - AVCT - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Fair Value, Financial Instruments Measured on a Recurring Basis [Line Items]
Equity investment ownership, percentage	3.00%		3.00%
Beneficial ownership of all interests, percentage	5.00%		6.00%
Equity investment and warrants, amount paid	$ 6.0		$ 6.0
Unrealized fair value measurement gains (losses), AVCT shares	(4.8)	$ (1.0)
Unrealized gains (losses) on AVCT convertible debentures, before tax		1.0
Unrealized gains (losses) on AVCT convertible debentures, net of tax		$ 0.8
Common Stock
Fair Value, Financial Instruments Measured on a Recurring Basis [Line Items]
Equity securities, fair value	$ 3.0		$ 8.0

Related Party Transactions	3 Months Ended
Related Party Transactions	Mar. 31, 2022
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions MasTec purchases, rents and leases equipment and purchases various types of supplies and services used in its business, including ancillary construction services, project-related site restoration and marketing and business development activities, from a number of different vendors on a non-exclusive basis, and from time to time, rents equipment to, sells certain supplies, or performs construction services on behalf of, entities in which members of subsidiary management have ownership or commercial interests. For the three month periods ended March 31, 2022 and 2021, such payments to related party entities totaled approximately $6.8 million and $20.5 million, respectively. Payables associated with such arrangements totaled approximately $0.9 million and $0.6 million as of March 31, 2022 and December 31, 2021, respectively. Revenue from such related party arrangements totaled approximately $3.8 million and $1.1 million for the three month periods ended March 31, 2022 and 2021, respectively. Related amounts receivable, net, totaled approximately $3.3 million and $0.4 million as of March 31, 2022 and December 31, 2021, respectively. The Company rents and leases equipment and purchases certain supplies and servicing from CCI. Juan Carlos Mas, who is the brother of Jorge Mas, Chairman of MasTec’s Board of Directors, and José R. Mas, MasTec’s Chief Executive Officer, serves as the chairman of CCI, and a member of management of a MasTec subsidiary and an entity that is owned by the Mas family are minority owners. MasTec paid CCI $1.0 million and $5.0 million, net of rebates, for the three month periods ended March 31, 2022 and 2021, respectively, related to this activity. Amounts payable to CCI, net of rebates receivable, totaled approximately $0.6 million and $0.8 million as of March 31, 2022 and December 31, 2021, respectively. MasTec has a subcontracting arrangement with an entity for the performance of construction services, the minority owners of which include an entity controlled by Jorge Mas and José R. Mas, along with two members of management of a MasTec subsidiary. For the three month period ended March 31, 2022, subcontracting expenses under these arrangements were de minimis, and for the three month period ended March 31, 2021, MasTec incurred subcontracting expenses of approximately $29.0 million. As of March 31, 2022, related amounts payable were de minimis, and as of December 31, 2021, totaled approximately $0.5 million. MasTec has a leasing arrangement for an aircraft that is owned by an entity that Jorge Mas owns. For both the three month periods ended March 31, 2022 and 2021, MasTec paid approximately $0.6 million related to this leasing arrangement. MasTec has performed construction services on behalf of a professional Miami soccer franchise (the “Franchise”) in which Jorge Mas and José R. Mas are majority owners. Services provided by MasTec have included the construction of a soccer facility and stadium as well as wireless infrastructure services. MasTec may perform additional construction services for the Franchise in the future. For the three month period ended March 31, 2022 and 2021, charges under these arrangements were de minimis. Payments for other expenses related to the Franchise for both the three month periods ended March 31, 2022 and 2021 totaled approximately $0.1 million. In connection with a fourth quarter 2021 acquisition, MasTec has a subcontracting arrangement to perform construction services for an entity, of which José R. Mas bought a minority interest, and of which a member of management of a MasTec subsidiary owns the remaining interest. For the three month period ended March 31, 2022, revenue recognized by MasTec under this arrangement totaled approximately $28.8 million, and as of March 31, 2022, related amounts receivable totaled approximately $13.7 million. There were no amounts receivable as of December 31, 2021. MasTec pays a management fee to this entity in connection with the subcontracting arrangement. MasTec incurred approximately $0.2 million of management fee expense related to this arrangement for the three month period ended March 31, 2022, which amount was payable as of March 31, 2022. MasTec leases employees and provides satellite communication services to a customer in which Jorge Mas and José R. Mas own a majority interest. Charges to this customer under these arrangements totaled approximately $0.3 million for both the three month periods ended March 31, 2022 and 2021. As of both March 31, 2022 and December 31, 2021, related amounts receivable totaled approximately $0.8 million. The Company has advanced amounts on behalf of an entity that was acquired in 2021. Amounts outstanding for such advances, which are expected to be settled under customary terms associated with the related purchase agreement, totaled approximately $1.8 million and $0.5 million as of March 31, 2022 and December 31, 2021, respectively. Additionally, in 2021, the Company advanced amounts to the former owner of an acquired business. There were no remaining amounts outstanding as of March 31, 2022, and as of December 31, 2021, approximately $1.0 million of such advances was outstanding. In addition, the Company, through a 2020 acquisition, has a 25% interest in an entity, under which the acquired business and the 25% owned entity have a subcontracting arrangement. The Company’s interest in this entity, for which post acquisition operating activity is de minimis, is accounted for as an equity method investment. For the three month period ended March 31, 2022, the Company made equity contributions to this entity of approximately $0.5 million. As of March 31, 2022 and December 31, 2021, the Company’s net investment in this entity was a liability of approximately $1.1 million and $1.6 million, respectively, which net amounts each included approximately $2.3 million of accounts receivable, net, less deferred revenue, related to the subcontracting arrangement. Additionally, the Company has certain arrangements with an entity in which members of management have an ownership interest, including a fee arrangement in conjunction with a $15.0 million letter of credit issued by the Company on behalf of this entity. For both the three month periods ended March 31, 2022 and 2021, approximately $0.2 million of income was recognized in connection with these arrangements. As of March 31, 2022 and December 31, 2021, related amounts receivable totaled $0.6 million and $0.4 million, respectively. Split Dollar Agreements MasTec has split dollar life insurance agreements with trusts, for one of which Jorge Mas is a trustee and for the other of which José R. Mas is a trustee. There were no payments made in connection with these agreements in either of the three month periods ended March 31, 2022 or 2021, and life insurance assets associated with these agreements totaled approximately $24.0 million as of both March 31, 2022 and December 31, 2021.

Acquisitions, Goodwill, and Other Intangible Assets - Quarterly Assessment for Indicators of Impairment - Narrative (Details) - reporting_unit	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Goodwill [Line Items]
Quantitative impairment testing, number of reporting units		8
Oil and Gas
Goodwill [Line Items]
Number of reporting units	1

Debt - Additional Information - Narrative (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Debt Disclosure [Abstract]
Debt instruments, accrued interest payable	$ 5.3	$ 11.7

Earnings Per Share - Schedule of Earnings Per Share (Details) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Net (loss) income attributable to MasTec:
Net (loss) income - basic	$ (34,978)	$ 65,649
Net (loss) income - diluted	$ (34,978)	$ 65,649
Weighted average shares outstanding:
Weighted average shares outstanding - basic (in shares)	74,789	72,439
Dilutive common stock equivalents (in shares)	0	1,407
Weighted average shares outstanding - diluted (in shares)	74,789	73,846
Basic weighted average common shares outstanding (in shares)	74,789	72,439
Anti-dilutive common stock (in shares)	1,321	23
Dilutive common stock equivalents (in shares)	0	1,407
2021 Acquisition, Acquisition One \| Former Owner Of Acquired Business
Weighted average shares outstanding:
Weighted average shares outstanding - basic (in shares)	72
Dilutive common stock equivalents (in shares)	63
Basic weighted average common shares outstanding (in shares)	72
Dilutive common stock equivalents (in shares)	63

Fair Value of Financial Instruments - Acquisition-Related Contingent Consideration and Other Liabilities - Narrative (Details)	3 Months Ended
	Mar. 31, 2022 USD ($)	Mar. 31, 2021 USD ($)	Dec. 31, 2021 USD ($)
Fair Value, Financial Instruments Measured on a Recurring Basis [Line Items]
Acquisition-related contingent consideration liabilities, net increase (decrease), measurement period adjustments	$ (19,500,000)
All Acquisitions
Fair Value, Financial Instruments Measured on a Recurring Basis [Line Items]
Acquisition-related contingent consideration liabilities, range of potential undiscounted earn-out liabilities, low	41,000,000
Acquisition-related contingent consideration liabilities, range of potential undiscounted earn-out liabilities, high	$ 211,000,000
Discount Rate \| Minimum
Fair Value, Financial Instruments Measured on a Recurring Basis [Line Items]
Acquisition-related contingent consideration liabilities, measurement input, discount rate	0.120
Discount Rate \| Maximum
Fair Value, Financial Instruments Measured on a Recurring Basis [Line Items]
Acquisition-related contingent consideration liabilities, measurement input, discount rate	0.183
Discount Rate \| Weighted Average
Fair Value, Financial Instruments Measured on a Recurring Basis [Line Items]
Acquisition-related contingent consideration liabilities, measurement input, discount rate	0.133
Earn-Out Liabilities
Fair Value, Financial Instruments Measured on a Recurring Basis [Line Items]
Acquisition-related contingent consideration liabilities, estimated fair value	$ 160,000,000		$ 160,200,000
Acquisition-related contingent consideration liabilities, additions from new business combinations	1,700,000	$ 0
Acquisition-related contingent consideration liabilities, net increase (decrease), measurement period adjustments	(1,900,000)	0
Acquisition-related contingent consideration liabilities, net increase (decrease), fair value adjustments, expense (income)	0	(400,000)
Acquisition-related contingent consideration liabilities, payments	0	$ 0
Earn-Out Liabilities \| Other Current Liabilities
Fair Value, Financial Instruments Measured on a Recurring Basis [Line Items]
Acquisition-related contingent consideration liabilities, estimated fair value	39,100,000		$ 38,800,000
Earn-Out Liabilities \| Mandatorily Redeemable Stock
Fair Value, Financial Instruments Measured on a Recurring Basis [Line Items]
Acquisition-related contingent consideration liabilities, estimated fair value	$ 13,900,000

Lease Obligations

3 Months Ended

Mar. 31, 2022

Leases [Abstract]

Lease Obligations

In the ordinary course of business, the Company enters into agreements that provide financing for machinery and equipment and for other of its facility, vehicle and equipment needs, including related party leases. As of March 31, 2022, the Company’s leases have remaining lease terms of up to eleven 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 March 31, 2022 and December 31, 2021 totaled $651.1 million and $653.5 million, respectively. Assets held under finance leases, net of accumulated depreciation, totaled $458.3 million and $468.5 million as of March 31, 2022 and December 31, 2021, respectively. Depreciation expense associated with finance leases totaled $20.3 million and $19.0 million for the three month periods ended March 31, 2022 and 2021, respectively.

Operating Leases

Operating lease additions for the three month periods ended March 31, 2022 and 2021 totaled $26.9 million and $5.5 million, respectively. For the three month periods ended March 31, 2022 and 2021, rent expense for leases that have terms in excess of one year totaled approximately $34.0 million and $27.4 million, respectively, of which $3.0 million and $2.2 million, respectively, represented variable lease costs. The Company also incurred rent expense for leases with terms of one year or less totaling approximately $74.3 million and $110.1 million for the three month periods ended March 31, 2022 and 2021, respectively. Rent expense for operating leases is generally consistent with the amount of the related payments, which payments are included within operating activities in the consolidated statements of cash flows.

Additional Lease Information

Future minimum lease commitments as of March 31, 2022 were as follows (in millions):


	Finance Leases		Operating Leases
2022, remaining nine months	$	110.3	$	74.3
2023	102.6		71.9
2024	62.6		56.2
2025	32.1		36.1
2026	4.4		22.1
Thereafter	—		27.2
Total minimum lease payments	$	312.0	$	287.8
Less amounts representing interest	(13.2)		(14.0)
Total lease obligations, net of interest	$	298.8	$	273.8
Less current portion	133.2		92.1
Long-term portion of lease obligations, net of interest	$	165.6	$	181.7

As of March 31, 2022, finance leases had a weighted average remaining lease term of 2.7 years and a weighted average discount rate of 3.2%. Non-cancelable operating leases had a weighted average remaining lease term of 4.4 years and a weighted average discount rate of 2.8% as of March 31, 2022. As of March 31, 2022, future lease obligations for leases that had not yet commenced totaled approximately $7.3 million. These leases commence in 2022 with lease terms ranging from 1 year to 11 years

Lease Obligations

Finance Leases

Operating Leases

Additional Lease Information

Future minimum lease commitments as of March 31, 2022 were as follows (in millions):


	Finance Leases		Operating Leases
2022, remaining nine months	$	110.3	$	74.3
2023	102.6		71.9
2024	62.6		56.2
2025	32.1		36.1
2026	4.4		22.1
Thereafter	—		27.2
Total minimum lease payments	$	312.0	$	287.8
Less amounts representing interest	(13.2)		(14.0)
Total lease obligations, net of interest	$	298.8	$	273.8
Less current portion	133.2		92.1
Long-term portion of lease obligations, net of interest	$	165.6	$	181.7

Equity	3 Months Ended
Equity	Mar. 31, 2022
Equity [Abstract]
Equity	Equity Share Activity The Company’s share repurchase programs provide for the repurchase of shares of MasTec common stock from time to time in open market transactions or in privately negotiated transactions in accordance with applicable securities laws. The 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. For the three month period ended March 31, 2022, the Company repurchased 0.2 million shares of its common stock for an aggregate purchase price totaling approximately $13.8 million, of which 0.1 million shares were repurchased for $8.6 million under the Company’s December 2018 $100 million share repurchase program, which completed the program. The remaining 0.1 million shares were repurchased for $5.2 million under the Company’s March 2020 $150 million share repurchase program. Subsequent to March 31, 2022, the Company repurchased an additional 0.5 million shares of its common stock for an aggregate purchase price of $35.8 million. There were no share repurchases under the Company’s share repurchase programs for the three month period ended March 31, 2021. As of March 31, 2022, $144.8 million was available for future share repurchases under the Company’s March 2020 share repurchase program. Accumulated Other Comprehensive Loss For the three month periods ended March 31, 2022 and 2021, unrealized foreign currency translation activity, net, relates to the Company’s operations in Canada and Mexico. Unrealized investment activity for the three month period ended March 31, 2022 relates to unrealized gains on the Waha JV swaps, and for the three month period ended March 31, 2021, includes unrealized gains on the Waha JV swaps and on the AVCT convertible debentures. See Note 4 - Fair Value of Financial Instruments for additional information.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 14
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496171-112644

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 14
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496171-112644

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-URI http://asc.fasb.org/extlink&oid=120397183&loc=d3e187085-122770

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 18
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496189-112644

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (g)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-URI http://asc.fasb.org/topic&trid=2208762

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 18
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496189-112644

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (h)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 14
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496171-112644

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 18
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496189-112644

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 16
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496180-112644

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (i)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

Other Retirement Plans

3 Months Ended

Mar. 31, 2022

Retirement Benefits [Abstract]

Other Retirement Plans

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


	Multiemployer Plans
	Covered Employees		Contributions (in millions)
	Low	High	Pension		Other Multiemployer		Total
For the Three Months Ended March 31:
2022	6,601	6,672	$	17.0	$	13.2	$	30.2
2021	2,412	2,532	$	22.5	$	2.2	$	24.7

The fluctuations in the number of employees covered under multiemployer plans and related contributions in the table above related primarily to the timing of activity for the Company’s union resource-based projects. For the three month period ended March 31, 2022, multiemployer plan activity was driven primarily by acquisition-related project work within the Company’s Power Delivery operations, whereas for the three month period ended March 31, 2021, activity was driven primarily by projects within the Company’s Oil and Gas operations.

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 55
-Paragraph 17
-URI http://asc.fasb.org/extlink&oid=123450688&loc=d3e4179-114921

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section S99
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=21916913&loc=d3e273930-122802

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (d)(i)
-URI http://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (o)
-URI http://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (p)
-URI http://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 70
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=49170846&loc=d3e28014-114942

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-URI http://asc.fasb.org/topic&trid=2235017

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 60
-Section 50
-Paragraph 3
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=6414203&loc=d3e39689-114964

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (d)(iv)(03)
-URI http://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (q)
-URI http://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (r)(1)
-URI http://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (d)(iii)
-URI http://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (l)
-URI http://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (r)(2)
-URI http://asc.fasb.org/extlink&oid=123447040&loc=d3e1928-114920

+ Details

Segments and Related Information - Foreign Operations and Other - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Segments and Related Information [Line Items]
Revenue	$ 1,954,400	$ 1,775,424
Property and equipment, net	$ 1,484,677		$ 1,436,087
Govermment \| Revenue Benchmark \| Customer Concentration Risk
Segments and Related Information [Line Items]
Concentration risk, percentage of total	6.00%	4.00%
United States
Segments and Related Information [Line Items]
Revenue	$ 1,900,000	$ 1,700,000
Property and equipment, net	1,500,000		1,400,000
Intangible assets and goodwill, net	2,200,000		2,100,000
Foreign Operations
Segments and Related Information [Line Items]
Revenue	24,500	$ 46,400
Property and equipment, net	24,600		24,500
Intangible assets and goodwill, net	$ 42,800		$ 43,800
Foreign Operations \| Accounts Receivable, Net, Less Deferred Revenue \| Geographic Concentration Risk
Segments and Related Information [Line Items]
Concentration risk, percentage of total	1.00%		2.00%

Related Party Transactions - Management - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Management \| Equipment, Supplies and Services
Related Party Transaction [Line Items]
Payments, related party	$ 6.8	$ 20.5
Payables, related party	0.9		$ 0.6
Revenue, related party	3.8	1.1
Receivables, net, related party	3.3		0.4
Management \| Subcontracting Arrangements
Related Party Transaction [Line Items]
Payments, related party		29.0
Payables, related party			0.5
Executive Officers \| Related Customer
Related Party Transaction [Line Items]
Receivables, net, related party	0.8		$ 0.8
Charges, related party	$ 0.3	$ 0.3

Business, Basis of Presentation and Significant Accounting Policies - Revenue Recognition (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Revenue [Line Items]
Revenue recognition, performance obligations satisfied in previous periods, revenue recognized (in dollars)	$ 11.9	$ 13.8
Revenue recognition, remaining performance obligations, contract price allocated (in dollars)	4,800.0
Contract with customer, unapproved change orders and/or claims, amount (in dollars)	131.0		$ 104.0
Mobilization Costs
Revenue [Line Items]
Mobilization costs	$ 1.3		$ 1.4
Maximum
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 \| Concentration Risk from Type of Arrangement \| Master Service and Other Service Agreements
Revenue [Line Items]
Concentration risk, percentage of total	58.00%	28.00%
Revenue Benchmark \| Concentration Risk from Type of Arrangement \| Master Service and Other Service Agreements \| Point in Time
Revenue [Line Items]
Concentration risk, percentage of total	4.00%	5.00%
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-04-01
Revenue [Line Items]
Revenue, remaining performance obligation, expected timing of satisfaction, period	9 months
Revenue recognition, remaining performance obligations, contract price allocated (in dollars)	$ 3,800.0

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

3 Months Ended

Mar. 31, 2022

Receivables [Abstract]

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

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


	March 31, 2022		December 31, 2021
Contract billings	$	910.4	$	1,027.1
Less allowance	(7.9)		(7.8)
Accounts receivable, net of allowance	$	902.5	$	1,019.3

Retainage	272.9		296.8
Unbilled receivables	1,051.4		931.1
Contract assets	$	1,324.3	$	1,227.9

Lease Obligations - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Lessee, Lease, Description [Line Items]
Finance leases, assets, gross	$ 651.1		$ 653.5
Finance Lease, Liability, Statement of Financial Position [Extensible List]	Property and equipment, net		Property and equipment, net
Finance leases, assets, net	$ 458.3		$ 468.5
Finance leases, assets, depreciation	20.3	$ 19.0
Operating leases, additions	26.9	5.5
Operating leases, expense	34.0	27.4
Operating leases, variable lease costs	3.0	2.2
Operating leases, short-term leases, expense	$ 74.3	$ 110.1
Finance leases, weighted average remaining lease term (in years)	2 years 8 months 12 days
Finance leases, weighted average discount rate, percent	3.20%
Operating leases, weighted average remaining lease term (in years)	4 years 4 months 24 days
Operating leases, weighted average discount rate, percent	2.80%
Leases not yet commenced, undiscounted amount	$ 7.3
Minimum
Lessee, Lease, Description [Line Items]
Operating leases, term of contract (in years)	1 year
Leases not yet commenced, term of contract	1 year
Minimum \| Equipment Leases
Lessee, Lease, Description [Line Items]
Leases, renewal term	1 year
Minimum \| Facility Leases
Lessee, Lease, Description [Line Items]
Leases, renewal term	1 year
Maximum
Lessee, Lease, Description [Line Items]
Leases, remaining lease terms	11 years
Operating leases, term of contract (in years)	1 year
Leases not yet commenced, term of contract	11 years
Maximum \| Equipment Leases
Lessee, Lease, Description [Line Items]
Leases, renewal term	5 years
Maximum \| Facility Leases
Lessee, Lease, Description [Line Items]
Leases, renewal term	5 years

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended
Income Taxes (Details) - USD ($) $ in Millions	Mar. 31, 2022	Mar. 31, 2021
Income Tax Disclosure [Abstract]
Consolidated effective tax rate, percent	27.30%	30.70%
Tax benefit (expense), share-based payment arrangement	$ 0.9	$ (2.3)

Segments and Related Information (Tables)

3 Months Ended

Mar. 31, 2022

Segment Reporting [Abstract]

Schedule of Financial Information by Reportable Segment

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


	For the Three Months Ended March 31,
Revenue:	2022		2021
Communications (a)	$	664.2	$	568.6
Clean Energy and Infrastructure	435.9		350.4
Oil and Gas	211.0		725.5
Power Delivery	650.5		133.5
Other	0.0		0.0
Eliminations	(7.2)		(2.6)
Consolidated revenue	$	1,954.4	$	1,775.4

(a) Revenue generated primarily by utilities customers represented 25.6% and 20.1% of Communications segment revenue for the three month periods ended March 31, 2022 and 2021, respectively.


