0000015615-24-000107 | 10-Q | XBRL Viewer

Lease Obligations

9 Months Ended

Sep. 30, 2024

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 September 30, 2024, the Company’s leases have remaining lease terms of up to 14 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 September 30, 2024 and December 31, 2023 totaled $694.6 million and $679.9 million, respectively. Assets held under finance leases, net of accumulated depreciation, totaled $453.6 million and $473.3 million as of September 30, 2024 and December 31, 2023, respectively. Depreciation expense associated with finance leases totaled $18.3 million and $26.8 million for the three month periods ended September 30, 2024 and 2023, respectively, and totaled $65.2 million and $79.3 million for the nine month periods ended September 30, 2024 and 2023, respectively.

Operating Leases

Operating lease additions for the three month periods ended September 30, 2024 and 2023 totaled $20.2 million and $75.1 million, respectively, and for the nine month periods ended September 30, 2024 and 2023, totaled $136.0 million and $198.6 million, respectively. For the three month periods ended September 30, 2024 and 2023, rent expense for leases that have terms in excess of one year totaled approximately $49.3 million and $44.0 million, respectively, of which $4.2 million and $3.9 million, respectively, represented variable lease costs. For the nine month periods ended September 30, 2024 and 2023, rent expense for such leases totaled approximately $146.7 million and $116.7 million, respectively, of which $13.5 million and $11.5 million, respectively, represented variable lease costs. The Company also incurred rent expense for leases with terms of one year or less totaling approximately $138.6 million and $169.9 million for the three month periods ended September 30, 2024 and 2023, respectively, and totaling approximately $399.6 million and $411.7 million for the nine month periods ended September 30, 2024 and 2023, respectively. Rent expense for operating leases is generally consistent with the amount of the related payments, which payments are included within operating activities in the consolidated statements of cash flows.

Additional Lease Information

Future minimum lease commitments as of September 30, 2024 were as follows (in millions):


	Finance Leases		Operating Leases
2024, remaining three months	$	41.0	$	42.2
2025	135.6		153.2
2026	77.6		116.2
2027	37.4		65.6
2028	12.5		31.7
Thereafter	1.8		41.2
Total minimum lease payments	$	305.9	$	450.1
Less amounts representing interest	(17.1)		(40.7)
Total lease obligations, net of interest	$	288.8	$	409.4
Less current portion	139.0		144.8
Long-term portion of lease obligations, net of interest	$	149.8	$	264.6

The following table presents weighted average remaining lease terms and discount rates for finance and non-cancelable operating leases as of the dates indicated:


	September 30, 2024		December 31, 2023
Weighted average remaining lease term (in years):
Finance leases	2.5		2.6
Operating leases	3.7		3.8
Weighted average discount rate:
Finance leases	4.7	%	4.7	%
Operating leases	5.1	%	4.8	%

Lease Obligations

Finance Leases

Operating Leases

Additional Lease Information

Future minimum lease commitments as of September 30, 2024 were as follows (in millions):


	Finance Leases		Operating Leases
2024, remaining three months	$	41.0	$	42.2
2025	135.6		153.2
2026	77.6		116.2
2027	37.4		65.6
2028	12.5		31.7
Thereafter	1.8		41.2
Total minimum lease payments	$	305.9	$	450.1
Less amounts representing interest	(17.1)		(40.7)
Total lease obligations, net of interest	$	288.8	$	409.4
Less current portion	139.0		144.8
Long-term portion of lease obligations, net of interest	$	149.8	$	264.6

The following table presents weighted average remaining lease terms and discount rates for finance and non-cancelable operating leases as of the dates indicated:


	September 30, 2024		December 31, 2023
Weighted average remaining lease term (in years):
Finance leases	2.5		2.6
Operating leases	3.7		3.8
Weighted average discount rate:
Finance leases	4.7	%	4.7	%
Operating leases	5.1	%	4.8	%

Business, Basis of Presentation and Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying consolidated financial statements are unaudited and have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) for interim financial information and with the instructions for Form 10-Q and Rule 10-01 of Regulation S-X. Pursuant to these rules and regulations, certain information and footnote disclosures normally included in the annual audited consolidated financial statements prepared in accordance with U.S. GAAP have been condensed or omitted. The accompanying consolidated balance sheet as of December 31, 2023 is derived from the Company’s audited financial statements as of that date. Because certain information and footnote disclosures have been condensed or omitted, these consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto as of and for the year ended December 31, 2023 contained in the Company’s 2023 Annual Report on Form 10-K (the “2023 Form 10-K”). In management’s opinion, all normal and recurring adjustments considered necessary for a fair statement of the financial position, results of operations and cash flows for the periods presented have been included. Interim period operating results do not necessarily indicate the results that may be expected for any other interim period or for the full fiscal year. The Company believes that the disclosures made in these consolidated financial statements are adequate to make the information not misleading.
Principles of Consolidation	Principles of Consolidation The accompanying consolidated financial statements include MasTec, Inc. and its subsidiaries and include the accounts of all majority owned subsidiaries over which the Company exercises control and, when applicable, entities in which the Company has a controlling financial interest. All significant intercompany balances and transactions have been eliminated in consolidation. Other parties’ interests in entities that MasTec consolidates are reported as non-controlling interests within equity. Net income or loss attributable to non-controlling interests is reported as a separate line item below net income or loss. Investments in entities for which the Company does not have a controlling financial interest, but over which it has the ability to exert significant influence, are accounted for under the equity method of accounting. For equity investees in which the Company has an undivided interest in the assets, liabilities and profits or losses of an unincorporated entity, but does not exercise control over the entity, the Company consolidates its proportional interest in the accounts of the entity.
Translation of Foreign Currencies	Translation of Foreign Currencies The assets and liabilities of foreign subsidiaries with a functional currency other than the U.S. dollar are translated into U.S. dollars at period-end exchange rates, with resulting translation gains or losses included within other comprehensive income or loss. Revenue and expenses are translated into U.S. dollars at average rates of exchange during the applicable period. Substantially all of the Company’s foreign operations use their local currency as their functional currency. For foreign operations for which the local currency is not the functional currency, the operation’s non-monetary assets are remeasured into U.S. dollars at historical exchange rates. All other accounts are remeasured at current exchange rates. Gains or losses from remeasurement are included in other income or expense, net. Currency gains or losses resulting from transactions executed in currencies other than the functional currency are included in other income or expense, net.
Revenue Recognition	Revenue Recognition The Company recognizes revenue from contracts with customers when, or as, control of promised services and goods is transferred to customers. The amount of revenue recognized reflects the consideration to which the Company expects to be entitled in exchange for the services and goods transferred. The Company primarily recognizes revenue over time utilizing the cost-to-cost measure of progress, which best depicts the continuous transfer of control of goods or services to the customer, and correspondingly, when performance obligations are satisfied for the related contracts. Contracts. The Company derives revenue primarily from construction projects performed under: (i) master service and other service agreements, which generally provide a menu of available services in a specific geographic territory that are utilized on an as-needed basis, and are typically priced using either a time and materials or a fixed price per unit basis; and (ii) contracts for specific projects requiring the construction and installation of an entire infrastructure system, or specified units within an infrastructure system, which may be subject to one or multiple pricing models, including fixed price, unit price, time and materials, or cost plus a markup. Revenue derived from projects performed under master service and other service agreements totaled 41% and 37% of consolidated revenue for the three month periods ended September 30, 2024 and 2023, respectively, and totaled 40% and 42% for the nine month periods ended September 30, 2024 and 2023, respectively. For certain master service and other service agreements, revenue is recognized at a point in time, primarily for install-to-the-home and certain other wireless services in the Company’s Communications segment, and to a lesser extent, certain revenue in the Company’s Clean Energy and Infrastructure and Oil and Gas segments. Point in time revenue is recognized when the work order has been fulfilled, which, for the majority of the Company’s point in time revenue, is the same day it is initiated. Point in time revenue accounted for approximately 2% of consolidated revenue for both the three and nine month periods ended September 30, 2024, and totaled approximately 2% and 3% for the three and nine month periods ended September 30, 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 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 nine month period ended September 30, 2024, excluding the effects on the Company’s results of operations from margin increases for two projects within the Company’s Clean Energy and Infrastructure segment totaling $10.0 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, 2023. For the nine month period ended September 30, 2023, project profit was affected by less than 5% as a result of changes in contract estimates included in projects that were in process as of December 31, 2022. Changes in recognized revenue, net, as a result of changes in total contract transaction price estimates, including from variable consideration, and/or changes in cost estimates, related to performance obligations satisfied or partially satisfied in prior periods positively affected revenue by approximately 0.5% and 0.3% for the three month periods ended September 30, 2024 and 2023, respectively, and such net changes positively affected revenue by approximately 0.3% and 0.5% for the nine month periods ended September 30, 2024 and 2023, respectively. Performance Obligations. A performance obligation is a contractual promise to transfer a distinct good or service to a customer. The transaction price of a contract is allocated to each distinct performance obligation and recognized as revenue when or as the performance obligation is satisfied. The Company’s contracts often require significant services to integrate complex activities and equipment into a single deliverable, and are therefore generally accounted for as a single performance obligation, even when delivering multiple distinct services. The majority of the Company’s performance obligations are completed within one year. Remaining performance obligations represent the amount of unearned transaction prices under contracts for which work is wholly or partially unperformed, including the Company’s share of unearned transaction prices from its proportionately consolidated non-controlled joint ventures. As of September 30, 2024, the amount of the Company’s remaining performance obligations was $9.5 billion. Based on current expectations, the Company anticipates it will recognize approximately $2.6 billion, or 27.5%, 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 September 30, 2024 and December 31, 2023, the Company’s contract transaction prices included approximately $159 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 September 30, 2024 and December 31, 2023, these change orders and/or claims primarily related to certain projects in the Company’s Clean Energy and Infrastructure and Power Delivery segments. The Company actively engages with its customers to complete the final approval process for such amounts and generally expects these processes to be completed within one year. Amounts ultimately realized upon final agreement by customers could be higher or lower than such estimated amounts.
Long-Lived Assets	Long-Lived Assets The Company periodically reviews the useful lives of its long-lived assets, which primarily consist of property and equipment, including finance lease assets, and finite-lived intangible assets. During the third quarter of 2024, based on the Company’s experience with the duration over which certain machinery and equipment can be utilized, the Company completed a review of the estimated useful lives of certain machinery and equipment, which resulted in a net increase in the estimated useful lives of such machinery and equipment. The resulting change in accounting estimate was applied on a prospective basis. For the third quarter of 2024, the effect of this change was a net reduction in depreciation expense of $18.1 million. For additional information pertaining to the Company’s significant accounting policies, see Note 1 – Business, Basis of Presentation and Significant Accounting Policies in the Company’s 2023 Form 10-K.
Recent Accounting Pronouncements	Recent Accounting Pronouncements The discussion below describes the effects of recent accounting pronouncements, as updated from the discussion in the Company’s 2023 Form 10-K. In August 2023, the FASB issued ASU 2023-05, Business Combinations—Joint Venture Formations (Subtopic 805-60): Recognition and Initial Measurement (“ASU 2023-05”) to clarify existing guidance and reduce diversity in practice in the accounting for joint ventures. ASU 2023-05 addresses the accounting for contributions made to a joint venture upon formation in a joint venture’s separate financial statements. The provisions of this ASU require that a joint venture initially measure all contributions received upon its formation at fair value, largely consistent with Topic 805, Business Combinations. The amendments in this ASU are not applicable to the formation of proportionately consolidated joint ventures. ASU 2023-05 is effective prospectively for all joint ventures with a formation date on or after January 1, 2025, with early adoption permitted on a retrospective basis for joint ventures formed before January 1, 2025. The Company is currently evaluating the effects of this ASU. In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”) to enhance segment reporting disclosures. ASU 2023-07 requires disclosure of significant segment expenses that are regularly provided to the chief operating decision maker (CODM) and included within each reported measure of segment profit or loss, as well as disclosure of the total amount and description of other segment items by reportable segment. This ASU also requires disclosure of the title and position of the CODM and an explanation of how the CODM uses the reported measures of segment profit or loss in assessing segment performance and deciding how to allocate resources. Under ASU 2023-07, the disclosures that are currently required on an annual basis under Topic 280, Segment Reporting, pertaining to reportable segment profit or loss and assets will also be required for interim periods. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and for interim periods within fiscal years beginning after December 15, 2024, with retrospective application. Early adoption is permitted. The Company has determined that the effects of adopting this ASU will only impact its disclosures and the Company does not expect that it will have a material effect on its consolidated financial statements or results of its operations when adopted. The Company continues to evaluate the effects of this ASU on its segment disclosures. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”) to enhance transparency and decision usefulness of income tax disclosures. ASU 2023-09 requires greater standardization and disaggregation of categories within an entity’s tax rate reconciliation disclosure, as well as disclosure of income taxes paid by jurisdiction, among other requirements. ASU 2023-09 is effective for annual periods beginning after December 15, 2024, with early adoption permitted. ASU 2023-09 is effective on a prospective basis, with retrospective application permitted. The Company is currently evaluating the effects of this ASU on its income tax disclosures. In March 2024, the Securities and Exchange Commission (“SEC”) adopted final rules under SEC Release No. 33-11275, The Enhancement and Standardization of Climate-Related Disclosures for Investors, which requires registrants to provide certain climate-related disclosures in registration statements and annual reports. The new rules are scheduled to begin to phase in for fiscal years beginning on or after January 1, 2025, on a prospective basis. On April 4, 2024, the SEC voluntarily stayed implementation of the final rules pending certain legal challenges to the rules. The Company is currently monitoring developments related to the rules and evaluating their potential effect on its consolidated financial statements.

- Definition

Disclosure of accounting policy for revenue from contract with customer.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/exampleRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Lease Obligations - Schedule of Future Minimum Lease Commitments (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Finance Leases
2024, remaining three months	$ 41,000
2025	135,600
2026	77,600
2027	37,400
2028	12,500
Thereafter	1,800
Total minimum lease payments	305,900
Less amounts representing interest	(17,100)
Total lease obligations, net of interest	288,800
Less current portion	139,000
Long-term portion of lease obligations, net of interest	$ 149,800
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 three months	$ 42,200
2025	153,200
2026	116,200
2027	65,600
2028	31,700
Thereafter	41,200
Total minimum lease payments	450,100
Less amounts representing interest	(40,700)
Total lease obligations, net of interest	409,400
Less current portion	144,836	$ 137,765
Long-term portion of lease obligations, net of interest	$ 264,632	$ 292,873

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
Income Taxes (Details) - USD ($) $ in Millions	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Effective tax rate, expense (benefit)	23.00%	33.10%	25.80%	41.40%
Stock-based compensation, vested awards, net income tax benefit			$ (0.1)	$ 8.8
Tax adjustments				$ 6.0

