Equity

9 Months Ended

Sep. 30, 2019

Equity [Abstract]

Equity

Note 11 – Equity

Share Activity

The Company’s share repurchase programs provide for the repurchase of shares of MasTec common stock from time to time in open market transactions or in privately-negotiated transactions in accordance with applicable securities laws. The timing and the amount of any repurchases is determined based on market conditions, legal requirements, cash flow and liquidity needs and other factors. The Company’s share repurchase programs do not have an expiration date and may be modified or suspended at any time at the Company’s discretion. Share repurchases, which are recorded at cost and are held in the Company’s treasury, are funded with available cash or with availability under the Credit Facility. The Company may use either authorized and unissued shares or treasury shares to meet share issuance requirements. Treasury stock is recorded at cost.

There were no share repurchases for the three month period ended September 30, 2019. For the nine month period ended September 30, 2019, share repurchases, which were completed under the Company’s September 2018 $150 million share repurchase program, totaled approximately $0.6 million. During the three and nine month periods ended September 30, 2018, the Company repurchased approximately 1.6 million and 4.3 million shares of its common stock, respectively, for an aggregate purchase price of $70.1 million and $198.4 million, respectively. Of the 4.3 million repurchased shares, 2.0 million were repurchased for $98.4 million under a $100 million share repurchase program that was established in 2016 and completed in the first quarter of 2018, and 2.3 million were repurchased under the Company’s March 2018 $100 million share repurchase program that was completed in the third quarter of 2018.

As of September 30, 2019, $128.8 million was available for future share repurchases under all of the Company’s open share repurchase programs, which included $28.8 million under the Company’s September 2018 share repurchase program, and the full amount of the Company’s December 2018 $100 million share repurchase program.

Accumulated Other Comprehensive Loss

Accumulated other comprehensive loss is composed of unrealized foreign currency gains and losses from fluctuations in foreign currency exchange rates of the Company’s foreign subsidiaries with a functional currency other than the U.S. dollar, as well as unrealized gains and losses from certain investment activities. Unrealized foreign currency activity for each of the three and nine month periods ended September 30, 2019 and 2018 relates to the Company’s operations in Canada and Mexico. Unrealized investment activity for each of the three and nine month periods ended September 30, 2019 and 2018 relates to unrealized gains and losses on interest rate swaps associated with the Waha JVs.