Supplemental Consolidating Financial Statements (Notes)

9 Months Ended

Apr. 27, 2013

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 April 27, 2013, the outstanding aggregate principal amount of the Company’s 2021 Notes was $277.5 million, comprised of $187.5 million and $90.0 million in principal amount issued in fiscal 2011 and the second quarter of fiscal 2013, respectively. The 2021 Notes were issued by Dycom Investments, Inc., a wholly-owned subsidiary of the Company. See Note 10, Debt, for further information regarding the Company's debt financing. The following condensed consolidating financial statements present, in separate columns, financial information for (i) Dycom Industries, Inc. ("Parent") on a parent only basis, (ii) Dycom Investments, Inc. ("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) APRIL 27, 2013
	Parent		Issuer		Subsidiary Guarantors		Non- Guarantor Subsidiaries		Eliminations and Reclassifications			Dycom Consolidated
	(Dollars in thousands)
ASSETS
CURRENT ASSETS:
Cash and equivalents	$	—	$	—	$	17,631	$	616	$	—		$	18,247
Accounts receivable, net	—		—		232,575		1,462		—			234,037
Costs and estimated earnings in excess of billings	—		—		182,976		944		—			183,920
Inventories	—		—		35,047		—		—			35,047
Deferred tax assets, net	2,742		—		13,984		299		(403		)	16,622
Income taxes receivable	907		—		—		—		—			907
Other current assets	5,342		25		7,084		563		—			13,014
Total current assets	8,991		25		489,297		3,884		(403		)	501,794
PROPERTY AND EQUIPMENT, NET	13,340		—		160,251		15,554		—			189,145
GOODWILL	—		—		260,708		—		—			260,708
INTANGIBLE ASSETS, NET	—		—		127,252		—		—			127,252
DEFERRED TAX ASSETS, NET NON-CURRENT	—		63		15,672		532		(16,267		)	—
INVESTMENT IN SUBSIDIARIES	754,974		1,452,399		—		—		(2,207,373		)	—
INTERCOMPANY RECEIVABLES	—		—		628,514		—		(628,514		)	—
OTHER	9,095		6,502		2,584		113		—			18,294
TOTAL NON-CURRENT ASSETS	777,409		1,458,964		1,194,981		16,199		(2,852,154		)	595,399
TOTAL ASSETS	$	786,400	$	1,458,989	$	1,684,278	$	20,083	$	(2,852,557	)	$	1,097,193
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Accounts payable	$	2,209	$	—	$	61,685	$	615	$	—		$	64,509
Current portion of debt	7,031		—		—		—		—			7,031
Billings in excess of costs and estimated earnings	—		—		12,370		—		—			12,370
Accrued insurance claims	83		—		28,014		132		—			28,229
Deferred tax liabilities	—		248		77		78		(403		)	—
Other accrued liabilities	6,516		5,936		50,879		1,577		—			64,908
Total current liabilities	15,839		6,184		153,025		2,402		(403		)	177,047
LONG-TERM DEBT	152,407		281,194		—		—		—			433,601
ACCRUED INSURANCE CLAIMS	—		—		26,237		157		—			26,394
DEFERRED TAX LIABILITIES, NET NON-CURRENT	1,077		—		60,892		989		(16,267		)	46,691
INTERCOMPANY PAYABLES	205,290		416,637		—		6,587		(628,514		)	—
OTHER LIABILITIES	2,964		—		1,670		3		—			4,637
Total liabilities	377,577		704,015		241,824		10,138		(645,184		)	688,370
Total stockholders' equity	408,823		754,974		1,442,454		9,945		(2,207,373		)	408,823
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$	786,400	$	1,458,989	$	1,684,278	$	20,083	$	(2,852,557	)	$	1,097,193