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 income (loss)	(48,487)	(50,702)				(50,702)		2,215
Other comprehensive loss (income)	4,864	4,864					4,864
Non-cash stock-based compensation	24,336	24,336			24,336
Issuance of restricted shares, net (in shares)			137,406
Issuance of restricted shares, net	0	0	$ 14		(14)
Shares withheld for taxes, net of other stock issuances(in shares)			(117,950)
Shares withheld for taxes, net of other stock issuances	(5,410)	(5,410)	$ (12)		(5,398)
Acquisition-related assumption of non-controlling interest	6,828							6,828
Issuance of shares in connection with acquisition (in shares)			4,112
Issuance of shares in connection with acquisition	403	403			403
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 Sep. 30, 2023			98,638,673
Ending balance at Sep. 30, 2023	2,713,721	2,703,344	$ 9,864	$ (659,913)	1,254,444	2,145,040	(46,091)	10,377
Ending balance, treasury shares (in shares) at Sep. 30, 2023				(19,813,055)
Beginning balance, common shares outstanding (in shares) at Jun. 30, 2023			98,674,249
Beginning balance at Jun. 30, 2023	2,688,420	2,679,052	$ 9,867	$ (659,913)	1,247,231	2,130,744	(48,877)	9,368
Beginning balance, treasury shares (in shares) at Jun. 30, 2023				(19,813,055)
Condensed Unaudited Consolidated Statements of Equity
Net income (loss)	15,305	14,296				14,296		1,009
Other comprehensive loss (income)	2,786	2,786					2,786
Non-cash stock-based compensation	7,246	7,246			7,246
Forfeiture of restricted shares, net (in shares)			(35,183)
Forfeiture of restricted shares, net	0	0	$ (3)		3
Shares withheld for taxes, net of other stock issuances(in shares)			(393)
Shares withheld for taxes, net of other stock issuances	(36)	(36)			(36)
Ending balance, common shares outstanding (in shares) at Sep. 30, 2023			98,638,673
Ending balance at Sep. 30, 2023	$ 2,713,721	2,703,344	$ 9,864	$ (659,913)	1,254,444	2,145,040	(46,091)	10,377
Ending balance, treasury shares (in shares) at Sep. 30, 2023				(19,813,055)
Beginning balance, common shares outstanding (in shares) at Dec. 31, 2023	99,093,134		99,093,134
Beginning balance at Dec. 31, 2023	$ 2,721,261	2,706,152	$ 9,909	$ (659,913)	1,263,360	2,145,793	(52,997)	15,109
Beginning balance, treasury shares (in shares) at Dec. 31, 2023	(19,813,055)			(19,813,055)
Condensed Unaudited Consolidated Statements of Equity
Net income (loss)	$ 114,719	88,048				88,048		26,671
Other comprehensive loss (income)	(5,779)	(5,779)					(5,779)
Non-cash stock-based compensation	24,046	24,046			24,046
Forfeiture of restricted shares, net (in shares)			(30,455)
Forfeiture of restricted shares, net	0	0	$ (3)		3
Shares withheld for taxes, net of other stock issuances(in shares)			(32,333)
Shares withheld for taxes, net of other stock issuances	(2,801)	(2,801)	$ (3)		(2,798)
Distributions to non-controlling interests	(23,499)							(23,499)
Acquisition-related assumption of non-controlling interest	$ 765							765
Ending balance, common shares outstanding (in shares) at Sep. 30, 2024	99,030,346		99,030,346
Ending balance at Sep. 30, 2024	$ 2,828,712	2,809,666	$ 9,903	$ (659,913)	1,284,611	2,233,841	(58,776)	19,046
Ending balance, treasury shares (in shares) at Sep. 30, 2024	(19,813,055)			(19,813,055)
Beginning balance, common shares outstanding (in shares) at Jun. 30, 2024			99,044,551
Beginning balance at Jun. 30, 2024	$ 2,734,107	2,714,364	$ 9,904	$ (659,913)	1,277,301	2,138,601	(51,529)	19,743
Beginning balance, treasury shares (in shares) at Jun. 30, 2024				(19,813,055)
Condensed Unaudited Consolidated Statements of Equity
Net income (loss)	105,410	95,240				95,240		10,170
Other comprehensive loss (income)	(7,247)	(7,247)					(7,247)
Non-cash stock-based compensation	7,348	7,348			7,348
Forfeiture of restricted shares, net (in shares)			(13,844)
Forfeiture of restricted shares, net	0	0	$ (1)		1
Shares withheld for taxes, net of other stock issuances(in shares)			(361)
Shares withheld for taxes, net of other stock issuances	(39)	(39)			(39)
Distributions to non-controlling interests	$ (10,867)							(10,867)
Ending balance, common shares outstanding (in shares) at Sep. 30, 2024	99,030,346		99,030,346
Ending balance at Sep. 30, 2024	$ 2,828,712	$ 2,809,666	$ 9,903	$ (659,913)	$ 1,284,611	$ 2,233,841	$ (58,776)	$ 19,046
Ending balance, treasury shares (in shares) at Sep. 30, 2024	(19,813,055)			(19,813,055)

Related Party Transactions	9 Months Ended
Related Party Transactions	Sep. 30, 2024
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions MasTec purchases, rents and leases equipment and purchases various types of supplies and services used in its business, including ancillary construction services, project-related site restoration and marketing, business development and administrative activities, from a number of different vendors on a non-exclusive basis, and from time to time, rents equipment to, sells certain supplies, or performs construction services on behalf of, entities in which members of subsidiary management have ownership or commercial interests. For the three month periods ended September 30, 2024 and 2023, such payments to related party entities totaled approximately $6.8 million and $7.1 million, respectively, and for the nine month periods ended September 30, 2024 and 2023, such payments totaled approximately $25.4 million and $33.9 million, respectively. Payables associated with such arrangements totaled approximately $1.7 million and $2.7 million as of September 30, 2024 and December 31, 2023, respectively. Revenue from such related party arrangements totaled approximately $5.4 million and $3.5 million for the three month periods ended September 30, 2024 and 2023, respectively, and totaled approximately $14.0 million and $10.9 million for the nine month periods ended September 30, 2024 and 2023, respectively. As of September 30, 2024, accounts receivable, net, less deferred revenue related to these arrangements totaled a receivable of approximately $3.0 million, and as of December 31, 2023, totaled a liability of approximately $0.4 million. The Company rents and leases equipment and purchases certain supplies and servicing from CCI. Juan Carlos Mas, who is the brother of Jorge Mas, Chairman of MasTec’s Board of Directors, and José R. Mas, MasTec’s Chief Executive Officer, serves as the chairman of CCI, and a member of management of a MasTec subsidiary and an entity that is owned by the Mas family are minority owners. For the three month periods ended September 30, 2024 and 2023, MasTec paid CCI approximately $2.2 million and $1.2 million, respectively, and for the nine month periods ended September 30, 2024 and 2023, MasTec paid approximately $10.8 million and $2.5 million, respectively, for such equipment, supply and servicing expenses. Amounts payable to CCI totaled approximately $0.6 million and $4.6 million as of September 30, 2024 and December 31, 2023, respectively. The Company also rents equipment to CCI. For the three and nine month periods ended September 30, 2024, revenue from such equipment rentals to CCI totaled approximately $0.1 million and $0.3 million, respectively, and for both the three and nine month periods ended September 30, 2023, there was no revenue from such arrangements. As of September 30, 2024, related amounts receivable were de minimis, and as of December 31, 2023, there were no amounts outstanding. MasTec has a subcontracting arrangement with an entity for the performance of construction services, the minority owners of which include an entity controlled by Jorge Mas and José R. Mas, along with two members of management of a MasTec subsidiary. For the three and nine month periods ended September 30, 2024, MasTec incurred subcontracting expenses in connection with this arrangement of approximately $0.9 million and $5.8 million, respectively, and for the three and nine month periods ended September 30, 2023, subcontracting expenses totaled approximately $2.7 million and $3.1 million, respectively. Related amounts payable totaled approximately $0.5 million and $3.1 million as of September 30, 2024 and December 31, 2023, respectively. MasTec has an aircraft leasing arrangement with an entity that is owned by Jorge Mas, under which a new leasing agreement was entered into in December of 2023. For the three month periods ended September 30, 2024 and 2023, payments related to this leasing arrangement totaled approximately $1.6 million and $0.7 million, respectively, and for the nine month periods ended September 30, 2024 and 2023, payments totaled approximately $4.5 million and $2.0 million, respectively. As of September 30, 2024, there were no amounts payable related to this arrangement, and as of December 31, 2023, related amounts payable totaled approximately $0.2 million. MasTec performs construction services on behalf of a professional Miami soccer franchise (the “Franchise”) in which Jorge Mas and José R. Mas are majority owners. Construction services include, and have included, the construction of a soccer facility and stadium as well as wireless infrastructure services. In the third quarter of 2023, construction services related to site preparation for a new soccer complex began. For the three month periods ended September 30, 2024 and 2023, revenue under these arrangements totaled approximately $5.0 million and $4.6 million, respectively, and totaled approximately $13.7 million and $4.8 million for the nine month periods ended September 30, 2024 and 2023, respectively. As of September 30, 2024 and December 31, 2023, amounts receivable related to these arrangements totaled approximately $4.3 million and $4.1 million, respectively. Payments for other expenses related to the Franchise totaled approximately $0.2 million and $0.3 million for the three month periods ended September 30, 2024 and 2023, respectively, and for the nine month periods ended September 30, 2024 and 2023, totaled approximately $0.8 million and $0.9 million, respectively. There were no amounts payable as of either September 30, 2024 or December 31, 2023. MasTec has a subcontracting arrangement to perform construction services for an entity, in which José R. Mas previously held a minority interest. On January 1, 2024, MasTec acquired José R. Mas’ interest in this entity for approximately $0.7 million. From time to time, the Company pays amounts on behalf of or to the former owners of acquired businesses, which, under the provisions of the related purchase agreements, the former owners are obligated to repay. For the three month period ended September 30, 2024, the Company made no payments under these arrangements, and for the nine month period ended September 30, 2024, such payments totaled approximately $0.3 million. The Company paid approximately $0.1 million and $0.2 million of such amounts for the three and nine month periods ended September 30, 2023, respectively. Amounts receivable for such payments, which are expected to be settled under customary terms associated with the related purchase agreements, totaled approximately $0.2 million and $2.6 million as of September 30, 2024 and December 31, 2023, respectively. Additionally, the Company has certain arrangements with an entity in which members of management have an ownership interest, including a fee arrangement in conjunction with a $15.0 million letter of credit issued by the Company on behalf of this entity. Income recognized in connection with these arrangements totaled approximately $0.3 million and $0.2 million for the three month periods ended September 30, 2024 and 2023, respectively, and totaled approximately $0.6 million for both the nine month periods ended September 30, 2024 and 2023. As of September 30, 2024 and December 31, 2023, related amounts receivable totaled approximately $0.6 million and $0.4 million, respectively. Non-controlling interests in entities consolidated by the Company represent ownership interests held by members of management of certain of the Company’s subsidiaries, primarily in the Company’s Oil and Gas segment, including the ownership interests in two entities that the Company acquired in the second quarter of 2023, of which it sold certain minority interests to members of management of a MasTec subsidiary for $7.1 million of notes receivable in the fourth quarter of 2023. These notes, which bear interest at a rate of 5.0% per annum, and of which $4.1 million and $6.9 million was outstanding as of September 30, 2024 and December 31, 2023, respectively, are recorded within other current or long-term assets, as appropriate, in the consolidated balance sheets. For the three month period ended September 30, 2024, the amount of interest income recognized by the Company related to these notes was de minimis. For the nine month period ended September 30, 2024, the Company recognized interest income related to these notes of $0.2 million. 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 nine month periods ended September 30, 2024 and 2023, the Company paid approximately $0.4 million, net, and $1.4 million, respectively, in connection with these agreements. As of September 30, 2024 and December 31, 2023, life insurance assets associated with these agreements totaled approximately $27.5 million and $27.2 million, respectively.

- 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.

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+ Details

Lease Obligations - Schedule Of Weighted Average Remaining Lease Terms And Discount Rates (Details)	Sep. 30, 2024	Dec. 31, 2023
Weighted average remaining lease term (in years):
Finance leases	2 years 6 months	2 years 7 months 6 days
Operating leases	3 years 8 months 12 days	3 years 9 months 18 days
Weighted average discount rate:
Finance leases	4.70%	4.70%
Operating leases	5.10%	4.80%

Business, Basis of Presentation and Significant Accounting Policies - Long-Lived Assets (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Property and Equipment [Line Items]
Depreciation	$ 80,193	$ 115,033	$ 289,769	$ 325,318
Service Life
Property and Equipment [Line Items]
Depreciation	$ (18,100)

Segments and Related Information - Foreign Operations and Other - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Segments and Related Information [Line Items]
Revenue	$ 3,252,427	$ 3,257,077	$ 8,900,362	$ 8,715,851
Property and equipment, net	$ 1,519,378		$ 1,519,378		$ 1,651,462
Govermment \| Revenue Benchmark \| Customer Concentration Risk
Segments and Related Information [Line Items]
Concentration risk, percentage of total	14.00%	12.00%	13.00%	11.00%
Foreign Operations
Segments and Related Information [Line Items]
Revenue	$ 20,000	$ 18,800	$ 70,900	$ 68,400
Property and equipment, net	14,700		14,700		17,500
Intangible assets and goodwill, net	$ 29,300		$ 29,300		$ 32,600

- Definition

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

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+ Details

Income Taxes	9 Months Ended
Income Taxes	Sep. 30, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes In determining the quarterly provision for income taxes, management uses an estimated annual effective tax rate based on forecasted annual pre-tax income, permanent tax differences, statutory tax rates and tax planning opportunities in the various jurisdictions in which the Company operates. The effect of significant discrete items is separately recognized in the quarter(s) in which they occur. For the three month periods ended September 30, 2024 and 2023, the Company’s consolidated effective tax rates were 23.0% and 33.1%, respectively, and for the nine month periods ended September 30, 2024 and 2023 were 25.8% and 41.4%, respectively. The Company’s effective tax rate for the nine month period ended September 30, 2024 included the effect of a lower state income tax rate partially offset by an increase in non-deductible expenses as compared with the same period in 2023. For the nine month period ended September 30, 2023, the Company’s effective tax rate included a net tax benefit of approximately $8.8 million related to share-based payment awards and a benefit of approximately $6 million related to adjustments from the finalization of the Company’s 2022 tax returns, offset, in part, by an increase in non-deductible expenses.

- Definition

The entire disclosure for income tax.

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-URI https://asc.fasb.org/1943274/2147482685/740-10-50-17

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

Fair Value of Financial Instruments - The Waha JVs - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Fair Value, Financial Instruments Measured on a Non-Recurring Basis [Line Items]
Equity method investments, equity in earnings (losses)	$ 7,042	$ 6,787	$ 22,153	$ 23,434
Equity method investments, net investment	319,000		319,000		$ 319,000
Waha JVs
Fair Value, Financial Instruments Measured on a Non-Recurring Basis [Line Items]
Equity method investments, equity in earnings (losses)	7,600	7,700	21,700	23,100
Equity method investments, distributions of earnings received, operating cash flows	4,700	$ 4,700	14,000	$ 10,500
Equity method investments, cumulative undistributed earnings	133,200		133,200
Equity method investments, net investment	$ 275,000		$ 275,000		$ 274,000

- Definition

Amount of income (loss) for proportionate share of equity method investee's income (loss).

+ References + Details

Segments and Related Information - Significant Customers - Narrative (Details) - Revenue Benchmark - Customer Concentration Risk	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Customers Representing 10% Or More Of Company
Revenue, Major Customer [Line Items]
Concentration risk, percentage of total	0.00%		0.00%	0.00%
Equitrans Midstream Corporation
Revenue, Major Customer [Line Items]
Concentration risk, percentage of total		11.00%

Debt

9 Months Ended

Sep. 30, 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	September 30, 2024		December 31, 2023
Senior credit facility:	November 1, 2026
Revolving loans		$	145.0	$	773.0
Term loan		334.7		341.3
4.500% Senior Notes	August 15, 2028	600.0		600.0
5.900% Senior Notes	June 15, 2029	550.0		—
6.625% Senior Notes	August 15, 2029	71.5		284.2
Five-Year Term Loan Facility	October 7, 2027	288.8		300.0
Three-Year Term Loan Facility	October 7, 2025	—		400.0
Finance lease and other obligations		349.7		380.3
Total debt obligations		$	2,339.7	$	3,078.8
Less unamortized deferred financing costs		(15.9)		(13.5)
Total debt, net of deferred financing costs		$	2,323.8	$	3,065.3
Current portion of long-term debt		185.1		177.2
Long-term debt		$	2,138.7	$	2,888.1

2024 Debt Transactions

On June 10, 2024, the Company completed an offering of $550 million aggregate principal amount of 5.900% Senior Notes. Interest on the 5.900% Senior Notes is payable semiannually in arrears on June 15 and December 15 of each year, beginning on December 15, 2024. The 5.900% Senior Notes are general senior unsecured obligations of the Company, and rank equal in right of payment with all of the Company’s existing and future senior unsecured indebtedness and senior in right of payment to all of the Company’s future subordinated indebtedness. The 5.900% Senior Notes are effectively subordinated to all secured indebtedness of the Company, to the extent of the value of the assets securing such indebtedness, and structurally subordinated to all of the obligations of the subsidiaries of the Company, including trade payables. Financing costs incurred in connection with the issuance of the 5.900% Senior Notes totaled approximately $5.9 million, which will be amortized over the term of the 5.900% Senior Notes using the effective interest method.

The Company has the option to redeem all or a portion of the 5.900% Senior Notes at the redemption prices specified in the indenture that governs the 5.900% Senior Notes (the “5.900% Senior Notes Indenture”), plus accrued and unpaid interest, if any, to, but excluding, the redemption date. If a change of control triggering event, as defined in the 5.900% Senior Notes Indenture, occurs, each holder of the 5.900% Senior Notes will have the right to require the Company to repurchase all or any portion of such holder’s 5.900% Senior Notes then outstanding at a price equal to 101% of the principal amount of the 5.900% Senior Notes, plus accrued and unpaid interest, if any, to, but excluding, the date of repurchase, subject to the right of holders of 5.900% Senior Notes on the relevant record date to receive interest due on the relevant interest payment date.

The 5.900% Senior Notes Indenture, among other things, generally limits the ability of the Company and certain of its subsidiaries to create liens, enter into sale and leaseback transactions and effect mergers, subject to certain exceptions. The 5.900% Senior Notes Indenture provides for customary events of default, which include, subject, in certain cases, to customary grace and cure periods, among others, nonpayment of principal or interest; breach of other covenants or agreements in the 5.900% Senior Notes Indenture; failure to pay certain other indebtedness; and certain events of bankruptcy or insolvency. Generally, if an event of default occurs and is continuing, the trustee or holders of at least 25% of the 5.900% Senior Notes then outstanding may declare the principal amount, premium, if any, and accrued interest on all of the 5.900% Senior Notes to be immediately due and payable.

