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Supplemental Guarantor Financial Information | 3 Months Ended
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Mar. 31, 2013
Condensed Unaudited Financial Statements, Supplemental Guarantor Information [Abstract] |
Supplemental Guarantor Financial Information | Supplemental Guarantor Financial Information The New Convertible Notes, Original Convertible Notes are, and, through March 29, 2013, the 7.625% Senior Notes were, fully and unconditionally guaranteed on an unsecured, unsubordinated, joint and several basis by certain of the Company's existing and future 100%-owned direct and indirect domestic subsidiaries that are each guarantors of the Company's Credit Facility or other outstanding indebtedness (the “Guarantor Subsidiaries”). The 4.875% Senior Notes are guaranteed on an unsecured unsubordinated basis by the Company's 100%-owned domestic subsidiaries that guarantee the Credit Facility. Certain subsidiaries included in the Company's Guarantor Subsidiaries, which are minor individually and in the aggregate, do not guarantee the 4.875% Senior Notes. The Company's subsidiaries organized outside of the U.S. and certain domestic subsidiaries (collectively, the “Non-Guarantor Subsidiaries”) do not guarantee any of these notes. The subsidiary guarantees are subject to release in certain customary circumstances including upon the sale of a majority of the capital stock or substantially all of the assets of the subsidiary guarantor; if the guarantee under our Credit Facility and other indebtedness is released or discharged (other than due to payment under such guarantee); or when the requirements for legal defeasance are satisfied or the obligations are discharged in accordance with the related indentures. The following supplemental financial information sets forth the condensed unaudited consolidating balance sheets and the condensed unaudited consolidating statements of operations and comprehensive income and cash flows for the parent company (MasTec, Inc.), the Guarantor Subsidiaries on a combined basis, the Non-Guarantor Subsidiaries on a combined basis and the eliminations necessary to arrive at the information for the Company as reported on a consolidated basis. Eliminations represent adjustments to eliminate investments in subsidiaries and intercompany balances and transactions between or among MasTec, Inc., the Guarantor Subsidiaries and the Non-Guarantor Subsidiaries. Investments in subsidiaries are accounted for using the equity method for this presentation. 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 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 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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