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Segments and Related Information | 12 Months Ended
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Dec. 31, 2020
Segment Reporting [Abstract] |
Segments and Related Information | Note 13 – Segments and Related Information Segment Discussion The Company manages its operations under five operating segments, which represent its five reportable segments: (1) Communications; (2) Clean Energy and Infrastructure; (3) Oil and Gas; (4) Electrical Transmission and (5) Other. This structure is generally focused on broad end-user markets for the Company’s labor-based construction services. All five reportable segments derive their revenue from the engineering, installation and maintenance of infrastructure, primarily in North America. The Communications segment performs engineering, construction, maintenance and customer fulfillment activities related to communications infrastructure, primarily for wireless and wireline/fiber communications and install-to-the-home customers, as well as infrastructure for utilities, among others. The Clean Energy and Infrastructure segment primarily serves energy, utility and other end-markets through the installation and construction of power generation facilities, including from clean energy and renewable sources, such as wind, solar and biomass, as well as various types of heavy civil and industrial infrastructure. The Company performs engineering, construction and maintenance services for pipelines and processing facilities for the energy and utilities industries through its Oil and Gas segment. The Electrical Transmission segment primarily serves the energy and utility industries through the engineering, construction and maintenance of electrical transmission lines and substations. The Other segment includes certain equity investees, the services of which vary from those provided by the Company’s primary segments, as well as other small business units that perform construction and other services for a variety of international end-markets. The accounting policies of the reportable segments are the same as those described in Note 1 - Business, Basis of Presentation and Significant Accounting Policies. Intercompany revenue and costs among the reportable segments are de minimis and accounted for as if the sales were to third parties because these items are based on negotiated fees between the segments involved. All intercompany transactions and balances are eliminated in consolidation. Intercompany revenue and costs between entities within a reportable segment are eliminated to arrive at segment totals. Eliminations between segments are separately presented. Corporate results include amounts related to corporate functions such as administrative costs, professional fees, acquisition-related transaction costs (exclusive of acquisition integration costs, which are included within the segment results of the acquired businesses), and other discrete items, such as goodwill and/or intangible asset impairment. Segment results include certain allocations of centralized costs such as general liability, medical and workers’ compensation insurance and certain information technology costs. Income tax expense, which is recorded within corporate results, is managed on a consolidated basis and is not allocated to the reportable segments. Earnings before interest, taxes, depreciation and amortization (“EBITDA”) is the measure of profitability used by management to manage its segments and, accordingly, in its segment reporting. As appropriate, the Company supplements the reporting of its consolidated financial information determined in accordance with U.S. GAAP with certain non-U.S. GAAP financial measures, including EBITDA. The Company believes these non-U.S. GAAP measures provide meaningful information and help investors understand the Company’s financial results and assess its prospects for future performance. The Company uses EBITDA to evaluate its performance, both internally and as compared with its peers, because it excludes certain items that may not be indicative of the Company’s core operating results for its reportable segments, as well as items that can vary widely across different industries or among companies within the same industry. Segment EBITDA is calculated in a manner consistent with consolidated EBITDA. 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 Years Ended December 31,
Revenue: | 2020 |  | 2019 |  | 2018
Communications (a) | $ | 2,512.2 |  |  | $ | 2,618.8 |  |  | $ | 2,556.8 |
Clean Energy and Infrastructure | 1,526.9 |  |  | 1,034.3 |  |  | 665.0 |
Oil and Gas | 1,789.8 |  |  | 3,117.2 |  |  | 3,288.7 |
Electrical Transmission | 506.5 |  |  | 413.9 |  |  | 397.3 |
Other | 0.6 |  |  | 0.2 |  |  | 3.5 |
Eliminations | (15.0) |  |  | (1.2) |  |  | (1.9) |
Consolidated revenue | $ | 6,321.0 |  |  | $ | 7,183.2 |  |  | $ | 6,909.4 |
(a) Revenue generated primarily by utilities customers represented 15.6%, 15.0% and 14.9% of Communications segment revenue for the years ended December 31, 2020, 2019 and 2018, respectively.
| For the Years Ended December 31,
EBITDA: | 2020 |  | 2019 |  | 2018
Communications | $ | 270.1 |  |  | $ | 208.8 |  |  | $ | 290.4 |
Clean Energy and Infrastructure | 80.4 |  |  | 40.1 |  |  | 40.4 |
Oil and Gas | 510.9 |  |  | 634.2 |  |  | 451.6 |
Electrical Transmission | 14.9 |  |  | 29.5 |  |  | 10.5 |
Other | 30.7 |  |  | 26.5 |  |  | 24.4 |
Corporate | (124.5) |  |  | (115.7) |  |  | (156.4) |
Consolidated EBITDA | $ | 782.5 |  |  | $ | 823.4 |  |  | $ | 660.8 |
For the year ended December 31, 2020, Corporate EBITDA included $5.6 million of debt extinguishment losses. For the year ended December 31, 2019, Corporate EBITDA included $3.3 million of indefinite-lived pre-qualification intangible asset impairment charges. For the year ended December 31, 2018, Corporate EBITDA included $47.7 million of goodwill impairment charges and Other segment EBITDA included project gains of $1.0 million from a proportionately consolidated non-controlled Canadian joint venture, which is managed by a third party and for which the Company has minimal direct construction involvement.