Concurrently with the Company’s offering of the 5.900% Senior Notes, IEA Energy Services LLC (“IEA LLC”), a wholly-owned subsidiary of the Company, launched a tender offer and consent solicitation (the “IEA Tender”) for IEA LLC’s 6.625% senior notes due 2029 (the “6.625% IEA Senior Notes”). The Company used a portion of the proceeds from the 5.900% Senior Notes offering to purchase $203.7 million in aggregate principal amount of 6.625% IEA Senior Notes tendered at a price equal to 100.0% of the principal amount of the 6.625% IEA Senior Notes, plus accrued and unpaid interest to, but excluding, the payment date. In July 2024, subsequent to the IEA Tender, IEA LLC exercised its right under the indenture that governs the 6.625% IEA Senior Notes to redeem the remaining $21.4 million in aggregate principal amount of the 6.625% IEA Senior Notes at a price equal to 95.0% of the principal amount of the 6.625% IEA Senior Notes redeemed, which amount approximated their carrying value, plus accrued and unpaid interest to, but excluding, the redemption date. As of both September 30, 2024 and December 31, 2023, the fair value of the Company’s remaining 6.625% senior notes due August 15, 2029, as estimated based on an exit price approach using Level 2 inputs, approximated their carrying value.

The remaining net proceeds from the 5.900% Senior Notes offering were used, along with available cash, for the repayment of the Company’s $400.0 million Three-Year Term Loan Facility. The Company recorded a pre-tax debt extinguishment loss of approximately $11.3 million in the second quarter of 2024 in connection with these transactions, which is separately presented within the Company’s consolidated statements of operations.

Senior Credit Facility

The Company maintains a $2.25 billion senior unsecured credit facility (the “Credit Facility”), which is composed of $1.9 billion of revolving commitments and a term loan with an original principal amount of $350.0 million (the “Term Loan”). The Term Loan is subject to amortization in quarterly principal installments of approximately $2.2 million, which quarterly installments increase to approximately $4.4 million in March 2025 until maturity. Quarterly principal installments on the Term Loan are subject to adjustment, if applicable, for certain prepayments. As of both September 30, 2024 and December 31, 2023, the fair values of the Credit Facility and Term Loan, as estimated based on an income approach utilizing significant unobservable Level 3 inputs including discount rate assumptions, approximated their carrying values.

Revolving loans accrued interest at weighted average rates of approximately 6.68% and 7.71% per annum as of September 30, 2024 and December 31, 2023, respectively. The Term Loan accrued interest at rates of 6.22% and 7.08% as of September 30, 2024 and December 31, 2023, respectively. Letters of credit of approximately $65.9 million and $64.9 million were issued as of September 30, 2024 and December 31, 2023, respectively. As of September 30, 2024 and December 31, 2023, letter of credit fees accrued at 0.5625% and 0.6875% per annum, respectively, for performance standby letters of credit, and for financial standby letters of credit, accrued at 1.375% and 1.625% per annum, respectively. Outstanding letters of credit mature at various dates and most have automatic renewal provisions, subject to prior notice of cancellation.

As of September 30, 2024 and December 31, 2023, availability for revolving loans totaled $1,689.1 million and $1,062.1 million, respectively, or up to $584.1 million and $585.1 million, respectively, for new letters of credit. There were no outstanding revolving borrowings denominated in foreign currencies as of either September 30, 2024 or December 31, 2023. Revolving loan borrowing capacity included $300.0 million of availability in either Canadian dollars or Mexican pesos as of both September 30, 2024 and December 31, 2023. The unused facility fee as of September 30, 2024 and December 31, 2023 accrued at rates of 0.200% and 0.225% per annum, respectively.

Other Credit Facilities

The Company has other credit facilities that support the working capital requirements of its foreign operations and certain letter of credit issuances. There were no outstanding borrowings under the Company’s other credit facilities as of either September 30, 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 September 30, 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.

Five-Year Term Loan Facility

As of September 30, 2024, the Company had $288.8 million outstanding under an unsecured five-year term loan (the “Five-Year Term Loan”), for which the original principal amount totaled $300.0 million. The Five-Year Term Loan 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 September 30, 2024 and December 31, 2023, the Five-Year Term Loan accrued interest at rates of 6.25% and 6.96%, respectively. The fair value of the Five-Year Term Loan as of both September 30, 2024 and December 31, 2023, as estimated based on an income approach utilizing significant unobservable Level 3 inputs including discount rate assumptions, approximated its carrying value.

Debt Covenants

MasTec was in compliance with the provisions and covenants of its outstanding debt instruments as of both September 30, 2024 and December 31, 2023.

Additional Information

As of September 30, 2024 and December 31, 2023, accrued interest payable, which is recorded within other accrued expenses in the consolidated balance sheets, totaled $22.2 million and $24.1 million, respectively. For additional information pertaining to the Company’s debt instruments, see Note 7 – Debt in the Company’s 2023 Form 10-K.

Lease Obligations - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Lessee, Lease, Description [Line Items]
Leases, remaining lease terms			14 years
Finance leases, assets, gross	$ 694.6		$ 694.6		$ 679.9
Assets held under finance leases, location	Property and equipment, net		Property and equipment, net		Property and equipment, net
Finance leases, assets, net	$ 453.6		$ 453.6		$ 473.3
Finance leases, assets, depreciation	18.3	$ 26.8	65.2	$ 79.3
Operating leases, additions	$ 20.2	75.1	$ 136.0	198.6
Operating leases, term of contract	1 year		1 year
Operating lease expense	$ 49.3	44.0	$ 146.7	116.7
Operating leases, variable lease costs	4.2	3.9	13.5	11.5
Operating leases, short-term leases, expense	$ 138.6	$ 169.9	$ 399.6	$ 411.7
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

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

9 Months Ended

Sep. 30, 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	245,176	87.44
Vested	(169,826)	91.73
Canceled/forfeited	(275,631)	52.67
Non-vested restricted shares, as of September 30, 2024	1,305,715	$	75.67

(a) Includes 1,000 restricted stock units as of both September 30, 2024 and December 31, 2023.

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

9 Months Ended

Sep. 30, 2024

Receivables [Abstract]

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

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


	September 30, 2024		December 31, 2023
Contract billings	$	1,471.0	$	1,385.2
Less allowance	(17.4)		(15.1)
Accounts receivable, net of allowance	$	1,453.6	$	1,370.1

Retainage	$	324.7	$	356.4
Unbilled receivables	1,321.5		1,400.0
Contract assets	$	1,646.2	$	1,756.4

Business, Basis of Presentation and Significant Accounting Policies	9 Months Ended
	Sep. 30, 2024
Accounting Policies [Abstract]
Business, Basis of Presentation and Significant Accounting Policies	Business, Basis of Presentation and Significant Accounting Policies Nature of the Business MasTec, Inc. (collectively with its subsidiaries, “MasTec,” or the “Company”) is a leading infrastructure construction company operating mainly throughout North America across a range of industries. The Company’s primary activities include the engineering, building, installation, maintenance and upgrade of communications, energy, utility and other infrastructure, such as: wireless, wireline/fiber and customer fulfillment activities; power delivery infrastructure, including transmission, distribution, environmental planning and compliance; power generation infrastructure, primarily from clean energy and renewable sources; pipeline infrastructure, including for natural gas, water and carbon capture sequestration pipelines and pipeline integrity services; heavy civil and industrial infrastructure, including roads, bridges and rail; and environmental remediation services. MasTec’s customers are primarily in these industries. MasTec reports its results under five reportable segments: (1) Communications; (2) Clean Energy and Infrastructure; (3) Power Delivery; (4) Oil and Gas; and (5) Other. Basis of Presentation The accompanying consolidated financial statements are unaudited and have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) for interim financial information and with the instructions for Form 10-Q and Rule 10-01 of Regulation S-X. Pursuant to these rules and regulations, certain information and footnote disclosures normally included in the annual audited consolidated financial statements prepared in accordance with U.S. GAAP have been condensed or omitted. The accompanying consolidated balance sheet as of December 31, 2023 is derived from the Company’s audited financial statements as of that date. Because certain information and footnote disclosures have been condensed or omitted, these consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto as of and for the year ended December 31, 2023 contained in the Company’s 2023 Annual Report on Form 10-K (the “2023 Form 10-K”). In management’s opinion, all normal and recurring adjustments considered necessary for a fair statement of the financial position, results of operations and cash flows for the periods presented have been included. Interim period operating results do not necessarily indicate the results that may be expected for any other interim period or for the full fiscal year. The Company believes that the disclosures made in these consolidated financial statements are adequate to make the information not misleading. Principles of Consolidation The accompanying consolidated financial statements include MasTec, Inc. and its subsidiaries and include the accounts of all majority owned subsidiaries over which the Company exercises control and, when applicable, entities in which the Company has a controlling financial interest. All significant intercompany balances and transactions have been eliminated in consolidation. Other parties’ interests in entities that MasTec consolidates are reported as non-controlling interests within equity. Net income or loss attributable to non-controlling interests is reported as a separate line item below net income or loss. Investments in entities for which the Company does not have a controlling financial interest, but over which it has the ability to exert significant influence, are accounted for under the equity method of accounting. For equity investees in which the Company has an undivided interest in the assets, liabilities and profits or losses of an unincorporated entity, but does not exercise control over the entity, the Company consolidates its proportional interest in the accounts of the entity. Translation of Foreign Currencies The assets and liabilities of foreign subsidiaries with a functional currency other than the U.S. dollar are translated into U.S. dollars at period-end exchange rates, with resulting translation gains or losses included within other comprehensive income or loss. Revenue and expenses are translated into U.S. dollars at average rates of exchange during the applicable period. Substantially all of the Company’s foreign operations use their local currency as their functional currency. For foreign operations for which the local currency is not the functional currency, the operation’s non-monetary assets are remeasured into U.S. dollars at historical exchange rates. All other accounts are remeasured at current exchange rates. Gains or losses from remeasurement are included in other income or expense, net. Currency gains or losses resulting from transactions executed in currencies other than the functional currency are included in other income or expense, net. In these consolidated financial statements, “$” means U.S. dollars unless otherwise noted. Significant Accounting Policies Revenue Recognition The Company recognizes revenue from contracts with customers when, or as, control of promised services and goods is transferred to customers. The amount of revenue recognized reflects the consideration to which the Company expects to be entitled in exchange for the services and goods transferred. The Company primarily recognizes revenue over time utilizing the cost-to-cost measure of progress, which best depicts the continuous transfer of control of goods or services to the customer, and correspondingly, when performance obligations are satisfied for the related contracts. Contracts. The Company derives revenue primarily from construction projects performed under: (i) master service and other service agreements, which generally provide a menu of available services in a specific geographic territory that are utilized on an as-needed basis, and are typically priced using either a time and materials or a fixed price per unit basis; and (ii) contracts for specific projects requiring the construction and installation of an entire infrastructure system, or specified units within an infrastructure system, which may be subject to one or multiple pricing models, including fixed price, unit price, time and materials, or cost plus a markup. Revenue derived from projects performed under master service and other service agreements totaled 41% and 37% of consolidated revenue for the three month periods ended September 30, 2024 and 2023, respectively, and totaled 40% and 42% for the nine month periods ended September 30, 2024 and 2023, respectively. For certain master service and other service agreements, revenue is recognized at a point in time, primarily for install-to-the-home and certain other wireless services in the Company’s Communications segment, and to a lesser extent, certain revenue in the Company’s Clean Energy and Infrastructure and Oil and Gas segments. Point in time revenue is recognized when the work order has been fulfilled, which, for the majority of the Company’s point in time revenue, is the same day it is initiated. Point in time revenue accounted for approximately 2% of consolidated revenue for both the three and nine month periods ended September 30, 2024, and totaled approximately 2% and 3% for the three and nine month periods ended September 30, 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 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 nine month period ended September 30, 2024, excluding the effects on the Company’s results of operations from margin increases for two projects within the Company’s Clean Energy and Infrastructure segment totaling $10.0 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, 2023. For the nine month period ended September 30, 2023, project profit was affected by less than 5% as a result of changes in contract estimates included in projects that were in process as of December 31, 2022. Changes in recognized revenue, net, as a result of changes in total contract transaction price estimates, including from variable consideration, and/or changes in cost estimates, related to performance obligations satisfied or partially satisfied in prior periods positively affected revenue by approximately 0.5% and 0.3% for the three month periods ended September 30, 2024 and 2023, respectively, and such net changes positively affected revenue by approximately 0.3% and 0.5% for the nine month periods ended September 30, 2024 and 2023, respectively. Performance Obligations. A performance obligation is a contractual promise to transfer a distinct good or service to a customer. The transaction price of a contract is allocated to each distinct performance obligation and recognized as revenue when or as the performance obligation is satisfied. The Company’s contracts often require significant services to integrate complex activities and equipment into a single deliverable, and are therefore generally accounted for as a single performance obligation, even when delivering multiple distinct services. The majority of the Company’s performance obligations are completed within one year. Remaining performance obligations represent the amount of unearned transaction prices under contracts for which work is wholly or partially unperformed, including the Company’s share of unearned transaction prices from its proportionately consolidated non-controlled joint ventures. As of September 30, 2024, the amount of the Company’s remaining performance obligations was $9.5 billion. Based on current expectations, the Company anticipates it will recognize approximately $2.6 billion, or 27.5%, 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 September 30, 2024 and December 31, 2023, the Company’s contract transaction prices included approximately $159 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 September 30, 2024 and December 31, 2023, these change orders and/or claims primarily related to certain projects in the Company’s Clean Energy and Infrastructure and Power Delivery segments. The Company actively engages with its customers to complete the final approval process for such amounts and generally expects these processes to be completed within one year. Amounts ultimately realized upon final agreement by customers could be higher or lower than such estimated amounts. Long-Lived Assets The Company periodically reviews the useful lives of its long-lived assets, which primarily consist of property and equipment, including finance lease assets, and finite-lived intangible assets. During the third quarter of 2024, based on the Company’s experience with the duration over which certain machinery and equipment can be utilized, the Company completed a review of the estimated useful lives of certain machinery and equipment, which resulted in a net increase in the estimated useful lives of such machinery and equipment. The resulting change in accounting estimate was applied on a prospective basis. For the third quarter of 2024, the effect of this change was a net reduction in depreciation expense of $18.1 million. For additional information pertaining to the Company’s significant accounting policies, see Note 1 – Business, Basis of Presentation and Significant Accounting Policies in the Company’s 2023 Form 10-K. Recent Accounting Pronouncements The discussion below describes the effects of recent accounting pronouncements, as updated from the discussion in the Company’s 2023 Form 10-K. In August 2023, the FASB issued ASU 2023-05, Business Combinations—Joint Venture Formations (Subtopic 805-60): Recognition and Initial Measurement (“ASU 2023-05”) to clarify existing guidance and reduce diversity in practice in the accounting for joint ventures. ASU 2023-05 addresses the accounting for contributions made to a joint venture upon formation in a joint venture’s separate financial statements. The provisions of this ASU require that a joint venture initially measure all contributions received upon its formation at fair value, largely consistent with Topic 805, Business Combinations. The amendments in this ASU are not applicable to the formation of proportionately consolidated joint ventures. ASU 2023-05 is effective prospectively for all joint ventures with a formation date on or after January 1, 2025, with early adoption permitted on a retrospective basis for joint ventures formed before January 1, 2025. The Company is currently evaluating the effects of this ASU. In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”) to enhance segment reporting disclosures. ASU 2023-07 requires disclosure of significant segment expenses that are regularly provided to the chief operating decision maker (CODM) and included within each reported measure of segment profit or loss, as well as disclosure of the total amount and description of other segment items by reportable segment. This ASU also requires disclosure of the title and position of the CODM and an explanation of how the CODM uses the reported measures of segment profit or loss in assessing segment performance and deciding how to allocate resources. Under ASU 2023-07, the disclosures that are currently required on an annual basis under Topic 280, Segment Reporting, pertaining to reportable segment profit or loss and assets will also be required for interim periods. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and for interim periods within fiscal years beginning after December 15, 2024, with retrospective application. Early adoption is permitted. The Company has determined that the effects of adopting this ASU will only impact its disclosures and the Company does not expect that it will have a material effect on its consolidated financial statements or results of its operations when adopted. The Company continues to evaluate the effects of this ASU on its segment disclosures. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”) to enhance transparency and decision usefulness of income tax disclosures. ASU 2023-09 requires greater standardization and disaggregation of categories within an entity’s tax rate reconciliation disclosure, as well as disclosure of income taxes paid by jurisdiction, among other requirements. ASU 2023-09 is effective for annual periods beginning after December 15, 2024, with early adoption permitted. ASU 2023-09 is effective on a prospective basis, with retrospective application permitted. The Company is currently evaluating the effects of this ASU on its income tax disclosures. In March 2024, the Securities and Exchange Commission (“SEC”) adopted final rules under SEC Release No. 33-11275, The Enhancement and Standardization of Climate-Related Disclosures for Investors, which requires registrants to provide certain climate-related disclosures in registration statements and annual reports. The new rules are scheduled to begin to phase in for fiscal years beginning on or after January 1, 2025, on a prospective basis. On April 4, 2024, the SEC voluntarily stayed implementation of the final rules pending certain legal challenges to the rules. The Company is currently monitoring developments related to the rules and evaluating their potential effect on its consolidated financial statements.

