Document and Entity Information
Document and Entity Information - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 31, 2014 | Jul. 27, 2015 | Jun. 30, 2014 | |
Document and Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2014 | ||
Document Fiscal Year Focus | 2,014 | ||
Document Fiscal Period Focus | FY | ||
Entity Registrant Name | MASTEC INC | ||
Trading Symbol | MTZ | ||
Entity Central Index Key | 15,615 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | No | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Public Float (in dollars) | $ 2 | ||
Entity Common Stock, Shares Outstanding | 79,839,747 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | [1] | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Jun. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||||||||||
Income Statement [Abstract] | |||||||||||||||||||||||
Revenue | $ 1,231,300 | $ 1,315,488 | $ 1,107,232 | $ 957,818 | $ 1,159,100 | $ 1,269,400 | $ 977,600 | $ 918,600 | $ 2,065,050 | $ 3,380,538 | $ 4,611,803 | $ 4,324,787 | $ 3,726,789 | ||||||||||
Costs of revenue, excluding depreciation and amortization | 1,063,100 | 1,122,861 | 950,715 | 841,324 | 987,000 | 1,081,100 | 822,700 | 791,500 | 1,792,040 | 2,914,901 | 3,977,963 | 3,682,367 | 3,239,195 | ||||||||||
Depreciation and amortization | 41,747 | 36,755 | 33,494 | 70,249 | 111,996 | 154,452 | 140,926 | 91,958 | |||||||||||||||
General and administrative expenses | 59,889 | 54,237 | 53,327 | 107,564 | 167,454 | 238,305 | 215,402 | 157,524 | |||||||||||||||
Interest expense, net | 12,643 | 12,949 | 12,003 | 24,952 | 37,595 | 50,769 | 46,442 | 37,376 | |||||||||||||||
Loss on extinguishment of debt | 0 | 5,624 | 0 | ||||||||||||||||||||
Other (income) expense, net | (1,416) | (1,923) | (2,083) | (4,007) | (5,424) | (8,116) | (6,188) | 8,017 | |||||||||||||||
Income from continuing operations before income taxes | 79,764 | 54,499 | 19,753 | 74,252 | 154,016 | 198,430 | 240,214 | 192,719 | |||||||||||||||
Provision for income taxes | (30,319) | (20,761) | (7,489) | (28,250) | (58,569) | (76,429) | (92,542) | (76,080) | |||||||||||||||
Net income from continuing operations | 26,600 | 49,445 | 33,738 | 12,264 | 42,900 | 49,900 | 35,500 | 19,300 | 46,002 | 95,447 | 122,001 | 147,672 | 116,639 | ||||||||||
Discontinued operations: | |||||||||||||||||||||||
Net loss from discontinued operations, including loss on disposal and impairment charges (See Note 5) | (5,900) | (320) | (149) | (122) | (1,300) | (3,700) | (500) | (900) | (272) | (592) | (6,452) | (6,456) | (9,223) | ||||||||||
Net income | 49,125 | 33,589 | 12,142 | 45,730 | 94,855 | 115,549 | 141,216 | 107,416 | |||||||||||||||
Net (loss) income attributable to non-controlling interests | (400) | 139 | (136) | 45 | 100 | 100 | 100 | 0 | (91) | 48 | (374) | 266 | (10) | ||||||||||
Net income attributable to MasTec, Inc. | $ 21,100 | $ 48,986 | $ 33,725 | $ 12,097 | $ 41,500 | $ 46,100 | $ 34,900 | $ 18,400 | $ 45,821 | $ 94,807 | $ 115,923 | $ 140,950 | $ 107,426 | ||||||||||
Basic earnings (loss) per share: | |||||||||||||||||||||||
Continuing operations (in dollars per share) | $ 0.33 | $ 0.60 | $ 0.43 | $ 0.16 | $ 0.55 | $ 0.65 | $ 0.46 | $ 0.25 | $ 0.59 | $ 1.21 | $ 1.53 | $ 1.92 | $ 1.49 | ||||||||||
Discontinued operations (in dollars per share) | (0.07) | 0 | 0 | 0 | (0.02) | (0.05) | (0.01) | (0.01) | 0 | (0.01) | (0.08) | (0.09) | (0.12) | ||||||||||
Total basic earnings per share (in dollars per share) | 0.26 | [2] | $ 0.60 | [2],[3] | $ 0.43 | [2],[3] | $ 0.16 | [2],[3] | 0.54 | [2] | 0.60 | [2] | 0.46 | [2] | 0.24 | [2] | $ 0.59 | [3] | $ 1.20 | [3] | $ 1.45 | $ 1.83 | $ 1.37 |
Basic weighted average common shares outstanding (in shares) | 81,811 | 78,269 | 77,345 | 77,810 | 79,158 | 79,953 | 76,923 | 78,275 | |||||||||||||||
Diluted earnings (loss) per share: | |||||||||||||||||||||||
Continuing operations (in dollars per share) | 0.32 | $ 0.57 | $ 0.39 | $ 0.14 | 0.50 | 0.59 | 0.42 | 0.23 | $ 0.53 | $ 1.11 | $ 1.42 | $ 1.74 | $ 1.42 | ||||||||||
Discontinued operations (in dollars per share) | (0.07) | 0 | 0 | 0 | (0.02) | (0.04) | (0.01) | (0.01) | 0 | (0.01) | (0.07) | (0.08) | (0.11) | ||||||||||
Total diluted earnings per share (in dollars per share) | $ 0.25 | [2] | $ 0.57 | [2],[3] | $ 0.39 | [2],[3] | $ 0.14 | [2],[3] | $ 0.49 | [2] | $ 0.54 | [2] | $ 0.41 | [2] | $ 0.22 | [2] | $ 0.53 | [3] | $ 1.10 | [3] | $ 1.35 | $ 1.66 | $ 1.31 |
Diluted weighted average common shares outstanding (in shares) | 85,824 | 86,730 | 86,622 | 86,675 | 86,416 | 86,196 | 84,901 | 82,082 | |||||||||||||||
[1] | Preliminary, unaudited fourth quarter and full year 2014 results were previously issued pursuant to a press release dated February 26, 2015 and not previously filed in a report under the Securities Exchange Act of 1934, as amended. The unaudited quarterly information for the three month period ended December 31, 2014 in the table above includes the effect of adjustments determined by management following the review process described in Note 2 - Independent Investigation of the Audit Committee and Related Restatements. | ||||||||||||||||||||||
[2] | Earnings per share calculations, including the sum of the individual quarterly earnings per share amounts to the full year earnings per share amounts, may contain slight summation differences due to rounding. | ||||||||||||||||||||||
[3] | Earnings per share calculations may contain slight summation differences due to rounding. |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 115,549 | $ 141,216 | $ 107,416 |
Other comprehensive (loss) income (See Note 14): | |||
Foreign currency translation adjustments, net of tax | (20,718) | (7,893) | 1,924 |
Changes in value of available-for-sale securities, net of tax | 0 | 108 | 521 |
Other comprehensive (loss) income, net of tax | (20,718) | (7,785) | 2,445 |
Comprehensive income | 94,831 | 133,431 | 109,861 |
Comprehensive (loss) income attributable to non-controlling interests | (374) | 266 | (10) |
Comprehensive income attributable to MasTec, Inc. | $ 95,205 | $ 133,165 | $ 109,871 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Current assets: | |||||||
Cash and cash equivalents | $ 24,059 | $ 7,067 | $ 15,924 | $ 9,261 | $ 22,927 | $ 26,767 | $ 20,280 |
Accounts receivable, net of allowance | 1,303,552 | 1,385,678 | 1,280,250 | 1,185,236 | 1,134,693 | ||
Inventories, net | 112,804 | 105,038 | 115,627 | 89,146 | 70,185 | ||
Prepaid expenses and other current assets | 91,336 | 71,944 | 70,809 | 66,352 | 79,221 | ||
Total current assets | 1,531,751 | 1,569,727 | 1,482,610 | 1,349,995 | 1,307,026 | ||
Property and equipment, net | 623,118 | 614,359 | 618,672 | 509,585 | 488,132 | ||
Goodwill | 1,082,466 | 1,000,024 | 983,133 | 912,885 | 902,044 | 826,600 | |
Other intangible assets, net | 250,373 | 222,212 | 230,592 | 171,562 | 165,606 | 137,000 | |
Other long-term assets | 76,272 | 59,579 | 73,821 | 61,439 | 60,390 | ||
Total assets | 3,563,980 | 3,465,901 | 3,388,828 | 3,005,466 | 2,923,198 | 2,416,300 | |
Current liabilities: | |||||||
Current maturities of long-term debt | 73,631 | 71,798 | 76,914 | 52,949 | 51,376 | ||
Accounts payable | 485,347 | 481,840 | 494,090 | 440,423 | 424,917 | ||
Accrued salaries and wages | 60,528 | 82,083 | 63,945 | 68,055 | 66,455 | ||
Other accrued expenses | 89,343 | 82,952 | 69,401 | 60,453 | 71,448 | ||
Acquisition-related contingent consideration, current | 49,798 | 39,126 | 36,479 | 71,500 | 67,226 | ||
Billings in excess of costs and earnings | 155,674 | 129,732 | 108,968 | 109,370 | 121,641 | ||
Other current liabilities | 66,527 | 17,665 | 13,890 | 20,431 | 26,162 | ||
Total current liabilities | 980,848 | 905,196 | 863,687 | 823,181 | 829,225 | ||
Acquisition-related contingent consideration, net of current portion | 103,515 | 115,649 | 116,929 | 112,950 | 112,370 | ||
Long-term debt | 1,061,159 | 1,088,289 | 1,088,666 | 841,335 | 765,425 | ||
Long-term deferred tax liabilities, net | 203,476 | 180,449 | 186,538 | 154,151 | 154,763 | ||
Other long-term liabilities | 66,907 | 45,978 | 43,949 | 40,929 | 40,357 | ||
Total liabilities | $ 2,415,905 | $ 2,335,561 | $ 2,299,769 | $ 1,972,546 | $ 1,902,140 | ||
Commitments and contingencies (See Note 17) | |||||||
Equity | |||||||
Preferred stock, $1.00 par value: authorized shares - 5,000,000; issued and outstanding shares - none | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | ||
Common stock, $0.10 par value: authorized shares - 145,000,000; issued shares - 87,614,955 and 86,725,372 as of December 31, 2014 and 2013, respectively | 8,762 | 8,711 | 8,704 | 8,700 | 8,672 | ||
Capital surplus | 756,688 | 781,400 | 776,301 | 827,863 | 822,836 | ||
Contributed shares (See Note 12) | 0 | 6,002 | 6,002 | 6,002 | 6,002 | ||
Retained earnings | 457,788 | 436,671 | 387,685 | 353,961 | 341,865 | ||
Accumulated other comprehensive loss | (34,004) | (23,897) | (10,946) | (18,622) | (13,286) | (5,501) | (7,946) |
Treasury stock, at cost: 2,876,311 and 9,467,286 shares as of December 31, 2014 and 2013, respectively | (45,573) | (83,385) | (83,385) | (150,000) | (150,000) | ||
Total MasTec, Inc. shareholders' equity | 1,143,661 | 1,125,502 | 1,084,361 | 1,027,904 | 1,016,089 | ||
Non-controlling interests | 4,414 | 4,838 | 4,698 | 5,016 | 4,969 | ||
Total equity | 1,148,075 | 1,130,340 | 1,089,059 | 1,032,920 | 1,021,058 | $ 861,875 | $ 811,207 |
Total liabilities and equity | $ 3,563,980 | $ 3,465,901 | $ 3,388,828 | $ 3,005,466 | $ 2,923,198 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 |
Statement of Financial Position [Abstract] | |||||
Preferred stock, par value (in dollars per share) | $ 1 | $ 1 | $ 1 | $ 1 | $ 1 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 | 5,000,000 | 5,000,000 | 5,000,000 |
Preferred stock, shares issued | 0 | 0 | 0 | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 | 0 | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.10 | $ 0.1 | $ 0.1 | $ 0.1 | $ 0.10 |
Common stock, shares authorized | 145,000,000 | 145,000,000 | 145,000,000 | 145,000,000 | 145,000,000 |
Common stock, shares issued | 87,614,955 | 87,106,042 | 87,036,192 | 86,993,988 | 86,725,372 |
Treasury stock, shares | 2,876,311 | 5,262,831 | 5,262,831 | 9,467,286 | 9,467,286 |
Consolidated Statements of Equi
Consolidated Statements of Equity - USD ($) $ in Thousands | Total | Common Stock [Member] | Treasury Stock [Member] | Contributed Shares [Member] | Capital Surplus [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Loss [Member] | Total MasTec, Inc. Shareholders' Equity [Member] | Non-Controlling Interests [Member] |
Beginning balance, common shares outstanding (in shares) at Dec. 31, 2011 | 85,162,527 | ||||||||
Beginning balance at Dec. 31, 2011 | $ 811,207 | $ 8,516 | $ (75,000) | $ 0 | $ 792,096 | $ 93,489 | $ (7,946) | $ 811,155 | $ 52 |
Beginning balance, treasury shares (in shares) at Dec. 31, 2011 | (4,593,663) | ||||||||
Consolidated Statements of Equity | |||||||||
Net income (loss) | 107,416 | 107,426 | 107,426 | (10) | |||||
Other comprehensive income (loss) | 2,445 | 2,445 | 2,445 | ||||||
Acquisition of non-controlling interest | 4,661 | 4,661 | |||||||
Non-cash stock-based compensation | 4,433 | 4,433 | 4,433 | ||||||
Income tax effect from stock-based compensation | 759 | 759 | 759 | ||||||
Exercise of stock options (in shares) | 391,949 | ||||||||
Exercise of stock options | 3,718 | $ 40 | 3,678 | 3,718 | |||||
Issuance of restricted shares (in shares) | 347,889 | ||||||||
Issuance of restricted shares | 0 | $ 35 | (35) | 0 | |||||
Other stock issuances, net (in shares) | 13,187 | ||||||||
Other stock issuances, net | 2,236 | $ 1 | 2,235 | 2,236 | |||||
Acquisition of treasury stock, at cost (in shares) | (4,873,623) | ||||||||
Acquisition of treasury stock, at cost | (75,000) | $ (75,000) | (75,000) | ||||||
Ending balance, common shares outstanding (in shares) at Dec. 31, 2012 | 85,915,552 | ||||||||
Ending balance at Dec. 31, 2012 | 861,875 | $ 8,592 | $ (150,000) | 0 | 803,166 | 200,915 | (5,501) | 857,172 | 4,703 |
Ending balance, treasury shares (in shares) at Dec. 31, 2012 | (9,467,286) | ||||||||
Beginning balance, treasury shares (in shares) at Dec. 31, 2012 | (9,467,286) | ||||||||
Consolidated Statements of Equity | |||||||||
Net income (loss) | 141,216 | 140,950 | 140,950 | 266 | |||||
Other comprehensive income (loss) | (7,785) | (7,785) | (7,785) | ||||||
Non-cash stock-based compensation | 12,944 | 12,944 | 12,944 | ||||||
Income tax effect from stock-based compensation | 4,315 | 4,315 | 4,315 | ||||||
Exercise of stock options (in shares) | 513,254 | ||||||||
Exercise of stock options | 3,867 | $ 51 | 3,816 | 3,867 | |||||
Issuance of restricted shares (in shares) | 68,122 | ||||||||
Issuance of restricted shares | 0 | $ 7 | (7) | 0 | |||||
Other stock issuances, net (in shares) | 428,444 | ||||||||
Other stock issuances, net | 4,626 | $ 42 | 4,584 | 4,626 | |||||
Contributed shares (in shares) | (200,000) | ||||||||
Contributed shares | $ 0 | $ (20) | 6,002 | (5,982) | 0 | ||||
Ending balance, common shares outstanding (in shares) at Dec. 31, 2013 | 86,725,372 | 86,725,372 | |||||||
Ending balance at Dec. 31, 2013 | $ 1,021,058 | $ 8,672 | $ (150,000) | 6,002 | 822,836 | 341,865 | (13,286) | 1,016,089 | 4,969 |
Ending balance, treasury shares (in shares) at Dec. 31, 2013 | (9,467,286) | (9,467,286) | |||||||
Beginning balance, treasury shares (in shares) at Dec. 31, 2013 | (9,467,286) | (9,467,286) | |||||||
Consolidated Statements of Equity | |||||||||
Net income (loss) | $ 12,142 | ||||||||
Ending balance, common shares outstanding (in shares) at Mar. 31, 2014 | 86,993,988 | ||||||||
Ending balance at Mar. 31, 2014 | $ 1,032,920 | ||||||||
Ending balance, treasury shares (in shares) at Mar. 31, 2014 | (9,467,286) | ||||||||
Beginning balance, common shares outstanding (in shares) at Dec. 31, 2013 | 86,725,372 | 86,725,372 | |||||||
Beginning balance at Dec. 31, 2013 | $ 1,021,058 | $ 8,672 | $ (150,000) | 6,002 | 822,836 | 341,865 | (13,286) | 1,016,089 | 4,969 |
Beginning balance, treasury shares (in shares) at Dec. 31, 2013 | (9,467,286) | (9,467,286) | |||||||
Consolidated Statements of Equity | |||||||||
Net income (loss) | $ 45,730 | ||||||||
Ending balance, common shares outstanding (in shares) at Jun. 30, 2014 | 87,036,192 | ||||||||
Ending balance at Jun. 30, 2014 | $ 1,089,059 | ||||||||
Ending balance, treasury shares (in shares) at Jun. 30, 2014 | (5,262,831) | ||||||||
Beginning balance, common shares outstanding (in shares) at Dec. 31, 2013 | 86,725,372 | 86,725,372 | |||||||
Beginning balance at Dec. 31, 2013 | $ 1,021,058 | $ 8,672 | $ (150,000) | 6,002 | 822,836 | 341,865 | (13,286) | 1,016,089 | 4,969 |
Beginning balance, treasury shares (in shares) at Dec. 31, 2013 | (9,467,286) | (9,467,286) | |||||||
Consolidated Statements of Equity | |||||||||
Net income (loss) | $ 94,855 | ||||||||
Ending balance, common shares outstanding (in shares) at Sep. 30, 2014 | 87,106,042 | ||||||||
Ending balance at Sep. 30, 2014 | $ 1,130,340 | ||||||||
Ending balance, treasury shares (in shares) at Sep. 30, 2014 | (5,262,831) | ||||||||
Beginning balance, common shares outstanding (in shares) at Dec. 31, 2013 | 86,725,372 | 86,725,372 | |||||||
Beginning balance at Dec. 31, 2013 | $ 1,021,058 | $ 8,672 | $ (150,000) | 6,002 | 822,836 | 341,865 | (13,286) | 1,016,089 | 4,969 |
Beginning balance, treasury shares (in shares) at Dec. 31, 2013 | (9,467,286) | (9,467,286) | |||||||
Consolidated Statements of Equity | |||||||||
Net income (loss) | $ 115,549 | 115,923 | 115,923 | (374) | |||||
Other comprehensive income (loss) | (20,718) | (20,718) | (20,718) | ||||||
Non-cash stock-based compensation | 15,950 | 15,950 | 15,950 | ||||||
Income tax effect from stock-based compensation | 2,484 | 2,484 | 2,484 | ||||||
Exercise of stock options (in shares) | 210,900 | ||||||||
Exercise of stock options | 2,246 | $ 21 | 2,225 | 2,246 | |||||
Issuance of restricted shares (in shares) | 659,212 | ||||||||
Issuance of restricted shares | 0 | $ 66 | (66) | 0 | |||||
Other stock issuances, net (in shares) | 19,471 | ||||||||
Other stock issuances, net | (1,137) | $ 3 | (1,140) | (1,137) | |||||
Contributed shares | 0 | (6,002) | 6,002 | 0 | |||||
Issuance of treasury stock for convertible notes (in shares) | 6,590,975 | ||||||||
Issuance of treasury stock for convertible notes | 104,427 | $ 104,427 | 104,427 | ||||||
Conversion of convertible notes | (91,784) | (91,784) | (91,784) | ||||||
Other activity | $ 0 | 181 | 181 | (181) | |||||
Ending balance, common shares outstanding (in shares) at Dec. 31, 2014 | 87,614,955 | 87,614,955 | |||||||
Ending balance at Dec. 31, 2014 | $ 1,148,075 | $ 8,762 | $ (45,573) | 0 | 756,688 | 457,788 | (34,004) | 1,143,661 | 4,414 |
Ending balance, treasury shares (in shares) at Dec. 31, 2014 | (2,876,311) | (2,876,311) | |||||||
Beginning balance, common shares outstanding (in shares) at Mar. 31, 2014 | 86,993,988 | ||||||||
Beginning balance at Mar. 31, 2014 | $ 1,032,920 | ||||||||
Beginning balance, treasury shares (in shares) at Mar. 31, 2014 | (9,467,286) | ||||||||
Consolidated Statements of Equity | |||||||||
Net income (loss) | $ 33,589 | ||||||||
Ending balance, common shares outstanding (in shares) at Jun. 30, 2014 | 87,036,192 | ||||||||
Ending balance at Jun. 30, 2014 | $ 1,089,059 | ||||||||
Ending balance, treasury shares (in shares) at Jun. 30, 2014 | (5,262,831) | ||||||||
Beginning balance, treasury shares (in shares) at Jun. 30, 2014 | (5,262,831) | ||||||||
Consolidated Statements of Equity | |||||||||
Net income (loss) | $ 49,125 | ||||||||
Ending balance, common shares outstanding (in shares) at Sep. 30, 2014 | 87,106,042 | ||||||||
Ending balance at Sep. 30, 2014 | $ 1,130,340 | ||||||||
Ending balance, treasury shares (in shares) at Sep. 30, 2014 | (5,262,831) | ||||||||
Beginning balance, treasury shares (in shares) at Sep. 30, 2014 | (5,262,831) | ||||||||
Ending balance, common shares outstanding (in shares) at Dec. 31, 2014 | 87,614,955 | 87,614,955 | |||||||
Ending balance at Dec. 31, 2014 | $ 1,148,075 | $ 8,762 | $ (45,573) | $ 0 | $ 756,688 | $ 457,788 | $ (34,004) | $ 1,143,661 | $ 4,414 |
Ending balance, treasury shares (in shares) at Dec. 31, 2014 | (2,876,311) | (2,876,311) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||
Cash flows from operating activities: | ||||
Net income | $ 115,549 | $ 141,216 | $ 107,416 | |
Adjustments to reconcile net income to net cash provided by operating activities: | ||||
Depreciation and amortization | 154,452 | 140,926 | 91,958 | |
Non-cash interest expense, including write-off of deferred financing costs on redeemed debt | 7,355 | 10,717 | 8,595 | |
Non-cash stock-based compensation expense | 15,950 | 12,944 | 4,433 | |
Excess tax benefit from stock-based compensation | [1] | (3,728) | (4,315) | (759) |
Provision for deferred income taxes | 13,756 | 6,533 | 5,127 | |
Other non-cash items | 5,955 | 8,009 | 9,305 | |
(Gains) losses on sales of assets, including impairment charges on discontinued operations | (6,434) | (1,492) | 11,714 | |
Changes in assets and liabilities, net of acquisitions: | ||||
Accounts receivable | 163,773 | (204,330) | (177,313) | |
Inventories | (12,621) | 13,481 | 15,448 | |
Other assets, current and long-term portion | (14,221) | 6,248 | (6,773) | |
Accounts payable and accrued expenses | (87,494) | 72,514 | 76,285 | |
Billings in excess of costs and earnings | (34,320) | (8,227) | 15,651 | |
Book overdrafts | 9,911 | 6,363 | 116 | |
Other liabilities, current and long-term portion | (4,872) | (185) | 11,305 | |
Net cash provided by operating activities | 323,011 | 200,402 | 172,508 | |
Cash flows (used in) provided by investing activities: | ||||
Cash paid for acquisitions, net of cash acquired | (345,543) | (148,567) | (119,459) | |
Proceeds from disposal of business, net of cash divested | 0 | (2,997) | 97,728 | |
Capital expenditures | (109,254) | (126,288) | (79,686) | |
Proceeds from sale of property and equipment | 16,655 | 15,858 | 7,385 | |
Proceeds from sale or redemption of investments | 0 | 14,956 | 0 | |
Payments for other investments, net | (1,120) | (16,173) | (284) | |
Net cash used in investing activities | (439,262) | (263,211) | (94,316) | |
Cash flows provided by (used in) financing activities: | ||||
Proceeds from credit facilities | 2,385,971 | 1,149,040 | 959,183 | |
Repayments of credit facilities | (1,939,612) | (1,249,601) | (885,183) | |
Proceeds from issuance of senior notes | 0 | 400,000 | 0 | |
Repayment of senior notes, including convertible notes | (202,325) | (150,000) | 0 | |
Repayments of other borrowings | (15,700) | (27,705) | (21,455) | |
Payments of capital lease obligations | (51,587) | (43,040) | (21,060) | |
Repurchase of common stock | 0 | 0 | (75,000) | |
Proceeds from stock-based awards, net of tax withholdings | 1,113 | 8,355 | 5,013 | |
Excess tax benefit from stock-based compensation | 3,728 | 4,315 | 759 | |
Payments of acquisition-related contingent consideration | (60,341) | (18,683) | (33,936) | |
Payments of financing costs, including call premiums on extinguishment of debt | (2,572) | (13,688) | (117) | |
Net cash provided by (used in) financing activities | 118,675 | 58,993 | (71,796) | |
