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Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Statement of Comprehensive Income [Abstract]
Net loss	$ (34,459)	$ (80,546)
Other comprehensive income (loss):
Foreign currency translation (losses) gains, net of tax	(380)	672
Unrealized gains (losses) on investment activity, net of tax	2,723	(4,177)
Comprehensive loss	(32,116)	(84,051)
Comprehensive income (loss) attributable to non-controlling interests	6,721	(6)
Comprehensive loss attributable to MasTec, Inc.	$ (38,837)	$ (84,045)

- Definition

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

+ References + Details

- Definition

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

+ References + Details

- Definition

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

+ References

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+ Details

Debt

3 Months Ended

Mar. 31, 2024

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, 2024		December 31, 2023
Senior credit facility:	November 1, 2026
Revolving loans		$	455.0	$	773.0
Term loan		339.1		341.3
4.50% Senior Notes	August 15, 2028	600.0		600.0
6.625% Senior Notes	August 15, 2029	284.9		284.2
2022 Term Loan Facility	October 7, 2025 and October 7, 2027	696.3		700.0
Finance lease and other obligations		354.9		380.3
Total debt obligations		$	2,730.2	$	3,078.8
Less unamortized deferred financing costs		(12.5)		(13.5)
Total debt, net of deferred financing costs		$	2,717.7	$	3,065.3
Current portion of long-term debt		180.6		177.2
Long-term debt		$	2,537.1	$	2,888.1

Senior Credit Facility

The Company maintains a $2.25 billion senior unsecured credit facility (the “Credit Facility”), which is composed of $1.9 billion of revolving commitments and a term loan with an original principal amount of $350.0 million (the “Term Loan”). The Term Loan is subject to amortization in quarterly principal installments of approximately $2.2 million, which quarterly installments increase to approximately $4.4 million in March 2025 until maturity. Quarterly principal installments on the Term Loan are subject to adjustment, if applicable, for certain prepayments. As of March 31, 2024 and December 31, 2023, the fair values of the Credit Facility and Term Loan, as estimated based on an income approach utilizing significant unobservable Level 3 inputs including discount rate assumptions, approximated their carrying values.

Revolving loans accrued interest at weighted average rates of approximately 6.80% and 7.71% per annum as of March 31, 2024 and December 31, 2023, respectively. The Term Loan accrued interest at rates of 6.80% and 7.08% as of March 31, 2024 and December 31, 2023, respectively. Letters of credit of approximately $63.7 million and $64.9 million were issued as of March 31, 2024 and December 31, 2023, respectively. As of March 31, 2024 and December 31, 2023, letter of credit fees accrued at 0.5625% and 0.6875% per annum, respectively, for performance standby letters of credit, and for financial standby letters of credit, accrued at 1.375% and 1.625% per annum, respectively. Outstanding letters of credit mature at various dates and most have automatic renewal provisions, subject to prior notice of cancellation. As of March 31, 2024 and December 31, 2023, availability for revolving loans totaled $1,381.3 million and $1,062.1 million, respectively, or up to $586.3 million and $585.1 million, respectively, for new letters of credit. There were no outstanding revolving borrowings denominated in foreign currencies as of either March 31, 2024 or December 31, 2023. Revolving loan borrowing capacity included $300.0 million of availability in either Canadian dollars or Mexican pesos as of both March 31, 2024 and December 31, 2023. The unused facility fee as of March 31, 2024 and December 31, 2023 accrued at rates of 0.200% and 0.225% per annum, respectively.

Other Credit Facilities

The Company has other credit facilities that support the working capital requirements of its foreign operations and certain letter of credit issuances. There were no outstanding borrowings under the Company’s other credit facilities as of either March 31, 2024 or December 31, 2023. Additionally, the Company has a separate credit facility, under which it may issue up to $50.0 million of performance standby letters of credit. As of March 31, 2024 and December 31, 2023, letters of credit issued under this facility totaled $17.4 million and $17.2 million, respectively, which accrued fees at 0.75% and 0.90% per annum, respectively.

2022 Term Loan Facility

As of March 31, 2024, the Company had $696.3 million in aggregate outstanding amount of unsecured term loans that were entered into in 2022 in connection with the acquisition of Infrastructure and Energy Alternatives (“IEA”), for which the original principal amount totaled $700.0 million, and was composed of a three-year term loan of $400.0 million in principal amount (the “Three-Year Tranche”) maturing on October 7, 2025, and a five-year term loan of $300.0 million in principal amount (the “Five-Year Tranche”) maturing on October 7, 2027 (together, the “2022 Term Loan Facility”). The Three-Year Tranche is not subject to amortization. The Five-Year Tranche is subject to amortization in quarterly principal installments of approximately $3.75 million, which installments commenced on March 31, 2024 and will increase to $7.5 million on March 31, 2026 until maturity, subject to the application of certain prepayments. As of March 31, 2024, the Three- and Five-Year Tranches accrued interest at rates of 6.804% and 6.253%, respectively, and as of December 31, 2023, the Three- and Five-Year Tranches accrued interest at rates of 6.833% and 6.958%, respectively. The fair value of the 2022 Term Loan Facility as of March 31, 2024 and December 31, 2023, as estimated based on an income approach utilizing significant unobservable Level 3 inputs including discount rate assumptions, approximated its carrying value.

Debt Covenants

MasTec was in compliance with the provisions and covenants of its outstanding debt instruments as of both March 31, 2024 and December 31, 2023.

Additional Information

As of March 31, 2024 and December 31, 2023, accrued interest payable, which is recorded within other accrued expenses in the consolidated balance sheets, totaled $14.9 million and $24.1 million, respectively. For additional information pertaining to the Company’s debt instruments, see Note 7 - Debt in the Company’s 2023 Form 10-K.

Debt - 2022 Term Loan Facility (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2026
Unsecured Debt \| New Term Loan Facility \| Line of Credit
Debt Instrument [Line Items]
Debt instrument, face amount	$ 700,000
Unsecured Debt \| New Term Loan Facility, Three-Year Tranche \| Line of Credit
Debt Instrument [Line Items]
Debt instrument, face amount	$ 400,000
Debt instrument, term	3 years
Debt instrument, interest rate during period	6.804%	6.833%
Unsecured Debt \| New Term Loan Facility, Five-Year Tranche \| Line of Credit
Debt Instrument [Line Items]
Debt instrument, face amount	$ 300,000
Debt instrument, term	5 years
Quarterly installments	$ 3,750
Debt instrument, interest rate during period	6.253%	6.958%
Unsecured Debt \| New Term Loan Facility, Five-Year Tranche \| Line of Credit \| Forecast
Debt Instrument [Line Items]
Quarterly installments			$ 7,500
Term Loan \| Credit Facility
Debt Instrument [Line Items]
Long-term debt obligations	$ 339,100	$ 341,300
Term Loan \| 2022 Term Loan Facility \| Credit Facility
Debt Instrument [Line Items]
Long-term debt obligations	$ 696,300	$ 700,000

Income Taxes	3 Months Ended
Income Taxes	Mar. 31, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes In determining the quarterly provision for income taxes, management uses an estimated annual effective tax rate based on forecasted annual pre-tax income, permanent tax differences, statutory tax rates and tax planning opportunities in the various jurisdictions in which the Company operates. The effect of significant discrete items is separately recognized in the quarter(s) in which they occur. For the three month periods ended March 31, 2024 and 2023, the Company’s consolidated effective tax rates were 24.3% and 35.7%, respectively. The Company’s effective tax rate for the three month period ended March 31, 2024 included the effect of an increase in non-deductible expenses as compared with the same period in 2023. For the three month period ended March 31, 2023, the Company’s effective tax rate included a net tax benefit of approximately $8.8 million related to share-based payment awards and an increase in non-deductible expenses as compared with the same period in the prior year.

- 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.

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+ Details

Stock-Based Compensation and Other Employee Benefit Plans - Restricted Shares, Narrative (Details) - Restricted Shares - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Stock-Based Compensation and Other Employee Benefit Plans [Line Items]
Stock-based compensation awards, unearned compensation	$ 70.5
Stock-based compensation awards, unearned compensation, weighted average expected recognition period (in years)	2 years 2 months 12 days
Stock-based compensation, vested awards, intrinsic value	$ 13.3	$ 77.3

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Debt - Schedule of Carrying Values of Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Finance lease and other obligations	$ 354,900	$ 380,300
Total debt obligations	2,730,200	3,078,800
Less unamortized deferred financing costs	(12,500)	(13,500)
Total debt, net of deferred financing costs	2,717,700	3,065,300
Current portion of long-term debt	180,638	177,246
Long-term debt	2,537,091	2,888,058
Credit Facility \| Revolving Loans
Debt Instrument [Line Items]
Long-term debt obligations	455,000	773,000
Credit Facility \| Term Loan
Debt Instrument [Line Items]
Long-term debt obligations	339,100	341,300
Credit Facility \| Term Loan \| 2022 Term Loan Facility
Debt Instrument [Line Items]
Long-term debt obligations	$ 696,300	700,000
Senior Notes \| 4.50% Senior Notes
Debt Instrument [Line Items]
Debt instrument, interest rate (percentage)	4.50%
Long-term debt obligations	$ 600,000	600,000
Senior Notes \| 6.625% Senior Notes
Debt Instrument [Line Items]
Debt instrument, interest rate (percentage)	6.625%
Long-term debt obligations	$ 284,900	$ 284,200

Debt - Additional Information - Narrative (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Debt Disclosure [Abstract]
Debt instruments, accrued interest payable	$ 14.9	$ 24.1

Stock-Based Compensation and Other Employee Benefit Plans - ESPP (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Stock-Based Compensation and Other Employee Benefit Plans [Line Items]
Common shares issued (in shares)	29,914	21,299
Employee Stock Purchase Plans
Stock-Based Compensation and Other Employee Benefit Plans [Line Items]
ESPP purchase price, percent	85.00%
Cash proceeds	$ 1.9	$ 1.7
Compensation expense	$ 0.4	$ 0.3

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

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

3 Months Ended

Mar. 31, 2024

Receivables [Abstract]

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

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


	March 31, 2024		December 31, 2023
Contract billings	$	1,330.7	$	1,385.2
Less allowance	(20.2)		(15.1)
Accounts receivable, net of allowance	$	1,310.5	$	1,370.1

Retainage	342.0		356.4
Unbilled receivables	1,243.0		1,400.0
Contract assets	$	1,585.0	$	1,756.4

Lease Obligations - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Lessee, Lease, Description [Line Items]
Leases, remaining lease terms	15 years
Finance leases, assets, gross	$ 656.0		$ 679.9
Assets held under finance leases, location	Property and equipment, net		Property and equipment, net
Finance leases, assets, net	$ 443.6		$ 473.3
Finance leases, assets, depreciation	24.2	$ 28.0
Operating leases, additions	$ 80.1	26.3
Operating leases, term of contract	1 year
Operating lease expense	$ 48.5	35.2
Operating leases, variable lease costs	4.7	4.0
Operating leases, short-term leases, expense	$ 135.6	$ 111.1
Finance leases, weighted average remaining lease term (in years)	2 years 6 months		2 years 7 months 6 days
Finance leases, weighted average discount rate, percent	4.80%		4.70%
Operating leases, weighted average remaining lease term (in years)	3 years 10 months 24 days		3 years 9 months 18 days
Operating leases, weighted average discount rate, percent	4.90%		4.80%
Minimum \| Equipment Leases
Lessee, Lease, Description [Line Items]
Leases, renewal term	1 year
Minimum \| Facility Leases
Lessee, Lease, Description [Line Items]
Leases, renewal term	1 year
Maximum \| Equipment Leases
Lessee, Lease, Description [Line Items]
Leases, renewal term	5 years
Maximum \| Facility Leases
Lessee, Lease, Description [Line Items]
Leases, renewal term	5 years

Segments and Related Information (Tables)

3 Months Ended

Mar. 31, 2024

Segment Reporting [Abstract]

Schedule of Financial Information by Reportable Segment


	For the Three Months Ended March 31,
Revenue:	2024		2023
Communications (a)	$	732.9	$	806.6
Clean Energy and Infrastructure	753.5		824.9
Power Delivery	571.0		709.4
Oil and Gas	633.8		256.5
Other	—		—
Eliminations	(4.4)		(12.7)
Consolidated revenue	$	2,686.8	$	2,584.7

(a) Revenue generated primarily by utilities customers represented 27.7% and 23.7% of Communications segment revenue for the three month periods ended March 31, 2024 and 2023, respectively.


	For the Three Months Ended March 31,
EBITDA:	2024		2023
Communications	$	48.8	$	52.8
Clean Energy and Infrastructure	20.4		5.3
Power Delivery	27.4		47.4
Oil and Gas	92.8		14.5
Other	6.9		7.1
Segment EBITDA	$	196.3	$	127.1


	For the Three Months Ended March 31,
Depreciation and Amortization:	2024		2023
Communications	$	33.5	$	34.6
Clean Energy and Infrastructure	32.3		38.4
Power Delivery	34.2		39.3
Oil and Gas	38.7		34.3
Other	0.0		0.0
Corporate	2.4		2.6
Consolidated depreciation and amortization	$	141.1	$	149.2


Assets:	March 31, 2024		December 31, 2023
Communications	$	2,169.5	$	2,332.2
Clean Energy and Infrastructure	2,587.5		2,978.8
Power Delivery	1,749.6		1,837.1
Oil and Gas	1,761.0		1,758.0
Other	312.4		305.0
Corporate	165.4		162.4
Consolidated assets	$	8,745.4	$	9,373.5

Reconciliation of Consolidated Income before Income Taxes to EBITDA


	For the Three Months Ended March 31,
EBITDA Reconciliation:	2024		2023
Loss before income taxes	$	(45.5)	$	(125.3)
Plus:
Interest expense, net	52.1		52.7
Depreciation	107.4		107.2
Amortization	33.7		41.9
Corporate EBITDA	48.7		50.5
Segment EBITDA	$	196.3	$	127.1

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

3 Months Ended

Mar. 31, 2024

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, 2023	1,505,996	$	71.35
Granted	220,857	85.69
Vested	(155,790)	91.40
Canceled/forfeited	(10,211)	71.52
Non-vested restricted shares, as of March 31, 2024	1,560,852	$	71.38

(a) Includes 1,000 restricted stock units as of both March 31, 2024 and December 31, 2023.

Acquisitions, Goodwill, and Other Intangible Assets, Net - Rollforward of Other Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Other Intangible Assets [Line Items]
Other intangible assets, gross		$ 1,413,200
Accumulated amortization		(628,900)
Other Intangible Assets [Rollforward]
Other intangible assets, net, beginning balance	$ 784,260
Additions from new business combinations	800
Currency translation adjustments	(400)
Amortization expense	(33,700)
Other intangible assets, net, ending balance	751,008
Customer Relationships and Backlog
Other Intangible Assets [Line Items]
Other intangible assets, gross		1,096,600
Accumulated amortization		(529,300)
Other Intangible Assets [Rollforward]
Other intangible assets, net, beginning balance	567,300
Additions from new business combinations	800
Currency translation adjustments	0
Amortization expense	(27,300)
Other intangible assets, net, ending balance	540,800
Trade Names
Other Intangible Assets [Line Items]
Other intangible assets, gross		229,000
Accumulated amortization		(49,800)
Other Intangible Assets [Rollforward]
Other intangible assets, net, beginning balance	179,200
Additions from new business combinations	0
Currency translation adjustments	0
Amortization expense	(4,600)
Other intangible assets, net, ending balance	174,600
Other
Other Intangible Assets [Line Items]
Other intangible assets, gross		87,600
Accumulated amortization		(49,800)
Other Intangible Assets [Rollforward]
Other intangible assets, net, beginning balance	37,800
Additions from new business combinations	0
Currency translation adjustments	(400)
Amortization expense	(1,800)
Other intangible assets, net, ending balance	35,600
Trade Names
Other Intangible Assets [Rollforward]
Other intangible assets, non-amortizing	$ 34,500	$ 34,500

Equity	3 Months Ended
Equity	Mar. 31, 2024
Equity [Abstract]
Equity	Equity Share Activity The Company’s share repurchase programs provide for the repurchase, from time to time, of MasTec common shares in open market transactions or in privately negotiated transactions in accordance with applicable securities laws. The Company’s share repurchase programs, under which the Company undertakes share repurchases for strategic purposes, including when (i) management believes that the market price of the Company’s stock is undervalued; (ii) management believes that such repurchases will enhance long-term shareholder value; (iii) the Company has adequate liquidity; and (iv) management believes that such repurchases are appropriate uses of capital, do not have an expiration date and may be modified or suspended at any time at the Company’s discretion. There were no share repurchases under the Company’s share repurchase programs in either of the three month periods ended March 31, 2024 or 2023. As of March 31, 2024, $77.3 million was available for future share repurchases under the Company’s March 2020 share repurchase program. Accumulated Other Comprehensive Loss Unrealized foreign currency translation activity, net, for both the three month periods ended March 31, 2024 and 2023 relates primarily to the Company’s activities in Canada and Mexico. Other unrealized activity within accumulated comprehensive loss for both the three month periods ended March 31, 2024 and 2023 relates to unrealized investment gains or losses associated with interest rate swaps for the Waha JVs. See Note 4 - Fair Value of Financial Instruments for additional information.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Other Retirement Plans (Details) $ in Millions	3 Months Ended
Other Retirement Plans (Details) $ in Millions	Mar. 31, 2024 USD ($) employee	Mar. 31, 2023 USD ($) employee
Covered Employees and Contributions, Multiemployer Plans [Line Items]
Multiemployer plan, employer contribution, cost	$ 38.1	$ 35.2
Pension
Covered Employees and Contributions, Multiemployer Plans [Line Items]
Multiemployer plan, employer contribution, cost	28.1	21.8
Other Multiemployer
Covered Employees and Contributions, Multiemployer Plans [Line Items]
Multiemployer plan, employer contribution, cost	$ 10.0	$ 13.4
Low
Covered Employees and Contributions, Multiemployer Plans [Line Items]
Multiemployer plans, covered employees (in number of employees) \| employee	7,290	6,806
High
Covered Employees and Contributions, Multiemployer Plans [Line Items]
Multiemployer plans, covered employees (in number of employees) \| employee	9,448	7,581