Fair Value of Financial Instruments - Senior Notes - Narrative (Details) - USD ($) $ in Millions	Sep. 30, 2024	Jun. 10, 2024	Dec. 31, 2023
4.500% Senior Notes
Fair Value Disclosure of Liabilities Not Measured at Fair Value [Line Items]
Senior notes, gross carrying amount	$ 600.0		$ 600.0
4.500% Senior Notes \| Senior Notes
Fair Value Disclosure of Liabilities Not Measured at Fair Value [Line Items]
Debt instrument, interest rate (percentage)	4.50%
Senior notes, estimated fair value	$ 589.2		$ 565.2
5.900% Senior Notes
Fair Value Disclosure of Liabilities Not Measured at Fair Value [Line Items]
Senior notes, gross carrying amount	550.0
5.900% Senior Notes \| Senior Notes
Fair Value Disclosure of Liabilities Not Measured at Fair Value [Line Items]
Debt instrument, interest rate (percentage)		5.90%
Senior notes, estimated fair value	$ 574.2

Segments and Related Information - Narrative (Details) $ in Thousands	3 Months Ended			9 Months Ended
	Sep. 30, 2024 USD ($)	Jun. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) segment	Sep. 30, 2023 USD ($)
Segment Reporting, Other Significant Reconciling Item [Line Items]
Number of operating segments \| segment				5
Number of reportable segments \| segment				5
Loss on extinguishment of debt	$ 0		$ 0	$ 11,344	$ 0
Unsecured Debt \| New Term Loan Facility, Three-Year Tranche \| Line of Credit
Segment Reporting, Other Significant Reconciling Item [Line Items]
Loss on extinguishment of debt		$ 11,300		$ 11,300
2023 Acquisitions
Segment Reporting, Other Significant Reconciling Item [Line Items]
Business combination, acquisition and integration related costs			21,100		60,900
Corporate \| 2023 Acquisitions
Segment Reporting, Other Significant Reconciling Item [Line Items]
Business combination, acquisition and integration related costs			500		3,200
Communications \| Operating Segments \| 2023 Acquisitions
Segment Reporting, Other Significant Reconciling Item [Line Items]
Business combination, acquisition and integration related costs			4,800		18,300
Clean Energy and Infrastructure \| Operating Segments \| 2023 Acquisitions
Segment Reporting, Other Significant Reconciling Item [Line Items]
Business combination, acquisition and integration related costs			15,300		36,900
Power Delivery \| Operating Segments \| 2023 Acquisitions
Segment Reporting, Other Significant Reconciling Item [Line Items]
Business combination, acquisition and integration related costs			$ 500		$ 2,500

Earnings Per Share (Details) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Net income (loss) attributable to MasTec:
Net income (loss) - basic	$ 95,240	$ 14,296	$ 88,048	$ (50,702)
Net income (loss) - diluted	$ 95,240	$ 14,296	$ 88,048	$ (50,702)
Weighted average shares outstanding:
Weighted average shares outstanding - basic (in shares)	78,044	77,640	78,004	77,418
Dilutive common stock equivalents (in shares)	869	815	797	0
Weighted average shares outstanding - diluted (in shares)	78,913	78,455	78,801	77,418
Anti-dilutive common stock (in shares)	3	0	171	1,091

- 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 805
-SubTopic 60
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (g)
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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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-Paragraph 4
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-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 5
-Subparagraph (SAB Topic 6.B)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483621/220-10-S99-5

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-Section 50
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-Subparagraph (a)
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-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

Fair Value of Financial Instruments - Other Investments - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Other Equity Method Investments
Fair Value, Financial Instruments Measured on a Non-Recurring Basis [Line Items]
Equity contributions			$ 0.2	$ 0.2
Distributions			1.9
Subcontracting Arrangements \| Related Party
Fair Value, Financial Instruments Measured on a Non-Recurring Basis [Line Items]
Operating costs and expenses	$ 1.9	$ 0.6	4.2	2.1
Accounts payable	0.5		0.5		$ 0.1
Accounts receivable, after allowance for credit loss	0.6		0.6		0.4
Advanced Receivable Arrangement
Fair Value, Financial Instruments Measured on a Non-Recurring Basis [Line Items]
Operating costs and expenses			0.1	$ 0.7
Employee Leasing and Advanced Receivable Arrangement \| Related Party
Fair Value, Financial Instruments Measured on a Non-Recurring Basis [Line Items]
Accounts receivable, after allowance for credit loss	$ 4.2		$ 4.2		$ 4.0

Debt (Tables)

9 Months Ended

Sep. 30, 2024

Debt Disclosure [Abstract]

Schedule of Carrying Values of Debt

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


Description	Maturity Date	September 30, 2024		December 31, 2023
Senior credit facility:	November 1, 2026
Revolving loans		$	145.0	$	773.0
Term loan		334.7		341.3
4.500% Senior Notes	August 15, 2028	600.0		600.0
5.900% Senior Notes	June 15, 2029	550.0		—
6.625% Senior Notes	August 15, 2029	71.5		284.2
Five-Year Term Loan Facility	October 7, 2027	288.8		300.0
Three-Year Term Loan Facility	October 7, 2025	—		400.0
Finance lease and other obligations		349.7		380.3
Total debt obligations		$	2,339.7	$	3,078.8
Less unamortized deferred financing costs		(15.9)		(13.5)
Total debt, net of deferred financing costs		$	2,323.8	$	3,065.3
Current portion of long-term debt		185.1		177.2
Long-term debt		$	2,138.7	$	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

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(22))
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-Section 50
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-7

+ Details

Fair Value of Financial Instruments	9 Months Ended
Fair Value of Financial Instruments	Sep. 30, 2024
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	Fair Value of Financial Instruments The Company’s financial instruments are primarily composed of cash and cash equivalents, accounts receivable and contract assets, notes receivable, cash collateral deposited with insurance carriers, life insurance assets, equity investments, certain other assets and investments, deferred compensation plan assets and liabilities, accounts payable and other current liabilities, acquisition-related contingent consideration and other liabilities, and debt obligations. Fair value is the price that would be received to sell an asset or the amount paid to transfer a liability, also referred to as the “exit price,” in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The fair value guidance establishes a valuation hierarchy, which requires maximizing the use of observable inputs when measuring fair value. The three levels of inputs that may be used are: (i) Level 1 - quoted market prices in active markets for identical assets or liabilities; (ii) Level 2 - observable market-based inputs or other observable inputs, including quoted market prices for identical or similar assets or liabilities in markets that are not active; and (iii) Level 3 - significant unobservable inputs that cannot be corroborated by observable market data, which are generally determined using valuation models incorporating management estimates of market participant assumptions. Acquisition-Related Contingent Consideration Acquisition-related contingent consideration is composed of earn-outs, which represent the estimated fair value of future amounts payable for businesses, which the Company refers to as “Earn-outs,” that are contingent upon the acquired businesses achieving certain levels of earnings in the future. As of September 30, 2024 and December 31, 2023, the estimated fair value of the Company’s Earn-out liabilities totaled $82.2 million and $77.4 million, respectively. Earn-out liabilities included within other current liabilities totaled approximately $22.6 million and $29.8 million as of September 30, 2024 and December 31, 2023, respectively. The fair values of the Company’s Earn-out liabilities are estimated using income approaches such as discounted cash flows or option pricing models, both of which incorporate significant inputs not observable in the market (Level 3 inputs), including management’s estimates and entity-specific assumptions, and are evaluated on an ongoing basis. Key assumptions include the discount rate, which, as of September 30, 2024, ranged from 13.0% to 21.0%, with a weighted average rate of 16.3% based on the relative fair value of the respective Earn-out liabilities, and probability-weighted projections of EBITDA. Significant changes in any of these assumptions could result in significantly higher or lower estimated 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 September 30, 2024, the range of potential undiscounted Earn-out liabilities was estimated to be between $12 million and $101 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 and nine month periods ended September 30, 2024, additions from new business combinations totaled approximately $30.3 million, and for both the three and nine month periods ended September 30, 2023, such additions totaled approximately $1.4 million. There were no measurement period adjustments in any of the three or nine month periods ended September 30, 2024 or 2023. Fair value adjustments totaled an increase, net, of approximately $2.3 million for the three month period ended September 30, 2024 and related primarily to acquisitions within the Company’s Oil and Gas and Power Delivery segments, and for the nine month period ended September 30, 2024, totaled an increase, net, of approximately $0.5 million and related to increases primarily within the Company’s Oil and Gas and Clean Energy and Infrastructure segments, which were largely offset by decreases related to acquisitions within the Company’s Communications segment. For the three month period ended September 30, 2023, fair value adjustments totaled a decrease, net, of approximately $4.9 million and related primarily to acquisitions within the Company’s Communications and Oil and Gas segments. For the nine month period ended September 30, 2023, fair value adjustments totaled a decrease, net, of approximately $7.0 million and related to decreases in the Company’s Communications segment, which were largely offset by increases related to acquisitions primarily within the Company’s Clean Energy and Infrastructure and Oil and Gas segments. For the three and nine month periods ended September 30, 2024, Earn-out payments totaled approximately $21.4 million and $26.0 million, respectively, and for the three and nine month periods ended September 30, 2023, such payments totaled approximately $12.7 million and $38.8 million, respectively. Equity Investments The Company’s equity investments as of September 30, 2024 include: (i) the Company’s 33% equity interests in Trans-Pecos Pipeline, LLC (“TPP”) and Comanche Trail Pipeline, LLC (“CTP,” and together with TPP, the “Waha JVs”); (ii) a 15% equity interest in Cross Country Infrastructure Services, Inc. (“CCI”); (iii) the Company’s 50% equity interests in each of FM Technology Holdings, LLC, FM USA Holdings, LLC and All Communications Solutions Holdings, LLC, collectively “FM Tech”; (iv) the Company’s interests in certain proportionately consolidated non-controlled contractual joint ventures; and (v) certain other equity investments. As of both September 30, 2024 and December 31, 2023, the aggregate carrying value of the Company’s equity investments totaled approximately $319 million. Except for one investment for which the Company recorded an impairment loss totaling approximately $3 million in the third quarter of 2023, there were no impairments related to these investments in any of the three or nine month periods ended September 30, 2024 or 2023. The Waha JVs. The Waha JVs own and operate certain pipeline infrastructure that transports natural gas to the Mexican border for export. The Company’s investments in the Waha JVs are accounted for as equity method investments. Equity in earnings related to the Company’s proportionate share of income from the Waha JVs, which is included within the Company’s Other segment, totaled approximately $7.6 million and $21.7 million for the three and nine month periods ended September 30, 2024, respectively, and totaled approximately $7.7 million and $23.1 million for the three and nine month periods ended September 30, 2023, respectively. Distributions of earnings from the Waha JVs, which are included within operating cash flows, totaled approximately $4.7 million and $14.0 million for the three and nine month periods ended September 30, 2024, respectively, and totaled approximately $4.7 million and $10.5 million for the three and nine month periods ended September 30, 2023, respectively. Cumulative undistributed earnings from the Waha JVs, which represents cumulative equity in earnings for the Waha JVs less distributions of earnings, totaled $133.2 million as of September 30, 2024. The Company’s net investment in the Waha JVs, which differs from its proportionate share of the net assets of the Waha JVs due primarily to equity method goodwill associated with capitalized investment costs, totaled approximately $275 million and $274 million as of September 30, 2024 and December 31, 2023, respectively. Other Investments. The Company has equity interests in certain other entities that are accounted for as equity method investments. For both the nine month periods ended September 30, 2024 and 2023, the Company made equity contributions of approximately $0.2 million to these entities. Distributions from these entities totaled approximately $1.9 million for the nine month period ended September 30, 2024. The Company has subcontracting arrangements with certain of these entities for the performance of construction services, and expenses recognized in connection with these arrangements totaled approximately $1.9 million and $4.2 million for the three and nine month periods ended September 30, 2024, respectively, and totaled approximately $0.6 million and $2.1 million for the three and nine month periods ended September 30, 2023, respectively. As of September 30, 2024 and December 31, 2023, related amounts payable to these entities totaled approximately $0.5 million and $0.1 million, respectively. In addition, the Company has advanced amounts to certain of these entities, which for the nine month periods ended September 30, 2024 and 2023, totaled approximately $0.1 million and $0.7 million, respectively. As of September 30, 2024 and December 31, 2023, receivables related to these arrangements totaled approximately $4.2 million and $4.0 million, respectively. Variable Interest Entities. The Company has determined that certain of its investment arrangements are variable interest entities (“VIEs”). Management assesses its VIEs on an ongoing basis to determine if the Company is the primary beneficiary and if consolidation is required. As of September 30, 2024, management determined that the Company is the primary beneficiary of two of its VIEs, and accordingly, has consolidated these entities within the Company’s financial statements, with the other parties’ interests accounted for as 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 September 30, 2024 and December 31, 2023, the carrying values of assets associated with the Company’s consolidated VIEs totaled approximately $100.1 million and $1.7 million, respectively, which amounts consisted primarily of accounts receivable, net of allowance and contract assets. The carrying values of liabilities associated with the Company’s consolidated VIEs totaled approximately $97.9 million and $1.6 million as of September 30, 2024 and December 31, 2023, respectively, which amounts consisted primarily of accounts payable. 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 $23 million as of both September 30, 2024 and December 31, 2023, which amounts are recorded within other long-term assets in the consolidated balance sheets. Management believes that the Company’s maximum exposure to loss for its non-consolidated VIEs, inclusive of additional financing commitments, approximated $35 million as of both September 30, 2024 and December 31, 2023. Senior Notes As of both September 30, 2024 and December 31, 2023, the gross carrying amount of the Company’s 4.500% senior notes due August 15, 2028 (the “4.500% Senior Notes”) totaled $600.0 million, and their estimated fair value totaled approximately $589.2 million and $565.2 million for the respective periods. As of September 30, 2024, the gross carrying amount of the Company’s 5.900% senior notes due June 15, 2029 (the “5.900% Senior Notes”) totaled $550.0 million, and their estimated fair value totaled approximately $574.2 million. As of September 30, 2024, the estimated fair values of the Company’s senior notes were determined based on an exit price approach using Level 2 inputs. In the first quarter of 2024, management reevaluated its fair value hierarchy determination for its senior notes to better align with the valuation hierarchy of the fair value guidance, which resulted in an update of the Level determination from Level 1 inputs to Level 2 inputs. The update had no effect on the reported fair values of the related senior notes.

- 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

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

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+ Details

Segments and Related Information (Tables)

9 Months Ended

Sep. 30, 2024

Segment Reporting [Abstract]

Schedule of Financial Information by Reportable Segment

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


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
Revenue:	2024		2023		2024		2023
Communications (a)	$	927.2	$	824.4	$	2,484.7	$	2,499.6
Clean Energy and Infrastructure	1,138.4		1,099.9		2,834.2		2,894.5
Power Delivery	712.5		665.0		1,920.1		2,077.1
Oil and Gas	497.8		672.3		1,704.0		1,270.6
Other	—		—		—		—
Eliminations	(23.5)		(4.5)		(42.6)		(25.9)
Consolidated revenue	$	3,252.4	$	3,257.1	$	8,900.4	$	8,715.9

(a) Revenue generated primarily by utilities customers represented 23.0% and 25.0% of Communications segment revenue for the three month periods ended September 30, 2024 and 2023, respectively, and represented 25.1% and 24.1% for the nine month periods ended September 30, 2024 and 2023, respectively.


