Equity

12 Months Ended

Dec. 31, 2021

Equity [Abstract]

Equity

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.

For the year ended December 31, 2021, there were no share repurchases under the Company’s share repurchase programs. For the year ended December 31, 2020, the Company repurchased 3.6 million shares of its common stock, substantially all of which were repurchased in the first quarter, for an aggregate purchase price totaling approximately $120.2 million. Of the total repurchased shares, 0.6 million were repurchased for $28.8 million under a $150 million share repurchase program that was established in September 2018 and completed in the first quarter of 2020, and 3.0 million were repurchased for $91.4 million under the Company’s December 2018 $100 million share repurchase program. For the year ended December 31, 2019, share repurchases under the Company’s September 2018 $150 million share repurchase program totaled approximately $0.6 million.

As of December 31, 2021, $158.6 million was available for future share repurchases under all of the Company’s open share repurchase programs, which included $8.6 million under the Company’s December 2018 share repurchase program, and the full amount of the Company’s March 2020 $150 million share repurchase program.

Accumulated Other Comprehensive Loss

A rollforward of activity within accumulated other comprehensive income (loss) for the periods indicated was as follows (in thousands):

	For the Years Ended December 31,
	2021						2020						2019
	Foreign Currency		Other		Total		Foreign Currency		Other		Total		Foreign Currency		Other		Total
Balance as of January 1	$	(64,272)	$	(27,172)	$	(91,444)	$	(65,685)	$	(10,021)	$	(75,706)	$	(65,496)	$	5,002	$	(60,494)
Unrealized gains (losses), net of tax	258		12,410		12,668		1,413		(17,151)		(15,738)		(189)		(15,023)		(15,212)
Balance as of December 31	$	(64,014)	$	(14,762)	$	(78,776)	$	(64,272)	$	(27,172)	$	(91,444)	$	(65,685)	$	(10,021)	$	(75,706)

Unrealized foreign currency translation activity, net, for the three years in the period ended December 31, 2021 relates to the Company’s operations in Canada and Mexico. For the year ended December 31, 2021, unrealized investment activity, net, includes unrealized gains on the Waha JV swaps, offset, in part, by unrealized losses on the AVCT convertible debentures. The net unrealized gain on the AVCT convertible debentures was reclassified into other income, net, in conjunction with their conversion into shares of AVCT common stock in 2021. Unrealized investment activity, net, for the year ended December 31, 2020 includes unrealized losses on the Waha JV swaps, offset, in part, by unrealized gains on the AVCT convertible debentures. Unrealized investment activity, net, for the year ended 2019 relates to the Waha JV swaps. See Note 4 - Fair Value of Financial Instruments for additional information pertaining to the Waha JV swaps and AVCT convertible debentures.