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Segments and Related Information (Tables) | 6 Months Ended
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Jun. 30, 2022
Segment Reporting [Abstract] |
Schedule of Financial Information by Reportable Segment | Summarized financial information for MasTec’s reportable segments is presented and reconciled to consolidated financial information for total MasTec in the following tables, including a reconciliation of consolidated income before income taxes to EBITDA, all of which are presented in millions. The tables below may contain slight summation differences due to rounding.
| For the Three Months Ended June 30, |  | For the Six Months Ended June 30,
Revenue: | 2022 |  | 2021 |  | 2022 |  | 2021
Communications (a) | $ | 822.0 |  |  | $ | 630.4 |  |  | $ | 1,486.2 |  |  | $ | 1,199.0 |
Clean Energy and Infrastructure | 494.5 |  |  | 481.5 |  |  | 930.4 |  |  | 831.9 |
Oil and Gas | 341.2 |  |  | 621.4 |  |  | 552.2 |  |  | 1,346.9 |
Power Delivery | 646.5 |  |  | 232.5 |  |  | 1,296.9 |  |  | 366.0 |
Other | — |  |  | 0.0 |  |  | — |  |  | 0.0 |
Eliminations | (2.4) |  |  | (3.1) |  |  | (9.5) |  |  | (5.7) |
Consolidated revenue | $ | 2,301.8 |  |  | $ | 1,962.7 |  |  | $ | 4,256.2 |  |  | $ | 3,738.1 |
(a) Revenue generated primarily by utilities customers represented 24.1% and 20.6% of Communications segment revenue for the three month periods ended June 30, 2022 and 2021, respectively, and represented 24.8% and 20.4% for the six month periods ended June 30, 2021 and 2020, respectively.
| For the Three Months Ended June 30, |  | For the Six Months Ended June 30,
EBITDA: | 2022 |  | 2021 |  | 2022 |  | 2021
Communications | $ | 84.2 |  |  | $ | 72.7 |  |  | $ | 124.6 |  |  | $ | 121.5 |
Clean Energy and Infrastructure | (5.2) |  |  | 15.6 |  |  | 5.6 |  |  | 26.4 |
Oil and Gas | 62.8 |  |  | 138.1 |  |  | 84.2 |  |  | 305.7 |
Power Delivery | 41.4 |  |  | 9.3 |  |  | 87.5 |  |  | 12.9 |
Other | 7.4 |  |  | 8.3 |  |  | 14.4 |  |  | 15.8 |
Corporate | (38.3) |  |  | (19.9) |  |  | (85.3) |  |  | (59.8) |
Consolidated EBITDA | $ | 152.3 |  |  | $ | 224.1 |  |  | $ | 231.0 |  |  | $ | 422.5 |
| For the Three Months Ended June 30, |  | For the Six Months Ended June 30,
Depreciation and Amortization: | 2022 |  | 2021 |  | 2022 |  | 2021
Communications | $ | 30.7 |  |  | $ | 23.8 |  |  | $ | 59.7 |  |  | $ | 45.6 |
Clean Energy and Infrastructure | 11.7 |  |  | 10.5 |  |  | 23.1 |  |  | 18.1 |
Oil and Gas | 32.2 |  |  | 56.2 |  |  | 63.8 |  |  | 108.3 |
Power Delivery | 36.8 |  |  | 14.1 |  |  | 72.5 |  |  | 20.2 |
Other | — |  |  | 0.0 |  |  | — |  |  | 0.0 |
Corporate | 3.3 |  |  | 2.8 |  |  | 6.4 |  |  | 5.7 |
Consolidated depreciation and amortization | $ | 114.7 |  |  | $ | 107.4 |  |  | $ | 225.5 |  |  | $ | 197.9 |
Assets: | June 30, 2022 |  | December 31, 2021 (a)
Communications | $ | 2,349.4 |  |  | $ | 2,100.9 |
Clean Energy and Infrastructure | 1,045.1 |  |  | 1,067.0 |
Oil and Gas | 1,576.6 |  |  | 1,527.6 |
Power Delivery | 2,015.4 |  |  | 2,017.2 |
Other | 276.6 |  |  | 238.1 |
Corporate | 141.6 |  |  | 170.6 |
Consolidated segment assets | $ | 7,404.7 |  |  | $ | 7,121.4 |
(a) Segment assets as of December 31, 2021 were recast during the first quarter of 2022 to conform with the change in segment reporting for the HMG acquisition, the effect of which was a decrease in Power Delivery segment assets of $192.2 million, an increase in assets for the Communications and Oil and Gas segments of $69.4 million and $77.0 million, respectively, and an increase in Corporate assets of $45.8 million.
Reconciliation of Consolidated Income before Income Taxes to EBITDA |
| For the Three Months Ended June 30, |  | For the Six Months Ended June 30,
EBITDA Reconciliation: | 2022 |  | 2021 |  | 2022 |  | 2021
Income (loss) before income taxes | $ | 18.2 |  |  | $ | 102.8 |  |  | $ | (29.9) |  |  | $ | 198.3 |
Plus: |  |  |  |  |  |  |
Interest expense, net | 19.4 |  |  | 13.8 |  |  | 35.4 |  |  | 26.3 |
Depreciation | 87.0 |  |  | 87.5 |  |  | 172.2 |  |  | 166.8 |
Amortization of intangible assets | 27.7 |  |  | 19.9 |  |  | 53.3 |  |  | 31.2 |
Consolidated EBITDA | $ | 152.3 |  |  | $ | 224.1 |  |  | $ | 231.0 |  |  | $ | 422.5 |

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- Definition Tabular disclosure of the reconciliation of profit (loss) from reportable segments to the consolidated income (loss) before income tax expense (benefit) and discontinued operations. Includes, but is not limited to, reconciliation after income tax if income tax is allocated to the reportable segment. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8924-108599 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8906-108599 + Details
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- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8813-108599 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 1 -URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8906-108599 + Details
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