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 APRIL 27, 2013
	Parent			Issuer			Subsidiary Guarantors			Non- Guarantor Subsidiaries			Eliminations and Reclassifications			Dycom Consolidated
	(Dollars in thousands)
REVENUES:
Contract Revenues	$	—		$	—		$	434,595		$	2,772		$	—		$	437,367
EXPENSES:
Costs of earned revenues, excluding depreciation and amortization	—			—			355,231			2,433			—			357,664
General and administrative	10,195			147			24,597			3,266			—			38,205
Depreciation and amortization	754			—			22,538			1,239			—			24,531
Intercompany charges (income), net	(12,592		)	—			12,981			(389		)	—			—
Total	(1,643		)	147			415,347			6,549			—			420,400
Interest expense, net	(1,643		)	(4,963		)	(31		)	—			—			(6,637		)
Other income, net	—			—			1,489			(12		)	—			1,477
INCOME (LOSS) BEFORE INCOME TAXES AND EQUITY IN EARNINGS OF SUBSIDIARIES	—			(5,110		)	20,706			(3,789		)	—			11,807
PROVISION (BENEFIT) FOR INCOME TAXES	—			(2,002		)	8,095			(1,485		)	—			4,608
NET INCOME (LOSS) BEFORE EQUITY IN EARNINGS OF SUBSIDIARIES	—			(3,108		)	12,611			(2,304		)	—			7,199
EQUITY IN EARNINGS OF SUBSIDIARIES	7,199			10,307			—			—			(17,506		)	—
NET INCOME (LOSS)	$	7,199		$	7,199		$	12,611		$	(2,304	)	$	(17,506	)	$	7,199
Foreign currency translation gain	(21		)	(21		)	—			(21		)	42			(21		)
COMPREHENSIVE INCOME (LOSS)	$	7,178		$	7,178		$	12,611		$	(2,325	)	$	(17,464	)	$	7,178

DYCOM INDUSTRIES, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS (UNAUDITED) FOR THE NINE MONTHS ENDED APRIL 27, 2013
	Parent			Issuer			Subsidiary Guarantors			Non- Guarantor Subsidiaries			Eliminations and Reclassifications			Dycom Consolidated
	(Dollars in thousands)
REVENUES:
Contract Revenues	$	—		$	—		$	1,120,417		$	9,563		$	—		$	1,129,980
EXPENSES:
Costs of earned revenues, excluding depreciation and amortization	—			—			907,881			8,366			—			916,247
General and administrative	33,504			442			63,492			8,419			—			105,857
Depreciation and amortization	2,134			—			54,793			3,733			—			60,660
Intercompany charges (income), net	(39,897		)	—			40,971			(1,074		)	—			—
Total	(4,259		)	442			1,067,137			19,444			—			1,082,764
Interest expense, net	(3,941		)	(12,607		)	(34		)	—			—			(16,582		)
Other income, net	(318		)	—			3,810			27			—			3,519
INCOME (LOSS) BEFORE INCOME TAXES AND EQUITY IN EARNINGS OF SUBSIDIARIES	—			(13,049		)	57,056			(9,854		)	—			34,153
PROVISION (BENEFIT) FOR INCOME TAXES	—			(5,208		)	22,772			(3,933		)	—			13,631
NET INCOME (LOSS) BEFORE EQUITY IN EARNINGS OF SUBSIDIARIES	—			(7,841		)	34,284			(5,921		)	—			20,522
EQUITY IN EARNINGS OF SUBSIDIARIES	20,522			28,363			—			—			(48,885		)	—
NET INCOME (LOSS)	$	20,522		$	20,522		$	34,284		$	(5,921	)	$	(48,885	)	$	20,522
Foreign currency translation gain	(8		)	(8		)	—			(8		)	16			(8		)
COMPREHENSIVE INCOME (LOSS)	$	20,514		$	20,514		$	34,284		$	(5,929	)	$	(48,869	)	$	20,514

