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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_____________________________________________
Form 10-Q
_____________________________________________
(Mark One)
    QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2021
OR
     TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from __ to __
Commission File Number 001-08106
_____________________________________________
https://cdn.kscope.io/0ed2296b5b3e5f2260f2f8a7f7be1aaf-mtz-20210630_g1.jpg
MasTec, Inc.
(Exact name of registrant as specified in its charter)
Florida
65-0829355
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)
800 S. Douglas Road, 12th Floor
Coral Gables,
Florida
33134
(Address of principal executive offices)(Zip Code)
(305) 599-1800
(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading symbol(s)
Name of each exchange on which registered
Common Stock, $0.10 Par ValueMTZNew York Stock Exchange

    Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.     Yes   No 
    Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes   No 
    Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
Accelerated filer
Non-accelerated filer
Smaller reporting company
Emerging growth company
    If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.   
    Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act.)    Yes    No 
    As of August 2, 2021, MasTec, Inc. had 74,314,887 shares of common stock outstanding.



MASTEC, INC.
FORM 10-Q
QUARTER ENDED JUNE 30, 2021

TABLE OF CONTENTS
 
Page
 
2


PART I.     FINANCIAL INFORMATION
ITEM 1.     FINANCIAL STATEMENTS

MASTEC, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited - in thousands, except per share amounts)
For the Three Months Ended June 30, For the Six Months Ended June 30,
2021202020212020
Revenue$1,962,658 $1,569,297 $3,738,082 $2,985,901 
Costs of revenue, excluding depreciation and amortization1,675,232 1,341,825 3,189,091 2,568,122 
Depreciation87,501 57,687 166,766 110,776 
Amortization of intangible assets19,923 9,793 31,170 17,184 
General and administrative expenses84,960 84,959 158,068 170,473 
Interest expense, net13,829 14,808 26,288 31,812 
Equity in earnings of unconsolidated affiliates, net(7,525)(6,813)(14,871)(14,647)
Other income, net(14,089)(10,527)(16,686)(11,869)
Income before income taxes$102,827 $77,565 $198,256 $114,050 
Provision for income taxes(27,062)(20,738)(56,379)(21,161)
Net income$75,765 $56,827 $141,877 $92,889 
Net income (loss) attributable to non-controlling interests314 (178)777 (346)
Net income attributable to MasTec, Inc.$75,451 $57,005 $141,100 $93,235 
Earnings per share (Note 2):
Basic earnings per share$1.04 $0.79 $1.95 $1.27 
Basic weighted average common shares outstanding72,501 72,045 72,470 73,392 
Diluted earnings per share$1.02 $0.78 $1.91 $1.26 
Diluted weighted average common shares outstanding73,976 72,777 73,913 74,135 

The accompanying notes are an integral part of these consolidated financial statements.

3


MASTEC, INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(unaudited - in thousands)
For the Three Months Ended June 30, For the Six Months Ended June 30,
2021202020212020
Net income$75,765 $56,827 $141,877 $92,889 
Other comprehensive (loss) income:
Foreign currency translation gains (losses), net of tax843 (840)1,214 (1,137)
Unrealized (losses) gains on investment activity, net of tax(3,465)(1,325)10,374 (24,286)
Comprehensive income$73,143 $54,662 $153,465 $67,466 
Comprehensive income (loss) attributable to non-controlling interests314 (178)777 (346)
Comprehensive income attributable to MasTec, Inc.$72,829 $54,840 $152,688 $67,812 

The accompanying notes are an integral part of these consolidated financial statements.
4