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
EBITDA:	2024		2023		2024		2023
Communications	$	106.6	$	73.4	$	237.3	$	215.7
Clean Energy and Infrastructure	85.0		42.4		152.8		80.9
Power Delivery	54.5		56.5		133.2		161.0
Oil and Gas	103.1		97.3		330.9		188.9
Other	7.4		4.4		17.2		18.2
Segment EBITDA	$	356.6	$	274.0	$	871.4	$	664.7


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
Depreciation and Amortization:	2024		2023		2024		2023
Communications	$	24.5	$	37.0	$	90.2	$	105.6
Clean Energy and Infrastructure	30.2		37.1		93.7		107.3
Power Delivery	29.3		39.9		97.7		119.4
Oil and Gas	27.9		40.7		102.2		111.6
Other	—		—		—		—
Corporate	2.7		2.6		7.6		7.7
Consolidated depreciation and amortization	$	114.6	$	157.3	$	391.4	$	451.6


Assets:	September 30, 2024		December 31, 2023
Communications	$	2,203.9	$	2,332.2
Clean Energy and Infrastructure	2,686.3		2,978.8
Power Delivery	1,858.8		1,837.1
Oil and Gas	1,583.1		1,758.0
Other	309.6		305.0
Corporate	121.3		162.4
Consolidated assets	$	8,763.0	$	9,373.5

Reconciliation of Consolidated Income before Income Taxes to EBITDA


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
EBITDA Reconciliation:	2024		2023		2024		2023
Income (loss) before income taxes	$	137.0	$	22.9	$	154.5	$	(82.7)
Plus:
Interest expense, net	47.0		62.6		149.7		174.7
Depreciation	80.2		115.0		289.8		325.3
Amortization	34.4		42.3		101.7		126.3
Corporate EBITDA	58.0		31.3		175.8		121.2
Segment EBITDA	$	356.6	$	274.0	$	871.4	$	664.7

Debt - 2024 Debt Transactions (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended			9 Months Ended
	Jul. 31, 2024	Sep. 30, 2024	Jun. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Jun. 10, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Financing costs		$ 15,900			$ 15,900			$ 13,500
Pre-tax debt extinguishment loss		$ 0		$ 0	$ 11,344	$ 0
5.900% Senior Notes \| Senior Notes
Debt Instrument [Line Items]
Debt instrument, face amount							$ 550,000
Debt instrument, interest rate (percentage)							5.90%
Financing costs							$ 5,900
Debt instrument, redemption price (percentage)					101.00%
Debt instrument, holders percentage							0.25
6.625% Senior Notes \| Senior Notes
Debt Instrument [Line Items]
Debt instrument, interest rate (percentage)		6.625%			6.625%
Debt instrument, redemption price (percentage)	95.00%				100.00%
Debt instrument, repurchase amount	$ 21,400	$ 203,700			$ 203,700
New Term Loan Facility, Three-Year Tranche \| Line of Credit \| Unsecured Debt
Debt Instrument [Line Items]
Debt instrument, face amount		$ 400,000			400,000
Pre-tax debt extinguishment loss			$ 11,300		$ 11,300
New Term Loan Facility, Three-Year Tranche \| Credit Facility \| Term Loan
Debt Instrument [Line Items]
Debt instrument, term					3 years

Equity (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
Equity (Details) - USD ($) $ in Millions	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Equity, Treasury Stock [Line Items]
Treasury stock acquired (in shares)	0	0	0	0
March 2020 Share Repurchase Program
Equity, Treasury Stock [Line Items]
Stock repurchase program, remaining authorized repurchase amount	$ 77.3		$ 77.3

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss) Attributable to Parent	$ 95,240	$ 14,296	$ 88,048	$ (50,702)

- Definition

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

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Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 105,410	$ 15,305	$ 114,719	$ (48,487)
Other comprehensive (loss) income:
Foreign currency translation (losses) gains, net of tax	(280)	(863)	(1,659)	816
Unrealized (losses) gains on investment activity, net of tax	(6,967)	3,649	(4,120)	4,048
Comprehensive income (loss)	98,163	18,091	108,940	(43,623)
Comprehensive income attributable to non-controlling interests	10,170	1,009	26,671	2,215
Comprehensive income (loss) attributable to MasTec, Inc.	$ 87,993	$ 17,082	$ 82,269	$ (45,838)

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

+ References + Details

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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.

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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.

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Amount after tax, before reclassification adjustments of gain (loss) on foreign currency translation adjustments, foreign currency transactions designated and effective as economic hedges of a net investment in a foreign entity and intra-entity foreign currency transactions that are of a long-term-investment nature.

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+ Details

Debt - Term Loan Facility (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023	Mar. 31, 2026	Mar. 31, 2024
Term Loan \| Credit Facility
Debt Instrument [Line Items]
Long-term debt obligations	$ 334,700	$ 341,300
Term Loan \| New Term Loan Facility, Five-Year Tranche \| Credit Facility
Debt Instrument [Line Items]
Debt instrument, term	5 years
Long-term debt obligations	$ 288,800	$ 300,000
Term Loan \| Five-Year Term Loan Facility \| Credit Facility
Debt Instrument [Line Items]
Long-term debt obligations	288,800
Unsecured Debt \| New Term Loan Facility, Five-Year Tranche \| Line of Credit
Debt Instrument [Line Items]
Debt instrument, face amount	$ 300,000
Quarterly installments				$ 3,750
Debt instrument, interest rate during period	6.25%	6.96%
Unsecured Debt \| New Term Loan Facility, Five-Year Tranche \| Line of Credit \| Forecast
Debt Instrument [Line Items]
Quarterly installments			$ 7,500

Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 181,225	$ 529,561
Accounts receivable, net of allowance	1,453,579	1,370,074
Contract assets	1,646,169	1,756,381
Inventories, net	101,158	108,146
Prepaid expenses	89,636	105,880
Other current assets	101,128	104,211
Total current assets	3,572,895	3,974,253
Property and equipment, net	1,519,378	1,651,462
Operating lease right-of-use assets	398,564	418,685
Goodwill, net	2,135,683	2,126,366
Other intangible assets, net	718,230	784,260
Other long-term assets	418,222	418,485
Total assets	8,762,972	9,373,511
Current liabilities:
Current portion of long-term debt, including finance leases	185,085	177,246
Current portion of operating lease liabilities	144,836	137,765
Accounts payable	1,040,976	1,242,602
Accrued salaries and wages	233,895	198,943
Other accrued expenses	427,455	415,075
Contract liabilities	708,164	480,967
Other current liabilities	147,340	184,621
Total current liabilities	2,887,751	2,837,219
Long-term debt, including finance leases	2,138,697	2,888,058
Long-term operating lease liabilities	264,632	292,873
Deferred income taxes	381,219	390,399
Other long-term liabilities	261,961	243,701
Total liabilities	5,934,260	6,652,250
Commitments and contingencies (Note 12)
Equity
Preferred stock, $1.00 par value: authorized shares - 5,000,000; issued and outstanding shares – none	0	0
Common stock, $0.10 par value: authorized shares - 145,000,000; issued shares - 99,030,346 and 99,093,134 (including 1,304,715 and 1,504,996 of unvested stock awards) as of September 30, 2024 and December 31, 2023, respectively	9,903	9,909
Capital surplus	1,284,611	1,263,360
Retained earnings	2,233,841	2,145,793
Accumulated other comprehensive loss	(58,776)	(52,997)
Treasury stock, at cost: 19,813,055 shares as of both September 30, 2024 and December 31, 2023	(659,913)	(659,913)
Total MasTec, Inc. shareholders’ equity	2,809,666	2,706,152
Non-controlling interests	19,046	15,109
Total equity	2,828,712	2,721,261
Total liabilities and equity	$ 8,762,972	$ 9,373,511

Debt - Schedule of Carrying Values of Debt (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Jun. 10, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Finance lease and other obligations	$ 349,700		$ 380,300
Total debt obligations	2,339,700		3,078,800
Less unamortized deferred financing costs	(15,900)		(13,500)
Total debt, net of deferred financing costs	2,323,800		3,065,300
Current portion of long-term debt	185,085		177,246
Long-term debt	$ 2,138,697		2,888,058
Senior Notes \| 4.500% Senior Notes
Debt Instrument [Line Items]
Debt instrument, interest rate (percentage)	4.50%
Long-term debt obligations	$ 600,000		600,000
Senior Notes \| 5.900% Senior Notes
Debt Instrument [Line Items]
Debt instrument, interest rate (percentage)		5.90%
Long-term debt obligations	$ 550,000		0
Less unamortized deferred financing costs		$ (5,900)
Senior Notes \| 6.625% Senior Notes
Debt Instrument [Line Items]
Debt instrument, interest rate (percentage)	6.625%
Long-term debt obligations	$ 71,500		284,200
Credit Facility \| Revolving Loans
Debt Instrument [Line Items]
Long-term debt obligations	145,000		773,000
Credit Facility \| Term Loan
Debt Instrument [Line Items]
Long-term debt obligations	$ 334,700		341,300
Credit Facility \| Term Loan \| New Term Loan Facility, Five-Year Tranche
Debt Instrument [Line Items]
Debt instrument, term	5 years
Long-term debt obligations	$ 288,800		300,000
Credit Facility \| Term Loan \| New Term Loan Facility, Three-Year Tranche
Debt Instrument [Line Items]
Debt instrument, term	3 years
Long-term debt obligations	$ 0		$ 400,000

Business, Basis of Presentation and Significant Accounting Policies - Narrative (Details)	9 Months Ended
	Sep. 30, 2024 segment
Accounting Policies [Abstract]
Number of reportable segments	5

Segments and Related Information - Reconciliation of Consolidated Income before Income Taxes to EBITDA (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
EBITDA Reconciliation:
Income (loss) before income taxes	$ 136,958	$ 22,874	$ 154,532	$ (82,718)
Interest expense, net	47,048	62,556	149,678	174,664
Depreciation	80,193	115,033	289,769	325,318
Amortization	34,368	42,266	101,669	126,252
Corporate EBITDA	58,000	31,300	175,800	121,200
Segment EBITDA	$ 356,600	$ 274,000	$ 871,400	$ 664,700

- 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

Acquisitions, Goodwill, and Other Intangible Assets, Net - Rollforward of Other Intangible Assets (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Other Intangible Assets [Line Items]
Other intangible assets, gross		$ 1,413,200
Accumulated amortization		(628,900)
Other Intangible Assets [Rollforward]
Other intangible assets, net, beginning balance	$ 784,260
Additions from new business combinations	36,000
Currency translation adjustments	(400)
Amortization expense	(101,700)
Other intangible assets, net, ending balance	718,230
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	35,000
Currency translation adjustments	0
Amortization expense	(82,900)
Other intangible assets, net, ending balance	519,400
Trade Names
Other Intangible Assets [Line Items]
Other intangible assets, gross		229,000
Accumulated amortization		(49,800)
Other Intangible Assets [Rollforward]
Other intangible assets, net, beginning balance	179,200
Additions from new business combinations	1,000
Currency translation adjustments	0
Amortization expense	(13,900)
Other intangible assets, net, ending balance	166,300
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	(4,900)
Other intangible assets, net, ending balance	32,500
Trade Names
Other Intangible Assets [Rollforward]
Other intangible assets, non-amortizing	$ 34,500	$ 34,500

Debt - Other Credit Facilities - Narrative (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Letters of credit issued	$ 83.3	$ 82.1
Other Credit Facilities
Debt Instrument [Line Items]
Long-term debt obligations	0.0	0.0
Line of Credit \| Letters of Credit
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	50.0
Standby Letters of Credit \| Line of Credit
Debt Instrument [Line Items]
Letters of credit issued	$ 17.4	$ 17.2
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.

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+ Details

Cover Page - shares	9 Months Ended
Cover Page - shares	Sep. 30, 2024	Oct. 28, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2024
Document Transition Report	false
Entity File Number	001-08106
Entity Registrant Name	MasTec, Inc.
Entity Incorporation, State or Country Code	FL
Entity Tax Identification Number	65-0829355
Entity Address, Address Line One	800 S. Douglas Road, 12th Floor
Entity Address, City or Town	Coral Gables,
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	33134
City Area Code	305
Local Phone Number	599-1800
Title of 12(b) Security	Common Stock, $0.10 Par Value
Trading Symbol	MTZ
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		79,234,969
Central Index Key (CIK)	0000015615
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Amendment Flag	false

Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies MasTec is subject to a variety of legal cases, claims and other disputes that arise from time to time in the ordinary course of its business, including project contract price and other project disputes, other project-related liabilities and acquisition purchase price disputes. MasTec cannot provide assurance that it will be successful in recovering all or any of the potential damages it has claimed or in defending claims against the Company. The outcome of such cases, claims and disputes cannot be predicted with certainty and an unfavorable resolution of one or more of them could have a material adverse effect on the Company’s business, financial condition, results of operations and cash flows. Acquired Legacy Solar Matter See Note 14 – Commitments and Contingencies contained within the Company’s audited consolidated financial statements filed with its 2023 Form 10-K for additional information regarding the acquired legacy solar matter, as to which there have been no material developments since the filing of such Form 10-K. Other Commitments and Contingencies Leases. In the ordinary course of business, the Company enters into non-cancelable operating leases for certain of its facility, vehicle and equipment needs, including certain related party leases. See Note 7 – Lease Obligations and Note 13 – Related Party Transactions. Letters of Credit. In the ordinary course of business, the Company is required to post letters of credit for its insurance carriers and surety bond providers and in support of performance under certain contracts as well as certain obligations associated with the Company’s equity investments and other strategic arrangements, including its variable interest entities. Such letters of credit are generally issued by a bank or similar financial institution. The letter of credit commits the issuer to pay specified amounts to the holder of the letter of credit under certain conditions. If this were to occur, the Company would be required to reimburse the issuer of the letter of credit, which, depending upon the circumstances, could result in a charge to earnings. As of September 30, 2024 and December 31, 2023, there were $83.3 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 September 30, 2024 or December 31, 2023. Performance and Payment Bonds. In the ordinary course of business, MasTec is required by certain customers to provide performance and payment bonds for contractual commitments related to its projects. These bonds provide a guarantee to the customer that the Company will perform under the terms of a contract and that the Company will pay its subcontractors and vendors. If the Company fails to perform under a contract or to pay its subcontractors and vendors, the customer may demand that the surety make payments or provide services under the bond. The Company must reimburse the surety for expenses or outlays it incurs. As of September 30, 2024 and December 31, 2023, outstanding performance and payment bonds approximated $7.2 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 September 30, 2024 and December 31, 2023 are $826.3 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 September 30, 2024, the Company was not aware of material future claims against it in connection with these arrangements. Included in the Company’s cash balances as of September 30, 2024 and December 31, 2023 are amounts held by entities that are proportionately consolidated totaling $59.4 million and $38.1 million, respectively. These amounts are available to support the operations of those entities, but are not available for the Company’s other operations. The Company has other investment and strategic arrangements, under which it may incur costs or provide financing, performance, financial and/or other guarantees. See Note 4 – Fair Value of Financial Instruments and Note 13 – Related Party Transactions for additional information pertaining to the Company’s investment and strategic arrangements. Self-Insurance. MasTec maintains insurance policies for workers’ compensation, general liability and automobile liability, which are subject to per claim deductibles. The Company is self-insured up to the amount of the deductible. The Company also maintains excess umbrella coverage. The Company manages certain of its insurance liabilities indirectly through its wholly-owned captive insurance company, which reimburses claims up to the applicable insurance limits. Captive insurance-related cash balances totaled approximately $2.1 million and $1.2 million as of September 30, 2024 and December 31, 2023, respectively, which amounts are generally not available for use in the Company’s other operations. MasTec’s estimated liability for unpaid claims and associated expenses, including incurred but not reported losses related to these policies, totaled $234.8 million and $209.7 million as of September 30, 2024 and December 31, 2023, respectively, of which $162.7 million and $141.0 million was reflected within other long-term liabilities in the consolidated balance sheets for the respective periods. MasTec also maintains an insurance policy with respect to employee group medical claims, which is subject to annual per employee maximum losses. MasTec’s estimated liability for employee group medical claims totaled $4.4 million and $4.1 million as of September 30, 2024 and December 31, 2023, respectively. The Company is required to post collateral, generally in the form of letters of credit, surety bonds and cash to certain of its insurance carriers. Insurance-related letters of credit for the Company’s workers’ compensation, general liability and automobile liability policies amounted to $8.8 million and $9.6 million as of September 30, 2024 and December 31, 2023, respectively. Outstanding surety bonds related to self-insurance programs amounted to $198.9 million and $192.7 million as of September 30, 2024 and December 31, 2023, respectively. Indemnities. The Company generally indemnifies its customers for the services it provides under its contracts, as well as other specified liabilities, which may subject the Company to indemnity claims, liabilities and related litigation. As of both September 30, 2024 and December 31, 2023, the Company had accrued project close-out liabilities of approximately $20 million. The Company is not aware of any other material asserted or unasserted claims in connection with its potential indemnity obligations. Other Guarantees. From time to time in the ordinary course of its business, MasTec guarantees the obligations of its subsidiaries, including obligations under certain contracts with customers, certain lease obligations, and in some states, obligations in connection with obtaining contractors’ licenses. MasTec has also issued performance and other guarantees in connection with certain of its equity investments. MasTec also generally warrants the work it performs following substantial completion of a project. Much of the work performed by the Company is evaluated for defects shortly after the work is completed. If warranty claims occur, the Company could be required to repair or replace warrantied items, or, if customers elect to repair or replace the warrantied item using the services of another provider, the Company could be required to pay for the cost of the repair or replacement. Warranty claims have historically not been material. Concentrations of Risk. The Company had approximately 1,135 customers for the nine month period ended September 30, 2024. As of September 30, 2024, no customer represented greater than 10% of the Company’s consolidated net accounts receivable position, which is calculated as accounts receivable, net, less deferred revenue. As of December 31, 2023, one customer accounted for approximately 10% of the Company’s consolidated net accounts receivable position. The Company derived approximately 34% and 40% of its revenue from its top ten customers for the three month periods ended September 30, 2024 and 2023, respectively, and derived approximately 37% of such revenue for both the nine month periods ended September 30, 2024 and 2023.

