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Supplemental Guarantor Financial Information | 9 Months Ended
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Sep. 30, 2015
Condensed Unaudited Financial Statements, Supplemental Guarantor Information [Abstract] |
Supplemental Guarantor Financial Information | Note 17 – Supplemental Guarantor Condensed Unaudited Consolidating Financial Information The 4.875% Senior Notes are, and the 2011 Convertible Notes and 2009 Convertible Notes through the dates of their maturity in 2014, 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 Credit Facility or other outstanding indebtedness (the “Guarantor Subsidiaries”). The Company’s subsidiaries organized outside of the United States and certain domestic subsidiaries (collectively, the “Non-Guarantor Subsidiaries”) do not guarantee any of these notes. A Guarantor Subsidiary’s guarantee is 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 such Guarantor Subsidiary, if the Guarantor Subsidiary’s guarantee under the Company’s 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 (in millions)
For the Three Months Ended September 30, 2015 | MasTec, Inc. |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Consolidated MasTec, Inc.
Revenue | $ | — |  |  | $ | 963.7 |  |  | $ | 149.9 |  |  | $ | (2.6 | ) |  | $ | 1,111.0 |
Costs of revenue, excluding depreciation and amortization | — |  |  | 841.9 |  |  | 133.4 |  |  | (2.6 | ) |  | 972.7 |
Depreciation and amortization | — |  |  | 33.2 |  |  | 9.0 |  |  | — |  |  | 42.2 |
General and administrative expenses | 0.7 |  |  | 57.0 |  |  | 6.1 |  |  | — |  |  | 63.8 |
Interest expense (income), net | — |  |  | 27.7 |  |  | (15.7 | ) |  | — |  |  | 12.0 |
Other expense, net | — |  |  | 6.0 |  |  | 0.7 |  |  | — |  |  | 6.7 |
(Loss) income from continuing operations before income taxes | $ | (0.7 | ) |  | $ | (2.1 | ) |  | $ | 16.4 |  |  | $ | — |  |  | $ | 13.6 |
Benefit from (provision for) income taxes | 0.3 |  |  | 1.3 |  |  | (7.8 | ) |  | — |  |  | (6.2 | )
Net (loss) income from continuing operations | $ | (0.4 | ) |  | $ | (0.8 | ) |  | $ | 8.6 |  |  | $ | — |  |  | $ | 7.4 |
Equity in income from subsidiaries, net of tax | 8.0 |  |  | — |  |  | — |  |  | (8.0 | ) |  | — |
Net income (loss) | $ | 7.6 |  |  | $ | (0.8 | ) |  | $ | 8.6 |  |  | $ | (8.0 | ) |  | $ | 7.4 |
Net loss attributable to non-controlling interests | — |  |  | — |  |  | (0.2 | ) |  | — |  |  | (0.2 | )
Net income (loss) attributable to MasTec, Inc. | $ | 7.6 |  |  | $ | (0.8 | ) |  | $ | 8.8 |  |  | $ | (8.0 | ) |  | $ | 7.6 |
Comprehensive (loss) income | $ | (5.7 | ) |  | $ | (0.8 | ) |  | $ | (4.8 | ) |  | $ | 5.4 |  |  | $ | (5.9 | )
For the Three Months Ended September 30, 2014 (As Restated) | MasTec, Inc. |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Consolidated MasTec, Inc.
