Supplemental Guarantor Financial Information (Tables)

9 Months Ended

Sep. 30, 2017

Condensed Unaudited Financial Statements, Supplemental Guarantor Information [Abstract]

Condensed Unaudited Consolidating Statements of Operations and Comprehensive Income (Loss)

CONDENSED UNAUDITED CONSOLIDATING STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (in millions)

For the Three Months Ended September 30, 2017	MasTec, Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated MasTec, Inc.
Revenue	$	—		$	1,860.3		$	130.3		$	(34.8	)	$	1,955.8
Costs of revenue, excluding depreciation and amortization	—			1,640.3			120.7			(34.8		)	1,726.2
Depreciation and amortization	—			41.1			9.0			—			50.1
General and administrative expenses	0.5			61.7			4.2			—			66.4
Interest expense (income), net	—			33.2			(15.6		)	—			17.6
Equity in earnings of unconsolidated affiliates	—			—			(7.4		)	—			(7.4		)
Other income, net	—			(4.6		)	(0.1		)	—			(4.7		)
(Loss) income before income taxes	$	(0.5	)	$	88.6		$	19.5		$	—		$	107.6
Benefit from (provision for) income taxes	0.2			(33.8		)	(9.9		)	—			(43.4		)
Net (loss) income before equity in income from subsidiaries	$	(0.3	)	$	54.8		$	9.6		$	—		$	64.2
Equity in income from subsidiaries, net of tax	64.1			—			—			(64.1		)	—
Net income (loss)	$	63.8		$	54.8		$	9.6		$	(64.1	)	$	64.2
Net income attributable to non-controlling interests	—			—			0.4			—			0.4
Net income (loss) attributable to MasTec, Inc.	$	63.8		$	54.8		$	9.2		$	(64.1	)	$	63.8
Comprehensive income (loss)	$	65.2		$	54.9		$	11.1		$	(65.5	)	$	65.7

For the Three Months Ended September 30, 2016	MasTec, Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated MasTec, Inc.
Revenue	$	—		$	1,493.9		$	112.7		$	(20.4	)	$	1,586.2
Costs of revenue, excluding depreciation and amortization	—			1,282.3			107.2			(20.4		)	1,369.0
Depreciation and amortization	—			33.7			8.9			—			42.6
General and administrative expenses	0.6			60.6			5.9			—			67.1
Interest expense (income), net	—			28.6			(15.5		)	—			13.1
Equity in losses of unconsolidated affiliates	—			—			—			—			—
Other (income) expense, net	—			(3.4		)	2.3			—			(1.0		)
(Loss) income before income taxes	$	(0.6	)	$	92.1		$	3.9		$	—		$	95.3
Benefit from (provision for) income taxes	0.2			(33.4		)	(5.6		)	—			(38.8		)
Net (loss) income before equity in income from subsidiaries	$	(0.4	)	$	58.7		$	(1.7	)	$	—		$	56.5
Equity in income from subsidiaries, net of tax	56.7			—			—			(56.7		)	—
Net income (loss)	$	56.3		$	58.7		$	(1.7	)	$	(56.7	)	$	56.5
Net income attributable to non-controlling interests	—			—			0.3			—			0.3
Net income (loss) attributable to MasTec, Inc.	$	56.3		$	58.7		$	(2.0	)	$	(56.7	)	$	56.3
Comprehensive income (loss)	$	54.5		$	58.7		$	(3.6	)	$	(54.9	)	$	54.7

CONDENSED UNAUDITED CONSOLIDATING STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (in millions)

For the Nine Months Ended September 30, 2017	MasTec, Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated MasTec, Inc.
Revenue	$	—		$	4,763.4		$	347.4		$	(106.7	)	$	5,004.1
Costs of revenue, excluding depreciation and amortization	—			4,097.7			332.6			(106.7		)	4,323.6
Depreciation and amortization	—			112.2			26.2			—			138.4
General and administrative expenses	1.7			187.7			12.6			—			202.0
Interest expense (income), net	—			91.5			(46.5		)	—			45.0
Equity in earnings of unconsolidated affiliates	—			—			(15.1		)	—			(15.1		)
Other (income) expense, net	—			(9.9		)	5.8			—			(4.1		)
(Loss) income before income taxes	$	(1.7	)	$	284.2		$	31.8		$	—		$	314.3
Benefit from (provision for) income taxes	0.6			(104.9		)	(21.9		)	—			(126.2		)
Net (loss) income before equity in income from subsidiaries	$	(1.1	)	$	179.3		$	9.9		$	—		$	188.2
Equity in income from subsidiaries, net of tax	187.5			—			—			(187.5		)	—
Net income (loss)	$	186.4		$	179.3		$	9.9		$	(187.5	)	$	188.2
Net income attributable to non-controlling interests	—			—			1.8			—			1.8
Net income (loss) attributable to MasTec, Inc.	$	186.4		$	179.3		$	8.1		$	(187.5	)	$	186.4
Comprehensive income (loss)	$	187.5		$	179.3		$	11.1		$	(188.6	)	$	189.3