MASTEC, INC.
CONSOLIDATED BALANCE SHEETS
 (unaudited - in thousands, except share information)
June 30,
2021
December 31,
2020
Assets
Current assets:
Cash and cash equivalents$237,271 $423,118 
Accounts receivable, net of allowance865,235 784,488 
Contract assets1,103,726 969,743 
Inventories, net87,355 89,645 
Prepaid expenses69,887 60,631 
Other current assets44,815 31,390 
Total current assets$2,408,289 $2,359,015 
Property and equipment, net1,101,234 982,328 
Operating lease assets215,554 176,573 
Goodwill, net1,331,699 1,243,034 
Other intangible assets, net521,033 184,043 
Other long-term assets323,819 282,856 
Total assets$5,901,628 $5,227,849 
Liabilities and equity
Current liabilities:
Current portion of long-term debt, including finance leases$163,116 $145,110 
Current portion of operating lease liabilities85,573 72,481 
Accounts payable629,910 571,269 
Accrued salaries and wages210,561 135,316 
Other accrued expenses207,571 187,647 
Contract liabilities238,853 228,388 
Other current liabilities103,407 74,988 
Total current liabilities$1,638,991 $1,415,199 
Long-term debt, including finance leases1,420,460 1,157,632 
Long-term operating lease liabilities142,777 116,506 
Deferred income taxes323,950 302,938 
Other long-term liabilities214,081 230,049 
Total liabilities$3,740,259 $3,222,324 
Commitments and contingencies (Note 14)
Equity
Preferred stock, $1.00 par value: authorized shares - 5,000,000; issued and outstanding shares – none
$ $ 
Common stock, $0.10 par value: authorized shares - 145,000,000; issued shares - 93,256,202 and 93,107,440 (including 1,869,208 and 1,843,041 of unvested stock awards) as of June 30, 2021 and December 31, 2020, respectively
9,326 9,311 
Capital surplus841,190 837,453 
Retained earnings1,974,657 1,833,557 
Accumulated other comprehensive loss(79,856)(91,444)
Treasury stock, at cost: 18,941,926 shares as of both June 30, 2021 and December 31, 2020, respectively
(586,955)(586,955)
Total MasTec, Inc. shareholders’ equity$2,158,362 $2,001,922 
Non-controlling interests$3,007 $3,603 
Total equity$2,161,369 $2,005,525 
Total liabilities and equity$5,901,628 $5,227,849 

The accompanying notes are an integral part of these consolidated financial statements.
5


MASTEC, INC.
CONSOLIDATED STATEMENTS OF EQUITY
(unaudited - in thousands, except shares) 
Common StockTreasury StockCapital SurplusRetained EarningsAccumulated Other Comprehensive Loss
Total
MasTec, Inc. Shareholders’ Equity
Non-Controlling InterestsTotal Equity
SharesAmountSharesAmount
For the Three Months Ended June 30, 2021
Balance as of March 31, 202193,253,268 $9,325 (18,941,926)$(586,955)$840,567 $1,899,206 $(77,234)$2,084,909 $4,066 $2,088,975 
Net income75,451 75,451 314 75,765 
Other comprehensive loss(2,622)(2,622)(2,622)
Non-cash stock-based compensation6,072 6,072 6,072 
Issuance of restricted shares, net3,114 — — — — 
Shares withheld for taxes, net of other share activity(180)1 (20)(19)(19)
Purchase of non-controlling interests(5,429)(5,429)(1,373)(6,802)
Balance as of June 30, 202193,256,202 $9,326 (18,941,926)$(586,955)$841,190 $1,974,657 $(79,856)$2,158,362 $3,007 $2,161,369 
For the Three Months Ended June 30, 2020
Balance as of March 31, 202092,618,032 $9,262 (18,914,841)$(586,153)$814,425 $1,546,939 $(98,963)$1,685,510 $4,303 $1,689,813 
Net income (loss)57,005 57,005 (178)56,827 
Other comprehensive loss(2,166)(2,166)(2,166)
Non-cash stock-based compensation5,850 5,850 5,850 
Forfeiture of restricted shares, net(1,424)— — — — 
Other stock issuances, net of shares withheld for taxes48,489 5 1,309 1,314 1,314 
Acquisition of treasury stock, at cost(27,085)(802)(802)(802)
Balance as of June 30, 202092,665,097 $9,267 (18,941,926)$(586,955)$821,584 $1,603,944 $(101,129)$1,746,711 $4,125 $1,750,836 

The accompanying notes are an integral part of these consolidated financial statements.


