Company Quick10K Filing
Quick10K
Mastec
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$51.06 76 $3,890
10-Q 2019-06-30 Quarter: 2019-06-30
10-Q 2019-03-31 Quarter: 2019-03-31
10-K 2018-12-31 Annual: 2018-12-31
10-Q 2018-09-30 Quarter: 2018-09-30
10-Q 2018-06-30 Quarter: 2018-06-30
10-Q 2018-03-31 Quarter: 2018-03-31
10-K 2017-12-31 Annual: 2017-12-31
10-Q 2017-09-30 Quarter: 2017-09-30
10-Q 2017-06-30 Quarter: 2017-06-30
10-Q 2017-03-31 Quarter: 2017-03-31
10-K 2016-12-31 Annual: 2016-12-31
10-Q 2016-09-30 Quarter: 2016-09-30
10-Q 2016-06-30 Quarter: 2016-06-30
10-Q 2016-03-31 Quarter: 2016-03-31
10-K 2015-12-31 Annual: 2015-12-31
10-Q 2015-09-30 Quarter: 2015-09-30
10-Q 2015-06-30 Quarter: 2015-06-30
10-Q 2015-03-31 Quarter: 2015-03-31
10-K 2014-12-31 Annual: 2014-12-31
10-Q 2014-09-30 Quarter: 2014-09-30
10-Q 2014-06-30 Quarter: 2014-06-30
10-Q 2014-03-31 Quarter: 2014-03-31
10-K 2013-12-31 Annual: 2013-12-31
8-K 2019-08-01 Earnings, Regulation FD, Exhibits
8-K 2019-05-23 Shareholder Vote
8-K 2019-05-02 Earnings, Regulation FD, Exhibits
8-K 2018-11-01 Earnings, Regulation FD, Exhibits
8-K 2018-08-02 Earnings, Regulation FD, Exhibits
8-K 2018-05-22 Shareholder Vote
8-K 2018-02-27 Earnings, Regulation FD, Exhibits
PEGI Pattern Energy Group 2,180
VNE Veoneer 1,810
LACQ Leisure Acquisition 251
LRAD LRAD 102
BPTH Bio-Path 40
ZN Zion Oil & Gas 36
ONCX Oncolix 0
RGRX Regenerx 0
GLYE Glyeco 0
VCBD Vitalibis 0
MTZ 2019-06-30
Part I. Financial Information
Item 1. Financial Statements
Note 1 - Business, Basis of Presentation and Significant Accounting Policies
Note 2 - Earnings per Share
Note 3 - Goodwill and Other Intangible Assets
Note 4 - Fair Value of Financial Instruments
Note 5 - Accounts Receivable, Net of Allowance, and Contract Assets and Liabilities
Note 6 - Property and Equipment, Net
Note 7 - Debt
Note 8 - Lease Obligations
Note 9 - Stock-Based Compensation and Other Employee Benefit Plans
Note 10 - Other Retirement Plans
Note 11 - Equity
Note 12 - Income Taxes
Note 13 - Segments and Related Information
Note 14 - Commitments and Contingencies
Note 15 - Related Party Transactions
Note 16 - Supplemental Guarantor Condensed Unaudited Consolidating Financial Information
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II. Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 4. Mine Safety Disclosures
Item 6. Exhibits
EX-31.1 mtz6301910-qex311.htm
EX-31.2 mtz6301910-qex312.htm
EX-32.1 mtz6301910-qex321.htm
EX-32.2 mtz6301910-qex322.htm

Mastec Earnings 2019-06-30

MTZ 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

Document
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_____________________________________________
Form 10-Q
_____________________________________________

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2019
Commission File Number 001-08106
_____________________________________________

image0a12.jpg
MasTec, Inc.
(Exact name of registrant as specified in its charter)
Florida
65-0829355
(State or other jurisdiction of
(I.R.S. Employer
incorporation or organization)
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 class

Trading symbol(s)

Name of each exchange on which registered

Common Stock, $0.10 Par Value
MTZ
New 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 July 29, 2019, MasTec, Inc. had 76,310,551 shares of common stock outstanding.