Stock-Based Compensation and Other Employee Benefit Plans

9 Months Ended

Sep. 30, 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. In May 2024, MasTec’s shareholders approved the MasTec, Inc. Amended and Restated 2013 Incentive Compensation Plan (the “2013 Incentive Plan”) and the MasTec, Inc. Amended and Restated 2011 Employee Stock Purchase Plan (the “2011 ESPP”), which amendments included the authorization to issue an additional 1,200,000 shares under the 2013 Incentive Plan and 1,000,000 shares under the 2011 ESPP. Under all stock-based compensation plans in effect as of September 30, 2024, there were approximately 4,435,000 shares available for future grants. Non-cash stock-based compensation expense under all plans totaled approximately $7.3 million and $7.2 million for the three month periods ended September 30, 2024 and 2023, respectively, and totaled approximately $24.0 million and $24.3 million for the nine month periods ended September 30, 2024 and 2023, respectively. Income tax benefits associated with stock-based compensation arrangements totaled $1.2 million and $1.1 million for the three month periods ended September 30, 2024 and 2023, respectively. For the nine month periods ended September 30, 2024 and 2023, income tax benefits totaled $4.2 million and $12.9 million, respectively, including net tax shortfalls related to the vesting of share-based payment awards totaling $0.1 million and net tax benefits totaling $8.8 million, respectively.

Restricted Shares

MasTec grants restricted stock awards and restricted stock units (together, “restricted shares”) to eligible participants, which are valued based on the closing market share price of MasTec common stock (the “market price”) on the date of grant. During the restriction period, holders of restricted stock awards are entitled to vote the shares. As of September 30, 2024, total unearned compensation related to restricted shares was

approximately $43.8 million, which amount is expected to be recognized over a weighted average period of approximately 1.8 years. The fair value of restricted shares that vested, which is based on the market price on the date of vesting, totaled approximately $0.3 million for both the three month periods ended September 30, 2024 and 2023, and totaled approximately $14.7 million and $78.3 million for the nine month periods ended September 30, 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	245,176	87.44
Vested	(169,826)	91.73
Canceled/forfeited	(275,631)	52.67
Non-vested restricted shares, as of September 30, 2024	1,305,715	$	75.67

(a) Includes 1,000 restricted stock units as of both September 30, 2024 and December 31, 2023.

Insider Trading Arrangements

3 Months Ended

9 Months Ended

Sep. 30, 2024

Trading Arrangements, by Individual

Material Terms of Trading Arrangement

During the three month period ended September 30, 2024, except as provided below, no director or officer (as defined in Rule 16a-1(f) of the Exchange Act) adopted, modified or terminated a contract, instruction or written plan for the purchase or sale of our securities that was intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) or a “non-Rule 10b5-1 trading arrangement,” as defined in Item 408(c) of Regulation S-K:

Name

Title

Type of Plan

Action

Date of Action

Duration of Plan

Aggregate Number of Securities Covered Under the Plan

C. Robert Campbell

Director

Rule 10b5-1

Adopted

9/30/2024

12/29/2024

9/30/2026

Sale of up to 15,000 shares

Non-Rule 10b5-1 Arrangement Adopted

false

Rule 10b5-1 Arrangement Terminated

false

Non-Rule 10b5-1 Arrangement Terminated

false

C. Robert Campbell [Member]

Trading Arrangements, by Individual

Name

C. Robert Campbell

Title

Director

Rule 10b5-1 Arrangement Adopted

true

9/30/2024

9/30/2026

640 days

15,000

Stock-Based Compensation and Other Employee Benefit Plans - Narrative (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended		9 Months Ended
	May 31, 2024	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Stock-Based Compensation and Other Employee Benefit Plans [Line Items]
Stock-based compensation plans, number of shares available for future grant (in shares)		4,435,000		4,435,000
Non-cash stock-based compensation expense		$ 7.3	$ 7.2	$ 24.0	$ 24.3
Stock-based compensation, income tax benefits		$ 1.2	$ 1.1	4.2	12.9
Stock-based compensation, vested awards, net income tax (shortfall) benefit				$ (0.1)	$ 8.8
2013 Incentive Plan
Stock-Based Compensation and Other Employee Benefit Plans [Line Items]
Share-based compensation, number of additional shares authorized	1,200,000
2011 Incentive Plan
Stock-Based Compensation and Other Employee Benefit Plans [Line Items]
Share-based compensation, number of additional shares authorized	1,000,000

- 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

Commitments and Contingencies (Details) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
Commitments and Contingencies (Details) $ in Thousands	Sep. 30, 2024 USD ($) project	Sep. 30, 2023	Sep. 30, 2024 USD ($) project customer	Sep. 30, 2023	Dec. 31, 2023 USD ($)
Loss Contingencies [Line Items]
Line of credit facility, letters of credit issued	$ 83,300		$ 83,300		$ 82,100
Cash and cash equivalents	181,225		181,225		529,561
Indemnities, accrued project close-out liabilities	$ 20,000		$ 20,000		$ 20,000
Number of customers \| customer			1,135
Ten Largest Customers \| Revenue Benchmark \| Customer Concentration Risk
Loss Contingencies [Line Items]
Concentration risk, percentage of total	34.00%	40.00%	37.00%	37.00%
One Customer \| Accounts Receivable, Net, Less Deferred Revenue \| Customer Concentration Risk
Loss Contingencies [Line Items]
Concentration risk, percentage of total					10.00%
Self-Insurance \| Workers' Compensation, General and Automobile Policies
Loss Contingencies [Line Items]
Self-insurance reserve	$ 234,800		$ 234,800		$ 209,700
Self-Insurance \| Employee Group Medical Claims
Loss Contingencies [Line Items]
Self-insurance reserve	4,400		4,400		4,100
Other Long-Term Liabilities \| Self-Insurance \| Workers' Compensation, General and Automobile Policies
Loss Contingencies [Line Items]
Self-insurance reserve, non-current	162,700		162,700		141,000
Corporate Joint Venture
Loss Contingencies [Line Items]
Cash and cash equivalents	$ 59,400		$ 59,400		38,100
Corporate Joint Venture \| Joint Venture Civil Construction Project
Loss Contingencies [Line Items]
Number of joint ventures \| project	5		5
Corporate Joint Venture \| Minimum \| Joint Ventures That Provide Electrical Transmission Infrastructure Services
Loss Contingencies [Line Items]
Proportionately consolidated non-controlled joint venture, ownership percentage	85.00%		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%		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%		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%		50.00%
Captive Insurance Company
Loss Contingencies [Line Items]
Cash and cash equivalents	$ 2,100		$ 2,100		1,200
Performance and Payment Bonds
Loss Contingencies [Line Items]
Bonded projects, estimated costs to complete	2,200,000		2,200,000		1,600,000
Commercial and/or Financial Standby \| Self-Insurance \| Workers' Compensation, General and Automobile Policies
Loss Contingencies [Line Items]
Line of credit facility, letters of credit issued	8,800		8,800		9,600
Surety Bonds \| Self-Insurance \| Workers' Compensation
Loss Contingencies [Line Items]
Guarantor obligations, maximum exposure, undiscounted	198,900		198,900		192,700
Subsidiaries \| Performance and Payment Bonds
Loss Contingencies [Line Items]
Guarantor obligations, maximum exposure, undiscounted	7,200,000		7,200,000		5,600,000
Subsidiaries \| Performance and Payment Bonds \| Corporate Joint Venture
Loss Contingencies [Line Items]
Guarantor obligations, maximum exposure, undiscounted	$ 826,300		$ 826,300		$ 368,300

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Cash flows from operating activities:
Net income (loss)	$ 105,410	$ 15,305	$ 114,719	$ (48,487)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation	80,193	115,033	289,769	325,318
Amortization of intangible assets	34,368	42,266	101,669	126,252
Non-cash stock-based compensation expense			24,046	24,336
Benefit from deferred income taxes			(10,342)	(77,781)
Equity in earnings of unconsolidated affiliates, net	(7,042)	(6,787)	(22,153)	(23,434)
Gains on sales and impairments of assets, net			(18,267)	(19,082)
Loss on extinguishment of debt	0	0	11,344	0
Non-cash interest expense, net			4,105	4,354
Other non-cash items, net			10,980	3,827
Changes in assets and liabilities, net of acquisitions:
Accounts receivable			(49,060)	(118,448)
Contract assets			111,870	(244,340)
Inventories			18,742	24,569
Other assets, current and long-term portion			48,283	76,234
Accounts payable and accrued expenses			(201,139)	104,755
Contract liabilities			224,531	70,976
Other liabilities, current and long-term portion			(9,171)	(32,477)
Net cash provided by operating activities			649,926	196,572
Cash flows from investing activities:
Cash paid for acquisitions, net of cash acquired			(33,811)	(68,817)
Capital expenditures			(100,538)	(157,369)
Proceeds from sales of property and equipment			49,028	55,936
Payments for other investments			(585)	(1,899)
Proceeds from other investments			1,503	425
Other investing activities, net			3,605	41
Net cash used in investing activities			(80,798)	(171,683)
Cash flows from financing activities:
Proceeds from credit facilities			3,103,000	3,256,200
Repayments of credit facilities and term loans			(4,148,813)	(3,268,763)
Proceeds from issuance of 5.900% senior notes			549,758	0
Repayments of 6.625% senior notes			(224,046)	0
Payments of finance lease obligations			(113,260)	(120,198)
Payments of acquisition-related contingent consideration			(24,506)	(21,638)
Payments to non-controlling interests, including acquisition of interests and distributions			(23,499)	(11,660)
Payments for stock-based awards			(2,801)	(10,293)
Other financing activities, net			(32,346)	(5,235)
Net cash used in financing activities			(916,513)	(181,587)
Effect of currency translation on cash			(951)	280
Net decrease in cash and cash equivalents			(348,336)	(156,418)
Cash and cash equivalents - beginning of period			529,561	370,592	$ 370,592
Cash and cash equivalents - end of period	$ 181,225	$ 214,174	181,225	214,174	$ 529,561
Supplemental cash flow information:
Interest paid			150,972	187,353
Income taxes paid, net of refunds			45,433	15,023
Supplemental disclosure of non-cash information:
Additions to property and equipment from finance leases and other financing arrangements			$ 100,094	$ 129,935

Debt - Senior Credit Facility - Narrative (Details) - USD ($) $ in Millions	1 Months Ended	9 Months Ended	12 Months Ended
	Mar. 31, 2025	Sep. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Line of credit facility, letters of credit issued		$ 83.3	$ 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		$ 65.9	$ 64.9
Line of credit facility, unused facility fee (percentage)		0.20%	0.225%
Credit Facility \| Revolving Commitments
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity		$ 1,900.0
Weighted average interest rate (percentage)		6.68%	7.71%
Line of credit facility, remaining borrowing capacity		$ 1,689.1	$ 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)		6.22%	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		$ 584.1	$ 585.1
Credit Facility \| Letters of Credit \| Standby Letters of Credit
Debt Instrument [Line Items]
Line of credit facility, interest rate (percentage)		0.5625%	0.6875%
Credit Facility \| Letters of Credit \| Commercial and/or Financial Standby
Debt Instrument [Line Items]
Line of credit facility, interest rate (percentage)		1.375%	1.625%
Credit Facility \| Foreign Denomination
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity		$ 300.0	$ 300.0
Long-term line of credit		$ 0.0	$ 0.0

Stock-Based Compensation and Other Employee Benefit Plans - Restricted Shares, Narrative (Details) - Restricted Shares - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Stock-Based Compensation and Other Employee Benefit Plans [Line Items]
Stock-based compensation awards, unearned compensation	$ 43.8		$ 43.8
Stock-based compensation awards, unearned compensation, weighted average expected recognition period (in years)			1 year 9 months 18 days
Stock-based compensation, vested awards, intrinsic value	$ 0.3	$ 0.3	$ 14.7	$ 78.3

- 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 - Schedule of Accounts Receivable, Net of Allowance and Contract Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Receivables [Abstract]
Contract billings	$ 1,471,000	$ 1,385,200
Less allowance	(17,400)	(15,100)
Accounts receivable, net of allowance	1,453,579	1,370,074
Contract Assets [Abstract]
Retainage	324,700	356,400
Unbilled receivables	1,321,500	1,400,000
Contract assets	$ 1,646,169	$ 1,756,381

Acquisitions, Goodwill, and Other Intangible Assets, Net - Rollforward of Goodwill by Segment (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)
Goodwill [Line Items]
Goodwill		$ 2,245,700
Accumulated impairment loss		(119,300)
Goodwill, net	$ 2,135,683	2,126,366
Goodwill [Roll Forward]
Goodwill, net, beginning balance	2,126,366
Additions from new business combinations	8,900
Measurement period adjustments	700
Currency translation adjustments	(300)
Goodwill, net, ending balance	2,135,683
Communications
Goodwill [Line Items]
Goodwill		646,900
Accumulated impairment loss		0
Goodwill, net	647,600	646,900
Goodwill [Roll Forward]
Goodwill, net, beginning balance	646,900
Additions from new business combinations	0
Measurement period adjustments	700
Currency translation adjustments	0
Goodwill, net, ending balance	647,600
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
Additions from new business combinations	0
Measurement period adjustments	0
Currency translation adjustments	0
Goodwill, net, ending balance	742,000
Power Delivery
Goodwill [Line Items]
Goodwill		270,800
Accumulated impairment loss		0
Goodwill, net	279,700	270,800
Goodwill [Roll Forward]
Goodwill, net, beginning balance	270,800
Additions from new business combinations	8,900
Measurement period adjustments	0
Currency translation adjustments	0
Goodwill, net, ending balance	279,700
Oil and Gas
Goodwill [Line Items]
Goodwill		586,000
Accumulated impairment loss		(119,300)
Goodwill, net	466,400	$ 466,700
Goodwill [Roll Forward]
Goodwill, net, beginning balance	466,700
Additions from new business combinations	0
Measurement period adjustments	0
Currency translation adjustments	(300)
Goodwill, net, ending balance	$ 466,400

Business, Basis of Presentation and Significant Accounting Policies - Revenue Recognition (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Revenue [Line Items]
Revenue recognition, changes In contract estimates, cost-to-cost method, financial effect, percentage (less than)	0.50%	0.30%	0.30%	0.50%
Revenue recognition, remaining performance obligations, contract price allocated	$ 9,500.0		$ 9,500.0
Contract with customer, unapproved change orders and/or claims, amount	$ 159.0		159.0		$ 194.0
Clean Energy and Infrastructure \| Operating Segments
Revenue [Line Items]
Revenue recognition, changes in contract estimates, result from margin increases			$ 10.0
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01
Revenue [Line Items]
Revenue, remaining performance obligation, expected timing of satisfaction, period	1 year		1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-10-01
Revenue [Line Items]
Revenue, remaining performance obligation, expected timing of satisfaction, period	3 months		3 months
Revenue recognition, remaining performance obligations, contract price allocated	$ 2,600.0		$ 2,600.0
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		2 years
Revenue recognition, remaining performance obligations, contract price allocated	$ 6,900.0		$ 6,900.0
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 \| Performance Obligation Concentration Risk \| Performance Obligation, Timing Of Recognition, Remainder Of Year
Revenue [Line Items]
Concentration risk, percentage of total			27.50%
Master Service and Other Service Agreements \| Revenue Benchmark \| Concentration Risk from Type of Arrangement
Revenue [Line Items]
Concentration risk, percentage of total	41.00%	37.00%	40.00%	42.00%
Master Service and Other Service Agreements \| Revenue Benchmark \| Concentration Risk from Type of Arrangement \| Point in Time
Revenue [Line Items]
Concentration risk, percentage of total	2.00%	2.00%	2.00%	3.00%

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Statement [Abstract]
Revenue	$ 3,252,427	$ 3,257,077	$ 8,900,362	$ 8,715,851
Costs of revenue, excluding depreciation and amortization	2,789,274	2,857,118	7,709,393	7,701,392
Depreciation	80,193	115,033	289,769	325,318
Amortization of intangible assets	34,368	42,266	101,669	126,252
General and administrative expenses	168,874	180,640	501,491	520,709
Interest expense, net	47,048	62,556	149,678	174,664
Equity in earnings of unconsolidated affiliates, net	(7,042)	(6,787)	(22,153)	(23,434)
Loss on extinguishment of debt	0	0	11,344	0
Other expense (income), net	2,754	(16,623)	4,639	(26,332)
Income (loss) before income taxes	136,958	22,874	154,532	(82,718)
(Provision for) benefit from income taxes	(31,548)	(7,569)	(39,813)	34,231
Net income (loss)	105,410	15,305	114,719	(48,487)
Net income attributable to non-controlling interests	10,170	1,009	26,671	2,215
Net income (loss) attributable to MasTec, Inc.	$ 95,240	$ 14,296	$ 88,048	$ (50,702)
Earnings (loss) per share (Note 2):
Basic earrings (loss) per share (in dollars per share)	$ 1.22	$ 0.18	$ 1.13	$ (0.65)
Basic weighted average common shares outstanding (in shares)	78,044	77,640	78,004	77,418
Diluted earnings (loss) per share (in dollars per share)	$ 1.21	$ 0.18	$ 1.12	$ (0.65)
Diluted weighted average common shares outstanding (in shares)	78,913	78,455	78,801	77,418

Fair Value of Financial Instruments - Variable Interest Entities - Narrative (Details) $ in Thousands	3 Months Ended	9 Months Ended
	Mar. 31, 2024	Sep. 30, 2024 USD ($) entity	Dec. 31, 2023 USD ($)
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Consolidated assets		$ 8,762,972	$ 9,373,511
Liabilities		5,934,260	6,652,250
Other long-term assets		418,222	418,485
Reporting entity involvement, maximum loss exposure, amount		$ 35,000	35,000
Variable Interest Entity, Primary Beneficiary
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value [Line Items]
Number of entities \| entity		2
Consolidated assets		$ 100,100	1,700
Liabilities		97,900	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		$ 23,000	$ 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%

