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Supplemental Guarantor Financial Information (Tables) | 3 Months Ended
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Mar. 31, 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 March 31, 2013 (in thousands)
| MasTec, Inc. |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Consolidated MasTec, Inc.
Revenue | $ | — |  |  | $ | 854,524 |  |  | $ | 64,124 |  |  | $ | — |  |  | $ | 918,648 |
Costs of revenue, excluding depreciation and amortization | — |  |  | 735,801 |  |  | 55,698 |  |  | — |  |  | 791,499 |
Depreciation and amortization | — |  |  | 31,130 |  |  | 623 |  |  | — |  |  | 31,753 |
General and administrative expenses | 331 |  |  | 46,060 |  |  | 2,494 |  |  | — |  |  | 48,885 |
Interest expense, net | — |  |  | 10,047 |  |  | (2 | ) |  | — |  |  | 10,045 |
Loss on extinguishment of debt | — |  |  | 5,624 |  |  | — |  |  | — |  |  | 5,624 |
Other (income) expense, net | — |  |  | (836 | ) |  | 10 |  |  | — |  |  | (826 | )
(Loss) income from continuing operations before provision for income taxes | $ | (331 | ) |  | $ | 26,698 |  |  | $ | 5,301 |  |  | $ | — |  |  | $ | 31,668 |
Provision for income taxes | (132 | ) |  | (10,113 | ) |  | (2,103 | ) |  | — |  |  | (12,348 | )
(Loss) income from continuing operations before non-controlling interests | $ | (463 | ) |  | $ | 16,585 |  |  | $ | 3,198 |  |  | $ | — |  |  | $ | 19,320 |
Loss from discontinued operations, net of tax | — |  |  | (730 | ) |  | (217 | ) |  | — |  |  | (947 | )
Equity in income from subsidiaries, net of tax | 18,837 |  |  | — |  |  | — |  |  | (18,837 | ) |  | — |
Net income (loss) | $ | 18,374 |  |  | $ | 15,855 |  |  | $ | 2,981 |  |  | $ | (18,837 | ) |  | $ | 18,373 |
Net income attributable to non-controlling interests | — |  |  | 3 |  |  | — |  |  | — |  |  | 3 |
Net income (loss) attributable to MasTec, Inc. | $ | 18,374 |  |  | $ | 15,852 |  |  | $ | 2,981 |  |  | $ | (18,837 | ) |  | $ | 18,370 |
Comprehensive income (loss) | $ | 18,374 |  |  | $ | 16,076 |  |  | $ | 2,157 |  |  | $ | (18,837 | ) |  | $ | 17,770 |
CONDENSED UNAUDITED CONSOLIDATING STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME For the Three Months Ended March 31, 2012 (in thousands)
| MasTec, Inc. |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Consolidated MasTec, Inc.
Revenue | $ | — |  |  | $ | 670,557 |  |  | $ | 67,700 |  |  | $ | — |  |  | $ | 738,257 |
Costs of revenue, excluding depreciation and amortization | — |  |  | 593,750 |  |  | 58,497 |  |  | — |  |  | 652,247 |
Depreciation and amortization | — |  |  | 20,150 |  |  | 567 |  |  | — |  |  | 20,717 |
General and administrative expenses | 108 |  |  | 34,833 |  |  | 2,363 |  |  | — |  |  | 37,304 |
Interest expense, net | — |  |  | 8,954 |  |  | (3 | ) |  | — |  |  | 8,951 |
Other (income) expense, net | — |  |  | (465 | ) |  | 4 |  |  | — |  |  | (461 | )
(Loss) income from continuing operations before provision for income taxes | $ | (108 | ) |  | $ | 13,335 |  |  | $ | 6,272 |  |  | $ | — |  |  | $ | 19,499 |
Benefit from (provision for) income taxes | 44 |  |  | (6,170 | ) |  | (1,678 | ) |  | — |  |  | (7,804 | )
(Loss) income from continuing operations before non-controlling interests | $ | (64 | ) |  | $ | 7,165 |  |  | $ | 4,594 |  |  | $ | — |  |  | $ | 11,695 |
Income (loss) from discontinued operations, net of tax | — |  |  | 3,245 |  |  | (770 | ) |  | — |  |  | 2,475 |
Equity in income from subsidiaries, net of tax | 14,234 |  |  | — |  |  | — |  |  | (14,234 | ) |  | — |
Net income (loss) | $ | 14,170 |  |  | $ | 10,410 |  |  | $ | 3,824 |  |  | $ | (14,234 | ) |  | $ | 14,170 |
Net loss attributable to non-controlling interests | — |  |  | — |  |  | (2 | ) |  | — |  |  | (2 | )
Net income (loss) attributable to MasTec, Inc. | $ | 14,170 |  |  | $ | 10,410 |  |  | $ | 3,826 |  |  | $ | (14,234 | ) |  | $ | 14,172 |
Comprehensive income (loss) | $ | 14,170 |  |  | $ | 10,656 |  |  | $ | 4,947 |  |  | $ | (14,234 | ) |  | $ | 15,539 |
Condensed Unaudited Consolidating Balance Sheets | CONDENSED UNAUDITED CONSOLIDATING BALANCE SHEETS As of March 31, 2013 (in thousands)
| MasTec, Inc. |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Consolidated MasTec, Inc.