MASTEC, INC.
FORM 10-Q
QUARTER ENDED JUNE 30, 2019

TABLE OF CONTENTS
 
 
Page
 
 
 
 
 
 
 

2



PART I.     FINANCIAL INFORMATION

ITEM 1.
FINANCIAL STATEMENTS


MASTEC, INC.
CONDENSED UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share amounts)

 
For the Three Months Ended June 30,
 
For the Six Months Ended June 30,
 
2019
 
2018
 
2019
 
2018
Revenue
$
1,939,006

 
$
1,617,804

 
$
3,457,346

 
$
3,014,638

Costs of revenue, excluding depreciation and amortization
1,633,400

 
1,366,584

 
2,945,448

 
2,603,883

Depreciation and amortization
59,944

 
51,676

 
118,975

 
101,615

General and administrative expenses
70,819

 
67,602

 
143,436

 
131,224

Interest expense, net
16,623

 
20,795

 
38,881

 
37,854

Equity in earnings of unconsolidated affiliates
(6,551
)
 
(5,824
)
 
(12,811
)
 
(11,409
)
Other expense (income), net
4,812

 
788

 
8,317

 
(2,301
)
Income before income taxes
$
159,959

 
$
116,183

 
$
215,100

 
$
153,772

Provision for income taxes
(39,736
)
 
(35,782
)
 
(51,770
)
 
(46,908
)
Net income
$
120,223

 
$
80,401

 
$
163,330

 
$
106,864

Net income (loss) attributable to non-controlling interests
513

 
(91
)
 
507

 
(188
)
Net income attributable to MasTec, Inc.
$
119,710


$
80,492

 
$
162,823

 
$
107,052

 
 
 
 
 
 
 
 
Earnings per share (Note 2):
 
 
 
 
 
 
 
Basic earnings per share
$
1.59

 
$
1.02

 
$
2.17

 
$
1.34

Basic weighted average common shares outstanding
75,183

 
78,984

 
75,088

 
80,061

 
 
 
 
 
 
 
 
Diluted earnings per share
$
1.58

 
$
1.01

 
$
2.15

 
$
1.32

Diluted weighted average common shares outstanding
75,747

 
80,062

 
75,661

 
81,136


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


3



MASTEC, INC.
CONDENSED UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(in thousands)

 
For the Three Months Ended June 30,
 
For the Six Months Ended June 30,
 
2019
 
2018
 
2019
 
2018
Net income
$
120,223

 
$
80,401

 
$
163,330

 
$
106,864

Other comprehensive income (loss):
 
 
 
 
 
 
 
Foreign currency translation gains (losses), net of tax
113

 
(1,652
)
 
13

 
(2,175
)
Unrealized (losses) gains on equity investee activity, net of tax
(8,732
)
 
2,937

 
(14,194
)
 
10,653

Comprehensive income
$
111,604

 
$
81,686

 
$
149,149

 
$
115,342

Comprehensive income (loss) attributable to non-controlling interests
513

 
(91
)
 
507

 
(188
)
Comprehensive income attributable to MasTec, Inc.
$
111,091

 
$
81,777

 
$
148,642

 
$
115,530


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

4



MASTEC, INC.
CONDENSED UNAUDITED CONSOLIDATED BALANCE SHEETS
 (in thousands, except shares and per share amounts)

 
June 30,
2019
 
December 31,
2018
Assets
 
 
 
Current assets:
 
 
 
Cash and cash equivalents
$
59,176

 
$
27,422

Accounts receivable, net (Note 5)
1,841,768

 
1,923,970

Inventories, net
126,965

 
113,709

Prepaid expenses
44,096

 
56,558

Other current assets
55,007

 
47,330

Total current assets
$
2,127,012

 
$
2,168,989

Property and equipment, net
852,804

 
747,808

Operating lease assets
241,493

 