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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+ Details

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 249,326	$ 529,561
Accounts receivable, net of allowance	1,310,483	1,370,074
Contract assets	1,585,023	1,756,381
Inventories, net	112,323	108,146
Prepaid expenses	102,050	105,880
Other current assets	86,265	104,211
Total current assets	3,445,470	3,974,253
Property and equipment, net	1,572,766	1,651,462
Operating lease right-of-use assets	424,575	418,685
Goodwill, net	2,126,041	2,126,366
Other intangible assets, net	751,008	784,260
Other long-term assets	425,493	418,485
Total assets	8,745,353	9,373,511
Current liabilities:
Current portion of long-term debt, including finance leases	180,638	177,246
Current portion of operating lease liabilities	144,317	137,765
Accounts payable	965,308	1,242,602
Accrued salaries and wages	215,678	198,943
Other accrued expenses	398,432	415,075
Contract liabilities	548,641	480,967
Other current liabilities	180,357	184,621
Total current liabilities	2,633,371	2,837,219
Long-term debt, including finance leases	2,537,091	2,888,058
Long-term operating lease liabilities	291,707	292,873
Deferred income taxes	347,424	390,399
Other long-term liabilities	245,736	243,701
Total liabilities	6,055,329	6,652,250
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 - 99,272,155 and 99,093,134 (including 1,559,852 and 1,504,996 of unvested stock awards) as of March 31, 2024 and December 31, 2023, respectively	9,927	9,909
Capital surplus	1,270,291	1,263,360
Retained earnings	2,104,613	2,145,793
Accumulated other comprehensive loss	(50,654)	(52,997)
Treasury stock, at cost: 19,813,055 shares as of both March 31, 2024 and December 31, 2023.	(659,913)	(659,913)
Total MasTec, Inc. shareholders’ equity	2,674,264	2,706,152
Non-controlling interests	15,760	15,109
Total equity	2,690,024	2,721,261
Total liabilities and equity	$ 8,745,353	$ 9,373,511

Acquisitions, Goodwill, and Other Intangible Assets, Net - Quarterly Assessment for Indicators of Impairment - Narrative (Details) $ in Millions		3 Months Ended
	Dec. 31, 2023 segment reportingUnit	Mar. 31, 2024 USD ($) yr segment reportingUnit
Goodwill [Line Items]
Number of operating segments \| segment		5
Power Delivery
Goodwill [Line Items]
Number of reporting units	1	5
Number of operating segments \| segment	3
Number of reporting units not substantially exceeding reporting value		1
Number of reporting units under previous reporting structure		4
Power Delivery \| Power Delivery Segment, Reporting Unit One
Goodwill [Line Items]
Value of fair value in excess of carrying value \| $		$ 47.1
Percentage of fair value in excess of carrying amount		16.00%
Power Delivery \| Power Delivery Segment, Reporting Unit One \| Measurement Input, Long-Term Revenue Growth Rate
Goodwill [Line Items]
Measurement input		0.03
Power Delivery \| Power Delivery Segment, Reporting Unit One \| Number Of Years Of Discounted Cash Flows
Goodwill [Line Items]
Measurement input \| yr		5
Power Delivery \| Power Delivery Segment, Reporting Unit One \| Discount Rate
Goodwill [Line Items]
Measurement input		0.12

Property and Equipment, Net - Schedule of Property and Equipment, Net (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Property and Equipment [Line Items]
Property and equipment	$ 3,540,300	$ 3,559,300
Less accumulated depreciation and amortization	(1,967,500)	(1,907,800)
Property and equipment, net	1,572,766	1,651,462
Land
Property and Equipment [Line Items]
Property and equipment	68,500	68,500
Buildings and leasehold improvements
Property and Equipment [Line Items]
Property and equipment	101,300	90,700
Machinery, equipment and vehicles
Property and Equipment [Line Items]
Property and equipment	2,993,300	3,013,900
Office equipment, furniture and internal-use software
Property and Equipment [Line Items]
Property and equipment	342,800	330,200
Construction in progress
Property and Equipment [Line Items]
Property and equipment	$ 34,400	$ 56,000

Lease Obligations

3 Months Ended

Mar. 31, 2024

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 certain related party leases. As of March 31, 2024, the Company’s leases have remaining lease terms of up to 15 years. Lease agreements may contain renewal clauses, which, if elected, generally extend the term of the lease for 1 to 5 years for both equipment and facility leases. Certain lease agreements may also contain options to purchase the leased property and/or options to terminate the lease. In addition, lease agreements may include periodic adjustments to payment amounts for inflation or other variables, or may require payments for taxes, insurance, maintenance or other expenses, which are generally referred to as non-lease components. The Company’s lease agreements do not contain significant residual value guarantees or material restrictive covenants.

Finance Leases

The gross amount of assets held under finance leases as of March 31, 2024 and December 31, 2023 totaled $656.0 million and $679.9 million, respectively. Assets held under finance leases, net of accumulated depreciation, totaled $443.6 million and $473.3 million as of March 31, 2024 and December 31, 2023, respectively. Depreciation expense associated with finance leases totaled $24.2 million and $28.0 million for the three month periods ended March 31, 2024 and 2023, respectively.

Operating Leases

Operating lease additions for the three month periods ended March 31, 2024 and 2023 totaled $80.1 million and $26.3 million, respectively. For the three month periods ended March 31, 2024 and 2023, rent expense for leases that have terms in excess of one year totaled approximately $48.5 million and $35.2 million, respectively, of which $4.7 million and $4.0 million, respectively, represented variable lease costs. The Company also incurred rent expense for leases with terms of one year or less totaling approximately $135.6 million and $111.1 million for the three month periods ended March 31, 2024 and 2023, respectively. Rent expense for operating leases is generally consistent with the amount of the related payments, which payments are included within operating activities in the consolidated statements of cash flows.

Additional Lease Information

Future minimum lease commitments as of March 31, 2024 were as follows (in millions):


	Finance Leases		Operating Leases
2024, remaining nine months	$	117.7	$	121.8
2025	122.8		138.3
2026	65.0		101.7
2027	24.8		53.3
2028	3.8		23.6
Thereafter	0.2		37.0
Total minimum lease payments	$	334.3	$	475.7
Less amounts representing interest	(21.1)		(39.7)
Total lease obligations, net of interest	$	313.2	$	436.0
Less current portion	141.9		144.3
Long-term portion of lease obligations, net of interest	$	171.3	$	291.7

As of March 31, 2024 and December 31, 2023, finance leases had weighted average remaining lease terms of 2.5 years and 2.6 years, respectively, and a weighted average discount rate of 4.8% and 4.7% for the respective periods. Non-cancelable operating leases had weighted average remaining lease terms of 3.9 years and 3.8 years as of March 31, 2024 and December 31, 2023, respectively, and a weighted average discount rate of 4.9%.

Lease Obligations

Finance Leases

Operating Leases

Additional Lease Information

Future minimum lease commitments as of March 31, 2024 were as follows (in millions):


	Finance Leases		Operating Leases
2024, remaining nine months	$	117.7	$	121.8
2025	122.8		138.3
2026	65.0		101.7
2027	24.8		53.3
2028	3.8		23.6
Thereafter	0.2		37.0
Total minimum lease payments	$	334.3	$	475.7
Less amounts representing interest	(21.1)		(39.7)
Total lease obligations, net of interest	$	313.2	$	436.0
Less current portion	141.9		144.3
Long-term portion of lease obligations, net of interest	$	171.3	$	291.7

Earnings Per Share - Schedule of Earnings Per Share (Details) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Net loss attributable to MasTec:
Net loss - basic	$ (41,180)	$ (80,540)
Net loss - diluted		$ (80,540)
Weighted average shares outstanding:
Weighted average shares outstanding - basic (in shares)	77,942	76,984
Dilutive common stock equivalents (in shares)	0	0
Weighted average shares outstanding - diluted (in shares)	77,942	76,984
Anti-dilutive common stock (in shares)	727	1,330
Former Owner Of Acquired Business
Weighted average shares outstanding:
Weighted average shares outstanding - basic (in shares)	88	99

- Definition

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) available to common shareholders.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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-Name Accounting Standards Codification
-Section 50
-Paragraph 3
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-URI https://asc.fasb.org//1943274/2147483443/250-10-50-3

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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482689/260-10-45-60B

+ Details

- Definition

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities, and addition from assumption of issuance of common shares for dilutive potential common shares; of income (loss) available to common shareholders.

+ References + Details

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Cash flows from operating activities:
Net loss	$ (34,459)	$ (80,546)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation	107,435	107,247
Amortization of intangible assets	33,691	41,944
Non-cash stock-based compensation expense	9,673	8,515
Benefit from deferred income taxes	(44,137)	(30,863)
Provision for credit losses	5,188	496
Equity in earnings of unconsolidated affiliates, net	(9,219)	(9,152)
Losses (gains) on sales and impairments of assets, net	863	(7,818)
Non-cash interest expense, net	1,260	1,367
Other non-cash items, net	4,958	1,089
Changes in assets and liabilities, net of acquisitions:
Accounts receivable	75,584	50,082
Contract assets	171,133	(22,011)
Inventories	5,912	(5,673)
Other assets, current and long-term portion	33,419	36,587
Accounts payable and accrued expenses	(315,792)	(212,714)
Contract liabilities	67,703	29,495
Other liabilities, current and long-term portion	(5,462)	5,584
Net cash provided by (used in) operating activities	107,750	(86,371)
Cash flows from investing activities:
Cash paid for acquisitions, net of cash acquired	(61)	(46,506)
Capital expenditures	(25,409)	(63,346)
Proceeds from sales of property and equipment	10,850	19,946
Payments for other investments	(63)	(205)
Proceeds from other investments	0	425
Other investing activities, net	1,652	200
Net cash used in investing activities	(13,031)	(89,486)
Cash flows from financing activities:
Proceeds from credit facilities	863,000	918,000
Repayments of credit facilities and term loans	(1,186,938)	(911,188)
Payments of finance lease obligations	(36,693)	(37,047)
Payments to non-controlling interests, including acquisition of interests and distributions	(6,835)	(11,660)
Payments for stock-based awards	(2,724)	(13,107)
Other financing activities, net	(4,632)	1,560
Net cash used in financing activities	(374,822)	(53,442)
Effect of currency translation on cash	(132)	267
Net decrease in cash and cash equivalents	(280,235)	(229,032)
Cash and cash equivalents - beginning of period	529,561	370,592	$ 370,592
Cash and cash equivalents - end of period	249,326	141,560	$ 529,561
Supplemental cash flow information:
Interest paid	61,820	59,444
Income tax refunds, net of payments	(3,792)	(939)
Supplemental disclosure of non-cash information:
Additions to property and equipment from finance leases and other financing arrangements	$ 20,602	$ 24,786

Fair Value of Financial Instruments - Other Investments - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		39 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 21, 2024	Dec. 31, 2023
Fair Value, Financial Instruments Measured on a Non-Recurring Basis [Line Items]
Equity method investments, net investment	$ 327.0			$ 319.0
Subcontracting Arrangements \| Related Party
Fair Value, Financial Instruments Measured on a Non-Recurring Basis [Line Items]
Accounts receivable, after allowance for credit loss	0.2			0.4
Telecommunications Equity Method Investees
Fair Value, Financial Instruments Measured on a Non-Recurring Basis [Line Items]
Equity method investments, net investment	22.0			21.0
Telecommunications Equity Method Investees \| Subcontracting Arrangements \| Related Party
Fair Value, Financial Instruments Measured on a Non-Recurring Basis [Line Items]
Operating costs and expenses	1.0	$ 0.4
Accounts payable	0.3			0.1
Telecommunications Equity Method Investees \| Employee Leasing Expense Arrangement
Fair Value, Financial Instruments Measured on a Non-Recurring Basis [Line Items]
Operating costs and expenses	0.0
Telecommunications Equity Method Investees \| Advanced Receivable Arrangement
Fair Value, Financial Instruments Measured on a Non-Recurring Basis [Line Items]
Operating costs and expenses	0.1
Telecommunications Equity Method Investees \| Employee Leasing and Advanced Receivable Arrangement \| Related Party
Fair Value, Financial Instruments Measured on a Non-Recurring Basis [Line Items]
Accounts receivable, after allowance for credit loss	4.2			4.0
FM Tech
Fair Value, Financial Instruments Measured on a Non-Recurring Basis [Line Items]
Equity method investments, net investment	$ 18.0			18.0
Equity method investments, ownership percentage	50.00%
Certain Entities, Each Accounted for Using Equity Method Investments
Fair Value, Financial Instruments Measured on a Non-Recurring Basis [Line Items]
Equity method investments, net investment	$ 3.0			$ 3.0
Equity method investments, ownership percentage	49.00%			49.00%
Line of credit, amount drawn	$ 3.0			$ 3.0
Certain Entities, Each Accounted for Using Equity Method Investments \| Related Party
Fair Value, Financial Instruments Measured on a Non-Recurring Basis [Line Items]
Operating costs and expenses	0.1	0.3
Certain Entities, Each Accounted for Using Equity Method Investments \| Other Current Assets
Fair Value, Financial Instruments Measured on a Non-Recurring Basis [Line Items]
Line of credit, amount drawn	$ 0.0			$ 0.0
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	$ 0.1	$ 0.2	$ 2.1
Financing commitments (up to)	$ 2.5

Related Party Transactions	3 Months Ended
Related Party Transactions	Mar. 31, 2024
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions MasTec purchases, rents and leases equipment and purchases various types of supplies and services used in its business, including ancillary construction services, project-related site restoration and marketing, business development and administrative activities, from a number of different vendors on a non-exclusive basis, and from time to time, rents equipment to, sells certain supplies, or performs construction services on behalf of, entities in which members of subsidiary management have ownership or commercial interests. For the three month periods ended March 31, 2024 and 2023, such payments to related party entities totaled approximately $10.3 million and $16.1 million, respectively. Payables associated with such arrangements totaled approximately $1.2 million and $2.7 million as of March 31, 2024 and December 31, 2023, respectively. Revenue from such related party arrangements totaled approximately $4.4 million and $2.2 million for the three month periods ended March 31, 2024 and 2023, respectively. As of March 31, 2024, accounts receivable, net, less deferred revenue related to these arrangements totaled a receivable of approximately $3.2 million, and as of December 31, 2023, totaled a liability of approximately $0.4 million. The Company rents and leases equipment and purchases certain supplies and servicing from CCI. Juan Carlos Mas, who is the brother of Jorge Mas, Chairman of MasTec’s Board of Directors, and José R. Mas, MasTec’s Chief Executive Officer, serves as the chairman of CCI, and a member of management of a MasTec subsidiary and an entity that is owned by the Mas family are minority owners. For the three month periods ended March 31, 2024 and 2023, MasTec paid CCI approximately $5.8 million and $1.0 million, respectively, for such equipment, supply and servicing expenses, and related amounts payable totaled approximately $1.3 million and $4.6 million as of March 31, 2024 and December 31, 2023, respectively. The Company has also rented equipment to CCI. 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 periods ended March 31, 2024 and 2023, MasTec incurred subcontracting expenses in connection with this arrangement of approximately $3.7 million and $0.1 million, respectively. Related amounts payable totaled approximately $1.5 million and $3.1 million as of March 31, 2024 and December 31, 2023, respectively. MasTec has an aircraft leasing arrangement with an entity that is owned by Jorge Mas, under which a new leasing agreement was entered into in December of 2023. For the three month periods ended March 31, 2024 and 2023, MasTec paid approximately $1.6 million and $0.7 million, respectively, related to this leasing arrangement. As of March 31, 2024, there were no amounts payable related to this arrangement, and as of December 31, 2023, related amounts payable totaled approximately $0.2 million. MasTec performs construction services on behalf of a professional Miami soccer franchise (the “Franchise”) in which Jorge Mas and José R. Mas are majority owners. Construction services include, and have included, the construction of a soccer facility and stadium as well as wireless infrastructure services. In the third quarter of 2023, construction services related to site preparation for a new soccer complex began. For the three month periods ended March 31, 2024 and 2023, revenue under these arrangements totaled approximately $5.0 million and $0.1 million, respectively, and related amounts receivable totaled approximately $4.9 million and $4.1 million as of March 31, 2024 and December 31, 2023, respectively. Payments for other expenses related to the Franchise totaled approximately $0.2 million and $0.4 million for the three month periods ended March 31, 2024 and 2023, respectively, for which there were no amounts outstanding as of either March 31, 2024 or December 31, 2023. MasTec has a subcontracting arrangement to perform construction services for an entity, in which José R. Mas previously held a minority interest. On January 1, 2024, MasTec acquired José R. Mas’ interest in this entity for approximately $0.7 million. From time to time, the Company pays amounts on behalf of or to the former owners of acquired businesses, which, under the provisions of the related purchase agreements, the former owners are obligated to repay. The Company paid $0.2 million and $0.1 million of such amounts during the three month periods ended March 31, 2024 and 2023, respectively. Amounts receivable for such payments, which are expected to be settled under customary terms associated with the related purchase agreements, totaled approximately $2.9 million and $2.6 million as of March 31, 2024 and December 31, 2023, respectively. Additionally, the Company has certain arrangements with an entity in which members of management have an ownership interest, including a fee arrangement in conjunction with a $15.0 million letter of credit issued by the Company on behalf of this entity. Income recognized in connection with these arrangements totaled approximately $0.2 million for both the three month periods ended March 31, 2024 and 2023, and related amounts receivable totaled approximately $0.2 million and $0.4 million as of March 31, 2024 and December 31, 2023, respectively. Non-controlling interests in entities consolidated by the Company represent ownership interests held by members of management of certain of the Company’s subsidiaries, primarily in the Company’s Oil and Gas segment, including the ownership interests in two entities that the Company acquired in the second quarter of 2023, of which it sold certain minority interests to members of management of a MasTec subsidiary for $7.1 million of notes receivable in the fourth quarter of 2023. These notes, which bear interest at a rate of 5.0% per annum, and of which $5.5 million and $6.9 million was outstanding as of March 31, 2024 and December 31, 2023, respectively, are recorded within other current or long-term assets, as appropriate, in the consolidated balance sheets. For the three month period ended March 31, 2024, the Company recognized interest income of approximately $0.1 million related to these notes. Additionally, in the first quarter of 2023, the Company acquired the remaining 15% equity interests in one of its subsidiaries, which interests were previously accounted for as non-controlling interests, from two members of subsidiary management for $10.0 million in cash, plus 120,000 shares of MasTec common stock, valued at approximately $11.6 million. Split Dollar Agreements MasTec has split dollar life insurance agreements with trusts, for one of which Jorge Mas is a trustee, and for the other of which José R. Mas is a trustee. For the three month period ended March 31, 2024, amounts paid in connection with these agreements were de minimis, and for the three month period ended March 31, 2023, no payments were made. Life insurance assets associated with these agreements totaled approximately $27.2 million as of both March 31, 2024 and December 31, 2023.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 2
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-URI https://asc.fasb.org//1943274/2147480990/946-20-50-2