Effect of currency translation on cash | (1,292) | (24) | 91 | |
Net increase (decrease) in cash and cash equivalents | 1,132 | (3,840) | 6,487 | |
Cash and cash equivalents - beginning of period | 22,927 | 26,767 | 20,280 | |
Cash and cash equivalents - end of period | 24,059 | 22,927 | 26,767 | |
Supplemental cash flow information: | ||||
Interest paid | 42,979 | 37,531 | 27,074 | |
Income taxes paid, net of refunds | 76,975 | 79,504 | 58,968 | |
Supplemental disclosure of non-cash information: | ||||
Equipment acquired under capital lease | 64,618 | 86,330 | 60,648 | |
2011 Convertible Notes [Member] | ||||
Supplemental disclosure of non-cash information: | ||||
Premium shares, conversion of convertible notes | 155,744 | |||
Earn-Out Arrangements [Member] | ||||
Supplemental disclosure of non-cash information: | ||||
Acquisition-related contingent consideration, new business combinations | 33,612 | 32,451 | 66,700 | |
Equipment [Member] | ||||
Supplemental disclosure of non-cash information: | ||||
Equipment acquired under financing arrangements | $ 11,105 | $ 24,244 | $ 6,009 | |
[1] | Excess tax benefits, which represent cash flows from tax deductions in excess of the tax effect of compensation expense associated with exercised stock options and vested restricted shares, are classified as financing cash flows in the Company’s consolidated statements of cash flows. |
Business, Basis of Presentation
Business, Basis of Presentation and Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2014 | |
Accounting Policies [Abstract] | |
Business, Basis of Presentation and Significant Accounting Policies | Note 1 – Business, Basis of Presentation and Significant Accounting Policies Nature of the Business MasTec, Inc. (collectively with its subsidiaries, “MasTec” or the “Company”) is a leading infrastructure construction company operating mainly throughout North America across a range of industries. The Company’s primary activities include the engineering, building, installation, maintenance and upgrade of communications, energy and utility infrastructure, such as: wireless, wireline/fiber and satellite communications; petroleum and natural gas pipeline infrastructure; electrical utility transmission and distribution; power generation; and industrial infrastructure. MasTec’s customers are primarily in these industries. MasTec reports its results under five reportable segments: (1) Communications; (2) Oil and Gas; (3) Electrical Transmission; (4) Power Generation and Industrial; and (5) Other. See Note 16 - Segments and Related Information for discussion of change in segment reporting. Principles of Consolidation The accompanying consolidated financial statements include MasTec, Inc. and its subsidiaries and include the accounts of all majority-owned subsidiaries over which the Company exercises control and, when applicable, entities in which the Company has a controlling financial interest. Other parties’ interests in companies for which MasTec exercises control and has a controlling financial interest are reported as non-controlling interests within equity. Net income or loss attributable to non-controlling interests is reported as a separate line item below net income. The Company’s investments in entities in which the Company does not have a controlling interest, but for which it has the ability to exert significant influence, are accounted for using the equity method of accounting. Equity method investments are recorded as other long-term assets in the consolidated balance sheets. Income or loss from these investments is recorded within other income or expense in the consolidated statements of operations. The cost method is used for investments in entities in which the Company does not have the ability to exert significant influence. All significant intercompany balances and transactions have been eliminated in consolidation. The assets and liabilities of foreign subsidiaries with a functional currency other than the U.S. dollar are translated into U.S. dollars at period-end exchange rates, with resulting translation gains or losses accumulated within other comprehensive income or loss. Revenue and expenses are translated into U.S. dollars at average rates of exchange during the applicable period. Substantially all of our foreign operations use the local currency as the functional currency. Gains or losses resulting from transactions executed in a foreign currency are included in other income or expense, net. The Company does not currently have subsidiaries that operate in highly inflationary environments. The results of operations and financial position of any discontinued operations are aggregated and presented separately from the Company’s continuing operations in the consolidated financial statements for all periods presented. Certain prior year amounts have been reclassified to conform to the current period presentation. Investments in Affiliates and Other Entities In the ordinary course of business, the Company enters into various investment arrangements, which may include equity or other interests in business entities, including contractual joint ventures or other forms of equity participation. These investment arrangements may include financing arrangements, such as the extension of loans. See Note 4 - Acquisitions for discussion pertaining to certain of the Company’s equity method investments and other investment arrangements. In connection with certain of these investment arrangements, the Company provides infrastructure construction services to or through its equity investees and/or contractual joint ventures. Management determines whether such investment arrangements involve a variable interest entity (“VIE”) based on the characteristics of the particular entity. If an entity is determined to be a VIE, then management determines if the Company is the primary beneficiary of the entity and whether or not consolidation of the VIE within the Company's financial statements is required. The primary beneficiary consolidating the VIE must normally have both (i) the power to direct the primary activities of the VIE and (ii) the obligation to absorb losses of the VIE or the right to receive benefits from the VIE, which, in either case, could be significant to the VIE. If management determines that the Company is the primary beneficiary of a VIE, then the VIE would be consolidated, and the other party’s equity interest in the VIE would be accounted for as a non-controlling interest. As of December 31, 2014 , the Company has determined that certain of its investment arrangements are VIEs, but that it is not the primary beneficiary of its VIE(s). In arrangements in which the Company has an undivided interest in the assets, liabilities, revenues and profits or losses of an unincorporated entity, such amounts are consolidated on a basis proportional to the Company’s ownership interest in the unincorporated entity. Management Estimates The preparation of financial statements in conformity with U.S. GAAP requires the use of estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Key estimates include: the recognition of revenue and project profit or loss (which the Company defines as project revenue less project costs of revenue, including depreciation), in particular, on long-term construction contracts or other projects accounted for under the percentage-of-completion method, for which the recorded amounts require estimates of costs to complete projects, ultimate project profit and the amount of contract price adjustments that are probable; allowances for doubtful accounts; estimated fair values of goodwill and intangible assets and liabilities, acquisition-related contingent consideration and investments in cost and equity method investees; asset lives used in computing depreciation and amortization; accrued self-insured claims; share-based compensation; accounting for income taxes; and the estimated impact of contingencies and ongoing litigation. While management believes that such estimates are fair when considered in conjunction with the consolidated financial position and results of operations taken as a whole, actual results could differ from those estimates and such differences could be material to the consolidated financial statements. Significant Accounting Policies The following is a summary of significant accounting policies followed in the preparation of the accompanying consolidated financial statements. Revenue Recognition Revenue is derived from projects performed under master and other service agreements as well as from fixed price contracts for specific projects or jobs requiring the construction and installation of an entire infrastructure system or specified units within an entire infrastructure system. The Company frequently provides maintenance, installation and repair work under unit price or fixed price master service or other service agreements that are renewed on a periodic basis. Revenue and related costs for master and other service agreements billed on a time and materials basis are recognized as the services are rendered. For the years ended December 31, 2014 , 2013 and 2012 , 49% , 46% and 43% of revenue, respectively, was derived from projects performed under master service and other service agreements. The Company also performs services under master and other service agreements on a fixed fee basis, under which MasTec furnishes specified units of service for a fixed price per unit of service and revenue is recognized as the services are rendered. Revenue from fixed price contracts provides for a fixed amount of revenue for the entire project, subject to certain additions for changed scope or specifications. Revenue from these contracts, as well as for certain projects pursuant to master and other service agreements, is recognized using the percentage-of-completion method, under which the percentage of revenue to be recognized for a given project is measured by the percentage of costs incurred to date on the contract to the total estimated costs for the contract. Such contracts provide that the customer accept completion of progress to date and compensate the Company for services rendered, which may be measured in terms of costs incurred, units installed, hours expended or some other measure of progress. Contract costs include all direct materials, labor and subcontracted costs and those indirect costs related to contract performance, such as indirect labor, supplies, tools, repairs and the operational costs of capital equipment (excluding depreciation). Much of the materials associated with the Company’s work are customer-furnished and are therefore not included in contract revenue and costs. The estimation process for revenue recognized under the percentage-of-completion method is based on the professional knowledge and experience of the Company’s engineers, project managers and financial professionals. Management reviews estimates of contract revenue and costs on an ongoing basis. Changes in job performance, job conditions and final contract settlements are factors that influence management’s assessment of total contract value and total estimated costs to complete those contracts and, therefore, the Company’s profit recognition. Changes in these factors may result in revisions to costs and income, and their effects are recognized in the period in which the revisions are determined, which could materially affect the Company’s results of operations in the period in which such changes are recognized. For the years ended December 31, 2014 and 2013 , project profit was affected by less than 5% as a result of changes in contract estimates included in projects that were in process as of December 31, 2013 and 2012 , respectively. Provisions for losses on uncompleted contracts are made in the period in which such losses are determined to be probable and the amount can be reasonably estimated. The majority of fixed price contracts are generally completed within one year. The Company may incur costs subject to change orders, whether approved or unapproved by the customer, and/or claims related to certain contracts. Management determines the probability that such costs will be recovered based upon engineering studies and legal opinions, past practices with the customer, specific discussions, correspondence or preliminary negotiations with the customer. The Company treats project costs as a cost of contract performance in the period incurred if it is not probable that the costs will be recovered, or defers costs and/or recognizes revenue up to the amount of the related cost if it is probable that the contract price will be adjusted and can be reliably estimated. As of December 31, 2014 and 2013, the Company had approximately $87 million and $79 million, respectively, of change orders and/or claims that had been included in contract price adjustments on certain contracts that were in the process of being resolved in the normal course of business, including through negotiation, arbitration and other proceedings. These contract price adjustments, which are included within costs and earnings in excess of billings or billed accounts receivable, as appropriate, represent management’s best estimate of contract revenue that has been or will be earned and that management believes is probable of collection. For the years ended December 31, 2014 and 2013, revenue related to unapproved change orders totaled $29 million and $43 million , respectively, for which a significant portion of the related change orders were subsequently resolved or in the process of resolution. As of December 31, 2014, outstanding change orders were primarily derived from contracts in the Electrical Transmission segment, and as of December 31, 2013, outstanding change orders were primarily derived from contracts in the Oil and Gas segment. The Company actively engages in substantive meetings with these customers to complete the final approval process, and expects these processes to be completed within one year. The amounts ultimately realized upon final acceptance by its customers could be higher or lower than such estimated amounts. Billings in excess of costs and estimated earnings on uncompleted contracts are classified as current liabilities. Costs and estimated earnings in excess of billings, or work in process, is classified within current assets for the majority of the Company’s projects. Work in process on contracts is based on work performed but not yet billed to customers as per individual contract terms. Allowance for Doubtful Accounts The Company maintains an allowance for doubtful accounts for estimated losses resulting from the inability of its customers to make required payments. Management analyzes the collectibility of accounts receivable and the adequacy of the allowance for doubtful accounts on a regular basis based on the aging of account balances, historical bad debt experience, customer concentrations, customer credit-worthiness, customer financial condition and credit reports, availability of mechanics’ and other liens, existence of payment bonds and other sources of payment and current economic trends. For reporting units where losses have occurred historically and are considered to be ordinary course, reserves are established for anticipated losses based on an analysis of the accounts receivable portfolio. For reporting units where historical losses have been immaterial, reserves are established when it is probable that a specific receivable is not collectible and the loss can be reasonably estimated. Amounts are written off against the allowance when deemed uncollectible. If estimates of the collectibility of accounts receivable change, or should customers experience unanticipated financial difficulties, or if anticipated recoveries in existing bankruptcies or other work-out situations fail to materialize, additional reserves may be required. Estimates of collectibility are subject to significant change during times of economic weakness or uncertainty in either the overall economy or within the industries served by MasTec. Management actively monitors the economic environment and its impact on MasTec’s customers in connection with its evaluation of accounts receivable aging, collections and the adequacy of the allowance for doubtful accounts. Cash and Cash Equivalents Cash consisting of interest-bearing demand deposits is carried at cost, which approximates fair value. All highly liquid investments purchased with an original maturity of three months or less are considered to be cash equivalents, which are carried at fair value. On a daily basis, available funds are swept from the Company’s depository accounts into a concentration account and used to repay outstanding revolving loans under the Company’s credit facility. Other cash balances maintained by certain operating subsidiaries that are not swept into the concentration account, as well as deposits made subsequent to the daily cash sweep, are classified as cash. The Company generally does not fund its disbursement accounts for checks it has written until the checks are presented to the bank for payment. Outstanding checks that have not yet cleared through the banking system represent book overdrafts, which are classified within accounts payable. There are no compensating balance requirements associated with the Company’s depository accounts and there are no other restrictions on the transfer of cash associated with the Company’s depository accounts. As of December 31, 2014 and 2013 , book overdrafts, which are included within accounts payable in the consolidated balance sheets, totaled $31.3 million and $21.4 million , respectively. Inventories Inventories consist of materials and supplies for construction and installation projects, which are valued at the lower of cost or market using either the average cost or specific identification methods of costing. For materials or supplies purchased on behalf of specific customers or projects, loss of the customer or cancellation of the project could result in an impairment of the value of materials purchased. Technological or market changes can also render certain materials obsolete. Allowances for inventory obsolescence are determined based upon specific facts and circumstances and market conditions. As of December 31, 2014 and 2013 , inventory obsolescence reserves were $6.4 million and $2.6 million , respectively. Long-Lived Assets The Company’s long-lived assets consist primarily of property and equipment and finite-lived intangible assets. Property and equipment are recorded at cost, or if acquired in a business combination, at the acquisition date fair value. Certain costs incurred in connection with developing or obtaining internal-use software are capitalized within office furniture and equipment. Depreciation and amortization of long-lived assets is computed using the straight-line method over the estimated useful lives of the respective assets. Leasehold improvements are depreciated over the shorter of the term of the lease or the estimated useful lives of the improvements. Property and equipment under capital leases are depreciated over their estimated useful lives. Expenditures for repairs and maintenance are charged to expense as incurred. Expenditures for betterments and major improvements are capitalized and depreciated over the remaining useful lives of the assets. The carrying amounts of assets sold or retired and the related accumulated depreciation are eliminated in the year of disposal, with resulting gains or losses included in other income or expense. Acquired intangible assets that have finite lives are amortized over their useful lives, which are generally based on contractual or legal rights. Management reviews long-lived assets for impairment whenever events or changes in circumstances indicate that their carrying amounts may not be recoverable. If an evaluation is required, the estimated future undiscounted cash flows associated with the asset are compared with the asset’s carrying amount to determine if there has been an impairment, which is calculated as the difference between the fair value of an asset and its carrying value. Estimates of future undiscounted cash flows are based on expected growth rates for the business, anticipated future economic conditions and estimates of residual values. Fair values take into consideration management estimates of risk-adjusted discount rates, which are believed to be consistent with assumptions that marketplace participants would use in their estimates of fair value. For the three years in the period ended December 31, 2014 , there were no material impairment charges associated with long-lived assets of the Company’s continuing operations. Goodwill and Indefinite-Lived Intangible Assets The Company has goodwill and certain indefinite-lived intangible assets that have been recorded in connection with its acquisitions of businesses. Goodwill and indefinite-lived intangible assets are not amortized, but instead are tested for impairment at least annually. The Company performs its annual impairment reviews of goodwill and indefinite-lived intangible assets during the fourth quarter of each