Assets |  |  |  |  |  |  |  |  |
Current assets | $ | — |  |  | $ | 1,047,460 |  |  | $ | 78,198 |  |  | $ | — |  |  | $ | 1,125,658 |
Current assets of discontinued operations | — |  |  | 13,204 |  |  | 6,887 |  |  | — |  |  | 20,091 |
Property and equipment, net | — |  |  | 372,492 |  |  | 10,682 |  |  | — |  |  | 383,174 |
Goodwill and other intangible assets, net | — |  |  | 927,086 |  |  | 29,813 |  |  | — |  |  | 956,899 |
Net investments in and advances to (from) consolidated affiliates | 878,886 |  |  | 205,786 |  |  | (54,307 | ) |  | (1,030,365 | ) |  | — |
Other assets | 8,112 |  |  | 39,192 |  |  | 70 |  |  | — |  |  | 47,374 |
Long-term assets of discontinued operations | — |  |  | 4,711 |  |  | 2,959 |  |  | — |  |  | 7,670 |
Total assets | $ | 886,998 |  |  | $ | 2,609,931 |  |  | $ | 74,302 |  |  | $ | (1,030,365 | ) |  | $ | 2,540,866 |
Liabilities and Shareholders’ Equity |  |  |  |  |  |  |  |  |
Current liabilities | $ | 5 |  |  | $ | 666,536 |  |  | $ | 22,680 |  |  | $ | — |  |  | $ | 689,221 |
Current liabilities of discontinued operations | — |  |  | — |  |  | 2,508 |  |  | — |  |  | 2,508 |
Long-term debt | — |  |  | 685,340 |  |  | 50 |  |  | — |  |  | 685,390 |
Other liabilities | — |  |  | 262,122 |  |  | 15,970 |  |  | — |  |  | 278,092 |
Total liabilities | $ | 5 |  |  | $ | 1,613,998 |  |  | $ | 41,208 |  |  | $ | — |  |  | $ | 1,655,211 |
Total shareholders’ equity | $ | 886,993 |  |  | $ | 995,933 |  |  | $ | 33,094 |  |  | $ | (1,030,365 | ) |  | $ | 885,655 |
Total liabilities and shareholders’ equity | $ | 886,998 |  |  | $ | 2,609,931 |  |  | $ | 74,302 |  |  | $ | (1,030,365 | ) |  | $ | 2,540,866 |
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 | $ | — |  |  | $ | 980,401 |  |  | $ | 48,373 |  |  | $ | — |  |  | $ | 1,028,774 |
Current assets of discontinued operations | — |  |  | 13,836 |  |  | 4,755 |  |  | — |  |  | 18,591 |
Property and equipment, net | — |  |  | 338,997 |  |  | 11,381 |  |  | — |  |  | 350,378 |
Goodwill and other intangible assets, net | — |  |  | 931,078 |  |  | 30,729 |  |  | — |  |  | 961,807 |
Net investments in and advances to (from) consolidated affiliates | 854,993 |  |  | 172,534 |  |  | (21,779 | ) |  | (1,005,748 | ) |  | — |
Other assets | 7,702 |  |  | 37,639 |  |  | 80 |  |  | — |  |  | 45,421 |
Long-term assets of discontinued operations | — |  |  | 4,711 |  |  | 2,937 |  |  | — |  |  | 7,648 |
Total assets | $ | 862,695 |  |  | $ | 2,479,196 |  |  | $ | 76,476 |  |  | $ | (1,005,748 | ) |  | $ | 2,412,619 |
Liabilities and Shareholders’ Equity |  |  |  |  |  |  |  |  |
Current liabilities | 22 |  |  | 682,985 |  |  | 22,810 |  |  | — |  |  | 705,817 |
Current liabilities of discontinued operations | — |  |  | 574 |  |  | 3,995 |  |  | — |  |  | 4,569 |
Long-term debt | — |  |  | 546,262 |  |  | 61 |  |  | — |  |  | 546,323 |
Other liabilities | — |  |  | 273,199 |  |  | 20,776 |  |  | — |  |  | 293,975 |
Total liabilities | $ | 22 |  |  | $ | 1,503,020 |  |  | $ | 47,642 |  |  | $ | — |  |  | $ | 1,550,684 |
Total shareholders’ equity | $ | 862,673 |  |  | $ | 976,176 |  |  | $ | 28,834 |  |  | $ | (1,005,748 | ) |  | $ | 861,935 |