Revenue | $ | — |  |  | $ | 1,050.5 |  |  | $ | 267.0 |  |  | $ | (2.0 | ) |  | $ | 1,315.5 |
Costs of revenue, excluding depreciation and amortization | — |  |  | 893.0 |  |  | 231.9 |  |  | (2.0 | ) |  | 1,122.9 |
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 | — |  |  | (1.7 | ) |  | 0.3 |  |  | — |  |  | (1.4 | )
(Loss) income from continuing operations before income taxes | $ | (0.6 | ) |  | $ | 66.1 |  |  | $ | 14.3 |  |  | $ | — |  |  | $ | 79.8 |
Benefit from (provision for) income taxes | 0.2 |  |  | (24.2 | ) |  | (6.4 | ) |  | — |  |  | (30.3 | )
Net (loss) income from continuing operations | $ | (0.4 | ) |  | $ | 41.9 |  |  | $ | 7.9 |  |  | $ | — |  |  | $ | 49.4 |
Net loss from discontinued operations | — |  |  | — |  |  | (0.3 | ) |  | — |  |  | (0.3 | )
Equity in income from subsidiaries, net of tax | 49.3 |  |  | — |  |  | — |  |  | (49.3 | ) |  | — |
Net income (loss) | $ | 48.9 |  |  | $ | 41.9 |  |  | $ | 7.6 |  |  | $ | (49.3 | ) |  | $ | 49.1 |
Net income attributable to non-controlling interests | — |  |  | — |  |  | 0.1 |  |  | — |  |  | 0.1 |
Net income (loss) attributable to MasTec, Inc. | $ | 48.9 |  |  | $ | 41.9 |  |  | $ | 7.5 |  |  | $ | (49.3 | ) |  | $ | 49.0 |
Comprehensive income (loss) | $ | 36.0 |  |  | $ | 41.9 |  |  | $ | (5.3 | ) |  | $ | (36.4 | ) |  | $ | 36.2 |
CONDENSED UNAUDITED CONSOLIDATING STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (in millions)
For the Nine Months Ended September 30, 2015 | MasTec, Inc. |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Consolidated MasTec, Inc.
Revenue | $ | — |  |  | $ | 2,657.9 |  |  | $ | 530.2 |  |  | $ | (7.2 | ) |  | $ | 3,180.9 |
Costs of revenue, excluding depreciation and amortization | — |  |  | 2,309.4 |  |  | 502.9 |  |  | (7.2 | ) |  | 2,805.1 |
Depreciation and amortization | — |  |  | 98.1 |  |  | 29.9 |  |  | — |  |  | 128.0 |
General and administrative expenses | 1.9 |  |  | 184.9 |  |  | 20.3 |  |  | — |  |  | 207.1 |
Interest expense (income), net | — |  |  | 82.9 |  |  | (47.1 | ) |  | — |  |  | 35.8 |
Other expense, net | — |  |  | 0.4 |  |  | 4.0 |  |  | — |  |  | 4.4 |
(Loss) income from continuing operations before income taxes | $ | (1.9 | ) |  | $ | (17.8 | ) |  | $ | 20.2 |  |  | $ | — |  |  | $ | 0.5 |
Benefit from (provision for) income taxes | 0.8 |  |  | 7.9 |  |  | (12.0 | ) |  | — |  |  | (3.3 | )
Net loss (income) from continuing operations | $ | (1.1 | ) |  | $ | (9.9 | ) |  | $ | 8.2 |  |  | $ | — |  |  | $ | (2.8 | )
Equity in loss from subsidiaries, net of tax | (1.3 | ) |  | — |  |  | — |  |  | 1.3 |  |  | — |
Net (loss) income | $ | (2.4 | ) |  | $ | (9.9 | ) |  | $ | 8.2 |  |  | $ | 1.3 |  |  | $ | (2.8 | )
Net loss attributable to non-controlling interests | — |  |  | — |  |  | (0.5 | ) |  | — |  |  | (0.5 | )
Net (loss) income attributable to MasTec, Inc. | $ | (2.4 | ) |  | $ | (9.9 | ) |  | $ | 8.7 |  |  | $ | 1.3 |  |  | $ | (2.3 | )
Comprehensive (loss) income | $ | (34.4 | ) |  | $ | (9.9 | ) |  | $ | (23.7 | ) |  | $ | 33.3 |  |  | $ | (34.8 | )
For the Nine Months Ended September 30, 2014 (As Restated) | MasTec, Inc. |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Consolidated MasTec, Inc.