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-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

+ Details

Debt (Tables)

3 Months Ended

Mar. 31, 2024

Debt Disclosure [Abstract]

Schedule of Carrying Values of Debt

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


Description	Maturity Date	March 31, 2024		December 31, 2023
Senior credit facility:	November 1, 2026
Revolving loans		$	455.0	$	773.0
Term loan		339.1		341.3
4.50% Senior Notes	August 15, 2028	600.0		600.0
6.625% Senior Notes	August 15, 2029	284.9		284.2
2022 Term Loan Facility	October 7, 2025 and October 7, 2027	696.3		700.0
Finance lease and other obligations		354.9		380.3
Total debt obligations		$	2,730.2	$	3,078.8
Less unamortized deferred financing costs		(12.5)		(13.5)
Total debt, net of deferred financing costs		$	2,717.7	$	3,065.3
Current portion of long-term debt		180.6		177.2
Long-term debt		$	2,537.1	$	2,888.1

- 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

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+ Details

Segments and Related Information - Schedule of Financial Information by Reportable Segment (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Segments and Related Information [Line Items]
Consolidated revenue	$ 2,686,849	$ 2,584,659
Segment EBITDA	196,300	127,100
Consolidated depreciation and amortization	141,100	$ 149,200
Consolidated assets	$ 8,745,353		$ 9,373,511
Communications \| Customer Concentration Risk \| Revenue \| Utilities
Segments and Related Information [Line Items]
Concentration risk, percentage of total	27.70%	23.70%
Reportable Segments \| Communications
Segments and Related Information [Line Items]
Consolidated revenue	$ 732,900	$ 806,600
Segment EBITDA	48,800	52,800
Consolidated depreciation and amortization	33,500	34,600
Consolidated assets	2,169,500		2,332,200
Reportable Segments \| Clean Energy and Infrastructure
Segments and Related Information [Line Items]
Consolidated revenue	753,500	824,900
Segment EBITDA	20,400	5,300
Consolidated depreciation and amortization	32,300	38,400
Consolidated assets	2,587,500		2,978,800
Reportable Segments \| Power Delivery
Segments and Related Information [Line Items]
Consolidated revenue	571,000	709,400
Segment EBITDA	27,400	47,400
Consolidated depreciation and amortization	34,200	39,300
Consolidated assets	1,749,600		1,837,100
Reportable Segments \| Oil and Gas
Segments and Related Information [Line Items]
Consolidated revenue	633,800	256,500
Segment EBITDA	92,800	14,500
Consolidated depreciation and amortization	38,700	34,300
Consolidated assets	1,761,000		1,758,000
Reportable Segments \| Other
Segments and Related Information [Line Items]
Consolidated revenue	0	0
Segment EBITDA	6,900	7,100
Consolidated depreciation and amortization	0	0
Consolidated assets	312,400		305,000
Eliminations
Segments and Related Information [Line Items]
Consolidated revenue	(4,400)	(12,700)
Corporate
Segments and Related Information [Line Items]
Consolidated depreciation and amortization	2,400	$ 2,600
Consolidated assets	$ 165,400		$ 162,400

Segments and Related Information

3 Months Ended

Mar. 31, 2024

Segment Reporting [Abstract]

Segments and Related Information

Segment Discussion

The Company manages its operations under five operating segments, which represent its five reportable segments: (1) Communications; (2) Clean Energy and Infrastructure; (3) Power Delivery; (4) Oil and Gas and (5) Other. This structure is generally focused on broad end-user markets

for the Company’s labor-based construction services. The Company’s reportable segments derive their revenue primarily from the engineering, installation and maintenance of infrastructure, primarily in North America.

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

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

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


	For the Three Months Ended March 31,
Revenue:	2024		2023
Communications (a)	$	732.9	$	806.6
Clean Energy and Infrastructure	753.5		824.9
Power Delivery	571.0		709.4
Oil and Gas	633.8		256.5
Other	—		—
Eliminations	(4.4)		(12.7)
Consolidated revenue	$	2,686.8	$	2,584.7

(a) Revenue generated primarily by utilities customers represented 27.7% and 23.7% of Communications segment revenue for the three month periods ended March 31, 2024 and 2023, respectively.


	For the Three Months Ended March 31,
EBITDA:	2024		2023
Communications	$	48.8	$	52.8
Clean Energy and Infrastructure	20.4		5.3
Power Delivery	27.4		47.4
Oil and Gas	92.8		14.5
Other	6.9		7.1
Segment EBITDA	$	196.3	$	127.1

For the three month period ended March 31, 2023, Communications, Clean Energy and Infrastructure and Power Delivery EBITDA included $8.9 million, $5.2 million and $1.7 million, respectively, of acquisition and integration costs related to certain acquisitions, and Corporate EBITDA included $1.3 million of such costs. Additionally, for the three month period ended March 31, 2023, Corporate EBITDA included fair value losses of $0.2 million related to an investment.


	For the Three Months Ended March 31,
EBITDA Reconciliation:	2024		2023
Loss before income taxes	$	(45.5)	$	(125.3)
Plus:
Interest expense, net	52.1		52.7
Depreciation	107.4		107.2
Amortization	33.7		41.9
Corporate EBITDA	48.7		50.5
Segment EBITDA	$	196.3	$	127.1


	For the Three Months Ended March 31,
Depreciation and Amortization:	2024		2023
Communications	$	33.5	$	34.6
Clean Energy and Infrastructure	32.3		38.4
Power Delivery	34.2		39.3
Oil and Gas	38.7		34.3
Other	0.0		0.0
Corporate	2.4		2.6
Consolidated depreciation and amortization	$	141.1	$	149.2


Assets:	March 31, 2024		December 31, 2023
Communications	$	2,169.5	$	2,332.2
Clean Energy and Infrastructure	2,587.5		2,978.8
Power Delivery	1,749.6		1,837.1
Oil and Gas	1,761.0		1,758.0
Other	312.4		305.0
Corporate	165.4		162.4
Consolidated assets	$	8,745.4	$	9,373.5

Foreign Operations and Other. MasTec operates primarily within the United States and Canada, and, to a far lesser extent, the Caribbean, India and Mexico. Revenue derived from U.S. operations totaled $2.7 billion and $2.6 billion for the three month periods ended March 31, 2024 and 2023, respectively, and revenue derived from foreign operations totaled $26.7 million and $27.5 million for the respective periods. Revenue from foreign operations was derived primarily from the Company’s Canadian operations in its Oil and Gas segment. Long-lived assets held in the United States included property and equipment, net, of $1.6 billion as of both March 31, 2024 and December 31, 2023, and for the Company’s businesses in foreign countries, totaled $16.3 million and $17.5 million for the respective periods. Intangible assets and goodwill, net, related to the Company’s U.S. operations totaled approximately $2.8 billion and $2.9 billion as of March 31, 2024 and December 31, 2023, respectively, and for the Company’s businesses in foreign countries, totaled approximately $31.0 million and $32.6 million for the respective periods. Substantially all of the Company’s long-lived and intangible assets and goodwill in foreign countries relate to its Canadian operations. As of both March 31, 2024 and December 31, 2023, amounts due from customers from which foreign revenue was derived accounted for approximately 1% of the Company’s consolidated net accounts receivable position, which is calculated as accounts receivable, net, less deferred revenue. Revenue from governmental entities for the three month periods ended March 31, 2024 and 2023 totaled approximately 12% and 8% of total revenue, respectively, substantially all of which was derived from its U.S. operations.

Significant Customers

For the three month period ended March 31, 2024, Equitrans Midstream Corporation represented approximately 11% of the Company’s total consolidated revenue, whereas for the three month period ended March 31, 2023, no customer represented greater than 10% of the Company’s total consolidated revenue. The Company's relationship with Equitrans Midstream Corporation and its affiliates is based upon various construction contracts for pipeline activities, for which the related revenue is included 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

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-Section 50
-Paragraph 32
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

+ Details

Earnings Per Share

3 Months Ended

Mar. 31, 2024

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 primarily under the treasury stock method, which includes the potential effect of dilutive common stock equivalents, such as issued but unvested restricted shares. If the Company reports a loss, rather than income, the computation of diluted loss per share excludes the effect of dilutive common stock equivalents if their effect would be anti-dilutive.

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


	For the Three Months Ended March 31,
	2024		2023
Net loss attributable to MasTec:
Net loss - basic and diluted (a)	$	(41,180)	$	(80,540)


Weighted average shares outstanding:
Weighted average shares outstanding - basic(b)	77,942		76,984
Dilutive common stock equivalents (c)	—		—
Weighted average shares outstanding - diluted	77,942		76,984

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

(b)For the three month periods ended March 31, 2024 and 2023, basic shares include approximately 88,000 and 99,000 weighted average shares, respectively, related to additional contingent payments. See Note 3 - Acquisitions, Goodwill and Other Intangible Assets, Net, for additional information.

(c)For the three month periods ended March 31, 2024 and 2023, anti-dilutive common stock equivalents totaled approximately 727,000 and 1,330,000, respectively.

Stock-Based Compensation and Other Employee Benefit Plans

3 Months Ended

Mar. 31, 2024

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, 2024, there were approximately 2,038,000 shares available for future grant. Non-cash stock-based compensation expense under all plans totaled approximately $9.7 million and $8.5 million for the three month periods ended March 31, 2024 and 2023, respectively. Income tax benefits associated with stock-based compensation arrangements totaled $1.9 million and $10.2 million for the three month periods ended March 31, 2024 and 2023, respectively, including net tax deficiencies related to the vesting of share-based payment awards totaling $0.1 million for the three month period ended March 31, 2024 and net tax benefits totaling $8.8 million for the three month period ended March 31, 2023.

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, 2024, total unearned compensation related to restricted shares was approximately $70.5 million, which amount is expected to be recognized over a weighted average period of approximately 2.2 years. The fair value of restricted shares that vested, which is based on the market price on the date of vesting, totaled approximately $13.3 million and $77.3 million for the three month periods ended March 31, 2024 and 2023, respectively.


Activity, restricted shares: (a)	Restricted Shares	Per Share Weighted Average Grant Date Fair Value
Non-vested restricted shares, as of December 31, 2023	1,505,996	$	71.35
Granted	220,857	85.69
Vested	(155,790)	91.40
Canceled/forfeited	(10,211)	71.52
Non-vested restricted shares, as of March 31, 2024	1,560,852	$	71.38

(a) Includes 1,000 restricted stock units as of both March 31, 2024 and December 31, 2023.

Employee Stock Purchase Plans

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

For the three month periods ended March 31, 2024 and 2023, participants under the Company’s ESPPs purchased 29,914 shares and 21,299 shares, respectively, for $1.9 million and $1.7 million, respectively. For both the three month periods ended March 31, 2024 and 2023, shares purchased by participants under the Company’s ESPPs were delivered with shares reacquired by the Company on the open market. Compensation expense associated with the Company’s ESPPs totaled approximately $0.4 million and $0.3 million for the three month periods ended March 31, 2024 and 2023, respectively.

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net Income (Loss) Attributable to Parent	$ (41,180)	$ (80,540)

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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-Name Accounting Standards Codification
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Debt - Senior Credit Facility - Narrative (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended	12 Months Ended
	Mar. 31, 2025	Mar. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Line of credit facility, letters of credit issued		$ 81.1	$ 82.1
Credit Facility
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity		2,250.0
Line of credit facility, letters of credit issued		$ 63.7	$ 64.9
Line of credit facility, unused facility fee (percentage)		0.20%	0.225%
Credit Facility \| Revolving Loans
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity		$ 1,900.0
Weighted average interest rate (percentage)		6.80%	7.71%
Line of credit facility, remaining borrowing capacity		$ 1,381.3	$ 1,062.1
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)		6.80%	7.08%
Credit Facility \| Term Loan \| Forecast
Debt Instrument [Line Items]
Line of credit facility, term loan, amount of quarterly principal installment payments	$ 4.4
Credit Facility \| Letters of Credit
Debt Instrument [Line Items]
Line of credit facility, capacity available for letters of credit		$ 586.3	$ 585.1
Credit Facility \| Letters of Credit \| Performance Standby
Debt Instrument [Line Items]
Line of credit facility, interest rate (percentage)		0.5625%	0.6875%
Credit Facility \| Letters of Credit \| Commercial and/or Financial Standby
Debt Instrument [Line Items]
Line of credit facility, interest rate (percentage)		1.375%	1.625%
Credit Facility \| Foreign Denomination
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity		$ 300.0	$ 300.0
Long-term line of credit		$ 0.0	$ 0.0

Equity (Details) - USD ($) $ in Millions	3 Months Ended
Equity (Details) - USD ($) $ in Millions	Mar. 31, 2024	Mar. 31, 2023
Equity, Treasury Stock [Line Items]
Treasury stock acquired (in shares)	0	0
March 2020 Share Repurchase Program
Equity, Treasury Stock [Line Items]
Stock repurchase program, remaining authorized repurchase amount	$ 77.3

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

3 Months Ended

Mar. 31, 2024

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, 2024		December 31, 2023
Contract billings	$	1,330.7	$	1,385.2
Less allowance	(20.2)		(15.1)
Accounts receivable, net of allowance	$	1,310.5	$	1,370.1

Retainage	342.0		356.4
Unbilled receivables	1,243.0		1,400.0
Contract assets	$	1,585.0	$	1,756.4

Contract billings represent the amount of performance obligations that have been billed but not yet collected, whereas contract assets consist of unbilled receivables and retainage. Unbilled receivables represent the estimated value of unbilled work for projects with performance obligations recognized over time. Unbilled receivables, which are included in contract assets, include amounts for work performed for which the Company has an unconditional right to receive payment and that are not subject to the completion of any other specific task, other than the billing itself. Retainage represents a portion of the contract amount that has been billed, but for which the contract allows the customer to retain a portion of the billed amount until final contract settlement, which is generally from 5% to 10% of contract billings. For the three month periods ended March 31, 2024 and 2023, provisions for credit losses totaled approximately $5.2 million, including certain project-specific reserves, and $0.5 million, respectively. 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 $548.6 million and $481.0 million as of March 31, 2024 and December 31, 2023, respectively, of which deferred revenue comprised approximately $543.1 million and $475.2 million, respectively. For the three month periods ended March 31, 2024 and 2023, the Company recognized revenue of approximately $292.1 million and $287.6 million, respectively, related to amounts that were included in deferred revenue as of December 31, 2023 and 2022, respectively, resulting primarily from the advancement of physical progress on the related projects during the respective periods, including amounts from recently acquired businesses.