For the Nine Months Ended September 30, 2016	MasTec, Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated MasTec, Inc.
Revenue	$	—		$	3,521.5		$	302.2		$	(30.9	)	$	3,792.8
Costs of revenue, excluding depreciation and amortization	—			3,054.5			298.0			(30.9		)	3,321.6
Depreciation and amortization	—			96.6			25.6			—			122.2
General and administrative expenses	1.7			172.1			21.2			—			195.0
Interest expense (income), net	—			83.8			(45.9		)	—			37.9
Equity in earnings of unconsolidated affiliates	—			—			(3.5		)	—			(3.5		)
Other income, net	—			(12.7		)	(0.1		)	—			(12.8		)
(Loss) income before income taxes	$	(1.7	)	$	127.2		$	6.9		$	—		$	132.4
Benefit from (provision for) income taxes	0.6			(47.3		)	(7.6		)	—			(54.3		)
Net (loss) income before equity in income from subsidiaries	$	(1.1	)	$	79.9		$	(0.7	)	$	—		$	78.1
Equity in income from subsidiaries, net of tax	78.8			—			—			(78.8		)	—
Net income (loss)	$	77.7		$	79.9		$	(0.7	)	$	(78.8	)	$	78.1
Net income attributable to non-controlling interests	—			—			0.4			—			0.4
Net income (loss) attributable to MasTec, Inc.	$	77.7		$	79.9		$	(1.1	)	$	(78.8	)	$	77.7
Comprehensive income (loss)	$	69.2		$	79.9		$	(9.2	)	$	(70.3	)	$	69.6

Condensed Unaudited Consolidating Balance Sheets

CONDENSED UNAUDITED CONSOLIDATING BALANCE SHEETS (in millions)

As of September 30 2017	MasTec, Inc.		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations			Consolidated MasTec, Inc.
Assets
Total current assets	$	—	$	1,576.0	$	259.8	$	(88.1	)	$	1,747.7
Property and equipment, net	—		600.8		90.6		—			691.4
Goodwill and other intangible assets, net	—		1,187.9		143.0		—			1,330.9
Investments in and advances to consolidated affiliates, net	1,279.7		848.0		710.2		(2,837.9		)	—
Other long-term assets	15.8		25.7		130.6		—			172.1
Total assets	$	1,295.5	$	4,238.4	$	1,334.2	$	(2,926.0	)	$	3,942.2
Liabilities and equity
Total current liabilities	$	—	$	982.5	$	107.7	$	(88.1	)	$	1,002.2
Long-term debt	—		1,181.1		11.2		—			1,192.3
Other long-term liabilities	—		432.0		12.7		—			444.7
Total liabilities	$	—	$	2,595.6	$	131.6	$	(88.1	)	$	2,639.1
Total equity	$	1,295.5	$	1,642.8	$	1,202.6	$	(2,837.9	)	$	1,303.0
Total liabilities and equity	$	1,295.5	$	4,238.4	$	1,334.2	$	(2,926.0	)	$	3,942.2

As of December 31, 2016	MasTec, Inc.		Guarantor Subsidiaries		Non-Guarantor Subsidiaries		Eliminations			Consolidated MasTec, Inc.
Assets
Total current assets	$	—	$	1,256.3	$	175.8	$	(29.6	)	$	1,402.5
Property and equipment, net	—		456.6		92.5		—			549.1
Goodwill and other intangible assets, net	—		1,037.4		138.2		—			1,175.6
Investments in and advances to consolidated affiliates, net	1,083.9		625.9		861.2		(2,571.0		)	—
Other long-term assets	12.6		25.3		18.0		—			55.9
Total assets	$	1,096.5	$	3,401.5	$	1,285.7	$	(2,600.6	)	$	3,183.1
Liabilities and equity
Total current liabilities	$	—	$	759.7	$	109.9	$	(29.6	)	$	840.0
Long-term debt	—		938.7		22.7		—			961.4
Other long-term liabilities	—		256.2		21.9		—			278.1
Total liabilities	$	—	$	1,954.6	$	154.5	$	(29.6	)	$	2,079.5
Total equity	$	1,096.5	$	1,446.9	$	1,131.2	$	(2,571.0	)	$	1,103.6
Total liabilities and equity	$	1,096.5	$	3,401.5	$	1,285.7	$	(2,600.6	)	$	3,183.1