	For the Three Months Ended March 31,
EBITDA:	2022		2021
Communications	$	40.3	$	48.9
Clean Energy and Infrastructure	10.9		10.9
Oil and Gas	21.5		167.6
Power Delivery	46.1		3.6
Other	6.9		7.4
Corporate	(47.0)		(40.0)
Consolidated EBITDA	$	78.7	$	198.4


	For the Three Months Ended March 31,
Depreciation and Amortization:	2022		2021
Communications	$	29.0	$	21.8
Clean Energy and Infrastructure	11.4		7.6
Oil and Gas	31.6		52.1
Power Delivery	35.7		6.1
Other	0.0		0.0
Corporate	3.1		2.9
Consolidated depreciation and amortization	$	110.8	$	90.5


Assets:	March 31, 2022		December 31, 2021 (a)
Communications	$	2,156.6	$	2,100.9
Clean Energy and Infrastructure	970.5		1,067.0
Oil and Gas	1,509.8		1,527.6
Power Delivery	2,038.6		2,017.2
Other	263.0		238.1
Corporate	149.5		170.6
Consolidated segment assets	$	7,088.0	$	7,121.4

(a) Segment assets as of December 31, 2021 were recast during the first quarter of 2022 to conform with the change in segment reporting for the HMG acquisition, the effect of which was a decrease in Power Delivery segment assets of $192.2 million, an increase in assets for the Communications and Oil and Gas segments of $69.4 million and $77.0 million, respectively, and an increase in Corporate assets of $45.8 million.

Reconciliation of Consolidated Income before Income Taxes to EBITDA


	For the Three Months Ended March 31,
EBITDA Reconciliation:	2022		2021
(Loss) income before income taxes	$	(48.1)	$	95.4
Plus:
Interest expense, net	16.0		12.5
Depreciation	85.2		79.3
Amortization of intangible assets	25.6		11.2
Consolidated EBITDA	$	78.7	$	198.4

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Statement of Comprehensive Income [Abstract]
Net (loss) income	$ (34,959)	$ 66,112
Other comprehensive income:
Foreign currency translation gains, net of tax	913	371
Unrealized gains on investment activity, net of tax	13,754	13,839
Comprehensive (loss) income	(20,292)	80,322
Comprehensive income attributable to non-controlling interests	19	463
Comprehensive (loss) income attributable to MasTec, Inc.	$ (20,311)	$ 79,859

- 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 1A
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=124509347&loc=SL7669619-108580

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 50
-Paragraph 1A
-Subparagraph (a)(1)
-URI http://asc.fasb.org/extlink&oid=109239629&loc=SL4573702-111684

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=124431687&loc=d3e22663-107794

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(i))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442526-122756

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(i))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442552-122756

Reference 7: 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=123359005&loc=d3e8736-108599

Reference 8: 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=123359005&loc=d3e8933-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 40
-Section 65
-Paragraph 1
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=123482062&loc=SL123482106-238011

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442526-122756

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442552-122756

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=124431353&loc=SL124452729-227067

Reference 13: 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=123359005&loc=d3e8906-108599

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=123570139&loc=d3e3000-108585

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 45
-Paragraph 19
-URI http://asc.fasb.org/extlink&oid=123454820&loc=SL4569616-111683

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 323
-SubTopic 10
-Section 50
-Paragraph 3
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=114001798&loc=d3e33918-111571

Reference 17: 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=123359005&loc=d3e8933-108599

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(A))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442552-122756

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721683-107760

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
-URI http://asc.fasb.org/extlink&oid=124431687&loc=d3e22499-107794

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 28
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=123596393&loc=d3e14064-108612

Reference 22: 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 23: 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=123359005&loc=d3e8924-108599

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 1B
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=124509347&loc=SL7669625-108580

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442526-122756

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii)(A))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442526-122756

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442552-122756

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(B))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442552-122756

Reference 29: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(ii))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442526-122756

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 50
-Paragraph 1A
-Subparagraph (c)(1)
-URI http://asc.fasb.org/extlink&oid=109239629&loc=SL4573702-111684

Reference 31: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 55
-Paragraph 4J
-URI http://asc.fasb.org/extlink&oid=120409616&loc=SL4591551-111686

Reference 32: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 55
-Paragraph 4K
-URI http://asc.fasb.org/extlink&oid=120409616&loc=SL4591552-111686

Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=124431687&loc=d3e22658-107794

+ Details

Other Retirement Plans (Details) $ in Millions	3 Months Ended
Other Retirement Plans (Details) $ in Millions	Mar. 31, 2022 USD ($) employee	Mar. 31, 2021 USD ($) employee
Covered Employees and Contributions, Multiemployer Plans [Line Items]
Multiemployer plan, employer contribution, cost	$ 30.2	$ 24.7
Pension
Covered Employees and Contributions, Multiemployer Plans [Line Items]
Multiemployer plan, employer contribution, cost	17.0	22.5
Other Multiemployer
Covered Employees and Contributions, Multiemployer Plans [Line Items]
Multiemployer plan, employer contribution, cost	$ 13.2	$ 2.2
Low
Covered Employees and Contributions, Multiemployer Plans [Line Items]
Multiemployer plans, covered employees (in number of employees) \| employee	6,601	2,412
High
Covered Employees and Contributions, Multiemployer Plans [Line Items]
Multiemployer plans, covered employees (in number of employees) \| employee	6,672	2,532

Fair Value of Financial Instruments - Senior Notes - Narrative (Details) - 4.50% Senior Notes - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Fair Value Disclosure of Liabilities Not Measured at Fair Value [Line Items]
Senior notes, gross carrying amount	$ 600.0	$ 600.0
Senior Notes
Fair Value Disclosure of Liabilities Not Measured at Fair Value [Line Items]
Debt instrument, interest rate (percentage)	4.50%	4.50%
Senior notes, estimated fair value	$ 594.8	$ 619.5

Related Party Transactions - Split Dollar Agreements - Narrative (Details) - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Chairman, Board of Directors
Related Party Transaction [Line Items]
Payments for life insurance policies	$ 0	$ 0
Chief Executive Officer
Related Party Transaction [Line Items]
Payments for life insurance policies	0	$ 0
Executive Officers
Related Party Transaction [Line Items]
Life insurance assets, carrying amount	$ 24,000,000		$ 24,000,000

Consolidated Statements of Equity - USD ($) $ in Thousands	Total	Common Stock	Treasury Stock	Capital Surplus	Retained Earnings	Accumulated Other Comprehensive Loss	Total MasTec, Inc. Shareholders’ Equity	Non-Controlling Interests
Beginning balance, common shares outstanding (in shares) at Dec. 31, 2020		93,107,440
Beginning balance at Dec. 31, 2020	$ 2,005,525	$ 9,311	$ (586,955)	$ 837,453	$ 1,833,557	$ (91,444)	$ 2,001,922	$ 3,603
Beginning balance, treasury shares (in shares) at Dec. 31, 2020			(18,941,926)
Condensed Unaudited Consolidated Statements of Equity
Net income	66,112				65,649		65,649	463
Other comprehensive income (loss)	14,210					14,210	14,210
Non-cash stock-based compensation	5,528			5,528			5,528
Issuance (forfeiture) of restricted shares, net (in shares)		138,081
Issuance of restricted shares, net	0	$ 14		(14)
Other stock issuances (shares withheld for taxes), net (in shares)		7,747
Other stock issuances (shares withheld for taxes), net	$ (2,400)			(2,400)			(2,400)
Acquisition of treasury stock, at cost (in shares)	0
Ending balance, common shares outstanding (in shares) at Mar. 31, 2021		93,253,268
Ending balance at Mar. 31, 2021	$ 2,088,975	$ 9,325	$ (586,955)	840,567	1,899,206	(77,234)	2,084,909	4,066
Ending balance, treasury shares (in shares) at Mar. 31, 2021			(18,941,926)
Beginning balance, common shares outstanding (in shares) at Dec. 31, 2021	95,371,211	95,371,211
Beginning balance at Dec. 31, 2021	$ 2,543,861	$ 9,537	$ (586,955)	1,033,615	2,162,388	(78,776)	2,539,809	4,052
Beginning balance, treasury shares (in shares) at Dec. 31, 2021	(18,941,926)		(18,941,926)
Condensed Unaudited Consolidated Statements of Equity
Net income	$ (34,959)				(34,978)		(34,978)	19
Other comprehensive income (loss)	14,667					14,667	14,667
Non-cash stock-based compensation	6,336			6,336			6,336
Issuance (forfeiture) of restricted shares, net (in shares)		165,010
Issuance of restricted shares, net	0	$ 17		(17)
Other stock issuances (shares withheld for taxes), net (in shares)		(48,204)
Other stock issuances (shares withheld for taxes), net	$ (4,037)	$ (5)		(4,032)			(4,037)
Acquisition of treasury stock, at cost (in shares)	(187,978)		(187,978)
Acquisition of treasury stock, at cost	$ (13,791)		$ (13,791)				(13,791)
Ending balance, common shares outstanding (in shares) at Mar. 31, 2022	95,488,017	95,488,017
Ending balance at Mar. 31, 2022	$ 2,512,077	$ 9,549	$ (600,746)	$ 1,035,902	$ 2,127,410	$ (64,109)	$ 2,508,006	$ 4,071
Ending balance, treasury shares (in shares) at Mar. 31, 2022	(19,129,904)		(19,129,904)

Acquisitions, Goodwill, and Other Intangible Assets (Tables)

3 Months Ended

Mar. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill by Segment

The following table provides a reconciliation of changes in goodwill by reportable segment for the three month period ended March 31, 2022 (in millions). Goodwill balances as of December 31, 2021 were recast in the first quarter of 2022 to reflect the change in segment reporting for the HMG acquisition, as discussed in Note 1 – Business, Basis of Presentation and Significant Accounting Policies. Goodwill was reallocated based on the estimated relative fair value of the respective HMG reporting units. See Note 13 – Segments and Related Information for additional information.


	Communications		Clean Energy and Infrastructure		Oil and Gas		Power Delivery		Total Goodwill
Goodwill, gross, as of December 31, 2021 (a)	$	614.5	$	166.1	$	561.3	$	303.4	$	1,645.3
Accumulated impairment loss (b)	—				(124.7)		—		(124.7)
Goodwill, net, as of December 31, 2021	$	614.5	$	166.1	$	436.6	$	303.4	$	1,520.6
Additions from new business combinations	—		—		3.0		—		3.0
Measurement period adjustments (c)	(5.4)		2.1		7.4		(23.6)		(19.5)
Currency translation adjustments	—		—		0.2		—		0.2
Goodwill, net as of March 31, 2022	$	609.1	$	168.2	$	447.2	$	279.8	$	1,504.3

(a) The change in segment reporting for the HMG acquisition resulted in a decrease in Power Delivery segment goodwill of $23.4 million and an increase in goodwill for the Communications and Oil and Gas segments of $13.0 million and $10.4 million, respectively, as of December 31, 2021.

(b) Accumulated impairment losses include the effects of currency translation gains and/or losses.

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

Schedule of Finite-Lived Intangible Assets

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


	Other Intangible Assets
	Non-Amortizing		Amortizing
	Trade Names			Customer Relationships and Backlog		Pre-Qualifications		Other (a)		Total
Other intangible assets, gross, as of December 31, 2021	$	34.5		$	763.1	$	73.9	$	124.6	$	996.1
Accumulated amortization				(278.0)		(21.4)		(26.4)		(325.8)
Other intangible assets, net, as of December 31, 2021	$	34.5		$	485.1	$	52.5	$	98.2	$	670.3
Additions from new business combinations	—			1.6		—		0.7		2.3
Measurement period adjustments (b)	—			55.8		—		(10.1)		45.7
Currency translation adjustments	—			—		0.3		—		0.3
Amortization expense				(20.3)		(2.2)		(3.1)		(25.6)
Other intangible assets, net, as of March 31, 2022	$	34.5		$	522.2	$	50.6	$	85.7	$	693.0

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

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

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

The following table summarizes the estimated fair values of consideration paid and net assets acquired for the 2021 acquisitions, as adjusted (in millions):


Acquisition consideration(a):	HMG		All other		Total
Cash, net of cash acquired	$	416.9	$	872.2	$	1,289.1
Shares transferred	181.7		—		181.7

Estimated fair value of contingent consideration	—		99.7		99.7

Total consideration	$	598.6	$	971.9	$	1,570.5
Identifiable assets acquired and liabilities assumed:
Accounts receivable and contract assets	$	409.8	$	270.6	$	680.4
Current assets	14.6		27.7		42.3
Property and equipment	247.0		250.8		497.8
Long-term assets, primarily operating lease right-of-use assets	85.1		81.8		166.9
Amortizing intangible assets	164.6		444.2		608.8
Accounts payable	(108.0)		(49.3)		(157.3)
Current liabilities, including current portion of operating lease liabilities	(155.3)		(136.3)		(291.6)
Long-term debt, including finance lease obligations	(0.2)		(4.4)		(4.6)
Long-term liabilities, primarily operating lease liabilities and deferred income taxes	(150.0)		(76.5)		(226.5)
Total identifiable net assets	$	507.6	$	808.6	$	1,316.2
Goodwill	91.0		166.8		257.8
Total net assets acquired, including goodwill	$	598.6	$	975.4	$	1,574.0
Bargain purchase gain	—		(3.5)		(3.5)
Total consideration	$	598.6	$	971.9	$	1,570.5

(a) Acquisition consideration excludes approximately $65 million of measurement period adjustments for estimated payments that will be made to the sellers of HMG if certain acquired receivables are collected. Given the pass-through nature of these contingent payments, they have been excluded from total consideration and current assets in the table above. See below for related discussion.

Property and Equipment, Net (Tables)

3 Months Ended

Mar. 31, 2022

Property, Plant and Equipment [Abstract]

Schedule of Property and Equipment, Net

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


	March 31, 2022		December 31, 2021
Land	$	40.0	$	40.0
Buildings and leasehold improvements	93.9		94.1
Machinery and equipment	2,495.7		2,411.0
Office furniture and equipment	270.7		262.6
Construction in progress	60.1		32.7
Total property and equipment	$	2,960.4	$	2,840.4
Less accumulated depreciation and amortization	(1,475.7)		(1,404.3)
Property and equipment, net	$	1,484.7	$	1,436.1

Property and Equipment, Net

3 Months Ended

Mar. 31, 2022

Property, Plant and Equipment [Abstract]

Property and Equipment, Net

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


	March 31, 2022		December 31, 2021
Land	$	40.0	$	40.0
Buildings and leasehold improvements	93.9		94.1
Machinery and equipment	2,495.7		2,411.0
Office furniture and equipment	270.7		262.6
Construction in progress	60.1		32.7
Total property and equipment	$	2,960.4	$	2,840.4
Less accumulated depreciation and amortization	(1,475.7)		(1,404.3)
Property and equipment, net	$	1,484.7	$	1,436.1

The gross amount of capitalized internal-use software, which is included within office furniture and equipment, totaled $179.4 million and $176.4 million as of March 31, 2022 and December 31, 2021, respectively. Capitalized internal-use software, net of accumulated amortization, totaled $43.5 million and $43.9 million as of March 31, 2022 and December 31, 2021, respectively.