The Company is party to certain non-recourse financing arrangements in the ordinary course of business, under which certain receivables are sold to a financial institution in return for a nominal fee. Beginning in the third quarter of 2023, the Company entered into certain additional non-recourse financing arrangements under which it continues to manage collections for the transferred receivables, and for which the corresponding servicing assets or liabilities are not material. For the three month period ended March 31, 2024, the Company sold approximately $98 million of receivables under financing arrangements for which it continues to manage collections for the transferred receivable, and, as of March 31, 2024 and December 31, 2023, outstanding sold receivables related thereto totaled approximately $97 million and $64 million, respectively, which amounts are excluded from Accounts Receivable, net of Allowance, in the consolidated balance sheets. The Company’s involvement in the collection process for these receivables is not considered to constitute significant continuing involvement, and, therefore, the receivables are accounted for as a sale under ASC Topic 860, Transfers and Servicing. Cash collections from the sale of receivables are reflected within operating activities in the consolidated statements of cash flows. The Company is also party to arrangements with certain customers that allow for early collection of receivables for a nominal fee, at the Company’s option. Discount charges related to the above described financing arrangements, which are included within interest expense, net, totaled approximately $5.1 million and $3.8 million for the three month periods ended March 31, 2024 and 2023, respectively

Fair Value of Financial Instruments - Acquisition-Related Contingent Consideration and Other Liabilities - Narrative (Details) $ in Millions	3 Months Ended
	Mar. 31, 2024 USD ($)	Mar. 31, 2023 USD ($)	Dec. 31, 2023 USD ($)
Fair Value, Financial Instruments Measured on a Recurring Basis [Line Items]
Fair Value Recurring Basis Unobservable Input Reconciliation Liability Gain Loss Statement Of Income Extensible List Not Disclosed Flag	fair value adjustments	fair value adjustments
All Acquisitions
Fair Value, Financial Instruments Measured on a Recurring Basis [Line Items]
Acquisition-related contingent consideration liabilities, range of potential undiscounted earn-out liabilities, low	$ 23.0
Acquisition-related contingent consideration liabilities, range of potential undiscounted earn-out liabilities, high	$ 86.0
Discount Rate
Fair Value, Financial Instruments Measured on a Recurring Basis [Line Items]
Acquisition-related contingent consideration liabilities, measurement input, discount rate	0.140
Earn-Out Liabilities
Fair Value, Financial Instruments Measured on a Recurring Basis [Line Items]
Acquisition-related contingent consideration liabilities, estimated fair value	$ 71.3		$ 77.4
Acquisition-related contingent consideration liabilities, additions from new business combinations	0.0	$ 0.0
Acquisition-related contingent consideration liabilities, net increase (decrease), fair value adjustments	(6.1)	(0.3)
Acquisition-related contingent consideration liabilities, payments	0.0	$ 1.7
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	$ 24.4		$ 29.8

Debt - Other Credit Facilities - Narrative (Details) - USD ($)	Mar. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Letters of credit issued	$ 81,100,000	$ 82,100,000
Line of Credit \| Letters of Credit
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	50,000,000
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	$ 17,400,000	$ 17,200,000
Standby Letters of Credit \| Line of Credit \| Letters of Credit
Debt Instrument [Line Items]
Line of credit facility, interest rate (percentage)	0.75%	0.90%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482900/835-30-50-1

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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+ Details

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended
Income Taxes (Details) - USD ($) $ in Millions	Mar. 31, 2024	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Effective tax rate, expense (benefit)	24.30%	35.70%
Stock-based compensation, vested awards, net income tax benefit (deficiency)	$ (0.1)	$ 8.8

Earnings Per Share - Narrative (Details) - shares	3 Months Ended
Earnings Per Share - Narrative (Details) - shares	Mar. 31, 2024	Mar. 31, 2023
Earnings Per Share [Abstract]
Treasury stock acquired (in shares)	0	0

Fair Value of Financial Instruments - The Waha JVs - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Fair Value, Financial Instruments Measured on a Non-Recurring Basis [Line Items]
Equity method investments, equity in earnings (losses)	$ 9,219	$ 9,152
Equity method investments, net investment	327,000		$ 319,000
Unrealized gains (losses) on equity investee activity, net of tax	2,723	(4,177)
Waha JVs
Fair Value, Financial Instruments Measured on a Non-Recurring Basis [Line Items]
Equity method investments, equity in earnings (losses)	7,700	8,000
Equity method investments, distributions of earnings received, operating cash flows	4,200	4,300
Equity method investments, cumulative undistributed earnings	129,100
Equity method investments, net investment	280,000		$ 274,000
Unrealized gains (losses) on equity investee activity, before tax	3,600	(5,600)
Unrealized gains (losses) on equity investee activity, net of tax	$ 2,700	$ (4,200)

Property and Equipment, Net (Tables)

3 Months Ended

Mar. 31, 2024

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, 2024		December 31, 2023
Land	$	68.5	$	68.5
Buildings and leasehold improvements	101.3		90.7
Machinery, equipment and vehicles	2,993.3		3,013.9
Office equipment, furniture and internal-use software	342.8		330.2
Construction in progress	34.4		56.0
Total property and equipment	$	3,540.3	$	3,559.3
Less accumulated depreciation and amortization	(1,967.5)		(1,907.8)
Property and equipment, net	$	1,572.8	$	1,651.5

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies MasTec is subject to a variety of legal cases, claims and other disputes that arise from time to time in the ordinary course of its business, including project contract price and other project disputes, other project-related liabilities and acquisition purchase price disputes. MasTec cannot provide assurance that it will be successful in recovering all or any of the potential damages it has claimed or in defending claims against the Company. The outcome of such cases, claims and disputes cannot be predicted with certainty and an unfavorable resolution of one or more of them could have a material adverse effect on the Company’s business, financial condition, results of operations and cash flows. Acquired Legacy Solar Matter See Note 14 – Commitments and Contingencies contained within the Company’s audited consolidated financial statements filed with its 2023 Form 10-K for additional information regarding the acquired legacy solar matter, as to which there have been no material developments since the filing of such Form 10-K. Other Commitments and Contingencies Leases. In the ordinary course of business, the Company enters into non-cancelable operating leases for certain of its facility, vehicle and equipment needs, including certain related party leases. See Note 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, 2024 and December 31, 2023, there were $81.1 million and $82.1 million, respectively, of letters of credit issued under the Company’s credit facilities. Letter of credit claims have historically not been material. The Company is not aware of any material claims relating to its outstanding letters of credit as of March 31, 2024 or December 31, 2023. Performance and Payment Bonds. In the ordinary course of business, MasTec is required by certain customers to provide performance and payment bonds for contractual commitments related to its projects. These bonds provide a guarantee to the customer that the Company will perform under the terms of a contract and that the Company will pay its subcontractors and vendors. If the Company fails to perform under a contract or to pay its subcontractors and vendors, the customer may demand that the surety make payments or provide services under the bond. The Company must reimburse the surety for expenses or outlays it incurs. As of March 31, 2024 and December 31, 2023, outstanding performance and payment bonds approximated $6.6 billion and $5.6 billion, respectively, and estimated costs to complete projects secured by these bonds totaled $2.2 billion and $1.6 billion, respectively. Included in these balances as of March 31, 2024 and December 31, 2023 are $823.3 million and $368.3 million, respectively, of outstanding performance and payment bonds issued on behalf of the Company’s proportionately consolidated non-controlled contractual joint ventures, representing the Company’s proportionate share of the total bond obligation for the related projects. Investment and Strategic Arrangements. The Company holds undivided interests, ranging from 85% to 90%, in multiple proportionately consolidated non-controlled contractual joint ventures that provide infrastructure construction services for electrical transmission projects, as well as undivided interests, ranging from 25% to 50%, in each of five civil construction projects. Income and/or loss incurred by these joint ventures is generally shared proportionally by the respective joint venture members, with the members of the joint ventures jointly and severally liable for all of the obligations of the joint venture. The respective joint venture agreements provide that each joint venture partner indemnify the other party for any liabilities incurred by such joint venture in excess of its ratable portion of such liabilities. Thus, it is possible that the Company could be required to pay or perform obligations in excess of its share if the other joint venture partners fail or refuse to pay or perform their respective share of the obligations. As of March 31, 2024, the Company was not aware of material future claims against it in connection with these arrangements. For the three month period ended March 31, 2024, the Company provided no project-related financing to its contractual joint ventures, and, for the three month period ended March 31, 2023, the Company provided $0.3 million of such financing. Approximately $0.5 million of such amounts were outstanding as of both March 31, 2024 and December 31, 2023. Included in the Company’s cash balances as of March 31, 2024 and December 31, 2023 are amounts held by entities that are proportionately consolidated totaling $45.9 million and $38.1 million, respectively. These amounts are available to support the operations of those entities, but are not available for the Company’s other operations. The Company has other investment and strategic arrangements, under which it may incur costs or provide financing, performance, financial and/or other guarantees. See Note 4 - Fair Value of Financial Instruments and Note 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 limits. Captive insurance-related cash balances totaled approximately $1.3 million and $1.2 million as of March 31, 2024 and December 31, 2023, respectively, which amounts are generally not available for use in the Company’s other operations. MasTec’s estimated liability for unpaid claims and associated expenses, including incurred but not reported losses related to these policies, totaled $219.4 million and $209.7 million as of March 31, 2024 and December 31, 2023, respectively, of which $152.8 million and $141.0 million was reflected within other long-term liabilities in the consolidated balance sheets for the respective periods. MasTec also maintains an insurance policy with respect to employee group medical claims, which is subject to annual per employee maximum losses. MasTec’s estimated liability for employee group medical claims totaled $5.5 million and $4.1 million as of March 31, 2024 and December 31, 2023, respectively. The Company is required to post collateral, generally in the form of letters of credit, surety bonds and cash to certain of its insurance carriers. Insurance-related letters of credit for the Company’s workers’ compensation, general liability and automobile liability policies amounted to $9.6 million as of both March 31, 2024 and December 31, 2023. Outstanding surety bonds related to self-insurance programs amounted to $191.0 million and $192.7 million as of March 31, 2024 and December 31, 2023, respectively. 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, 2024, 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 acquisition of IEA, the Company assumed a multiemployer pension plan withdrawal liability, under which IEA is currently obligated to make monthly payments of approximately $10,000. As of March 31, 2024 and December 31, 2023, the remaining obligation approximated $1.7 million and $1.8 million, respectively. Indemnities. The Company generally indemnifies its customers for the services it provides under its contracts, as well as other specified liabilities, which may subject the Company to indemnity claims, liabilities and related litigation. As of both March 31, 2024 and December 31, 2023, the Company had accrued project close-out liabilities of approximately $20 million. The Company is not aware of any other material asserted or unasserted claims in connection with its potential indemnity obligations. Other Guarantees. From time to time in the ordinary course of its business, MasTec guarantees the obligations of its subsidiaries, including obligations under certain contracts with customers, certain lease obligations, and in some states, obligations in connection with obtaining contractors’ licenses. MasTec has also issued performance and other guarantees in connection with certain of its equity investments. MasTec also generally warrants the work it performs following substantial completion of a project. Much of the work performed by the Company is evaluated for defects shortly after the work is completed. If warranty claims occur, the Company could be required to repair or replace warrantied items, or, if customers elect to repair or replace the warrantied item using the services of another provider, the Company could be required to pay for the cost of the repair or replacement. Warranty claims have historically not been material. Concentrations of Risk. The Company had approximately 965 customers for the three month period ended March 31, 2024. As of March 31, 2024, no customer represented greater than 10% of the Company’s consolidated net accounts receivable position, which is calculated as accounts receivable, net, less deferred revenue. As of December 31, 2023, one customer accounted for approximately 10% of the Company’s consolidated net accounts receivable position. For the three month periods ended March 31, 2024 and 2023, the Company derived approximately 43% and 39%, respectively, of its revenue from its top ten customers

Stock-Based Compensation and Other Employee Benefit Plans - Schedule of Activity, Restricted Shares (Details)	3 Months Ended
	Mar. 31, 2024 $ / shares shares
Restricted Shares
Restricted Shares
Non-vested restricted shares, beginning balance (in shares)	1,505,996
Granted (in shares)	220,857
Vested (in shares)	(155,790)
Canceled/forfeited (in shares)	(10,211)
Non-vested restricted shares, ending balance (in shares)	1,560,852
Per Share Weighted Average Grant Date Fair Value
Non-vested restricted shares, beginning balance (in dollars per share) \| $ / shares	$ 71.35
Granted (in dollars per share) \| $ / shares	85.69
Vested (in dollars per share) \| $ / shares	91.40
Canceled/forfeited (in dollars per share) \| $ / shares	71.52
Non-vested restricted shares, ending balance (in dollars per share) \| $ / shares	$ 71.38
Restricted Stock Units
Restricted Shares
Non-vested restricted shares, beginning balance (in shares)	1,000
Non-vested restricted shares, ending balance (in shares)	1,000

Property and Equipment, Net

3 Months Ended

Mar. 31, 2024

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, 2024		December 31, 2023
Land	$	68.5	$	68.5
Buildings and leasehold improvements	101.3		90.7
Machinery, equipment and vehicles	2,993.3		3,013.9
Office equipment, furniture and internal-use software	342.8		330.2
Construction in progress	34.4		56.0
Total property and equipment	$	3,540.3	$	3,559.3
Less accumulated depreciation and amortization	(1,967.5)		(1,907.8)
Property and equipment, net	$	1,572.8	$	1,651.5

As of March 31, 2024 and December 31, 2023, the gross amount of capitalized internal-use software totaled $223.3 million and $212.7 million, respectively, and, net of accumulated amortization, totaled $55.7 million and $49.8 million, respectively.

Related Party Transactions (Details) shares in Thousands, $ in Thousands		3 Months Ended
	Jan. 01, 2024 USD ($)	Mar. 31, 2024 USD ($) employee	Mar. 31, 2023 USD ($) shares	Dec. 31, 2023 USD ($)
Related Party Transaction [Line Items]
Revenue		$ 2,686,849	$ 2,584,659
Line of credit facility, letters of credit issued		81,100		$ 82,100
Other long-term assets		425,493		418,485
Noncontrolling interest, percentage of voting interests acquired			15.00%
Payments to non-controlling interests, including acquisition of interests and distributions		6,835	$ 11,660
2023 Acquisitions
Related Party Transaction [Line Items]
Payments to non-controlling interests, including acquisition of interests and distributions			$ 10,000
Business acquisition, number of shares issued (in shares) \| shares			120
2023 Acquisitions \| Oil and Gas
Related Party Transaction [Line Items]
Business acquisition, equity interest issued or issuable, value assigned			$ 11,600
Management
Related Party Transaction [Line Items]
Other operating income		100
Notes receivable				$ 7,100
Interest rate on notes receivable				5.00%
Other long-term assets		5,500		$ 6,900
Chairman, Board of Directors
Related Party Transaction [Line Items]
Payments for life insurance policies		0	0
Executive Officers
Related Party Transaction [Line Items]
Life insurance assets, carrying amount		27,200
Executive Officers \| Former Owner
Related Party Transaction [Line Items]
Accounts receivable, after allowance for credit loss		2,900		2,600
Payments, net of rebates, related party		200	100
Equipment, Supplies and Services \| Related Party
Related Party Transaction [Line Items]
Operating costs and expenses		10,300	16,100
Accounts payable		1,200		2,700
Revenue		4,400	2,200
Accounts receivable, after allowance for credit loss		3,200
Liability				400
Equipment \| Related Party \| CCI
Related Party Transaction [Line Items]
Accounts payable		1,300		4,600
Equipment \| Immediate Family Member of Management \| CCI
Related Party Transaction [Line Items]
Payments, net of rebates, related party		5,800	1,000
Subcontracting Arrangements
Related Party Transaction [Line Items]
Payments to Acquire Interest in Subsidiaries and Affiliates	$ 700
Subcontracting Arrangements \| Related Party
Related Party Transaction [Line Items]
Accounts receivable, after allowance for credit loss		200		400
Subcontracting Arrangements \| Management
Related Party Transaction [Line Items]
Operating costs and expenses		$ 3,700	100
Number of management members, subcontracting arrangement \| employee		2
Subcontracting Arrangements \| Related Customer
Related Party Transaction [Line Items]
Accounts payable		$ 1,500		3,100
Lease Agreements \| Related Party
Related Party Transaction [Line Items]
Accounts payable		0		200
Lease Agreements \| Chairman, Board of Directors
Related Party Transaction [Line Items]
Operating costs and expenses		1,600	700
Construction Services \| Related Party
Related Party Transaction [Line Items]
Accounts receivable, after allowance for credit loss		4,900		4,100
Construction Services \| Executive Officers
Related Party Transaction [Line Items]
Operating costs and expenses		200	400
Accounts payable		0		$ 0
Payments, net of rebates, related party		5,000	$ 100
Other Subcontracting Arrangements \| Related Party
Related Party Transaction [Line Items]
Other operating income		200
Other Subcontracting Arrangements \| Management \| Line of Credit
Related Party Transaction [Line Items]
Line of credit facility, letters of credit issued		$ 15,000

Segments and Related Information - Narrative (Details) $ in Millions		3 Months Ended
	Dec. 31, 2023 segment	Mar. 31, 2024 segment	Mar. 31, 2023 USD ($)
Segment Reporting, Other Significant Reconciling Item [Line Items]
Number of operating segments \| segment		5
Number of reportable segments \| segment		5
2023 Acquisitions
Segment Reporting, Other Significant Reconciling Item [Line Items]
Business combination, acquisition and integration related costs			$ 17.1
Corporate \| AVCT
Segment Reporting, Other Significant Reconciling Item [Line Items]
Fair value losses related to investment			0.2
Corporate \| 2023 Acquisitions
Segment Reporting, Other Significant Reconciling Item [Line Items]
Business combination, acquisition and integration related costs			1.3
Communications \| Operating Segments \| 2023 Acquisitions
Segment Reporting, Other Significant Reconciling Item [Line Items]
Business combination, acquisition and integration related costs			8.9
Power Delivery
Segment Reporting, Other Significant Reconciling Item [Line Items]
Number of operating segments \| segment	3
Power Delivery \| Operating Segments \| 2023 Acquisitions
Segment Reporting, Other Significant Reconciling Item [Line Items]
Business combination, acquisition and integration related costs			5.2
Oil and Gas \| Operating Segments \| 2023 Acquisitions
Segment Reporting, Other Significant Reconciling Item [Line Items]
Business combination, acquisition and integration related costs			$ 1.7

Segments and Related Information - Foreign Operations and Other - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Segments and Related Information [Line Items]
Revenue	$ 2,686,849	$ 2,584,659
Property and equipment, net	$ 1,572,766		$ 1,651,462
Govermment \| Revenue Benchmark \| Customer Concentration Risk
Segments and Related Information [Line Items]
Concentration risk, percentage of total	12.00%	8.00%
United States
Segments and Related Information [Line Items]
Revenue	$ 2,700,000	$ 2,600,000
Property and equipment, net	1,600,000		1,600,000
Intangible assets and goodwill, net	2,800,000		2,900,000
Foreign Operations
Segments and Related Information [Line Items]
Revenue	26,700	$ 27,500
Property and equipment, net	16,300		17,500
Intangible assets and goodwill, net	$ 31,000		$ 32,600
Foreign Operations \| Accounts Receivable, Net, Less Deferred Revenue \| Geographic Concentration Risk
Segments and Related Information [Line Items]
Concentration risk, percentage of total	1.00%		1.00%

Acquisitions, Goodwill, and Other Intangible Assets, Net - Acquisitions - Narrative (Details) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2024 USD ($)	Mar. 31, 2023 USD ($)	Dec. 31, 2023 USD ($) acquisition
Business Acquisition [Line Items]
Cash paid for acquisitions, net of cash acquired	$ 61	$ 46,506
Equipment Company Acquisition One
Business Acquisition [Line Items]
Variable interest entity, percent			68.00%
Voting interest sold			40.00%
Equipment Company Acquisition Two
Business Acquisition [Line Items]
Variable interest entity, percent			42.00%
Number of equipment companies acquired \| acquisition			2
Voting interest sold			20.00%
2023 Acquisitions
Business Acquisition [Line Items]
Business combinations, number of acquisitions \| acquisition			4
Cash paid for acquisitions, net of cash acquired			$ 69,000
Earn-out liability			$ 1,000
Acquisition-related contingent consideration liabilities, range of potential undiscounted earn-out liabilities, high	2,000
Business acquisition, goodwill, expected tax deductible amount	$ 43,000

Other Retirement Plans (Tables)

3 Months Ended

Mar. 31, 2024

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:
2024	7,290	9,448	$	28.1	$	10.0	$	38.1
2023	6,806	7,581	$	21.8	$	13.4	$	35.2

- Definition

Tabular disclosure of information about multiemployer plan.