Acquisitions, Goodwill, and Other Intangible Assets, Net - Narrative (Details) $ in Thousands	1 Months Ended	3 Months Ended		9 Months Ended		12 Months Ended
	Jul. 31, 2024 USD ($)	Mar. 31, 2024 USD ($) yr reporting_unit	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($) acquisition
Business Acquisition [Line Items]
Cash paid for acquisitions, net of cash acquired				$ 33,811	$ 68,817
Equipment Company Acquisition Two
Business Acquisition [Line Items]
Number of equipment companies acquired \| acquisition						2
2024 Acquisitions
Business Acquisition [Line Items]
Cash paid for acquisitions, net of cash acquired	$ 33,000
Earn-out liability term	5 years
Earn-out liability	$ 30,000
Acquisition-related contingent consideration liabilities, range of potential undiscounted earn-out liabilities, high				41,000
Business acquisition, goodwill, expected tax deductible amount				30,000
2023 Acquisitions
Business Acquisition [Line Items]
Cash paid for acquisitions, net of cash acquired						$ 70,000
Earn-out liability						$ 1,000
Acquisition-related contingent consideration liabilities, range of potential undiscounted earn-out liabilities, high				2,000
Business acquisition, goodwill, expected tax deductible amount				$ 42,000
Business combinations, number of acquisitions \| acquisition						4
Business combination, acquisition and integration related costs			$ 21,100		60,900
2023 Acquisitions \| General and Administrative Expense
Business Acquisition [Line Items]
Business combination, acquisition and integration related costs			18,300		53,300
2023 Acquisitions \| Cost of Revenue, Excluding Depreciation and Amortization
Business Acquisition [Line Items]
Business combination, acquisition and integration related costs			$ 2,800		$ 7,600
Power Delivery
Business Acquisition [Line Items]
Number of reporting units \| reporting_unit		5
Number of reporting units not substantially exceeding reporting value \| reporting_unit		1
Power Delivery \| Power Delivery Segment, Reporting Unit One
Business Acquisition [Line Items]
Value of fair value in excess of carrying value		$ 47,100
Percentage of fair value in excess of carrying amount		16.00%
Power Delivery \| Power Delivery Segment, Reporting Unit One \| Measurement Input, Long-Term Revenue Growth Rate
Business Acquisition [Line Items]
Measurement input		0.03
Power Delivery \| Power Delivery Segment, Reporting Unit One \| Number Of Years Of Discounted Cash Flows
Business Acquisition [Line Items]
Measurement input \| yr		5
Power Delivery \| Power Delivery Segment, Reporting Unit One \| Discount Rate
Business Acquisition [Line Items]
Measurement input		0.12

Related Party Transactions (Details) shares in Thousands		3 Months Ended			9 Months Ended
Related Party Transactions (Details) shares in Thousands	Jan. 01, 2024 USD ($)	Sep. 30, 2024 USD ($) employee	Sep. 30, 2023 USD ($)	Mar. 31, 2023 USD ($) shares	Sep. 30, 2024 USD ($) employee	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)
Related Party Transaction [Line Items]
Revenue		$ 3,252,427,000	$ 3,257,077,000		$ 8,900,362,000	$ 8,715,851,000
Line of credit facility, letters of credit issued		83,300,000			83,300,000		$ 82,100,000
Other long-term assets		418,222,000			418,222,000		418,485,000
Noncontrolling interest, percentage of voting interests acquired				15.00%
Payments to non-controlling interests, including acquisition of interests and distributions					23,499,000	11,660,000
2023 Acquisitions
Related Party Transaction [Line Items]
Payments to non-controlling interests, including acquisition of interests and distributions				$ 10,000,000.0
Business acquisition, number of shares issued (in shares) \| shares				120
2023 Acquisitions \| Oil and Gas
Related Party Transaction [Line Items]
Business acquisition, equity interest issued or issuable, value assigned				$ 11,600,000
Management
Related Party Transaction [Line Items]
Other operating income					200,000
Notes receivable							$ 7,100,000
Interest rate on notes receivable							5.00%
Other long-term assets		4,100,000			4,100,000		$ 6,900,000
Chairman, Board of Directors
Related Party Transaction [Line Items]
Payments for life insurance policies					400,000	1,400,000
Executive Officers
Related Party Transaction [Line Items]
Life insurance assets, carrying amount		27,500,000			27,500,000		27,200,000
Executive Officers \| Former Owner
Related Party Transaction [Line Items]
Accounts receivable, after allowance for credit loss		200,000			200,000		2,600,000
Payments, net of rebates, related party		0	100,000		300,000	200,000
Equipment, Supplies and Services \| Related Party
Related Party Transaction [Line Items]
Operating costs and expenses		6,800,000	7,100,000		25,400,000	33,900,000
Accounts payable		1,700,000			1,700,000		2,700,000
Revenue		5,400,000	3,500,000		14,000,000.0	10,900,000
Accounts receivable, after allowance for credit loss		3,000,000.0			3,000,000.0
Liability							400,000
Equipment \| Related Party
Related Party Transaction [Line Items]
Revenue		100,000	0		300,000	0
Equipment \| Related Party \| CCI
Related Party Transaction [Line Items]
Accounts payable		600,000			600,000		4,600,000
Accounts receivable, after allowance for credit loss							0
Equipment \| Immediate Family Member of Management \| CCI
Related Party Transaction [Line Items]
Payments, net of rebates, related party		2,200,000	1,200,000		10,800,000	2,500,000
Subcontracting Arrangements
Related Party Transaction [Line Items]
Payments to acquire interest in subsidiaries and affiliates	$ 700,000
Subcontracting Arrangements \| Related Party
Related Party Transaction [Line Items]
Operating costs and expenses		1,900,000	600,000		4,200,000	2,100,000
Accounts payable		500,000			500,000		100,000
Accounts receivable, after allowance for credit loss		600,000			600,000		400,000
Subcontracting Arrangements \| Management
Related Party Transaction [Line Items]
Operating costs and expenses		$ 900,000	2,700,000		$ 5,800,000	3,100,000
Number of management members, subcontracting arrangement \| employee		2			2
Subcontracting Arrangements \| Related Customer
Related Party Transaction [Line Items]
Accounts payable		$ 500,000			$ 500,000		3,100,000
Lease Agreements \| Related Party
Related Party Transaction [Line Items]
Accounts payable		0			0		200,000
Lease Agreements \| Chairman, Board of Directors
Related Party Transaction [Line Items]
Operating costs and expenses		1,600,000	700,000		4,500,000	2,000,000.0
Construction Services \| Related Party
Related Party Transaction [Line Items]
Accounts receivable, after allowance for credit loss		4,300,000			4,300,000		4,100,000
Construction Services \| Executive Officers
Related Party Transaction [Line Items]
Operating costs and expenses		200,000	300,000		800,000	900,000
Accounts payable		0			0		$ 0
Payments, net of rebates, related party		5,000,000.0	4,600,000		13,700,000	4,800,000
Other Subcontracting Arrangements \| Related Party
Related Party Transaction [Line Items]
Other operating income		300,000	$ 200,000		600,000	$ 600,000
Other Subcontracting Arrangements \| Management \| Line of Credit
Related Party Transaction [Line Items]
Line of credit facility, letters of credit issued		$ 15,000,000.0			$ 15,000,000.0

Accounts Receivable, Net of Allowance, and Contract Assets and Liabilities - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Schedule of Accounts Receivable, Net of Allowance, and Contract Assets and Liabilities [Line Items]
Provision (recovery) of credit losses			$ 2,200	$ (100)
Contract liabilities	$ 708,164		708,164		$ 480,967
Contract with customer liability, deferred revenue current	703,200		703,200		475,200
Deferred revenue, revenue recognized			390,300	355,300
Discount charges related to financing arrangements	47,048	$ 62,556	149,678	174,664
Receivables, Non-Recourse Arrangement
Schedule of Accounts Receivable, Net of Allowance, and Contract Assets and Liabilities [Line Items]
Proceeds from sale of receivables	338,000	50,000	338,000	50,000
Value of receivables sold	90,000		90,000		$ 64,000
Discount charges related to financing arrangements	$ 5,300	$ 3,800	$ 15,700	$ 11,800

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

9 Months Ended

Sep. 30, 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):


	September 30, 2024		December 31, 2023
Contract billings	$	1,471.0	$	1,385.2
Less allowance	(17.4)		(15.1)
Accounts receivable, net of allowance	$	1,453.6	$	1,370.1

Retainage	$	324.7	$	356.4
Unbilled receivables	1,321.5		1,400.0
Contract assets	$	1,646.2	$	1,756.4

Contract billings represent the amount of performance obligations that have been billed but not yet collected, whereas contract assets consist of unbilled receivables and retainage. Unbilled receivables represent the estimated value of unbilled work for projects with performance obligations recognized over time. Unbilled receivables, which are included in contract assets, include amounts for work performed for which the Company has an unconditional right to receive payment and that are not subject to the completion of any other specific task, other than the billing itself. Retainage represents a portion of the contract amount that has been billed, but for which the contract allows the customer to retain a portion of the billed amount until final contract settlement. For the nine month period ended September 30, 2024, provisions for credit losses totaled approximately $2.2 million, including certain project-specific reserves, and for the nine month period ended September 30, 2023, provisions for credit losses totaled a recovery of approximately $0.1 million. Impairment losses on contract assets were not material in either period.

Contract liabilities consist primarily of deferred revenue. Under certain contracts, the Company may be entitled to invoice the customer and receive payments in advance of performing the related contract work. In those instances, the Company recognizes a liability for advance billings in excess of revenue recognized, which is referred to as deferred revenue. Contract liabilities also include the amount of any accrued project losses. Total contract liabilities, including accrued project losses, totaled approximately $708.2 million and $481.0 million as of September 30, 2024 and December 31, 2023, respectively, of which deferred revenue comprised approximately $703.2 million and $475.2 million, respectively. The increase in contract liabilities as of September 30, 2024 was driven primarily by ordinary course project activity, including in connection with new project starts within the Company’s Clean Energy and Infrastructure segment. For the nine month periods ended September 30, 2024 and 2023, the Company recognized revenue of approximately $390.3 million and $355.3 million, respectively, related to amounts that were included in deferred revenue as of December 31, 2023 and 2022, respectively, resulting primarily from the advancement of physical progress on the related projects during the respective periods.

The Company is party to certain non-recourse financing arrangements in the ordinary course of business, under which certain receivables are sold to a financial institution in return for a nominal fee. The Company has 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 nine month periods ended September 30, 2024 and 2023, the Company sold approximately $338 million and $50 million, respectively, of receivables under financing arrangements for which it continues to manage collections for the transferred receivable, and, as of September 30, 2024 and December 31, 2023, outstanding sold receivables related thereto totaled approximately $90 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 $5.3 million and $3.8 million for the three month periods ended September 30, 2024 and 2023, respectively, and totaled approximately $15.7 million and $11.8 million for the nine month periods ended September 30, 2024 and 2023, respectively.

Debt - Additional Information - Narrative (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Debt Disclosure [Abstract]
Debt instruments, accrued interest payable	$ 22.2	$ 24.1

Stock-Based Compensation and Other Employee Benefit Plans - Schedule of Activity, Restricted Shares (Details)	9 Months Ended
	Sep. 30, 2024 $ / shares shares
Restricted Shares
Restricted Shares
Non-vested restricted shares, beginning balance (in shares)	1,505,996
Granted (in shares)	245,176
Vested (in shares)	(169,826)
Canceled/forfeited (in shares)	(275,631)
Non-vested restricted shares, ending balance (in shares)	1,305,715
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	87.44
Vested (in dollars per share) \| $ / shares	91.73
Canceled/forfeited (in dollars per share) \| $ / shares	52.67
Non-vested restricted shares, ending balance (in dollars per share) \| $ / shares	$ 75.67
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

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

9 Months Ended

Sep. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill by Segment

The following table provides a reconciliation of changes in goodwill by reportable segment for the nine month period ended September 30, 2024 (in millions):


	Communications		Clean Energy and Infrastructure		Power Delivery		Oil and Gas		Total Goodwill
Goodwill, gross, as of December 31, 2023	$	646.9	$	742.0	$	270.8	$	586.0	$	2,245.7
Accumulated impairment loss (a)	—		—		—		(119.3)		(119.3)
Goodwill, net, as of December 31, 2023	$	646.9	$	742.0	$	270.8	$	466.7	$	2,126.4
Additions from new business combinations	—		—		8.9		—		8.9
Measurement period adjustments (b)	0.7		—		—		—		0.7
Currency translation adjustments	—		—		—		(0.3)		(0.3)
Goodwill, net as of September 30, 2024	$	647.6	$	742.0	$	279.7	$	466.4	$	2,135.7

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

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

Schedule of Finite-Lived Intangible Assets

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


	Other Intangible Assets, 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	35.0		1.0		—		36.0

Currency translation adjustments	—		—		(0.4)		(0.4)
Amortization expense	(82.9)		(13.9)		(4.9)		(101.7)
Other intangible assets, net, as of September 30, 2024	$	519.4	$	166.3	$	32.5	$	718.2

(a)Includes approximately $34.5 million of non-amortizing trade names as of both September 30, 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

Fair Value of Financial Instruments - Acquisition-Related Contingent Consideration and Other Liabilities - Narrative (Details) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024 USD ($) employee	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) employee	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)
Fair Value, Financial Instruments Measured on a Recurring Basis [Line Items]
Measurement period adjustments			$ 0.7
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	$ 12.0		12.0
Acquisition-related contingent consideration liabilities, range of potential undiscounted earn-out liabilities, high	$ 101.0		$ 101.0
Discount Rate \| Minimum
Fair Value, Financial Instruments Measured on a Recurring Basis [Line Items]
Acquisition-related contingent consideration liabilities, measurement input, discount rate \| employee	0.130		0.130
Discount Rate \| Maximum
Fair Value, Financial Instruments Measured on a Recurring Basis [Line Items]
Acquisition-related contingent consideration liabilities, measurement input, discount rate \| employee	0.210		0.210
Discount Rate \| Weighted Average
Fair Value, Financial Instruments Measured on a Recurring Basis [Line Items]
Acquisition-related contingent consideration liabilities, measurement input, discount rate	0.163		0.163
Earn-Out Liabilities
Fair Value, Financial Instruments Measured on a Recurring Basis [Line Items]
Acquisition-related contingent consideration liabilities, estimated fair value	$ 82.2		$ 82.2		$ 77.4
Acquisition-related contingent consideration liabilities, additions from new business combinations	30.3	$ 1.4	30.3	$ 1.4
Measurement period adjustments	0.0	0.0	0.0	0.0
Acquisition-related contingent consideration liabilities, net increase (decrease), fair value adjustments	2.3	(4.9)	0.5	(7.0)
Acquisition-related contingent consideration liabilities, payments	21.4	$ 12.7	26.0	$ 38.8
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	$ 22.6		$ 22.6		$ 29.8

Fair Value of Financial Instruments - Equity Investments - Narrative (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Fair Value, Financial Instruments Measured on a Non-Recurring Basis [Line Items]
Equity investments, carrying value	$ 319,000,000		$ 319,000,000		$ 319,000,000
Equity investments, impairments	$ 0	$ 3,000,000	$ 0	$ 0
Waha JVs
Fair Value, Financial Instruments Measured on a Non-Recurring Basis [Line Items]
Equity method investments, ownership percentage	33.00%		33.00%
Equity investments, carrying value	$ 275,000,000		$ 275,000,000		$ 274,000,000
CCI
Fair Value, Financial Instruments Measured on a Non-Recurring Basis [Line Items]
Equity investments, ownership percentage	15.00%		15.00%
FM Tech
Fair Value, Financial Instruments Measured on a Non-Recurring Basis [Line Items]
Equity method investments, ownership percentage	50.00%		50.00%

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

Segments and Related Information - Schedule of Financial Information by Reportable Segment (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Segments and Related Information [Line Items]
Consolidated revenue	$ 3,252,427	$ 3,257,077	$ 8,900,362	$ 8,715,851
Segment EBITDA	356,600	274,000	871,400	664,700
Consolidated depreciation and amortization	114,600	$ 157,300	391,400	$ 451,600
Consolidated assets	$ 8,762,972		$ 8,762,972		$ 9,373,511
Communications \| Customer Concentration Risk \| Revenue \| Utilities
Segments and Related Information [Line Items]
Concentration risk, percentage of total	23.00%	25.00%	25.10%	24.10%
Reportable Segments \| Communications
Segments and Related Information [Line Items]
Consolidated revenue	$ 927,200	$ 824,400	$ 2,484,700	$ 2,499,600
Segment EBITDA	106,600	73,400	237,300	215,700
Consolidated depreciation and amortization	24,500	37,000	90,200	105,600
Consolidated assets	2,203,900		2,203,900		2,332,200
Reportable Segments \| Clean Energy and Infrastructure
Segments and Related Information [Line Items]
Consolidated revenue	1,138,400	1,099,900	2,834,200	2,894,500
Segment EBITDA	85,000	42,400	152,800	80,900
Consolidated depreciation and amortization	30,200	37,100	93,700	107,300
Consolidated assets	2,686,300		2,686,300		2,978,800
Reportable Segments \| Power Delivery
Segments and Related Information [Line Items]
Consolidated revenue	712,500	665,000	1,920,100	2,077,100
Segment EBITDA	54,500	56,500	133,200	161,000
Consolidated depreciation and amortization	29,300	39,900	97,700	119,400
Consolidated assets	1,858,800		1,858,800		1,837,100
Reportable Segments \| Oil and Gas
Segments and Related Information [Line Items]
Consolidated revenue	497,800	672,300	1,704,000	1,270,600
Segment EBITDA	103,100	97,300	330,900	188,900
Consolidated depreciation and amortization	27,900	40,700	102,200	111,600
Consolidated assets	1,583,100		1,583,100		1,758,000
Reportable Segments \| Other
Segments and Related Information [Line Items]
Consolidated revenue	0	0	0	0
Segment EBITDA	7,400	4,400	17,200	18,200
Consolidated depreciation and amortization	0	0	0	0
Consolidated assets	309,600		309,600		305,000
Eliminations
Segments and Related Information [Line Items]
Consolidated revenue	(23,500)	(4,500)	(42,600)	(25,900)
Corporate
Segments and Related Information [Line Items]
Consolidated depreciation and amortization	2,700	$ 2,600	7,600	$ 7,700
Consolidated assets	$ 121,300		$ 121,300		$ 162,400

Earnings Per Share (Tables)

9 Months Ended

Sep. 30, 2024

Earnings Per Share [Abstract]

Schedule of Earnings Per Share

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


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2024		2023		2024		2023
Net income (loss) attributable to MasTec:
Net income (loss) - basic and diluted	$	95,240	$	14,296	$	88,048	$	(50,702)


Weighted average shares outstanding:
Weighted average shares outstanding - basic	78,044		77,640		78,004		77,418
Dilutive common stock equivalents (a)	869		815		797		—
Weighted average shares outstanding - diluted	78,913		78,455		78,801		77,418

(a)For the three month period ended September 30, 2024, anti-dilutive common stock equivalents totaled approximately 3,000 shares, and for the three month period ended September 30, 2023, there were no anti-dilutive common stock equivalents. For the nine month periods ended September 30, 2024 and 2023, such shares totaled approximately 171,000 and 1,091,000, respectively.