Fair Value of Financial Instruments - Equity Investments - Narrative (Details) - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Fair Value, Financial Instruments Measured on a Non-Recurring Basis [Line Items]
Equity investments, carrying value	$ 280,000,000		$ 267,000,000
Equity investments, adjusted cost basis, amount	20,000,000		20,000,000
Equity investments, impairments	$ 0	$ 0
Waha JVs
Fair Value, Financial Instruments Measured on a Non-Recurring Basis [Line Items]
Equity method investments, ownership percentage	33.00%
Equity investments, carrying value	$ 234,000,000		216,000,000
CCI
Fair Value, Financial Instruments Measured on a Non-Recurring Basis [Line Items]
Equity investments, ownership percentage	15.00%
Equity investments, adjusted cost basis, amount	$ 15,000,000		15,000,000
FM Tech
Fair Value, Financial Instruments Measured on a Non-Recurring Basis [Line Items]
Equity method investments, ownership percentage	50.00%
Equity investments, carrying value	$ 17,000,000		$ 17,000,000

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Income Statement [Abstract]
Revenue	$ 1,954,400	$ 1,775,424
Costs of revenue, excluding depreciation and amortization	1,733,316	1,513,859
Depreciation	85,194	79,264
Amortization of intangible assets	25,589	11,247
General and administrative expenses	145,390	70,591
Interest expense, net	16,041	12,459
Equity in earnings of unconsolidated affiliates, net	(6,777)	(7,346)
Other expense (income), net	3,754	(79)
(Loss) income before income taxes	(48,107)	95,429
Benefit from (provision for) income taxes	13,148	(29,317)
Net (loss) income	(34,959)	66,112
Net income attributable to non-controlling interests	19	463
Net (loss) income attributable to MasTec, Inc.	$ (34,978)	$ 65,649
(Loss) earnings per share (Note 2):
Basic (loss) per share (in dollars per share)	$ (0.47)	$ 0.91
Basic weighted average common shares outstanding (in shares)	74,789	72,439
Diluted (loss) per share (in dollars per share)	$ (0.47)	$ 0.89
Diluted weighted average common shares outstanding (in shares)	74,789	73,846

Stock-Based Compensation and Other Employee Benefit Plans - ESPP (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Stock-Based Compensation and Other Employee Benefit Plans [Line Items]
Common shares issued (in shares)	24,737	18,843
Employee Stock Purchase Plans
Stock-Based Compensation and Other Employee Benefit Plans [Line Items]
ESPP purchase price, percent	85.00%
Cash proceeds (in dollars)	$ 1.9	$ 1.4
Compensation expense	$ 0.3	$ 0.3

Other Retirement Plans (Tables)

3 Months Ended

Mar. 31, 2022

Retirement Benefits [Abstract]

Schedule of Covered Employees and Contributions, Multiemployer Plans

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


	Multiemployer Plans
	Covered Employees		Contributions (in millions)
	Low	High	Pension		Other Multiemployer		Total
For the Three Months Ended March 31:
2022	6,601	6,672	$	17.0	$	13.2	$	30.2
2021	2,412	2,532	$	22.5	$	2.2	$	24.7

- Definition

Tabular disclosure of information about multiemployer plan.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 80
-Section 50
-Paragraph 5
-Subparagraph (f)(2)
-URI http://asc.fasb.org/extlink&oid=65877416&loc=SL14450657-114947

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 80
-Section 50
-Paragraph 5
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=65877416&loc=SL14450657-114947

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 80
-Section 50
-Paragraph 5
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=65877416&loc=SL14450657-114947

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 80
-Section 50
-Paragraph 5
-Subparagraph (e)(1)
-URI http://asc.fasb.org/extlink&oid=65877416&loc=SL14450657-114947

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 80
-Section 55
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=35742348&loc=SL14450788-114948

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 80
-Section 50
-Paragraph 5
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=65877416&loc=SL14450657-114947

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 80
-Section 50
-Paragraph 9
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=65877416&loc=SL14450691-114947

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 80
-Section 50
-Paragraph 5
-Subparagraph (e)(2)
-URI http://asc.fasb.org/extlink&oid=65877416&loc=SL14450657-114947

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 80
-Section 50
-Paragraph 9
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=65877416&loc=SL14450691-114947

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 80
-Section 50
-Paragraph 5
-Subparagraph (f)(1)
-URI http://asc.fasb.org/extlink&oid=65877416&loc=SL14450657-114947

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 80
-Section 50
-Paragraph 5
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=65877416&loc=SL14450657-114947

+ Details

Debt - Schedule of Carrying Values of Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Finance lease and other obligations	$ 299,800	$ 310,300
Total debt obligations	1,940,300	2,032,600
Less unamortized deferred financing costs	(17,600)	(18,500)
Total debt, net of deferred financing costs	1,922,700	2,014,100
Current portion of long-term debt	133,963	137,912
Long-term debt	1,788,727	1,876,233
Credit Facility \| Revolving Loans
Debt Instrument [Line Items]
Long-term debt obligations	690,500	772,300
Credit Facility \| Term Loan
Debt Instrument [Line Items]
Long-term debt obligations	350,000	350,000
Senior Notes \| 4.50% Senior Notes
Debt Instrument [Line Items]
Long-term debt obligations	$ 600,000	$ 600,000
Debt instrument, interest rate (percentage)	4.50%	4.50%

Commitments and Contingencies - Additional Information (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021
Loss Contingencies [Line Items]
Other current assets	$ 117,297	$ 81,884
Third Quarter Settlement \| Settled Litigation
Loss Contingencies [Line Items]
Other current assets	$ 19,000		$ 25,000

Segments and Related Information

3 Months Ended

Mar. 31, 2022

Segment Reporting [Abstract]

Segment and Related Information

Segments and Related Information

Segment Discussion

The Company manages its operations under five operating segments, which represent its five reportable segments: (1) Communications; (2) Clean Energy and Infrastructure; (3) Oil and Gas; (4) Power Delivery and (5) Other. This structure is generally focused on broad end-user markets for the Company’s labor-based construction services. All five reportable segments derive their revenue from the engineering, installation and maintenance of infrastructure, primarily in North America. In the first quarter of 2022, the Company began integration of HMG. The HMG

acquisition was completed on December 30, 2021, with its initial balance sheet reported within the Company’s Power Delivery segment. During the first quarter of 2022, the Company reported portions of HMG’s operations within its Power Delivery, Communications and Oil and Gas segments, as appropriate, and HMG’s corporate functions within its Corporate results. Accordingly, HMG’s December 31, 2021 balance sheet information was recast to conform with the new reporting structure.

The Communications segment performs engineering, construction, maintenance and customer fulfillment activities related to communications infrastructure, primarily for wireless and wireline/fiber communications and install-to-the-home customers, as well as infrastructure for utilities, among others. The Clean Energy and Infrastructure segment primarily serves energy, utility, government and other end-markets through the installation and construction of power generation facilities, primarily from clean energy and renewable sources, such as wind, solar, biomass, natural gas and hydrogen, as well as battery storage for renewable energy and various types of heavy civil and industrial infrastructure. The Company performs engineering, construction and maintenance services for pipelines and processing facilities for the energy and utilities industries through its Oil and Gas segment. The Power Delivery segment primarily serves the energy and utility industries through the engineering, construction and maintenance of power transmission and distribution infrastructure, including electrical and gas transmission lines, distribution network systems and substations. The Other segment includes certain equity investees, the services of which vary from those provided by the Company’s primary segments, as well as other small business units that perform construction and other services for certain international end-markets.

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


	For the Three Months Ended March 31,
Revenue:	2022		2021
Communications (a)	$	664.2	$	568.6
Clean Energy and Infrastructure	435.9		350.4
Oil and Gas	211.0		725.5
Power Delivery	650.5		133.5
Other	0.0		0.0
Eliminations	(7.2)		(2.6)
Consolidated revenue	$	1,954.4	$	1,775.4

(a) Revenue generated primarily by utilities customers represented 25.6% and 20.1% of Communications segment revenue for the three month periods ended March 31, 2022 and 2021, respectively.


	For the Three Months Ended March 31,
EBITDA:	2022		2021
Communications	$	40.3	$	48.9
Clean Energy and Infrastructure	10.9		10.9
Oil and Gas	21.5		167.6
Power Delivery	46.1		3.6
Other	6.9		7.4
Corporate	(47.0)		(40.0)
Consolidated EBITDA	$	78.7	$	198.4

For the three month period ended March 31, 2022, Power Delivery, Communications, Oil and Gas and Corporate EBITDA included $7.0 million, $0.8 million, $2.0 million and $3.8 million, respectively, of acquisition and integration costs related to the Company’s fourth quarter 2021 acquisitions.


	For the Three Months Ended March 31,
Depreciation and Amortization:	2022		2021
Communications	$	29.0	$	21.8
Clean Energy and Infrastructure	11.4		7.6
Oil and Gas	31.6		52.1
Power Delivery	35.7		6.1
Other	0.0		0.0
Corporate	3.1		2.9
Consolidated depreciation and amortization	$	110.8	$	90.5


Assets:	March 31, 2022		December 31, 2021 (a)
Communications	$	2,156.6	$	2,100.9
Clean Energy and Infrastructure	970.5		1,067.0
Oil and Gas	1,509.8		1,527.6
Power Delivery	2,038.6		2,017.2
Other	263.0		238.1
Corporate	149.5		170.6
Consolidated segment assets	$	7,088.0	$	7,121.4


	For the Three Months Ended March 31,
EBITDA Reconciliation:	2022		2021
(Loss) income before income taxes	$	(48.1)	$	95.4
Plus:
Interest expense, net	16.0		12.5
Depreciation	85.2		79.3
Amortization of intangible assets	25.6		11.2
Consolidated EBITDA	$	78.7	$	198.4

Foreign Operations and Other. MasTec operates primarily in the United States and Canada, and, to a far lesser extent, in Mexico, the Caribbean and India. Revenue derived from U.S. operations totaled $1.9 billion and $1.7 billion for the three month periods ended March 31, 2022 and 2021, respectively. Revenue derived from foreign operations totaled $24.5 million and $46.4 million for the three month periods ended March 31, 2022 and 2021, respectively, which was derived primarily from the Company’s Canadian operations in its Oil and Gas segment, and, to a lesser extent, from the Company’s operations in Mexico. Long-lived assets held in the U.S. included property and equipment, net, of $1.5 billion and $1.4 billion as of March 31, 2022 and December 31, 2021, respectively, and, for the Company’s businesses in foreign countries, totaled $24.6 million and $24.5 million, respectively. Intangible assets and goodwill, net, related to the Company’s U.S. operations totaled approximately $2.2 billion and $2.1 billion as of March 31, 2022 and December 31, 2021, respectively, and for the Company’s businesses in foreign countries, totaled approximately $42.8 million and $43.8 million as of March 31, 2022 and December 31, 2021, respectively. Substantially all of the Company’s long-lived and intangible assets and goodwill in foreign countries relate to its Canadian operations. As of March 31, 2022 and December 31, 2021, amounts due from customers from which foreign revenue was derived accounted for approximately 1% and 2%, respectively, of the Company’s consolidated net accounts receivable position, which represents accounts receivable, net, less deferred revenue. Revenue from governmental entities for the three month periods ended March 31, 2022 and 2021 totaled approximately 6% and 4% of total revenue, respectively, substantially all of which was derived from the Company’s U.S. operations.

Significant Customers

For the three month period ended March 31, 2022, no customer represented greater than 10% of the Company’s total consolidated revenue, and for the three month period ended March 31, 2021, Enbridge, Inc. represented 25% of the Company’s total consolidated revenue. The Company’s relationship with Enbridge, Inc. is based upon various construction contracts for pipeline activities, for which the related revenue is included within the Oil and Gas segment.

- 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8924-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 34
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8981-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 21
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8721-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9031-108599

Reference 5: 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=123359005&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 26
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8844-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9038-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 10: 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=123359005&loc=d3e8736-108599

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9054-108599

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8657-108599

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 21
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8721-108599

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-URI http://asc.fasb.org/topic&trid=2134510

+ Details

Acquisitions, Goodwill, and Other Intangible Assets

3 Months Ended

Mar. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Acquisitions, Goodwill, and Other Intangible Assets

Acquisitions, Goodwill and Other Intangible Assets


	Communications		Clean Energy and Infrastructure		Oil and Gas		Power Delivery		Total Goodwill
Goodwill, gross, as of December 31, 2021 (a)	$	614.5	$	166.1	$	561.3	$	303.4	$	1,645.3
Accumulated impairment loss (b)	—				(124.7)		—		(124.7)
Goodwill, net, as of December 31, 2021	$	614.5	$	166.1	$	436.6	$	303.4	$	1,520.6
Additions from new business combinations	—		—		3.0		—		3.0
Measurement period adjustments (c)	(5.4)		2.1		7.4		(23.6)		(19.5)
Currency translation adjustments	—		—		0.2		—		0.2
Goodwill, net as of March 31, 2022	$	609.1	$	168.2	$	447.2	$	279.8	$	1,504.3

(b) Accumulated impairment losses include the effects of currency translation gains and/or losses.

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

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


	Other Intangible Assets
	Non-Amortizing		Amortizing
	Trade Names			Customer Relationships and Backlog		Pre-Qualifications		Other (a)		Total
Other intangible assets, gross, as of December 31, 2021	$	34.5		$	763.1	$	73.9	$	124.6	$	996.1
Accumulated amortization				(278.0)		(21.4)		(26.4)		(325.8)
Other intangible assets, net, as of December 31, 2021	$	34.5		$	485.1	$	52.5	$	98.2	$	670.3
Additions from new business combinations	—			1.6		—		0.7		2.3
Measurement period adjustments (b)	—			55.8		—		(10.1)		45.7
Currency translation adjustments	—			—		0.3		—		0.3
Amortization expense				(20.3)		(2.2)		(3.1)		(25.6)
Other intangible assets, net, as of March 31, 2022	$	34.5		$	522.2	$	50.6	$	85.7	$	693.0

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

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

Quarterly Assessment for Indicators of Impairment. During the first quarter of 2022, in conjunction with the Company’s quarterly review for indicators of impairment, management performed a quantitative assessment of the goodwill associated with one reporting unit within its Oil and Gas segment. Based on the results of this assessment, management determined that the estimated fair value of this reporting unit substantially exceeded its carrying value as of March 31, 2022. The Company’s first quarter 2022 review for indicators of impairment included consideration of its quarterly financial results, which reflected a net loss for the period. As of March 31, 2022, the Company determined that its first quarter 2022 results, together with its expectations of future results, were generally consistent with those anticipated when performing its annual impairment review in the fourth quarter of 2021, including consideration of the potential effects of shifts in timing for certain projects. The Company’s 2021 impairment assessment included quantitative testing for eight reporting units, for which the estimated fair values of such reporting units were

determined to substantially exceed their carrying values, and a 100 basis point increase in the discount rate would not have resulted in any of the reporting units’ carrying values exceeding their fair values. Significant changes in the assumptions or estimates used in management’s assessment, such as a reduction in profitability and/or cash flows, changes in market conditions, including decreases in market activity levels or increases in interest rates due to rising inflation, could result in non-cash impairment charges to goodwill and indefinite-lived intangible assets in the future.

Recent Acquisitions

The Company seeks to grow and diversify its business both organically and through acquisitions and/or strategic arrangements in order to deepen its market presence, broaden its geographic reach and expand its service offerings.

2022 Acquisitions. In January 2022, MasTec acquired all of the equity interests of an infrastructure construction company focusing on water, sewer and utility projects and expertise in excavation and site work that is included within the Company’s Oil and Gas segment for an aggregate purchase price composed of approximately $13.0 million in cash, net of cash acquired and an earn-out liability valued at approximately $1.7 million. Determination of the estimated fair values of net assets acquired was preliminary as of March 31, 2022; as a result, further adjustments to these estimates may occur.

2021 Acquisitions. During 2021, MasTec completed fourteen acquisitions, including all of the equity interests of the following:

(i) Within the Company’s Power Delivery segment: HMG, an industry-leading utility services firm providing critical infrastructure design, construction and maintenance services to the power and renewables, telecommunications, gas distribution and pipeline services end-markets, which acquisition was effective in December. In the first quarter of 2022, MasTec integrated and began reporting the results of HMG within its Power Delivery, Communications and Oil and Gas segments, as appropriate, and began reporting HMG’s corporate functions within its corporate results. See Note 13 – Segments and Related Information for additional details. During 2021, the Company also acquired an electric utility distribution contractor and a company specializing in vegetation management services for the electric and telecommunications industries, which acquisitions were effective in December; and Intren, LLC (“INTREN”), a premier specialty utility contractor primarily providing electrical distribution network services under various multi-year master service agreements to some of the nation’s largest utilities, municipalities and cooperatives, which acquisition was effective in May;

(ii) within the Company’s Clean Energy and Infrastructure segment: a heavy civil infrastructure construction company focusing on transportation projects; and a heavy industrial general contractor with concrete, piping and electrical capabilities, which acquisitions were effective in February and April, respectively;

(iii) within the Company’s Communications segment: a telecommunications company specializing in cabling, plant and other network services, which acquisition was effective in November; a telecommunications and utility technical services company focusing on outside plant telecommunications engineering; a telecommunications and cable services provider; and a utilities infrastructure company, providing power line construction and repair services, all of which acquisitions were effective in May; and business operations specializing in install-to-the-home services, which acquisition was effective in August; and

(iv) within the Company’s Oil and Gas segment: an infrastructure construction company focusing on water, sewer and utility projects, along with expertise in site work; and a company specializing in environmental services for energy infrastructure and heavy civil projects, both of which acquisitions were effective in December; and a pipeline contractor focusing on integrity and maintenance work related to gas distribution infrastructure, which acquisition was effective in February.

These acquisitions were funded with cash on hand, borrowings under the Company’s credit facility and with shares of the Company’s common stock, and are subject to customary purchase price adjustments.

The following table summarizes the estimated fair values of consideration paid and net assets acquired for the 2021 acquisitions, as adjusted (in millions):


Acquisition consideration(a):	HMG		All other		Total
Cash, net of cash acquired	$	416.9	$	872.2	$	1,289.1
Shares transferred	181.7		—		181.7

Estimated fair value of contingent consideration	—		99.7		99.7

Total consideration	$	598.6	$	971.9	$	1,570.5
Identifiable assets acquired and liabilities assumed:
Accounts receivable and contract assets	$	409.8	$	270.6	$	680.4
Current assets	14.6		27.7		42.3
Property and equipment	247.0		250.8		497.8
Long-term assets, primarily operating lease right-of-use assets	85.1		81.8		166.9
Amortizing intangible assets	164.6		444.2		608.8
Accounts payable	(108.0)		(49.3)		(157.3)
Current liabilities, including current portion of operating lease liabilities	(155.3)		(136.3)		(291.6)
Long-term debt, including finance lease obligations	(0.2)		(4.4)		(4.6)
Long-term liabilities, primarily operating lease liabilities and deferred income taxes	(150.0)		(76.5)		(226.5)
Total identifiable net assets	$	507.6	$	808.6	$	1,316.2
Goodwill	91.0		166.8		257.8
Total net assets acquired, including goodwill	$	598.6	$	975.4	$	1,574.0
Bargain purchase gain	—		(3.5)		(3.5)
Total consideration	$	598.6	$	971.9	$	1,570.5

Amortizing intangible assets related to the HMG acquisition are primarily composed of customer relationships, and to a lesser extent, trade names and backlog. Customer relationship intangible assets totaled approximately $132 million, and had a weighted average life of approximately 12 years, based on HMG’s operational history and established relationships with, and the nature of, its customers, which are primarily in the utilities industry. The weighted average life of amortizing intangible assets in the aggregate for the HMG acquisition was 11 years. Amortizing intangible assets related to “All other” acquisitions are primarily composed of customer relationships and trade names, which each had a weighted average life of approximately 17 years. The aggregate weighted average life related to “All other” amortizing intangible assets was 17 years. INTREN’s acquired intangible assets included a customer relationship and a trade name intangible asset representing $281 million in the aggregate, having asset lives of approximately 20 years each based on INTREN’s operational history and established relationships with, and the nature of, its customers, which are primarily in the utilities industry. Amortizing intangible assets are amortized in a manner consistent with the pattern in which the related benefits are expected to be consumed.

The goodwill balances for each of the respective acquisitions, including approximately $49 million for INTREN, which is included within “All other” acquisitions, represent the estimated values of each acquired company’s geographic presence in key markets, assembled workforce, management team’s industry-specific project management expertise and synergies expected to be achieved from the combined operations of each of the acquired companies and MasTec. Approximately $147 million of the goodwill balance related to the 2021 acquisitions is expected to be tax deductible as of March 31, 2022. One of the Company’s fourth quarter 2021 acquisitions in its Power Delivery segment resulted in the recognition of a bargain purchase gain of $3.5 million, which amount was included within other (income) expense, net, in the Company’s consolidated statements of operations.

The HMG purchase agreement provides for certain additional payments to be made to the sellers if certain acquired receivables are collected by the Company (the “Additional Payments”). Pursuant to the terms of the purchase agreement, a portion of the Additional Payments will be made in cash, with the remainder due in shares of MasTec common stock. The fair value of the Additional Payments as of March 31, 2022 was estimated to be approximately $65 million in the aggregate, which amount is included within other current liabilities in the consolidated balance sheet. Of this amount, approximately $27 million is to be paid in shares, or approximately 295,000 shares as of March 31, 2022, based upon the contractually agreed upon value of our common stock. The amount of Additional Payments due to the sellers as of March 31, 2022 from collections of acquired receivables totaled approximately $30 million, of which the amount due in shares totaled approximately $12 million, or 135,000 shares. See Note 2 – Earnings Per Share for the effect of the above referenced shares on the Company’s earnings per share calculations.

The estimated number of potential shares that could be issued related to such Additional Payments will be based on the amounts ultimately collected and the share price as defined within the purchase agreement. As of March 31, 2022, based on such share price, the total number of potential shares for the Additional Payments that could be issued is up to approximately 390,000 shares, or $36 million. In addition, the HMG purchase agreement provides for a customary net working capital adjustment, under which additional shares could be issued. Such shares would be determined in a manner consistent with the terms that apply to the Additional Payments. As of March 31, 2022, the amount of any potential net working capital adjustment cannot be quantified or predicted with specificity due to ongoing evaluation of the net assets acquired. Changes in the estimated fair value of the potential shares that could be issued under the terms of this agreement, which result from changes in MasTec’s share price as compared with the share price as defined within the purchase agreement will be reflected within other income or expense, as appropriate. For the

three month period ended March 31, 2022, unrealized fair value measurement activity related to these shares was not significant.

