Supplemental Guarantor Financial Information (Tables)

9 Months Ended

Sep. 30, 2013

Condensed Unaudited Financial Statements, Supplemental Guarantor Information [Abstract]

Condensed Unaudited Consolidating Statements Of Operations And Comprehensive Income

CONDENSED UNAUDITED CONSOLIDATING STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME

For the Three Months Ended September 30, 2013 (in thousands)

	MasTec, Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated MasTec, Inc.
Revenue	$	—		$	1,086,063		$	187,689		$	(4,367	)	$	1,269,385
Costs of revenue, excluding depreciation and amortization	—			927,295			158,204			(4,367		)	1,081,132
Depreciation and amortization	1			30,637			7,118			—			37,756
General and administrative expenses	457			47,967			10,552			—			58,976
Interest expense, net	—			11,951			715			—			12,666
Other income, net	—			(2,309		)	(469		)	—			(2,778		)
(Loss) income from continuing operations before provision for income taxes	$	(458	)	$	70,522		$	11,569		$	—		$	81,633
Benefit from (provision for) income taxes	174			(28,840		)	(3,032		)	—			(31,698		)
Net (loss) income from continuing operations before non-controlling interests	$	(284	)	$	41,682		$	8,537		$	—		$	49,935
Loss from discontinued operations, net of tax	—			(3,566		)	(169		)	—			(3,735		)
Equity in income from subsidiaries, net of tax	46,484			—			—			(46,484		)	—
Net income (loss)	$	46,200		$	38,116		$	8,368		$	(46,484	)	$	46,200
Net income (loss) attributable to non-controlling interests	—			87			(25		)	—			62
Net income (loss) attributable to MasTec, Inc.	$	46,200		$	38,029		$	8,393		$	(46,484	)	$	46,138
Comprehensive income (loss)	$	46,200		$	38,024		$	11,304		$	(46,484	)	$	49,044

CONDENSED UNAUDITED CONSOLIDATING STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME

For the Three Months Ended September 30, 2012 (in thousands)

	MasTec, Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated MasTec, Inc.
Revenue	$	—		$	1,028,091		$	40,222		$	(1,013	)	$	1,067,300
Costs of revenue, excluding depreciation and amortization	—			886,198			39,119			(1,013		)	924,304
Depreciation and amortization	—			22,065			580			—			22,645
General and administrative expenses	303			39,251			2,960			—			42,514
Interest expense, net	—			9,435			11			—			9,446
Other expense, net	—			8,696			119			—			8,815
(Loss) income from continuing operations before provision for income taxes	$	(303	)	$	62,446		$	(2,567	)	$	—		$	59,576
Benefit from (provision for) income taxes	114			(24,564		)	972			—			(23,478		)
Net (loss) income from continuing operations before non-controlling interests	$	(189	)	$	37,882		$	(1,595	)	$	—		$	36,098
Loss from discontinued operations, net of tax	—			(8,852		)	(429		)	—			(9,281		)
Equity in income from subsidiaries, net of tax	27,006			—			—			(27,006		)	—
Net income (loss)	$	26,817		$	29,030		$	(2,024	)	$	(27,006	)	$	26,817
Net loss attributable to non-controlling interests	—			—			(4		)	—			(4		)
Net income (loss) attributable to MasTec, Inc.	$	26,817		$	29,030		$	(2,020	)	$	(27,006	)	$	26,821
Comprehensive income (loss)	$	26,817		$	29,418		$	152		$	(27,006	)	$	29,381

CONDENSED UNAUDITED CONSOLIDATING STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME

For the Nine Months Ended September 30, 2013 (in thousands)

	MasTec, Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated MasTec, Inc.
Revenue	$	—		$	2,751,408		$	424,616		$	(10,367	)	$	3,165,657
Costs of revenue, excluding depreciation and amortization	—			2,348,835			356,819			(10,367		)	2,695,287
Depreciation and amortization	2			87,426			15,683			—			103,111
General and administrative expenses	1,443			134,460			23,858			—			159,761
Interest expense, net	—			33,583			966			—			34,549
Loss on extinguishment of debt	—			5,624			—			—			5,624
Other income, net	—			(2,526		)	(757		)	—			(3,283		)
(Loss) income from continuing operations before provision for income taxes	$	(1,445	)	$	144,006		$	28,047		$	—		$	170,608
Benefit from (provision for) income taxes	572			(56,782		)	(9,612		)	—			(65,822		)
Net (loss) income from continuing operations before non-controlling interests	$	(873	)	$	87,224		$	18,435		$	—		$	104,786
Loss from discontinued operations, net of tax	—			(4,178		)	(987		)	—			(5,165		)
Equity in income from subsidiaries, net of tax	100,494			—			—			(100,494		)	—
Net income (loss)	$	99,621		$	83,046		$	17,448		$	(100,494	)	$	99,621
Net income attributable to non-controlling interests	—			87			85			—			172
Net income (loss) attributable to MasTec, Inc.	$	99,621		$	82,959		$	17,363		$	(100,494	)	$	99,449
Comprehensive income (loss)	$	99,621		$	82,489		$	13,608		$	(100,494	)	$	95,224