6


MASTEC, INC.
CONSOLIDATED STATEMENTS OF EQUITY
(unaudited - in thousands, except shares) 
Common StockTreasury StockCapital SurplusRetained EarningsAccumulated Other Comprehensive Loss
Total
MasTec, Inc. Shareholders’ Equity
Non-Controlling InterestsTotal Equity
SharesAmountSharesAmount
For the Six Months Ended June 30, 2021
Balance as of December 31, 202093,107,440 $9,311 (18,941,926)$(586,955)$837,453 $1,833,557 $(91,444)$2,001,922 $3,603 $2,005,525 
Net income141,100 141,100 777 141,877 
Other comprehensive income11,588 11,588 11,588 
Non-cash stock-based compensation11,600 11,600 11,600 
Issuance of restricted shares, net141,195 14 (14)—  
Other stock issuances, net of shares withheld for taxes7,567 1 (2,420)(2,419)(2,419)
Purchase of non-controlling interests(5,429)(5,429)(1,373)(6,802)
Balance as of June 30, 202193,256,202 $9,326 (18,941,926)$(586,955)$841,190 $1,974,657 $(79,856)$2,158,362 $3,007 $2,161,369 
For the Six Months Ended June 30, 2020
Balance as of December 31, 201991,909,430 $9,191 (15,344,917)$(466,727)$809,753 $1,510,709 $(75,706)$1,787,220 $4,471 $1,791,691 
Net income (loss)93,235 93,235 (346)92,889 
Other comprehensive loss(25,423)(25,423)(25,423)
Non-cash stock-based compensation9,899 9,899 9,899 
Issuance of restricted shares, net693,355 69 (69)—  
Other stock issuances, net of shares withheld for taxes62,312 7 2,001 2,008 2,008 
Acquisition of treasury stock, at cost(3,597,009)(120,228)(120,228)(120,228)
Balance as of June 30, 202092,665,097 $9,267 (18,941,926)$(586,955)$821,584 $1,603,944 $(101,129)$1,746,711 $4,125 $1,750,836 

The accompanying notes are an integral part of these consolidated financial statements.
7


MASTEC, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited - in thousands)
For the Six Months Ended June 30,
20212020
Cash flows from operating activities:
Net income$141,877 $92,889 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation166,766 110,776 
Amortization of intangible assets31,170 17,184 
Non-cash interest expense, net1,563 1,451 
Non-cash stock-based compensation expense11,600 9,899 
Benefit from deferred income taxes(1,594)(20,575)
Equity in earnings of unconsolidated affiliates(14,871)(14,647)
Gains on sales of assets, net(5,975)(8,334)
Other non-cash items, net(7,836)12,297 
Changes in assets and liabilities, net of acquisitions:
Accounts receivable32,710 (60,246)
Contract assets(46,148)64,321 
Inventories5,167 (4,629)
Other assets, current and long-term portion(2,604)31,234 
Accounts payable and accrued expenses60,452 164,297 
Contract liabilities(16,020)130,784 
Other liabilities, current and long-term portion(6,915)(59,481)
Net cash provided by operating activities$349,342 $467,220 
Cash flows from investing activities:
Cash paid for acquisitions, net of cash acquired(589,055)(10,493)
Capital expenditures(97,029)(132,755)
Proceeds from sale of property and equipment12,960 17,861 
Payments for other investments(6,197)(16,777)
Proceeds from other investments557 648 
Other investing activities, net2,650 4,843 
Net cash used in investing activities$(676,114)$(136,673)
Cash flows from financing activities:
Proceeds from credit facilities414,741 1,235,935 
Repayments of credit facilities(161,375)(1,401,899)
Payments of finance lease obligations(76,630)(61,587)
Payments of acquisition-related contingent consideration(20,893)(10,097)
Payments to non-controlling interests, including acquisition of interests and distributions(8,888) 
Payments for stock-based awards(3,774)(593)
Proceeds from stock-based awards 3,936 
Repurchases of common stock (120,228)
Other financing activities, net(2,343)(17)
Net cash provided by (used in) financing activities$140,838 $(354,550)
Effect of currency translation on cash87 1,214 
Net decrease in cash and cash equivalents$(185,847)$(22,789)
Cash and cash equivalents - beginning of period$423,118 $71,427 
Cash and cash equivalents - end of period$237,271 $48,638 
Supplemental cash flow information:
Interest paid
$28,401 $33,046 
Income tax payments, net of refunds$61,180 $1,469 
Supplemental disclosure of non-cash information:
Additions to property and equipment from finance leases
$98,984 $44,987 

The accompanying notes are an integral part of these consolidated financial statements.
8