Included within “All other” acquisition consideration is approximately $452 million of consideration, including estimated earn-out liabilities, for INTREN. Total cash paid for acquisitions, net, includes approximately $78 million of cash acquired. The shares of MasTec common stock transferred in connection with the HMG acquisition consisted of approximately 2.0 million shares, as determined based on the terms of the purchase agreement, valued at approximately $182 million, based on the market price of the Company’s common stock on the date of closing.

The contingent consideration included in the table above is composed of earn-out liabilities, which equal a portion of the acquired companies’ earnings before interest, taxes, depreciation and amortization (“EBITDA”) in excess of thresholds agreed upon with the sellers, if applicable. The earn-out arrangements for the 2021 acquisitions generally range from one to five-year terms, as set forth in the respective purchase agreements, and are valued at approximately $100 million in the aggregate. The earn-out arrangement for the INTREN acquisition included within “All other” acquisitions had a term of less than one year. Earn-outs are generally payable annually and are recorded within other current and other long-term liabilities in the consolidated balance sheets. See Note 4 - Fair Value of Financial Instruments for details pertaining to fair value estimates for the Company’s earn-out arrangements. As of March 31, 2022, the range of remaining potential undiscounted earn-out liabilities for the 2021 acquisitions was estimated to be between $13 million and $133 million; however, there is no maximum payment amount. Determination of the estimated fair values of the net assets acquired and the estimated earn-out liabilities and consideration transferred for certain of these acquisitions was preliminary as of March 31, 2022; as a result, further adjustments to these estimates may occur.

Pro forma results. For the three month periods ended March 31, 2022 and 2021, unaudited supplemental pro forma revenue totaled approximately $2.0 billion and $2.4 billion, respectively. For the three month period ended March 31, 2022, unaudited supplemental pro forma net loss totaled $34.4 million, and for the three month period ended March 31, 2021, unaudited supplemental pro forma net income totaled $43.5 million.

Acquisition-related results. For the three month period ended March 31, 2022, the Company’s consolidated results of operations included acquisition-related revenue of approximately $704.7 million, including a total of $548.1 million for HMG and INTREN. For the three month period ended March 31, 2021, the Company’s consolidated results of operations included acquisition-related revenue of approximately $86.8 million. Acquisition-related net losses totaled approximately $4.3 million for the three month period ended March 31, 2022, and for the three month period ended March 31, 2021, acquisition-related net income totaled approximately $1.2 million, based on the Company’s consolidated effective tax rates. These acquisition-related results include amortization of acquired intangible assets and acquisition integration costs, and exclude the effects of interest expense associated with consideration paid for the related acquisitions.

Acquisition and integration costs. The Company incurred certain acquisition and integration costs in connection with its fourth quarter 2021 acquisitions, which costs are included within general and administrative expenses in the Company’s consolidated statements of operations. Acquisition and integration costs include i) the costs of integrating acquired entities, such as: employee termination expenses, including employee compensation relating to the elimination of certain positions that were determined to be redundant, and other integration-type costs, including facility consolidation expenses, lease termination expenses, system migration expenses, training, operating cost redundancies and other integration costs, as well as ii) legal, professional and other fees associated with the consummation of an acquisition. The Company is currently in the process of integrating these acquisitions and expects to incur additional acquisition and integration expenses in 2022. Acquisition and integration costs for the three month period ended March 31, 2022 totaled approximately $13.6 million, and as of March 31, 2022, approximately $1.1 million was included within current liabilities within the consolidated balance sheets related to such costs.

Acquisitions, Goodwill, and Other Intangible Assets - 2022 and 2021 Acquisitions - Narrative (Details) $ in Thousands	1 Months Ended		3 Months Ended			12 Months Ended
	Jan. 31, 2022 USD ($)	Dec. 31, 2021 USD ($) yr shares	Mar. 31, 2022 USD ($) shares	Dec. 31, 2021 USD ($) yr	Mar. 31, 2021 USD ($)	Dec. 31, 2021 USD ($) yr acquisition shares
Business Acquisition [Line Items]
Cash paid for acquisitions, net of cash acquired			$ 21,840		$ 88,646
Goodwill		$ 1,520,575	1,504,341	$ 1,520,575		$ 1,520,575
Oil and Gas
Business Acquisition [Line Items]
Cash paid for acquisitions, net of cash acquired	$ 13,000
Goodwill		436,600	447,200	436,600		436,600
Power Delivery
Business Acquisition [Line Items]
Goodwill		303,400	279,800	303,400		303,400
2021 Acquisitions
Business Acquisition [Line Items]
Cash paid for acquisitions, net of cash acquired						1,289,100
Estimated fair value of contingent consideration		100,000		100,000		$ 100,000
Business combinations, number of acquisitions \| acquisition						14
Amortizing intangible assets		608,800		608,800		$ 608,800
Goodwill		$ 257,800		257,800		257,800
Business acquisition, goodwill, expected tax deductible amount			147,000
Bargain purchase gain						(3,500)
Shares transferred						181,700
Total consideration						$ 1,570,500
Acquisition-related contingent consideration liabilities, range of potential undiscounted earn-out liabilities, low			13,000
Acquisition-related contingent consideration liabilities, range of potential undiscounted earn-out liabilities, high			133,000
2021 Acquisitions \| Power Delivery
Business Acquisition [Line Items]
Bargain purchase gain				$ (3,500)
2021 Acquisitions \| Minimum \| Expected Term
Business Acquisition [Line Items]
Business combinations, contingent consideration, earn-out period (in years) \| yr		1		1		1
2021 Acquisitions \| Maximum \| Expected Term
Business Acquisition [Line Items]
Business combinations, contingent consideration, earn-out period (in years) \| yr		5		5		5
HMG
Business Acquisition [Line Items]
Cash paid for acquisitions, net of cash acquired						$ 416,900
Amortizing intangible assets		$ 164,600		$ 164,600		$ 164,600
Amortizing intangible assets, weighted average useful life						11 years
Goodwill		$ 91,000		91,000		$ 91,000
Bargain purchase gain						$ 0
Business acquisition, number of shares issued (in shares) \| shares		1,975,232				2,000,000
Shares transferred						$ 181,700
Total consideration						598,600
HMG \| Contingent Consideration, Value Of Common Stock
Business Acquisition [Line Items]
Estimated fair value of contingent consideration			$ 65,000
Business acquisition, number of shares issued (in shares) \| shares			295,000
Shares transferred			$ 27,000
HMG \| Contingent Consideration, Collection Of Acquired Receivables
Business Acquisition [Line Items]
Estimated fair value of contingent consideration			$ 30,000
Business acquisition, number of shares issued (in shares) \| shares			135,000
Shares transferred			$ 12,000
HMG \| Maximum \| Contingent Consideration, Value Of Common Stock
Business Acquisition [Line Items]
Business acquisition, number of shares issued (in shares) \| shares			390,000
Shares transferred			$ 36,000
HMG \| Customer Relationships
Business Acquisition [Line Items]
Amortizing intangible assets		$ 132,000		132,000		$ 132,000
Amortizing intangible assets, weighted average useful life						12 years
All other
Business Acquisition [Line Items]
Cash paid for acquisitions, net of cash acquired						$ 872,200
Amortizing intangible assets		444,200		444,200		$ 444,200
Amortizing intangible assets, weighted average useful life						17 years
Goodwill		$ 166,800		$ 166,800		$ 166,800
Bargain purchase gain						(3,500)
Shares transferred						0
Total consideration						971,900
All other \| Power Delivery
Business Acquisition [Line Items]
Cash paid for acquisitions, net of cash acquired						78,000
Total consideration						$ 452,000
All other \| Minimum \| Expected Term \| Power Delivery
Business Acquisition [Line Items]
Business combinations, contingent consideration, earn-out period (in years) \| yr		1		1		1
All other \| Customer Relationships
Business Acquisition [Line Items]
Amortizing intangible assets, weighted average useful life						17 years
INTREN \| Power Delivery
Business Acquisition [Line Items]
Goodwill		$ 49,000		$ 49,000		$ 49,000
INTREN \| Customer Relationships And Trade Names \| Power Delivery
Business Acquisition [Line Items]
Amortizing intangible assets		$ 281,000		$ 281,000		$ 281,000
Amortizing intangible assets, weighted average useful life						20 years
2022 Acquisitions \| Oil and Gas
Business Acquisition [Line Items]
Estimated fair value of contingent consideration	$ 1,700

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

3 Months Ended

Mar. 31, 2022

Receivables [Abstract]

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

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


	March 31, 2022		December 31, 2021
Contract billings	$	910.4	$	1,027.1
Less allowance	(7.9)		(7.8)
Accounts receivable, net of allowance	$	902.5	$	1,019.3

Retainage	272.9		296.8
Unbilled receivables	1,051.4		931.1
Contract assets	$	1,324.3	$	1,227.9

Contract billings represent the amount of performance obligations that have been billed but not yet collected, whereas contract assets consist of unbilled receivables and retainage. Unbilled receivables represent the estimated value of unbilled work for projects with performance obligations recognized over time. Retainage represents a portion of the contract amount that has been billed, but for which the contract allows the customer to retain a portion of the billed amount until final contract settlement (generally, from 5% to 10% of contract billings). For the three month period ended March 31, 2022, provisions for credit losses were de minimis, and for the three month period ended March 31, 2021, provisions for credit losses totaled a recovery of $7.7 million resulting from successful collection of previously reserved amounts. 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 $298.3 million and $314.0 million as of March 31, 2022 and December 31, 2021, respectively, of which deferred revenue comprised approximately $286.3 million and $296.1 million, respectively. For the three month period ended March 31, 2022, the Company recognized revenue of approximately $186.2 million related to amounts that were included in deferred revenue as of December 31, 2021, resulting primarily from 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 $1.0 million and $0.8 million for the three month periods ended March 31, 2022 and 2021, respectively.

Stock-Based Compensation and Other Employee Benefit Plans - Narrative (Details) - USD ($) shares in Thousands, $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Stock-Based Compensation and Other Employee Benefit Plans [Line Items]
Stock-based compensation plans, number of shares available for future grant (in shares)	3,408
Non-cash stock-based compensation expense	$ 6.3	$ 5.5
Stock-based compensation, income tax benefits	2.2	1.1
Stock-based compensation, vested awards, net income tax benefits	$ 0.9	$ 0.1

Fair Value of Financial Instruments - Other Investments - Other Equity Method Investments - Narrative (Details) - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Fair Value, Financial Instruments Measured on a Non-Recurring Basis [Line Items]
Equity method investments, equity in earnings (losses)	$ 6,777,000	$ 7,346,000
Equity method investments, net investment	$ 280,000,000		$ 267,000,000
Confluence
Fair Value, Financial Instruments Measured on a Non-Recurring Basis [Line Items]
Equity method investments, ownership percentage	75.00%
Equity method investments, equity contributions	$ 1,700,000	400,000
Equity method investments, equity in earnings (losses)	$ (200,000)	(100,000)
Confluence \| Maximum
Fair Value, Financial Instruments Measured on a Non-Recurring Basis [Line Items]
Financing commitments		2,500,000
FM Tech
Fair Value, Financial Instruments Measured on a Non-Recurring Basis [Line Items]
Equity method investments, ownership percentage	50.00%
Equity method investments, net investment	$ 17,000,000		17,000,000
Telecommunications Equity Method Investees
Fair Value, Financial Instruments Measured on a Non-Recurring Basis [Line Items]
Equity method investments, equity contributions	500,000	2,000,000
Equity method investments, equity in earnings (losses)	(300,000)	(300,000)
Equity method investments, net investment	20,000,000		20,000,000
Payments for advance to affiliate	0	200,000
Telecommunications Equity Method Investees \| Subcontracting Arrangements
Fair Value, Financial Instruments Measured on a Non-Recurring Basis [Line Items]
Expenses, related party	1,000,000	1,800,000
Payables, related party			300,000
Telecommunications Equity Method Investees \| Employee Leasing and Advanced Receivable Arrangement
Fair Value, Financial Instruments Measured on a Non-Recurring Basis [Line Items]
Receivables, related party	$ 700,000		900,000
Certain Entities, Each Accounted for Using Equity Method Investments
Fair Value, Financial Instruments Measured on a Non-Recurring Basis [Line Items]
Equity method investments, ownership percentage	49.00%
Equity method investments, equity in earnings (losses)	$ 100,000
Equity method investments, net investment		$ 4,000,000	4,000,000
Expenses, related party	3,600,000
Payables, related party	100,000
Line of credit, amount drawn	8,500,000
Certain Entities, Each Accounted for Using Equity Method Investments \| Other Current Assets
Fair Value, Financial Instruments Measured on a Non-Recurring Basis [Line Items]
Line of credit, amount drawn	$ 400,000		$ 400,000

Business, Basis of Presentation and Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2022
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, 2021 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, 2021 contained in the Company’s 2021 Annual Report on Form 10-K (the “2021 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 with the current period presentation, including for the first quarter 2022 change in segment balance sheet information for HMG, as discussed above. In addition, in the fourth quarter of 2021, the Company updated its presentation of gains or losses, net, from the sale of property and equipment to include such amounts within general and administrative expenses. Previously, such gains or losses were included within other income or expense. 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 with the current period presentation, including for the first quarter 2022 change in segment balance sheet information for HMG, as discussed above. In addition, in the fourth quarter of 2021, the Company updated its presentation of gains or losses, net, from the sale of property and equipment to include such amounts within general and administrative expenses. Previously, such gains or losses were included within other income or expense
Principles of Consolidation	Principles of Consolidation The accompanying consolidated financial statements include MasTec, Inc. and its subsidiaries and include the accounts of all majority owned subsidiaries over which the Company exercises control and, when applicable, entities in which the Company has a controlling financial interest. All significant intercompany balances and transactions have been eliminated in consolidation. Other parties’ interests in entities that MasTec consolidates are reported as non-controlling interests within equity, except for mandatorily redeemable non-controlling interests, which are recorded within other liabilities. Net income or loss attributable to non-controlling interests is reported as a separate line item below net income or loss. The Company applies the equity method of accounting for its investments in entities for which it does not have a controlling financial interest, but over which it has the ability to exert significant influence. For equity investees in which the Company has an undivided interest in the assets, liabilities and profits or losses of an unincorporated entity, but does not exercise control over the entity, the Company consolidates its proportional interest in the accounts of the entity.
Equity Method Investments	The Company applies the equity method of accounting for its investments in entities for which it does not have a controlling financial interest, but over which it has the ability to exert significant influence.
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. For foreign operations for which the local currency is not the functional currency, the operation’s non-monetary assets are remeasured into U.S. dollars at historical exchange rates. All other accounts are remeasured at current exchange rates. Gains or losses from remeasurement are included in other income or expense, net. Currency gains or losses resulting from transactions executed in currencies other than the functional currency are included in other income or expense, net.
Management Estimates	Management Estimates The preparation of consolidated financial statements in accordance with U.S. GAAP requires the use of estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. These estimates are based on historical experience and various other assumptions that management believes to be reasonable under the circumstances, including the potential future effects of public health matters, such as the COVID-19 pandemic, climate-related matters, and macroeconomic trends and events, such as inflation and interest rate levels, as well as global events, such as the ongoing military conflict in Ukraine. These estimates form the basis for making judgments about the Company’s operating results and the carrying values of assets and liabilities that are not readily apparent from other sources. While management believes that such estimates are reasonable when considered in conjunction with the Company’s consolidated financial position and results of operations taken as a whole, actual results could differ materially from these estimates. Key estimates include: the recognition of revenue and project profit or loss, which the Company defines as project revenue, less project costs of revenue, including project-related depreciation, in particular, on construction contracts accounted for under the cost-to-cost method, for which the recorded amounts require estimates of costs to complete and the amount and probability of variable consideration included in the contract transaction price; fair value estimates, including those related to acquisitions, valuations of goodwill, intangible and other assets, acquisition-related contingent consideration and other liabilities, equity investments and long-lived assets; allowances for credit losses; asset lives used in computing depreciation and amortization; fair values of financial instruments; self-insurance liabilities; other accruals and allowances; income taxes; and the estimated effects of litigation and other contingencies.
COVID-19 Pandemic and General Economic Conditions	COVID-19 Pandemic and General Economic Conditions The COVID-19 pandemic has disrupted business activities and global economic conditions and negatively affected the Company’s operations since the first quarter of 2020, including from reduced crew productivity, the health and availability of work crews or other key personnel and subcontractors; supply chain disruptions; delayed project start dates; and lost productivity from governmental permitting approval delays, project shutdowns and/or cancellations, among other factors. While the adverse effects of the COVID-19 pandemic have begun to subside, its effects vary by region, and uncertainties arising from the COVID-19 pandemic could continue to disrupt economic conditions and business activities, particularly as new variants of COVID-19 arise. The extent to which the COVID-19 pandemic, including the recent and emerging variants, could affect the Company’s business, operations and financial results is uncertain as it will depend upon numerous evolving factors that management may not be able to accurately predict. The length and extent of any continuing economic and market disruptions are unknown, and therefore, any future impacts on the Company’s business, financial condition and/or results of operations cannot be quantified or predicted with specificity. The Company believes that it has taken appropriate steps to mitigate the effects of the COVID-19 pandemic on its business, and the Company’s business model has, thus far, proven resilient. Notwithstanding moderation of the COVID-19 pandemic and related governmental and other restrictions, the Company may continue to experience direct and indirect negative effects on its business and operations from possible longer-term changes in consumer and customer behavior and/or from negative economic conditions, including recent inflationary effects, rising interest rates and supply chain disruptions, including limited availability of products. The Coronavirus Aid, Relief and Economic Security Act (the “CARES Act”), which was enacted in response to the effects of the COVID-19 pandemic, permitted deferral and/or reduction of certain federal and payroll tax amounts, certain of which the Company pursued.
Revenue Recognition	Revenue Recognition The Company recognizes revenue from contracts with customers when, or as, control of promised services and goods is transferred to customers. The amount of revenue recognized reflects the consideration to which the Company expects to be entitled in exchange for the services and goods transferred. The Company primarily recognizes revenue over time utilizing the cost-to-cost measure of progress, which best depicts the continuous transfer of control of goods or services to the customer, and correspondingly, when performance obligations are satisfied for the related contracts. Contracts. The Company derives revenue primarily from construction projects performed under: (i) master and other service agreements, which generally provide a menu of available services in a specific geographic territory that are utilized on an as-needed basis, and are typically priced using either a time and materials or a fixed price per unit basis; and (ii) contracts for specific projects requiring the construction and installation of an entire infrastructure system, or specified units within an infrastructure system, which are subject to multiple pricing options, including fixed price, unit price, time and materials, or cost plus a markup. Revenue derived from projects performed under master service and other service agreements totaled 58% and 28% of consolidated revenue for the three month periods ended March 31, 2022 and 2021, respectively. For certain master service and other service agreements, revenue is recognized at a point in time, primarily for install-to-the-home and other wireless services in the Company’s Communications segment. This is generally when the work order has been fulfilled, which is typically the same day the work is initiated. Point in time revenue accounted for approximately 4% and 5% of consolidated revenue for the three month periods ended March 31, 2022 and 2021, respectively. 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 three month periods ended March 31, 2022 and 2021, project profit was affected by less than 5% as a result of changes in contract estimates included in projects that were in process as of December 31, 2021 and 2020. For the three month periods ended March 31, 2022 and 2021, revenue recognized as a result of changes in total contract transaction price estimates, including from variable consideration, from performance obligations satisfied or partially satisfied in prior periods, totaled approximately $11.9 million and $13.8 million, respectively. The Company may incur certain costs that can be capitalized, such as initial set-up or mobilization costs. Such capitalized costs, which are amortized over the life of the respective projects, totaled $1.3 million and $1.4 million as of March 31, 2022 and December 31, 2021, respectively. Performance Obligations. A performance obligation is a contractual promise to transfer a distinct good or service to a customer. The transaction price of a contract is allocated to each distinct performance obligation and recognized as revenue when or as the performance obligation is satisfied. The 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 March 31, 2022, the amount of the Company’s remaining performance obligations was $4.8 billion. Based on current expectations, the Company anticipates it will recognize approximately $3.8 billion of its remaining performance obligations as revenue during 2022, with the vast majority of the remaining balance expected to be recognized in 2023. Variable Consideration. Transaction prices for the Company’s contracts may include variable consideration, which comprises items such as change orders, claims and incentives. Management estimates variable consideration for a performance obligation utilizing estimation methods that it believes best predict the amount of consideration to which the Company will be entitled. 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 March 31, 2022 and December 31, 2021, the Company included approximately $131 million and $104 million, respectively, of change orders and/or claims in transaction prices for certain contracts that were in the process of being resolved in the ordinary course of business, including through negotiation, arbitration and other proceedings. These transaction price adjustments, when earned, are included within contract assets or accounts receivable, net of allowance, as appropriate. As of both March 31, 2022 and December 31, 2021, these change orders and/or claims primarily related to certain projects in the Company’s Clean Energy and Infrastructure and Power Delivery segments. 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 The discussion below describes the effects of recent accounting pronouncements, as updated from the discussion in the Company’s 2021 Form 10-K. Recent Accounting Pronouncements In October 2021, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers (“ASU 2021-08”) to improve consistency for revenue recognition in the post-acquisition period for acquired contracts as compared to contracts entered into subsequent to acquisition. ASU 2021-08 requires an acquirer to recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with Topic 606, Revenue from Contracts with Customers, rather than at fair value. ASU 2021-08 is effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2022, with early adoption permitted. The Company is currently evaluating the potential effect of this ASU on its consolidated financial statements.