CONDENSED UNAUDITED CONSOLIDATING STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME

For the Nine Months Ended September 30, 2012 (in thousands)

	MasTec, Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated MasTec, Inc.
Revenue	$	—		$	2,644,197		$	152,267		$	(2,033	)	$	2,794,431
Costs of revenue, excluding depreciation and amortization	—			2,312,564			134,525			(2,033		)	2,445,056
Depreciation and amortization	1			63,403			1,721			—			65,125
General and administrative expenses	1,052			109,366			7,774			—			118,192
Interest expense, net	—			27,880			3			—			27,883
Other expense, net	—			7,655			334			—			7,989
(Loss) income from continuing operations before provision for income taxes	$	(1,053	)	$	123,329		$	7,910		$	—		$	130,186
Benefit from (provision for) income taxes	423			(49,766		)	(1,886		)	—			(51,229		)
Net (loss) income from continuing operations before non-controlling interests	$	(630	)	$	73,563		$	6,024		$	—		$	78,957
Loss from discontinued operations, net of tax	—			(6,099		)	(1,782		)	—			(7,881		)
Equity in income from subsidiaries, net of tax	71,706			—			—			(71,706		)	—
Net income (loss)	$	71,076		$	67,464		$	4,242		$	(71,706	)	$	71,076
Net loss attributable to non-controlling interests	—			—			(9		)	—			(9		)
Net income (loss) attributable to MasTec, Inc.	$	71,076		$	67,464		$	4,251		$	(71,706	)	$	71,085
Comprehensive income (loss)	$	71,076		$	67,803		$	6,546		$	(71,706	)	$	73,719

Condensed Unaudited Consolidating Balance Sheets

CONDENSED UNAUDITED CONSOLIDATING BALANCE SHEETS

As of September 30, 2013 (in thousands)

	MasTec, Inc.		Guarantor Subsidiaries		Non-Guarantor Subsidiaries			Eliminations			Consolidated MasTec, Inc.
Assets
Current assets, including discontinued operations	$	—	$	1,120,527	$	211,789		$	—		$	1,332,316
Property and equipment, net	—		431,899		72,414			—			504,313
Goodwill and other intangible assets, net	—		890,683		173,416			—			1,064,099
Net investments in and advances to (from) consolidated affiliates	974,904		147,960		(312		)	(1,122,552		)	—
Other long-term assets, including discontinued operations	9,216		42,899		1,495			—			53,610
Total assets	$	984,120	$	2,633,968	$	458,802		$	(1,122,552	)	$	2,954,338
Liabilities and Shareholders’ Equity
Total current liabilities	$	8	$	799,374	$	82,847		$	—		$	882,229
Long-term debt	—		750,841		29,079			—			779,920
Other liabilities	—		226,184		86,918			—			313,102
Total liabilities	$	8	$	1,776,399	$	198,844		$	—		$	1,975,251
Total shareholders’ equity	$	984,112	$	857,569	$	259,958		$	(1,122,552	)	$	979,087
Total liabilities and shareholders’ equity	$	984,120	$	2,633,968	$	458,802		$	(1,122,552	)	$	2,954,338

CONDENSED UNAUDITED CONSOLIDATING BALANCE SHEETS

As of December 31, 2012 (in thousands)

	MasTec, Inc.		Guarantor Subsidiaries		Non-Guarantor Subsidiaries			Eliminations			Consolidated MasTec, Inc.
Assets
Current assets, including discontinued operations	$	—	$	960,523	$	89,118		$	—		$	1,049,641
Property and equipment, net	—		326,588		23,604			—			350,192
Goodwill and other intangible assets, net	—		890,323		71,650			—			961,973
Net investments in and advances to (from) consolidated affiliates	854,992		172,150		(21,394		)	(1,005,748		)	—
Other long-term assets, including discontinued operations	7,701		43,442		3,017			—			54,160
Total assets	$	862,693	$	2,393,026	$	165,995		$	(1,005,748	)	$	2,415,966
Liabilities and Shareholders’ Equity
Total current liabilities	$	20	$	675,966	$	37,807		$	—		$	713,793
Long-term debt	—		546,262		61			—			546,323
Other liabilities	—		262,099		31,876			—			293,975
Total liabilities	$	20	$	1,484,327	$	69,744		$	—		$	1,554,091
Total shareholders’ equity	$	862,673	$	908,699	$	96,251		$	(1,005,748	)	$	861,875
Total liabilities and shareholders’ equity	$	862,693	$	2,393,026	$	165,995		$	(1,005,748	)	$	2,415,966

Condensed Unaudited Consolidating Statements Of Cash Flows

CONDENSED UNAUDITED CONSOLIDATING STATEMENTS OF CASH FLOWS

For the Nine Months Ended September 30, 2013 (in thousands)