year. Goodwill is required to be tested for impairment at the operating segment level or one level below the operating segment level, which is referred to as a component. Management identifies its reporting units by assessing whether components (i) have discrete financial information available; (ii) engage in business activities; and (iii) whether a segment manager regularly reviews the component’s operating results. Net assets and goodwill of acquired businesses are allocated to the reporting unit associated with the acquired business based on the anticipated organizational structure of the combined entities. If two or more components are deemed economically similar, those components are aggregated into one reporting unit when performing the annual goodwill impairment review. For each operating segment other than the Company’s Electrical Transmission operating segment, each of the Company’s reporting units comprises one component. For the year ended December 31, 2014, the Company combined the four components of its Electrical Transmission operating segment into one reporting unit, based on a review of segment operations, which indicated increased shared operational, sales and general and administrative resources across the four components. For the years ended December 31, 2013 and 2012, no components were aggregated for the annual impairment reviews. For each of the three years in the period ended December 31, 2014 , the Company performed a qualitative assessment for its goodwill and indefinite-lived intangible assets by examining relevant events and circumstances that could have an effect on their fair values, such as: macroeconomic conditions, industry and market conditions, entity-specific events, financial performance and other relevant factors or events that could affect earnings and cash flows. For businesses acquired, there were no significant changes in forecast assumptions between the initial valuation date and the date of the annual impairment tests in the respective years of acquisition. As a result, the estimated fair values of the respective reporting units and indefinite-lived intangible assets were determined to equal their carrying values as of the date of the annual impairment tests. Based on the qualitative assessments for the year ended December 31, 2014 , additional testing was performed for two reporting units, one within our Communications operating segment and the other within our Power Generation and Industrial operating segment. We performed additional testing for an indefinite-lived intangible asset in our Power Generation and Industrial segment as well. Based on the qualitative assessments for the year ended December 31, 2013 , additional testing was performed for three reporting units, one each within our Oil and Gas, Power Generation and Industrial and Electrical Transmission operating segments. Additional testing was also performed for the indefinite-lived intangible asset for which a quantitative test was performed in 2014 . For the reporting units for which additional testing was required in the years ended December 31, 2014 and 2013 , as discussed above, the Company performed a two-step quantitative goodwill impairment test. Management estimated their respective fair values using a discounted cash flow methodology incorporating Level 3 fair value assumptions, including: (i) management estimates, such as projections of revenue, operating costs and cash flows, taking into consideration historical and anticipated financial results; (ii) general economic and market conditions; and (iii) the impact of planned business and operational strategies. Management applied a discounted cash flow technique with an average terminal value in both years equal to 5.5 times normalized year five EBITDA, which is defined as earnings from continuing operations before interest, taxes, depreciation and amortization. The estimated discount rate is the Company’s average cost of capital at the time of the analysis, taking into consideration risks inherent within each reporting unit individually, which is greater than the risk inherent in the Company as a whole. The discount rate was estimated to range from 9.25% to 10.5% per annum for the year ended December 31, 2014 and was estimated to be 7.2% for the year ended December 31, 2013. Management believes the assumptions used in its quantitative goodwill impairment tests are reflective of the risks inherent in the business models of its reporting units and within its industry. The estimated fair values of the reporting units for which quantitative impairment tests were performed for the years ended December 31, 2014 and 2013 were determined to substantially exceed their carrying values. A 100 basis point change in the discount rate would not have had a material impact on the results of these impairment tests as of the date the testing was performed. For the indefinite-lived intangible asset in the Power Generation and Industrial segment for which additional testing was performed in the years ended December 31, 2014 and 2013 , as discussed above, management estimated its fair value using the relief-from-royalty method, which incorporated royalty savings over the estimated lives of the respective intangible asset and a terminal value capitalization rate based on the discount rate and estimated long-term growth rate. The discount rate was estimated to be 10.5% for the year ended December 31, 2014 and 7.2% for the year ended December 31, 2013 . The estimated fair value of the indefinite-lived intangible asset exceeded its fair value by just over 10% in 2014. Should management’s expectations prove to be incorrect, in particular, with respect to the discount rate, it could lead to an impairment of this asset. In 2013, the estimated fair value of this indefinite-lived intangible asset was determined to substantially exceed its carrying value. Subsequent to the Company’s fourth quarter 2014 impairment test, due to a significant decline in oil prices, management performed additional impairment testing for the goodwill and indefinite-lived intangible assets of its Oil and Gas segment. For two of this operating segment’s reporting units, the Company performed a two-step quantitative goodwill impairment test, as described above. Significant assumptions included an average terminal value equal to 5.5 times normalized year five EBITDA and discount rates ranging from 12% to 13.5% , in addition to forecast timing of, and projected success rates and profitability of, project awards, as well as revenue growth and profitability rates consistent with those achieved historically. The estimated fair values of the subsequently tested reporting units exceeded their carrying values by approximately 15% each. Should management’s expectations prove to be incorrect due to: (i) further declines in oil prices and/or instability in worldwide energy markets; (ii) unanticipated delays in project awards, including unplanned project cancellations, or (iii) an increase in interest rates, management’s estimates of future earnings, cash flows and the estimated fair values of these reporting units would be negatively impacted, which could lead to an impairment of goodwill. The Company monitors goodwill and indefinite-lived intangible assets for potential impairment triggers on a quarterly basis. For the indefinite-lived intangible asset of our Oil and Gas segment, the Company estimated its fair value using a cost methodology, incorporating an estimate of the opportunity cost associated with its loss based on a three-year discounted cash flow methodology. This impairment test incorporated Level 3 fair value assumptions consistent with those discussed above, no terminal value and an estimated discount rate of 13.5%. Based on the subsequent impairment test, the estimated fair value of this indefinite-lived intangible asset was determined to substantially exceed its carrying value. As of December 31, 2014 and 2013 , management believes that its recorded balances of goodwill and indefinite-lived intangible assets are recoverable; however, significant changes in the assumptions or estimates used in the Company’s impairment analyses, such as a reduction in profitability and/or cash flows, could result in impairment charges in future periods. Valuation of Net Assets Acquired and Estimated Future Earn-Out Obligations in Business Combinations The determination of the fair value of net assets acquired in a business combination requires estimates and judgments of future cash flow expectations for the acquired business and related identifiable tangible and intangible assets. Fair values are calculated using expected cash flows and industry-standard valuation techniques. For current assets and current liabilities, book value is generally assumed to equal fair value. Goodwill is the amount by which consideration paid exceeds the fair value of acquired net assets. Acquisition costs, including acquisition integration costs, are expensed as incurred and are included within general and administrative expenses in the consolidated statements of operations. Consideration paid generally consists of cash, common stock and potential future payments that are contingent upon the acquired business achieving certain levels of earnings in the future, also referred to as “contingent consideration” or “earn-out” payments. Contingent consideration liabilities are measured at their estimated fair value as of the date of acquisition, with subsequent changes in fair value recorded within other income or expense in the consolidated statements of operations. Fair value as of the date of acquisition is estimated based on projections of expected future cash flows of the acquired business. Subsequent to the date of acquisition, if future earn-out payments are expected to exceed earn-out payments estimated as of the date of acquisition, then a loss would be recognized in the period in which that expectation is considered probable. Conversely, if future earn-out payments are expected to be less than earn-out payments estimated as of the date of acquisition, a gain would be recognized in the period in which that expectation is considered probable. Due to the time required to gather and analyze the necessary data for each acquisition, U.S. GAAP provides a “measurement period” of up to one year in which to finalize the determination of the fair value of net assets acquired. Adjustments to initial valuations and estimates during the measurement period that reflect newly discovered information that existed as of the date of acquisition are recorded as if the adjustments had been taken into account as of the date of acquisition, which results in the revision of comparative prior period information when presented in subsequent periods. All other adjustments are reflected as income or expense, as appropriate, in the period during which the adjustment is considered probable. See Note 4 - Acquisitions for details of measurement period adjustments associated with the Company’s acquisitions. Deferred Financing Costs Deferred financing costs relate to the Company’s debt instruments, the short and long-term portions of which are included in prepaid expenses and other current assets and other long-term assets, respectively, in the consolidated balance sheets. Deferred financing costs are amortized over the related terms of the debt using the effective interest method. During the years ended December 31, 2014 and 2013 , the Company incurred $2.6 million and $9.6 million , respectively, of debt-related deferred financing costs. No material debt-related deferred financing costs were incurred for the year ended December 31, 2012 . Deferred financing costs, net of accumulated amortization, totaled $13.2 million and $14.0 million as of December 31, 2014 and 2013 , respectively. See Note 10 - Debt. Self-Insurance The Company is self-insured up to the amount of its deductible for its insurance policies. MasTec maintains insurance policies subject to per claim deductibles of $1.5 million for its workers’ compensation policy, $2.0 million for its general liability policy and $2.0 million for its automobile liability policy. The Company has excess umbrella coverage up to $100.0 million per claim and in the aggregate. Liabilities under these insurance programs are accrued based upon management’s estimates of the ultimate liability for claims reported and an estimate of claims incurred but not reported with assistance from third-party actuaries. MasTec also maintains an insurance policy with respect to employee group medical claims, which is subject to annual per employee maximum losses of $0.5 million . MasTec’s liability for employee group medical claims is based on statistical analysis of historical claims experience and specific knowledge of actual losses that have occurred. The Company is also required to post letters of credit and provide cash collateral to certain of its insurance carriers and to obtain surety bonds in certain states. Cash collateral deposited with insura |
Independent Investigation of th
Independent Investigation of the Audit Committee and Related Restatements | 12 Months Ended |
Dec. 31, 2014 | |
Accounting Changes and Error Corrections [Abstract] | |
Independent Investigation of the Audit Committee and Related Restatements | Note 2 - Independent Investigation of the Audit Committee and Related Restatements The Audit Committee of the Board of Directors of MasTec, Inc., with the assistance of independent counsel and accounting advisors, has been undertaking an independent investigation primarily with respect to cost-to-complete estimates regarding certain projects within a service line in the Company’s Electrical Transmission segment accounted for under the percentage-of-completion method of accounting. The Audit Committee established and observed a process that the Company followed in the preparation of its Annual Report on Form 10-K for the fiscal year ended December 31, 2014 (the “2014 Form 10-K”), including a detailed review of percentage-of-completion accounting at the Company’s Electrical Transmission segment and a detailed review of selected accounting judgments, estimates and entries over a multi-year period across the balance of the Company’s segments selected (the “Selected Items”) to further test the reliability of the previously issued financial statements. The Company has concluded that certain accounting adjustments are appropriate with respect to interim periods in 2014. The investigation arose as a result of concerns communicated to senior management through the Company’s internal reporting system. The Company believes the appropriate accounting adjustments have been determined; however, the Audit Committee’s independent investigation is ongoing and has not reached any findings or conclusions with respect to the underlying causes of these adjustments. The Company has concluded that its condensed unaudited consolidated financial statements as of and for the quarterly periods ended March 31, 2014, June 30, 2014 and September 30, 2014 should be restated. Provided below are restated financial statements for each of the affected 2014 interim periods and related disclosures. The financial information that has been previously filed or otherwise reported for these periods is superseded by the information set forth below. The following presents the effect of the adjustments on MasTec’s previously reported unaudited net income attributable to MasTec, Inc. (“Net Income”) for each of the affected interim periods (dollar amounts in thousands): Period Previously Reported Net Income Adjustments Restated Net Income First Quarter of 2014 (unaudited) $ 16,023 $ (3,926 ) $ 12,097 Second Quarter of 2014 (unaudited) $ 32,050 $ 1,675 $ 33,725 Six Months Ended June 30, 2014 (unaudited) $ 48,073 $ (2,252 ) $ 45,821 Third Quarter of 2014 (unaudited) $ 45,271 $ 3,715 $ 48,986 Nine Months Ended September 30, 2014 (unaudited) $ 93,344 $ 1,463 $ 94,807 The adjustments above resulted primarily from cost-to-complete estimate changes for two large and complex Electrical Transmission segment projects accounted for under the percentage-of-completion method. The project contracts in question are with third-party clients. One of the contracts was completed in early 2015 and the other contract is expected to be completed in 2016. In one project, the Company determined that certain project costs that were incurred and recorded by the Company in the third quarter of 2014 should have been foreseeable and, therefore, should have been included in project cost-to-complete estimates as of the first quarter of 2014. In the other project, the Company determined that certain project cost savings that were realized by the Company during the third and fourth quarters of 2014 should have been foreseeable and, therefore, should have been included in project cost-to-complete estimates as of the second quarter of 2014. Interim Net Income adjustments related to these projects totaled negative $3.8 million for the three month period ended March 31, 2014 and positive $1.4 million and $3.6 million for the three month periods ended June 30, 2014 and September 30, 2014, respectively. In addition, Selected Items were reviewed to further test the reliability of the previously issued financial statements. As a result of this review, the Company recorded additional immaterial adjustments, which resulted in changes to previously reported interim Net Income, which adjustments are reflected in the table above. The following tables present the impact of the restatement adjustments on MasTec’s previously reported condensed unaudited consolidated financial statements for the three month period ended March 31, 2014, the three and six month periods ended June 30, 2014 and the three and nine month periods ended September 30, 2014. Additionally, certain amounts have been reclassified to conform to current year presentation. Earnings before interest, taxes, depreciation and amortization (“EBITDA”) is the measure of profitability used by management to manage its segments and, accordingly, in its segment reporting. As appropriate, the Company supplements the reporting of consolidated financial information determined in accordance with U.S. GAAP with certain non-U.S. GAAP financial measures, including EBITDA. See Note 16 - Segments for additional discussion. The effect of the restatement adjustments on the Company’s previously reported unaudited consolidated EBITDA for the three month period ended March 31, 2014, the three and six month periods ended June 30, 2014 and the three and nine month periods ended September 30, 2014, along with reconciliations to unaudited consolidated income from continuing operations before income taxes for the respective periods, is presented in the tables below. RESTATED CONDENSED UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per share amounts) For the Three Months Ended March 31, 2014 As Reported Adjustments As Restated Revenue $ 964,029 $ (6,211 ) $ 957,818 Costs of revenue, excluding depreciation and amortization 841,054 270 841,324 Depreciation and amortization 33,494 — 33,494 General and administrative expenses 53,327 — 53,327 Interest expense, net 12,003 — 12,003 Other income, net (1,955 ) (128 ) (2,083 ) Income from continuing operations before income taxes $ 26,106 $ (6,353 ) $ 19,753 Provision for income taxes (9,916 ) 2,427 (7,489 ) Net income from continuing operations $ 16,190 $ (3,926 ) $ 12,264 Discontinued operations: Net loss from discontinued operations $ (122 ) $ — $ (122 ) Net income $ 16,068 $ (3,926 ) $ 12,142 Net income attributable to non-controlling interests 45 — 45 Net income attributable to MasTec, Inc. $ 16,023 $ (3,926 ) $ 12,097 Earnings per share: Basic earnings (loss) per share: Continuing operations $ 0.21 $ (0.05 ) $ 0.16 Discontinued operations (0.00 ) 0.00 (0.00 ) Total basic earnings per share (a) $ 0.21 $ (0.05 ) $ 0.16 Basic weighted average common shares outstanding 77,345 — 77,345 Diluted earnings (loss) per share: Continuing operations $ 0.19 $ (0.05 ) $ 0.14 Discontinued operations (0.00 ) 0.00 (0.00 ) Total diluted earnings per share (a) $ 0.19 $ (0.05 ) $ 0.14 Diluted weighted average common shares outstanding 86,622 — 86,622 (a) Earnings per share calculations may contain slight summation differences due to rounding. The revenue adjustment set forth in the restated condensed unaudited consolidated statements of operations above resulted from a cost-to-complete estimate change on a large and complex Electrical Transmission segment project accounted for under the percentage-of-completion method. In addition, there were other immaterial adjustments identified within various segments, which affected costs of revenue, excluding depreciation and amortization and other income, net. For the three month period ended March 31, 2014, these adjustments resulted in a reduction in revenue of $6.2 million , an increase in costs of revenue, excluding depreciation and amortization, of $0.3 million , an increase in other income, net, of $0.1 million , and a reduction in Net Income of approximately $3.9 million . Basic and diluted earnings per share decreased by $0.05 cents each. For the Three