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Cash flows from operating activities:
Net (loss) income	$ (34,959)	$ 66,112
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation	85,194	79,264
Amortization of intangible assets	25,589	11,247
Non-cash stock-based compensation expense	6,336	5,528
Provision for (benefit from) deferred income taxes	1,647	(19,838)
Equity in earnings of unconsolidated affiliates, net	(6,777)	(7,346)
Gains on sales of assets, net	(2,568)	(1,965)
Non-cash interest expense, net	854	783
Other non-cash items, net	(926)	(5,578)
Changes in assets and liabilities, net of acquisitions:
Accounts receivable	121,646	(61,993)
Contract assets	(104,490)	26,799
Inventories	(8,980)	651
Other assets, current and long-term portion	36,268	(7,961)
Accounts payable and accrued expenses	14,537	153,386
Contract liabilities	(13,802)	14,782
Other liabilities, current and long-term portion	11,949	3,293
Net cash provided by operating activities	131,518	257,164
Cash flows from investing activities:
Cash paid for acquisitions, net of cash acquired	(21,840)	(88,646)
Capital expenditures	(83,191)	(48,058)
Proceeds from sale of property and equipment	4,630	6,035
Payments for other investments	(960)	(4,350)
Proceeds from other investments	0	557
Other investing activities, net	0	(150)
Net cash used in investing activities	(101,361)	(134,612)
Cash flows from financing activities:
Proceeds from credit facilities	773,500	18,155
Repayments of credit facilities	(855,083)	(8,869)
Payments of finance lease obligations	(41,600)	(38,222)
Payments for stock-based awards	(3,996)	(3,753)
Repurchases of common stock	(13,791)	0
Other financing activities, net	(17,046)	(502)
Net cash used in financing activities	(158,016)	(33,191)
Effect of currency translation on cash	256	(72)
Net (decrease) increase in cash and cash equivalents	(127,603)	89,289
Cash and cash equivalents - beginning of period	360,736	423,118	$ 423,118
Cash and cash equivalents - end of period	233,133	512,407	$ 360,736
Supplemental cash flow information:
Interest paid	23,178	21,689
Supplemental disclosure of non-cash information:
Additions to property and equipment from finance leases	$ 48,604	$ 50,772

Debt

3 Months Ended

Mar. 31, 2022

Debt Disclosure [Abstract]

Debt

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


Description	Maturity Date	March 31, 2022		December 31, 2021
Senior credit facility:	November 1, 2026
Revolving loans		$	690.5	$	772.3
Term loan		350.0		350.0
4.50% Senior Notes	August 15, 2028	600.0		600.0
Finance lease and other obligations		299.8		310.3
Total debt obligations		$	1,940.3	$	2,032.6
Less unamortized deferred financing costs		(17.6)		(18.5)
Total debt, net of deferred financing costs		$	1,922.7	$	2,014.1
Current portion of long-term debt		134.0		137.9
Long-term debt		$	1,788.7	$	1,876.2

Senior Credit Facility

As of March 31, 2022, the Company’s senior unsecured credit facility (the “Credit Facility”) had aggregate borrowing commitments totaling approximately $2.0 billion, which amount is composed of $1.65 billion of revolving commitments and a term loan with an original principal amount of $350 million (the “Term Loan”). The Term Loan is subject to amortization in quarterly principal installments of approximately $2.2 million commencing in March 2023, which quarterly installments increase to approximately $4.0 million in March 2025 until maturity. Quarterly principal installments on the Term Loan are subject to adjustment, if applicable, for certain prepayments.

As of March 31, 2022 and December 31, 2021, outstanding revolving loans, which included $0.5 million and $32.3 million, respectively, of borrowings denominated in foreign currencies, accrued interest at weighted average rates of approximately 1.60% and 2.32% per annum, respectively. The Term Loan accrued interest at rates of 1.71% and 1.35% as of March 31, 2022 and December 31, 2021, respectively. Letters of credit of approximately $198.6 million and $166.3 million were issued as of March 31, 2022 and December 31, 2021, respectively. As of both March 31, 2022 and December 31, 2021, letter of credit fees accrued at 0.4375% 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 March 31, 2022 and December 31, 2021, availability for revolving loans totaled $760.9 million and $711.5 million, respectively, or up to $451.4 million and $483.7 million, respectively, for new letters of credit. Revolving loan borrowing capacity included $299.5 million and $267.7 million of availability in either Canadian dollars or Mexican pesos as of March 31, 2022 and December 31, 2021, respectively. The unused facility fee as of both March 31, 2022 and December 31, 2021 accrued at a rate of 0.175% per annum.

The Credit Facility is guaranteed by certain subsidiaries of the Company and the obligations under the Credit Facility are not secured.

Other Credit Facilities. The Company has other credit facilities that support: (i) the working capital requirements of its foreign operations and (ii) certain letter of credit issuances. There were no outstanding borrowings under the Company’s other credit facilities as of March 31, 2022 or December 31, 2021. Additionally, the Company has a separate credit facility, under which it may issue performance standby letters of credit. As of March 31, 2022 and December 31, 2021, letters of credit issued under this facility totaled $18.4 million and $22.2 million, respectively, and accrued fees at 0.40% per annum as of both periods. The Company’s other credit facilities are subject to customary provisions and covenants.

Debt Guarantees and Covenants

The 4.50% Senior Notes are fully and unconditionally guaranteed on a senior unsecured, joint and several basis by certain of the Company’s wholly-owned domestic restricted subsidiaries that guarantee its existing credit facilities. MasTec was in compliance with the provisions and covenants of its outstanding debt instruments as of both March 31, 2022 and December 31, 2021.

Additional Information

As of March 31, 2022 and December 31, 2021, accrued interest payable, which is recorded within other accrued expenses in the consolidated balance sheets, totaled $5.3 million and $11.7 million, respectively. For additional information pertaining to the Company’s debt instruments, see Note 7 - Debt in the Company’s 2021 Form 10-K.

Accounts Receivable, Net of Allowance, and Contract Assets and Liabilities - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Schedule of Accounts Receivable, Net of Allowance, and Contract Assets and Liabilities [Line Items]
Accounts receivable, credit loss provision (recovery)		$ (7,700)
Contract liabilities	$ 298,347		$ 313,965
Contract with customer liability, deferred revenue current	286,300		$ 296,100
Deferred revenue, revenue recognized	186,200
Non-recourse financing agreement, discount charge	16,041	12,459
Receivables, Non-Recourse Arrangement
Schedule of Accounts Receivable, Net of Allowance, and Contract Assets and Liabilities [Line Items]
Non-recourse financing agreement, discount charge	$ 1,000	$ 800
Minimum
Schedule of Accounts Receivable, Net of Allowance, and Contract Assets and Liabilities [Line Items]
Retainage, percentage of contract billings	5.00%
Maximum
Schedule of Accounts Receivable, Net of Allowance, and Contract Assets and Liabilities [Line Items]
Retainage, percentage of contract billings	10.00%

Debt - Senior Credit Facility - Narrative (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended	12 Months Ended
	Mar. 31, 2025	Mar. 31, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Line of credit facility, letters of credit issued		$ 217.0	$ 188.5
Credit Facility
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity		2,000.0
Line of credit facility, letters of credit issued		$ 198.6	$ 166.3
Line of credit facility, unused facility fee (percentage)		0.175%	0.175%
Credit Facility \| Revolving Loans
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity		$ 1,650.0
Weighted average interest rate (percentage)		1.60%	2.32%
Line of credit facility, remaining borrowing capacity		$ 760.9	$ 711.5
Credit Facility \| Term Loan
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity		350.0
Line of credit facility, term loan, amount of quarterly principal installment payments		$ 2.2
Line of credit facility, interest rate (percentage)		1.71%	1.35%
Credit Facility \| Term Loan \| Forecast
Debt Instrument [Line Items]
Line of credit facility, term loan, amount of quarterly principal installment payments	$ 4.0
Credit Facility \| Foreign Denomination
Debt Instrument [Line Items]
Long-term line of credit		$ 0.5	$ 32.3
Line of credit facility, remaining borrowing capacity		299.5	267.7
Credit Facility \| Letters of Credit
Debt Instrument [Line Items]
Line of credit facility, capacity available for letters of credit		$ 451.4	$ 483.7
Credit Facility \| Letters of Credit \| Performance Standby
Debt Instrument [Line Items]
Line of credit facility, interest rate (percentage)		0.4375%	0.4375%
Credit Facility \| Letters of Credit \| Commercial and/or Financial Standby
Debt Instrument [Line Items]
Line of credit facility, interest rate (percentage)		1.25%	1.25%

Segments and Related Information - Reconciliation of Consolidated Income before Income Taxes to EBITDA (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
EBITDA Reconciliation:
(Loss) income before income taxes	$ (48,107)	$ 95,429
Interest expense, net	16,041	12,459
Depreciation	85,194	79,264
Amortization of intangible assets	25,589	11,247
Consolidated EBITDA	$ 78,700	$ 198,400

- 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=123359005&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=123359005&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=123359005&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=123384075&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=123359005&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=123367319&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=123359005&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

Commitments and Contingencies - Investment Arrangements (Details) $ in Thousands	Mar. 31, 2022 USD ($) constructionProject	Dec. 31, 2021 USD ($)
Other Commitments [Line Items]
Number of joint ventures \| constructionProject	3
Cash	$ 233,133	$ 360,736
Proportionately Consolidated Non-Controlled Joint Venture
Other Commitments [Line Items]
Cash	$ 26,800	$ 14,600
Proportionately Consolidated Non-Controlled Joint Venture \| Joint Ventures That Provide Electrical Transmission Infrastructure Services \| Minimum
Other Commitments [Line Items]
Proportionately consolidated non-controlled joint venture, ownership percentage	85.00%
Proportionately Consolidated Non-Controlled Joint Venture \| Joint Ventures That Provide Electrical Transmission Infrastructure Services \| Maximum
Other Commitments [Line Items]
Proportionately consolidated non-controlled joint venture, ownership percentage	90.00%
Proportionately Consolidated Non-Controlled Joint Venture \| Joint Venture Civil Construction Project \| Minimum
Other Commitments [Line Items]
Proportionately consolidated non-controlled joint venture, ownership percentage	30.00%
Proportionately Consolidated Non-Controlled Joint Venture \| Joint Venture Civil Construction Project \| Maximum
Other Commitments [Line Items]
Proportionately consolidated non-controlled joint venture, ownership percentage	50.00%

Stock-Based Compensation and Other Employee Benefit Plans

3 Months Ended

Mar. 31, 2022

Share-based Payment Arrangement [Abstract]

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 March 31, 2022, there were approximately 3,408,000 shares available for future grant. Non-cash stock-based compensation expense under all plans totaled $6.3 million and $5.5 million for the three month periods ended March 31, 2022 and 2021, respectively. Income tax benefits associated with stock-based compensation arrangements totaled $2.2 million and $1.1 million for the three month periods ended March 31, 2022 and 2021, respectively, including net tax benefits related to the vesting of share-based payment awards totaling $0.9 million and $0.1 million, respectively.

Restricted Shares

MasTec grants restricted stock awards and restricted stock units (together, “restricted shares”) to eligible participants, which are valued based on the closing market share price of MasTec common stock (the “market price”) on the date of grant. During the restriction period, holders of restricted stock awards are entitled to vote the shares. As of March 31, 2022, total unearned compensation related to restricted shares was approximately $50.6 million, which amount is expected to be recognized over a weighted average period of approximately 2.2 years. The fair value of restricted shares that vested, which is based on the market price on the date of vesting, totaled $19.0 million and $10.9 million for the three month periods ended March 31, 2022 and 2021, respectively.


Activity, restricted shares: (a)	Restricted Shares	Per Share Weighted Average Grant Date Fair Value
Non-vested restricted shares, as of December 31, 2021	1,748,685	$	43.73
Granted	168,910	86.95
Vested	(226,335)	46.88
Canceled/forfeited	(3,400)	34.96
Non-vested restricted shares, as of March 31, 2022	1,687,860	$	47.66

(a) Includes 1,800 and 1,300 restricted stock units as of March 31, 2022 and December 31, 2021, respectively.

Employee Stock Purchase Plans

The Company has certain employee stock purchase plans (collectively, “ESPPs”), under which shares of the Company’s common stock are available for purchase by eligible participants. Under the ESPPs, eligible participants are permitted to purchase MasTec, Inc. common stock at 85% of the fair market value of the shares on the date of purchase, which occurs on the last trading day of each two week offering period. At the Company’s discretion, share purchases may be satisfied by delivering newly issued common shares or common shares reacquired on the open market or in privately negotiated transactions.

For the three month periods ended March 31, 2022 and 2021, 24,737 shares and 18,843 shares, respectively, were purchased by participants under the Company’s ESPPs for $1.9 million, and $1.4 million, respectively, which shares were reacquired by the Company on the open market. Compensation expense associated with the Company’s ESPPs totaled approximately $0.3 million for both the three month periods ended March 31, 2022 and 2021, respectively.

Segments and Related Information - Schedule of Financial Information by Reportable Segment (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Revenue:
Consolidated revenue	$ 1,954,400	$ 1,775,424
Consolidated EBITDA	78,700	198,400
Consolidated depreciation and amortization	110,800	$ 90,500
Consolidated segment assets	$ 7,087,996		$ 7,121,393
Communications \| Customer Concentration Risk \| Revenue \| Utilities
Revenue:
Utilities customers, percentage of communications segment revenue	25.60%	20.10%
Reportable Segments \| Communications
Revenue:
Consolidated revenue	$ 664,200	$ 568,600
Consolidated EBITDA	40,300	48,900
Consolidated depreciation and amortization	29,000	21,800
Consolidated segment assets	2,156,600		2,100,900
Reportable Segments \| Communications \| Revision of Prior Period, Adjustment
Revenue:
Consolidated segment assets	69,400
Reportable Segments \| Clean Energy and Infrastructure
Revenue:
Consolidated revenue	435,900	350,400
Consolidated EBITDA	10,900	10,900
Consolidated depreciation and amortization	11,400	7,600
Consolidated segment assets	970,500		1,067,000
Reportable Segments \| Oil and Gas
Revenue:
Consolidated revenue	211,000	725,500
Consolidated EBITDA	21,500	167,600
Consolidated depreciation and amortization	31,600	52,100
Consolidated segment assets	1,509,800		1,527,600
Reportable Segments \| Oil and Gas \| Revision of Prior Period, Adjustment
Revenue:
Consolidated segment assets	77,000
Reportable Segments \| Power Delivery
Revenue:
Consolidated revenue	650,500	133,500
Consolidated EBITDA	46,100	3,600
Consolidated depreciation and amortization	35,700	6,100
Consolidated segment assets	2,038,600		2,017,200
Reportable Segments \| Power Delivery \| Revision of Prior Period, Adjustment
Revenue:
Consolidated segment assets	(192,200)
Reportable Segments \| Other
Revenue:
Consolidated revenue	0	0
Consolidated EBITDA	6,900	7,400
Consolidated depreciation and amortization	0	0
Consolidated segment assets	263,000		238,100
Eliminations
Revenue:
Consolidated revenue	(7,200)	(2,600)
Corporate
Revenue:
Consolidated EBITDA	(47,000)	(40,000)
Consolidated depreciation and amortization	3,100	$ 2,900
Consolidated segment assets	149,500		$ 170,600
Corporate \| Revision of Prior Period, Adjustment
Revenue:
Consolidated segment assets	$ 45,800