MASTEC, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
Note 1 – 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 generation, primarily from clean energy and renewable sources; pipeline infrastructure; electrical utility transmission and distribution; heavy civil; and industrial infrastructure. MasTec’s customers are primarily in these industries. MasTec reports its results under five reportable segments: (1) Communications; (2) Clean Energy and Infrastructure; (3) Oil and Gas; (4) Electrical Transmission; and (5) Other. See Note 13 - Segments and Related Information.
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, 2020 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, 2020 contained in the Company’s 2020 Annual Report on Form 10-K (the “2020 Form 10-K”). In management’s opinion, all normal and recurring adjustments considered necessary for a fair presentation of the financial position, results of operations and cash flows for the periods presented have been included. When necessary, certain prior year amounts have been reclassified to conform to the current period presentation. 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, except for mandatorily redeemable non-controlling interests, which are recorded within other liabilities. Net income or loss attributable to non-controlling interests is reported as a separate line item below net income or loss. The Company applies the equity method of accounting for its investments in entities for which it does not have a controlling financial interest, but over which it has the ability to exert significant influence. See Note 4 - Fair Value of Financial Instruments. For equity investees in which the Company has an undivided interest in the assets, liabilities and profits or losses of an unincorporated entity, but does not exercise control over the entity, the Company consolidates its proportional interest in the accounts of the entity.
Translation of Foreign Currencies
The assets and liabilities of foreign subsidiaries with a functional currency other than the U.S. dollar are translated into U.S. dollars at period-end exchange rates, with resulting translation gains or losses included within other comprehensive income or loss. Revenue and expenses are translated into U.S. dollars at average rates of exchange during the applicable period. Substantially all of the Company’s foreign operations use their local currency as their functional currency. For foreign operations for which the local currency is not the functional currency, the operation’s non-monetary assets are remeasured into U.S. dollars at historical exchange rates. All other accounts are remeasured at current exchange rates. Gains or losses from remeasurement are included in other income or expense, net. Currency gains or losses resulting from transactions executed in currencies other than the functional currency are included in other income or expense, net.
In these consolidated financial statements, “$” means U.S. dollars unless otherwise noted.
Management Estimates
    The preparation of consolidated financial statements in accordance with U.S. GAAP requires the use of estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. These estimates are based on historical experience and various other assumptions that management believes to be reasonable under the circumstances, including the potential future effects of the COVID-19 pandemic, climate change, and other global and/or macroeconomic trends and events. These estimates form the basis for making judgments about the Company’s operating results and the carrying values of assets and liabilities that are not readily apparent from other sources. While management believes that such estimates are reasonable when considered in conjunction with the Company’s consolidated financial position and results of operations taken as a whole, actual results could differ materially from these estimates.
Key estimates include: the recognition of revenue and project profit or loss, which the Company defines as project revenue, less project costs of revenue, including project-related depreciation, in particular, on construction contracts accounted for under the cost-to-cost method, for which the recorded amounts require estimates of costs to complete and the amount and probability of variable consideration included in the contract transaction price; fair value estimates, including those related to acquisitions, valuations of goodwill and intangible assets, acquisition-related contingent consideration and other liabilities, equity investments and other long-lived assets; allowances for credit losses; asset lives used in
9