Months Ended March 31, 2014 Restated Unaudited EBITDA and EBITDA Reconciliation (in millions) : As Reported Adjustments As Restated EBITDA - Continuing operations $ 71.6 $ (6.4 ) $ 65.3 Less: Interest expense, net (12.0 ) — (12.0 ) Depreciation and amortization (33.5 ) — (33.5 ) Income from continuing operations before income taxes $ 26.1 $ (6.4 ) $ 19.8 Impact of Adjustments on Comparison of Results - Electrical Transmission Segment As previously reported, Electrical Transmission segment revenue and EBITDA for the three month period ended March 31, 2014 totaled $80 million and $3 million , respectively. As restated, Electrical Transmission segment revenue and EBITDA for the three month period ended March 31, 2014 totaled $74 million and negative $3 million , respectively. EBITDA margin for the Electrical Transmission segment, as previously reported, was 4.4% for the three month period ended March 31, 2014, and as restated, was negative 3.7% . As restated, Electrical Transmission segment revenue for the three month period ended March 31, 2014 decreased versus the prior year period by $11 million , or 13% . Acquisitions contributed $5 million of revenue, whereas organic revenue declined by $15 million , primarily as a result of winter weather disruptions and timing of project startups. As restated, Electrical Transmission segment EBITDA for the three month period ended March 31, 2014 decreased versus the prior year period by $6 million , or 180% , and Electrical Transmission segment EBITDA margin declined to negative 3.7% from positive 4.0% in the prior year period, with a majority of this decline due to production inefficiencies resulting from lower organic revenue. RESTATED CONDENSED UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (in thousands) For the Three Months Ended March 31, 2014 As Reported Adjustments As Restated Net income $ 16,068 $ (3,926 ) $ 12,142 Other comprehensive (loss) income: Foreign currency translation adjustments, net of tax (5,335 ) (1 ) (5,336 ) Comprehensive income $ 10,733 $ (3,927 ) $ 6,806 Comprehensive income attributable to non-controlling interests 45 — 45 Comprehensive income attributable to MasTec, Inc. $ 10,688 $ (3,927 ) $ 6,761 RESTATED CONDENSED UNAUDITED CONSOLIDATED BALANCE SHEETS (in thousands, except share and per share amounts) March 31, 2014 As Reported Adjustments As Restated Assets Current assets: Cash and cash equivalents $ 9,261 $ — $ 9,261 Accounts receivable, net of allowance 1,195,603 (10,367 ) 1,185,236 Inventories, net 89,146 — 89,146 Prepaid expenses and other current assets, including discontinued operations 63,926 2,426 66,352 Total current assets $ 1,357,936 $ (7,941 ) $ 1,349,995 Property and equipment, net 509,585 — 509,585 Goodwill 912,885 — 912,885 Other intangible assets, net 171,562 — 171,562 Other long-term assets, including discontinued operations 61,439 — 61,439 Total assets $ 3,013,407 $ (7,941 ) $ 3,005,466 Liabilities and equity Current liabilities: Current maturities of long-term debt $ 52,949 $ — $ 52,949 Accounts payable 440,152 271 440,423 Accrued salaries and wages 68,055 — 68,055 Other accrued expenses 60,581 (128 ) 60,453 Acquisition-related contingent consideration, current 64,694 6,806 71,500 Billings in excess of costs and earnings 109,370 — 109,370 Other current liabilities, including discontinued operations 24,588 (4,157 ) 20,431 Total current liabilities $ 820,389 $ 2,792 $ 823,181 Acquisition-related contingent consideration, net of current portion 119,756 (6,806 ) 112,950 Long-term debt 841,335 — 841,335 Long-term deferred tax liabilities, net 154,151 — 154,151 Other long-term liabilities 40,929 — 40,929 Total liabilities $ 1,976,560 $ (4,014 ) $ 1,972,546 Commitments and contingencies Equity: Preferred stock, $1.00 par value: authorized shares - 5,000,000; issued and outstanding shares – none $ — $ — $ — Common stock, $0.10 par value: authorized shares - 145,000,000; issued shares - 86,993,988 as of March 31, 2014 8,700 — 8,700 Capital surplus 827,863 — 827,863 Contributed shares 6,002 — 6,002 Retained earnings 357,887 (3,926 ) 353,961 Accumulated other comprehensive loss (18,621 ) (1 ) (18,622 ) Treasury stock, at cost; 9,467,286 shares as of March 31, 2014 (150,000 ) — (150,000 ) Total MasTec, Inc. shareholders’ equity $ 1,031,831 $ (3,927 ) $ 1,027,904 Non-controlling interests $ 5,016 $ — $ 5,016 Total equity $ 1,036,847 $ (3,927 ) $ 1,032,920 Total liabilities and equity $ 3,013,407 $ (7,941 ) $ 3,005,466 As of March 31, 2014, the cost-to-complete estimate changes for the projects discussed above resulted in a decrease in costs and earnings in excess of billings of $6.2 million . There was also a reclassification of $4.2 million from other current liabilities to costs and earnings in excess of billings associated with cost-to-complete estimates. The decrease in Net Income discussed above resulted in an increase in current taxes receivable of $2.4 million . Additionally, there was a $6.8 million reclassification of an earn-out liability that had been earned as of March 31, 2014 from long-term to current liabilities. In addition to the adjustments discussed above, there were other immaterial adjustments identified, which affected accounts payable and other accrued expenses. RESTATED CONDENSED UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) For the Three Months Ended March 31, As Reported Adjustments As Restated Cash flows from operating activities: Net income $ 16,068 $ (3,926 ) $ 12,142 Adjustments to reconcile net income to net cash used in operating activities: Depreciation and amortization 33,494 — 33,494 Non-cash interest expense 2,362 — 2,362 Non-cash stock-based compensation expense 3,260 — 3,260 Excess tax benefit from stock-based compensation (3,246 ) — (3,246 ) Provision for deferred income taxes 3,281 — 3,281 Other non-cash items 623 — 623 (Gains) losses on sales of assets (1,622 ) — (1,622 ) Changes in assets and liabilities, net of acquisitions: Accounts receivable (43,440 ) 10,367 (33,073 ) Inventories (13,313 ) — (13,313 ) Other assets, current and long-term portion 9,034 (2,426 ) 6,608 Accounts payable and accrued expenses (14,683 ) 143 (14,540 ) Billings in excess of costs and earnings (12,247 ) — (12,247 ) Book overdrafts 1,266 — 1,266 Other liabilities, current and long-term portion (1,231 ) (4,158 ) (5,389 ) Net cash used in operating activities $ (20,394 ) $ — $ (20,394 ) Cash flows (used in) provided by investing activities: Cash paid for acquisitions, net of cash acquired (23,831 ) — (23,831 ) Capital expenditures (35,554 ) — (35,554 ) Proceeds from sale of property and equipment 3,373 — 3,373 Payments for other investments (1,098 ) — (1,098 ) Net cash used in investing activities $ (57,110 ) $ — $ (57,110 ) Cash flows provided by (used in) financing activities: Proceeds from credit facilities 233,872 — 233,872 Repayments of credit facilities (157,349 ) — (157,349 ) Repayments of other borrowings (2,830 ) — (2,830 ) Payments of capital lease obligations (10,956 ) — (10,956 ) Payments of tax withholdings and proceeds from stock-based awards, net (1,451 ) — (1,451 ) Excess tax benefit from stock-based compensation 3,246 — 3,246 Payments of financing costs (218 ) — (218 ) Net cash provided by financing activities $ 64,314 $ — $ 64,314 Effect of currency translation on cash (476 ) — (476 ) Net decrease in cash and cash equivalents (13,666 ) — (13,666 ) Cash and cash equivalents - beginning of period $ 22,927 $ — $ 22,927 Cash and cash equivalents - end of period $ 9,261 $ — $ 9,261 Supplemental cash flow information: Interest paid $ 12,430 $ — $ 12,430 Income taxes paid, net of refunds $ 11,928 $ — $ 11,928 Supplemental disclosure of non-cash information: Equipment acquired under capital lease $ 8,240 $ — $ 8,240 Equipment acquired under financing arrangements $ 5,780 $ — $ 5,780 Acquisition-related contingent consideration, new business combinations $ 8,700 $ — $ 8,700 RESTATED CONDENSED UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per share amounts) For the Three Months Ended June 30, 2014 For the Six Months Ended June 30, 2014 As Reported Adjustments As Restated As Reported Adjustments As Restated Revenue $ 1,104,556 $ 2,676 $ 1,107,232 $ 2,068,585 $ (3,535 ) $ 2,065,050 Costs of revenue, excluding depreciation and amortization 950,889 (174 ) 950,715 1,791,943 97 1,792,040 Depreciation and amortization 36,755 — 36,755 70,249 — 70,249 General and administrative expenses 54,237 — 54,237 107,564 — 107,564 Interest expense, net 12,949 — 12,949 24,952 — 24,952 Other income, net (2,051 ) 128 (1,923 ) (4,007 ) — (4,007 ) Income from continuing operations before income taxes $ 51,777 $ 2,722 $ 54,499 $ 77,884 $ (3,632 ) $ 74,252 Provision for income taxes (19,714 ) (1,047 ) (20,761 ) (29,630 ) 1,380 (28,250 ) Net income from continuing operations $ 32,063 $ 1,675 $ 33,738 $ 48,254 $ (2,252 ) $ 46,002 Discontinued operations: Net loss from discontinued operations $ (149 ) $ — $ (149 ) $ (272 ) $ — $ (272 ) Net income $ 31,914 $ 1,675 $ 33,589 $ 47,982 $ (2,252 ) $ 45,730 Net loss attributable to non-controlling interests (136 ) — (136 ) (91 ) — (91 ) Net income attributable to MasTec, Inc. $ 32,050 $ 1,675 $ 33,725 $ 48,073 $ (2,252 ) $ 45,821 Earnings per share: Basic earnings (loss) per share: Continuing operations $ 0.41 $ 0.02 $ 0.43 $ 0.62 $ (0.03 ) $ 0.59 Discontinued operations (0.00 ) 0.00 (0.00 ) (0.00 ) 0.00 (0.00 ) Total basic earnings per share (a) $ 0.41 $ 0.02 $ 0.43 $ 0.62 $ (0.03 ) $ 0.59 Basic weighted average common shares outstanding 78,269 — 78,269 77,810 — 77,810 Diluted earnings (loss) per share: Continuing operations $ 0.37 $ 0.02 $ 0.39 $ 0.56 $ (0.03 ) $ 0.53 Discontinued operations (0.00 ) 0.00 0.00 (0.00 ) 0.00 0.00 Total diluted earnings per share (a) $ 0.37 $ 0.02 $ 0.39 $ 0.56 $ (0.03 ) $ 0.53 Diluted weighted average common shares outstanding 86,730 — 86,730 86,675 — 86,675 (a) Earnings per share calculations may contain slight summation differences due to rounding. Of the revenue adjustments set forth in the restated condensed unaudited consolidated statements of operations above, $2.3 million and negative $3.9 million , respectively, resulted from cost-to-complete estimate changes for two large and complex Electrical Transmission segment projects accounted for under the percentage-of-completion method for the three and six month periods ended June 30, 2014. In addition, there were other immaterial adjustments identified within various segments, which affected revenue, costs of revenue, excluding depreciation and amortization, and other income, net. For the three month period ended June 30, 2014, the adjustments resulted in an increase in revenue of $2.7 million , a decrease in costs of revenue, excluding depreciation and amortization, of $0.2 million and a decrease in other income, net of $0.1 million . Net Income increased by approximately $1.7 million . For the six month period ended June 30, 2014, revenue decreased by $3.5 million , costs of revenue, excluding depreciation and amortization, increased by $0.1 million , and Net Income decreased by approximately $2.3 million . Basic and diluted earnings per share for the three month period ended June 30, 2014 increased by $0.02 cents each, and for the six month period ended June 30, 2014, decreased by $0.03 cents each. For the Three Months Ended June 30, 2014 For the Six Months Ended June 30, 2014 Restated Unaudited EBITDA and EBITDA Reconciliation (in millions) : As Reported Adjustments As Restated As Reported Adjustments As Restated EBITDA - Continuing operations $ 101.5 $ 2.7 $ 104.2 $ 173.1 $ (3.6 ) $ 169.5 Less: Interest expense, net (12.9 ) — (12.9 ) (25.0 ) — (25.0 ) Depreciation and amortization (36.8 ) — (36.8 ) (70.2 ) — (70.2 ) Income from continuing operations before income taxes $ 51.8 $ 2.7 $ 54.5 $ 77.9 $ (3.6 ) $ 74.3 Impact of Adjustments on Comparison of Results - Electrical Transmission Segment As previously reported, Electrical Transmission segment revenue for the three and six month periods ended June 30, 2014 totaled $114 million and $195 million , respectively. As restated, Electrical Transmission segment revenue for the three and six month periods ended June 30, 2014 totaled $117 million and $191 million respectively. As restated, Electrical Transmission segment revenue for the three month period ended June 30, 2014 decreased versus the same period in the prior year by $2 million , or 1.5% . Acquisitions contributed $8 million of revenue for the three month period ended June 30, 2014, whereas organic revenue declined by $10 million as compared to the same period in the prior year, primarily as a result of timing of project startups. As restated, segment revenue for the six month period ended June 30, 2014 decreased versus the same period in the prior year by $12 million , or 6.1% . Acquisitions contributed $13 million of revenue for the six month period ended June 30, 2014, whereas organic revenue declined by $25 million as compared to the same period in the prior year, primarily as a result of first quarter 2014 winter weather disruptions and timing of project startups. As previously reported, Electrical Transmission EBITDA for the three and six month periods ended June 30, 2014 totaled $17 million and $21 million , respectively. EBITDA margins for the Electrical Transmission segment, as previously reported, were 14.9% and 10.5% for the three and six month periods ended June 30, 2014, respectively. As restated, Electrical Transmission EBITDA for the three and six month periods ended June 30, 2014 totaled $19 million and $17 million , respectively, and EBITDA margins for the Electrical Transmission segment, as restated, were 16.5% and 8.7% , respectively. As restated, Electrical Transmission EBITDA for the three month period ended June 30, 2014 increased versus the same period in the prior year by $8 million , or 67.7% , and EBITDA margin improved to 16.5% from 9.7% in the prior year period. As restated, EBITDA margins improved by 680 basis points, or approximately $8 million for the three month period ended June 30, 2014, driven primarily by improved project efficiencies versus the same period in prior year. As restated, Electrical Transmission EBITDA for the six month period ended June 30, 2014 increased versus the same period in the prior year by $2 million , or 11.2% , and EBITDA margin improved to 8.7% from 7.3% in the prior year period. As restated, EBITDA margins improved by 140 basis points, or approximately $3 million for the six month period ended June 30, 2014 as compared to the same period in the prior year, driven primarily by improved project efficiencies. RESTATED CONDENSED UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (in thousands) For the Three Months Ended June 30, For the Six Months Ended June 30, As Reported Adjustments As Restated As Reported Adjustments As Restated Net income $ 31,914 $ 1,675 $ 33,589 $ 47,982 $ (2,252 ) $ 45,730 Other comprehensive income (loss): Foreign currency translation adjustments, net of tax 7,678 (2 ) 7,676 2,343 (3 ) 2,340 Comprehensive income $ 39,592 $ 1,673 $ 41,265 $ 50,325 $ (2,255 ) $ 48,070 Comprehensive loss attributable to non-controlling interests (136 ) — (136 ) (91 ) — (91 ) Comprehensive income attributable to MasTec, Inc. $ 39,728 $ 1,673 $ 41,401 $ 50,416 $ (2,255 ) $ 48,161 RESTATED CONDENSED UNAUDITED CONSOLIDATED BALANCE SHEETS (in thousands, except share and per share amounts) June 30, 2014 As Reported Adjustments As Restated Assets Current assets: Cash and cash equivalents $ 15,924 $ — $ 15,924 Accounts receivable, net of allowance 1,288,672 (8,422 ) 1,280,250 Inventories, net 115,627 — 115,627 Prepaid expenses and other current assets, including discontinued operations 69,429 1,380 70,809 Total current assets $ 1,489,652 $ (7,042 ) $ 1,482,610 Property and equipment, net 618,672 — 618,672 Goodwill 983,133 — 983,133 Other intangible assets, net 230,592 — 230,592 Other long-term assets, including discontinued operations 73,821 — 73,821 Total assets $ 3,395,870 $ (7,042 ) $ 3,388,828 Liabilities and equity Current liabilities Current maturities of long-term debt $ 76,914 $ — $ 76,914 Accounts payable 494,090 — 494,090 Accrued salaries and wages 63,845 100 63,945 Other accrued expenses 69,401 — 69,401 Acquisition-related contingent consideration, current 36,479 — 36,479 Billings in excess of costs and earnings 109,805 (837 ) 108,968 Other current liabilities, including discontinued operations 17,940 (4,050 ) 13,890 Total current liabilities $ 868,474 $ (4,787 ) $ 863,687 Acquisition-related contingent consideration, net of current portion 116,929 — 116,929 Long-term debt 1,088,666 — 1,088,666 Long-term deferred tax liabilities, net 186,538 — 186,538 Other long-term liabilities 43,949 — 43,949 Total liabilities $ 2,304,556 $ (4,787 ) $ 2,299,769 Commitments and contingencies Equity: Preferred stock, $1.00 par value: authorized shares - 5,000,000; issued and outstanding shares – none $ — $ — $ — Common stock, $0.10 par value: authorized shares - 145,000,000; issued shares - 87,036,192 as of June 30, 2014 8,704 — 8,704 Capital surplus 776,301 — 776,301 Contributed shares 6,002 — 6,002 Retained earnings 389,937 (2,252 ) 387,685 Accumulated other comprehensive loss (10,943 ) (3 ) (10,946 ) Treasury stock, at cost: 5,262,831 shares as of June 30, 2014 (83,385 ) — (83,385 ) Total MasTec, Inc. shareholders’ equity $ 1,086,616 $ (2,255 ) $ 1,084,361 Non-controlling interests $ 4,698 $ — $ 4,698 Total equity $ 1,091,314 $ (2,255 ) $ 1,089,059 Total liabilities and equity $ 3,395,870 $ (7,042 ) $ 3,388,828 The cost-to-complete estimate changes for the Electrical Transmission projects discussed above, along with an immaterial adjustment for a separate project resulted in a decrease in costs and earnings in excess of billings of $4.4 million . There was also a reclassification of $4.1 million from other current liabilities to costs and earnings in excess of billings associated with cost-to-complete estimates. Billings in excess of costs and earnings decreased by $0.8 million as of June 30, 2014. The decrease in Net Income discussed above resulted in an increase in current taxes receivable of $1.4 million . In addition to the adjustments discussed above, there were other immaterial adjustments identified, which affected costs and earnings in excess of billings and accrued salaries and wages. RESTATED CONDENSED UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) For the Six Months Ended June 30, As Reported Adjustments As Restated Cash flows from operating activities: Net income $ 47,982 $ (2,252 ) $ 45,730 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 70,249 — 70,249 Non-cash interest expense 4,642 — 4,642 Non-cash stock-based compensation expense 7,480 — 7,480 Excess tax benefit from stock-based compensation (3,386 ) — (3,386 ) Provision for deferred income taxes 11,160 — 11,160 Other non-cash items 438 — 438 (Gains) losses on sales of assets (2,593 ) — (2,593 ) Changes in assets and liabilities, net of acquisitions: Accounts receivable (21,270 ) 8,422 (12,848 ) Inventories (37,140 ) — (37,140 ) Other assets, current and long-term portion 4,655 (1,382 ) 3,273 Accounts payable and accrued expenses (8,916 ) 100 (8,816 ) Billings in excess of costs and earnings (12,258 ) (837 ) (13,095 ) Book overdrafts (1,355 ) — (1,355 ) Other liabilities, current and long-term portion (4,369 ) (4,051 ) (8,420 ) Net cash provided by operating activities $ 55,319 $ — $ 55,319 Cash flows (used in) provided by investing activities: Cash paid for acquisitions, net of cash acquired (162,901 ) — (162,901 ) Capital expenditures (67,566 ) — (67,566 ) Proceeds from sale of property and equipment 8,752 — 8,752 Proceeds from other investments, net 573 — 573 Net cash used in investing activities $ (221,142 ) $ — $ (221,142 ) Cash flows provided by (used in) financing activities: Proceeds from credit facilities 815,840 — 815,840 Repayments of credit facilities (463,713 ) — (463,713 ) Repayment of senior notes, including convertible notes (105,325 ) — (105,325 ) Repayments of other borrowings (7,220 ) — (7,220 ) Payments of capital lease obligations (23,023 ) — (23,023 ) Payments of tax withholdings and proceeds from stock-based awards, net (578 ) — (578 ) Excess tax benefit from stock-based compensation 3,386 — 3,386 Payments of acquisition-related contingent consideration (58,902 ) — (58,902 ) Payments of financing costs (1,298 ) — (1,298 ) Net cash provided by financing activities $ 159,167 $ — $ 159,167 Effect of currency translation on cash (347 ) — (347 ) Net decrease in cash and cash equivalents (7,003 ) — (7,003 ) Cash and cash equivalents - beginning of period $ 22,927 $ — $ 22,927 Cash and cash equivalents - end of period $ 15,924 $ — $ 15,924 Supplemental cash flow information: Interest paid $ 20,247 $ — $ 20,247 Income taxes paid, net of refunds $ 29,901 $ — $ 29,901 Supplemental disclosure of non-cash information: Equipment acquired under capital lease $ 44,574 $ — $ 44,574 Equipment acquired under financing arrangements $ 5,780 $ — $ 5,780 Acquisition-related contingent consideration, new business combinations $ 33,612 $ — $ 33,612 Premium shares, conversion of convertible notes $ 114,785 $ — $ 114,785 RESTATED CONDENSED UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per share amounts) For the Three Months Ended September 30, For the Nine Months Ended September 30, As Reported Adjustments As Restated As Reported Adjustments As Restated Revenue $ 1,309,596 $ 5,892 $ 1,315,488 $ 3,378,180 $ 2,358 $ 3,380,538 Costs of revenue, excluding depreciation and amortization 1,122,961 (100 ) 1,122,861 2,914,904 (3 ) 2,914,901 Depreciation and amortization 41,747 — 41,747 111,996 — 111,996 General and administrative expenses 59,889 — 59,889 167,454 — 167,454 Interest expense, net 12,643 — 12,643 37,595 — 37,595 Other income, net (1,416 ) — (1,416 ) (5,424 ) — (5,424 ) Income from continuing operations before income taxes $ 73,772 $ 5,992 $ 79,764 $ 151,655 $ 2,361 $ 154,016 Provision for income taxes (28,042 ) (2,277 ) (30,319 ) (57,671 ) (898 ) (58,569 ) Net income from continuing operations $ 45,730 $ 3,715 $ 49,445 $ 93,984 $ 1,463 $ 95,447 Discontinued operations: Net loss from discontinued operations, including loss on disposal and impairment charges $ (320 ) $ — $ (320 ) $ (592 ) $ — $ (592 ) Net income $ 45,410 $ 3,715 $ 49,125 $ 93,392 $ 1,463 $ 94,855 Net income attributable to non-controlling interests 139 — 139 48 — 48 Net income attributable to MasTec, Inc. $ 45,271 $ 3,715 $ 48,986 $ 93,344 $ 1,463 $ 94,807 Earnings per share: Basic earnings (loss) per share: Continuing operations $ 0.56 $ 0.04 $ 0.60 $ 1.19 $ 0.02 $ 1.21 Discontinued operations (0.00 ) 0.00 0.00 (0.01 ) 0.00 (0.01 ) Total basic earnings per share (a) $ 0.55 $ 0.05 $ 0.60 $ 1.18 $ 0.02 $ 1.20 Basic weighted average common shares outstanding 81,811 — 81,811 79,158 — 79,158 Diluted earnings (loss) per share: Continuing operations $ 0.53 $ 0.04 $ 0.57 $ 1.09 $ 0.02 $ 1.11 Discontinued operations (0.00 ) 0.00 (0.00 ) (0.01 ) 0.00 (0.01 ) Total diluted earnings per share (a) $ 0.53 $ 0.04 $ 0.57 $ 1.08 $ 0.02 $ 1.10 Diluted weighted average common shares outstanding 85,824 — 85,824 86,416 — 86,416 (a) Earnings per share calculations may contain slight summation differences due to rounding. Of the revenue adjustments set forth in the restated condensed unaudited consolidated statements of operations above, $5.8 million and $1.9 million , respectively, resulted from cost-to-complete estimate changes for two large and complex Electrical Transmission segment projects accounted for under the percentage-of-completion method for the three and nine month periods ended September 30, 2014. In addition, there were other immaterial adjustments identified within various segments, which affected revenue and costs of revenue, excluding depreciation and amortization. For the three month period ended September 30, 2014, the adjustments discussed above resulted in an increase in revenue of $5.9 million , a decrease in costs of revenue, excluding depreciation and amortization, of $0.1 million , and an increase in Net Income of approximately $3.7 million . For the nine month period ended September 30, 2014, the cumulative effect of the adjustments resulted in an increase in revenue of $2.4 million . Net Income increased by approximately $1.5 million . Basic and diluted earnings per share from continuing operations increased by $0.04 cents each for the three month period ended September 30, 2014. Total basic and diluted earnings per share increased by $0.05 cents and $0.04 cents, respectively, for the |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2014 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Note 3 – Earnings Per Share Basic earnings per share is computed by dividing net income or loss available to MasTec’s common shareholders by the weighted average number of common shares outstanding for the period. Diluted earnings per share is computed by dividing net income or loss available to MasTec’s common shareholders by the number of fully diluted shares, which includes the effect of dilutive potential issuances of common shares as determined using earnings from continuing operations, including the potential issuance of common shares upon the exercise, conversion or vesting of outstanding stock options and unvested restricted shares, as calculated under the treasury stock method, as well as shares associated with the Company’s convertible debt securities, which matured and were converted in 2014. The following table provides details underlying the Company’s earnings per share calculations for the periods indicated (in thousands): For the Years Ended December 31, 2014 2013 2012 Net income attributable to MasTec: Net income, continuing operations - basic (a) $ 122,375 $ 147,492 $ 116,639 Interest expense, net of tax, 2009 Convertible Notes 181 315 311 Net income, continuing operations - diluted $ 122,556 $ 147,807 $ 116,950 Net loss from discontinued operations - basic and diluted (a) (6,452 ) (6,542 ) (9,213 ) Net income attributable to MasTec - diluted $ 116,104 $ 141,265 $ 107,737 Weighted average shares outstanding: Weighted average shares outstanding - basic 79,953 76,923 78,275 Dilutive common stock equivalents 813 777 883 Dilutive premium shares, 2011 Convertible Notes 4,971 6,395 2,118 Dilutive shares, 2009 Convertible Notes 459 806 806 Weighted average shares outstanding - diluted 86,196 84,901 82,082 (a) Calculated as total net income (loss) less amounts attributable to non-controlling interests. Convertible Notes In December 2014, $100 million aggregate principal amount of 4.25% senior convertible notes (the “4.25% Convertible Notes”) matured, at which time the holders elected to convert the notes. The Company paid $97 million in cash and issued 2.4 million shares of common stock in respect of such notes. The 4.25% Convertible Notes were composed of $97 million of 4.25% Convertible Notes issued in 2011 (the “2011 4.25% Notes”) and $3 million of 4.25% Convertible Notes issued in 2009 (the “2009 4.25% Notes”). Additionally, in June 2014, $115 million aggregate principal amount of 4.0% senior convertible notes (the “4.0% Convertible Notes”) matured and were converted and the Company paid $105 million in cash and issued 4.2 million shares of common stock in respect thereof. The 4.0% Convertible Notes were composed of $105 million of 4.0% Convertible Notes issued in 2011 (the “2011 4.0% Notes”) and approximately $10 million of 4.0% Convertible Notes issued in 2009 (the “2009 4.0% Notes”). The 2009 4.0% Notes and the 2009 4.25% Notes are collectively referred to as the “2009 Convertible Notes,” and the 2011 4.0% Notes and the 2011 4.25% Notes are collectively referred to as the “2011 Convertible Notes.” See Note 10 - Debt for additional information. Until their maturity in 2014, dilutive shares associated with the 2009 Convertible Notes were attributable to the underlying principal amounts and were reflected in the calculation of weighted average diluted earnings per share for the corresponding periods by application of the “if-converted” method. The 2011 Convertible Notes had an optional cash settlement feature, which allowed the Company to settle the principal amount in cash. Until their maturity in 2014, dilutive shares associated with the 2011 Convertible Notes were derived from the premium value of the notes in excess of their principal amounts, as calculated using the treasury stock method. These shares were referred to as “premium shares.” The 4.0% Convertible Notes were convertible at $15.76 per share and the 4.25% Convertible Notes were convertible at $15.48 per share. The calculations underlying the number of premium shares included in the Company’s diluted share count for the periods indicated are as follows (in thousands, except per share amounts): As of and for the Years Ended December 31, 2013 2012 Premium Share Information: 2011 4.0% Notes 2011 4.25% Notes 2011 4.0% Notes 2011 4.25% Notes Number of conversion shares, principal amount 6,683 6,268 6,683 6,268 Per share price, actual average $ 30.86 $ 30.86 $ 18.68 $ 18.68 Premium value $ 100,911 $ 96,423 $ 19,494 $ 20,064 Premium shares 3,270 3,125 1,044 1,074 In addition to the premium shares described above, there were 5.0 million equivalent premium shares included in the Company’s dilutive share calculations for the year ended December 31, 2014 related to the 2011 Convertible Notes, as calculated based on the average price per share of the Company’s common stock from the beginning of the year through the dates of maturity of the respective notes. Diluted Shares, Other Information For the year ended December 31, 2014 , there were a total of 244,623 weighted average common stock equivalents that were not included in the diluted earnings per share calculation because their effect would have been anti-dilutive. For the year ended December 31, 2013 , there were no anti-dilutive common stock equivalents and for the year ended December 31, 2012 , there were 8,313 weighted average common stock equivalents that were not included in the diluted earnings per share calculations. |
Acquisitions
Acquisitions | 12 Months Ended |
Dec. 31, 2014 | |
Business Combinations [Abstract] | |
Acquisitions | Note 4 – Acquisitions The Company acquired several businesses during 2014, as discussed below. As of December 31, 2014, determination of the fair values of the net assets acquired, including the estimated values of contingent earn-out obligations and the estimated useful lives of acquired assets for certain of these acquisitions, were provisional and remained preliminary. Management continues to assess the valuation of these items and any ultimate purchase price adjustments that may result based on the final net assets and net working capital of the acquired businesses, as prescribed in the corresponding purchase agreements. The Company will revise its preliminary estimates of the fair values of net assets acquired if new information is obtained about the facts and circumstances existing as of the date of acquisition, or for purchase price adjustments, based on the final net assets and net working capital of the acquired business, as prescribed in the applicable purchase agreement. Such adjustments may result in the recognition of, or adjust the fair values of, acquired assets and assumed liabilities, and are presented as if the adjustments had been taken into account as of the date of acquisition, which results in the revision of comparative prior period financial information. All changes that do not qualify as measurement period adjustments are included in current period results. See table below for measurement period adjustments relating to previously disclosed balances. 2014 Acquisitions WesTower Effective October 1, 2014 , MasTec acquired all of the issued and outstanding equity interests of WesTower Communications Inc. (“WesTower”) . WesTower is a telecommunications services firm focusing on construction and maintenance of communications infrastructure related to wireless networks throughout the United States. WesTower, which provides services to a number of major wireless carriers throughout the Eastern, Central and Western United States, is expected to expand the Company’s geographical presence, market penetration and skilled employee base within its existing wireless operations. WesTower is reported within the Company’s Communications segment. 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 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 Finite-lived intangible assets are amortized in a manner consistent with the pattern in which the related benefits are expected to be consumed. Goodwill arising from the acquisition represents the estimated value of WesTower’s geographic presence in key high growth markets, its assembled workforce and synergies expected to be achieved from the combined operations of WesTower and MasTec. The goodwill balance is not tax deductible. In connection with the WesTower acquisition, the Company incurred acquisition integration costs of approximately $5.3 million in the fourth quarter of 2014, which were included within general and administrative expenses within the consolidated statement of operations. These acquisition integration costs consisted primarily of employee termination costs, including employee compensation relating to the elimination of certain positions, which were determined to be redundant, and other integration-type costs. The Company is currently in the process of integrating WesTower and expects to incur additional costs in 2015, including additional employee costs, facility consolidation expenses, system migration expenses, training and other integration costs. A liability for such costs is recognized and accrued when incurred. As of December 31, 2014 , $3.5 million was included within current liabilities relating to acquisition integration costs. Liabilities assumed in connection with the WesTower acquisition also include the estimated value of certain off-market contracts, which are recognized in revenue over the terms of the related contracts. Pacer Effective June 1, 2014 , MasTec acquired all of the issued and outstanding equity interests of Pacer Construction Holdings Corporation and its affiliated operating companies (collectively, “Pacer”) . Pacer is a western Canadian civil construction services company, headquartered in Calgary, Alberta, Canada. Pacer’s services include infrastructure construction primarily in support of oil and gas production, processing, mining and transportation. Pacer, a leading contractor in the Canadian oil sands market, is expected to enhance MasTec’s ability to develop energy infrastructure in western Canada and take advantage of associated opportunities in North America over the coming years. Pacer is primarily reported within the Company’s Oil and Gas segment. The following table summarizes the preliminary estimated fair values of consideration paid and identifiable assets acquired and liabilities assumed, as adjusted, in U.S. dollars 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 The values of certain of the assets acquired and liabilities assumed include the proportionate values of Pacer’s undivided interest in an unincorporated contractual joint venture, which is involved in a civil construction project and is accounted for on a proportional basis. Pacer’s undivided interest in this contractual joint venture automatically terminates upon completion of the project. For the year ended December 31, 2014, revenue recognized by the Company on behalf of this contractual joint venture totaled $1.7 million U.S. dollars. As of December 31, 2014, receivables from this contractual joint venture, including acquired receivables, totaled $1.8 million U.S. dollars. There are performance guarantees associated with this contractual joint venture of a gross amount of $132.1 million Canadian dollars, or approximately $113.6 million U.S. dollars as of December 31, 2014 , based on the full contract value of the project, for which Pacer is obligated on a joint and several basis with its other joint venture partner. In addition, from time to time, the Company may provide other financing to this contractual joint venture. No amounts were committed as of December 31, 2014 . This project was approximately 45% complete as of December 31, 2014 and is included in the Other segment. The equity method investment obligations identified in the table above represent investments in entities that provide heavy civil construction services. As a result of the ongoing review of the acquired net assets of Pacer, the Company determined that the initial fair value assigned to these investments was in excess of their fair value and that it would cease participation in the operations of one of its equity method investments in 2015 upon completion of the existing projects. Subsequent to the acquisition date, the Company recorded a $49 million reduction to the acquisition date value of Pacer’s equity method investments to reflect their expected fair values, as determined based on their expected net cash outflows, including the wind-down of one of the investments. For the year ended December 31, 2014 , revenue recognized by the Company on behalf of these entities totaled $3.1 million U.S. dollars, and as of December 31, 2014 , there were no amounts outstanding. There are performance guarantees associated with these entities of a gross amount of approximately $61.2 million U.S. dollars as of December 31, 2014 , based on the full contract value of certain projects, for which Pacer is obligated on a joint and several basis with its other shareholders. These projects were in varying stages of completion as of December 31, 2014 and are expected to be principally completed in the third quarter of 2015. As of December 31, 2014 , excluding the financial guarantee discussed below, there are also approximately $3.0 million U.S. dollars of other financial guarantees associated with these investments, for which Pacer is obligated on a joint and several basis, the durations of which correspond to those of the guaranteed transactions or borrowings. The Company believes these obligations and guarantees represent variable interests; however, Pacer does not have the power to control the primary activities of, nor is it the primary beneficiary of, these investments. The Company may provide financial support to its other investments in the future. In March 2015, as part of the initiative to wind down operations of the equity method investee mentioned above, Pacer became the secured creditor thereof by purchasing the outstanding revolving credit facility of this investee for approximately $20.8 million U.S. dollars in order to satisfy its obligations pursuant to a financial guarantee to the investee’s lender. This payment is included within Pacer’s net equity method investment obligations as of the date of acquisition in the table above, and as of December 31, 2014 , approximately $22.6 million U.S. dollars is included within other current liabilities in the Company’s consolidated balance sheet. Subsequent to Pacer’s purchase of the outstanding credit facility, a receivership order was granted to assist with the orderly wind-down of the investee’s operations. As part of the receivership proceedings, Pacer initially committed to provide the receiver financing of up to approximately $7.9 million U.S. dollars as of March 31, 2015. In May 2015, the receiver requested additional receivership financing commitments of up to approximately $54.6 million U.S. dollars. As of July 24, 2015, Pacer had paid approximately $37.2 million U.S. dollars under this commitment. The Company anticipates the wind-down period of this receivership will substantially conclude in the third quarter of 2015. Based on operational estimates from the receiver, the Company believes Pacer will be repaid the amounts advanced under the receivership financing commitment within the next twelve months. Subsequent to the acquisition date, in connection with the ongoing review of the acquired net working capital and acquired net assets of Pacer, the Company recorded an $8.4 million increase in property and equipment, a $5.6 million increase in certain current liabilities and a $1.2 million increase in long-term deferred tax liabilities. These adjustments, along with the adjustment to the equity method investment obligations discussed above, as well as other immaterial adjustments, net, in the acquisition date values of certain current assets and intangible assets, resulted in a $47.5 million increase in the acquisition date value of goodwill associated with the Pacer acquisition. 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 Finite-lived intangible assets are amortized in a manner consistent with the pattern in which the related benefits are expected to be consumed. The intangible asset related to Pacer’s pre-qualifications with selected customer companies has been assigned an indefinite life as the pre-qualifications are not expected to expire or diminish in value, and the companies to which they relate have extremely long operating histories. Goodwill arising from the acquisition represents the estimated value of Pacer’s geographic presence in key high-growth Canadian markets, its assembled workforce, its management team’s industry-specific project management expertise and synergies expected to be achieved from the combined operations of Pacer and MasTec. The goodwill balance is not tax deductible. The contingent consideration included in the table above equals 25% of the excess, if any, of Pacer’s earnings from continuing operations before interest, taxes, depreciation and amortization (“EBITDA”) above certain thresholds for a five-year period, as set forth in the purchase agreement, and is payable annually in Canadian dollars. The fair value of the earn-out liability was estimated using an income approach and incorporates significant inputs not observable in the market. Key assumptions in the estimated valuation include the discount rate and probability-weighted EBITDA projections. Significant changes in any of these assumptions could result in a significantly higher or lower potential earn-out liability. The range of potential undiscounted payments that MasTec could be required to make under the earn-out arrangement is estimated to be between $0 and $71 million Canadian dollars, or approximately $0 and $61 million U.S. dollars as of December 31, 2014 ; however, there is no maximum earn-out payment amount . As is customary for purchase agreements in the industry, the earn-out agreement contains certain right of offset provisions, under which the Company may, under certain circumstances, offset against the earn-out liability working capital adjustments, indemnification claims and similar items owed from the former owners of the entity. Other 2014 Acquisitions Effective April 1, 2014 , MasTec acquired 100% of a telecommunications services firm, specializing in the installation of in-home security systems , for an aggregate purchase price composed of approximately $16.3 million in cash, as adjusted for the final net working capital, and a five year earn-out, valued at $0.6 million as of December 31, 2014. Additionally, effective January 1, 2014 , MasTec acquired 100% of a telecommunications services firm, specializing in the engineering, installation, furnishing and integration of telecommunications equipment , for an aggregate purchase price composed of approximately $23.8 million in cash and a five year earn-out, valued at $8.7 million as of December 31, 2014. These companies are included in MasTec’s Communications segment. 