+ References

+ Details

Business, Basis of Presentation and Significant Accounting Policies	3 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
Business, Basis of Presentation and Significant Accounting Policies	Business, Basis of Presentation and Significant Accounting Policies Nature of the Business MasTec, Inc. (collectively with its subsidiaries, “MasTec,” or the “Company”) is a leading infrastructure construction company operating mainly throughout North America across a range of industries. The Company’s primary activities include the engineering, building, installation, maintenance and upgrade of communications, energy, utility and other infrastructure, such as: wireless, wireline/fiber and customer fulfillment activities; power delivery infrastructure, including transmission, distribution, environmental planning and compliance; power generation infrastructure, primarily from clean energy and renewable sources; pipeline infrastructure, including for natural gas, water and carbon capture sequestration pipelines and pipeline integrity services; heavy civil and industrial infrastructure, including roads, bridges and rail; and environmental remediation services. MasTec’s customers are primarily in these industries. MasTec reports its results under five reportable segments: (1) Communications; (2) Clean Energy and Infrastructure; (3) Power Delivery; (4) Oil and Gas; and (5) Other. Basis of Presentation The accompanying consolidated financial statements are unaudited and have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) for interim financial information and with the instructions for Form 10-Q and Rule 10-01 of Regulation S-X. Pursuant to these rules and regulations, certain information and footnote disclosures normally included in the annual audited consolidated financial statements prepared in accordance with U.S. GAAP have been condensed or omitted. The accompanying consolidated balance sheet as of December 31, 2023 is derived from the Company’s audited financial statements as of that date. Because certain information and footnote disclosures have been condensed or omitted, these consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto as of and for the year ended December 31, 2023 contained in the Company’s 2023 Annual Report on Form 10-K (the “2023 Form 10-K”). In management’s opinion, all normal and recurring adjustments considered necessary for a fair statement of the financial position, results of operations and cash flows for the periods presented have been included. Interim period operating results do not necessarily indicate the results that may be expected for any other interim period or for the full fiscal year. The Company believes that the disclosures made in these consolidated financial statements are adequate to make the information not misleading. Principles of Consolidation The accompanying consolidated financial statements include MasTec, Inc. and its subsidiaries and include the accounts of all majority owned subsidiaries over which the Company exercises control and, when applicable, entities in which the Company has a controlling financial interest. All significant intercompany balances and transactions have been eliminated in consolidation. Other parties’ interests in entities that MasTec consolidates are reported as non-controlling interests within equity. Net income or loss attributable to non-controlling interests is reported as a separate line item below net income or loss. Investments in entities for which the Company does not have a controlling financial interest, but over which it has the ability to exert significant influence, are accounted for under the equity method of accounting. For equity investees in which the Company has an undivided interest in the assets, liabilities and profits or losses of an unincorporated entity, but does not exercise control over the entity, the Company consolidates its proportional interest in the accounts of the entity. Translation of Foreign Currencies The assets and liabilities of foreign subsidiaries with a functional currency other than the U.S. dollar are translated into U.S. dollars at period-end exchange rates, with resulting translation gains or losses included within other comprehensive income or loss. Revenue and expenses are translated into U.S. dollars at average rates of exchange during the applicable period. Substantially all of the Company’s foreign operations use their local currency as their functional currency. For foreign operations for which the local currency is not the functional currency, the operation’s non-monetary assets are remeasured into U.S. dollars at historical exchange rates. All other accounts are remeasured at current exchange rates. Gains or losses from remeasurement are included in other income or expense, net. Currency gains or losses resulting from transactions executed in currencies other than the functional currency are included in other income or expense, net. In these consolidated financial statements, “$” means U.S. dollars unless otherwise noted. 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, operational trends and various other assumptions that management believes to be reasonable under the circumstances, including the potential effects of macroeconomic trends and events, such as inflation and interest rate levels; uncertainty from potential market volatility; other market, industry and regulatory factors, including uncertainty related to the implementation and pace of governmental programs and initiatives and project permitting issues and other regulatory matters or uncertainty; supply chain disruptions; the potential effects of climate-related matters; global events, such as military conflicts; trade tensions; and public health matters. These estimates form the basis for making judgments about the Company’s operating results and the carrying values of assets and liabilities that are not readily apparent from other sources. While management believes that such estimates are reasonable when considered in conjunction with the Company’s consolidated financial position and results of operations taken as a whole, actual results could differ materially from these estimates if conditions change or if certain key assumptions used in making these estimates ultimately prove to be inaccurate. 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 goodwill and intangible assets, long-lived and other assets, equity investments, financial instruments, acquisition-related liabilities, including contingent consideration, other liabilities and debt obligations; asset lives used in computing depreciation and amortization; self-insurance liabilities; allowances for credit losses; certain other accruals and allowances; income taxes; and the estimated effects of litigation and other contingencies. Significant Accounting Policies Revenue Recognition The Company recognizes revenue from contracts with customers when, or as, control of promised services and goods is transferred to customers. The amount of revenue recognized reflects the consideration to which the Company expects to be entitled in exchange for the services and goods transferred. The Company primarily recognizes revenue over time utilizing the cost-to-cost measure of progress, which best depicts the continuous transfer of control of goods or services to the customer, and correspondingly, when performance obligations are satisfied for the related contracts. Contracts. The Company derives revenue primarily from construction projects performed under: (i) master service and other service agreements, which generally provide a menu of available services in a specific geographic territory that are utilized on an as-needed basis, and are typically priced using either a time and materials or a fixed price per unit basis; and (ii) contracts for specific projects requiring the construction and installation of an entire infrastructure system, or specified units within an infrastructure system, which may be subject to one or multiple pricing 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 40% and 47% of consolidated revenue for the three month periods ended March 31, 2024 and 2023, respectively. For certain master service and other service agreements, revenue is recognized at a point in time, primarily for install-to-the-home and certain other wireless services in the Company’s Communications segment, and to a lesser extent, certain revenue in the Company’s Clean Energy and Infrastructure and Oil and Gas segments. Point in time revenue is recognized when the work order has been fulfilled, which, for the majority of the Company’s point in time revenue, is the same day it is initiated. Point in time revenue accounted for approximately 2% and 3% of consolidated revenue for the three month periods ended March 31, 2024 and 2023, respectively. The total contract transaction price and cost estimation processes used for recognizing revenue over time under the cost-to-cost method is based primarily on the professional knowledge and experience of the Company’s project managers, operational and financial professionals and other professional expertise, as warranted. Management reviews estimates of total contract transaction price and total project costs on an ongoing basis. Changes in job performance, job conditions and management’s assessment of the estimated amount and probability of variable consideration are factors that influence estimates of the total contract transaction price, total costs to complete those contracts and the Company’s profit recognition. Changes in these factors could result in revisions to the amount of revenue recognized in the period in which the revisions are determined, which revisions could materially affect the Company’s consolidated results of operations for that period. Provisions for losses on uncompleted contracts are recorded in the period in which such losses are determined based on management’s estimates. For the three month period ended March 31, 2024 project profit was affected by less than 5% as a result of changes in contract estimates included in projects that were in process as of December 31, 2023. For the three month period ended March 31, 2023, excluding the effects on the Company’s results of operations of margin decreases for three projects within the Company’s Clean Energy and Infrastructure segment totaling approximately $8.5 million, project profit was affected by less than 5% as a result of changes in contract estimates included in projects that were in process as of December 31, 2022. Changes in recognized revenue, net, as a result of changes in total contract transaction price estimates, including from variable consideration, and/or changes in cost estimates, related to performance obligations satisfied or partially satisfied in prior periods negatively affected revenue by less than 0.1% for the three month period ended March 31, 2024, and by approximately 0.4% for the three month period ended March 31, 2023. Performance Obligations. A performance obligation is a contractual promise to transfer a distinct good or service to a customer. The transaction price of a contract is allocated to each distinct performance obligation and recognized as revenue when or as the performance obligation is satisfied. The Company’s contracts often require significant services to integrate complex activities and equipment into a single deliverable, and are therefore generally accounted for as a single performance obligation, even when delivering multiple distinct services. The majority of the Company’s performance obligations are completed within one year. Remaining performance obligations represent the amount of unearned transaction prices under contracts for which work is wholly or partially unperformed, including the Company’s share of unearned transaction prices from its proportionately consolidated non-controlled joint ventures. As of March 31, 2024, the amount of the Company’s remaining performance obligations was $8.0 billion. Based on current expectations, the Company anticipates it will recognize approximately $5.2 billion, or 65%, of its remaining performance obligations as revenue during 2024, with the majority of the remaining balance expected to be recognized over the subsequent two year period. Variable Consideration. Transaction prices for the Company’s contracts may include variable consideration, which comprises items such as change orders, claims and incentives. Management estimates variable consideration for a performance obligation utilizing estimation methods that it believes best predict the amount of consideration to which the Company will be entitled. Management’s estimates of variable consideration and the determination of whether to include estimated amounts in transaction prices are based largely on specific discussions, correspondence or preliminary negotiations and past practices with the customer, engineering studies and legal advice and all other relevant information that is reasonably available at the time of the estimate. To the extent unapproved change orders, claims and other variable consideration reflected in transaction prices are not resolved in the Company’s favor, or to the extent incentives reflected in transaction prices are not earned, there could be reductions in, or reversals of, previously recognized revenue. As of March 31, 2024 and December 31, 2023, the Company’s contract transaction prices included approximately $209 million and $194 million, respectively, of change orders and/or claims for certain contracts that were in the process of being resolved in the ordinary course of its business, including through negotiation, arbitration and other proceedings. These transaction price adjustments, when earned, are included within contract assets or accounts receivable, net of allowance, as appropriate. As of both March 31, 2024 and December 31, 2023, these change orders and/ or claims primarily related to certain projects in the Company’s Clean Energy and Infrastructure and Power Delivery segments. The Company actively engages with its customers to complete the final approval process for such amounts and generally expects these processes to be completed within one year. Amounts ultimately realized upon final agreement by customers could be higher or lower than such estimated amounts. Recent Accounting Pronouncements The discussion below describes the effects of recent accounting pronouncements, as updated from the discussion in the Company’s 2023 Form 10-K. In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”) to enhance segment reporting disclosures. ASU 2023-07 requires disclosure of significant segment expenses that are regularly provided to the chief operating decision maker (CODM) and included within each reported measure of segment profit or loss, as well as disclosure of the total amount and description of other segment items by reportable segment. This ASU also requires disclosure of the title and position of the CODM and an explanation of how the CODM uses the reported measures of segment profit or loss in assessing segment performance and deciding how to allocate resources. Under ASU 2023-07, the disclosures that are currently required on an annual basis under Topic 280, Segment Reporting, pertaining to reportable segment profit or loss and assets will also be required for interim periods. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and for interim periods within fiscal years beginning after December 15, 2024, with retrospective application. Early adoption is permitted. The Company is currently evaluating the effect of this ASU on its segment disclosures. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”) to enhance transparency and decision usefulness of income tax disclosures. ASU 2023-09 requires greater standardization and disaggregation of categories within an entity’s tax rate reconciliation disclosure, as well as disclosure of income taxes paid by jurisdiction, among other requirements. ASU 2023-09 is effective for annual periods beginning after December 15, 2024, with early adoption permitted. ASU 2023-09 is effective on a prospective basis, with retrospective application permitted. The Company is currently evaluating the effects of this ASU on its income tax disclosures. In August 2023, the FASB issued ASU 2023-05, Business Combinations—Joint Venture Formations (Subtopic 805-60): Recognition and Initial Measurement (“ASU 2023-05”) to clarify existing guidance and reduce diversity in practice in the accounting for joint ventures. ASU 2023-05 addresses the accounting for contributions made to a joint venture upon formation in a joint venture’s separate financial statements. The provisions of this ASU require that a joint venture initially measure all contributions received upon its formation at fair value, largely consistent with Topic 805, Business Combinations. The amendments in this ASU are not applicable to the formation of proportionately consolidated joint ventures. ASU 2023-05 is effective prospectively for all joint ventures with a formation date on or after January 1, 2025, with early adoption permitted on a retrospective basis for joint ventures formed before January 1, 2025. The Company is currently evaluating the effects of this ASU. In March 2024, the Securities and Exchange Commission (“SEC”) adopted final rules under SEC Release No. 33-11275, The Enhancement and Standardization of Climate-Related Disclosures for Investors, which requires registrants to provide certain climate-related disclosures in registration statements and annual reports. The new rules are scheduled to begin to phase in for fiscal years beginning on or after January 1, 2025, on a prospective basis. On April 4, 2024, the SEC voluntarily stayed implementation of the final rules pending certain legal challenges to the rules. The Company is currently monitoring developments related to the rules and evaluating their potential effect on its consolidated financial statements.