	MasTec, Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations		Consolidated MasTec, Inc.
Net cash (used in) provided by operating activities	$	(2,401	)	$	116,783		$	10,609		$	—	$	124,991
Cash flows (used in) provided by investing activities:
Cash paid for acquisitions, net, including contingent consideration	$	—		$	(55,453	)	$	(103,993	)	$	—	$	(159,446	)
Capital expenditures	—			(97,602		)	(3,809		)	—		(101,411		)
Proceeds from sale of property and equipment	—			7,629			659			—		8,288
Proceeds from disposal of business, net of cash divested	—			(4,332		)	—			—		(4,332		)
Proceeds from sale or redemption of investments	—			5,025			—			—		5,025
Payments for other investments, net	—			(1,174		)	—			—		(1,174		)
Net cash used in investing activities	$	—		$	(145,907	)	$	(107,143	)	$	—	$	(253,050	)
Cash flows provided by (used in) financing activities:
Proceeds from issuance of 4.875% senior notes	$	—		$	400,000		$	—		$	—	$	400,000
Repayment of 7.625% senior notes	—			(150,000		)	—			—		(150,000		)
Proceeds from credit facility	—			664,979			101,175			—		766,154
Repayments of credit facility	—			(753,960		)	(106,110		)	—		(860,070		)
Repayments of other borrowings	—			(24,246		)	—			—		(24,246		)
Proceeds from book overdrafts	—			2,791			—			—		2,791
Payments of capital lease obligations	—			(31,249		)	(965		)	—		(32,214		)
Proceeds from stock option exercises and other share-based awards	9,231			—			—			—		9,231
Excess tax benefit from non-cash stock-based compensation	—			4,446			—			—		4,446
Payments for debt extinguishment, call premiums	—			(4,116		)	—			—		(4,116		)
Payments of financing costs	—			(7,718		)	—			—		(7,718		)
Net financing activities and advances (to) from consolidated affiliates	(6,830		)	(81,999		)	88,829			—		—
Net cash provided (used in) by financing activities	$	2,401		$	18,928		$	82,929		$	—	$	104,258
Net decrease in cash and cash equivalents	—			(10,196		)	(13,605		)	—		(23,801		)
Net effect of currency translation on cash	—			—			(118		)	—		(118		)
Cash and cash equivalents - beginning of period	—			12,969			13,798			—		26,767
Cash and cash equivalents - end of period	$	—		$	2,773		$	75		$	—	$	2,848
Cash and cash equivalents of discontinued operations	$	—		$	—		$	—		$	—	$	—
Cash and cash equivalents of continuing operations	$	—		$	2,773		$	75		$	—	$	2,848

CONDENSED UNAUDITED CONSOLIDATING STATEMENTS OF CASH FLOWS

For the Nine Months Ended September 30, 2012 (in thousands)

	MasTec, Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations		Consolidated MasTec, Inc.
Net cash (used in) provided by operating activities	$	(891	)	$	96,464		$	19,097		$	—	$	114,670
Cash flows (used in) provided by investing activities:
Cash paid for acquisitions, net, including contingent consideration	$	—		$	(16,094	)	$	(1,402	)	$	—	$	(17,496	)
Capital expenditures	—			(49,109		)	(1,222		)	—		(50,331		)
Proceeds from sale of property and equipment	—			5,808			—			—		5,808
Proceeds from disposal of business, net of cash divested	—			97,728			—			—		97,728
Payments for other investments, net	(284		)	—			—			—		(284		)
Net cash (used in) provided by investing activities	$	(284	)	$	38,333		$	(2,624	)	$	—	$	35,425
Cash flows provided by (used in) financing activities:
Proceeds from credit facility	$	—		$	631,815		$	—		$	—	$	631,815
Repayments of credit facility	—			(681,815		)	—			—		(681,815		)
Repayments of other borrowings	—			(15,510		)	—			—		(15,510		)
Repayments of book overdrafts	—			(5,645		)	—			—		(5,645		)
Payments of capital lease obligations	—			(14,790		)	(16		)	—		(14,806		)
Proceeds from stock option exercises and other share-based awards	1,445			—			—			—		1,445
Excess tax benefit from non-cash stock-based compensation	—			302			—			—		302
Purchases of treasury stock	(75,000		)	—			—			—		(75,000		)
Payments of financing costs	—			(113		)	—			—		(113		)
Net financing activities and advances (to) from consolidated affiliates	74,730			(58,405		)	(16,325		)	—		—
Net cash provided by (used in) financing activities	$	1,175		$	(144,161	)	$	(16,341	)	$	—	$	(159,327	)
Net (decrease) increase in cash and cash equivalents	—			(9,364		)	132			—		(9,232		)
Net effect of currency translation on cash	—			20			115			—		135
Cash and cash equivalents - beginning of period	—			16,241			4,038			—		20,279
Cash and cash equivalents - end of period	$	—		$	6,897		$	4,285		$	—	$	11,182
Cash and cash equivalents of discontinued operations	$	—		$	684		$	26		$	—	$	710
Cash and cash equivalents of continuing operations	$	—		$	6,213		$	4,259		$	—	$	10,472