2013 Acquisitions Big Country Effective May 1, 2013 , MasTec acquired all of the issued and outstanding equity interests of Big Country Energy Services, Inc. and its affiliated operating companies (collectively, “Big Country”) . Big Country is a North American oil and gas pipeline and facility construction services company, headquartered in Calgary, Alberta, Canada. Big Country also has construction offices in Alberta, British Columbia and Saskatchewan, Canada, as well as in Wyoming and North Dakota. Big Country’s services include oil, natural gas and natural gas liquids gathering systems and pipeline construction; pipeline modification and replacement services; compressor and pumping station construction; and other related services supporting the oil and gas production, processing and transportation industries. Big Country is reported within the Company’s Oil and Gas segment. The following table summarizes the fair values of consideration paid and identifiable assets acquired and liabilities assumed, as adjusted for the final net working capital, estimated earn-out liability and the estimated fair values of acquired net assets, in U.S. dollars as of the date of acquisition (in millions): Acquisition consideration: May 1, 2013 Cash $ 103.5 Fair value of contingent consideration (earn-out liability) 25.3 Total consideration transferred $ 128.8 Identifiable assets acquired and liabilities assumed: Current assets $ 69.0 Property and equipment 43.5 Pre-qualifications 29.6 Finite-lived intangible assets 10.7 Current liabilities, including current portion of capital lease obligations and long-term debt (24.4 ) Long-term debt, including capital lease obligations (23.0 ) Deferred income taxes (14.4 ) Total identifiable net assets $ 91.0 Goodwill $ 37.8 Total net assets acquired, including goodwill $ 128.8 The fair values and weighted average useful lives of Big Country’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 $ 1.9 3 Non-compete agreements 1.8 9 Customer relationships 7.0 7 Total acquired finite-lived intangible assets $ 10.7 6 Finite-lived intangible assets are amortized in a manner consistent with the pattern in which the related benefits are expected to be consumed. The intangible asset related to Big Country’s pre-qualifications with companies in the oil and gas industry has been assigned an indefinite life as the pre-qualifications are not expected to expire or diminish in value, and the companies to which they relate have extremely long operating histories. Goodwill arising from the acquisition represents the estimated value of Big Country’s geographic presence in key high growth Canadian markets, its assembled workforce, its management team’s industry-specific project management expertise and synergies expected to be achieved from the combined operations of Big Country and MasTec. As of the date of acquisition, the total amount of goodwill expected to be deductible for tax purposes was $4.0 million . The contingent earn-out obligation equals 25% of the excess, if any, of Big Country’s EBITDA above certain thresholds for a five-year period, as set forth in the purchase agreement, and is payable annually in cash in Canadian dollars. The fair value of the earn-out liability was estimated using an income approach and incorporates significant inputs not observable in the market. Key assumptions in the estimated valuation include the discount rate and probability-weighted EBITDA projections. Significant changes in any of these assumptions could result in a significantly higher or lower potential earn-out liability. The range of potential undiscounted payments that MasTec could be required to make under the earn-out arrangement is estimated to be between $10 million and $79 million Canadian dollars, or approximately $9 million and $68 million U.S. dollars as of December 31, 2014 ; however, there is no maximum earn-out payment amount . As is customary for purchase agreements in the industry, the earn-out agreement contains certain right of offset provisions, under which the Company may, under certain circumstances, offset against the earn-out liability working capital adjustments, indemnification claims and similar items owed from the former owners of the entity. Other 2013 Acquisitions Effective April 1, 2013 , MasTec acquired a former subcontractor to its wireless business, which provides self-perform communications tower construction, installation, maintenance and other services in support of telecommunications infrastructure construction in the Company’s Communications segment. In addition, effective August 1, 2013 , MasTec acquired an electrical transmission services company, which focuses primarily on substation construction activities within the Company’s Electrical Transmission segment. Measurement Period Adjustments, 2013 Acquisitions Measurement period adjustments associated with the Company’s 2013 acquisitions have been reflected as follows (in millions): As of December 31, 2013: As Previously Reported Measurement Period Adjustments As Revised Current assets $ 1,306.0 $ 1.0 $ 1,307.0 Goodwill $ 899.4 $ 2.6 $ 902.0 Current liabilities $ 825.5 $ 3.7 $ 829.2 Long-term deferred tax liabilities, net $ 154.9 $ (0.1 ) $ 154.8 2012 Acquisitions Effective December 1, 2012 , MasTec acquired Bottom Line Services, LLC (“BLS”) , a natural gas and petroleum pipeline infrastructure services company for an aggregate purchase price composed of approximately $67.6 million in cash, and a five year earn-out, valued at $4.6 million as of December 31, 2014 , which represented a reduction of $6.4 million and was recognized in the fourth quarter of 2014. BLS, which is included in the Company’s Oil and Gas segment, provides pipeline and facilities construction, painting and maintenance services, primarily in eastern Texas. Additionally, effective December 1, 2012 , MasTec acquired a former subcontractor to MasTec’s oil and gas business, which provides self-perform clearing and trenching services for natural gas and petroleum pipeline infrastructure construction and is included in the Company’s Oil and Gas segment. MasTec also acquired a former subcontractor to MasTec’s wireless business, which provides self-perform communications tower construction, installation, maintenance and other services in support of telecommunications infrastructure construction and is included in the Company’s Communications segment. Unaudited Pro Forma Information The following unaudited supplemental pro forma financial information includes the results of operations of each of the companies acquired in 2014 , 2013 and 2012 and is presented as if each acquired company had been consolidated as of the beginning of the year immediately preceding the year in which such company was acquired. The unaudited supplemental pro forma financial information has been provided for illustrative purposes only and does not purport to be indicative of the actual results that would have been achieved by the combined companies for the periods presented, or of the results that may be achieved by the combined companies in the future. Future results may vary significantly from the results reflected in the following unaudited supplemental pro forma financial information because of future events and transactions, as well as other factors, many of which are beyond MasTec’s control. 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 one-time 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 the repayment of acquired debt. 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 Years Ended December 31, Unaudited pro forma financial information (in millions) : 2014 2013 2012 Revenue $ 5,085.2 $ 5,465.9 $ 4,199.6 Net income from continuing operations $ 130.3 $ 160.8 $ 131.0 Results of Businesses Acquired Revenue and net (loss) income from continuing operations resulting from the year-over-year incremental impact of acquired businesses, which are included within the Company’s consolidated results of operations for the years indicated, were as follows (in millions): For the Years Ended December 31, Actual of acquirees (year-over-year impact) : 2014 2013 2012 Revenue $ 565.4 $ 406.6 $ 170.8 Net (loss) income from continuing operations (a) $ 0.7 $ 20.0 $ 11.8 (a) Acquiree net (loss) income from continuing operations for the year ended December 31, 2014 includes approximately $5.0 million of the $5.3 million total acquisition integration costs incurred in connection with the WesTower acquisition. The above results, however, do not include other acquisition-related costs of $2.7 million , $1.9 million and $0.7 million for the years ended December 31, 2014 , 2013 and 2012 , respectively, which are included within general and administrative expenses in the Company’s consolidated statements of operations. The above results also do not include interest expense associated with consideration paid for these acquisitions. |
Discontinued Operations
Discontinued Operations | 12 Months Ended |
Dec. 31, 2014 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Discontinued Operations | Note 5 – Discontinued Operations In determining whether a group of assets to be disposed of should be presented as a discontinued operation, management determines whether such assets comprise a component of the Company, which includes an assessment as to whether it has historic operations and cash flows that can be clearly distinguished. Management also determines whether the cash flows associated with the group of assets will be significantly eliminated from the ongoing operations of the Company as a result of the disposal transaction and whether the Company will have no significant continuing involvement in the operations of the disposed assets after the disposal transaction. If management believes these conditions exist, then the assets and liabilities and results of operations of the assets to be disposed, as well as any estimated gain or loss on the disposal transaction, are aggregated for presentation separately from the financial position and operating results of the Company’s continuing operations. For those businesses for which management has committed to a plan of sale, the business is valued at the lower of its carrying amount or estimated fair value less costs to sell. If the carrying amount of the business exceeds its estimated fair value, an impairment loss is recognized. Estimated fair value is determined using management estimates and entity-specific assumptions. Management considers historical experience and all available information at the time such estimates are made; however, the fair value that is ultimately recognized upon sale of the related business may differ from the estimated fair value as reflected in the consolidated financial statements. Depreciation and amortization expense is not recorded on assets of a business to be sold once that business has been classified as held for sale. Globetec In 2012, the Company’s Board of Directors approved a plan of sale for its Globetec business. In 2013, the Company sold its interests in Globetec for nominal consideration and retained certain contingent assets and liabilities. In 2014, management determined that the contingent assets associated with Globetec were not recoverable and recorded additional losses on disposal of $9.6 million . As of December 31, 2014 , there were no remaining contingent assets. As of December 31, 2013 , $2.3 million of contingent assets were included within prepaid expenses and other current assets in the consolidated balance sheets, and $10.1 million of contingent assets were included within other long-term assets in the consolidated balance sheets. As of December 31, 2014 and 2013 , $1.3 million and $1.2 million of contingent liabilities, respectively, were included within other current liabilities in the consolidated balance sheets. Revenue from discontinued operations for Globetec totaled $18.0 million and $18.8 million for the years ended 2013 and 2012 , respectively. Net loss from discontinued operations for Globetec totaled $6.5 million , $6.5 million and $12.9 million for the years ended December 31, 2014 , 2013 and 2012 , respectively, of which $5.8 million , $4.4 million and $8.3 million represented losses on disposal and impairment charges, net of tax, for the years ended December 31, 2014 , 2013 and 2012 , respectively. The Company is not obligated to support and does not intend to support Globetec in the future. DirectStar In June 2012, the Company sold its equity interests in DirectStar for a net sale price of $98.9 million in cash. Revenue and net income from discontinued operations for DirectStar totaled $60.2 million and $3.7 million , respectively, for the year ended December 31, 2012. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 12 Months Ended |
Dec. 31, 2014 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | Note 6 - Goodwill and Other Intangible Assets The following table provides a reconciliation of changes in goodwill by reportable segment for the periods indicated (in millions): Communications Oil and Gas Electrical Transmission Power Generation and Industrial Total Goodwill Balance as of December 31, 2012 $ 306.1 $ 273.4 $ 129.5 $ 117.6 $ 826.6 Additions from new business combinations 7.1 37.8 20.4 — 65.3 Accruals of acquisition-related contingent consideration, net (a) 13.6 — — — 13.6 Currency translation adjustments — (3.5 ) — — (3.5 ) Balance as of December 31, 2013 $ 326.8 $ 307.7 $ 149.9 $ 117.6 $ 902.0 Additions from new business combinations 84.4 100.4 — — 184.8 Accruals of acquisition-related contingent consideration, net (a) 6.5 — — — 6.5 Currency translation adjustments — (10.8 ) — — (10.8 ) Balance as of December 31, 2014 $ 417.7 $ 397.3 $ 149.9 $ 117.6 $ 1,082.5 (a) Represents contingent consideration for acquisitions prior to January 1, 2009, which is accrued as earned, in accordance with U.S. GAAP. As of December 31, 2014 , the Company does not have accumulated impairment losses. The goodwill balances as of December 31, 2013 for the Communications, Oil and Gas and Electrical Transmission segments were updated in 2014 to reflect measurement period purchase accounting adjustments. As a result of these measurement period adjustments, Communications segment goodwill decreased by $0.9 million , Oil and Gas segment goodwill increased by $2.5 million and Electrical Transmission segment goodwill increased by $1.0 million as of December 31, 2013 . See Note 4 - Acquisitions. The following table provides a reconciliation of changes in other intangible assets for the periods indicated (in millions): Other Intangible Assets Non-amortizing Amortizing Trade Names Pre-Qualifications Customer Relationships and Backlog Other (a) Total Other intangible assets, gross carrying amount as of December 31, 2012 $ 34.8 $ 31.3 $ 109.6 $ 19.8 $ 195.5 Accumulated amortization (48.3 ) (10.2 ) (58.5 ) Other intangible assets, net, as of December 31, 2012 $ 34.8 $ 31.3 $ 61.3 $ 9.6 $ 137.0 Additions from new business combinations — 29.6 19.5 2.8 51.9 Amortization expense (19.6 ) (1.6 ) (21.2 ) Currency translation adjustments — (1.5 ) (0.5 ) (0.1 ) (2.1 ) Other intangible assets, net, as of December 31, 2013 $ 34.8 $ 59.4 $ 60.7 $ 10.7 $ 165.6 Additions from new business combinations — 38.7 73.4 4.2 116.3 Amortization expense (23.2 ) (1.9 ) (25.1 ) Currency translation adjustments — (4.8 ) (1.4 ) (0.2 ) (6.4 ) Other intangible assets, net, as of December 31, 2014 $ 34.8 $ 93.3 $ 109.5 $ 12.8 $ 250.4 Remaining weighted average amortization period (in years) 13 11 13 (a) Consists principally of trade names and non-compete agreements. Amortization expense associated with intangible assets for the years ended December 31, 2014 , 2013 and 2012 totaled $25.1 million , $21.2 million and $12.2 million , respectively. Expected future amortization expense associated with amortizing intangible assets as of December 31, 2014 is summarized in the following table (in millions): Amortization Expense 2015 $ 29.8 2016 21.5 2017 16.9 2018 13.1 2019 8.7 Thereafter 32.3 Total $ 122.3 |
Accounts Receivable, Net of All
Accounts Receivable, Net of Allowance | 12 Months Ended |
Dec. 31, 2014 | |
Receivables [Abstract] | |
Accounts Receivable, Net of Allowance | Note 8 - Accounts Receivable, Net of Allowance The following table provides details of accounts receivable, net of allowance, as of the dates indicated (in millions): December 31, 2014 2013 Contract billings $ 669.7 $ 598.2 Retainage 162.2 159.3 Costs and earnings in excess of billings 485.6 392.9 Accounts receivable, gross $ 1,317.5 $ 1,150.4 Less allowance for doubtful accounts (13.9 ) (15.7 ) Accounts receivable, net $ 1,303.6 $ 1,134.7 Retainage, which has been billed, but is not due until completion of performance and acceptance by customers, is generally expected to be collected within one year. Receivables expected to be collected beyond one year are recorded within other long-term assets. Activity in the allowance for doubtful accounts for the periods indicated is as follows (in millions): For the Years Ended December 31, 2014 2013 Allowance for doubtful accounts at beginning of year $ 15.7 $ 11.3 Provision for doubtful accounts 1.8 6.1 Amounts charged against the allowance (3.6 ) (1.7 ) Allowance for doubtful accounts at end of year $ 13.9 $ 15.7 The provision for doubtful accounts for the year ended December 31, 2014 includes a reversal of $0.5 million to eliminate a reserve that was not required and should have been reversed in a prior year. Based on materiality considerations, this item was recognized in 2014. During 2014, the Company entered into a non-recourse financing arrangement, under which certain receivables are purchased by the customer’s bank for a nominal fee. This arrangement improves the collection cycle time of the related receivables, the effect of which amounted to cash collections of approximately $70 million in 2014. Cash collected from this arrangement is reflected within cash provided by operating activities. The discount charge, which was immaterial in 2014, is included within interest expense in the consolidated statements of operations. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 12 Months Ended |