DYCOM INDUSTRIES, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS (UNAUDITED) FOR THE THREE MONTHS ENDED APRIL 28, 2012
	Parent			Issuer			Subsidiary Guarantors		Non-Guarantor Subsidiaries			Eliminations and Reclassifications			Dycom Consolidated
	(Dollars in thousands)
REVENUES:
Contract revenues	$	—		$	—		$	293,521	$	2,582		$	—		$	296,103
EXPENSES:
Costs of earned revenues, excluding depreciation and amortization	—			—			239,251		2,135			—			241,386
General and administrative	7,476			128			16,899		2,453			—			26,956
Depreciation and amortization	792			—			13,637		1,132			—			15,561
Intercompany charges (income), net	(9,016		)	—			8,906		110			—			—
Total	(748		)	128			278,693		5,830			—			283,903
Interest income (expense), net	(764		)	(3,416		)	2		—			—			(4,178		)
Other income, net	16			—			7,001		610			—			7,627
INCOME (LOSS) BEFORE INCOME TAXES AND EQUITY IN EARNINGS OF SUBSIDIARIES	—			(3,544		)	21,831		(2,638		)	—			15,649
PROVISION (BENEFIT) FOR INCOME TAXES	—			(1,349		)	8,350		(997		)	—			6,004
NET INCOME (LOSS) BEFORE EQUITY IN EARNINGS OF SUBSIDIARIES	—			(2,195		)	13,481		(1,641		)	—			9,645
EQUITY IN EARNINGS OF SUBSIDIARIES	9,645			11,840			—		—			(21,485		)	—
NET INCOME (LOSS)	$	9,645		$	9,645		$	13,481	$	(1,641	)	$	(21,485	)	$	9,645
Foreign currency translation gain	90			90			—		90			(180		)	90
COMPREHENSIVE INCOME (LOSS)	$	9,735		$	9,735		$	13,481	$	(1,551	)	$	(21,665	)	$	9,735

DYCOM INDUSTRIES, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS (UNAUDITED) FOR THE NINE MONTHS ENDED APRIL 28, 2012
	Parent			Issuer			Subsidiary Guarantors		Non-Guarantor Subsidiaries			Eliminations and Reclassifications			Dycom Consolidated
	(Dollars in thousands)
REVENUES:
Contract revenues	$	—		$	—		$	871,613	$	11,472		$	—		$	883,085
EXPENSES:
Costs of earned revenues, excluding depreciation and amortization	—			—			707,874		8,938			—			716,812
General and administrative	20,054			423			48,731		7,381			—			76,589
Depreciation and amortization	2,347			—			41,190		3,522			(12		)	47,047
Intercompany charges (income), net	(24,682		)	—			23,950		732			—			—
Total	(2,281		)	423			821,745		20,573			(12		)	840,448
Interest income (expense), net	(2,303		)	(10,243		)	18		—			—			(12,528		)
Other income, net	22			—			12,415		506			—			12,943
INCOME (LOSS) BEFORE INCOME TAXES AND EQUITY IN EARNINGS OF SUBSIDIARIES	—			(10,666		)	62,301		(8,595		)	12			43,052
PROVISION (BENEFIT) FOR INCOME TAXES	—			(4,181		)	24,500		(3,363		)	—			16,956
NET INCOME (LOSS) BEFORE EQUITY IN EARNINGS OF SUBSIDIARIES	—			(6,485		)	37,801		(5,232		)	12			26,096
EQUITY IN EARNINGS OF SUBSIDIARIES	26,096			32,581			—		—			(58,677		)	—
NET INCOME (LOSS)	$	26,096		$	26,096		$	37,801	$	(5,232	)	$	(58,665	)	$	26,096
Foreign currency translation loss	(54		)	(54		)	—		(54		)	108			(54		)
COMPREHENSIVE INCOME (LOSS)	$	26,042		$	26,042		$	37,801	$	(5,286	)	$	(58,557	)	$	26,042

