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Acquisitions (Tables) | 9 Months Ended
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Sep. 30, 2015
Business Combinations [Line Items] |
Schedule of Pro Forma Information, Business Acquisitions | The unaudited supplemental pro forma financial information presented below has been prepared by adjusting the historical results of MasTec to include the historical results of the acquired businesses described above and was then adjusted (i) to remove acquisition costs, including certain acquisition integration costs; (ii) to increase amortization expense resulting from the incremental intangible assets acquired; (iii) to increase interest expense as a result of the cash consideration paid; (iv) to remove integration-related employee redundancy costs; and (v) to reduce interest expense from debt repaid upon acquisition of the respective businesses. The unaudited supplemental pro forma financial information does not include adjustments to reflect the impact of other cost savings or synergies that may result from these acquisitions.
| For the Three Months Ended September 30, 2014 |  | For the Nine Months Ended September 30, 2014
Unaudited pro forma financial information (in millions): |
Revenue | $ | 1,423.5 |  |  | $ | 3,854.0 |
Net income from continuing operations | $ | 50.6 |  |  | $ | 100.2 |
Results of Businesses Acquired Revenue and net income (loss) from continuing operations resulting from the year-over-year incremental impact of acquired businesses, which are included within the Company’s condensed unaudited consolidated results of operations for the periods indicated, were as follows (in millions):
| For the Three Months Ended September 30, |  | For the Nine Months Ended September 30,
| 2015 |  | 2014 |  | 2015 |  | 2014
Actual of acquirees (year-over-year impact): |  |  | As Restated |  |  |  | As Restated
Revenue | $ | 69.2 |  |  | $ | 133.2 |  |  | $ | 301.5 |  |  | $ | 342.5 |
Net income (loss) from continuing operations (a) | $ | 0.2 |  |  | $ | 2.3 |  |  | $ | (13.4 | ) |  | $ | 4.3 |
(a) | Acquiree net income (loss) from continuing operations for the nine month period ended September 30, 2015 includes approximately $9.3 million of pre-tax acquisition integration costs incurred in connection with the WesTower acquisition, and for the three and nine month periods ended September 30, 2015, includes project losses of $2.8 million and $8.3 million, respectively, associated with the Company’s proportionate interest in a non-controlled Canadian joint venture. Other acquisition-related costs, including certain acquisition integration costs totaling $1.9 million and $10.3 million for the three and nine month periods ended September 30, 2015, respectively, and $0.5 million and $2.0 million for the three and nine month periods ended September 30, 2014, respectively, are not included in the above presented acquiree results for the respective periods. The above results also do not include interest expense associated with consideration paid for these acquisitions.
WesTower [Member] |
Business Combinations [Line Items] |
Schedule of Consideration Paid and Net Assets Acquired, Business Acquisitions | The following table summarizes the preliminary estimated fair values of consideration paid and identifiable assets acquired and liabilities assumed as of the date of acquisition (in millions):
Acquisition consideration: | October 1, 2014
Cash | $ | 198.0 |
Identifiable assets acquired and liabilities assumed: |
Accounts receivable | $ | 180.6 |
Other current assets, including $18.0 million of cash acquired | 50.3 |
Property, equipment and other long-term assets, including deferred tax asset | 18.0 |
Finite-lived intangible assets | 42.6 |
Billings in excess of costs and earnings | (33.3 | )
Other current liabilities, including current portion of capital lease obligations | (89.8 | )
Long-term liabilities, including capital lease obligations | (21.1 | )
Total identifiable net assets | $ | 147.3 |
Goodwill | $ | 50.7 |
Total net assets acquired, including goodwill | $ | 198.0 |
Schedule of Finite-Lived Intangible Assets Acquired, Business Acquisitions | The fair values and weighted average useful lives of WesTower’s acquired finite-lived intangible assets as of the date of acquisition were assigned as follows:
| Fair Value (in millions) |  | Weighted Average Useful Life (in years)
Finite-lived intangible assets: |
Backlog | $ | 4.7 |  |  | 5
Trade name | 1.1 |  |  | 4
Non-compete agreements | 0.3 |  |  | 4
Customer relationships | 36.5 |  |  | 18
Total acquired finite-lived intangible assets | $ | 42.6 |  |  | 16
Pacer [Member] |
Business Combinations [Line Items] |
Schedule of Consideration Paid and Net Assets Acquired, Business Acquisitions | The following table summarizes the estimated fair values of consideration paid and identifiable assets acquired and liabilities assumed, as adjusted, as of the date of acquisition (in millions):
Acquisition consideration: | June 1, 2014
Cash | $ | 126.5 |
Fair value of contingent consideration (earn-out liability) | 24.3 |
Total consideration transferred | $ | 150.8 |
Identifiable assets acquired and liabilities assumed: |
Current assets, including $3.4 million of cash acquired | $ | 114.0 |
Property and equipment | 81.2 |
Pre-qualifications | 38.7 |
Finite-lived intangible assets | 19.4 |
Current liabilities, including current portion of capital lease obligations and long-term debt | (71.8 | )
Net equity method investment obligations | (31.0 | )
Long-term debt, including capital lease obligations | (69.6 | )
Deferred income taxes | (30.5 | )
Total identifiable net assets | $ | 50.4 |
Goodwill | $ | 100.4 |
Total net assets acquired, including goodwill | $ | 150.8 |
Schedule of Finite-Lived Intangible Assets Acquired, Business Acquisitions | The fair values and weighted average useful lives of Pacer’s acquired finite-lived intangible assets, as adjusted, as of the date of acquisition were assigned as follows:
| Fair Value (in millions) |  | Weighted Average Useful Life (in years)
Finite-lived intangible assets: |
Backlog | $ | 6.1 |  |  | 3
Non-compete agreements | 2.3 |  |  | 9
Customer relationships | 11.0 |  |  | 8
Total acquired finite-lived intangible assets | $ | 19.4 |  |  | 6

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