Equity

9 Months Ended

Sep. 30, 2022

Equity [Abstract]

Equity

Equity

Share Activity

The Company’s share repurchase programs provide for the repurchase, from time to time, of MasTec common shares in open market transactions or in privately negotiated transactions in accordance with applicable securities laws. 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. There were no share repurchases under the Company’s share repurchase programs for the three month period ended September 30, 2022, and for the nine month period ended September 30, 2022, the Company repurchased 1.1 million shares of its common stock for an aggregate purchase price of approximately $81.3 million. Of the total repurchased shares, 0.1 million were repurchased in the first quarter of 2022 for $8.6 million under the Company’s December 2018 $100 million share repurchase program, which completed the program. The remaining 1.0 million shares were repurchased for $72.7 million under the Company’s March 2020 $150 million share repurchase program. There were no share repurchases under the Company’s share repurchase programs in either of the three or nine month periods ended September 30, 2021. As of September 30, 2022, $77.3 million was available for future share repurchases under the Company’s March 2020 share repurchase program.

The Company may use either authorized or unissued shares or treasury shares to meet its share issuance requirements. During the second quarter of 2022, the Company reissued 0.1 million shares of its treasury stock with a cost basis of $4.3 million in settlement of certain Additional Payments in connection with an acquisition. See Note 3 – Acquisitions, Goodwill and Other Intangible Assets, Net, for additional information.

Accumulated Other Comprehensive Loss

Unrealized foreign currency translation activity, net, for the three and nine month periods ended September 30, 2022 and 2021 relates to the Company’s operations in Canada and Mexico. Unrealized investment activity, for the three and nine month periods ended September 30, 2022 relates to unrealized gains associated with the Waha JV interest rate swaps. For the three and nine month periods ended September 30, 2021, unrealized investment activity, net, includes unrealized gains on the Waha JV swaps and unrealized losses on the AVCT convertible debentures prior to their conversion in the third quarter of 2021. The net unrealized gain on the AVCT convertible debentures was reclassified into other income, net, in the third quarter of 2021 in conjunction with the conversion into shares of AVCT common stock. See Note 4 - Fair Value of Financial Instruments for additional information related to the Waha JV swaps and the AVCT convertible debentures.