Fair Value of Financial Instruments	3 Months Ended
Fair Value of Financial Instruments	Mar. 31, 2022
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	Fair Value of Financial Instruments The Company’s financial instruments are primarily composed of cash and cash equivalents, accounts and notes receivable, cash collateral deposited with insurance carriers, life insurance assets, equity investments, certain other investments, deferred compensation plan assets and liabilities, accounts payable and other current liabilities, acquisition-related contingent consideration and additional contingent payments, mandatorily redeemable non-controlling interests and debt obligations. Fair value is the price that would be received to sell an asset or the amount paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The fair value guidance establishes a valuation hierarchy, which requires maximizing the use of observable inputs when measuring fair value. The three levels of inputs that may be used are: (i) Level 1 - quoted market prices in active markets for identical assets or liabilities; (ii) Level 2 - observable market-based inputs or other observable inputs; and (iii) Level 3 - significant unobservable inputs that cannot be corroborated by observable market data, which are generally determined using valuation models incorporating management estimates of market participant assumptions. Acquisition-Related Contingent Consideration and Other Liabilities Acquisition-related contingent consideration and other liabilities is composed of earn-outs, which represent the estimated fair value of future amounts payable for businesses, including for mandatorily redeemable non-controlling interests (together, “Earn-outs”), that are contingent upon the acquired business achieving certain levels of earnings in the future. As of March 31, 2022 and December 31, 2021, the estimated fair value of the Company’s Earn-out liabilities totaled $160.0 million and $160.2 million, respectively, of which $13.9 million related to mandatorily redeemable non-controlling interests as of both periods. Earn-out liabilities included within other current liabilities totaled approximately $39.1 million and $38.8 million as of March 31, 2022 and December 31, 2021, respectively. The fair values of the Company’s Earn-out liabilities are estimated using income approaches such as discounted cash flows or option pricing models, both of which incorporate significant inputs not observable in the market (Level 3 inputs), including management’s estimates and entity-specific assumptions, and are evaluated on an ongoing basis. Key assumptions include the discount rate, which, as of March 31, 2022, ranged from 12.0% to 18.3%, with a weighted average rate of 13.3% based on the relative fair value of each instrument, and probability-weighted projections of earnings before interest, taxes, depreciation and amortization (“EBITDA”). Significant changes in any of these assumptions could result in significantly higher or lower potential Earn-out liabilities. The ultimate payment amounts for the Company’s Earn-out liabilities will be determined based on the actual results achieved by the acquired businesses. As of March 31, 2022, the range of potential undiscounted Earn-out liabilities was estimated to be between $41 million and $211 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. Additions from new business combinations totaled approximately $1.7 million for the three month period ended March 31, 2022, and for the three month period ended March 31, 2021, there were no additions. Measurement period adjustments totaled a decrease of approximately $1.9 million for the three month period ended March 31, 2022 and related primarily to the Company’s Oil and Gas segment. There were no measurement period adjustments for the three month period ended March 31, 2021. For the three month period ended March 31, 2022, there were no fair value adjustments, and for the three month period ended March 31, 2021, fair value adjustments across multiple segments totaled a net decrease of approximately $0.4 million. There were no Earn-out payments in either of the three month periods ended March 31, 2022 or 2021. Equity Investments The Company’s equity investments as of March 31, 2022 include: (i) the Company’s 33% equity interests in Trans-Pecos Pipeline, LLC (“TPP”) and Comanche Trail Pipeline, LLC (“CTP,” and together with TPP, the “Waha JVs”); (ii) a 15% equity interest in Cross Country Infrastructure Services, Inc. (“CCI”); (iii) the Company’s 50% equity interests in each of FM Technology Holdings, LLC, FM USA Holdings, LLC and All Communications Solutions Holdings, LLC, collectively “FM Tech”; (iv) the Company’s equity interests in American Virtual Cloud Technologies, Inc. (“AVCT”); (v) the Company’s interests in certain proportionately consolidated non-controlled contractual joint ventures; and (vi) certain other equity investments. Investment Arrangements. From time to time, the Company may participate in selected investment or strategic arrangements, including equity interests in various business entities and participation in contractual joint ventures, some of which may involve the extension of loans or other types of financing arrangements. The Company has determined that certain of its investment arrangements are variable interest entities (“VIEs”). As of March 31, 2022, except for one individually insignificant VIE, the Company does not have the power to direct the primary activities that most significantly impact the economic performance of its VIEs nor is it the primary beneficiary. Accordingly, except for the previously mentioned VIE, the Company’s VIEs are not consolidated. Equity investments, other than those accounted for as equity method investments or those that are proportionately consolidated, are measured at fair value if their fair values are readily determinable. Equity investments that do not have readily determinable fair values are measured at cost, adjusted for changes from observable market transactions, if any, less impairment (“adjusted cost basis”). As of March 31, 2022 and December 31, 2021, the aggregate carrying value of the Company’s equity investments, including equity investments measured on an adjusted cost basis, totaled approximately $280 million and $267 million, respectively. As of both March 31, 2022 and December 31, 2021, equity investments measured on an adjusted cost basis, including the Company’s $15 million investment in CCI, totaled approximately $20 million. There were no impairments related to these investments in either of the three month periods ended March 31, 2022 or 2021. The Waha JVs. The Waha JVs own and operate certain pipeline infrastructure that transports natural gas to the Mexican border for export. The Company’s investments in the Waha JVs are accounted for as equity method investments. Equity in earnings related to the Company’s proportionate share of income from the Waha JVs, which is included within the Company’s Other segment, totaled approximately $7.4 million and $7.7 million for the three month periods ended March 31, 2022 and 2021, respectively. Distributions of earnings from the Waha JVs, which are included within operating cash flows, totaled $3.1 million for the three month period ended March 31, 2022. There were no distributions of earnings for the three month period ended March 31, 2021. Cumulative undistributed earnings from the Waha JVs, which represents cumulative equity in earnings for the Waha JVs less distributions of earnings, totaled $99.2 million as of March 31, 2022. The Company’s net investment in the Waha JVs, which differs from its proportionate share of the net assets of the Waha JVs due primarily to equity method goodwill associated with capitalized investment costs, totaled approximately $234 million and $216 million as of March 31, 2022 and December 31, 2021, respectively. The Waha JVs are party to separate non-recourse financing facilities, each of which are secured by pledges of the equity interests in the respective entities, as well as a first lien security interest over virtually all of their assets. The Waha JVs are also party to certain interest rate swaps (the “Waha JV swaps”), which are accounted for as qualifying cash flow hedges. The Company reflects its proportionate share of any unrealized fair market value gains or losses from fluctuations in interest rates associated with these swaps within other comprehensive income or loss, as appropriate. For the three month period ended March 31, 2022, the Company’s proportionate share of unrecognized unrealized activity on the Waha JV swaps totaled gains of approximately $18.2 million, or $13.8 million, net of tax, and for the three month period ended March 31, 2021, totaled gains of approximately $17.3 million, or $13.1 million, net of tax. Other Investments. As of March 31, 2022, the Company’s investments in AVCT, which are included within other current assets in the Company’s consolidated financial statements, include (i) shares of AVCT common stock, which are equity securities, and (ii) warrants for the purchase of AVCT common stock, which are derivative financial instruments. Previously, the Company’s investment in AVCT included debentures that were convertible into shares of AVCT common stock, which were available-for-sale securities. In the third quarter of 2021, the Company’s investment in AVCT convertible debentures was automatically converted into shares of AVCT common stock. As of March 31, 2022 and December 31, 2021, the Company’s ownership interest in AVCT’s common stock totaled approximately 3% for both periods, and its aggregate ownership interest, assuming the exercise of all legally exercisable warrants into AVCT common stock, totaled approximately 5% and 6%, respectively. As of March 31, 2022 and December 31, 2021, the aggregate fair value of the Company’s investments in AVCT approximated $3 million and $8 million, respectively, with an aggregate cost approximating $6 million as of both periods. Unrealized fair value measurement activity related to the AVCT securities, which is based on the market price of identical securities, a Level 1 input, and is recorded within other income or expense, net, totaled losses of approximately $4.8 million for the three month period ended March 31, 2022, and totaled losses, net, of approximately $1.0 million for the three month period ended March 31, 2021. Unrealized fair value measurement activity related to the AVCT convertible debentures based on Level 3 inputs and recognized within other comprehensive income totaled gains of approximately $1.0 million, or $0.8 million, net of tax, for the three month period ended March 31, 2021. During the first quarter of 2021, MasTec committed to fund up to $2.5 million for a 75% equity interest in Confluence Networks, LLC (“Confluence”), an undersea fiber-optic communications systems developer and VIE. As of March 31, 2022, a total of $1.7 million had been funded, of which $0.4 million was funded during the first quarter of 2021. Equity in losses related to the Company’s proportionate share of income from this investment totaled $0.2 million and $0.1 million for the three month periods ended March 31, 2022 and 2021, respectively. As of March 31, 2022, MasTec had less than a majority of the members on the board and determined that it did not have a controlling financial interest, and therefore does not have the power to direct the primary activities that most significantly impact its economic performance, nor is it the primary beneficiary. The Company has the ability to exert significant influence over Confluence; and as a result, accounts for its investment in Confluence as an equity method investment as of March 31, 2022. The Company has equity interests in certain telecommunications entities that are accounted for as equity method investments. As of both March 31, 2022 and December 31, 2021, the Company had an aggregate investment of approximately $20 million in these entities, including $17 million for FM Tech. For the three months periods ended March 31, 2022 and 2021, the Company made equity contributions related to its investments in telecommunications entities totaling approximately $0.5 million and $2.0 million, respectively. Equity in losses, net, related to the Company’s proportionate share of income from these telecommunications entities totaled approximately $0.3 million for both the three month periods ended March 31, 2022 and 2021. The difference between the carrying amount of these investments and the Company’s underlying equity in the net assets of the respective entities relates primarily to equity method goodwill associated with assembled workforce for each of these entities. Certain of these telecommunications entities provide services to MasTec. Expense recognized in connection with services provided by these entities totaled $1.0 million and $1.8 million for the three month periods ended March 31, 2022 and 2021, respectively. As of March 31, 2022, related amounts payable to these entities were de minimis, and as of December 31, 2021, totaled $0.3 million. In addition, the Company had an employee leasing arrangement with one of these entities and has advanced certain amounts to these entities. For the three month period ended March 31, 2022, there were no employee lease expenses or advances, and for the three month period ended March 31, 2021, advances totaled approximately $0.2 million. As of March 31, 2022 and December 31, 2021, employee lease and advances receivable totaled approximately $0.7 million and $0.9 million, respectively. The Company has 49% equity interests in certain entities included within its Power Delivery segment that are accounted for as equity method investments, for which its aggregate investment as of both March 31, 2022 and December 31, 2021 totaled approximately $4 million. For the three month period ended March 31, 2022, equity in losses, net, related to these entities totaled approximately $0.1 million. Certain of these entities provide construction services to MasTec. Expense recognized in connection with construction services provided by these entities totaled approximately $3.6 million for the three month period ended March 31, 2022. As of March 31, 2022, related amounts payable totaled approximately $0.1 million. In addition, the Company has line of credit arrangements with these investees, providing for up to $8.5 million of borrowing availability, of which $0.4 million was drawn as of both March 31, 2022 and December 31, 2021, which amounts are included within other current assets in the consolidated balance sheets. Senior Notes As of both March 31, 2022 and December 31, 2021, the gross carrying amount of the Company’s 4.50% senior notes due August 15, 2028 (the “4.50% Senior Notes”) totaled $600 million, and their estimated fair value, based on an exit price approach using Level 1 inputs, totaled $594.8 million and $619.5 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

Commitments and Contingencies - Concentrations of Risk - Narrative (Details) - customer	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Concentration Risk [Line Items]
Number of customers	850
Revenue \| Customer Concentration Risk \| Ten Largest Customers
Concentration Risk [Line Items]
Concentration risk, percentage of total	42.00%	66.00%

Accounts Receivable, Net of Allowance, and Contract Assets and Liabilities - Schedule of Accounts Receivable, Net of Allowance and Contract Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Receivables [Abstract]
Contract billings	$ 910,400	$ 1,027,100
Less allowance	(7,900)	(7,800)
Accounts receivable, net of allowance	902,477	1,019,324
Contract Assets [Abstract]
Retainage	272,900	296,800
Unbilled receivables	1,051,400	931,100
Contract assets	$ 1,324,300	$ 1,227,927

Commitments and Contingencies - Letters of Credit, Bonds, Self-Insurance, Multiemployer Plans, Indemnities - Narrative (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Commitments and Contingencies [Line Items]
Letters of credit issued	$ 217,000	$ 188,500
Cash	233,133	360,736
Indemnities, accrued project close-out liabilities	40,000	40,000
Pension
Commitments and Contingencies [Line Items]
Quarterly benefit payment	74
Withdrawal liability	3,300	3,400
Captive Insurance Company
Commitments and Contingencies [Line Items]
Cash	300	300
Corporate Joint Venture
Commitments and Contingencies [Line Items]
Cash	26,800	14,600
Self-Insurance \| Workers' Compensation, General and Automobile Policies
Commitments and Contingencies [Line Items]
Self-insurance reserve	186,200	189,800
Self-Insurance \| Workers' Compensation, General and Automobile Policies \| Other Long-Term Liabilities
Commitments and Contingencies [Line Items]
Self-insurance reserve, non-current	119,500	126,500
Self-Insurance \| Employee Group Medical Claims
Commitments and Contingencies [Line Items]
Self-insurance reserve	4,600	4,200
Performance and Payment Bonds
Commitments and Contingencies [Line Items]
Bonded projects, estimated costs to complete	780,100	768,800
Performance and Payment Bonds \| Subsidiaries
Commitments and Contingencies [Line Items]
Outstanding bonds, amount	2,230,200	2,155,200
Performance and Payment Bonds \| Subsidiaries \| Corporate Joint Venture
Commitments and Contingencies [Line Items]
Outstanding bonds, amount	115,000	115,000
Financial Guarantees \| Self-Insurance \| Workers' Compensation, General and Automobile Policies
Commitments and Contingencies [Line Items]
Letters of credit issued	154,300	125,700
Surety Bonds \| Self-Insurance \| Workers' Compensation
Commitments and Contingencies [Line Items]
Outstanding bonds, amount	$ 52,900	$ 52,900

Fair Value of Financial Instruments - The Waha JVs - Narrative (Details) - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Fair Value, Financial Instruments Measured on a Non-Recurring Basis [Line Items]
Equity method investments, equity in earnings (losses)	$ 6,777,000	$ 7,346,000
Equity method investments, net investment	280,000,000		$ 267,000,000
Unrealized gains (losses) on equity investee activity, net of tax	13,754,000	13,839,000
Waha JVs
Fair Value, Financial Instruments Measured on a Non-Recurring Basis [Line Items]
Equity method investments, equity in earnings (losses)	7,400,000	7,700,000
Equity method investments, distributions of earnings received, operating cash flows	3,100,000	0
Equity method investments, cumulative undistributed earnings	99,200,000
Equity method investments, net investment	234,000,000		$ 216,000,000
Unrealized gains (losses) on equity investee activity, before tax	18,200,000	17,300,000
Unrealized gains (losses) on equity investee activity, net of tax	$ 13,800,000	$ 13,100,000

Earnings Per Share (Tables)

3 Months Ended

Mar. 31, 2022

Earnings Per Share [Abstract]

Schedule of Earnings Per Share

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


	For the Three Months Ended March 31,
	2022		2021
Net (loss) income attributable to MasTec:
Net (loss) income - basic and diluted (a)	$	(34,978)	$	65,649
Weighted average shares outstanding:
Weighted average shares outstanding - basic(b)	74,789		72,439
Dilutive common stock equivalents (c)(d)	—		1,407
Weighted average shares outstanding - diluted	74,789		73,846

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

(b)For the three month period ended March 31, 2022, basic shares include approximately 72,000 weighted average shares relating to additional contingent payments to the former owners of an acquired business. See Note 3 – Acquisitions, Goodwill and Other Intangible Assets.

(c)Weighted average anti-dilutive common stock equivalents totaled approximately 1,321,000 and 23,000, for the three month periods ended March 31, 2022, and 2021, respectively.

(d)For the three month period ended March 31, 2022, common stock equivalents, all of which are anti-dilutive, include approximately 63,000 weighted average shares relating to additional contingent payments to the former owners of an acquired business. See Note 3 – Acquisitions, Goodwill and Other Intangible Assets.

Debt - Debt Guarantees - Narrative (Details)	Mar. 31, 2022	Dec. 31, 2021
4.50% Senior Notes \| Senior Notes
Debt Instrument [Line Items]
Debt instrument, interest rate (percentage)	4.50%	4.50%

Segments and Related Information - Narrative (Details) $ in Millions	3 Months Ended
	Mar. 31, 2022 USD ($) segment
Segment Reporting [Abstract]
Number of operating segments \| segment	5
Number of reportable segments \| segment	5
Segment Reporting, Other Significant Reconciling Item [Line Items]
Business combination, integration related costs	$ 13.6
Power Delivery \| 2021 Acquisitions
Segment Reporting, Other Significant Reconciling Item [Line Items]
Business combination, integration related costs	7.0
Communications \| 2021 Acquisitions
Segment Reporting, Other Significant Reconciling Item [Line Items]
Business combination, integration related costs	0.8
Oil and Gas \| 2021 Acquisitions
Segment Reporting, Other Significant Reconciling Item [Line Items]
Business combination, integration related costs	2.0
Corporate Segment \| 2021 Acquisitions
Segment Reporting, Other Significant Reconciling Item [Line Items]
Business combination, integration related costs	$ 3.8

Income Taxes	3 Months Ended
Income Taxes	Mar. 31, 2022
Income Tax Disclosure [Abstract]
Income Taxes	Income TaxesIn determining the quarterly provision for income taxes, management uses an estimated annual effective tax rate based on forecasted annual pre-tax income, permanent tax differences, statutory tax rates and tax planning opportunities in the various jurisdictions in which the Company operates. The effect of significant discrete items is separately recognized in the quarter(s) in which they occur. For the three month periods ended March 31, 2022 and 2021, the Company’s consolidated effective tax rates were 27.3% and 30.7%, respectively. The Company’s effective tax rate for the three month period ended March 31, 2022 included a net tax benefit of approximately $0.9 million related to the vesting of share-based payment awards, and for the three month period ended March 31, 2021, included the negative effect of $2.3 million related to non-deductible share-based compensation.

- 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 21
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-URI http://asc.fasb.org/extlink&oid=122134291&loc=d3e330215-122817

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 17
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32809-109319

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-URI http://asc.fasb.org/extlink&oid=122134291&loc=d3e330036-122817

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 14
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32705-109319

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 270
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-URI http://asc.fasb.org/topic&trid=2144680

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 30
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

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

3 Months Ended

Mar. 31, 2022

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, 2021	1,748,685	$	43.73
Granted	168,910	86.95
Vested	(226,335)	46.88
Canceled/forfeited	(3,400)	34.96
Non-vested restricted shares, as of March 31, 2022	1,687,860	$	47.66

(a) Includes 1,800 and 1,300 restricted stock units as of March 31, 2022 and December 31, 2021, respectively.

Acquisitions, Goodwill and Other Intangible Assets - Schedule of Recognized Identified Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Business Combination, Consideration Transferred [Abstract]
Cash, net of cash acquired	$ 21,840	$ 88,646
Identifiable assets acquired and liabilities assumed:
Goodwill	$ 1,504,341		$ 1,520,575
2021 Acquisitions
Business Combination, Consideration Transferred [Abstract]
Cash, net of cash acquired			1,289,100
Shares transferred			181,700
Estimated fair value of contingent consideration			100,000
Total consideration			1,570,500
Identifiable assets acquired and liabilities assumed:
Accounts receivable and contract assets			680,400
Current assets			42,300
Property and equipment			497,800
Long-term assets, primarily operating lease right-of-use assets			166,900
Amortizing intangible assets			608,800
Accounts payable			(157,300)
Current liabilities, including current portion of operating lease liabilities			(291,600)
Long-term debt, including finance lease obligations			(4,600)
Long-term liabilities, primarily operating lease liabilities and deferred income taxes			(226,500)
Total identifiable net assets			1,316,200
Goodwill			257,800
Total net assets acquired, including goodwill			1,574,000
Bargain purchase gain			(3,500)
2021 Acquisitions \| Contingent Consideration
Business Combination, Consideration Transferred [Abstract]
Estimated fair value of contingent consideration			99,700
HMG
Business Combination, Consideration Transferred [Abstract]
Cash, net of cash acquired			416,900
Shares transferred			181,700
Total consideration			598,600
Identifiable assets acquired and liabilities assumed:
Accounts receivable and contract assets			409,800
Current assets			14,600
Property and equipment			247,000
Long-term assets, primarily operating lease right-of-use assets			85,100
Amortizing intangible assets			164,600
Accounts payable			(108,000)
Current liabilities, including current portion of operating lease liabilities			(155,300)
Long-term debt, including finance lease obligations			(200)
Long-term liabilities, primarily operating lease liabilities and deferred income taxes			(150,000)
Total identifiable net assets			507,600
Goodwill			91,000
Total net assets acquired, including goodwill			598,600
Bargain purchase gain			0
HMG \| Contingent Consideration
Business Combination, Consideration Transferred [Abstract]
Estimated fair value of contingent consideration			0
All other
Business Combination, Consideration Transferred [Abstract]
Cash, net of cash acquired			872,200
Shares transferred			0
Total consideration			971,900
Identifiable assets acquired and liabilities assumed:
Accounts receivable and contract assets			270,600
Current assets			27,700
Property and equipment			250,800
Long-term assets, primarily operating lease right-of-use assets			81,800
Amortizing intangible assets			444,200
Accounts payable			(49,300)
Current liabilities, including current portion of operating lease liabilities			(136,300)
Long-term debt, including finance lease obligations			(4,400)
Long-term liabilities, primarily operating lease liabilities and deferred income taxes			(76,500)
Total identifiable net assets			808,600
Goodwill			166,800
Total net assets acquired, including goodwill			975,400
Bargain purchase gain			(3,500)
All other \| Contingent Consideration
Business Combination, Consideration Transferred [Abstract]
Estimated fair value of contingent consideration			$ 99,700

Property and Equipment, Net - Schedule of Property and Equipment, Net (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Property and Equipment [Line Items]
Property and equipment	$ 2,960,400	$ 2,840,400
Less accumulated depreciation and amortization	(1,475,700)	(1,404,300)
Property and equipment, net	1,484,677	1,436,087
Land
Property and Equipment [Line Items]
Property and equipment	40,000	40,000
Buildings and leasehold improvements
Property and Equipment [Line Items]
Property and equipment	93,900	94,100
Machinery and equipment
Property and Equipment [Line Items]
Property and equipment	2,495,700	2,411,000
Office furniture and equipment
Property and Equipment [Line Items]
Property and equipment	270,700	262,600
Construction in progress
Property and Equipment [Line Items]
Property and equipment	$ 60,100	$ 32,700