Goodwill, net
1,144,176

 
1,100,350

Other intangible assets, net
190,149

 
169,370

Other long-term assets
241,737

 
253,436

Total assets
$
4,797,371

 
$
4,439,953

Liabilities and equity
 
 
 
Current liabilities:
 
 
 
Current portion of long-term debt, including finance leases
$
106,882

 
$
82,655

Current portion of operating lease liabilities
77,629

 

Accounts payable
633,245

 
669,712

Accrued salaries and wages
125,672

 
90,218

Other accrued expenses
158,318

 
133,033

Billings in excess of costs and earnings
200,576

 
227,056

Other current liabilities
88,831

 
80,937

Total current liabilities
$
1,391,153

 
$
1,283,611

Long-term debt, including finance leases
1,250,812

 
1,324,223

Long-term operating lease liabilities
168,698

 

Deferred income taxes
256,519

 
263,687

Other long-term liabilities
178,851

 
176,408

Total liabilities
$
3,246,033

 
$
3,047,929

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 - 91,626,986 and 91,327,009 (including 1,152,993 and 1,251,533 of unvested stock awards) as of June 30, 2019 and December 31, 2018, respectively
9,163

 
9,133

Capital surplus
799,162

 
789,009

Retained earnings
1,281,198

 
1,118,375

Accumulated other comprehensive loss
(74,675
)
 
(60,494
)
Treasury stock, at cost: 15,344,917 and 15,329,817 shares as of June 30, 2019 and December 31, 2018, respectively
(466,727
)
 
(466,125
)
Total MasTec, Inc. shareholders’ equity
$
1,548,121

 
$
1,389,898

Non-controlling interests
$
3,217

 
$
2,126

Total equity
$
1,551,338

 
$
1,392,024

Total liabilities and equity
$
4,797,371

 
$
4,439,953


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

5



MASTEC, INC.
CONDENSED UNAUDITED CONSOLIDATED STATEMENTS OF EQUITY
(in thousands, except shares) 

 
Common Stock
 
Treasury Stock
 
Capital Surplus
 
Retained Earnings
 
Accumulated Other Comprehensive Loss
 
Total MasTec, Inc. Shareholders’ Equity
 
Non-Controlling Interests
 
Total Equity
 
Shares
 
Amount
 
Shares
 
Amount
 
 
 
 
 
 
For the Three Months Ended June 30, 2019
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance as of March 31, 2019
91,591,398

 
$
9,159

 
(15,344,917
)
 
$
(466,727
)
 
$
793,748

 
$
1,161,487

 
$
(66,056
)
 
$
1,431,611

 
$
2,121

 
$
1,433,732

Net income
 
 
 
 
 
 
 
 
 
 
119,710

 
 
 
119,710

 
513

 
120,223

Other comprehensive loss
 
 
 
 
 
 
 
 
 
 
 
 
(8,619
)
 
(8,619
)
 
 
 
(8,619
)
Non-cash stock-based compensation
 
 
 
 
 
 
 
 
4,220

 
 
 
 
 
4,220

 
 
 
4,220

Issuance of restricted shares, net
57

 

 
 
 
 
 

 
 
 
 
 

 
 
 

Other stock issuances, net of shares withheld for taxes
35,531

 
4

 
 
 
 
 
1,194

 
 
 
 
 
1,198

 
 
 
1,198

Contributions from non-controlling interests
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
584

 
584

Balance as of June 30, 2019
91,626,986

 
$
9,163

 
(15,344,917
)
 
$
(466,727
)
 
$
799,162

 
$
1,281,198

 
$
(74,675
)
 
$
1,548,121

 
$
3,217

 
$
1,551,338

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the Three Months Ended June 30, 2018
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance as of March 31, 2018
91,063,699

 
$
9,106

 
(10,171,531
)
 
$
(245,573
)
 
$
779,449

 
$
885,277

 
$
(56,519
)
 
$
1,371,740

 
$
2,457

 
$
1,374,197

Net income (loss)
 
 
 
 
 
 
 
 
 
 
80,492

 
 
