Supplemental Consolidating Financial Statements (Notes)

3 Months Ended

Oct. 27, 2012

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

Condensed Financial Information of Parent Company Only Disclosure [Text Block]

Supplemental Condensed Consolidating Financial Statements

As of October 27, 2012, the outstanding aggregate principal amount of the Company’s 2021 Notes was $187.5 million. The 2021 Notes were issued by Dycom Investments, Inc. (the “Issuer”) in fiscal 2011. The following condensed consolidating financial statements present, in separate columns, financial information for (i) Dycom Industries, Inc. (“Parent”) on a parent only basis, (ii) the Issuer, (iii) the guarantor subsidiaries for the 2021 Notes on a combined basis, (iv) other non-guarantor subsidiaries on a combined basis, (v) the eliminations and reclassifications necessary to arrive at the information for the Company on a consolidated basis, and (vi) the Company on a consolidated basis. The condensed consolidating financial statements are presented in accordance with the equity method. Under this method, the investments in subsidiaries are recorded at cost and adjusted for the Company’s share of subsidiaries’ cumulative results of operations, capital contributions, distributions and other equity changes. Intercompany charges (income) between the Parent and subsidiaries are recognized in the condensed consolidating financial statements during the period incurred and the settlement of intercompany balances is reflected in the condensed consolidating statement of cash flows based on the nature of the underlying transactions.

Each guarantor and non-guarantor subsidiary is wholly-owned, directly or indirectly, by the Issuer and the Parent. The Notes are fully and unconditionally guaranteed on a joint and several basis by each guarantor subsidiary and Parent. There are no contractual restrictions limiting transfers of cash from guarantor and non-guarantor subsidiaries to Issuer or Parent, within the meaning of Rule 3-10 of Regulation S-X.

DYCOM INDUSTRIES, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEET (UNAUDITED) OCTOBER 27, 2012
	Parent		Issuer		Subsidiary Guarantors		Non- Guarantor Subsidiaries		Eliminations and Reclassifications			Dycom Consolidated
	(Dollars in thousands)
ASSETS
CURRENT ASSETS:
Cash and equivalents	$	—	$	—	$	54,096	$	630	$	—		$	54,726
Accounts receivable, net	—		—		151,840		1,954		—			153,794
Costs and estimated earnings in excess of billings	—		—		116,301		2,108		—			118,409
Inventories	—		—		25,142		—		—			25,142
Deferred tax assets, net	2,423		—		13,962		84		(395		)	16,074
Income taxes receivable	741		—		—		—		—			741
Other current assets	6,878		54		5,080		810		—			12,822
Total current assets	10,042		54		366,421		5,586		(395		)	381,708
PROPERTY AND EQUIPMENT, NET	10,578		—		128,563		15,560		—			154,701
GOODWILL	—		—		174,849		—		—			174,849
INTANGIBLE ASSETS, NET	—		—		48,182		—		—			48,182
DEFERRED TAX ASSETS, NET NON-CURRENT	—		64		4,314		651		(5,029		)	—
INVESTMENT IN SUBSIDIARIES	746,311		1,439,481		—		—		(2,185,792		)	—
INTERCOMPANY RECEIVABLES	—		—		871,537		—		(871,537		)	—
OTHER	5,753		4,229		1,917		194		—			12,093
TOTAL NON-CURRENT ASSETS	762,642		1,443,774		1,229,362		16,405		(3,062,358		)	389,825
TOTAL ASSETS	$	772,684	$	1,443,828	$	1,595,783	$	21,991	$	(3,062,753	)	$	771,533
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Accounts payable	$	3,552	$	—	$	33,709	$	1,224	$	—		$	38,485
Current portion of debt	—		—		55		—		—			55
Billings in excess of costs and estimated earnings	—		—		1,447		—		—			1,447
Accrued insurance claims	588		—		23,559		97		—			24,244
Deferred tax liabilities	—		249		82		64		(395		)	—
Other accrued liabilities	3,873		3,929		38,386		1,454		—			47,642
Income taxes payable	4,567		—		—		—		—			4,567
Total current liabilities	12,580		4,178		97,238		2,839		(395		)	116,440
LONG-TERM DEBT	—		187,500		—		—		—			187,500
ACCRUED INSURANCE CLAIMS	715		—		22,040		92		—			22,847
DEFERRED TAX LIABILITIES, NET NON-CURRENT	811		—		51,553		1,457		(5,029		)	48,792
INTERCOMPANY PAYABLES	363,676		505,839		—		2,022		(871,537		)	—
OTHER LIABILITIES	2,907		—		1,049		3		—			3,959
Total liabilities	380,689		697,517		171,880		6,413		(876,961		)	379,538
Total stockholders' equity	391,995		746,311		1,423,903		15,578		(2,185,792		)	391,995
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$	772,684	$	1,443,828	$	1,595,783	$	21,991	$	(3,062,753	)	$	771,533