Dec. 31, 2014 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | Note 7 – Fair Value of Financial Instruments Assets and Liabilities Measured at Fair Value on a Recurring Basis As of December 31, 2014 and 2013 , financial instruments required to be measured at fair value on a recurring basis consisted primarily of acquisition-related contingent consideration liabilities, which represent the estimated fair value of additional future earn-outs payable for acquisitions of businesses that closed after January 1, 2009 (“ASC 805 contingent consideration ” ), in accordance with U.S. GAAP. The fair value of ASC 805 contingent consideration is based on management estimates and entity-specific assumptions, which are Level 3 inputs, and is evaluated on an ongoing basis. As of December 31, 2014 and 2013 , the fair value of the Company’s ASC 805 contingent consideration totaled $146.1 million and $165.4 million , respectively. Additions to ASC 805 contingent consideration from new business combinations for the years ended December 31, 2014 , 2013 and 2012 totaled $33.6 million , $32.5 million and $66.7 million , respectively. The Company paid approximately $48.4 million , $8.5 million and $3.8 million of ASC 805 contingent consideration for the years December 31, 2014 , 2013 and 2012 , respectively. Foreign currency translation gains and/or losses associated with ASC 805 contingent consideration are included in other comprehensive income. For the years ended December 31, 2014 , 2013 and 2012 , foreign currency translation gains associated with ASC 805 contingent consideration totaled $4.5 million , $2.2 million and $0.1 million , respectively. Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis Assets and liabilities recognized or disclosed at fair value on a non-recurring basis, for which remeasurement occurs in the event of an impairment or other measurement event, if applicable, include items such as cost and equity method investments, life insurance assets, long-lived assets, goodwill, other intangible assets and liabilities, including off-market contracts and debt. Carrying amounts and estimated fair values of selected financial instruments measured on a non-recurring basis as of the dates indicated were as follows (in millions): December 31, 2014 December 31, 2013 Carrying Amount Fair Value Carrying Amount Fair Value 4.875% Senior Notes $ 400.0 $ 375.0 $ 400.0 $ 380.0 2009 Convertible Notes $ — $ — $ 12.6 $ 26.6 2011 Convertible Notes $ — $ — $ 198.3 $ 428.3 The estimated fair values of the Company’s 4.875% Senior Notes, 2009 Convertible Notes and 2011 Convertible Notes are based on quoted market prices in active markets, a Level 1 input. During the year ended December 31, 2014 , the Company’s 2009 and 2011 Convertible Notes matured. Cost and Equity Method Investments. The aggregate carrying value of the Company’s cost and equity method investment assets, including long-term receivables from investees and contractual joint ventures, totaled approximately $17.7 million and $15.0 million as of December 31, 2014 and 2013 , respectively. In addition, as of December 31, 2014 , the Company had approximately $32.4 million of other current liabilities relating to an equity method investment. The fair values of the Company’s cost and equity method investments are not readily available. The Company is not aware of events or changes in circumstances that would have a significant adverse effect on the carrying values of its cost and/or equity method investments as of December 31, 2014 or 2013 . |
Property and Equipment, Net
Property and Equipment, Net | 12 Months Ended |
Dec. 31, 2014 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment, Net | Note 9 - Property and Equipment, Net The following table provides details of property and equipment, net, including property and equipment held under capital leases as of the dates indicated (in millions): December 31, 2014 2013 Estimated Useful Lives (in years) Land $ 4.6 $ 4.8 Buildings and leasehold improvements 19.9 18.0 3 – 40 Machinery and equipment 926.1 727.1 2 – 20 Office furniture and equipment 126.1 102.5 3 – 7 Construction in progress 12.0 11.0 Total property and equipment $ 1,088.7 $ 863.4 Less accumulated depreciation and amortization (465.6 ) (375.3 ) Property and equipment, net $ 623.1 $ 488.1 The gross amount of capitalized internal-use software, which is included within office furniture and equipment, totaled $92.7 million and $78.1 million as of December 31, 2014 and 2013 , respectively. Capitalized internal-use software, net of accumulated amortization, totaled $33.6 million and $27.3 million as of December 31, 2014 and 2013 , respectively. Depreciation and amortization expense associated with property and equipment of continuing operations for the years ended December 31, 2014 , 2013 and 2012 totaled $129.4 million , $119.7 million and $79.8 million , respectively. For the year ended December 31, 2012 , $0.6 million of depreciation expense was included within the results of operations from discontinued operations. |
Debt
Debt | 12 Months Ended |
Dec. 31, 2014 | |
Debt Disclosure [Abstract] | |
Debt | Note 10 - Debt The following table provides details of the carrying values of debt as of the dates indicated (in millions): December 31, Description Maturity Date 2014 2013 Senior secured credit facility: Revolving loans October 29, 2018 $ 282.7 $ 53.0 Term loan November 21, 2019 250.0 — 4.875% senior notes March 15, 2023 400.0 400.0 2011 4.0% senior convertible notes June 15, 2014 — 103.8 2011 4.25% senior convertible notes December 15, 2014 — 94.5 2009 4.0% senior convertible notes June 15, 2014 — 9.6 2009 4.25% senior convertible notes December 15, 2014 — 3.0 Other credit facilities Varies 1.2 — Capital lease obligations, weighted average interest rate of 2.8% In installments through June 13, 2021 176.5 126.0 Notes payable, equipment, weighted average interest rate of 2.8% In installments through May 1, 2018 24.4 26.9 Total debt $ 1,134.8 $ 816.8 Less current maturities (73.6 ) (51.4 ) Long-term debt $ 1,061.2 $ 765.4 Senior Secured Credit Facility In November 2014, the Company amended its senior secured credit facility, referred to as the Credit Facility. Under the Credit Facility, aggregate borrowing commitments total $1.25 billion , composed of $1.0 billion of revolving commitments and a term loan in the aggregate principal amount of $250 million (the “Term Loan ” ). The Credit Facility provides the ability to borrow in either Mexican pesos or Canadian dollars, up to an aggregate equivalent amount of $200 million U.S. dollars. Revolving commitments under the Credit Facility mature on October 29, 2018 , and the Term Loan matures on November 21, 2019 . The Term Loan is subject to amortization in quarterly principal installments of $3.1 million , subject to reduction as a result of the application of certain prepayments in accordance with the terms of the Credit Facility, commencing as of the quarter ending March 31, 2016 and continuing for each fiscal quarter thereafter. The maximum amount available for letters of credit under the Credit Facility is $450 million , of which up to $100 million can be denominated in either Mexican pesos or Canadian dollars. The Credit Facility also provides for swing line loans of up to $75 million . Borrowings under the Credit Facility are used for working capital requirements, capital expenditures and other corporate purposes, including the repurchase or prepayment of indebtedness, equity, joint venture and other investments and share repurchases. The Company used the net proceeds from the Term Loan to repay certain other outstanding indebtedness under the Credit Facility. Approximately $2.5 million of financing costs were incurred in 2014 in connection with amendments to the Credit Facility, including the Term Loan. Deferred financing costs associated with the Credit Facility, including the Term Loan, totaled $6.9 million and $5.8 million , net of accumulated amortization as of December 31, 2014 and 2013 , respectively. These deferred costs are included within the consolidated balance sheets as prepaid expenses and other current assets and other long-term assets, as appropriate, and are being amortized over the remaining terms of the Credit Facility and Term Loan. As of December 31, 2014 and 2013 , outstanding revolving loans under the Credit Facility accrued interest at weighted average rates of approximately 2.18% and 2.14% per annum, respectively, and the Term Loan accrued interest at a rate of 1.92% as of December 31, 2014 . Letters of credit of approximately $153.6 million and $134.8 million were issued as of December 31, 2014 and 2013 , respectively. As of December 31, 2014 , letter of credit fees accrued at 0.875% per annum for performance standby letters of credit and at 1.75% per annum for financial standby letters of credit. As of December 31, 2013 , letters of credit fees accrued at 0.75% per annum for performance standby letters of credit and at 1.5% per annum for financial standby letters of credit. Outstanding letters of credit mature at various dates and most have automatic renewal provisions, subject to prior notice of cancellation. As of December 31, 2014 and 2013 , borrowing capacity of $563.7 million and $562.1 million , respectively, was available for revolving loans, or up to $296.4 million and $315.2 million , respectively, for new letters of credit. The unused facility fee was 0.35% and 0.30% as of December 31, 2014 and 2013 , respectively. Under an “accordion” feature of the Credit Facility, the Company has the option to increase revolving commitments and/or establish additional term loan tranches in an aggregate amount of $250 million. These additional term loan tranches may, subject to certain terms and conditions described in the Credit Facility, rank equal or junior in respect of right of payment and/or collateral to the Credit Facility and may, subject to certain limitations described in the Credit Facility, have terms and pricing that differ from the Credit Facility. Outstanding revolving loans and the Term Loan under the Credit Facility bear interest, at the Company’s option, at a rate equal to either (a) a Eurocurrency Rate, as defined in the Credit Facility, plus a margin of 1.00% to 2.00% or (b) a Base Rate, plus a margin of 0.00% to 1.00%. The Base Rate equals the highest of (i) the Federal Funds Rate, as defined in the Credit Facility, plus 0.50%, (ii) Bank of America’s prime rate and (iii) the Eurocurrency Rate plus 1.00% . Financial standby letters of credit and commercial letters of credit issued under the Credit Facility are subject to a letter of credit fee of 1.00% to 2.00%, and performance standby letters of credit are subject to a letter of credit fee of 0.50% to 1.00%. The Company must also pay a commitment fee to the lenders of 0.20% to 0.40% on any unused availability under the Credit Facility. In each of the foregoing cases, the applicable margin or fee is based on the Company’s consolidated leverage ratio, as defined in the Credit Facility, as of the then most recent fiscal quarter. The Credit Facility is guaranteed by certain subsidiaries of the Company (the “Guarantor Subsidiaries”) and the obligations under the Credit Facility are secured by substantially all of the Company’s and the Guarantor Subsidiaries’ respective assets, subject to certain exceptions. Under the Credit Facility, if the “Loan Party EBITDA,” as defined in the Credit Facility, as of the last four consecutive fiscal quarters does not represent at least 70% of the “Adjusted Consolidated EBITDA,” as defined in the Credit Facility, for such period, then the Company must designate additional subsidiaries as Guarantor Subsidiaries, and cause them to join the applicable guaranty and security agreements to the Credit Facility. Additionally, any domestic subsidiary with consolidated EBITDA of at least 15% of the Adjusted Consolidated EBITDA must become a Guarantor Subsidiary and join the applicable guaranty and security agreements. The Credit Facility requires that the Company maintain a maximum consolidated leverage ratio, as defined in the Credit Facility, of 3.50 and a minimum consolidated interest coverage ratio, as defined in the Credit Facility, of 3.00; however, the Credit Facility provides that, for purposes of calculating the consolidated leverage ratio, funded indebtedness excludes the undrawn standby performance letters of credit. Additionally, subject to certain conditions, if a permitted acquisition or series of permitted acquisitions having consideration exceeding $50 million occurs during a fiscal quarter, the Company has the right to permit the consolidated leverage ratio to exceed 3.50 during such fiscal quarter and the subsequent two fiscal quarters so long as the consolidated leverage ratio does not exceed 3.75 at any time during such period. Such right may be exercised no more than two times during the term of the Credit Facility. Subject to customary exceptions, the Credit Facility limits the borrowers’ and the Guarantor Subsidiaries’ ability to engage in certain activities, including acquisitions, mergers and consolidations, debt incurrence, investments, capital expenditures, asset sales, debt prepayments, lien incurrence and the making of distributions or repurchases of capital stock. However, distributions payable solely in capital stock are permitted. The Credit Facility provides for customary events of default and carries cross-default provisions with the Company’s other significant debt instruments, including the Company’s indemnity agreement with its surety provider, as well as customary remedies upon an Event of Default, as defined in the Credit Facility, including the acceleration of repayment of outstanding amounts and other remedies with respect to the collateral securing the Credit Facility obligations. The Credit Facility includes a requirement to deliver periodic financial statements to the bank group under the Credit Facility. In connection with the delayed filing of the Company’s Form 10-K for the year ended December 31, 2014 and the Company’s Form 10-Q for the quarter ended March 31, 2015, the Company received consents from its bank group, which extended the delivery date requirements of the Company’s audited consolidated financial statements for the year ended December 31, 2014 and the condensed unaudited consolidated financial statements for the quarter ended March 31, 2015, as well as the delivery date of the Company’s condensed unaudited consolidated financial statements for the quarter ended June 30, 2015, should it be necessary, to September 1, 2015. Other Credit Facilities . To support the working capital requirements of its foreign operations, the Company entered into certain other credit facilities during the year ended December 31, 2014. Borrowings under these credit facilities, which have varying dates of maturity and are generally renewed on an annual basis, are primarily denominated in Canadian dollars. Maximum borrowing capacity totaled $45.0 million Canadian dollars, or approximately $38.7 million U.S. dollars as of December 31, 2014 . Outstanding borrowings totaled approximately $1.2 million U.S. dollars as of December 31, 2014 , which accrued interest at a weighted average rate of 4.0% . Outstanding borrowings that are not renewed are repaid with borrowings under the Credit Facility. Accordingly, the carrying amounts of the Company’s borrowings under its other credit facilities are classified within long-term debt in the Company’s consolidated balance sheet as of December 31, 2014. The Company’s other credit facilities are subject to customary provisions and covenants. Senior Convertible Notes The Company’s 4.25% Convertible Notes matured and were converted in December 2014 . The 2009 4.25% Notes were convertible at a rate of 64.6162 shares of MasTec common stock per $1,000 principal amount thereof, representing a conversion price of approximately $15.48 per share, and resulted in MasTec issuing an aggregate of 0.2 million shares of its common stock. The 2011 4.25% Notes were substantially identical to the 2009 4.25% Notes, except that the 2011 4.25% Notes had an optional physical (share), cash or combination settlement feature. In accordance with the Company’s previously stated intent, it settled the principal amount of the 2011 4.25% Notes in cash, using proceeds from the Credit Facility, and the premium value in shares of common stock. Pursuant to the formula contained in the indenture governing the 2011 4.25% Notes, the Company issued 2.2 million shares of common stock to settle the premium value of the 2011 4.25% Notes. The value of the shares issued to settle the premium was $41.0 million , based on the closing price of the Company’s common stock on the date the shares were issued. The 2.4 million aggregate shares issued in settlement of the 4.25% Convertible Notes were issued from the Company’s treasury stock. Additionally, the Company’s 4.0% Convertible Notes matured and were converted in June 2014 . The 2009 4.0% Notes were convertible at a rate of 63.4417 shares of MasTec common stock per $1,000 principal amount thereof, representing a conversion price of approximately $15.76 per share, and resulted in MasTec issuing an aggregate of 0.6 million shares of its common stock. The 2011 4.0% Notes contained an optional physical (share), cash or combination settlement feature, under which the Company settled the principal amount of the 2011 4.0% Notes in cash, using proceeds from its Credit Facility, and the premium value in shares, which amounted to 3.6 million shares of common stock pursuant to the formula contained in the indenture governing the 2011 4.0% Notes. The value of the shares issued to settle the premium was $114.8 million , based on the closing price of the Company’s common stock on the date the shares were issued. The 4.2 million aggregate shares issued in settlement of the 4.0% Convertible Notes were issued from the Company’s treasury stock. 4.875% Senior Notes and 7 .625% Senior Notes On March 18, 2013 , the Company issued $400 million of 4.875% Senior Notes due March 15, 2023 in a registered public offering. Interest on the 4.875% Senior Notes is payable on March 15 and September 15 of each year, and commenced on September 15, 2013. The 4.875% Senior Notes are senior unsecured unsubordinated obligations and rank equal in right of payment with existing and future unsubordinated debt, and rank senior in right of payment to existing and future subordinated debt and are 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. See Note 20 - Supplemental Guarantor Condensed Consolidating Financial Information. The 4.875% Senior Notes are effectively junior to MasTec’s secured debt, including the Credit Facility and the Term Loan, to the extent of the value of the assets securing that debt. The 4.875% Senior Notes include a requirement to file with the SEC annual and quarterly reports. In connection with the delayed filing of the Company’s Form 10-K for the year ended December 31, 2014 and Form 10-Q for the quarterly period ended March 31, 2015, the Company received a consent from the holders of the 4.875% Senior Notes (the “Note Holders”) that extended these reporting requirements to August 1, 2015. The Company paid a 25 basis point fee, or $0.9 million , to its Note Holders, and a 20 basis point fee, or $0.8 million , to the solicitation agent in connection with this consent. The Note Holders’ fee and solicitation agent’s fee were recorded within deferred financing costs and interest expense, respectively, in the second quarter of 2015. At the Company’s sole discretion, it can extend the delivery date for its required reports to November 1, 2015 subject to the Company’s payment to the Note Holders of an additional fee of 25 basis points, or $0.9 million . The Company has the option to redeem all or a portion of the 4.875% Senior Notes at any time on or after March 15, 2018 at the redemption prices set forth in the indenture that governs the 4.875% Senior Notes (the “4.875% Senior Notes Indenture”) plus accrued and unpaid interest, if any, to the redemption date. At any time prior to March 15, 2018, the Company may redeem all or a part of the 4.875% Senior Notes at a redemption price equal to 100% of the principal amount of 4.875% Senior Notes redeemed plus an applicable premium, as defined in the 4.875% Senior Notes Indenture, together with accrued and unpaid interest, if any, to the redemption date. In addition, at any time prior to March 15, 2016, the Company may redeem up to 35% of the principal amount of the 4.875% Senior Notes using the net cash proceeds of one or more sales of the Company’s capital stock, as defined in the 4.875% Senior Notes Indenture, at a redemption price of 104.875% of the principal amount, plus accrued and unpaid interest to the redemption date. The 4.875% Senior Notes Indenture, among other things, generally limits the ability of the Company and certain of its subsidiaries, subject to certain exceptions, to (i) incur additional debt and issue preferred stock, (ii) create liens, (iii) pay dividends, acquire shares of capital stock, make payments on subordinated debt or make investments, (iv) place limitations on distributions from certain subsidiaries, (v) issue guarantees, (vi) issue or sell the capital stock of certain subsidiaries, (vii) sell assets, (viii) enter into transactions with affiliates and (ix) effect mergers. The 4.875% Senior Notes Indenture provides for customary events of default, as well as customary remedies upon an event of default, as defined in the 4.875% Senior Notes Indenture, including acceleration of repayment of outstanding amounts. Approximately $7.7 million in financing costs were incurred in connection with the issuance of the 4.875% Senior Notes. These deferred financing costs, which totaled $6.3 million and $7.1 million , net of accumulated amortization as of December 31, 2014 and 2013 , respectively, are included within the consolidated balance sheets as prepaid expenses and other current assets and other long-term assets, as appropriate, and are being amortized over the term of the 4.875% Senior Notes using the effective interest method. The Company used a portion of the proceeds from the 4.875% Senior Notes offering to fund the repurchase and redemption of the Company’s $150 million principal amount of the Company’s 7.625% senior notes due 2017 (the “7.625% Senior Notes”). The remaining net proceeds were used for working capital and other general corporate purposes. In connection with the issuance of the 4.875% Senior Notes, the Company repurchased approximately $121.1 million of its 7.625% Senior Notes on March 18, 2013 in a tender offer at a price of 102.792% of the principal amount, which included an early tender payment of $30.00 per $1,000 principal amount of notes tendered. The holders of the tendered 7.625% Senior Notes also received accrued interest from the most recent interest payment date to, but not including, the date of repurchase. In addition, on March 29, 2013, the Company redeemed the remaining outstanding $28.9 million aggregate principal amount of the 7.625% Senior Notes in accordance with their terms at a price of 102.542% of the principal amount plus accrued interest from the most recent interest payment date to, but not including, the date of redemption. A pre-tax debt extinguishment loss of $5.6 million was recognized during the year ended December 31, 2013 in connection with the repurchase and redemption of the 7.625% Senior Notes, including $4.1 million of early payment premiums and $1.5 million of unamortized deferred financing costs. This loss was separately disclosed within the consolidated statements of operations. Acquisition Debt In connection with certain acquisitions, the Company has entered into or assumed certain debt and/or capital lease obligations. As of December 31, 2014 and 2013 , $20.2 million and $9.8 million , respectively, of acquisition-related debt remained outstanding. Debt Covenants MasTec was in compliance with the provisions and covenants contained in its outstanding debt instruments as of December 31, 2014 and 2013. Contractual Maturities of Debt and Capital Lease Obligations Contractual maturities of MasTec’s debt and capital lease obligations as of December 31, 2014 were as follows (in millions): 2015 $ 73.6 2016 71.1 2017 53.1 2018 318.5 2019 218.0 Thereafter 400.5 Total $ 1,134.8 Interest Expense, Net The following table provides details of interest expense, net, for the periods indicated (in millions): For the Years Ended December 31, 2014 2013 2012 Interest expense: Contractual and other interest expense $ 43.5 $ 37.6 $ 29.2 Accretion of senior convertible note discount 4.0 5.2 4.9 Amortization of deferred financing costs 3.4 4.0 3.7 Total interest expense $ 50.9 $ 46.8 $ 37.8 Interest income (0.1 ) (0.4 ) (0.4 ) Interest expense, net $ 50.8 $ 46.4 $ 37.4 As of December 31, 2014 and 2013 , accrued interest payable, which is recorded within other accrued expenses in the consolidated balance sheets, totaled $7.4 million , and $7.3 million , respectively. |