Stock-Based Compensation and Other Employee Benefit Plans - Schedule of Activity, Restricted Shares (Details)	3 Months Ended
	Mar. 31, 2022 $ / shares shares
Restricted Shares
Restricted Shares
Non-vested restricted shares, beginning balance (in shares)	1,748,685
Granted (in shares)	168,910
Vested (in shares)	(226,335)
Canceled/forfeited (in shares)	(3,400)
Non-vested restricted shares, ending balance (in shares)	1,687,860
Per Share Weighted Average Grant Date Fair Value
Non-vested restricted shares, beginning balance (in dollars per share) \| $ / shares	$ 43.73
Granted (in dollars per share) \| $ / shares	86.95
Vested (in dollars per share) \| $ / shares	46.88
Canceled/forfeited (in dollars per share) \| $ / shares	34.96
Non-vested restricted shares, ending balance (in dollars per share) \| $ / shares	$ 47.66
Restricted Stock Units
Restricted Shares
Non-vested restricted shares, beginning balance (in shares)	1,300
Non-vested restricted shares, ending balance (in shares)	1,800

Related Party Transactions - Construction Management Firm and CCI - Narrative (Details) - CCI - Equipment - Immediate Family Member of Management - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Related Party Transaction [Line Items]
Payments, net of rebates, related party	$ 1.0	$ 5.0
Payables, related party	$ 0.6		$ 0.8

Related Party Transactions - Executive Officers - Narrative (Details) $ in Millions	3 Months Ended
	Mar. 31, 2022 USD ($) employee	Mar. 31, 2021 USD ($)	Dec. 31, 2021 USD ($)
Management \| Subcontracting Arrangements
Related Party Transaction [Line Items]
Number of management members, subcontracting arrangement \| employee	2
Expenses, related party		$ 29.0
Payables, related party			$ 0.5
Chairman, Board of Directors \| Lease Agreements
Related Party Transaction [Line Items]
Expenses, related party	$ 0.6	0.6
Executive Officers \| Related Customer
Related Party Transaction [Line Items]
Receivables, related party	0.8		$ 0.8
Charges, related party	0.3	0.3
Executive Officers \| Construction Services
Related Party Transaction [Line Items]
Expenses, related party	$ 0.1	$ 0.1

Debt - Other Credit Facilities - Narrative (Details) - USD ($)	Mar. 31, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Letters of credit issued	$ 217,000,000	$ 188,500,000
Other Credit Facilities
Debt Instrument [Line Items]
Long-term debt obligations	0	0
Standby Letters of Credit \| Line of Credit
Debt Instrument [Line Items]
Letters of credit issued	$ 18,400,000	$ 22,200,000
Standby Letters of Credit \| Line of Credit \| Letters of Credit
Debt Instrument [Line Items]
Line of credit facility, interest rate (percentage)	0.40%	0.40%

Earnings Per Share

3 Months Ended

Mar. 31, 2022

Earnings Per Share [Abstract]

Earnings Per Share

Basic earnings or loss per share is computed by dividing net income or loss attributable to MasTec by the weighted average number of common shares outstanding for the period, which excludes non-participating unvested restricted share awards. Diluted earnings per share is computed by dividing net income attributable to MasTec by the weighted average number of fully diluted shares, as calculated under the treasury stock method, which includes the potential effect of dilutive common stock equivalents, such as issued but unvested restricted shares. Basic and diluted shares for the three month period ended March 31, 2022 also include the assumed effect of certain shares related to additional contingent payments to the former owners of an acquired business. See Note 3 – Acquisitions, Goodwill and Other Intangible Assets. 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. For the three month period ended March 31, 2022, the Company reported a net loss, which resulted in the exclusion of approximately 1,321,000 weighted average common stock equivalents from the calculation of diluted net loss per share for the related period.

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


	For the Three Months Ended March 31,
	2022		2021
Net (loss) income attributable to MasTec:
Net (loss) income - basic and diluted (a)	$	(34,978)	$	65,649
Weighted average shares outstanding:
Weighted average shares outstanding - basic(b)	74,789		72,439
Dilutive common stock equivalents (c)(d)	—		1,407
Weighted average shares outstanding - diluted	74,789		73,846

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

(c)Weighted average anti-dilutive common stock equivalents totaled approximately 1,321,000 and 23,000, for the three month periods ended March 31, 2022, and 2021, respectively.

The Company repurchased 187,978 shares of its common stock during the three month period ended March 31, 2022, the effect of which on the Company’s weighted average shares outstanding was minimal. See Note 11 – Equity for details of the Company’s share repurchase transactions, including details of shares repurchased subsequent to March 31, 2022. Additionally, in December 2021, the Company issued 1,975,232 shares of its common stock in conjunction with an acquisition. See Note 3 – Acquisitions, Goodwill and Other Intangible Assets.

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 233,133	$ 360,736
Accounts receivable, net of allowance	902,477	1,019,324
Contract assets	1,324,300	1,227,927
Inventories, net	101,420	92,595
Prepaid expenses	105,651	91,488
Other current assets	117,297	81,884
Total current assets	2,784,278	2,873,954
Property and equipment, net	1,484,677	1,436,087
Operating lease right-of-use assets	262,848	260,410
Goodwill	1,504,341	1,520,575
Other intangible assets, net	692,989	670,280
Other long-term assets	358,863	360,087
Total assets	7,087,996	7,121,393
Current liabilities:
Current portion of long-term debt, including finance leases	133,963	137,912
Current portion of operating lease liabilities	92,066	95,426
Accounts payable	704,313	663,063
Accrued salaries and wages	229,493	203,141
Other accrued expenses	207,719	229,936
Contract liabilities	298,347	313,965
Other current liabilities	200,136	141,155
Total current liabilities	1,866,037	1,784,598
Long-term debt, including finance leases	1,788,727	1,876,233
Long-term operating lease liabilities	181,712	176,378
Deferred income taxes	462,688	450,361
Other long-term liabilities	276,755	289,962
Total liabilities	4,575,919	4,577,532
Commitments and contingencies (Note 14)
Equity
Preferred stock, $1.00 par value: authorized shares - 5,000,000; issued and outstanding shares – none	0	0
Common stock, $0.10 par value: authorized shares - 145,000,000; issued shares - 95,488,017 and 95,371,211 (including 1,686,060 and 1,747,385 of unvested stock awards) as of March 31, 2022 and December 31, 2021, respectively	9,549	9,537
Capital surplus	1,035,902	1,033,615
Retained earnings	2,127,410	2,162,388
Accumulated other comprehensive loss	(64,109)	(78,776)
Treasury stock, at cost: 19,129,904 and 18,941,926 shares as of March 31, 2022 and December 31, 2021, respectively	(600,746)	(586,955)
Total MasTec, Inc. shareholders’ equity	2,508,006	2,539,809
Non-controlling interests	4,071	4,052
Total equity	2,512,077	2,543,861
Total liabilities and equity	$ 7,087,996	$ 7,121,393

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Mar. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies MasTec is subject to a variety of legal cases, claims and other disputes that arise from time to time in the ordinary course of its business, including project contract price disputes, other project-related liabilities and acquisition purchase price disputes. MasTec cannot provide assurance that it will be successful in recovering all or any of the potential damages it has claimed or in defending claims against the Company. The outcome of such cases, claims and disputes cannot be predicted with certainty and an unfavorable resolution of one or more of them could have a material adverse effect on the Company’s business, financial condition, results of operations and cash flows. In the third quarter of 2021, a settlement was finalized in favor of MasTec for approximately $25 million. As of March 31, 2022, $19 million remained outstanding, which amount is due in 2022. Other Commitments and Contingencies Leases. In the ordinary course of business, the Company enters into non-cancelable operating leases for certain of its facility, vehicle and equipment needs, including related party leases. See Note 8 - Lease Obligations and Note 15 - Related Party Transactions. Letters of Credit. In the ordinary course of business, the Company is required to post letters of credit for its insurance carriers and surety bond providers and in support of performance under certain contracts as well as certain obligations associated with the Company’s equity investments and other strategic arrangements, including its variable interest entities. Such letters of credit are generally issued by a bank or similar financial institution. The letter of credit commits the issuer to pay specified amounts to the holder of the letter of credit under certain conditions. If this were to occur, the Company would be required to reimburse the issuer of the letter of credit, which, depending upon the circumstances, could result in a charge to earnings. As of March 31, 2022 and December 31, 2021, there were $217.0 million and $188.5 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 March 31, 2022 or December 31, 2021. Performance and Payment Bonds. In the ordinary course of business, MasTec is required by certain customers to provide performance and payment bonds for contractual commitments related to its projects. These bonds provide a guarantee to the customer that the Company will perform under the terms of a contract and that the Company will pay its subcontractors and vendors. If the Company fails to perform under a contract or to pay its subcontractors and vendors, the customer may demand that the surety make payments or provide services under the bond. The Company must reimburse the surety for expenses or outlays it incurs. As of March 31, 2022 and December 31, 2021, outstanding performance and payment bonds approximated $2,230.2 million and $2,155.2 million, respectively, and estimated costs to complete projects secured by these bonds totaled $780.1 million and $768.8 million as of March 31, 2022 and December 31, 2021, respectively. Included in these balances as of both March 31, 2022 and December 31, 2021 are $115.0 million of outstanding performance and payment bonds issued on behalf of the Company’s proportionately consolidated non-controlled contractual joint ventures, representing the Company’s proportionate share of the total bond obligation for the related projects. Investment and Strategic Arrangements. The Company holds undivided interests, ranging from 85% to 90%, in multiple proportionately consolidated non-controlled contractual joint ventures that provide infrastructure construction services for electrical transmission projects, as well as undivided interests ranging from 30% to 50% in three civil construction projects. Income and/or losses incurred by these joint ventures are generally shared proportionally by the respective joint venture members, with the members of the joint ventures jointly and severally liable for all of the obligations of the joint venture. The respective joint venture agreements provide that each joint venture partner indemnify the other party for any liabilities incurred by such joint venture in excess of its ratable portion of such liabilities. Thus, it is possible that the Company could be required to pay or perform obligations in excess of its share if the other joint venture partners fail or refuse to pay or perform their respective share of the obligations. As of March 31, 2022, 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 March 31, 2022 and December 31, 2021 are amounts held by entities that are proportionately consolidated totaling $26.8 million and $14.6 million, respectively. These amounts are available to support the operations of those entities, but are not available for the Company’s other operations. The Company has other investment and strategic arrangements, under which it may incur costs or provide financing, performance, financial and/or other guarantees. See Note 4 - Fair Value of Financial Instruments and Note 15 - Related Party Transactions for additional information pertaining to the Company’s investment and strategic arrangements. Self-Insurance. MasTec maintains insurance policies for workers’ compensation, general liability and automobile liability, which are subject to per claim deductibles. The Company is self-insured up to the amount of the deductible. The Company also maintains excess umbrella coverage. The Company manages certain of its insurance liabilities indirectly through its wholly-owned captive insurance company, which reimburses claims up to the applicable insurance limit. Cash balances held by the Company’s captive insurance company, which totaled approximately $0.3 million as of both March 31, 2022 and December 31, 2021, are generally not available for use in the Company’s other operations. As of March 31, 2022 and December 31, 2021, MasTec’s estimated liability for unpaid claims and associated expenses, including incurred but not reported losses related to its insurance policies, totaled $186.2 million and $189.8 million, respectively, of which $119.5 million and $126.5 million, respectively, were reflected within other long-term liabilities in the consolidated balance sheets. MasTec also maintains an insurance policy with respect to employee group medical claims, which is subject to annual per employee maximum losses. MasTec’s estimated liability for employee group medical claims totaled $4.6 million and $4.2 million as of March 31, 2022 and December 31, 2021, respectively. The Company is required to post collateral, generally in the form of letters of credit, surety bonds and cash to certain of its insurance carriers. Insurance-related letters of credit for the Company’s workers’ compensation, general liability and automobile liability policies amounted to $154.3 million and $125.7 million as of March 31, 2022 and December 31, 2021, respectively. As of both March 31, 2022 and December 31, 2021, outstanding surety bonds related to self-insurance programs amounted to $52.9 million. Collective Bargaining Agreements and Multiemployer Plans. As discussed in Note 10 - Other Retirement Plans, certain of MasTec’s subsidiaries are party to various collective bargaining agreements with unions representing certain of their employees, which require the Company to pay specified wages, provide certain benefits and contribute certain amounts to MEPPs. The Employee Retirement Income Security Act of 1974, as amended by the Multiemployer Pension Plan Amendments Act of 1980 (collectively, “ERISA”), which governs U.S.-registered MEPPs, subjects employers to substantial liabilities in the event of an employer’s complete or partial withdrawal from, or upon termination of, such plans. The Company currently contributes, and in the past, has contributed to, plans that are underfunded, and, therefore, could have potential liability associated with a voluntary or involuntary withdrawal from, or termination of, these plans. As of March 31, 2022, the Company does not have plans to withdraw from, and is not aware of circumstances that would reasonably lead to material claims against it, in connection with the MEPPs in which it participates. There can be no assurance, however, that the Company will not be assessed liabilities in the future, including in the form of a surcharge on future benefit contributions or increased contributions on underfunded plans. The amount the Company could be obligated to pay or contribute in the future cannot be estimated, as these amounts are based on future levels of work of the union employees covered by these plans, investment returns, which could be negatively affected by economic and market conditions, and the level of underfunding of such plans. In connection with the HMG acquisition, the Company assumed an obligation related to HMG’s 2016 withdrawal from a multiemployer pension plan, under which HMG is obligated to make quarterly payments of approximately $74,000 through 2036. As of March 31, 2022 and December 31, 2021, a withdrawal liability of approximately $3.3 million and $3.4 million, respectively, was recorded within other current and other long-term liabilities within the consolidated balance sheets related to this obligation. Indemnities. The Company generally indemnifies its customers for the services it provides under its contracts, as well as other specified liabilities, which may subject the Company to indemnity claims, liabilities and related litigation. As of both March 31, 2022 and December 31, 2021, the Company had accrued project close-out liabilities of approximately $40 million. The Company is not aware of any other material asserted or unasserted claims in connection with its potential indemnity obligations. Other Guarantees. From time to time in the ordinary course of its business, MasTec guarantees the obligations of its subsidiaries, including obligations under certain contracts with customers, certain lease obligations, and in some states, obligations in connection with obtaining contractors’ licenses. MasTec has also issued performance and other guarantees in connection with certain of its equity investments. MasTec also generally warrants the work it performs following substantial completion of a project. Much of the work performed by the Company is evaluated for defects shortly after the work is completed. If warranty claims occur, the Company could be required to repair or replace warrantied items, or, if customers elect to repair or replace the warrantied item using the services of another provider, the Company could be required to pay for the cost of the repair or replacement. Warranty claims have historically not been material. Concentrations of Risk. In the third quarter of 2021, DIRECTV® was spun off from AT&T. As a result, for customer reporting purposes, AT&T and DIRECTV® are reported separately and all prior periods have been updated to give retroactive effect to the spin-off of DIRECTV® from AT&T. For the three month period ended March 31, 2022, the Company had approximately 850 customers. There were no customers that represented greater than 10% of the Company’s consolidated net accounts receivable position, which represents accounts receivable, net, less deferred revenue, as of either March 31, 2022 or December 31, 2021. For the three month periods ended March 31, 2022 and 2021, the Company derived approximately 42% and 66%, respectively, of its revenue from its top ten customers

Business, Basis of Presentation and Significant Accounting Policies - Narrative (Details) $ in Millions	3 Months Ended
	Mar. 31, 2022 USD ($) segment
Accounting Policies [Abstract]
Number of reportable segments \| segment	5
Accrued payroll taxes \| $	$ 42

Acquisitions, Goodwill and Other Intangible Assets - Rollforward of Goodwill by Segment (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Goodwill [Line Items]
Goodwill		$ 1,645,300
Accumulated impairment loss		(124,700)
Goodwill, net	$ 1,504,341	1,520,575
Goodwill [Roll Forward]
Goodwill, net, beginning balance	1,520,575
Goodwill, acquired during period	3,000
Goodwill, measurement period adjustments	(19,500)
Goodwill, currency translation gains (losses)	200
Goodwill, net, ending balance	1,504,341	1,520,575
HMG
Goodwill [Line Items]
Goodwill, net		91,000
Goodwill [Roll Forward]
Goodwill, net, beginning balance	91,000
Goodwill, net, ending balance		91,000
Communications
Goodwill [Line Items]
Goodwill		614,500
Accumulated impairment loss		0
Goodwill, net	609,100	614,500
Goodwill [Roll Forward]
Goodwill, net, beginning balance	614,500
Goodwill, acquired during period	0
Goodwill, measurement period adjustments	(5,400)
Goodwill, currency translation gains (losses)	0
Goodwill, net, ending balance	609,100	614,500
Communications \| HMG
Goodwill [Roll Forward]
Goodwill, period increase (decrease)		13,000
Clean Energy and Infrastructure
Goodwill [Line Items]
Goodwill		166,100
Accumulated impairment loss
Goodwill, net	168,200	166,100
Goodwill [Roll Forward]
Goodwill, net, beginning balance	166,100
Goodwill, acquired during period	0
Goodwill, measurement period adjustments	2,100
Goodwill, currency translation gains (losses)	0
Goodwill, net, ending balance	168,200	166,100
Oil and Gas
Goodwill [Line Items]
Goodwill		561,300
Accumulated impairment loss		(124,700)
Goodwill, net	447,200	436,600
Goodwill [Roll Forward]
Goodwill, net, beginning balance	436,600
Goodwill, acquired during period	3,000
Goodwill, measurement period adjustments	7,400
Goodwill, currency translation gains (losses)	200
Goodwill, net, ending balance	447,200	436,600
Oil and Gas \| HMG
Goodwill [Roll Forward]
Goodwill, period increase (decrease)		10,400
Power Delivery
Goodwill [Line Items]
Goodwill		303,400
Accumulated impairment loss		0
Goodwill, net	279,800	303,400
Goodwill [Roll Forward]
Goodwill, net, beginning balance	303,400
Goodwill, acquired during period	0
Goodwill, measurement period adjustments	(23,600)
Goodwill, currency translation gains (losses)	0
Goodwill, net, ending balance	$ 279,800	303,400
Power Delivery \| HMG
Goodwill [Roll Forward]
Goodwill, period increase (decrease)		$ (23,400)

Related Party Transactions - Acquisitions And Management/Subcontracting Agreement - Narrative (Details) - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021	Dec. 31, 2020
Related Party Transaction [Line Items]
Amounts outstanding on advances	$ 280,000,000		$ 267,000,000
Line of credit facility, letters of credit issued	217,000,000		188,500,000
Community Condotte DeMoya JV, LLC
Related Party Transaction [Line Items]
Equity method investments, ownership percentage				25.00%
Equity method investments, equity contributions	500,000
Negative equity method investment	1,100,000		1,600,000
Management \| Subcontracting Arrangements
Related Party Transaction [Line Items]
Payments, related party		$ 29,000,000
Payables, related party			500,000
Management \| Subcontracting Arrangements \| Line of Credit
Related Party Transaction [Line Items]
Line of credit facility, letters of credit issued	15,000,000
Management \| Community Condotte DeMoya JV, LLC \| Subcontracting Arrangements
Related Party Transaction [Line Items]
Receivables, net, related party	2,300,000		2,300,000
2021 Acquisitions, Acquisition Two \| Management \| Subcontracting Arrangements
Related Party Transaction [Line Items]
Revenue, related party	28,800,000
Receivables, net, related party	13,700,000		0
Payments, related party	200,000
Payables, related party	200,000
2021 Acquisition, Acquisition Three
Related Party Transaction [Line Items]
Amounts outstanding on advances	1,800,000		500,000
2021 Acquisition, Acquisition One \| Former Owner Of Acquired Business
Related Party Transaction [Line Items]
Amounts outstanding on advances	0		1,000,000
2020 Acquisitions \| Management \| Subcontracting Arrangements
Related Party Transaction [Line Items]
Receivables, net, related party	600,000		$ 400,000
Charges, related party	$ 200,000	$ 200,000