DYCOM INDUSTRIES, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEET JULY 28, 2012
	Parent		Issuer		Subsidiary Guarantors		Non- Guarantor Subsidiaries		Eliminations and Reclassifications			Dycom Consolidated
	(Dollars in thousands)
ASSETS
CURRENT ASSETS:
Cash and equivalents	$	—	$	—	$	51,563	$	1,018	$	—		$	52,581
Accounts receivable, net	—		—		140,426		1,362		—			141,788
Costs and estimated earnings in excess of billings	—		—		125,869		1,452		—			127,321
Inventories	—		—		26,274		—		—			26,274
Deferred tax assets, net	2,390		—		13,566		80		(403		)	15,633
Income taxes receivable	4,884		—		—		—		—			4,884
Other current assets	2,211		10		5,458		787		—			8,466
Total current assets	9,485		10		363,156		4,699		(403		)	376,947
PROPERTY AND EQUIPMENT, NET	9,671		—		133,145		15,431		—			158,247
GOODWILL	—		—		174,849		—		—			174,849
INTANGIBLE ASSETS, NET	—		—		49,773		—		—			49,773
DEFERRED TAX ASSETS, NET NON-CURRENT	—		65		9,341		1,085		(10,491		)	—
INVESTMENT IN SUBSIDIARIES	734,451		1,425,451		—		—		(2,159,902		)	—
INTERCOMPANY RECEIVABLES	—		—		860,758		54		(860,812		)	—
OTHER	6,075		4,338		1,731		233		—			12,377
TOTAL NON-CURRENT ASSETS	750,197		1,429,854		1,229,597		16,803		(3,031,205		)	395,246
TOTAL ASSETS	$	759,682	$	1,429,864	$	1,592,753	$	21,502	$	(3,031,608	)	$	772,193
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Accounts payable	$	2,785	$	—	$	33,441	$	597	$	—		$	36,823
Current portion of debt	—		—		74		—		—			74
Billings in excess of costs and estimated earnings	—		—		1,522		—		—			1,522
Accrued insurance claims	588		—		24,551		79		—			25,218
Deferred tax liabilities	—		249		84		70		(403		)	—
Other accrued liabilities	5,054		565		43,772		1,535		—			50,926
Total current liabilities	8,427		814		103,444		2,281		(403		)	114,563
LONG-TERM DEBT	—		187,500		—		—		—			187,500
ACCRUED INSURANCE CLAIMS	708		—		22,815		68		—			23,591
DEFERRED TAX LIABILITIES, NET NON-CURRENT	1,020		—		57,140		1,868		(10,491		)	49,537
INTERCOMPANY PAYABLES	353,713		507,099		—		—		(860,812		)	—
OTHER LIABILITIES	2,883		—		1,185		3		—			4,071
Total liabilities	366,751		695,413		184,584		4,220		(871,706		)	379,262
Total stockholders' equity	392,931		734,451		1,408,169		17,282		(2,159,902		)	392,931
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$	759,682	$	1,429,864	$	1,592,753	$	21,502	$	(3,031,608	)	$	772,193

DYCOM INDUSTRIES, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS (UNAUDITED) FOR THE THREE MONTHS ENDED OCTOBER 27, 2012
	Parent			Issuer			Subsidiary Guarantors			Non- Guarantor Subsidiaries			Eliminations and Reclassifications			Dycom Consolidated
	(Dollars in thousands)
REVENUES:
Contract Revenues	$	—		$	—		$	319,025		$	4,261		$	—		$	323,286
EXPENSES:
Costs of earned revenues, excluding depreciation and amortization	—			—			253,544			3,522			—			257,066
General and administrative	8,409			146			17,616			2,653			—			28,824
Depreciation and amortization	740			—			13,286			1,285			—			15,311
Intercompany charges (income), net	(9,925		)	—			10,272			(347		)	—			—
Total	(776		)	146			294,718			7,113			—			301,201
Interest expense, net	(776		)	(3,420		)	(1		)	—			—			(4,197		)
Other income, net	—			—			1,565			49			—			1,614
INCOME (LOSS) BEFORE INCOME TAXES AND EQUITY IN EARNINGS OF SUBSIDIARIES	—			(3,566		)	25,871			(2,803		)	—			19,502
PROVISION (BENEFIT) FOR INCOME TAXES	—			(1,397		)	10,136			(1,098		)	—			7,641
NET INCOME (LOSS) BEFORE EQUITY IN EARNINGS OF SUBSIDIARIES	—			(2,169		)	15,735			(1,705		)	—			11,861
EQUITY IN EARNINGS OF SUBSIDIARIES	11,861			14,030			—			—			(25,891		)	—
NET INCOME (LOSS)	$	11,861		$	11,861		$	15,735		$	(1,705	)	$	(25,891	)	$	11,861
Foreign currency translation gain	2			2			—			2			(4		)	2
COMPREHENSIVE INCOME (LOSS)	$	11,863		$	11,863		$	15,735		$	(1,703	)	$	(25,895	)	$	11,863