Revenue | $ | — |  |  | $ | 2,802.3 |  |  | $ | 580.3 |  |  | $ | (2.1 | ) |  | $ | 3,380.5 |
Costs of revenue, excluding depreciation and amortization | — |  |  | 2,402.6 |  |  | 514.4 |  |  | (2.1 | ) |  | 2,914.9 |
Depreciation and amortization | — |  |  | 88.4 |  |  | 23.6 |  |  | — |  |  | 112.0 |
General and administrative expenses | 1.8 |  |  | 146.7 |  |  | 19.0 |  |  | — |  |  | 167.5 |
Interest expense, net | — |  |  | 35.6 |  |  | 2.0 |  |  | — |  |  | 37.6 |
Other (income) expense, net | — |  |  | (5.9 | ) |  | 0.4 |  |  | — |  |  | (5.5 | )
(Loss) income from continuing operations before income taxes | $ | (1.8 | ) |  | $ | 134.9 |  |  | $ | 20.9 |  |  | $ | — |  |  | $ | 154.0 |
Benefit from (provision for) income taxes | 0.7 |  |  | (52.0 | ) |  | (7.3 | ) |  | — |  |  | (58.6 | )
Net (loss) income from continuing operations | $ | (1.1 | ) |  | $ | 82.9 |  |  | $ | 13.6 |  |  | $ | — |  |  | $ | 95.4 |
Net loss from discontinued operations | — |  |  | — |  |  | (0.5 | ) |  | — |  |  | (0.5 | )
Equity in income from subsidiaries, net of tax | 95.9 |  |  | — |  |  | — |  |  | (95.9 | ) |  | — |
Net income (loss) | $ | 94.8 |  |  | $ | 82.9 |  |  | $ | 13.1 |  |  | $ | (95.9 | ) |  | $ | 94.9 |
Net loss attributable to non-controlling interests | — |  |  | — |  |  | (0.1) |  |  | — |  |  | (0.1) |
Net income (loss) attributable to MasTec, Inc. | $ | 94.8 |  |  | $ | 82.9 |  |  | $ | 13.2 |  |  | $ | (95.9 | ) |  | $ | 94.8 |
Comprehensive income (loss) | $ | 84.2 |  |  | $ | 83.0 |  |  | $ | 2.4 |  |  | $ | (85.3 | ) |  | $ | 84.2 |
CONDENSED UNAUDITED CONSOLIDATING BALANCE SHEETS (in millions)
As of September 30, 2015 | MasTec, Inc. |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Consolidated MasTec, Inc.
Assets |  |  |  |  |  |  |  |  |
Current assets | $ | — |  |  | $ | 1,007.7 |  |  | $ | 230.6 |  |  | $ | — |  |  | $ | 1,238.3 |
Property and equipment, net | — |  |  | 464.9 |  |  | 122.1 |  |  | — |  |  | 587.0 |
Goodwill and other intangible assets, net | — |  |  | 1,055.6 |  |  | 228.0 |  |  | — |  |  | 1,283.6 |
Investments in and advances to consolidated affiliates, net | 2,036.4 |  |  | 95.7 |  |  | 1,083.8 |  |  | (3,215.9 | ) |  | — |
Other long-term assets | 9.3 |  |  | 38.7 |  |  | 88.9 |  |  | — |  |  | 136.9 |
Total assets | $ | 2,045.7 |  |  | $ | 2,662.6 |  |  | $ | 1,753.4 |  |  | $ | (3,215.9 | ) |  | $ | 3,245.8 |
Liabilities and equity |  |  |  |  |  |  |  |  |
Total current liabilities | $ | — |  |  | $ | 666.6 |  |  | $ | 120.8 |  |  | $ | — |  |  | $ | 787.4 |
Long-term debt | — |  |  | 1,068.1 |  |  | 30.5 |  |  | — |  |  | 1,098.6 |
Other long-term liabilities | — |  |  | 227.4 |  |  | 107.9 |  |  | — |  |  | 335.3 |
Total liabilities | $ | — |  |  | $ | 1,962.1 |  |  | $ | 259.2 |  |  | $ | — |  |  | $ | 2,221.3 |
Total equity | $ | 2,045.7 |  |  | $ | 700.5 |  |  | $ | 1,494.2 |  |  | $ | (3,215.9 | ) |  | $ | 1,024.5 |
Total liabilities and equity | $ | 2,045.7 |  |  | $ | 2,662.6 |  |  | $ | 1,753.4 |  |  | $ | (3,215.9 | ) |  | $ | 3,245.8 |
As of December 31, 2014 | MasTec, Inc. |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Consolidated MasTec, Inc.
