Supplemental Guarantor Condensed Unaudited Consolidating Financial Information (Tables)

9 Months Ended

Sep. 30, 2014

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 (in millions)

For the Three Months Ended September 30, 2014:	MasTec, Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated MasTec, Inc.
Revenue	$	—		$	1,043.1		$	268.5		$	(2.0	)	$	1,309.6
Costs of revenue, excluding depreciation and amortization	—			892.6			232.4			(2.0		)	1,123.0
Depreciation and amortization	—			30.8			10.9			—			41.7
General and administrative expenses	0.6			50.8			8.5			—			59.9
Interest expense, net	—			11.5			1.1			—			12.6
Other (income) expense, net	—			(1.6		)	0.2			—			(1.4		)
(Loss) income from continuing operations before income taxes	$	(0.6	)	$	59.0		$	15.4		$	—		$	73.8
Benefit from (provision for) income taxes	0.2			(22.0		)	(6.2		)	—			(28.0		)
Net (loss) income from continuing operations	$	(0.4	)	$	37.0		$	9.2		$	—		$	45.7
Net loss from discontinued operations	—			—			(0.3		)	—			(0.3		)
Equity in income from subsidiaries, net of tax	45.7			—			—			(45.7		)	—
Net income (loss)	$	45.3		$	37.0		$	8.9		$	(45.7	)	$	45.4
Net income attributable to non-controlling interests	—			—			0.1			—			0.1
Net income (loss) attributable to MasTec, Inc.	$	45.3		$	37.0		$	8.8		$	(45.7	)	$	45.3
Comprehensive income (loss)	$	32.3		$	37.0		$	(4.1	)	$	(32.7	)	$	32.5

For the Three Months Ended September 30, 2013:	MasTec, Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated MasTec, Inc.
Revenue	$	—		$	1,140.9		$	129.0		$	(0.5	)	$	1,269.4
Costs of revenue, excluding depreciation and amortization	—			969.5			112.1			(0.5		)	1,081.1
Depreciation and amortization	—			31.6			6.2			—			37.8
General and administrative expenses	0.5			50.1			8.4			—			59.0
Interest expense, net	—			12.0			0.7			—			12.7
Other income, net	—			(2.3		)	(0.5		)	—			(2.8		)
(Loss) income from continuing operations before income taxes	$	(0.5	)	$	80.0		$	2.1		$	—		$	81.6
Benefit from (provision for) income taxes	0.2			(31.5		)	(0.4		)	—			(31.7		)
Net (loss) income from continuing operations	$	(0.3	)	$	48.5		$	1.7		$	—		$	49.9
Net loss from discontinued operations	—			—			(3.7		)	—			(3.7		)
Equity in income from subsidiaries, net of tax	46.4			—			—			(46.4		)	—
Net income (loss)	$	46.1		$	48.5		$	(2.0	)	$	(46.4	)	$	46.2
Net income attributable to non-controlling interests	—			—			0.1			—			0.1
Net income (loss) attributable to MasTec, Inc.	$	46.1		$	48.5		$	(2.1	)	$	(46.4	)	$	46.1
Comprehensive income (loss)	$	49.0		$	48.5		$	0.8		$	(49.3	)	$	49.0

CONDENSED UNAUDITED CONSOLIDATING STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (in millions)

For the Nine Months Ended September 30, 2014:	MasTec, Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated MasTec, Inc.
Revenue	$	—		$	2,798.6		$	581.7		$	(2.1	)	$	3,378.2
Costs of revenue, excluding depreciation and amortization	—			2,402.0			515.0			(2.1		)	2,914.9
Depreciation and amortization	—			88.4			23.6			—			112.0
General and administrative expenses	1.8			146.6			19.1			—			167.5
Interest expense, net	—			35.6			2.0			—			37.6
Other (income) expense, net	—			(5.8		)	0.3			—			(5.5		)
(Loss) income from continuing operations before income taxes	$	(1.8	)	$	131.8		$	21.7		$	—		$	151.7
Benefit from (provision for) income taxes	0.7			(51.2		)	(7.2		)	—			(57.7		)
Net (loss) income from continuing operations	$	(1.1	)	$	80.6		$	14.5		$	—		$	94.0
Net loss from discontinued operations	—			—			(0.6		)	—			(0.6		)
Equity in income from subsidiaries, net of tax	94.5			—			—			(94.5		)	—
Net income (loss)	$	93.4		$	80.6		$	13.9		$	(94.5	)	$	93.4
Net income attributable to non-controlling interests	—			—			—			—			—
Net income (loss) attributable to MasTec, Inc.	$	93.4		$	80.6		$	13.8		$	(94.5	)	$	93.3
Comprehensive income (loss)	$	82.8		$	80.5		$	3.4		$	(83.9	)	$	82.8