Acquisitions, Goodwill, and Other Intangible Assets - Pro Forma Financial Information, Acquisition Results, and Acquisition and Integration Costs - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Business Acquisition [Line Items]
Business combinations, unaudited supplemental pro forma revenue	$ 2,000.0	$ 2,400.0
Business combinations, unaudited supplemental pro forma net income (loss)	(34.4)	43.5
Business combinations, consolidated acquisition-related revenue	704.7	86.8
Business combinations, consolidated acquisition-related income (loss)	(4.3)	$ 1.2
Business combination, integration related costs	13.6
Business combination, integration related liabilities	1.1
2021 Acquisitions, Henkels & McCoy Group, Inc. and INTREN
Business Acquisition [Line Items]
Business combinations, consolidated acquisition-related revenue	$ 548.1

Segments and Related Information - Significant Customers - Narrative (Details)	3 Months Ended
	Mar. 31, 2021
Revenue Benchmark \| Enbridge, Inc. \| Customer Concentration Risk
Segments and Related Information [Line Items]
Concentration risk, percentage of total	25.00%

Property and Equipment, Net - Narrative (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Property, Plant and Equipment [Abstract]
Capitalized internal-use software, gross	$ 179.4	$ 176.4
Capitalized internal-use software, net	$ 43.5	$ 43.9

Equity (Details) - USD ($)	1 Months Ended	3 Months Ended
Equity (Details) - USD ($)	May 05, 2022	Mar. 31, 2022	Mar. 31, 2021
Equity, Treasury Stock [Line Items]
Treasury stock acquired (in shares)		187,978	0
Treasury stock acquired, value		$ 13,791,000
Subsequent Event
Equity, Treasury Stock [Line Items]
Treasury stock acquired (in shares)	500,000
Treasury stock acquired, value	$ 35,800,000
December 2018 Share Repurchase Program
Equity, Treasury Stock [Line Items]
Treasury stock acquired (in shares)		100,000
Treasury stock acquired, value		$ 8,600,000
Share repurchase program, amount authorized, value		$ 100,000,000
March 2020 Share Repurchase Program
Equity, Treasury Stock [Line Items]
Treasury stock acquired (in shares)		100,000
Treasury stock acquired, value		$ 5,200,000
Share repurchase program, amount authorized, value		150,000,000
Stock repurchase program, remaining authorized repurchase amount		$ 144,800,000

Acquisitions, Goodwill, and Other Intangible Assets - Rollforward of Other Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Other Intangible Assets [Line Items]
Other intangible assets, gross		$ 996,100
Accumulated amortization		(325,800)
Other Intangible Assets [Rollforward]
Other intangible assets, net, beginning balance	$ 670,280
Additions from new business combinations	2,300
Measurement period adjustments	45,700
Currency translation adjustments	300
Amortization expense	(25,600)
Other intangible assets, net, ending balance	692,989
Customer Relationships and Backlog
Other Intangible Assets [Line Items]
Other intangible assets, amortizing, gross		763,100
Accumulated amortization		(278,000)
Other Intangible Assets [Rollforward]
Other intangible assets, net, amortizing, beginning balance	485,100
Additions from new business combinations, amortizing intangible assets	1,600
Measurement period adjustments, amortizing intangible assets	55,800
Currency translation adjustments, amortizing intangible assets	0
Amortization expense	(20,300)
Other intangible assets, net, amortizing, ending balance	522,200
Pre-Qualifications
Other Intangible Assets [Line Items]
Other intangible assets, amortizing, gross		73,900
Accumulated amortization		(21,400)
Other Intangible Assets [Rollforward]
Other intangible assets, net, amortizing, beginning balance	52,500
Additions from new business combinations, amortizing intangible assets	0
Measurement period adjustments, amortizing intangible assets	0
Currency translation adjustments, amortizing intangible assets	300
Amortization expense	(2,200)
Other intangible assets, net, amortizing, ending balance	50,600
Other
Other Intangible Assets [Line Items]
Other intangible assets, amortizing, gross		124,600
Accumulated amortization		(26,400)
Other Intangible Assets [Rollforward]
Other intangible assets, net, amortizing, beginning balance	98,200
Additions from new business combinations, amortizing intangible assets	700
Measurement period adjustments, amortizing intangible assets	(10,100)
Currency translation adjustments, amortizing intangible assets	0
Amortization expense	(3,100)
Other intangible assets, net, amortizing, ending balance	85,700
Trade Names
Other Intangible Assets [Line Items]
Other intangible assets, non-amortizing	34,500	$ 34,500
Other Intangible Assets [Rollforward]
Other intangible assets, non-amortizing, beginning balance	34,500
Additions from new business combinations, 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

Business, Basis of Presentation and Significant Accounting Policies	3 Months Ended
	Mar. 31, 2022
Accounting Policies [Abstract]
Business, Basis of Presentation and Significant Accounting Policies	Business, Basis of Presentation and Significant Accounting Policies Nature of the Business MasTec, Inc. (collectively with its subsidiaries, “MasTec” or the “Company”) is a leading infrastructure construction company operating mainly throughout North America across a range of industries. The Company’s primary activities include the engineering, building, installation, maintenance and upgrade of communications, energy, utility and other infrastructure, such as: power delivery services, including transmission and distribution; wireless, wireline/fiber and customer fulfillment activities; power generation, primarily from clean energy and renewable sources; pipeline infrastructure, including natural gas pipeline and distribution infrastructure; heavy civil; and industrial infrastructure. MasTec’s customers are primarily in these industries. MasTec reports its results under five reportable segments: (1) Communications; (2) Clean Energy and Infrastructure; (3) Oil and Gas; (4) Power Delivery; and (5) Other. In the first quarter of 2022, the Company began integration of Henkels & McCoy Holdings, Inc., formerly known as Henkels & McCoy Group, Inc. (“HMG”). The HMG acquisition was completed on December 30, 2021, with its initial balance sheet reported within the Company’s Power Delivery segment. During the first quarter of 2022, the Company reported portions of HMG’s operations within its Power Delivery, Communications and Oil and Gas segments, as appropriate, and HMG’s corporate functions within its Corporate results. Accordingly, HMG’s December 31, 2021 balance sheet information was recast to conform with the new reporting structure. See Note 13 - Segments and Related Information. 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, 2021 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, 2021 contained in the Company’s 2021 Annual Report on Form 10-K (the “2021 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 with the current period presentation, including for the first quarter 2022 change in segment balance sheet information for HMG, as discussed above. In addition, in the fourth quarter of 2021, the Company updated its presentation of gains or losses, net, from the sale of property and equipment to include such amounts within general and administrative expenses. Previously, such gains or losses were included within other income or expense. Interim period operating results do not necessarily indicate the results that may be expected for any other interim period or for the full fiscal year. The Company believes that the disclosures made in these consolidated financial statements are adequate to make the information not misleading. Principles of Consolidation The accompanying consolidated financial statements include MasTec, Inc. and its subsidiaries and include the accounts of all majority owned subsidiaries over which the Company exercises control and, when applicable, entities in which the Company has a controlling financial interest. All significant intercompany balances and transactions have been eliminated in consolidation. Other parties’ interests in entities that MasTec consolidates are reported as non-controlling interests within equity, except for mandatorily redeemable non-controlling interests, which are recorded within other liabilities. Net income or loss attributable to non-controlling interests is reported as a separate line item below net income or loss. The Company applies the equity method of accounting for its investments in entities for which it does not have a controlling financial interest, but over which it has the ability to exert significant influence. For equity investees in which the Company has an undivided interest in the assets, liabilities and profits or losses of an unincorporated entity, but does not exercise control over the entity, the Company consolidates its proportional interest in the accounts of the entity. Translation of Foreign Currencies The assets and liabilities of foreign subsidiaries with a functional currency other than the U.S. dollar are translated into U.S. dollars at period-end exchange rates, with resulting translation gains or losses included within other comprehensive income or loss. Revenue and expenses are translated into U.S. dollars at average rates of exchange during the applicable period. Substantially all of the Company’s foreign operations use their local currency as their functional currency. For foreign operations for which the local currency is not the functional currency, the operation’s non-monetary assets are remeasured into U.S. dollars at historical exchange rates. All other accounts are remeasured at current exchange rates. Gains or losses from remeasurement are included in other income or expense, net. Currency gains or losses resulting from transactions executed in currencies other than the functional currency are included in other income or expense, net. In these consolidated financial statements, “$” means U.S. dollars unless otherwise noted. Management Estimates The preparation of consolidated financial statements in accordance with U.S. GAAP requires the use of estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. These estimates are based on historical experience and various other assumptions that management believes to be reasonable under the circumstances, including the potential future effects of public health matters, such as the COVID-19 pandemic, climate-related matters, and macroeconomic trends and events, such as inflation and interest rate levels, as well as global events, such as the ongoing military conflict in Ukraine. These estimates form the basis for making judgments about the Company’s operating results and the carrying values of assets and liabilities that are not readily apparent from other sources. While management believes that such estimates are reasonable when considered in conjunction with the Company’s consolidated financial position and results of operations taken as a whole, actual results could differ materially from these estimates. Key estimates include: the recognition of revenue and project profit or loss, which the Company defines as project revenue, less project costs of revenue, including project-related depreciation, in particular, on construction contracts accounted for under the cost-to-cost method, for which the recorded amounts require estimates of costs to complete and the amount and probability of variable consideration included in the contract transaction price; fair value estimates, including those related to acquisitions, valuations of goodwill, intangible and other assets, acquisition-related contingent consideration and other liabilities, equity investments and long-lived assets; allowances for credit losses; asset lives used in computing depreciation and amortization; fair values of financial instruments; self-insurance liabilities; other accruals and allowances; income taxes; and the estimated effects of litigation and other contingencies. COVID-19 Pandemic and General Economic Conditions The COVID-19 pandemic has disrupted business activities and global economic conditions and negatively affected the Company’s operations since the first quarter of 2020, including from reduced crew productivity, the health and availability of work crews or other key personnel and subcontractors; supply chain disruptions; delayed project start dates; and lost productivity from governmental permitting approval delays, project shutdowns and/or cancellations, among other factors. While the adverse effects of the COVID-19 pandemic have begun to subside, its effects vary by region, and uncertainties arising from the COVID-19 pandemic could continue to disrupt economic conditions and business activities, particularly as new variants of COVID-19 arise. The extent to which the COVID-19 pandemic, including the recent and emerging variants, could affect the Company’s business, operations and financial results is uncertain as it will depend upon numerous evolving factors that management may not be able to accurately predict. The length and extent of any continuing economic and market disruptions are unknown, and therefore, any future impacts on the Company’s business, financial condition and/or results of operations cannot be quantified or predicted with specificity. The Company believes that it has taken appropriate steps to mitigate the effects of the COVID-19 pandemic on its business, and the Company’s business model has, thus far, proven resilient. Notwithstanding moderation of the COVID-19 pandemic and related governmental and other restrictions, the Company may continue to experience direct and indirect negative effects on its business and operations from possible longer-term changes in consumer and customer behavior and/or from negative economic conditions, including recent inflationary effects, rising interest rates and supply chain disruptions, including limited availability of products. The Coronavirus Aid, Relief and Economic Security Act (the “CARES Act”), which was enacted in response to the effects of the COVID-19 pandemic, permitted deferral and/or reduction of certain federal and payroll tax amounts, certain of which the Company pursued. As of March 31, 2022, payroll tax deferrals under the CARES Act, the amount of which is due by December 31, 2022, totaled approximately $42 million. Significant Accounting Policies Revenue Recognition The Company recognizes revenue from contracts with customers when, or as, control of promised services and goods is transferred to customers. The amount of revenue recognized reflects the consideration to which the Company expects to be entitled in exchange for the services and goods transferred. The Company primarily recognizes revenue over time utilizing the cost-to-cost measure of progress, which best depicts the continuous transfer of control of goods or services to the customer, and correspondingly, when performance obligations are satisfied for the related contracts. Contracts. The Company derives revenue primarily from construction projects performed under: (i) master and other service agreements, which generally provide a menu of available services in a specific geographic territory that are utilized on an as-needed basis, and are typically priced using either a time and materials or a fixed price per unit basis; and (ii) contracts for specific projects requiring the construction and installation of an entire infrastructure system, or specified units within an infrastructure system, which are subject to multiple pricing options, including fixed price, unit price, time and materials, or cost plus a markup. Revenue derived from projects performed under master service and other service agreements totaled 58% and 28% of consolidated revenue for the three month periods ended March 31, 2022 and 2021, respectively. For certain master service and other service agreements, revenue is recognized at a point in time, primarily for install-to-the-home and other wireless services in the Company’s Communications segment. This is generally when the work order has been fulfilled, which is typically the same day the work is initiated. Point in time revenue accounted for approximately 4% and 5% of consolidated revenue for the three month periods ended March 31, 2022 and 2021, respectively. 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 three month periods ended March 31, 2022 and 2021, project profit was affected by less than 5% as a result of changes in contract estimates included in projects that were in process as of December 31, 2021 and 2020. For the three month periods ended March 31, 2022 and 2021, revenue recognized as a result of changes in total contract transaction price estimates, including from variable consideration, from performance obligations satisfied or partially satisfied in prior periods, totaled approximately $11.9 million and $13.8 million, respectively. The Company may incur certain costs that can be capitalized, such as initial set-up or mobilization costs. Such capitalized costs, which are amortized over the life of the respective projects, totaled $1.3 million and $1.4 million as of March 31, 2022 and December 31, 2021, respectively. Performance Obligations. A performance obligation is a contractual promise to transfer a distinct good or service to a customer. The transaction price of a contract is allocated to each distinct performance obligation and recognized as revenue when or as the performance obligation is satisfied. The 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 March 31, 2022, the amount of the Company’s remaining performance obligations was $4.8 billion. Based on current expectations, the Company anticipates it will recognize approximately $3.8 billion of its remaining performance obligations as revenue during 2022, with the vast majority of the remaining balance expected to be recognized in 2023. Variable Consideration. Transaction prices for the Company’s contracts may include variable consideration, which comprises items such as change orders, claims and incentives. Management estimates variable consideration for a performance obligation utilizing estimation methods that it believes best predict the amount of consideration to which the Company will be entitled. 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 March 31, 2022 and December 31, 2021, the Company included approximately $131 million and $104 million, respectively, of change orders and/or claims in transaction prices for certain contracts that were in the process of being resolved in the ordinary course of business, including through negotiation, arbitration and other proceedings. These transaction price adjustments, when earned, are included within contract assets or accounts receivable, net of allowance, as appropriate. As of both March 31, 2022 and December 31, 2021, these change orders and/or claims primarily related to certain projects in the Company’s Clean Energy and Infrastructure and Power Delivery segments. 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 The discussion below describes the effects of recent accounting pronouncements, as updated from the discussion in the Company’s 2021 Form 10-K. Recent Accounting Pronouncements In October 2021, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers (“ASU 2021-08”) to improve consistency for revenue recognition in the post-acquisition period for acquired contracts as compared to contracts entered into subsequent to acquisition. ASU 2021-08 requires an acquirer to recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with Topic 606, Revenue from Contracts with Customers, rather than at fair value. ASU 2021-08 is effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2022, with early adoption permitted. The Company is currently evaluating the potential effect of this ASU on its consolidated financial statements.

Lease Obligations - Schedule of Future Minimum Lease Commitments (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Finance Leases
2022, remaining nine months	$ 110,300
2023	102,600
2024	62,600
2025	32,100
2026	4,400
Thereafter	0
Total minimum lease payments	312,000
Less amounts representing interest	(13,200)
Total lease obligations, net of interest	298,800
Less current portion	133,200
Long-term portion of lease obligations, net of interest	$ 165,600
Finance Lease, Liability, Current, Statement of Financial Position [Extensible List]	Current portion of long-term debt, including finance leases
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	Long-term debt, including finance leases
Operating Leases
2022, remaining nine months	$ 74,300
2023	71,900
2024	56,200
2025	36,100
2026	22,100
Thereafter	27,200
Total minimum lease payments	287,800
Less amounts representing interest	(14,000)
Total lease obligations, net of interest	273,800
Less current portion	92,066	$ 95,426
Long-term portion of lease obligations, net of interest	$ 181,712	$ 176,378

Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2022	Dec. 31, 2021
Preferred stock, par value (in dollars per share)	$ 1.00	$ 1.00
Preferred stock, shares authorized (in shares)	5,000,000	5,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.10	$ 0.10
Common stock, shares authorized (in shares)	145,000,000	145,000,000
Common stock, shares issued (in shares)	95,488,017	95,371,211
Treasury stock, shares (in shares)	19,129,904	18,941,926
Common Stock
Common stock, shares issued (in shares)	95,488,017	95,371,211
Restricted Stock Awards \| Common Stock
Unvested stock awards (in shares)	1,686,060	1,747,385

Earnings Per Share - Narrative (Details) - shares	1 Months Ended	3 Months Ended		12 Months Ended
Earnings Per Share - Narrative (Details) - shares	Dec. 31, 2021	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Business Acquisition [Line Items]
Anti-dilutive common stock (in shares)		1,321,000	23,000
Treasury stock acquired (in shares)		187,978	0
HMG
Business Acquisition [Line Items]
Business acquisition, number of shares issued (in shares)	1,975,232			2,000,000

Stock-Based Compensation and Other Employee Benefit Plans - Restricted Shares (Details) - Restricted Shares - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Stock-Based Compensation and Other Employee Benefit Plans [Line Items]
Stock-based compensation awards, unearned compensation	$ 50.6
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	$ 19.0	$ 10.9

Lease Obligations (Tables)

3 Months Ended

Mar. 31, 2022

Leases [Abstract]

Schedule of Future Minimum Lease Commitments, Finance Leases

Future minimum lease commitments as of March 31, 2022 were as follows (in millions):


	Finance Leases		Operating Leases
2022, remaining nine months	$	110.3	$	74.3
2023	102.6		71.9
2024	62.6		56.2
2025	32.1		36.1
2026	4.4		22.1
Thereafter	—		27.2
Total minimum lease payments	$	312.0	$	287.8
Less amounts representing interest	(13.2)		(14.0)
Total lease obligations, net of interest	$	298.8	$	273.8
Less current portion	133.2		92.1
Long-term portion of lease obligations, net of interest	$	165.6	$	181.7

Schedule of Future Minimum Lease Commitments, Operating Leases

Future minimum lease commitments as of March 31, 2022 were as follows (in millions):


	Finance Leases		Operating Leases
2022, remaining nine months	$	110.3	$	74.3
2023	102.6		71.9
2024	62.6		56.2
2025	32.1		36.1
2026	4.4		22.1
Thereafter	—		27.2
Total minimum lease payments	$	312.0	$	287.8
Less amounts representing interest	(13.2)		(14.0)
Total lease obligations, net of interest	$	298.8	$	273.8
Less current portion	133.2		92.1
Long-term portion of lease obligations, net of interest	$	165.6	$	181.7

Debt (Tables)

3 Months Ended

Mar. 31, 2022

Debt Disclosure [Abstract]

Schedule of Carrying Values of Debt

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


Description	Maturity Date	March 31, 2022		December 31, 2021
Senior credit facility:	November 1, 2026
Revolving loans		$	690.5	$	772.3
Term loan		350.0		350.0
4.50% Senior Notes	August 15, 2028	600.0		600.0
Finance lease and other obligations		299.8		310.3
Total debt obligations		$	1,940.3	$	2,032.6
Less unamortized deferred financing costs		(17.6)		(18.5)
Total debt, net of deferred financing costs		$	1,922.7	$	2,014.1
Current portion of long-term debt		134.0		137.9
Long-term debt		$	1,788.7	$	1,876.2

- 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
-Subparagraph (SX 210.5-02.22)
-URI http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e24072-122690

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=124435984&loc=d3e28541-108399

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=123467817&loc=d3e21506-112644

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 55
-Paragraph 69B
-URI http://asc.fasb.org/extlink&oid=123466577&loc=SL123495735-112612

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=124435984&loc=d3e28551-108399

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 55
-Paragraph 69E
-URI http://asc.fasb.org/extlink&oid=123466577&loc=SL123495743-112612

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=123467817&loc=d3e21521-112644

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=123467817&loc=d3e21538-112644

Reference 10: 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=123599511&loc=d3e64711-112823

Reference 11: 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 12: 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=123467817&loc=d3e21475-112644

+ Details