Fair Value of Financial Instruments	3 Months Ended
Fair Value of Financial Instruments	Mar. 31, 2024
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	Fair Value of Financial Instruments The Company’s financial instruments are primarily composed of cash and cash equivalents, accounts receivable and contract assets, notes receivable, cash collateral deposited with insurance carriers, life insurance assets, equity investments, certain other assets and investments, deferred compensation plan assets and liabilities, accounts payable and other current liabilities, acquisition-related contingent consideration and other liabilities, and debt obligations. Fair value is the price that would be received to sell an asset or the amount paid to transfer a liability, also referred to as the “exit price,” in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The fair value guidance establishes a valuation hierarchy, which requires maximizing the use of observable inputs when measuring fair value. The three levels of inputs that may be used are: (i) Level 1 - quoted market prices in active markets for identical assets or liabilities; (ii) Level 2 - observable market-based inputs or other observable inputs, including quoted market prices for identical or similar assets or liabilities in markets that are not active; and (iii) Level 3 - significant unobservable inputs that cannot be corroborated by observable market data, which are generally determined using valuation models incorporating management estimates of market participant assumptions. Acquisition-Related Contingent Consideration Acquisition-related contingent consideration is composed of earn-outs, which represent the estimated fair value of future amounts payable for businesses, which we refer to as “Earn-outs,” that are contingent upon the acquired businesses achieving certain levels of earnings in the future. As of March 31, 2024 and December 31, 2023, the estimated fair value of the Company’s Earn-out liabilities totaled $71.3 million and $77.4 million, respectively. Earn-out liabilities included within other current liabilities totaled approximately $24.4 million and $29.8 million as of March 31, 2024 and December 31, 2023, respectively. The fair values of the Company’s Earn-out liabilities are estimated using income approaches such as discounted cash flows or option pricing models, both of which incorporate significant inputs not observable in the market (Level 3 inputs), including management’s estimates and entity-specific assumptions, and are evaluated on an ongoing basis. Key assumptions include the discount rate, which was 14.0% as of March 31, 2024, and probability-weighted projections of EBITDA. Significant changes in any of these assumptions could result in significantly higher or lower potential Earn-out liabilities. The ultimate payment amounts for the Company’s Earn-out liabilities will be determined based on the actual results achieved by the acquired businesses. As of March 31, 2024, the range of potential undiscounted Earn-out liabilities was estimated to be between $23 million and $86 million; however, there is no maximum payment amount. Earn-out activity consists primarily of additions from new business combinations; changes in the expected fair value of future payment obligations; and payments. For both the three month periods ended March 31, 2024 and 2023, there were no additions from new business combinations or measurement period adjustments. For the three month period ended March 31, 2024, fair value adjustments totaled a decrease, net, of approximately $6.1 million primarily related to acquisitions within the Company’s Communications segment. For the three month period ended March 31, 2023, fair value adjustments totaled a decrease, net, of approximately $0.3 million, including decreases related to acquisitions within the Company’s Communications and Clean Energy and Infrastructure segments, which were largely offset by an increase related to acquisitions within the Company’s Oil and Gas segment. There were no Earn-out payments for the three month period ended March 31, 2024, and for the three month period ended March 31, 2023, Earn-out payments totaled approximately $1.7 million and related to a mandatorily redeemable non-controlling interest arrangement that was completed in 2023. Investment and Strategic 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. Equity investments, other than those accounted for as equity method investments or those that are proportionately consolidated, are measured at their fair value if their fair values are readily determinable. Equity investments that do not have readily determinable fair values are measured at cost, adjusted for changes from observable market transactions, if any, less impairment, which is referred to as the “adjusted cost basis.” The Company evaluates its investments for impairment by considering a variety of factors, including the earnings performance of the related investments, as well as the economic environment and market conditions in which the investees operate. Equity Investments The Company’s equity investments as of March 31, 2024 include: (i) the Company’s 33% equity interests in Trans-Pecos Pipeline, LLC (“TPP”) and Comanche Trail Pipeline, LLC (“CTP,” and together with TPP, the “Waha JVs”); (ii) a 15% equity interest in Cross Country Infrastructure Services, Inc. (“CCI”); (iii) the Company’s 50% equity interests in each of FM Technology Holdings, LLC, FM USA Holdings, LLC and All Communications Solutions Holdings, LLC, collectively “FM Tech”; (iv) the Company’s interests in certain proportionately consolidated non-controlled contractual joint ventures; and (v) certain other equity investments. As of March 31, 2024 and December 31, 2023, the aggregate carrying value of the Company’s equity investments, including equity investments measured on an adjusted cost basis, totaled approximately $327 million and $319 million, respectively. As of both March 31, 2024 and December 31, 2023, equity investments measured on an adjusted cost basis, including the Company’s $15 million investment in CCI, totaled approximately $18 million. There were no impairments related to these investments in either of the three month periods ended March 31, 2024 or 2023. The Waha JVs. The Waha JVs own and operate certain pipeline infrastructure that transports natural gas to the Mexican border for export. The Company’s investments in the Waha JVs are accounted for as equity method investments. Equity in earnings related to the Company’s proportionate share of income from the Waha JVs, which is included within the Company’s Other segment, totaled approximately $7.7 million and $8.0 million for the three month periods ended March 31, 2024 and 2023, respectively. Distributions of earnings from the Waha JVs, which are included within operating cash flows, totaled approximately $4.2 million and $4.3 million for the three month periods ended March 31, 2024 and 2023, respectively. Cumulative undistributed earnings from the Waha JVs, which represents cumulative equity in earnings for the Waha JVs less distributions of earnings, totaled $129.1 million as of March 31, 2024. The Company’s net investment in the Waha JVs, which differs from its proportionate share of the net assets of the Waha JVs due primarily to equity method goodwill associated with capitalized investment costs, totaled approximately $280 million and $274 million as of March 31, 2024 and December 31, 2023, 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, 2024, the Company’s proportionate share of unrecognized unrealized activity on the Waha JV swaps totaled gains of approximately $3.6 million, or $2.7 million, net of tax, and for the three month period ended March 31, 2023, such activity totaled losses of approximately $5.6 million, or $4.2 million, net of tax. Other Investments. The Company has equity interests in certain telecommunications entities that are accounted for as equity method investments. As of March 31, 2024 and December 31, 2023, the Company had an aggregate investment of approximately $22 million and $21 million, respectively, in these entities, including $18 million for FM Tech as of both periods. Certain of these telecommunications entities provide services to MasTec. Expense recognized in connection with services provided by these entities totaled approximately $1.0 million and $0.4 million for the three month periods ended March 31, 2024 and 2023, respectively. As of March 31, 2024 and December 31, 2023, related amounts payable to these entities totaled approximately $0.3 million and $0.1 million, respectively. In addition, the Company had an employee leasing arrangement with one of these entities and has advanced certain amounts to these entities. For the three month period ended March 31, 2024, there were no employee lease expenses related to this arrangement, and advances to these entities totaled approximately $0.1 million. For the three month period ended March 31, 2023, employee lease expenses and advances to these entities were de minimis. As of March 31, 2024 and December 31, 2023, receivables related to these arrangements totaled approximately $4.2 million and $4.0 million, respectively. The Company has 49% equity interests in certain entities included within its Communications and Power Delivery segments that are accounted for as equity method investments, for which its aggregate investment as of both March 31, 2024 and December 31, 2023 totaled approximately $3 million. The above described entities provide construction services to MasTec. Expense recognized in connection with construction services provided by these entities totaled approximately $0.1 million and $0.3 million for the three month periods ended March 31, 2024 and 2023, respectively. As of both March 31, 2024 and December 31, 2023, related amounts payable were de minimis. In addition, the Company provides line of credit arrangements to these entities, which, as of both March 31, 2024 and December 31, 2023, provide for up to $3.0 million of borrowing availability, for which there were no borrowings as of March 31, 2024 or December 31, 2023. The Company has a 75% equity interest in Confluence Networks, LLC (“Confluence”), an undersea fiber-optic communications systems developer. MasTec does not have a majority voting or controlling financial interest in Confluence, but does have the ability to exert significant influence, and therefore, accounts for its interest as an equity method investment. As of March 31, 2024, approximately $2.1 million of MasTec’s $2.5 million initial commitment had been funded, of which $0.1 million and $0.2 million was funded during the three month periods ended March 31, 2024 and 2023, respectively. Variable Interest Entities. The Company has determined that certain of its investment arrangements are variable interest entities (“VIEs”). Management assesses its VIEs on an ongoing basis to determine if the Company is the primary beneficiary and if consolidation is required. As of March 31, 2024, management determined that the Company is the primary beneficiary of two of its VIEs, and accordingly, has consolidated these entities within the Company’s financial statements, with the other parties’ interests accounted for as a non-controlling interests. The Company’s consolidated VIEs include an electric utility contractor in which the Company acquired a 49% interest in the first quarter of 2024. As of March 31, 2024 and December 31, 2023, the carrying values of assets associated with the Company’s consolidated VIEs totaled approximately $16.1 million and $1.7 million, respectively, which amounts consisted primarily of accounts receivable, net of allowance and cash. The carrying values of liabilities associated with the Company’s consolidated VIEs totaled approximately $14.4 million and $1.6 million as of March 31, 2024 and December 31, 2023, respectively, which amounts consisted primarily of accounts payable and accrued salaries and wages. The Company has not provided, nor is it obligated to provide, any financial support to any of its consolidated VIEs. The carrying values of the Company’s VIEs that are not consolidated totaled approximately $24 million and $23 million as of March 31, 2024 and December 31, 2023, respectively, which amounts are recorded within other long-term assets in the consolidated balance sheets. Management believes that the Company’s maximum exposure to loss for its non-consolidated VIEs, inclusive of additional financing commitments, approximated $36 million and $35 million as of March 31, 2024 and December 31, 2023, respectively. Senior Notes As of both March 31, 2024 and December 31, 2023, the gross carrying amount of the Company’s 4.50% senior notes due August 15, 2028 (the “4.50% Senior Notes”) totaled $600.0 million, and their estimated fair value totaled approximately $570.6 million and $565.2 million for the respective periods. As of March 31, 2024 and December 31, 2023, the gross carrying amount of the Company’s 6.625% senior notes due August 15, 2029 (the “6.625% Senior Notes,” and together with the 4.50% Senior Notes, the “Senior Notes”) totaled $284.9 million and $284.2 million, respectively, and their estimated fair value totaled approximately $280.2 million and $273.9 million for the respective periods. As of March 31, 2024, the estimated fair values of the Company’s Senior Notes were determined based on an exit price approach using Level 2 inputs. In the first quarter of 2024, management reevaluated its fair value hierarchy determination for its Senior Notes. As a result of this evaluation, management updated its hierarchy Level determination for its Senior Notes from Level 1 inputs to Level 2 inputs to better align with the valuation hierarchy within the fair value guidance, which update had no effect on the reported fair values of the related Senior Notes.

- 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

Consolidated Statements of Equity - USD ($) $ in Thousands	Total	Total MasTec, Inc. Shareholders’ Equity	Common Stock	Treasury Stock	Capital Surplus	Retained Earnings	Accumulated Other Comprehensive Loss	Non-Controlling Interests
Beginning balance, common shares outstanding (in shares) at Dec. 31, 2022			98,615,105
Beginning balance at Dec. 31, 2022	$ 2,741,187	$ 2,737,329	$ 9,862	$ (663,910)	$ 1,246,590	$ 2,195,742	$ (50,955)	$ 3,858
Beginning balance, treasury shares (in shares) at Dec. 31, 2022				(19,933,055)
Condensed Unaudited Consolidated Statements of Equity
Net (loss) income	(80,546)	(80,540)				(80,540)		(6)
Other comprehensive income	(3,505)	(3,505)					(3,505)
Non-cash stock-based compensation	8,515	8,515			8,515
Issuance of restricted shares, net (in shares)			174,833
Issuance of restricted shares, net	0		$ 17		(17)
Other stock issuances, net of shares withheld for taxes (in shares)			(117,176)
Shares withheld for taxes, net of other stock issuances	(8,225)	(8,225)	$ (12)		(8,213)
Issuance of shares in connection with acquisition (in shares)			2,235
Issuance of shares in connection with acquisition	206	206	$ 0		206
Purchase of non-controlling interests (in shares)				120,000
Purchase of non-controlling interests	(10,000)	(7,476)		$ 3,997	(11,473)			(2,524)
Ending balance, common shares outstanding (in shares) at Mar. 31, 2023			98,674,997
Ending balance at Mar. 31, 2023	$ 2,647,632	2,646,304	$ 9,867	$ (659,913)	1,235,608	2,115,202	(54,460)	1,328
Ending balance, treasury shares (in shares) at Mar. 31, 2023				(19,813,055)
Beginning balance, common shares outstanding (in shares) at Dec. 31, 2023	99,093,134		99,093,134
Beginning balance at Dec. 31, 2023	$ 2,721,261	2,706,152	$ 9,909	$ (659,913)	1,263,360	2,145,793	(52,997)	15,109
Beginning balance, treasury shares (in shares) at Dec. 31, 2023				(19,813,055)
Condensed Unaudited Consolidated Statements of Equity
Net (loss) income	(34,459)	(41,180)				(41,180)		6,721
Other comprehensive income	2,343	2,343					2,343
Non-cash stock-based compensation	9,673	9,673			9,673
Issuance of restricted shares, net (in shares)			210,646
Issuance of restricted shares, net	0	0	$ 21		(21)
Other stock issuances, net of shares withheld for taxes (in shares)			(31,625)
Shares withheld for taxes, net of other stock issuances	(2,724)	(2,724)	$ (3)		(2,721)
Distributions to non-controlling interests	(6,835)							(6,835)
Acquisition-related assumption of non-controlling interest	$ 765							765
Ending balance, common shares outstanding (in shares) at Mar. 31, 2024	99,272,155		99,272,155
Ending balance at Mar. 31, 2024	$ 2,690,024	$ 2,674,264	$ 9,927	$ (659,913)	$ 1,270,291	$ 2,104,613	$ (50,654)	$ 15,760
Ending balance, treasury shares (in shares) at Mar. 31, 2024	(19,813,055)			(19,813,055)

Earnings Per Share (Tables)

3 Months Ended

Mar. 31, 2024

Earnings Per Share [Abstract]

Schedule of Earnings Per Share

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


	For the Three Months Ended March 31,
	2024		2023
Net loss attributable to MasTec:
Net loss - basic and diluted (a)	$	(41,180)	$	(80,540)


Weighted average shares outstanding:
Weighted average shares outstanding - basic(b)	77,942		76,984
Dilutive common stock equivalents (c)	—		—
Weighted average shares outstanding - diluted	77,942		76,984

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

(c)For the three month periods ended March 31, 2024 and 2023, anti-dilutive common stock equivalents totaled approximately 727,000 and 1,330,000, respectively.

Acquisitions, Goodwill, and Other Intangible Assets, Net (Tables)

3 Months Ended

Mar. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill by Segment

The following table provides a reconciliation of changes in goodwill by reportable segment for the three month period ended March 31, 2024 (in millions):


	Communications		Clean Energy and Infrastructure		Power Delivery		Oil and Gas		Total Goodwill
Goodwill, gross, as of December 31, 2023	$	646.9	$	742.0	$	270.8	$	586.0	$	2,245.7
Accumulated impairment loss (a)	—		—		—		(119.3)		(119.3)
Goodwill, net, as of December 31, 2023	$	646.9	$	742.0	$	270.8	$	466.7	$	2,126.4


Currency translation adjustments	—		—		—		(0.4)		(0.4)
Goodwill, net as of March 31, 2024	$	646.9	$	742.0	$	270.8	$	466.3	$	2,126.0

(a) Accumulated impairment loss includes the effects of currency translation gains and/or losses.

Schedule of Finite-Lived Intangible Assets

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


	Other Intangible Assets, Net
	Customer Relationships and Backlog		Trade Names (a)		Other (b)		Total
Other intangible assets, gross, as of December 31, 2023	$	1,096.6	$	229.0	$	87.6	$	1,413.2
Accumulated amortization	(529.3)		(49.8)		(49.8)		(628.9)
Other intangible assets, net, as of December 31, 2023	$	567.3	$	179.2	$	37.8	$	784.3
Additions from new business combinations	0.8		—		—		0.8

Currency translation adjustments	—		—		(0.4)		(0.4)
Amortization expense	(27.3)		(4.6)		(1.8)		(33.7)
Other intangible assets, net, as of March 31, 2024	$	540.8	$	174.6	$	35.6	$	751.0

(a)Includes approximately $34.5 million of non-amortizing trade names as of both March 31, 2024 and December 31, 2023.

(b)Consists principally of pre-qualifications and non-compete agreements.

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482548/350-20-55-24

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1A

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-2

+ Details

Business, Basis of Presentation and Significant Accounting Policies - Revenue Recognition (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Revenue [Line Items]
Revenue recognition, changes In contract estimates, cost-to-cost method, financial effect, percentage (less than)	(0.10%)	(0.40%)
Revenue recognition, remaining performance obligations, contract price allocated	$ 8,000.0
Contract with customer, unapproved change orders and/or claims, amount	$ 209.0		$ 194.0
Operating Segments \| Clean Energy and Infrastructure
Revenue [Line Items]
Revenue recognition, changes in contract estimates, result from margin decreases		$ 8.5
Maximum
Revenue [Line Items]
Revenue recognition, changes In contract estimates, cost-to-cost method, financial effect, percentage (less than)	5.00%	5.00%
Change order or claim approval process, term within which expected to be completed	1 year
Revenue Benchmark \| Concentration Risk from Type of Arrangement \| Master Service and Other Service Agreements
Revenue [Line Items]
Concentration risk, percentage of total	40.00%	47.00%
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	2.00%	3.00%
Revenue Benchmark \| Performance Obligation Concentration Risk \| Performance Obligation, Timing Of Recognition, Remainder Of Year
Revenue [Line Items]
Concentration risk, percentage of total	65.00%
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01
Revenue [Line Items]
Revenue, remaining performance obligation, expected timing of satisfaction, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-04-01
Revenue [Line Items]
Revenue, remaining performance obligation, expected timing of satisfaction, period	9 months
Revenue recognition, remaining performance obligations, contract price allocated	$ 5,200.0
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01
Revenue [Line Items]
Revenue, remaining performance obligation, expected timing of satisfaction, period	2 years
Revenue recognition, remaining performance obligations, contract price allocated	$ 2,800.0

Acquisitions, Goodwill, and Other Intangible Assets, Net - Rollforward of Goodwill by Segment (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Goodwill [Line Items]
Goodwill		$ 2,245,700
Accumulated impairment loss		(119,300)
Goodwill, net	$ 2,126,041	2,126,366
Goodwill [Roll Forward]
Goodwill, net, beginning balance	2,126,366
Currency translation adjustments	(400)
Goodwill, net, ending balance	2,126,041
Communications
Goodwill [Line Items]
Goodwill		646,900
Accumulated impairment loss		0
Goodwill, net	646,900	646,900
Goodwill [Roll Forward]
Goodwill, net, beginning balance	646,900
Currency translation adjustments	0
Goodwill, net, ending balance	646,900
Clean Energy and Infrastructure
Goodwill [Line Items]
Goodwill		742,000
Accumulated impairment loss		0
Goodwill, net	742,000	742,000
Goodwill [Roll Forward]
Goodwill, net, beginning balance	742,000
Currency translation adjustments	0
Goodwill, net, ending balance	742,000
Power Delivery
Goodwill [Line Items]
Goodwill		270,800
Accumulated impairment loss		0
Goodwill, net	270,800	270,800
Goodwill [Roll Forward]
Goodwill, net, beginning balance	270,800
Currency translation adjustments	0
Goodwill, net, ending balance	270,800
Oil and Gas
Goodwill [Line Items]
Goodwill		586,000
Accumulated impairment loss		(119,300)
Goodwill, net	466,300	$ 466,700
Goodwill [Roll Forward]
Goodwill, net, beginning balance	466,700
Currency translation adjustments	(400)
Goodwill, net, ending balance	$ 466,300

Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2024	Dec. 31, 2023
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)	99,272,155	99,093,134
Treasury stock, shares (in shares)	19,813,055
Common Stock
Common stock, shares issued (in shares)	99,272,155	99,093,134
Restricted Stock Awards \| Common Stock
Unvested stock awards (in shares)	1,559,852	1,504,996

Lease Obligations (Tables)

3 Months Ended

Mar. 31, 2024

Leases [Abstract]

Schedule of Future Minimum Lease Commitments, Finance Leases

Future minimum lease commitments as of March 31, 2024 were as follows (in millions):


	Finance Leases		Operating Leases
2024, remaining nine months	$	117.7	$	121.8
2025	122.8		138.3
2026	65.0		101.7
2027	24.8		53.3
2028	3.8		23.6
Thereafter	0.2		37.0
Total minimum lease payments	$	334.3	$	475.7
Less amounts representing interest	(21.1)		(39.7)
Total lease obligations, net of interest	$	313.2	$	436.0
Less current portion	141.9		144.3
Long-term portion of lease obligations, net of interest	$	171.3	$	291.7

Schedule of Future Minimum Lease Commitments, Operating Leases

Future minimum lease commitments as of March 31, 2024 were as follows (in millions):


	Finance Leases		Operating Leases
2024, remaining nine months	$	117.7	$	121.8
2025	122.8		138.3
2026	65.0		101.7
2027	24.8		53.3
2028	3.8		23.6
Thereafter	0.2		37.0
Total minimum lease payments	$	334.3	$	475.7
Less amounts representing interest	(21.1)		(39.7)
Total lease obligations, net of interest	$	313.2	$	436.0
Less current portion	141.9		144.3
Long-term portion of lease obligations, net of interest	$	171.3	$	291.7

Other Retirement Plans

3 Months Ended

Mar. 31, 2024

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 by these plans. Multiemployer plan contribution rates are determined annually and are assessed on a “pay-as-you-go” basis based on union employee payrolls. Union payrolls cannot be determined for future periods because the number of union employees employed at a given time, and the plans in which they participate, vary depending upon the location and number of ongoing projects and the need for union resources in connection with those projects. Total contributions to multiemployer plans and the related number of employees covered by these plans for the periods indicated were as follows:


	Multiemployer Plans
	Covered Employees		Contributions (in millions)
	Low	High	Pension		Other Multiemployer		Total
For the Three Months Ended March 31:
2024	7,290	9,448	$	28.1	$	10.0	$	38.1
2023	6,806	7,581	$	21.8	$	13.4	$	35.2

The fluctuations in the number of employees covered under multiemployer plans and associated contributions in the table above related primarily to the timing of activity for the Company’s union resource-based projects, as well as the effects of the Company’s recent acquisitions. For the three month period ended March 31, 2024, multiemployer plan activity was driven primarily by project work within the Company’s Power Delivery and Oil and Gas operations, whereas for the three month period ended March 31, 2023, activity was driven primarily by project work within the Company’s Power Delivery operations and acquisition-related project work within the Company’s Clean Energy and Infrastructure operations.

