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Segments and Related Information | 3 Months Ended
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Mar. 31, 2023
Segment Reporting [Abstract] |
Segments and Related Information | Segments and Related Information Segment Discussion The Company manages its operations under five operating segments, which represent its five reportable segments: (1) Communications; (2) Clean Energy and Infrastructure; (3) Oil and Gas; (4) Power Delivery and (5) Other. This structure is generally focused on broad end-user markets for the Company’s labor-based construction services. All five reportable segments derive their revenue 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 for renewable energy; various types of heavy civil and industrial infrastructure, including rail; and environmental remediation services. The Company performs engineering, construction and maintenance services for pipeline distribution, including natural gas, carbon capture sequestration, water and pipeline integrity services for the energy and utilities industries through its Oil and Gas segment. The Power Delivery segment primarily serves the energy and utility industries through the engineering, construction and maintenance of power transmission and distribution infrastructure, including electrical and gas transmission lines, distribution network systems and substations; and environmental planning and compliance services. 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 that perform construction and other services for certain international end-markets. Earnings before interest, taxes, depreciation and amortization (“EBITDA”) is the measure of profitability used by management to manage its segments and, accordingly, in its segment reporting. As appropriate, the Company supplements the reporting of its consolidated financial information determined in accordance with U.S. GAAP with certain non-U.S. GAAP financial measures, including EBITDA. The Company believes these non-U.S. GAAP measures provide meaningful information and help investors understand the Company’s financial results and assess its prospects for future performance. The Company uses EBITDA to evaluate its performance, both internally and as compared with its peers, because it excludes certain items that may not be indicative of the Company’s core operating results for its reportable segments, as well as items that can vary widely across different industries or among companies within the same industry. Segment EBITDA is calculated in a manner consistent with consolidated EBITDA. Summarized financial information for MasTec’s reportable segments is presented and reconciled to consolidated financial information for total MasTec in the following tables, including a reconciliation of consolidated income before income taxes to EBITDA, all of which are presented in millions. The tables below may contain slight summation differences due to rounding.
| For the Three Months Ended March 31, |  |
Revenue: | 2023 |  | 2022 |  |  |  |
Communications (a) | $ | 806.6 |  |  | $ | 664.2 |  |  |  |  |
Clean Energy and Infrastructure | 824.9 |  |  | 435.9 |  |  |  |  |
Oil and Gas | 256.5 |  |  | 211.0 |  |  |  |  |
Power Delivery | 709.4 |  |  | 650.5 |  |  |  |  |
Other | — |  |  | — |  |  |  |  |
Eliminations | (12.7) |  |  | (7.2) |  |  |  |  |
Consolidated revenue | $ | 2,584.7 |  |  | $ | 1,954.4 |  |  |  |  |
(a) Revenue generated primarily by utilities customers represented 23.7% and 25.6% of Communications segment revenue for the three month periods ended March 31, 2023 and 2022, respectively.
| For the Three Months Ended March 31, |  |
EBITDA: | 2023 |  | 2022 |  |  |  |
Communications | $ | 52.8 |  |  | $ | 40.3 |  |  |  |  |
Clean Energy and Infrastructure | 5.3 |  |  | 10.9 |  |  |  |  |
Oil and Gas | 14.5 |  |  | 21.5 |  |  |  |  |
Power Delivery | 47.4 |  |  | 46.1 |  |  |  |  |
Other | 7.1 |  |  | 6.9 |  |  |  |  |
Segment EBITDA | $ | 127.1 |  |  | $ | 125.7 |  |  |  |  |
For the three month period ended March 31, 2023, Communications, Clean Energy and Infrastructure and Power Delivery EBITDA included $8.9 million, $5.2 million and $1.7 million, respectively, of acquisition and integration costs related to the Company’s recent acquisitions, and Corporate EBITDA included $1.3 million of such costs. For the three month period ended March 31, 2022, Communications, Oil and Gas and Power Delivery EBITDA included $0.8 million, $2.0 million and $7.0 million, respectively, of such acquisition and integration costs, and Corporate EBITDA included $3.8 million.
