XML 45 R33.htm IDEA: XBRL DOCUMENT

Segments and Related Information (Tables)

9 Months Ended

Sep. 30, 2021

Schedule of Financial Information by Reportable Segment


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
Revenue:	2021		2020		2021		2020
Communications (a)	$	670.3	$	645.4	$	1,869.3	$	1,943.8
Clean Energy and Infrastructure	518.4		468.9		1,350.3		1,181.4
Oil and Gas	858.4		462.5		2,205.3		1,190.1
Electrical Transmission	365.3		128.5		731.4		380.7
Other	0.0		0.1		0.0		0.2
Eliminations	(8.1)		(7.1)		(13.9)		(12.0)
Consolidated revenue	$	2,404.3	$	1,698.3	$	6,142.4	$	4,684.2

(a) Revenue generated primarily by utilities customers represented 22.2% and 15.7% of Communications segment revenue for the three month periods ended September 30, 2021 and 2020, respectively, and represented 21.0% and 15.3% for the nine month periods ended September 30, 2021 and 2020, respectively.


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
EBITDA:	2021		2020		2021		2020
Communications	$	71.6	$	79.6	$	193.1	$	206.8
Clean Energy and Infrastructure	13.8		34.4		40.2		69.5
Oil and Gas	170.6		160.4		476.2		315.0
Electrical Transmission	34.9		9.1		47.8		14.2
Other	7.5		7.6		23.3		22.5
Corporate	(26.6)		(37.5)		(86.3)		(100.6)
Consolidated EBITDA	$	271.8	$	253.6	$	694.3	$	527.4


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
Depreciation and Amortization:	2021		2020		2021		2020
Communications	$	26.4	$	21.1	$	72.0	$	62.1
Clean Energy and Infrastructure	13.0		5.0		31.1		13.7
Oil and Gas	55.5		47.5		163.8		107.7
Electrical Transmission	21.1		6.2		41.3		18.6
Other	0.0		0.0		0.0		0.0
Corporate	2.7		2.8		8.5		8.5
Consolidated depreciation and amortization	$	118.7	$	82.6	$	316.7	$	210.6

Reconciliation of Consolidated Income before Income Taxes to EBITDA


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
EBITDA Reconciliation:	2021		2020		2021		2020
Income before income taxes	$	140.0	$	157.4	$	338.3	$	271.5
Plus:
Interest expense, net	13.1		13.6		39.4		45.4
Depreciation	95.4		71.4		262.1		182.2
Amortization of intangible assets	23.4		11.2		54.5		28.4
Consolidated EBITDA	$	271.8	$	253.6	$	694.3	$	527.4

Schedule of Revenue by Major Customers by Reporting Segments

Revenue concentration information for significant customers as a percentage of total consolidated revenue was as follows:


	For the Three Months Ended September 30,		For the Nine Months Ended September 30,
Customer:	2021	2020	2021	2020
Enbridge, Inc. (a)	21%	1%	19%	1%
AT&T (excluding DIRECTV®) (b)(c)	7%	12%	8%	16%

(a) The Company’s relationship with Enbridge, Inc. is based upon various construction contracts for pipeline activities, for which the related revenue is included within the Oil and Gas segment.

(b) DIRECTV® was spun off from AT&T in July 2021. Revenue from DIRECTV® is excluded from AT&T for all periods presented.

(c) The Company’s relationship with AT&T is based upon multiple separate master service and other service agreements, including for installation and maintenance services, as well as construction/installation contracts for AT&T’s: (i) wireless; (ii) wireline/fiber; and (iii) other installation services, including smart city initiatives. Revenue from AT&T is included within the Communications segment.