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 70
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480794/715-70-50-1

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480482/715-20-55-17

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(iv)(03)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (q)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (l)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//715/tableOfContent

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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-Section 50
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480126/715-20-S99-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 60
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480266/715-60-50-3

+ Details

Stock-Based Compensation and Other Employee Benefit Plans - Narrative (Details) - USD ($) shares in Thousands, $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Stock-Based Compensation and Other Employee Benefit Plans [Line Items]
Stock-based compensation plans, number of shares available for future grant (in shares)	2,038
Non-cash stock-based compensation expense	$ 9.7	$ 8.5
Stock-based compensation, income tax benefits	1.9	10.2
Stock-based compensation, vested awards, net income tax benefit (deficiency)	$ (0.1)	$ 8.8

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Lease Obligations - Schedule of Future Minimum Lease Commitments (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Finance Leases
2024, remaining nine months	$ 117,700
2025	122,800
2026	65,000
2027	24,800
2028	3,800
Thereafter	200
Total minimum lease payments	334,300
Less amounts representing interest	(21,100)
Total lease obligations, net of interest	313,200
Less current portion	141,900
Long-term portion of lease obligations, net of interest	$ 171,300
Finance lease liability, current, location	Current portion of long-term debt, including finance leases
Finance lease liability, long-term, location	Long-term debt, including finance leases
Operating Leases
2024, remaining nine months	$ 121,800
2025	138,300
2026	101,700
2027	53,300
2028	23,600
Thereafter	37,000
Total minimum lease payments	475,700
Less amounts representing interest	(39,700)
Total lease obligations, net of interest	436,000
Less current portion	144,317	$ 137,765
Long-term portion of lease obligations, net of interest	$ 291,707	$ 292,873

Commitments and Contingencies - Other Commitments and Contingencies (Details)	3 Months Ended		12 Months Ended
	Mar. 31, 2024 USD ($) project customer	Mar. 31, 2023 USD ($)	Dec. 31, 2023 USD ($)
Loss Contingencies [Line Items]
Line of credit facility, letters of credit issued	$ 81,100,000		$ 82,100,000
Cash and cash equivalents	249,326,000		529,561,000
Indemnities, accrued project close-out liabilities	$ 20,000,000		$ 20,000,000
Number of customers \| customer	965
Ten Largest Customers \| Revenue Benchmark \| Customer Concentration Risk
Loss Contingencies [Line Items]
Concentration risk, percentage of total	43.00%	39.00%
One Customer \| Accounts Receivable, Net, Less Deferred Revenue \| Customer Concentration Risk
Loss Contingencies [Line Items]
Concentration risk, percentage of total			10.00%
Pension \| Infrastructure Energy Alternatives, Inc.
Loss Contingencies [Line Items]
Multiemployer plans, withdrawal obligation, monthly payment amount	$ 10,000
Withdrawal liability	1,700,000		$ 1,800,000
Self-Insurance \| Workers' Compensation, General and Automobile Policies
Loss Contingencies [Line Items]
Self-insurance reserve	219,400,000		209,700,000
Self-Insurance \| Employee Group Medical Claims
Loss Contingencies [Line Items]
Self-insurance reserve	5,500,000		4,100,000
Other Long-Term Liabilities \| Self-Insurance \| Workers' Compensation, General and Automobile Policies
Loss Contingencies [Line Items]
Self-insurance reserve, non-current	152,800,000		141,000,000
Corporate Joint Venture
Loss Contingencies [Line Items]
Payments for advance to affiliate	0	$ 300,000
Payable to affiliate	500,000		500,000
Cash and cash equivalents	$ 45,900,000		38,100,000
Corporate Joint Venture \| Joint Venture Civil Construction Project
Loss Contingencies [Line Items]
Number of joint ventures \| project	5
Corporate Joint Venture \| Minimum \| Joint Ventures That Provide Electrical Transmission Infrastructure Services
Loss Contingencies [Line Items]
Proportionately consolidated non-controlled joint venture, ownership percentage	85.00%
Corporate Joint Venture \| Minimum \| Joint Venture Civil Construction Project
Loss Contingencies [Line Items]
Proportionately consolidated non-controlled joint venture, ownership percentage	25.00%
Corporate Joint Venture \| Maximum \| Joint Ventures That Provide Electrical Transmission Infrastructure Services
Loss Contingencies [Line Items]
Proportionately consolidated non-controlled joint venture, ownership percentage	90.00%
Corporate Joint Venture \| Maximum \| Joint Venture Civil Construction Project
Loss Contingencies [Line Items]
Proportionately consolidated non-controlled joint venture, ownership percentage	50.00%
Captive Insurance Company
Loss Contingencies [Line Items]
Cash and cash equivalents	$ 1,300,000		1,200,000
Performance and Payment Bonds
Loss Contingencies [Line Items]
Bonded projects, estimated costs to complete	2,200,000,000		1,600,000,000
Commercial and/or Financial Standby \| Self-Insurance \| Workers' Compensation, General and Automobile Policies
Loss Contingencies [Line Items]
Line of credit facility, letters of credit issued	9,600,000		9,600,000
Surety Bonds \| Self-Insurance \| Workers' Compensation
Loss Contingencies [Line Items]
Guarantor obligations, maximum exposure, undiscounted	191,000,000		192,700,000
Subsidiaries \| Performance and Payment Bonds
Loss Contingencies [Line Items]
Guarantor obligations, maximum exposure, undiscounted	6,600,000,000		5,600,000,000
Subsidiaries \| Performance and Payment Bonds \| Corporate Joint Venture
Loss Contingencies [Line Items]
Guarantor obligations, maximum exposure, undiscounted	$ 823,300,000		$ 368,300,000

Acquisitions, Goodwill, and Other Intangible Assets, Net - HMG Additional Payments and Acquisition and Integration Costs - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
HMG \| Contingent Consideration, Value Of Common Stock
Business Acquisition [Line Items]
Business combination, contingent consideration, current	$ 35.0		$ 34.0
Unrealized gain (loss) included in other income	$ (1.6)
Business acquisition, number of shares issued (in shares)	160,000
HMG \| Contingent Consideration, Collections From Acquired Receivables
Business Acquisition [Line Items]
Unrealized gain (loss) included in other income	$ 8.2
Business acquisition, number of shares issued (in shares)	87,900
Earn-out liability	$ 19.4
2023 Acquisitions
Business Acquisition [Line Items]
Business acquisition, number of shares issued (in shares)		120,000
Earn-out liability			1.0
Business combination, acquisition and integration related costs		$ 17.1
2023 Acquisitions \| General and Administrative Expense
Business Acquisition [Line Items]
Business combination, acquisition and integration related costs		14.6
2023 Acquisitions \| Cost of Revenue, Excluding Depreciation and Amortization
Business Acquisition [Line Items]
Business combination, acquisition and integration related costs		$ 2.5
2023 and 2024 Acquisitions
Business Acquisition [Line Items]
Business combination, integration related liabilities			$ 0.3

Acquisitions, Goodwill, and Other Intangible Assets, Net

3 Months Ended

Mar. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Acquisitions, Goodwill, and Other Intangible Assets, Net

Acquisitions, Goodwill and Other Intangible Assets, Net

The following table provides a reconciliation of changes in goodwill by reportable segment for the three month period ended March 31, 2024 (in millions):


	Communications		Clean Energy and Infrastructure		Power Delivery		Oil and Gas		Total Goodwill
Goodwill, gross, as of December 31, 2023	$	646.9	$	742.0	$	270.8	$	586.0	$	2,245.7
Accumulated impairment loss (a)	—		—		—		(119.3)		(119.3)
Goodwill, net, as of December 31, 2023	$	646.9	$	742.0	$	270.8	$	466.7	$	2,126.4


Currency translation adjustments	—		—		—		(0.4)		(0.4)
Goodwill, net as of March 31, 2024	$	646.9	$	742.0	$	270.8	$	466.3	$	2,126.0

(a) Accumulated impairment loss includes the effects of currency translation gains and/or losses.

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


	Other Intangible Assets, Net
	Customer Relationships and Backlog		Trade Names (a)		Other (b)		Total
Other intangible assets, gross, as of December 31, 2023	$	1,096.6	$	229.0	$	87.6	$	1,413.2
Accumulated amortization	(529.3)		(49.8)		(49.8)		(628.9)
Other intangible assets, net, as of December 31, 2023	$	567.3	$	179.2	$	37.8	$	784.3
Additions from new business combinations	0.8		—		—		0.8

Currency translation adjustments	—		—		(0.4)		(0.4)
Amortization expense	(27.3)		(4.6)		(1.8)		(33.7)
Other intangible assets, net, as of March 31, 2024	$	540.8	$	174.6	$	35.6	$	751.0

(a)Includes approximately $34.5 million of non-amortizing trade names as of both March 31, 2024 and December 31, 2023.

(b)Consists principally of pre-qualifications and non-compete agreements.

Quarterly Review for Indicators of Impairment. During the first quarter of 2024, management assessed the reporting unit structure of the Power Delivery operating segment. As a result of this assessment, the reporting units within the Power Delivery operating segment were restructured to more closely align with the segment’s end markets and to better correspond with the operational management reporting structure of the segment, including from the effects of the Company’s recent transformative acquisition efforts. Under the new reporting unit structure, each of the components within the Power Delivery operating segment is a reporting unit, whereas under its previous reporting unit structure, three of the operating segments’ components were combined into one reporting unit. In connection with this assessment, management performed a quantitative assessment of the goodwill associated with each of the five reporting units of the Power Delivery operating segment under its new reporting unit structure. See below for details of these assessments.

The Company performed a quarterly review of the goodwill associated with its reporting units for indicators of impairment during the first quarter of 2024, which considered the Company’s results for the related period, together with management’s expectations of future results, including consideration of macroeconomic conditions, such as: levels of inflation, market interest rates and/or supply chain disruptions; the potential effects of shifts in timing for projects; industry and/or market conditions, including the potential effects of regulatory and/or other uncertainty, including from the expected implementation and pace of spending under governmental infrastructure programs and initiatives; project permitting uncertainty; financial, competitive and other conditions, including declines in operating performance; other entity-specific events; the potential effects of longer-term changes in consumer behavior due to regulatory, climate-related or other factors; and other relevant factors or events that could affect earnings and cash flows. In conjunction with this quarterly review, quantitative assessments of the related goodwill were considered necessary only for the five reporting units within the Power Delivery segment mentioned above.

For the tested reporting units, management estimated their fair values using a combination of market and income approaches using Level 3 inputs. Under the market approach, fair values were estimated using published market multiples for comparable companies and applying them to revenue and earnings before interest, taxes, depreciation and amortization (“EBITDA”). Under the income approach, a discounted cash flow methodology was used, considering: (i) management estimates, such as projections of revenue, operating costs and cash flows, taking into consideration historical and anticipated financial results; (ii) general economic, market and regulatory conditions; and (iii) the impact of planned business and operational strategies. Management believes the assumptions used in its quantitative goodwill impairment tests are reflective of the risks inherent in the respective industries and business models of the applicable reporting units. Estimated discount rates were determined using the weighted average cost of capital for each reporting unit at the time of the analysis, taking into consideration the risks inherent within each reporting unit individually.

Based on the results of the quantitative assessments for the Power Delivery operating segment, management determined that the estimated fair values of all but one of the tested reporting units substantially exceeded their carrying values. A 100 basis point increase in the discount rate would not have resulted in any of the tested reporting units’ carrying values exceeding their fair values. The reporting unit that did not substantially exceed its carrying value had approximately $47.1 million of goodwill and an estimated fair value that exceeded its carrying value by approximately

16%. Significant assumptions used in testing this reporting unit included terminal values based on a terminal growth rate of 3%, 5 years of discounted cash flows prior to the terminal value, including revenue growth and EBITDA margin assumptions, and a weighted average discount rate of 12%.

In addition, quantitative testing was performed in the first quarter of 2024 for four of the reporting units within the Power Delivery operating segment under the segment’s previous reporting unit structure. Qualitative testing was performed for the remaining reporting unit. Based on the results of these assessments, the estimated fair values of all of the tested reporting units were determined to exceed their carrying 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, regulatory or other conditions, including decreases in project activity levels and/or the effects of elevated levels of inflation, market interest rates or other market disruptions, including from geopolitical or other events, could result in non-cash impairment charges to goodwill and indefinite-lived intangible assets in the future.

Recent Acquisitions

The Company seeks to grow and diversify its business both organically and through acquisitions and/or strategic arrangements in order to deepen its market presence and customer base, broaden its geographic reach and expand its service offerings. Acquisitions are funded with cash on hand, borrowings under the Company’s senior unsecured credit facility and other debt financing and, for certain recent acquisitions, with shares of the Company’s common stock, and are generally subject to customary purchase price adjustments. In 2021, the Company initiated a significant transformation of its end-market business operations to focus on the nation’s transition to low-carbon energy sources and position the Company for expected future opportunities. This transformation included significant business combination activity, including expansion of the Company’s scale and capacity in renewable energy, power delivery, heavy civil and telecommunications services, which activity resulted in significant acquisition and integration costs in prior periods. These acquisition and integration activities were completed in the fourth quarter of 2023.

2023 Acquisitions. During 2023, MasTec completed four acquisitions, including the acquisition of certain of the assets of a telecommunications company specializing in wireless services, which acquisition was included within the Company’s Communications segment, and was effective in January; and, effective in July, the acquisition of the equity interests of a telecommunications construction company specializing in broadband and fiber-to-the-home initiatives in the New England area, which acquisition was included within the Company’s Communications segment. Determination of the estimated fair values of the net assets acquired and consideration transferred for these acquisitions, which have been accounted for as business combinations under ASC Topic 805, Business Combinations (“ASC 805”), was substantially complete as of March 31, 2024, with exception for certain seller tax reimbursements. Additionally, effective in May 2023, MasTec acquired 68% and 42% of the equity interests of two equipment companies, respectively, both of which were accounted for as asset acquisitions under ASC 805 and were included within the Company’s Oil and Gas segment. In the fourth quarter of 2023, MasTec sold certain of the equity interests of these equipment companies to members of subsidiary management, following which its remaining equity interests in these entities totaled 40% and 20%, respectively. See Note 15 - Related Party Transactions. Based on an evaluation of the respective entities’ operating agreements, the Company determined that these entities are not VIEs; however, given that the Company has voting control with respect to the entities, the Company has consolidated these entities within the Company’s financial statements, with the other parties’ interests accounted for as non-controlling interests.

The aggregate purchase price of the Company’s 2023 acquisitions was composed of approximately $69 million in cash, net of cash acquired, and an earn-out liability valued at approximately $1 million. As of March 31, 2024, the remaining potential undiscounted earn-out liabilities for the 2023 acquisitions was estimated to be up to $2 million; however, there is no maximum payment amount. See Note 4 - Fair Value of Financial Instruments for fair value estimate and other details related to the Company’s earn-out arrangements. Goodwill related to these acquisitions represents the estimated value of the respective acquiree’s geographic presence in key markets; assembled workforce; synergies expected to be achieved from the combined operations of the acquired company and MasTec; and the acquired company’s industry-specific project management expertise. Approximately $43 million of the goodwill balance related to the 2023 acquisitions is expected to be tax deductible as of March 31, 2024.

HMG Additional Payments. The acquisition of Henkels & McCoy Holdings, Inc., formerly known as Henkels & McCoy Group, Inc. (“HMG”), which acquisition was effective in December 2021, provided for certain additional payments to be made to the sellers if certain acquired receivables are collected by the Company (the “Additional Payments”). Pursuant to the terms of the purchase agreement, a portion of the Additional Payments will be made in cash, with the remainder due in shares of MasTec common stock. The estimated number of potential shares that could be issued related to such Additional Payments will be based on the amounts ultimately collected and the share price as defined within the purchase agreement. Changes in the estimated fair value of potential shares that could be issued, which result from changes in MasTec’s share price as compared with the share price as defined within the purchase agreement, are reflected as unrealized gains or losses within other income or expense, as appropriate.

As of March 31, 2024 and December 31, 2023, the estimated fair value of remaining Additional Payments totaled approximately $35 million and $34 million, respectively, which amounts are included within other current liabilities in the consolidated balance sheet. For both the three month periods ended March 31, 2024 and 2023, the estimated fair value of remaining Additional Payments included the effect of unrealized fair value losses related to the contingent shares of approximately $1.6 million. The estimated number of shares that would be paid in connection with the remaining Additional Payment liability totaled approximately 160,000 shares as of both March 31, 2024 and December 31, 2023. Of the total remaining Additional Payments as of March 31, 2024, the amount due to the sellers, based on amounts collected as of March 31, 2024, totaled approximately $19.4 million, of which the amount due in shares totaled approximately $8.2 million, or 87,900 shares. For additional information pertaining to the effect of the above referenced shares on the Company’s earnings per share calculations, see Note 2 - Earnings Per Share in this Form 10-Q.

Acquisition and integration costs. As discussed above, the Company initiated a significant transformation of its end-market business operations in 2021, which transformation involved significant business combination activity and resulted in significant acquisition and integration costs. These acquisition and integration activities were completed in the fourth quarter of 2023. Such costs are included within general and administrative expenses, costs of revenue, excluding depreciation and amortization, and other expense, as appropriate. These acquisition and

integration costs include: i) the costs of integrating acquired entities, such as: employee termination expenses, including employee compensation relating to the elimination of certain positions that were determined to be redundant, and other integration-type costs, including operating cost redundancies, facility consolidation expenses, lease termination expenses, losses on disposal of identified assets, system migration expenses, training and other integration costs; and ii) legal, professional and other fees associated with the consummation of the above-referenced acquisition activity. For the three month period ended March 31, 2023, such acquisition and integration costs totaled approximately $17.1 million, of which $14.6 million was included within general and administrative expenses, and of which $2.5 million was included within costs of revenue, excluding depreciation and amortization. As of March 31, 2024 amounts included within current liabilities related to such costs were de minimis, and as of December 31, 2023, such amounts totaled $0.3 million.