Assets |  |  |  |  |  |  |  |  |
Current assets | $ | — |  |  | $ | 1,249.6 |  |  | $ | 282.2 |  |  | $ | — |  |  | $ | 1,531.8 |
Property and equipment, net | — |  |  | 472.6 |  |  | 150.5 |  |  | — |  |  | 623.1 |
Goodwill and other intangible assets, net | — |  |  | 1,068.3 |  |  | 264.5 |  |  | — |  |  | 1,332.8 |
Investments in and advances to consolidated affiliates, net | 2,108.4 |  |  | — |  |  | 1,097.0 |  |  | (3,205.4 | ) |  | — |
Other long-term assets | 9.3 |  |  | 28.7 |  |  | 38.3 |  |  | — |  |  | 76.3 |
Total assets | $ | 2,117.7 |  |  | $ | 2,819.2 |  |  | $ | 1,832.5 |  |  | $ | (3,205.4 | ) |  | $ | 3,564.0 |
Liabilities and equity |  |  |  |  |  |  |  |  |
Total current liabilities | $ | — |  |  | $ | 777.4 |  |  | $ | 203.4 |  |  | $ | — |  |  | $ | 980.8 |
Long-term debt | — |  |  | 1,027.3 |  |  | 33.9 |  |  | — |  |  | 1,061.2 |
Advances from consolidated affiliates, net | — |  |  | 70.7 |  |  | — |  |  | (70.7 | ) |  | — |
Other long-term liabilities | — |  |  | 239.3 |  |  | 134.6 |  |  | — |  |  | 373.9 |
Total liabilities | $ | — |  |  | $ | 2,114.7 |  |  | $ | 371.9 |  |  | $ | (70.7 | ) |  | $ | 2,415.9 |
Total equity | $ | 2,117.7 |  |  | $ | 704.5 |  |  | $ | 1,460.6 |  |  | $ | (3,134.7 | ) |  | $ | 1,148.1 |
Total liabilities and equity | $ | 2,117.7 |  |  | $ | 2,819.2 |  |  | $ | 1,832.5 |  |  | $ | (3,205.4 | ) |  | $ | 3,564.0 |
CONDENSED UNAUDITED CONSOLIDATING STATEMENTS OF CASH FLOWS (in millions)
For the Nine Months Ended September 30, 2015 | MasTec, Inc. |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Consolidated MasTec, Inc.
Net cash (used in) provided by operating activities | $ | (1.1 | ) |  | $ | 317.0 |  |  | $ | (55.3 | ) |  | $ | — |  |  | $ | 260.6 |
Cash flows (used in) provided by investing activities: |  |  |  |  |  |  |  |  |
Cash paid for acquisitions, net of cash acquired | — |  |  | (0.1 | ) |  | — |  |  | — |  |  | (0.1 | )
Capital expenditures | — |  |  | (58.2 | ) |  | (12.6 | ) |  | — |  |  | (70.8 | )
Proceeds from sale of property and equipment | — |  |  | 8.4 |  |  | 1.4 |  |  | — |  |  | 9.8 |
Payments for investments, net | — |  |  | (109.3 | ) |  | — |  |  | — |  |  | (109.3 | )
Net cash used in investing activities | $ | — |  |  | $ | (159.2 | ) |  | $ | (11.2 | ) |  | $ | — |  |  | $ | (170.5 | )
Cash flows provided by (used in) financing activities: |  |  |  |  |  |  |  |  |
Proceeds from credit facilities | — |  |  | 827.1 |  |  | 502.5 |  |  | — |  |  | 1,329.6 |
Repayments of credit facilities | — |  |  | (747.8 | ) |  | (492.3 | ) |  | — |  |  | (1,240.1 | )
Repayments of other borrowings and capital lease obligations | — |  |  | (36.4 | ) |  | (14.9 | ) |  | — |  |  | (51.3 | )
Repurchase of common stock | (100.0 | ) |  | — |  |  | — |  |  | — |  |  | (100.0 | )
Proceeds from stock-based awards, net of tax withholdings | 2.1 |  |  | (0.4 | ) |  | — |  |  | — |  |  | 1.7 |
Excess tax benefits from stock-based compensation | — |  |  | 0.1 |  |  | — |  |  | — |  |  | 0.1 |