| For the Years Ended December 31,
Depreciation and Amortization: | 2020 |  | 2019 |  | 2018
Communications | $ | 87.1 |  |  | $ | 65.0 |  |  | $ | 59.3 |
Clean Energy and Infrastructure | 18.2 |  |  | 14.1 |  |  | 13.7 |
Oil and Gas | 156.6 |  |  | 127.2 |  |  | 113.7 |
Electrical Transmission | 24.7 |  |  | 20.0 |  |  | 19.8 |
Other | 0.1 |  |  | 0.1 |  |  | 0.1 |
Corporate | 11.1 |  |  | 9.1 |  |  | 6.3 |
Consolidated depreciation and amortization | $ | 297.8 |  |  | $ | 235.5 |  |  | $ | 212.9 |
| As of December 31,
Assets: | 2020 |  | 2019 |  | 2018
Communications | $ | 1,941.9 |  |  | $ | 1,958.1 |  |  | $ | 1,461.7 |
Clean Energy and Infrastructure | 653.7 |  |  | 570.5 |  |  | 358.7 |
Oil and Gas | 1,631.1 |  |  | 1,762.4 |  |  | 1,965.3 |
Electrical Transmission | 541.6 |  |  | 463.9 |  |  | 423.9 |
Other | 191.8 |  |  | 192.2 |  |  | 193.9 |
Corporate | 267.7 |  |  | 49.9 |  |  | 36.5 |
Consolidated segment assets | $ | 5,227.8 |  |  | $ | 4,997.0 |  |  | $ | 4,440.0 |
| For the Years Ended December 31,
Capital Expenditures: | 2020 |  | 2019 |  | 2018
Communications | $ | 38.4 |  |  | $ | 36.0 |  |  | $ | 69.3 |
Clean Energy and Infrastructure | 14.0 |  |  | 12.7 |  |  | 6.5 |
Oil and Gas | 149.2 |  |  | 59.7 |  |  | 83.5 |
Electrical Transmission | 3.8 |  |  | 6.8 |  |  | 10.2 |
Other | 0.0 |  |  | 0.0 |  |  | 0.0 |
Corporate | 8.3 |  |  | 11.3 |  |  | 10.9 |
Consolidated capital expenditures | $ | 213.7 |  |  | $ | 126.5 |  |  | $ | 180.4 |
| For the Years Ended December 31,
EBITDA Reconciliation: | 2020 |  | 2019 |  | 2018
Income before income taxes | $ | 425.2 |  |  | $ | 510.9 |  |  | $ | 365.3 |
Plus: |  |  |  |  |
Interest expense, net | 59.6 |  |  | 77.0 |  |  | 82.6 |
Depreciation | 258.8 |  |  | 212.5 |  |  | 192.3 |
Amortization | 38.9 |  |  | 23.0 |  |  | 20.6 |
Consolidated EBITDA | $ | 782.5 |  |  | $ | 823.4 |  |  | $ | 660.8 |
Foreign Operations and Other. MasTec operates in North America, primarily in the United States and Canada, and, to a lesser extent, in Mexico and the Caribbean. Revenue derived from U.S. operations totaled $6.2 billion, $6.9 billion and $6.7 billion for the years ended December 31, 2020, 2019 and 2018, respectively. Revenue derived from foreign operations totaled $133.1 million, $233.5 million and $164.3 million for the years ended December 31, 2020, 2019 and 2018, respectively, the majority of which was derived from the Company’s Canadian operations in its Oil and Gas segment, and, to a lesser extent, from the Company’s operations in Mexico. Long-lived assets held in the U.S. included property and equipment, net, of $959.5 million, $874.7 million and $707.4 million as of December 31, 2020, 2019 and 2018, respectively, and, for the Company’s businesses in foreign countries, totaled $22.8 million, $31.1 million and $40.4 million, respectively. Intangible assets and goodwill, net, related to the Company’s U.S. operations totaled approximately $1.4 billion as of both December 31, 2020 and 2019 and totaled $1.2 billion as of December 31, 2018. For the Company’s businesses in foreign countries, intangible assets and goodwill, net, totaled approximately $50.5 million, $56.4 million and $61.5 million, as of December 31, 2020, 2019 and 2018, respectively. The majority of the Company’s long-lived and intangible assets and goodwill in foreign countries relate to its Canadian operations. As of December 31, 2020, 2019 and 2018, amounts due from customers from which foreign revenue was derived accounted for approximately 5% of the Company’s consolidated net accounts receivable position for each year, which represents accounts receivable, net, less deferred revenue. Revenue from governmental entities for the year ended December 31, 2020 totaled approximately 2%, and for each of the years ended December 31, 2019 and 2018, was less than 1% of total revenue, substantially all of which was derived from the Company’s U.S. operations. Significant Customers Revenue concentration information for significant customers as a percentage of total consolidated revenue was as follows:
| For the Years Ended December 31,
| 2020 |  | 2019 |  | 2018
Customer: |  |  |  |  |
AT&T (including DIRECTV®) (a) | 18% |  | 20% |  | 23%
Energy Transfer affiliates (b) | 5% |  | 8% |  | 14%
Equitrans Midstream Corporation (c) | 3% |  | 11% |  | 20%
(a) The Company’s relationship with AT&T is based upon multiple separate master service and other service agreements, including for installation and maintenance services, as well as construction/installation contracts for AT&T’s: (i) wireless; (ii) wireline/fiber; and (iii) various install-to-the-home businesses, including DIRECTV®. Revenue from AT&T is included within the Communications segment. (b) The Company's relationship with Energy Transfer affiliates is based upon various construction contracts for pipeline activities with Energy Transfer Operating, L.P., and its subsidiaries and affiliates, for which the related revenue is included within the Oil and Gas segment.

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8924-108599 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8981-108599 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8721-108599 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9031-108599 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (f) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8844-108599 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9054-108599 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8657-108599 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8721-108599 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
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