Total liabilities and shareholders’ equity | $ | 862,695 |  |  | $ | 2,479,196 |  |  | $ | 76,476 |  |  | $ | (1,005,748 | ) |  | $ | 2,412,619 |
Condensed Unaudited Consolidating Statements Of Cash Flows | CONDENSED UNAUDITED CONSOLIDATING STATEMENTS OF CASH FLOWS For the Three Months Ended March 31, 2013 (in thousands)
| MasTec, Inc. |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Consolidated MasTec, Inc.
Net cash (used in) provided by operating activities | $ | (894 | ) |  | $ | 74,980 |  |  | $ | (42,270 | ) |  | $ | — |  |  | $ | 31,816 |
Cash flows (used in) provided by investing activities: |  |  |  |  |  |  |  |  |
Cash paid for acquisitions, net, including contingent consideration | $ | — |  |  | $ | (9,656 | ) |  | $ | — |  |  | $ | — |  |  | $ | (9,656 | )
Capital expenditures | — |  |  | (25,782 | ) |  | (69 | ) |  | — |  |  | (25,851 | )
Proceeds from sale of assets | — |  |  | 3,340 |  |  | 71 |  |  | — |  |  | 3,411 |
Net cash (used in) provided by investing activities | $ | — |  |  | $ | (32,098 | ) |  | $ | 2 |  |  | $ | — |  |  | $ | (32,096 | )
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 | — |  |  | 231,600 |  |  | — |  |  | — |  |  | 231,600 |
Repayments of credit facility | — |  |  | (365,600 | ) |  | — |  |  | — |  |  | (365,600 | )
Repayments of other borrowings | — |  |  | (7,683 | ) |  | — |  |  | — |  |  | (7,683 | )
Repayments of book overdrafts | — |  |  | (5,970 | ) |  | — |  |  | — |  |  | (5,970 | )
Payments of capital lease obligations | — |  |  | (11,427 | ) |  | (11 | ) |  | — |  |  | (11,438 | )
Proceeds from stock option exercises and other share-based awards | 2,838 |  |  | — |  |  | — |  |  | — |  |  | 2,838 |
Excess tax benefit from stock-based compensation | — |  |  | 903 |  |  | — |  |  | — |  |  | 903 |
Payments for debt extinguishment, call premiums | — |  |  | (4,116 | ) |  | — |  |  | — |  |  | (4,116 | )
Payments of financing costs | — |  |  | (6,852 | ) |  | — |  |  | — |  |  | (6,852 | )
Net financing activities and advances (to) from consolidated affiliates | (1,944 | ) |  | (32,773 | ) |  | 34,717 |  |  | — |  |  | — |
Net cash provided by financing activities | $ | 894 |  |  | $ | 48,082 |  |  | $ | 34,706 |  |  | $ | — |  |  | $ | 83,682 |
Net increase (decrease) in cash and cash equivalents | — |  |  | 90,964 |  |  | (7,562 | ) |  | — |  |  | 83,402 |
Net effect of currency translation on cash | — |  |  | — |  |  | (60 | ) |  | — |  |  | (60 | )
Cash and cash equivalents - beginning of period | — |  |  | 17,827 |  |  | 8,940 |  |  | — |  |  | 26,767 |
Cash and cash equivalents - end of period | $ | — |  |  | $ | 108,791 |  |  | $ | 1,318 |  |  | $ | — |  |  | $ | 110,109 |
Cash and cash equivalents of discontinued operations | $ | — |  |  | $ | 739 |  |  | $ | 123 |  |  | $ | — |  |  | $ | 862 |
Cash and cash equivalents of continuing operations | $ | — |  |  | $ | 108,052 |  |  | $ | 1,195 |  |  | $ | — |  |  | $ | 109,247 |
CONDENSED UNAUDITED CONSOLIDATING STATEMENTS OF CASH FLOWS For the Three Months Ended March 31, 2012 (in thousands)
| MasTec, Inc. |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Consolidated MasTec, Inc.