For the Nine Months Ended September 30, 2013:	MasTec, Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated MasTec, Inc.
Revenue	$	—		$	2,881.1		$	289.0		$	(4.4	)	$	3,165.7
Costs of revenue, excluding depreciation and amortization	—			2,447.7			252.0			(4.4		)	2,695.3
Depreciation and amortization	—			88.8			14.3			—			103.1
General and administrative expenses	1.4			138.5			19.9			—			159.8
Interest expense, net	—			33.5			1.0			—			34.5
Loss on extinguishment of debt	—			5.6			—			—			5.6
Other income, net	—			(2.4		)	(0.8		)	—			(3.2		)
(Loss) income from continuing operations before income taxes	$	(1.4	)	$	169.4		$	2.6		$	—		$	170.6
Benefit from (provision for) income taxes	0.6			(66.0		)	(0.4		)	—			(65.8		)
Net (loss) income from continuing operations	$	(0.8	)	$	103.4		$	2.2		$	—		$	104.8
Net loss from discontinued operations	—			—			(5.2		)	—			(5.2		)
Equity in income from subsidiaries, net of tax	100.3			—			—			(100.3		)	—
Net income (loss)	$	99.5		$	103.4		$	(3.0	)	$	(100.3	)	$	99.6
Net income attributable to non-controlling interests	—			—			0.2			—			0.2
Net income (loss) attributable to MasTec, Inc.	$	99.5		$	103.4		$	(3.2	)	$	(100.3	)	$	99.4
Comprehensive income (loss)	$	95.1		$	102.8		$	(6.8	)	$	(95.9	)	$	95.2

Condensed Unaudited Consolidating Balance Sheets

CONDENSED UNAUDITED CONSOLIDATING BALANCE SHEETS (in millions)

As of September 30, 2014:	MasTec, Inc.		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations			Consolidated MasTec, Inc.
Assets
Current assets, including discontinued operations	$	—	$	1,251.5	$	322.5	$	—		$	1,574.0
Property and equipment, net	—		475.5		138.9		—			614.4
Goodwill and other intangible assets, net	—		972.6		249.5		—			1,222.1
Investments in and advances to consolidated affiliates, net	1,114.8		—		107.3		(1,222.1		)	—
Other long-term assets, including discontinued operations	9.3		35.3		15.0		—			59.6
Total assets	$	1,124.1	$	2,734.9	$	833.2	$	(1,222.1	)	$	3,470.1
Liabilities and Equity
Total current liabilities	$	—	$	736.6	$	174.3	$	—		$	910.9
Long-term debt	—		1,053.6		34.7		—			1,088.3
Advances from consolidated affiliates, net	—		23.8		—		(23.8		)	—
Other liabilities	—		190.8		151.2		—			342.0
Total liabilities	$	—	$	2,004.8	$	360.2	$	(23.8	)	$	2,341.2
Total equity	$	1,124.1	$	730.1	$	473.0	$	(1,198.3	)	$	1,128.9
Total liabilities and equity	$	1,124.1	$	2,734.9	$	833.2	$	(1,222.1	)	$	3,470.1

As of December 31, 2013:	MasTec, Inc.		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations			Consolidated MasTec, Inc.
Assets
Current assets, including discontinued operations	$	—	$	1,156.7	$	150.3	$	—		$	1,307.0
Property and equipment, net	—		420.2		67.9		—			488.1
Goodwill and other intangible assets, net	—		932.8		134.9		—			1,067.7
Investments in and advances to consolidated affiliates, net	1,006.8		170.8		—		(1,177.6		)	—
Other long-term assets, including discontinued operations	9.3		36.2		14.9		—			60.4
Total assets	$	1,016.1	$	2,716.7	$	368.0	$	(1,177.6	)	$	2,923.2
Liabilities and Equity
Total current liabilities	$	—	$	773.3	$	55.9	$	—		$	829.2
Long-term debt	—		760.9		4.5		—			765.4
Advances from consolidated affiliates, net	—		—		22.5		(22.5		)	—
Other liabilities	—		236.4		71.1		—			307.5
Total liabilities	$	—	$	1,770.6	$	154.0	$	(22.5	)	$	1,902.1
Total equity	$	1,016.1	$	946.1	$	214.0	$	(1,155.1	)	$	1,021.1
Total liabilities and equity	$	1,016.1	$	2,716.7	$	368.0	$	(1,177.6	)	$	2,923.2