DYCOM INDUSTRIES, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS (UNAUDITED) FOR THE THREE MONTHS ENDED OCTOBER 29, 2011
	Parent			Issuer			Subsidiary Guarantors		Non-Guarantor Subsidiaries			Eliminations and Reclassifications			Dycom Consolidated
	(Dollars in thousands)
REVENUES:
Contract revenues	$	—		$	—		$	313,818	$	5,757		$	—		$	319,575
EXPENSES:
Costs of earned revenues, excluding depreciation and amortization	—			—			250,893		4,294			—			255,187
General and administrative	6,407			147			16,404		2,400			—			25,358
Depreciation and amortization	787			—			13,861		1,322			(12		)	15,958
Intercompany charges (income), net	(7,964		)	—			7,496		468			—			—
Total	(770		)	147			288,654		8,484			(12		)	296,503
Interest income (expense), net	(770		)	(3,414		)	11		—			—			(4,173		)
Other income, net	—			—			3,061		(102		)	—			2,959
INCOME (LOSS) BEFORE INCOME TAXES AND EQUITY IN EARNINGS OF SUBSIDIARIES	—			(3,561		)	28,236		(2,829		)	12			21,858
PROVISION (BENEFIT) FOR INCOME TAXES	—			(1,440		)	11,476		(1,144		)	—			8,892
NET INCOME (LOSS) BEFORE EQUITY IN EARNINGS OF SUBSIDIARIES	—			(2,121		)	16,760		(1,685		)	12			12,966
EQUITY IN EARNINGS OF SUBSIDIARIES	12,966			15,087			—		—			(28,053		)	—
NET INCOME (LOSS)	$	12,966		$	12,966		$	16,760	$	(1,685	)	$	(28,041	)	$	12,966
Foreign currency translation loss	(87		)	(87		)	—		(87		)	174			(87		)
COMPREHENSIVE INCOME (LOSS)	$	12,879		$	12,879		$	16,760	$	(1,772	)	$	(27,867	)	$	12,879

DYCOM INDUSTRIES, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (UNAUDITED) FOR THE THREE MONTHS ENDED OCTOBER 27, 2012
	Parent			Issuer			Subsidiary Guarantors			Non- Guarantor Subsidiaries			Eliminations and Reclassifications		Dycom Consolidated
	(Dollars in thousands)
Net cash provided by (used in) operating activities	$	(2,961	)	$	1,260		$	30,527		$	(1,110	)	$	—	$	27,716
Cash flows from investing activities:
Capital expenditures	(2,026		)	—			(9,196		)	(1,301		)	—		(12,523		)
Proceeds from sale of assets	—			—			1,958			48			—		2,006
Net cash used in investing activities	(2,026		)	—			(7,238		)	(1,253		)	—		(10,517		)
Cash flows from financing activities:
Repurchases of common stock	(15,203		)	—			—			—			—		(15,203		)
Exercise of stock options and other	166			—			—			—			—		166
Restricted stock tax withholdings	(62		)	—			—			—			—		(62		)
Excess tax benefit from share-based awards	64			—			—			—			—		64
Principal payments on capital lease obligations	—			—			(19		)	—			—		(19		)
Intercompany funding	20,022			(1,260		)	(20,737		)	1,975			—		—
Net cash provided by (used in) financing activities	4,987			(1,260		)	(20,756		)	1,975			—		(15,054		)
Net increase (decrease) in cash and equivalents	—			—			2,533			(388		)	—		2,145
CASH AND EQUIVALENTS AT BEGINNING OF PERIOD	—			—			51,563			1,018			—		52,581
CASH AND EQUIVALENTS AT END OF PERIOD	$	—		$	—		$	54,096		$	630		$	—	$	54,726

DYCOM INDUSTRIES, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (UNAUDITED) FOR THE THREE MONTHS ENDED OCTOBER 29, 2011
	Parent			Issuer			Subsidiary Guarantors			Non- Guarantor Subsidiaries			Eliminations and Reclassifications			Dycom Consolidated
	(Dollars in thousands)
Net cash provided by (used in) operating activities	$	(4,705	)	$	798		$	24,882		$	(1,542	)	$	—		$	19,433
Cash flows from investing activities:
Capital expenditures	(1,257		)	—			(18,144		)	(1,456		)	—			(20,857		)
Proceeds from sale of assets	—			—			6,401			16			—			6,417
Changes in restricted cash	550			—			—			—			—			550
Capital contributions to subsidiaries	—			3,867			—			—			(3,867		)	—
Net cash provided by (used in) investing activities	(707		)	3,867			(11,743		)	(1,440		)	(3,867		)	(13,890		)
Cash flows from financing activities:
Exercise of stock options and other	940			—			—			—			—			940
Restricted stock tax withholdings	(37		)	—			—			—			—			(37		)
Excess tax benefit from share-based awards	175			—			—			—			—			175
Principal payments on capital lease obligations	—			—			(75		)	—			—			(75		)
Intercompany funding	4,334			(4,665		)	(6,410		)	2,874			3,867			—
Net cash provided by (used in) financing activities	5,412			(4,665		)	(6,485		)	2,874			3,867			1,003
Net increase (decrease) in cash and equivalents	—			—			6,654			(108		)	—			6,546
CASH AND EQUIVALENTS AT BEGINNING OF PERIOD	—			—			44,608			158			—			44,766
CASH AND EQUIVALENTS AT END OF PERIOD	$	—		$	—		$	51,262		$	50		$	—		$	51,312