 
80,492

 
(91
)
 
80,401

Other comprehensive income
 
 
 
 
 
 
 
 
 
 
 
 
1,285

 
1,285

 
 
 
1,285

Non-cash stock-based compensation
 
 
 
 
 
 
 
 
3,389

 
 
 
 
 
3,389

 
 
 
3,389

Forfeiture of restricted shares, net
(8,797
)
 
(1
)
 
 
 
 
 
1

 
 
 
 
 

 
 
 

Other stock issuances, net of shares withheld for taxes
25,378

 
3

 
 
 
 
 
986

 
 
 
 
 
989

 
 
 
989

Acquisition of treasury stock, at cost
 
 
 
 
(664,218
)
 
(29,862
)
 
 
 
 
 
 
 
(29,862
)
 
 
 
(29,862
)
Balance as of June 30, 2018
91,080,280

 
$
9,108

 
(10,835,749
)
 
$
(275,435
)
 
$
783,825

 
$
965,768

 
$
(55,234
)
 
$
1,428,032

 
$
2,366

 
$
1,430,398


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

6



MASTEC, INC.
CONDENSED UNAUDITED CONSOLIDATED STATEMENTS OF EQUITY
(in thousands, except shares) 

 
Common Stock
 
Treasury Stock
 
Capital Surplus
 
Retained Earnings
 
Accumulated Other Comprehensive Loss
 
Total MasTec, Inc. Shareholders’ Equity
 
Non-Controlling Interests
 
Total Equity
 
Shares
 
Amount
 
Shares
 
Amount
 
 
 
 
 
 
For the Six Months Ended June 30, 2019
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance as of December 31, 2018
91,327,009

 
$
9,133

 
(15,329,817
)
 
$
(466,125
)
 
$
789,009

 
$
1,118,375

 
$
(60,494
)
 
$
1,389,898

 
$
2,126

 
$
1,392,024

Net income
 
 
 
 
 
 
 
 
 
 
162,823

 
 
 
162,823

 
507

 
163,330

Other comprehensive loss
 
 
 
 
 
 
 
 
 
 
 
 
(14,181
)
 
(14,181
)
 
 
 
(14,181
)
Non-cash stock-based compensation
 
 
 
 
 
 
 
 
7,940

 
 
 
 
 
7,940

 
 
 
7,940

Issuance of restricted shares, net
233,419

 
23

 
 
 
 
 
(23
)
 
 
 
 
 

 
 
 

Other stock issuances, net of shares withheld for taxes
66,558

 
7

 
 
 
 
 
2,236

 
 
 
 
 
2,243

 
 
 
2,243

Acquisition of treasury stock, at cost
 
 
 
 
(15,100
)
 
(602
)
 
 
 
 
 
 
 
(602
)
 
 
 
(602
)
Contributions from non-controlling interests
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
584

 
584

Balance as of June 30, 2019
91,626,986

 
$
9,163

 
(15,344,917
)
 
$
(466,727
)
 
$
799,162

 
$
1,281,198

 
$
(74,675
)
 
$
1,548,121

 
$
3,217

 
$
1,551,338

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the Six Months Ended June 30, 2018
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance as of December 31, 2017
90,935,584

 
$
9,094

 
(8,132,811
)
 
$
(147,124
)
 
$
775,387

 
$
857,154

 
$
(63,712
)
 
$
1,430,799

 
$
2,554

 
$
1,433,353

Cumulative effect of adoption, Topic 606
 
 
 
 
 
 
 
 
 
 
1,562

 
 
 
1,562

 
 
 
1,562

Net income (loss)
 
 
 
 
 
 
 
 
 
 
107,052

 
 
 
107,052

 
(188
)
 
106,864

Other comprehensive income
 
 
 
 
 
 
 
 
 
 
 
 
8,478

 
8,478

 
 
 
8,478

Non-cash stock-based compensation
 
 
 
 
 
 
 
 
6,571

 
 
 
 
 
6,571

 
 