computing depreciation and amortization; fair values of financial instruments; self-insurance liabilities; other accruals and allowances; income taxes; and the estimated effects of litigation and other contingencies.
COVID-19 Pandemic
The novel coronavirus (“COVID-19”) pandemic disrupted business activities and significantly affected global economic conditions at the beginning of 2020 and continuing into 2021 as federal, state and local governments imposed restrictions and mitigation measures to contain COVID-19 or slow its spread, resulting in workforce, supply chain and production disruptions and creating significant uncertainties in the U.S. and global economies. While the adverse effects of these restrictions and mitigation measures partially subsided in the United States beginning in the second half of 2020, the COVID-19 pandemic varies by region and the possibility of future restrictions remains, particularly as a new Delta variant of COVID-19 appears to be causing an increase in COVID-19 cases.
As a provider of essential services, all of the Company’s business segments continued to operate throughout the pandemic, and, where safe and possible, the Company was generally directed by its customers to maintain normal work schedules. The Company’s business model has, thus far, proven resilient, and management continues to adapt to the changing operational and economic environment that has resulted from the COVID-19 pandemic. Management’s top priority has been to take appropriate actions to protect the health and safety of its employees, customers and business partners. The Company has adjusted its standard operating procedures within its business operations to ensure employee and customer safety and is continually monitoring evolving health guidelines and responding to changes as appropriate. The COVID-19 pandemic has had a negative impact on the Company’s operations since 2020 and may continue to affect its business activities throughout 2021. These impacts include lost productivity from governmental permitting approval delays, reduced crew productivity due to social distancing and other mitigation measures, the health and availability of work crews or other key personnel, including subcontractors or supply chain disruptions, and/or delayed project start dates, project shutdowns or cancellations that may be mandated or requested by governmental authorities or others, all of which could result in lower revenue or higher operating costs and/or create lower levels of overhead cost absorption.
Several relief measures have been enacted in response to the effects of the COVID-19 pandemic, including the Coronavirus Aid, Relief and Economic Security Act (the “CARES Act”) and the Coronavirus Response and Relief Supplemental Appropriations Act (the “Coronavirus Relief Act”).  The CARES Act permitted deferral and/or reduction of certain federal and payroll tax amounts, certain of which the Company pursued, including the deferral of approximately $59 million of payroll taxes, half of which are due by December 31, 2021, with the remainder due by December 31, 2022. The Company will continue to monitor and evaluate the potential effects, usefulness of, and qualification for, additional COVID-19 relief measures on the Company’s financial position, results of operations and cash flows.
Notwithstanding moderation of the COVID-19 pandemic and easing of governmental and other restrictions, the Company may continue to experience negative effects on its business and operations from possible longer-term changes in consumer and customer behavior, and/or from continuing negative economic conditions. The Company believes that it has taken appropriate steps to mitigate the impacts of the COVID-19 pandemic on its business; however, the potential effects of the COVID-19 pandemic are uncertain, as they depend upon numerous evolving factors that management may not be able to accurately predict. The availability, acceptance, administration and effectiveness (and the duration of such effectiveness) of treatments and vaccines, along with the length and extent of any continuing economic and market disruptions are unknown, and, therefore, any future impacts on our business, financial condition and/or results of operations cannot be quantified or predicted with specificity.
Significant Accounting Policies
Revenue Recognition
The Company recognizes revenue from contracts with customers under Accounting Standards Codification (“ASC”) Topic 606 (“Topic 606”). Under Topic 606, revenue is recognized when, or as, control of promised goods and services is transferred to customers, and the amount of revenue recognized reflects the consideration to which an entity expects to be entitled in exchange for the goods and services transferred. Revenue is primarily recognized by the Company 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 and other service agreements, which 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 are subject to multiple pricing options, including fixed price, unit price, time and materials, or cost plus a markup. Revenue derived from projects performed under master service and other service agreements totaled 32% and 36% of consolidated revenue for the three month periods ended June 30, 2021 and 2020, respectively, and totaled 31% and 39% for the six month periods ended June 30, 2021 and 2020, respectively.
For certain master service and other service agreements under which the Company performs installation and maintenance services, primarily for install-to-the-home service providers in its Communications segment, revenue is recognized at a point in time. This is generally when the work order has been fulfilled, which is typically the same day the work is initiated. Point in time revenue accounted for approximately 4% of consolidated revenue for both the three and six month periods ended June 30, 2021, and accounted for approximately 5% of consolidated revenue for both the three and six month periods ended June 30, 2020. Substantially all of the Company’s other revenue is recognized over time.
The total contract transaction price and cost estimation processes used for recognizing revenue over time under the cost-to-cost method is based on the professional knowledge and experience of the Company’s project managers, engineers and financial professionals. Management reviews estimates of total contract transaction price and total project costs on an ongoing basis. Changes in job performance, job conditions and management’s assessment of expected 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 revenue in the period in which the revisions are determined, which 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. For both the six month periods ended June 30, 2021 and 2020,
10