Condensed Unaudited Consolidating Statements of Cash Flows

CONDENSED UNAUDITED CONSOLIDATING STATEMENTS OF CASH FLOWS (in millions)

For the Nine Months Ended September 30, 2014:	MasTec, Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations		Consolidated MasTec, Inc.
Net cash (used in) provided by operating activities	$	(1.1	)	$	39.6		$	42.5		$	—	$	81.0
Cash flows (used in) provided by investing activities:
Cash paid for acquisitions, net of cash acquired	—			(39.9		)	(123.0		)	—		(162.9		)
Capital expenditures	—			(75.6		)	(15.4		)	—		(91.0		)
Proceeds from sale of property and equipment	—			10.3			1.9			—		12.2
Payments for other investments, net	—			(1.0		)	—			—		(1.0		)
Net cash used in investing activities	$	—		$	(106.2	)	$	(136.5	)	$	—	$	(242.7	)
Cash flows provided by (used in) financing activities:
Proceeds from credit facility	—			1,122.4			197.2			—		1,319.6
Repayments of credit facility	—			(723.2		)	(232.0		)	—		(955.2		)
Repayments of senior convertible notes	—			(105.3		)	—			—		(105.3		)
Repayments of other borrowings and capital lease obligations	—			(45.3		)	(8.8		)	—		(54.1		)
Excess tax benefits and net proceeds from stock-based awards	2.9			0.9			—			—		3.8
Payments of acquisition-related contingent consideration	—			(60.3		)	—			—		(60.3		)
Payments of financing costs	—			(1.5		)	—			—		(1.5		)
Net financing activities and advances (to) from consolidated affiliates	(1.8		)	(124.1		)	125.9			—		—
Net cash provided by financing activities	$	1.1		$	63.6		$	82.3		$	—	$	147.0
Effect of currency translation on cash	—			—			(1.2		)	—		(1.2		)
Net decrease in cash and cash equivalents	$	—		$	(3.0	)	$	(12.9	)	$	—	$	(15.9	)
Cash and cash equivalents - beginning of period	—			5.3			17.7			—		23.0
Cash and cash equivalents - end of period	$	—		$	2.3		$	4.8		$	—	$	7.1

For the Nine Months Ended September 30, 2013:	MasTec, Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations		Consolidated MasTec, Inc.
Net cash (used in) provided by operating activities	$	(2.4	)	$	103.2		$	28.5		$	—	$	129.3
Cash flows (used in) provided by investing activities:
Cash paid for acquisitions, net of cash acquired	—			(43.0		)	(103.6		)	—		(146.6		)
Capital expenditures	—			(96.8		)	(4.6		)	—		(101.4		)
Proceeds from sale of property and equipment	—			7.6			0.7			—		8.3
Proceeds from disposal of business, net of cash divested	$	—		$	(4.3	)	$	—		$	—	$	(4.3	)
Proceeds from other investments, net	$	—		$	3.8		$	—		$	—	$	3.8
Net cash used in investing activities	$	—		$	(132.7	)	$	(107.5	)	$	—	$	(240.2	)
Cash flows provided by (used in) financing activities:
Proceeds from credit facility	$	—		$	639.6		$	126.6		$	—	$	766.2
Repayments of credit facility	—			(737.2		)	(123.0		)	—		(860.2		)
Proceeds from senior notes, net	—			250.0			—			—		250.0
Repayments of other borrowings and capital lease obligations	—			(55.5		)	(1.0		)	—		(56.5		)
Excess tax benefits and net proceeds from stock-based awards	9.2			3.0			—			—		12.2
Payments of acquisition-related contingent consideration	—			(12.8		)	—			—		(12.8		)
Payments of financing costs, including call premiums on extinguishment of debt	—			(11.8		)	—			—		(11.8		)
Net financing activities and advances (to) from consolidated affiliates	(6.8		)	(56.4		)	63.2			—		—
Net cash provided by financing activities	$	2.4		$	18.9		$	65.8		$	—	$	87.1
Effect of currency translation on cash	—			—			(0.1		)	—		(0.1		)
Net decrease in cash and cash equivalents	$	—		$	(10.6	)	$	(13.3	)	$	—	$	(23.9	)
Cash and cash equivalents - beginning of period	—			12.7			14.0			—		26.7
Cash and cash equivalents - end of period	$	—		$	2.1		$	0.7		$	—	$	2.8