Net cash (used in) provided by operating activities | $ | (466 | ) |  | $ | 63,916 |  |  | $ | (20,005 | ) |  | $ | — |  |  | $ | 43,445 |
Cash flows used in investing activities: |  |  |  |  |  |  |  |  |
Cash paid for acquisitions, net, including contingent consideration | $ | — |  |  | $ | (4,498 | ) |  | $ | — |  |  | $ | — |  |  | $ | (4,498 | )
Capital expenditures | — |  |  | (13,530 | ) |  | (567 | ) |  | — |  |  | (14,097 | )
Proceeds from sale of assets | — |  |  | 2,014 |  |  | — |  |  | — |  |  | 2,014 |
Net cash used in investing activities | $ | — |  |  | $ | (16,014 | ) |  | $ | (567 | ) |  | $ | — |  |  | $ | (16,581 | )
Cash flows provided by (used in) financing activities: |  |  |  |  |  |  |  |  |
Proceeds from credit facility | $ | — |  |  | $ | 166,700 |  |  | $ | — |  |  | $ | — |  |  | $ | 166,700 |
Repayments of credit facility | — |  |  | (195,950 | ) |  | — |  |  | — |  |  | (195,950 | )
Repayments of other borrowings | — |  |  | (5,323 | ) |  | — |  |  | — |  |  | (5,323 | )
Proceeds from book overdrafts | — |  |  | 10,433 |  |  | — |  |  | — |  |  | 10,433 |
Payments of capital lease obligations | — |  |  | (4,177 | ) |  | (8 | ) |  | — |  |  | (4,185 | )
Proceeds from stock option exercises and other share-based awards | 1,218 |  |  | — |  |  | — |  |  | — |  |  | 1,218 |
Excess tax benefit from stock-based compensation | — |  |  | 97 |  |  | — |  |  | — |  |  | 97 |
Payments of financing costs | — |  |  | (52 | ) |  | — |  |  | — |  |  | (52 | )
Net financing activities and advances (to) from consolidated affiliates | (752 | ) |  | (25,371 | ) |  | 26,123 |  |  | — |  |  | — |
Net cash provided by (used in) financing activities | $ | 466 |  |  | $ | (53,643 | ) |  | $ | 26,115 |  |  | $ | — |  |  | $ | (27,062 | )
Net (decrease) increase in cash and cash equivalents | — |  |  | (5,741 | ) |  | 5,543 |  |  | — |  |  | (198 | )
Net effect of currency translation on cash | — |  |  | — |  |  | 49 |  |  | — |  |  | 49 |
Cash and cash equivalents - beginning of period | — |  |  | 16,240 |  |  | 4,040 |  |  | — |  |  | 20,280 |
Cash and cash equivalents - end of period | $ | — |  |  | $ | 10,499 |  |  | $ | 9,632 |  |  | $ | — |  |  | $ | 20,131 |
Cash and cash equivalents of discontinued operations | $ | — |  |  | $ | 4,026 |  |  | $ | 260 |  |  | $ | — |  |  | $ | 4,286 |
Cash and cash equivalents of continuing operations | $ | — |  |  | $ | 6,473 |  |  | $ | 9,372 |  |  | $ | — |  |  | $ | 15,845 |

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