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, 2020 and 2019. Revenue recognized for the three month periods ended June 30, 2021 and 2020 as a result of changes in total contract transaction price estimates, including from variable consideration, from performance obligations satisfied or partially satisfied in prior periods, totaled approximately $30.5 million and $5.4 million, respectively, and totaled $37.0 million and $15.8 million for the six month periods ended June 30, 2021 and 2020, respectively.
The Company may incur certain costs that can be capitalized, such as initial set-up or mobilization costs. Such costs, which are amortized over the life of the respective projects, were $2.7 million and $5.5 million as of June 30, 2021 and December 31, 2020.
Performance Obligations. A performance obligation is a contractual promise to transfer a distinct good or service to a customer and is the unit of account under Topic 606. 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 vast 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 June 30, 2021, the amount of the Company’s remaining performance obligations was $5.2 billion. Based on current expectations, the Company anticipates it will recognize approximately $2.9 billion of its remaining performance obligations as revenue during 2021, with the majority of the remaining balance to be recognized in 2022.
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 engineering studies and legal opinions, past practices with the customer, specific discussions, correspondence or preliminary negotiations with the customer 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 June 30, 2021 and December 31, 2020, the Company included approximately $97 million and $51 million, respectively, of change orders and/or claims in transaction prices for certain contracts that were in the process of being resolved in the ordinary course of 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 June 30, 2021 and December 31, 2020, these change orders and/or claims related to projects across the Company’s segments. The Company actively engages with its customers to complete the final approval process 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.
Recently Issued Accounting Pronouncements
The discussion below describes the effects of recent accounting pronouncements, as updated from the discussion in the Company’s 2020 Form 10-K.
Accounting Pronouncements Adopted in 2021
In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes (“ASU 2019-12”), which eliminates certain exceptions to the existing guidance for income taxes related to the approach for intra-period tax allocations, the methodology for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences. This ASU also simplifies the accounting for income taxes by clarifying and amending existing guidance related to the effects of enacted changes in tax laws or rates in the effective tax rate computation, the recognition of franchise tax and the evaluation of a step-up in the tax basis of goodwill, among other clarifications. ASU 2019-12, which the Company adopted during the first quarter of 2021, did not have a material effect on the Company’s consolidated financial statements.
Note 2 – Earnings Per Share
Basic earnings per share is computed by dividing net income 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 under the treasury stock method, which includes the potential effect of dilutive common stock equivalents, such as issued but unvested restricted shares. If the Company reports a loss, rather than income, the computation of diluted loss per share excludes the effect of dilutive common stock equivalents, as their effect would be anti-dilutive.
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The following table provides details underlying the Company’s earnings per share calculations for the periods indicated (in thousands):
For the Three Months Ended June 30, For the Six Months Ended June 30,
2021202020212020
Net income attributable to MasTec:
Net income - basic and diluted (a)
$75,451 $57,005 $141,100 $93,235 
Weighted average shares outstanding:
Weighted average shares outstanding - basic72,501 72,045 72,470 73,392 
Dilutive common stock equivalents (b)
1,475 732 1,443 743 
Weighted average shares outstanding - diluted
73,976 72,777 73,913 74,135 
(a)Calculated as total net income less amounts attributable to non-controlling interests.
(b)For the six month periods ended June 30, 2021 and 2020, anti-dilutive common stock equivalents totaled 2,166 and 88,462, respectively.
Note 3 – Goodwill and Other Intangible Assets
The following table provides balances for goodwill by reportable segment as of June 30, 2021 (in millions):
CommunicationsClean Energy and InfrastructureOil and GasElectrical TransmissionTotal Goodwill
Goodwill, gross$584.7 $164.4 $513.2 $196.4 $1,458.7 
Accumulated impairment loss  (127.0) (127.0)
Goodwill, net$584.7 $164.4 $386.2 $196.4 $1,331.7 
For the six month period ended June 30, 2021, goodwill included additions of $88.1 million from new business combinations and a net increase of $0.1 million from measurement period adjustments. Currency translation effects related to goodwill and accumulated impairment losses for the six month period ended June 30, 2021 totaled approximately $3.6 million of gains and $3.2 million of losses, respectively.
The following table provides a reconciliation of changes in other intangible assets, net, for the period indicated (in millions):
Other Intangible Assets
Non-AmortizingAmortizing
Trade NamesCustomer Relationships and BacklogPre-Qualifications
Other (a)
Total