 
6,571

Issuance of restricted shares, net
96,018

 
10

 
 
 
 
 
(10
)
 
 
 
 
 

 
 
 

Other stock issuances, net of shares withheld for taxes
48,678

 
4

 
 
 
 
 
1,877

 
 
 
 
 
1,881

 
 
 
1,881

Acquisition of treasury stock, at cost
 
 
 
 
(2,702,938
)
 
(128,311
)
 
 
 
 
 
 
 
(128,311
)
 
 
 
(128,311
)
Balance as of June 30, 2018
91,080,280

 
$
9,108

 
(10,835,749
)
 
$
(275,435
)
 
$
783,825

 
$
965,768

 
$
(55,234
)
 
$
1,428,032

 
$
2,366

 
$
1,430,398


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


7



MASTEC, INC.
CONDENSED UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)

 
For the Six Months Ended June 30,
 
2019
 
2018
Cash flows from operating activities:
 
 
 
Net income
$
163,330

 
$
106,864

Adjustments to reconcile net income to net cash provided by operating activities:
 
 
 
Depreciation and amortization
118,975

 
101,615

Non-cash interest expense, net
737

 
1,451

Non-cash stock-based compensation expense
7,940

 
6,571

Benefit from deferred income taxes
(14,190
)
 
(172
)
Equity in earnings of unconsolidated affiliates
(12,811
)
 
(11,409
)
Gains on sales of assets, net, including fixed assets held-for-sale
(6,074
)
 
(6,920
)
Other non-cash items, net
(2,899
)
 
2,686

Changes in assets and liabilities, net of acquisitions:
 
 
 
Accounts receivable, net
117,023

 
(471,716
)
Inventories
(265
)
 
(8,550
)
Other assets, current and long-term portion
6,187

 
58,949

Accounts payable and accrued expenses
(26,355
)
 
188,511

Billings in excess of costs and earnings
(28,406
)
 
44,524

Other liabilities, current and long-term portion
28,269

 
10,813

Net cash provided by operating activities
$
351,461

 
$
23,217

Cash flows from investing activities:
 
 
 
Cash paid for acquisitions, net of cash acquired
(94,647
)
 
(6,684
)
Capital expenditures
(57,455
)
 
(87,997
)
Proceeds from sale of property and equipment
19,567

 
13,884

Payments for other investments
(4,972
)
 
(35,713
)
Proceeds from other investments
14,705

 
5,415

Net cash used in investing activities
$
(122,802
)
 
$
(111,095
)
Cash flows from financing activities:
 
 
 
Proceeds from credit facilities
1,627,909

 
1,638,874

Repayments of credit facilities
(1,754,043
)
 
(1,374,552
)
Proceeds from (repayments of) other borrowings, net
1

 
(15,800
)
Payments of finance lease obligations
(38,646
)
 
(37,926
)
Payments of acquisition-related contingent consideration
(29,267
)
 
(15,929
)
Proceeds from (distributions to) non-controlling interests
584

 
(559
)
Proceeds from stock-based awards, net
2,289

 
1,927

Repurchases of common stock
(5,652
)
 
(128,311
)
Net cash (used in) provided by financing activities
$
(196,825
)
 
$
67,724

Effect of currency translation on cash
(80
)
 
512

Net increase (decrease) in cash and cash equivalents
$
31,754

 
$
(19,642
)
Cash and cash equivalents - beginning of period
$
27,422

 
$
40,326

Cash and cash equivalents - end of period
$
59,176

 
$
20,684

Supplemental cash flow information:
 
 
 
Interest paid
$
43,102

 
$
36,068

Income tax payments (refunds), net
$
39,417

 
$
(13,975
)
Supplemental disclosure of non-cash information:
 
 
 