Condensed Unaudited Consolidating Statements of Cash Flows

CONDENSED UNAUDITED CONSOLIDATING STATEMENTS OF CASH FLOWS (in millions)

For the Nine Months Ended September 30, 2017	MasTec, Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations		Consolidated MasTec, Inc.
Net cash provided by (used in) operating activities	$	—		$	222.0		$	(43.4	)	$	—	$	178.6
Cash flows from investing activities:
Cash paid for acquisitions, net of cash acquired	—			(116.0		)	—			—		(116.0		)
Capital expenditures	—			(70.0		)	(13.3		)	—		(83.3		)
Proceeds from sale of property and equipment	—			12.5			1.1			—		13.6
Payments for other investments	—			(3.8		)	(73.3		)	—		(77.1		)
Proceeds from other investments	—			1.2			12.2			—		13.4
Net cash used in investing activities	$	—		$	(176.1	)	$	(73.3	)	$	—	$	(249.4	)
Cash flows from financing activities:
Proceeds from credit facilities	—			1,988.1			14.3			—		2,002.4
Repayments of credit facilities	—			(1,817.4		)	(23.0		)	—		(1,840.4		)
Repayments of other borrowings and capital lease obligations	—			(52.6		)	(8.3		)	—		(60.8		)
Payments of acquisition-related contingent consideration	—			(18.8		)	—			—		(18.8		)
Distributions to non-controlling interests	—			—			(1.3		)	—		(1.3		)
Proceeds from stock-based awards, net	0.9			—			—			—		0.9
Other financing activities, net	—			(6.3		)	—			—		(6.3		)
Net financing activities and advances (to) from consolidated affiliates	(0.9		)	(131.9		)	132.8			—		—
Net cash (used in) provided by financing activities	$	—		$	(38.9	)	$	114.5		$	—	$	75.6
Effect of currency translation on cash	—			—			0.2			—		0.2
Net increase (decrease) in cash and cash equivalents	$	—		$	7.0		$	(2.0	)	$	—	$	5.1
Cash and cash equivalents - beginning of period	$	—		$	28.3		$	10.5		$	—	$	38.8
Cash and cash equivalents - end of period	$	—		$	35.3		$	8.5		$	—	$	43.8

For the Nine Months Ended September 30, 2016	MasTec, Inc.			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations		Consolidated MasTec, Inc.
Net cash provided by operating activities	$	—		$	87.2		$	39.9		$	—	$	127.1
Cash flows from investing activities:
Cash paid for acquisitions, net of cash acquired	—			(4.1		)	—			—		(4.1		)
Capital expenditures	—			(84.0		)	(5.1		)	—		(89.1		)
Proceeds from sale of property and equipment	—			3.1			3.7			—		6.8
Payments for other investments	—			(3.8		)	(5.0		)	—		(8.9		)
Proceeds from other investments	—			—			1.1			—		1.1
Net cash used in investing activities	$	—		$	(88.8	)	$	(5.3	)	$	—	$	(94.1	)
Cash flows from financing activities:
Proceeds from credit facilities	—			1,093.8			93.0			—		1,186.8
Repayments of credit facilities	—			(1,056.1		)	(93.8		)	—		(1,149.9		)
Repayments of other borrowings and capital lease obligations	—			(37.6		)	(12.4		)	—		(50.0		)
Payments of acquisition-related contingent consideration	—			(16.5		)	(3.3		)	—		(19.8		)
Proceeds from stock-based awards, net	3.4			—			0.5			—		3.9
Other financing activities, net	1.4			—			—			—		1.4
Net financing activities and advances (to) from consolidated affiliates	(4.8		)	15.1			(10.3		)	—		—
Net cash used in financing activities	$	—		$	(1.3	)	$	(26.3	)	$	—	$	(27.6	)
Effect of currency translation on cash	—			—			(1.0		)	—		(1.0		)
Net (decrease) increase in cash and cash equivalents	$	—		$	(2.9	)	$	7.3		$	—	$	4.4
Cash and cash equivalents - beginning of period	$	—		$	4.7		$	0.3		$	—	$	5.0
Cash and cash equivalents - end of period	$	—		$	1.8		$	7.6		$	—	$	9.4