Payments of acquisition-related contingent consideration | — |  |  | (37.3 | ) |  | (7.5 | ) |  | — |  |  | (44.8 | )
Payments of financing costs | — |  |  | (2.4 | ) |  | — |  |  | — |  |  | (2.4 | )
Net financing activities and advances from (to) consolidated affiliates | 99.0 |  |  | (169.2 | ) |  | 70.2 |  |  | — |  |  | — |
Net cash provided by (used in) financing activities | $ | 1.1 |  |  | $ | (166.3 | ) |  | $ | 58.0 |  |  | $ | — |  |  | $ | (107.2 | )
Effect of currency translation on cash | — |  |  | — |  |  | 0.1 |  |  | — |  |  | 0.1 |
Net decrease in cash and cash equivalents | $ | — |  |  | $ | (8.5 | ) |  | $ | (8.4 | ) |  | $ | — |  |  | $ | (16.9 | )
Cash and cash equivalents - beginning of period | — |  |  | 18.5 |  |  | 5.6 |  |  | — |  |  | 24.1 |
Cash and cash equivalents - end of period | $ | — |  |  | $ | 10.0 |  |  | $ | (2.8 | ) |  | $ | — |  |  | $ | 7.2 |
For the Nine Months Ended September 30, 2014 (As Restated) | MasTec, Inc. |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Consolidated MasTec, Inc.
Net cash (used in) provided by operating activities | $ | (0.9 | ) |  | $ | 41.1 |  |  | $ | 40.8 |  |  | $ | — |  |  | $ | 81.0 |
Cash flows (used in) provided by investing activities: |  |  |  |  |  |  |  |  |
Cash paid for acquisitions, net of cash acquired | — |  |  | (40.0 | ) |  | (122.9 | ) |  | — |  |  | (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 investments, net | $ | — |  |  | $ | (1.0 | ) |  | $ | — |  |  | $ | — |  |  | $ | (1.0 | )
Net cash used in investing activities | $ | — |  |  | $ | (106.3 | ) |  | $ | (136.4 | ) |  | $ | — |  |  | $ | (242.7 | )
Cash flows provided by (used in) financing activities: |  |  |  |  |  |  |  |  |
Proceeds from credit facilities | $ | — |  |  | $ | 1,122.4 |  |  | $ | 197.2 |  |  | $ | — |  |  | $ | 1,319.6 |
Repayments of credit facilities | — |  |  | (723.2 | ) |  | (232.0 | ) |  | — |  |  | (955.2 | )
Repayment of senior convertible notes | — |  |  | (105.3 | ) |  | — |  |  | — |  |  | (105.3 | )
Repayments of other borrowings and capital lease obligations | — |  |  | (45.4 | ) |  | (8.7 | ) |  | — |  |  | (54.1 | )
Proceeds from stock-based awards, net of tax withholdings | 2.9 |  |  | (2.6 | ) |  | — |  |  | — |  |  | 0.3 |
Excess tax benefits from stock-based compensation | — |  |  | 3.5 |  |  | — |  |  | — |  |  | 3.5 |
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 | (2.0 | ) |  | (125.2 | ) |  | 127.2 |  |  | — |  |  | — |
Net cash provided by financing activities | $ | 0.9 |  |  | $ | 62.4 |  |  | $ | 83.7 |  |  | $ | — |  |  | $ | 147.0 |
Effect of currency translation on cash | — |  |  | — |  |  | (1.2 | ) |  | — |  |  | (1.2 | )
Net decrease in cash and cash equivalents | $ | — |  |  | $ | (2.8 | ) |  | $ | (13.1 | ) |  | $ | — |  |  | $ | (15.9 | )
Cash and cash equivalents - beginning of period | — |  |  | 5.4 |  |  | 17.6 |  |  | — |  |  | 22.9 |
Cash and cash equivalents - end of period | $ | — |  |  | $ | 2.6 |  |  | $ | 4.5 |  |  | $ | — |  |  | $ | 7.1 |

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