DYCOM INDUSTRIES, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (UNAUDITED) FOR THE NINE MONTHS ENDED APRIL 27, 2013
	Parent			Issuer			Subsidiary Guarantors			Non- Guarantor Subsidiaries			Eliminations and Reclassifications			Dycom Consolidated
	(Dollars in thousands)
Net cash provided by (used in) operating activities	$	1,715		$	(2,198	)	$	93,601		$	(1,791	)	$	—		$	91,327
Cash flows from investing activities:
Cash paid for acquisitions, net of cash acquired	—			—			(318,984		)	—			—			(318,984		)
Capital expenditures	(6,992		)	—			(35,165		)	(3,586		)	—			(45,743		)
Proceed from sale of assets	—			—			4,412			55			—			4,467
Return of capital from subsidiaries	—			1,816			—			—			(1,816		)	—
Investment in subsidiaries	—			(400		)	—			—			400			—
Changes in restricted cash	(31		)	—			—			—			—			(31		)
Net cash used in (provided by) investing activities	(7,023		)	1,416			(349,737		)	(3,531		)	(1,416		)	(360,291		)
Cash flows from financing activities:
Proceeds from issuance of 7.125% senior subordinated notes due 2021, (including $3.8 million premium on issuance)	—			93,825			—			—			—			93,825
Proceeds from Term Loan on Senior Credit Agreement	125,000			—			—			—			—			125,000
Proceeds from borrowings on Senior Credit Agreement	310,500			—			—			—			—			310,500
Principal payments on Senior Credit Agreement	(276,063		)	—			—			—			—			(276,063		)
Debt issuance costs	(4,158		)	(2,581		)	—			—			—			(6,739		)
Repurchases of common stock	(15,203		)	—			—			—			—			(15,203		)
Exercise of stock options and other	3,511			—			—			—			—			3,511
Restricted stock tax withholdings	(885		)	—			—			—			—			(885		)
Excess tax benefit from share-based awards	758			—			—			—			—			758
Principal payments on capital lease obligations	—			—			(74		)	—			—			(74		)
Intercompany funding	(138,152		)	(90,462		)	222,278			4,920			1,416			—
Net cash provided by financing activities	5,308			782			222,204			4,920			1,416			234,630
Net increase (decrease) in cash and equivalents	—			—			(33,932		)	(402		)	—			(34,334		)
CASH AND EQUIVALENTS AT BEGINNING OF PERIOD	—			—			51,563			1,018			—			52,581
CASH AND EQUIVALENTS AT END OF PERIOD	$	—		$	—		$	17,631		$	616		$	—		$	18,247

DYCOM INDUSTRIES, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (UNAUDITED) FOR THE NINE MONTHS ENDED APRIL 28, 2012
	Parent			Issuer			Subsidiary Guarantors			Non- Guarantor Subsidiaries			Eliminations and Reclassifications			Dycom Consolidated
	(Dollars in thousands)
Net cash provided by (used in) operating activities	$	734		$	(3,178	)	$	71,636		$	(739	)	$	—		$	68,453
Cash flows from investing activities:
Capital expenditures	(2,411		)	—			(56,832		)	(3,547		)	—			(62,790		)
Proceeds from sale of assets	—			—			14,980			5,548			—			20,528
Changes in restricted cash	550			—			—			—			—			550
Capital contributions to subsidiaries, net	—			6,088			—			—			(6,088		)	—
Net cash provided by (used in) investing activities	(1,861		)	6,088			(41,852		)	2,001			(6,088		)	(41,712		)
Cash flows from financing activities:
Repurchases of common stock	(10,942		)	—			—			—			—			(10,942		)
Exercise of stock options and other	5,299			—			—			—			—			5,299
Restricted stock tax withholdings	(329		)	—			—			—			—			(329		)
Principal payments on capital lease obligations	—			—			(186		)	—			—			(186		)
Excess tax benefit from share-based awards	1,361			—			—			—			—			1,361
Intercompany funding	5,738			(2,910		)	(8,853		)	(63		)	6,088			—
Net cash provided by (used in) financing activities	1,127			(2,910		)	(9,039		)	(63		)	6,088			(4,797		)
Net increase in cash and equivalents	—			—			20,745			1,199			—			21,944
CASH AND EQUIVALENTS AT BEGINNING OF PERIOD	—			—			44,608			158			—			44,766
CASH AND EQUIVALENTS AT END OF PERIOD	$	—		$	—		$	65,353		$	1,357		$	—		$	66,710