| For the Three Months Ended March 31, |  |
EBITDA Reconciliation: | 2023 |  | 2022 |  |  |  |
Loss before income taxes | $ | (125.3) |  |  | $ | (48.1) |  |  |  |  |
Plus: |  |  |  |  |  |  |
Interest expense, net | 52.7 |  |  | 16.0 |  |  |  |  |
Depreciation | 107.2 |  |  | 85.2 |  |  |  |  |
Amortization | 41.9 |  |  | 25.6 |  |  |  |  |
Corporate EBITDA | 50.5 |  |  | 47.0 |  |  |  |  |
Segment EBITDA | $ | 127.1 |  |  | $ | 125.7 |  |  |  |  |
| For the Three Months Ended March 31, |  |
Depreciation and Amortization: | 2023 |  | 2022 |  |  |  |
Communications | $ | 34.6 |  |  | $ | 29.0 |  |  |  |  |
Clean Energy and Infrastructure | 38.4 |  |  | 11.4 |  |  |  |  |
Oil and Gas | 34.3 |  |  | 31.6 |  |  |  |  |
Power Delivery | 39.3 |  |  | 35.7 |  |  |  |  |
Other | 0.0 |  |  | 0.0 |  |  |  |  |
Corporate | 2.6 |  |  | 3.1 |  |  |  |  |
Consolidated depreciation and amortization | $ | 149.2 |  |  | $ | 110.8 |  |  |  |  |
Assets: | March 31, 2023 |  | December 31, 2022
Communications | $ | 2,504.6 |  |  | $ | 2,378.6 |
Clean Energy and Infrastructure | 2,665.2 |  |  | 2,979.9 |
Oil and Gas | 1,567.0 |  |  | 1,544.2 |
Power Delivery | 1,901.2 |  |  | 1,967.9 |
Other | 295.4 |  |  | 297.3 |
Corporate | 121.9 |  |  | 125.4 |
Consolidated assets | $ | 9,055.3 |  |  | $ | 9,293.3 |
Foreign Operations and Other. MasTec operates primarily in the United States and Canada, and, to a far lesser extent, in Mexico, the Caribbean and India. Revenue derived from U.S. operations totaled $2.6 billion and $1.9 billion for the three month periods ended March 31, 2023 and 2022, respectively. Revenue derived from foreign operations totaled $27.5 million and $24.5 million for the three month periods ended March 31, 2023 and 2022, respectively, which revenue was derived primarily from the Company’s Canadian operations in its Oil and Gas segment. Long-lived assets held in the U.S. included property and equipment, net, of $1.7 billion as of both March 31, 2023 and December 31, 2022, and for the Company’s businesses in foreign countries, totaled $20.3 million and $21.0 million, for the respective periods. Intangible assets and goodwill, net, related to the Company’s U.S. operations totaled approximately $2.9 billion and $3.0 billion as of March 31, 2023 and December 31, 2022, respectively, and for the Company’s businesses in foreign countries, totaled approximately $35.1 million and $35.5 million, respectively. Substantially all of the Company’s long-lived and intangible assets and goodwill in foreign countries relate to its Canadian operations. As of both March 31, 2023 and December 31, 2022, amounts due from customers from which foreign revenue was derived accounted for approximately 1% of the Company’s consolidated net accounts receivable position, which is calculated as accounts receivable, net, less deferred revenue. Revenue from governmental entities for the three month periods ended March 31, 2023 and 2022 totaled approximately 8% and 6%, respectively, of total revenue, substantially all of which was derived from the Company’s U.S. operations. Significant Customers No customer represented greater than 10% of the Company’s total consolidated revenue in either of the three month periods ended March 31, 2023 and 2022.

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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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&loc=d3e8721-108599 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI https://asc.fasb.org/topic&trid=2134510 + Details
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