Business, Basis of Presentation and Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying consolidated financial statements are unaudited and have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) for interim financial information and with the instructions for Form 10-Q and Rule 10-01 of Regulation S-X. Pursuant to these rules and regulations, certain information and footnote disclosures normally included in the annual audited consolidated financial statements prepared in accordance with U.S. GAAP have been condensed or omitted. The accompanying consolidated balance sheet as of December 31, 2023 is derived from the Company’s audited financial statements as of that date. Because certain information and footnote disclosures have been condensed or omitted, these consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto as of and for the year ended December 31, 2023 contained in the Company’s 2023 Annual Report on Form 10-K (the “2023 Form 10-K”). In management’s opinion, all normal and recurring adjustments considered necessary for a fair statement of the financial position, results of operations and cash flows for the periods presented have been included. Interim period operating results do not necessarily indicate the results that may be expected for any other interim period or for the full fiscal year. The Company believes that the disclosures made in these consolidated financial statements are adequate to make the information not misleading.
Principles of Consolidation	Principles of Consolidation The accompanying consolidated financial statements include MasTec, Inc. and its subsidiaries and include the accounts of all majority owned subsidiaries over which the Company exercises control and, when applicable, entities in which the Company has a controlling financial interest. All significant intercompany balances and transactions have been eliminated in consolidation. Other parties’ interests in entities that MasTec consolidates are reported as non-controlling interests within equity. Net income or loss attributable to non-controlling interests is reported as a separate line item below net income or loss. Investments in entities for which the Company does not have a controlling financial interest, but over which it has the ability to exert significant influence, are accounted for under the equity method of accounting. For equity investees in which the Company has an undivided interest in the assets, liabilities and profits or losses of an unincorporated entity, but does not exercise control over the entity, the Company consolidates its proportional interest in the accounts of the entity.
Translation of Foreign Currencies	Translation of Foreign Currencies The assets and liabilities of foreign subsidiaries with a functional currency other than the U.S. dollar are translated into U.S. dollars at period-end exchange rates, with resulting translation gains or losses included within other comprehensive income or loss. Revenue and expenses are translated into U.S. dollars at average rates of exchange during the applicable period. Substantially all of the Company’s foreign operations use their local currency as their functional currency. For foreign operations for which the local currency is not the functional currency, the operation’s non-monetary assets are remeasured into U.S. dollars at historical exchange rates. All other accounts are remeasured at current exchange rates. Gains or losses from remeasurement are included in other income or expense, net. Currency gains or losses resulting from transactions executed in currencies other than the functional currency are included in other income or expense, net.
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, operational trends and various other assumptions that management believes to be reasonable under the circumstances, including the potential effects of macroeconomic trends and events, such as inflation and interest rate levels; uncertainty from potential market volatility; other market, industry and regulatory factors, including uncertainty related to the implementation and pace of governmental programs and initiatives and project permitting issues and other regulatory matters or uncertainty; supply chain disruptions; the potential effects of climate-related matters; global events, such as military conflicts; trade tensions; and public health matters. These estimates form the basis for making judgments about the Company’s operating results and the carrying values of assets and liabilities that are not readily apparent from other sources. While management believes that such estimates are reasonable when considered in conjunction with the Company’s consolidated financial position and results of operations taken as a whole, actual results could differ materially from these estimates if conditions change or if certain key assumptions used in making these estimates ultimately prove to be inaccurate. 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 goodwill and intangible assets, long-lived and other assets, equity investments, financial instruments, acquisition-related liabilities, including contingent consideration, other liabilities and debt obligations; asset lives used in computing depreciation and amortization; self-insurance liabilities; allowances for credit losses; certain other accruals and allowances; income taxes; and the estimated effects of litigation and other contingencies.
Revenue Recognition	Revenue Recognition The Company recognizes revenue from contracts with customers when, or as, control of promised services and goods is transferred to customers. The amount of revenue recognized reflects the consideration to which the Company expects to be entitled in exchange for the services and goods transferred. The Company primarily recognizes revenue over time utilizing the cost-to-cost measure of progress, which best depicts the continuous transfer of control of goods or services to the customer, and correspondingly, when performance obligations are satisfied for the related contracts. Contracts. The Company derives revenue primarily from construction projects performed under: (i) master service and other service agreements, which generally provide a menu of available services in a specific geographic territory that are utilized on an as-needed basis, and are typically priced using either a time and materials or a fixed price per unit basis; and (ii) contracts for specific projects requiring the construction and installation of an entire infrastructure system, or specified units within an infrastructure system, which may be subject to one or multiple pricing 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 40% and 47% of consolidated revenue for the three month periods ended March 31, 2024 and 2023, respectively. For certain master service and other service agreements, revenue is recognized at a point in time, primarily for install-to-the-home and certain other wireless services in the Company’s Communications segment, and to a lesser extent, certain revenue in the Company’s Clean Energy and Infrastructure and Oil and Gas segments. Point in time revenue is recognized when the work order has been fulfilled, which, for the majority of the Company’s point in time revenue, is the same day it is initiated. Point in time revenue accounted for approximately 2% and 3% of consolidated revenue for the three month periods ended March 31, 2024 and 2023, respectively. The total contract transaction price and cost estimation processes used for recognizing revenue over time under the cost-to-cost method is based primarily on the professional knowledge and experience of the Company’s project managers, operational and financial professionals and other professional expertise, as warranted. Management reviews estimates of total contract transaction price and total project costs on an ongoing basis. Changes in job performance, job conditions and management’s assessment of the estimated amount and probability of variable consideration are factors that influence estimates of the total contract transaction price, total costs to complete those contracts and the Company’s profit recognition. Changes in these factors could result in revisions to the amount of revenue recognized in the period in which the revisions are determined, which revisions could materially affect the Company’s consolidated results of operations for that period. Provisions for losses on uncompleted contracts are recorded in the period in which such losses are determined based on management’s estimates. For the three month period ended March 31, 2024 project profit was affected by less than 5% as a result of changes in contract estimates included in projects that were in process as of December 31, 2023. For the three month period ended March 31, 2023, excluding the effects on the Company’s results of operations of margin decreases for three projects within the Company’s Clean Energy and Infrastructure segment totaling approximately $8.5 million, project profit was affected by less than 5% as a result of changes in contract estimates included in projects that were in process as of December 31, 2022. Changes in recognized revenue, net, as a result of changes in total contract transaction price estimates, including from variable consideration, and/or changes in cost estimates, related to performance obligations satisfied or partially satisfied in prior periods negatively affected revenue by less than 0.1% for the three month period ended March 31, 2024, and by approximately 0.4% for the three month period ended March 31, 2023. Performance Obligations. A performance obligation is a contractual promise to transfer a distinct good or service to a customer. The transaction price of a contract is allocated to each distinct performance obligation and recognized as revenue when or as the performance obligation is satisfied. The Company’s contracts often require significant services to integrate complex activities and equipment into a single deliverable, and are therefore generally accounted for as a single performance obligation, even when delivering multiple distinct services. The majority of the Company’s performance obligations are completed within one year. Remaining performance obligations represent the amount of unearned transaction prices under contracts for which work is wholly or partially unperformed, including the Company’s share of unearned transaction prices from its proportionately consolidated non-controlled joint ventures. As of March 31, 2024, the amount of the Company’s remaining performance obligations was $8.0 billion. Based on current expectations, the Company anticipates it will recognize approximately $5.2 billion, or 65%, of its remaining performance obligations as revenue during 2024, with the majority of the remaining balance expected to be recognized over the subsequent two year period. Variable Consideration. Transaction prices for the Company’s contracts may include variable consideration, which comprises items such as change orders, claims and incentives. Management estimates variable consideration for a performance obligation utilizing estimation methods that it believes best predict the amount of consideration to which the Company will be entitled. Management’s estimates of variable consideration and the determination of whether to include estimated amounts in transaction prices are based largely on specific discussions, correspondence or preliminary negotiations and past practices with the customer, engineering studies and legal advice and all other relevant information that is reasonably available at the time of the estimate. To the extent unapproved change orders, claims and other variable consideration reflected in transaction prices are not resolved in the Company’s favor, or to the extent incentives reflected in transaction prices are not earned, there could be reductions in, or reversals of, previously recognized revenue. As of March 31, 2024 and December 31, 2023, the Company’s contract transaction prices included approximately $209 million and $194 million, respectively, of change orders and/or claims for certain contracts that were in the process of being resolved in the ordinary course of its business, including through negotiation, arbitration and other proceedings. These transaction price adjustments, when earned, are included within contract assets or accounts receivable, net of allowance, as appropriate. As of both March 31, 2024 and December 31, 2023, these change orders and/ or claims primarily related to certain projects in the Company’s Clean Energy and Infrastructure and Power Delivery segments. The Company actively engages with its customers to complete the final approval process for such amounts and generally expects these processes to be completed within one year. Amounts ultimately realized upon final agreement by customers could be higher or lower than such estimated amounts.
Recent Accounting Pronouncements	Recent Accounting Pronouncements The discussion below describes the effects of recent accounting pronouncements, as updated from the discussion in the Company’s 2023 Form 10-K. In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”) to enhance segment reporting disclosures. ASU 2023-07 requires disclosure of significant segment expenses that are regularly provided to the chief operating decision maker (CODM) and included within each reported measure of segment profit or loss, as well as disclosure of the total amount and description of other segment items by reportable segment. This ASU also requires disclosure of the title and position of the CODM and an explanation of how the CODM uses the reported measures of segment profit or loss in assessing segment performance and deciding how to allocate resources. Under ASU 2023-07, the disclosures that are currently required on an annual basis under Topic 280, Segment Reporting, pertaining to reportable segment profit or loss and assets will also be required for interim periods. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and for interim periods within fiscal years beginning after December 15, 2024, with retrospective application. Early adoption is permitted. The Company is currently evaluating the effect of this ASU on its segment disclosures. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”) to enhance transparency and decision usefulness of income tax disclosures. ASU 2023-09 requires greater standardization and disaggregation of categories within an entity’s tax rate reconciliation disclosure, as well as disclosure of income taxes paid by jurisdiction, among other requirements. ASU 2023-09 is effective for annual periods beginning after December 15, 2024, with early adoption permitted. ASU 2023-09 is effective on a prospective basis, with retrospective application permitted. The Company is currently evaluating the effects of this ASU on its income tax disclosures. In August 2023, the FASB issued ASU 2023-05, Business Combinations—Joint Venture Formations (Subtopic 805-60): Recognition and Initial Measurement (“ASU 2023-05”) to clarify existing guidance and reduce diversity in practice in the accounting for joint ventures. ASU 2023-05 addresses the accounting for contributions made to a joint venture upon formation in a joint venture’s separate financial statements. The provisions of this ASU require that a joint venture initially measure all contributions received upon its formation at fair value, largely consistent with Topic 805, Business Combinations. The amendments in this ASU are not applicable to the formation of proportionately consolidated joint ventures. ASU 2023-05 is effective prospectively for all joint ventures with a formation date on or after January 1, 2025, with early adoption permitted on a retrospective basis for joint ventures formed before January 1, 2025. The Company is currently evaluating the effects of this ASU. In March 2024, the Securities and Exchange Commission (“SEC”) adopted final rules under SEC Release No. 33-11275, The Enhancement and Standardization of Climate-Related Disclosures for Investors, which requires registrants to provide certain climate-related disclosures in registration statements and annual reports. The new rules are scheduled to begin to phase in for fiscal years beginning on or after January 1, 2025, on a prospective basis. On April 4, 2024, the SEC voluntarily stayed implementation of the final rules pending certain legal challenges to the rules. The Company is currently monitoring developments related to the rules and evaluating their potential effect on its consolidated financial statements.

- Definition

Disclosure of accounting policy for revenue from contract with customer.

+ References

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+ Details

Cover Page - shares	3 Months Ended
Cover Page - shares	Mar. 31, 2024	Apr. 29, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
Document Transition Report	false
Entity File Number	001-08106
Entity Registrant Name	MasTec, Inc.
Entity Incorporation, State or Country Code	FL
Entity Tax Identification Number	65-0829355
Entity Address, Address Line One	800 S. Douglas Road, 12th Floor
Entity Address, City or Town	Coral Gables,
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	33134
City Area Code	305
Local Phone Number	599-1800
Title of 12(b) Security	Common Stock, $0.10 Par Value
Trading Symbol	MTZ
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		79,458,432
Entity Central Index Key	0000015615
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Amendment Flag	false

Fair Value of Financial Instruments - Senior Notes - Narrative (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
4.50% Senior Notes
Fair Value Disclosure of Liabilities Not Measured at Fair Value [Line Items]
Senior notes, gross carrying amount	$ 600.0	$ 600.0
4.50% Senior Notes \| Senior Notes
Fair Value Disclosure of Liabilities Not Measured at Fair Value [Line Items]
Debt instrument, interest rate (percentage)	4.50%
Senior notes, estimated fair value	$ 570.6	565.2
6.625% Senior Notes
Fair Value Disclosure of Liabilities Not Measured at Fair Value [Line Items]
Senior notes, gross carrying amount	$ 284.9	284.2
6.625% Senior Notes \| Senior Notes
Fair Value Disclosure of Liabilities Not Measured at Fair Value [Line Items]
Debt instrument, interest rate (percentage)	6.625%
Senior notes, estimated fair value	$ 280.2	$ 273.9

Segments and Related Information - Significant Customers - Narrative (Details)	3 Months Ended
	Mar. 31, 2024
Revenue Benchmark \| Customers Representing 10% Or More Of Company \| Customer Concentration Risk
Revenue, Major Customer [Line Items]
Concentration risk, percentage of total	11.00%

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, 2024	Dec. 31, 2023
Receivables [Abstract]
Contract billings	$ 1,330,700	$ 1,385,200
Less allowance	(20,200)	(15,100)
Accounts receivable, net of allowance	1,310,483	1,370,074
Contract Assets [Abstract]
Retainage	342,000	356,400
Unbilled receivables	1,243,000	1,400,000
Contract assets	$ 1,585,023	$ 1,756,381

Property and Equipment, Net - Narrative (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Property, Plant and Equipment [Abstract]
Capitalized internal-use software, gross	$ 223.3	$ 212.7
Capitalized internal-use software, net	$ 55.7	$ 49.8

Fair Value of Financial Instruments - Variable Interest Entities - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Consolidated assets	$ 8,745,353	$ 9,373,511
Liabilities	6,055,329	6,652,250
Other long-term assets	425,493	418,485
Reporting entity involvement, maximum loss exposure, amount	36,000	35,000
Variable Interest Entity, Primary Beneficiary
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Consolidated assets	16,100		$ 1,700
Liabilities	14,400		$ 1,600
Variable Interest Entity, Not Primary Beneficiary
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Other long-term assets	$ 24,000	$ 23,000
Electric Utility Company One
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Variable interest entity, percent	49.00%

- Definition

Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.

+ References

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+ Details

- Definition

Sum of the carrying amounts as of the balance sheet date of all liabilities that are recognized. Liabilities are probable future sacrifices of economic benefits arising from present obligations of an entity to transfer assets or provide services to other entities in the future.

+ References

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Segments and Related Information - Reconciliation of Consolidated Income before Income Taxes to EBITDA (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
EBITDA Reconciliation:
Loss before income taxes	$ (45,538)	$ (125,280)
Interest expense, net	52,059	52,693
Depreciation	107,435	107,247
Amortization of intangible assets	33,691	41,944
Corporate EBITDA	48,700	50,500
Segment EBITDA	$ 196,300	$ 127,100

- 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.

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+ Details

Fair Value of Financial Instruments - Equity Investments - Narrative (Details) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Fair Value, Financial Instruments Measured on a Non-Recurring Basis [Line Items]
Equity investments, carrying value	$ 327,000,000		$ 319,000,000
Equity investments, adjusted cost basis, amount	18,000,000		18,000,000
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	$ 280,000,000		274,000,000
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	$ 18,000,000		$ 18,000,000

Business, Basis of Presentation and Significant Accounting Policies - Narrative (Details)	3 Months Ended
	Mar. 31, 2024 segment
Accounting Policies [Abstract]
Number of reportable segments	5

Accounts Receivable, Net of Allowance, and Contract Assets and Liabilities - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Schedule of Accounts Receivable, Net of Allowance, and Contract Assets and Liabilities [Line Items]
Provision for credit losses	$ 5,188	$ 496
Contract liabilities	548,641		$ 480,967
Contract with customer liability, deferred revenue current	543,100		475,200
Deferred revenue, revenue recognized	292,100	287,600
Discount charges	52,059	52,693
Receivables, Non-Recourse Arrangement
Schedule of Accounts Receivable, Net of Allowance, and Contract Assets and Liabilities [Line Items]
Proceeds from sale of receivables	98,000
Value of receivables sold	97,000		$ 64,000
Discount charges	$ 5,100	$ 3,800
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%

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Income Statement [Abstract]
Revenue	$ 2,686,849	$ 2,584,659
Costs of revenue, excluding depreciation and amortization	2,379,672	2,359,494
Depreciation	107,435	107,247
Amortization of intangible assets	33,691	41,944
General and administrative expenses	165,536	163,914
Interest expense, net	52,059	52,693
Equity in earnings of unconsolidated affiliates, net	(9,219)	(9,152)
Other expense (income), net	3,213	(6,201)
Loss before income taxes	(45,538)	(125,280)
Benefit from income taxes	11,079	44,734
Net loss	(34,459)	(80,546)
Net income (loss) attributable to non-controlling interests	6,721	(6)
Net loss attributable to MasTec, Inc.	$ (41,180)	$ (80,540)
Loss per share (Note 2):
Basic loss per share (in dollars per share)	$ (0.53)	$ (1.05)
Diluted loss per share (in dollars per share)	$ (0.53)	$ (1.05)
Basic weighted average common shares outstanding (in shares)	77,942	76,984
Diluted weighted average common shares outstanding (in shares)	77,942	76,984