Other intangible assets, gross, as of December 31, 2020$34.5 $297.9 $73.8 $26.4 $432.6 
Accumulated amortization(218.5)(10.6)(19.5)(248.6)
Other intangible assets, net, as of December 31, 2020$34.5 $79.4 $63.2 $6.9 $184.0 
Additions from new business combinations 311.8  55.4 367.2 
Currency translation adjustments  1.0  1.0 
Amortization expense(23.4)(5.4)(2.4)(31.2)
Other intangible assets, net, as of June 30, 2021$34.5 $367.8 $58.8 $59.9 $521.0 
(a)Consists principally of trade names and non-compete agreements.
Quarterly Assessment for Indicators of Impairment. During the second quarter of 2021, in conjunction with the Company’s quarterly review for indicators of impairment, management performed a quantitative assessment of the goodwill associated with one reporting unit within its Oil and Gas segment and one reporting unit within its Clean Energy and Infrastructure segment. Based on the results of this assessment, management determined that the estimated fair values of both reporting units substantially exceeded their carrying values. Significant changes in the assumptions or estimates used in management’s assessment, such as a reduction in profitability and/or cash flows, 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, broaden its geographic reach and expand its service offerings.
2021 Acquisitions. For the six month period ended June 30, 2021, MasTec completed seven acquisitions, which included all of the equity interests in: (i) a premier specialty utility contractor primarily providing electrical distribution network services under various multi-year master service agreements to some of the nation’s largest utilities, municipalities and cooperatives, which acquisition was effective in May and is included within the Company’s Electrical Transmission segment, and for which acquisition consideration, including estimated earn-out liabilities, totaled approximately $450 million; (ii) a heavy civil infrastructure construction company focusing on transportation projects; and a heavy industrial general
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contractor with concrete, piping and electrical capabilities, which acquisitions were effective in February and April, respectively, and both of which are included within the Company’s Clean Energy and Infrastructure segment; (iii) a telecommunications and utility technical services company focusing on outside plant telecommunications engineering; a telecommunications and cable services provider; and a utilities infrastructure company, providing power line construction and repair services, all of which acquisitions were effective in May and are included within the Company’s Communications segment; and (iv) a pipeline contractor focusing on integrity and maintenance work related to gas distribution infrastructure, which acquisition was effective in February and is included within the Company’s Oil and Gas segment. These acquisitions were funded with cash on hand and borrowings under the Company’s senior secured credit facility and are subject to customary purchase price adjustments.
The following table summarizes the estimated fair values of consideration paid and net assets acquired for the 2021 acquisitions (in millions):
Acquisition consideration: 2021
Cash, net of cash acquired$589.0 
Estimated fair value of contingent consideration40.1 
Total consideration transferred$629.1 
Identifiable assets acquired and liabilities assumed:
Current assets, primarily accounts receivable$216.2 
Long-term assets, primarily property and equipment and operating lease assets182.0 
Amortizing intangible assets367.2 
Current liabilities, including current portion of operating lease liabilities(147.3)
Long-term liabilities, primarily operating lease liabilities and deferred income taxes(77.1)
Total identifiable net assets$541.0 
Goodwill$88.1 
Total net assets acquired, including goodwill$629.1 
Amortizing intangible assets related to the 2021 acquisitions are primarily composed of customer relationships and trade names, which had weighted average lives of approximately 18 years and 17 years, respectively. The weighted average life of amortizing intangible assets for the 2021 acquisitions in the aggregate was 17 years. The acquired intangible assets included a customer relationship and a trade name intangible asset representing $282 million in the aggregate, having asset lives of approximately 20 years each, based on the acquired entity’s operational history and established relationships with, and the nature of its customers, which are primarily in the utilities industry. Amortizing intangible assets are amortized in a manner consistent with the pattern in which the related benefits are expected to be consumed. The goodwill balances for each of the respective acquisitions, including approximately $46 million for the acquisition in our Electrical Transmission segment, represent the estimated value of each acquired company’s geographic presence in key markets, its assembled workforce and management team’s industry-specific project management expertise, as well as synergies expected to be achieved from the combined operations of each of the acquired companies and MasTec. Approximately $74 million of the goodwill balance related to the 2021 acquisitions is expected to be tax deductible as of June 30, 2021.
The contingent consideration included in the table above is composed of earn-out liabilities, which equal a portion of the acquired companies’ earnings before interest, taxes, depreciation and amortization (“EBITDA”) in excess of thresholds agreed upon with the sellers, if applicable. The earn-out arrangements for the 2021 acquisitions range from one to