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Supplemental Guarantor Financial Information (Tables) | 9 Months Ended
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Sep. 30, 2015
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 (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 | 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 | 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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