Additions to property and equipment from finance leases
$
110,164

 
$
39,548


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

8



MASTEC, INC.
NOTES TO CONDENSED UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
Note 1Business, 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; petroleum and natural gas pipeline infrastructure; electrical utility transmission and distribution; power generation, including renewables; heavy civil; and industrial infrastructure. MasTec’s customers are primarily in these industries. MasTec reports its results under five reportable segments: (1) Communications; (2) Oil and Gas; (3) Electrical Transmission; (4) Power Generation and Industrial; and (5) Other.
Basis of Presentation
The accompanying condensed unaudited consolidated financial statements 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 condensed consolidated balance sheet as of December 31, 2018 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 condensed unaudited 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, 2018 contained in the Company’s 2018 Annual Report on Form 10-K (the “2018 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 condensed unaudited consolidated financial statements are adequate to make the information not misleading.
Principles of Consolidation
The accompanying condensed unaudited 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. The Company’s investments in entities for which the Company does not have a controlling interest, but for which it has the ability to exert significant influence, are accounted for using 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 the Company 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. 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 condensed unaudited 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, the results of which form the basis of making judgments about the Company’s operating results and the carrying values of assets and liabilities that are not readily apparent from other sources. 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 equity investments; allowances for doubtful accounts; asset lives used in 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. 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 those estimates.
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.

9



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 time and materials or a fixed price per unit basis; or (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 33% and 37% of consolidated revenue for the three month periods ended June 30, 2019 and 2018, respectively, and totaled 36% and 38% for the six month periods ended June 30, 2019 and 2018, 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 5% and 7% of consolidated revenue for the three month periods ended June 30, 2019 and 2018, respectively, and accounted for approximately 5% and 8% for the six month periods ended June 30, 2019 and 2018, respectively. Substantially all of the Company’s other revenue is recognized over time.
The cost estimation process 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, 2019 and 2018, 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, 2018 and 2017. Revenue recognized for the three month periods ended June 30, 2019 and 2018 as a result of changes in revenue estimates, including from variable consideration, from performance obligations satisfied or partially satisfied in prior periods totaled approximately $22.6 million and $5.2 million, respectively, and totaled $28.9 million and $47.4 million for the six month periods ended June 30, 2019 and 2018, 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 not material for the three or six month periods ended June 30, 2019 and 2018.
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 price under contracts for which work is wholly or partially unperformed, including the Company’s share of unearned transaction price from its proportionately consolidated non-controlled joint ventures. As of June 30, 2019, the amount of the Company’s remaining performance obligations was $5.3 billion. The Company expects to recognize approximately $3.5 billion of its remaining performance obligations as revenue during 2019, with the remainder to be recognized primarily in 2020.
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 the transaction price 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, 2019 and December 31, 2018, the Company included approximately $43 million and $56 million, respectively, of change orders and/or claims in the transaction price for certain contracts that were in the process of being resolved in the normal course of business, including through negotiation, arbitration and other proceedings. These transaction price adjustments are included within costs and earnings in excess of billings or accounts receivable, net of allowance, as appropriate. As of both June 30, 2019 and December 31, 2018, these change orders and/or claims were primarily related to certain projects in the Company’s Oil and Gas segment. 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 acceptance by customers could be higher or lower than such estimated amounts.
Recently Issued Accounting Pronouncements
See the recent accounting pronouncements discussion below for information pertaining to the effects of recently adopted and other recent accounting pronouncements, as updated from the discussion in the Company’s 2018 Form 10-K.
Accounting Pronouncements Adopted in 2019
Leases. In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) 2016-02, Leases (Topic 842), which, together with its related clarifying ASUs (collectively, “ASU 2016-02”), provides revised guidance for lease accounting and related disclosure requirements, including a requirement for lessees to recognize right-of-use assets and lease liabilities on the balance sheet for leases with durations greater than twelve months. Under the new guidance, lessees classify leases as either finance or operating leases. Lease expense is recognized based on an effective interest method for finance leases, and on a straight-line basis over the term of the lease for operating leases.
The Company adopted ASU 2016-02 during the first quarter of 2019 using the modified retrospective method as of January 1, 2019, without adjusting comparative periods in the financial statements. The most significant effect of the new guidance was the recognition of operating lease right-of-use assets and a liability for operating leases. The accoun