Segments and Related Information

9 Months Ended

Sep. 30, 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.

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.


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
Revenue:	2024		2023		2024		2023
Communications (a)	$	927.2	$	824.4	$	2,484.7	$	2,499.6
Clean Energy and Infrastructure	1,138.4		1,099.9		2,834.2		2,894.5
Power Delivery	712.5		665.0		1,920.1		2,077.1
Oil and Gas	497.8		672.3		1,704.0		1,270.6
Other	—		—		—		—
Eliminations	(23.5)		(4.5)		(42.6)		(25.9)
Consolidated revenue	$	3,252.4	$	3,257.1	$	8,900.4	$	8,715.9


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
EBITDA:	2024		2023		2024		2023
Communications	$	106.6	$	73.4	$	237.3	$	215.7
Clean Energy and Infrastructure	85.0		42.4		152.8		80.9
Power Delivery	54.5		56.5		133.2		161.0
Oil and Gas	103.1		97.3		330.9		188.9
Other	7.4		4.4		17.2		18.2
Segment EBITDA	$	356.6	$	274.0	$	871.4	$	664.7

For the nine month period ended September 30, 2024, Corporate EBITDA included a loss on debt extinguishment of $11.3 million. For the three month period ended September 30, 2023, Communications, Clean Energy and Infrastructure and Power Delivery EBITDA included $4.8 million, $15.3 million and $0.5 million, respectively, of acquisition and integration costs related to certain acquisitions, and Corporate EBITDA included $0.5 million of such costs, and, for the nine month period ended September 30, 2023, $18.3 million, $36.9 million, $2.5 million and $3.2 million of such costs were included in EBITDA of the segments and Corporate, respectively.


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
EBITDA Reconciliation:	2024		2023		2024		2023
Income (loss) before income taxes	$	137.0	$	22.9	$	154.5	$	(82.7)
Plus:
Interest expense, net	47.0		62.6		149.7		174.7
Depreciation	80.2		115.0		289.8		325.3
Amortization	34.4		42.3		101.7		126.3
Corporate EBITDA	58.0		31.3		175.8		121.2
Segment EBITDA	$	356.6	$	274.0	$	871.4	$	664.7


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
Depreciation and Amortization:	2024		2023		2024		2023
Communications	$	24.5	$	37.0	$	90.2	$	105.6
Clean Energy and Infrastructure	30.2		37.1		93.7		107.3
Power Delivery	29.3		39.9		97.7		119.4
Oil and Gas	27.9		40.7		102.2		111.6
Other	—		—		—		—
Corporate	2.7		2.6		7.6		7.7
Consolidated depreciation and amortization	$	114.6	$	157.3	$	391.4	$	451.6


Assets:	September 30, 2024		December 31, 2023
Communications	$	2,203.9	$	2,332.2
Clean Energy and Infrastructure	2,686.3		2,978.8
Power Delivery	1,858.8		1,837.1
Oil and Gas	1,583.1		1,758.0
Other	309.6		305.0
Corporate	121.3		162.4
Consolidated assets	$	8,763.0	$	9,373.5

Foreign Operations and Other. MasTec operates primarily within the United States and Canada, and, to a far lesser extent, the Caribbean, India and Mexico. Revenue derived from foreign operations totaled $20.0 million and $18.8 million for the three month periods ended September 30, 2024 and 2023, respectively, and totaled $70.9 million and $68.4 million for the nine month periods ended September 30, 2024 and 2023, respectively. Revenue from foreign operations was derived primarily from the Company’s Canadian operations in its Oil and Gas segment. As of September 30, 2024 and December 31, 2023, long-lived assets held by the Company’s businesses in foreign countries included property and equipment, net, of $14.7 million and $17.5 million, respectively, and intangible assets and goodwill, net, of $29.3 million and $32.6 million, for the respective periods. Substantially all of the Company’s long-lived and intangible assets and goodwill in foreign countries relate to its Canadian operations. Revenue from governmental entities for the three month periods ended September 30, 2024 and 2023 totaled approximately 14% and 12% of total revenue, respectively, and for the nine month periods ended September 30, 2024 and 2023, totaled approximately 13% and 11% of total revenue, respectively, substantially all of which was derived from its U.S. operations.

Significant Customers

No customer represented greater than 10% of the Company’s total consolidated revenue in either of the three or nine month periods ended September 30, 2024 or the nine month period ended September 30, 2023. For the three month period ended September 30, 2023, Equitrans Midstream Corporation represented 11% 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

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 48
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-48

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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+ Details

Lease Obligations (Tables)

9 Months Ended

Sep. 30, 2024

Leases [Abstract]

Schedule of Future Minimum Lease Commitments, Finance Leases

Future minimum lease commitments as of September 30, 2024 were as follows (in millions):


	Finance Leases		Operating Leases
2024, remaining three months	$	41.0	$	42.2
2025	135.6		153.2
2026	77.6		116.2
2027	37.4		65.6
2028	12.5		31.7
Thereafter	1.8		41.2
Total minimum lease payments	$	305.9	$	450.1
Less amounts representing interest	(17.1)		(40.7)
Total lease obligations, net of interest	$	288.8	$	409.4
Less current portion	139.0		144.8
Long-term portion of lease obligations, net of interest	$	149.8	$	264.6

Schedule of Future Minimum Lease Commitments, Operating Leases

Future minimum lease commitments as of September 30, 2024 were as follows (in millions):


	Finance Leases		Operating Leases
2024, remaining three months	$	41.0	$	42.2
2025	135.6		153.2
2026	77.6		116.2
2027	37.4		65.6
2028	12.5		31.7
Thereafter	1.8		41.2
Total minimum lease payments	$	305.9	$	450.1
Less amounts representing interest	(17.1)		(40.7)
Total lease obligations, net of interest	$	288.8	$	409.4
Less current portion	139.0		144.8
Long-term portion of lease obligations, net of interest	$	149.8	$	264.6

Schedule Of Weighted Average Remaining Lease Terms And Discount Rates

The following table presents weighted average remaining lease terms and discount rates for finance and non-cancelable operating leases as of the dates indicated:


	September 30, 2024		December 31, 2023
Weighted average remaining lease term (in years):
Finance leases	2.5		2.6
Operating leases	3.7		3.8
Weighted average discount rate:
Finance leases	4.7	%	4.7	%
Operating leases	5.1	%	4.8	%

Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 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)	99,030,346	99,093,134
Treasury stock, shares (in shares)	19,813,055	19,813,055
Common Stock
Common stock, shares issued (in shares)	99,030,346	99,093,134
Restricted Stock Awards \| Common Stock
Unvested stock awards (in shares)	1,304,715	1,504,996

Earnings Per Share

9 Months Ended

Sep. 30, 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.

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


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2024		2023		2024		2023
Net income (loss) attributable to MasTec:
Net income (loss) - basic and diluted	$	95,240	$	14,296	$	88,048	$	(50,702)


Weighted average shares outstanding:
Weighted average shares outstanding - basic	78,044		77,640		78,004		77,418
Dilutive common stock equivalents (a)	869		815		797		—
Weighted average shares outstanding - diluted	78,913		78,455		78,801		77,418

Equity	9 Months Ended
Equity	Sep. 30, 2024
Equity [Abstract]
Equity	Equity Share Repurchases The Company’s share repurchase program provides for the repurchase, from time to time, of MasTec common shares in open market transactions or in privately negotiated transactions in accordance with applicable securities laws. The Company’s share repurchase program does not have an expiration date and may be modified or suspended at any time at the Company’s discretion. There were no share repurchases under the Company’s share repurchase program in any of the three or nine month periods ended September 30, 2024 or 2023. As of September 30, 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, in each of the three and nine month periods ended September 30, 2024 and 2023 relates primarily to the Company’s activities in Canada and Mexico. Other unrealized activity within accumulated comprehensive loss in each of the three and nine month periods ended September 30, 2024 and 2023 relates to unrealized investment gains or losses associated with interest rate swaps for the Waha JVs.

- Definition

The entire disclosure for equity.

+ References

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+ Details

Acquisitions, Goodwill, and Other Intangible Assets, Net

9 Months Ended

Sep. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Acquisitions, Goodwill, and Other Intangible Assets, Net

Acquisitions, Goodwill and Other Intangible Assets, Net

The following table provides a reconciliation of changes in goodwill by reportable segment for the nine month period ended September 30, 2024 (in millions):


	Communications		Clean Energy and Infrastructure		Power Delivery		Oil and Gas		Total Goodwill
Goodwill, gross, as of December 31, 2023	$	646.9	$	742.0	$	270.8	$	586.0	$	2,245.7
Accumulated impairment loss (a)	—		—		—		(119.3)		(119.3)
Goodwill, net, as of December 31, 2023	$	646.9	$	742.0	$	270.8	$	466.7	$	2,126.4
Additions from new business combinations	—		—		8.9		—		8.9
Measurement period adjustments (b)	0.7		—		—		—		0.7
Currency translation adjustments	—		—		—		(0.3)		(0.3)
Goodwill, net as of September 30, 2024	$	647.6	$	742.0	$	279.7	$	466.4	$	2,135.7

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

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

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


	Other Intangible Assets, 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	35.0		1.0		—		36.0

Currency translation adjustments	—		—		(0.4)		(0.4)
Amortization expense	(82.9)		(13.9)		(4.9)		(101.7)
Other intangible assets, net, as of September 30, 2024	$	519.4	$	166.3	$	32.5	$	718.2

(a)Includes approximately $34.5 million of non-amortizing trade names as of both September 30, 2024 and December 31, 2023.

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

During the first quarter of 2024, the reporting units within the Power Delivery operating segment were restructured to more closely align with the segment’s end markets and to better correspond with the operational management reporting structure of the segment, including from the effects of the Company’s recent transformative acquisition efforts. Under the new reporting unit structure, each of the five components within the Power Delivery operating segment is a reporting unit. Management performed testing under the previous reporting unit structure and determined that no goodwill impairment existed, and under the new reporting unit structure the estimated fair values of all but one of the reporting units substantially exceeded their carrying values. A 100 basis point increase in the discount rate would not have resulted in any of the tested reporting units’ carrying values exceeding their fair values. As of March 31, 2024, the reporting unit that did not substantially exceed its carrying value had approximately $47.1 million of goodwill. This reporting unit’s estimated fair value exceeded its carrying value by approximately 16%. Significant assumptions used in testing this reporting unit included terminal values based on a terminal growth rate of 3%, 5 years of discounted cash flows prior to the terminal value, including revenue growth and earnings before interest, taxes, depreciation and amortization (“EBITDA”) margin assumptions, and a weighted average discount rate of 12%.

Additionally, no events occurred during the three month period ended September 30, 2024 that would indicate it was more likely than not that a goodwill impairment exists. Significant changes in the assumptions or estimates used in management’s assessment, such as a reduction in profitability and/or cash flows, changes in market, regulatory or other conditions, including decreases in project activity levels and/or the effects of elevated levels of inflation, market interest rates or other market disruptions, including from geopolitical or other events, could result in non-cash impairment charges to goodwill and indefinite-lived intangible assets in the future.

Recent Acquisitions

The Company seeks to grow and diversify its business both organically and through acquisitions and/or strategic arrangements in order to deepen its market presence and customer base, broaden its geographic reach and expand its service offerings. Acquisitions are funded with cash on hand, borrowings under the Company’s senior unsecured credit facility and other debt financing and, for certain acquisitions, with shares of the Company’s common stock, and are generally subject to customary purchase price adjustments.

2024 Acquisitions. In July 2024, MasTec acquired all of the equity interests of a construction company focused on underground utility infrastructure for industrial and municipal projects, with expertise in data center utility systems, which is included within the Company’s Power Delivery segment. The Company expects this acquisition will increase its service offerings and further advance its ability to meet increasing demand for data center infrastructure. The aggregate purchase price was composed of approximately $33 million in cash, net of cash acquired and a five year earn-out liability valued at approximately $30 million. Determination of the estimated fair values of net assets acquired and consideration transferred for the acquisition, which has been accounted for as a business combination under ASC Topic 805, Business Combinations (“ASC 805”), was preliminary as of September 30, 2024; as a result, further adjustments to these estimates may occur. The Company expects to finalize the valuation and complete the purchase price consideration allocation no later than one year from the acquisition date. As of September 30, 2024, the remaining potential undiscounted earn-out liabilities for this acquisition was estimated to be up to $41 million; however, there is no maximum payment amount. See Note 4 – Fair Value of Financial Instruments for fair value estimates and other details related to the Company’s earn-out arrangements. Approximately $30 million of the goodwill balance related to this acquisition is expected to be tax deductible as of September 30, 2024.

2023 Acquisitions. During 2023, MasTec completed four acquisitions, including the acquisition of certain assets of a telecommunications company specializing in wireless services, which acquisition was included within the Company’s Communications segment, and was effective in January; and, effective in July, the acquisition of the equity interests of a telecommunications construction company specializing in broadband and fiber-to-the-home initiatives in the New England area, which acquisition was included within the Company’s Communications segment. Determination of the estimated fair values of the net assets acquired and consideration transferred for these acquisitions, which have been accounted for as business combinations under ASC 805, was complete as of September 30, 2024. Additionally, effective in May 2023, MasTec acquired certain of the equity interests of two equipment companies which were accounted for as asset acquisitions under ASC 805 and were included within the Company’s Oil and Gas segment.

The aggregate purchase price of the Company’s 2023 acquisitions was composed of $70 million in cash, net of cash acquired, and an earn-out liability valued at $1 million. As of September 30, 2024, the remaining potential undiscounted earn-out liabilities for the 2023 acquisitions was estimated to be up to $2 million; however, there is no maximum payment amount. See Note 4 – Fair Value of Financial Instruments for fair value estimates and other details related to the Company’s earn-out arrangements. Approximately $42 million of the goodwill balance related to the 2023 acquisitions is expected to be tax deductible as of September 30, 2024.

Acquisition and integration costs. In 2021, the Company initiated a significant transformation of its end-market business operations to focus on the nation’s transition to low-carbon energy sources and position the Company for expected future growth opportunities. This transformation included significant business combination activity, including expansion of the Company’s scale and capacity in renewable energy, power delivery, heavy civil and telecommunications services, which activity resulted in significant acquisition and integration costs in prior periods. These acquisition and integration activities were completed in the fourth quarter of 2023. For the three and nine month periods ended September 30, 2023, such acquisition and integration costs totaled approximately $21.1 million and $60.9 million, respectively, of which $18.3 million and $53.3 million, respectively, was included within general and administrative expenses, and of which $2.8 million and $7.6 million, respectively, was included within costs of revenue, excluding depreciation and amortization.