Lease Obligations
Lease Obligations | 12 Months Ended |
Dec. 31, 2014 | |
Leases [Abstract] | |
Lease Obligations | Note 11 - Lease Obligations Capital Leases MasTec enters into agreements that provide financing for machinery and equipment, which expire on various dates. Leases meeting certain criteria are capitalized, with the related asset recorded in property and equipment and a corresponding amount recorded as a liability. Capital lease additions are reflected in the consolidated statements of cash flows within the supplemental disclosures of non-cash information. The gross amount of assets held under capital leases as of December 31, 2014 and 2013 totaled $281.6 million and $199.6 million , respectively. Assets held under capital leases, net of accumulated depreciation, totaled $217.8 million and $141.3 million as of December 31, 2014 and 2013 , respectively. Operating Leases In the ordinary course of business, the Company enters into non-cancelable operating leases for certain of its facility, vehicle and equipment needs, including related party leases. These leases allow the Company to conserve cash and provide flexibility in that the Company pays a monthly rental fee for the use of related facilities, vehicles and equipment rather than purchasing them. The terms of these agreements vary from lease to lease, including some with renewal options and escalation clauses. The Company may decide to cancel or terminate a lease before the end of its term, in which case the Company is typically liable for the remaining lease payments under the term of the lease. For operating leases with purchase options, the option to purchase equipment is at estimated fair market value. Rent expense relating to operating leases that have non-cancelable terms in excess of one year totaled approximately $71.5 million , $53.3 million and $47.3 million for the years ended December 31, 2014 , 2013 and 2012 , respectively. The Company also incurred expenses relating to facilities, vehicles and equipment having original terms of one year or less of approximately $191.7 million , $200.1 million and $175.2 million for the years ended December 31, 2014 , 2013 and 2012 , respectively. Future Lease Commitments Future minimum lease commitments under capital leases and non-cancelable operating leases, including the effect of escalation clauses in effect as of December 31, 2014 , were as follows (in millions): Capital Leases Operating Leases 2015 $ 65.6 $ 69.5 2016 52.1 44.3 2017 39.3 25.2 2018 22.8 13.8 2019 6.2 4.3 Thereafter 0.5 3.0 Total minimum lease payments $ 186.5 $ 160.1 Less amounts representing interest (10.0 ) Total capital lease obligations, net of interest $ 176.5 Less current portion (61.2 ) Long-term portion of capital lease obligations, net of interest $ 115.3 |
Stock-Based Compensation and Ot
Stock-Based Compensation and Other Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2014 | |
Share-based Compensation [Abstract] | |
Stock-Based Compensation and Other Employee Benefit Plans | Note 12 – Stock-Based Compensation and Other Employee Benefit Plans The Company has stock-based compensation plans, under which stock options, restricted stock awards and restricted stock units are reserved for issuance. The MasTec, Inc. 2013 Incentive Plan (the “2013 Incentive Plan”), which became effective in May 2013, permits a total of approximately 7,391,000 shares of the Company’s common stock to be issued, including approximately 5,291,000 shares that remained available under prior plans that terminated upon adoption of the 2013 Incentive Plan. In addition, the Company has certain employee stock purchase plans under which shares of the Company’s common stock are available for purchase by eligible employees. The MasTec, Inc. Bargaining Units Employee Stock Purchase Plan (the “2013 Bargaining Units ESPP”), which became effective on July 1, 2013, permits the issuance of up to 1,000,000 new shares of MasTec, Inc. common stock to eligible employees. The MasTec, Inc. 2011 Employee Stock Purchase Plan (the “2011 ESPP” and, together with the 2013 Bargaining Units ESPP, the “ESPPs”) also provides for the issuance of up to 1,000,000 shares of MasTec, Inc. common stock for eligible employees. Under all stock-based compensation plans in effect as of December 31, 2014 , there were approximately 5,513,000 shares available for future grant. Restricted Shares MasTec grants restricted stock awards and restricted stock units (together “ restricted shares ” ), which are valued based on the closing share price of MasTec common stock on the date of grant. During the restriction period, holders of restricted stock awards are entitled to vote the shares. Total unearned compensation related to restricted shares as of December 31, 2014 was approximately $24.7 million , which is expected to be recognized over a weighted average period of approximately 2 years. T he intrinsic value, or fair value, of restricted shares that vested, which is based on the market price on the date of vesting, totaled $17.5 million , $2.2 million and $7.3 million , respectively, for the years ended December 31, 2014 , 2013 and 2012 . During the year ended December 31, 2013, the Company entered into an agreement with the previous owners of EC Source Services, LLC (“EC Source”) to establish an incentive program for its employees and granted 350,000 restricted share awards, all of which vested on December 31, 2014. The former owners of EC Source contributed cash and shares of MasTec common stock to the Company in connection with this program. Activity, restricted shares: Restricted Per Share Weighted Average Grant Date Fair Value Non-vested restricted shares, as of December 31, 2012 782,281 $ 19.10 Granted 431,346 31.04 Vested (68,122 ) 18.83 Canceled/forfeited (21,960 ) 14.93 Non-vested restricted shares, as of December 31, 2013 1,123,545 $ 23.78 Granted 972,754 26.88 Vested (659,212 ) 25.27 Canceled/forfeited (22,442 ) 17.38 Non-vested restricted shares, as of December 31, 2014 1,414,645 $ 25.32 Stock Options The Company has granted options to purchase its common stock to employees and members of the Board of Directors and affiliates under various stock option plans at not less than the fair market value of the underlying stock on the date of grant. All outstanding stock options are fully vested. Activity, stock options: Stock Options Per Share Weighted Average Exercise Price Weighted Average (in years) Aggregate Intrinsic Value (a) (in millions) Options outstanding and exercisable as of December 31, 2012 1,043,825 $ 10.50 2.33 $ 15.1 Exercised (513,254 ) 10.04 Canceled/forfeited (35,000 ) 7.74 Options outstanding and exercisable as of December 31, 2013 495,571 $ 11.17 1.96 $ 10.7 Exercised (210,900 ) 9.97 Canceled/forfeited — Options outstanding and exercisable as of December 31, 2014 284,671 $ 12.06 1.29 $ 3.0 (a) Amount represents the difference between the exercise price and the closing share price of the Company’s stock on the last trading day of the corresponding period, multiplied by the number of in-the-money options. The total intrinsic value of options exercised during the years ended December 31, 2014 , 2013 and 2012 , which is based on the difference between the exercise price and the closing share price of the Company’s stock as of the date of exercise, totaled $6.5 million , $10.6 million and $5.1 million , respectively. Proceeds from options exercised during the years ended December 31, 2014 , 2013 and 2012 totaled $0.8 million , $3.9 million and $3.7 million , respectively. Employee Stock Purchase Plans The following table provides details pertaining to the Company’s ESPPs for the periods indicated: For the Years Ended December 31, 2014 2013 2012 Cash proceeds (in millions) $ 3.3 $ 6.4 $ 1.3 Common shares issued 136,918 454,523 90,614 Weighted average price per share $ 24.33 $ 14.19 $ 14.37 Weighted average per share grant date fair value $ 5.81 $ 5.60 $ 4.19 Non-Cash Stock-Based Compensation Expense Details of non-cash stock-based compensation expense and related tax benefits for the periods indicated were as follows (in millions): For the Years Ended December 31, 2014 2013 2012 Non-cash stock-based compensation expense $ 15.9 $ 12.9 $ 4.4 Income Tax Effects: Income tax benefit from non-cash stock-based compensation $ 8.7 $ 9.7 $ 2.5 Excess tax benefit from non-cash stock-based compensation (a) $ 3.7 $ 4.3 $ 0.8 (a) Excess tax benefits, which represent cash flows from tax deductions in excess of the tax effect of compensation expense associated with exercised stock options and vested restricted shares, are classified as financing cash flows in the Company’s consolidated statements of cash flows. 401(k) Plan. MasTec has a 401(k) plan covering all eligible employees. Subject to certain dollar limits, eligible employees may contribute up to 75% of their pre-tax annual compensation to the 401(k) plan. The Company’s matching contribution is equal to 100% of the first 3% of the employee’s salary and 50% of the next 2% of the employee’s salary, up to a maximum 4% employer match. Discretionary matching contributions, which are payable 50% in shares of MasTec common stock and 50% in cash, were paid quarterly for the years ended December 31, 2014 and 2013 and annually for the year ended December 31, 2012. During the years ended December 31, 2014 , 2013 and 2012 , matching contributions totaled approximately $7.9 million , $5.9 million and $2.1 million , respectively. Deferred Compensation Plan. MasTec offers a deferred compensation plan to its highly compensated employees. These employees are allowed to contribute a percentage of their pre-tax annual compensation to the deferred compensation plan. Deferred compensation plan assets of $6.1 million and related deferred compensation plan liabilities of $5.9 million associated with this plan were included within other long-term assets and other long-term liabilities, respectively, as of December 31, 2014 . As of December 31, 2013 , deferred compensation plan assets and related liabilities associated with this plan totaled $4.4 million and $4.3 million , respectively. |
Other Retirement Plans
Other Retirement Plans | 12 Months Ended |
Dec. 31, 2014 | |
Multiemployer Plans [Abstract] | |
Other Retirement Plans | Note 13 – Other Retirement Plans Multi-Employer Plans. Certain of MasTec’s subsidiaries, including certain subsidiaries in Canada, contribute amounts to multi-employer pension and other multi-employer benefit plans and trusts, which are recorded as a component of employee wages and salaries within costs of revenue, excluding depreciation and amortization. Contributions are generally based on fixed amounts per hour per employee for employees covered under these plans. Multi-employer plan contribution rates are determined annually and assessed on a “pay-as-you-go” basis based on union employee payrolls. Union payrolls cannot be determined for future periods because the number of union employees employed at any given time, and the plans in which they may participate, vary depending upon the location and number of ongoing projects at a given time and the need for union resources in connection with those projects. The Pension Protection Act of 2006 (“the PPA”) defines the funding rules for defined benefit pension plans and establishes funding classifications for U.S.-registered multi-employer pension plans. Under the PPA, plans are classified into one of four categories based on multiple factors, including their funded percentage, cash flow position, and whether the plan is projecting a minimum funding deficiency. The classifications, which are referred to as a plan’s “ zone status, ” are: Green (Safe), Yellow (Endangered), Orange (Seriously Endangered), and Red (Critical). Although multiple factors or tests may determine a plan’s zone status, plans in the Red zone are generally less than 65% funded; plans in the Orange zone are generally between 65% and 70% funded; plans in the Yellow zone are generally between 70% and 80% funded; and plans in the Green zone are generally greater than 80% funded. A multi-employer plan that is so underfunded as to be in “endangered,” “seriously endangered,” or “critical” status is required to adopt a funding improvement plan (“FIP”) or a rehabilitation plan (“RP”), which, among other actions, could include decreased benefits and increased employer contributions, which could take the form of a surcharge on benefit contributions. These actions are intended to improve their funding status over a period of years. If a pension fund is in critical status, a participating employer must pay an automatic surcharge in addition to contributions otherwise required under the collective bargaining agreement (“CBA”). With some exceptions, the surcharge is equal to 5% of required contributions for the initial critical year and 10% for each succeeding plan year in which the plan remains in critical status. The surcharge ceases on the effective date of a CBA (or other agreement) that includes contribution and benefit terms consistent with the rehabilitation plan. Certain plans in which the Company participates are in “endangered,” “seriously endangered,” or “critical” status. The amount of additional funds, if any, that the Company may be obligated to contribute to these plans in the future cannot be estimated due to the uncertainty of the future levels of work that could be required of the union employees covered by these plans, as well as the required future contribution rates and possible surcharges applicable to these plans. Management evaluates the Company’s participation in the multi-employer pension plans in which it participates on an ongoing basis. In November 2014, the Company, along with other members of the Pipe Line Contractors Association (“PLCA”), voluntarily terminated its participation in several defined benefit multi-employer pension plans that were in critical status in order to mitigate potential future liability in connection with these plans. The Company’s contributions to these plans were insignificant for the years ended December 31, 2014 , 2013 and 2012 , and there was no withdrawal liability assessed by the plan administrators as of the date the Company terminated its participation. Although the Company does not believe that it has any material liability associated with its termination of participation, there can be no assurance that these plans, which were in critical status as of the date the Company terminated its participation, will not assess penalties in the future. Additionally, in November 2011, the Company, along with other members of the PLCA, voluntarily withdrew from the Central States Southeast and Southwest Areas Pension Fund (“Central States”), a defined benefit multi-employer pension plan. In connection with this withdrawal, the Company recorded a charge of $6.4 million in 2011, which was recorded within costs of revenue, excluding depreciation and amortization. As of December 31, 2014 and 2013 , $4.2 million and $5.4 million , respectively, of this withdrawal liability remained outstanding. The Company withdrew from Central States in order to mitigate its liability in connection with the plan, which was in critical status. See Note 17 – Commitments and Contingencies for additional information. Details of significant multi-employer pension plans as of and for the periods indicated, based upon information available to the Company from plan administrators as well as publicly available information on the U.S. Department of Labor website, are provided in the following table: Contributions (in millions) For the Years Ended December 31, Pension Protection Act Zone Status Multi-Employer Pension Plan Employer Identification Number Plan Number 2014 2013 2012 Expiration Date of CBA 2014 As of 2013 As of FIP/RP Status Surcharge Central Pension Fund of the I.U.O.E and Participating Employers 366052390 001 $ 6.5 $ 10.8 $ 6.0 06/01/2017 Green 01/31/2014 (a) Green 01/31/2013 (a) NA No Pipeline Industry Pension Fund 736146433 001 4.8 9.8 8.9 06/02/2017 Green 12/31/2013 (b) Green 12/31/2012 (b) NA No Michigan Laborers' Pension Fund 386233976 001 2.1 4.3 0.9 06/01/2017 Yellow 08/31/2014 (a) Yellow 08/31/2013 (a) Implemented No Teamsters National Pipe Line Pension Fund 461102851 001 1.7 2.7 1.4 06/01/2017 Green 12/31/2013 (b) Green 12/31/2012 (b) NA No Operating Engineers' Local 324 Pension Fund 381900637 001 1.7 4.5 0.8 06/01/2017 Red 04/30/2014 Red 04/30/2013 Implemented No I.B.E.W. Local 769 Management Pension Plan A 866049763 001 1.6 0.7 0.1 07/30/2016 Green 06/30/2014 (b) Green 06/30/2013 (b) NA No Laborers' District Council of Western Pennsylvania Pension Fund 256135576 001 1.5 0.4 0.6 06/01/2017 Red 12/31/2013 Red 12/31/2012 Implemented No Operating Engineers' Construction Industry and Misc. Pension Fund 256135579 001 1.2 0.1 0.5 06/01/2017 Green 12/31/2013 (a) Green 12/31/2012 (a) NA No Laborers' Local Union No. 158 Pension Fund 236580323 001 1.0 0.5 0.6 06/01/2017 Green 12/31/2013 Green 12/31/2012 (b) NA No Eighth District Electrical Pension Fund 846100393 001 0.9 2.2 1.3 02/28/2018 Green 03/31/2014 Green 03/31/2013 NA No National Electrical Benefit Fund 530181657 001 0.9 0.2 0.0 12/31/2015 Green 12/31/2013 Green 12/31/2012 NA No Laborers' National Pension Fund 751280827 001 0.8 1.1 1.5 06/01/2017 Green 12/31/2013 Green 12/31/2012 NA No Midwest Operating Engineers Pension Trust Fund 366140097 001 0.7 0.7 0.0 06/01/2017 Yellow 03/31/2014 (a) Yellow 03/31/2013 (a) Implemented No I.U.O.E. Pension Plan of Eastern Pennsylvania and Delaware 236405239 001 0.6 0.2 0.5 06/01/2017 Green 12/31/2013 Red 12/31/2012 NA No Other funds 5.9 (c) 6.4 4.8 Total multi-employer pension plan contributions $ 31.9 $ 44.6 $ 27.9 (a) This plan has utilized extended amortization provisions, which provide plans with extensions of time to amortize pension funding shortfalls. (b) The Company’s contributions to this plan represent greater than 5% of the plan’s total contributions. (c) Includes approximately $0.9 million U.S. dollars of contributions to Canadian multi-employer pension plans associated with the Company’s 2014 acquisition of Pacer, a Canadian company that employs union resources subject to collective bargaining agreements in connection with certain of its project work. Canadian multi-employer pension plans are not subject to the provisions of ERISA or the funding rules under the PPA that apply to U.S. registered multi-employer pension plans. Contributions to Canadian multi-employer pension plans are based on fixed amounts per hour per employee for employees covered under these plans. Total contributions to multi-employer plans, and the related number of employees covered by these plans, including contributions for and employees of the Company’s Canadian subsidiaries, were as follows: Multi-Employer Plans Covered Employees Contributions (U.S. dollars in millions) For the Years Ended December 31: Low High Pension Post-Retirement Benefit Total 2014 590 2,167 $ 31.9 $ 4.5 $ 36.4 2013 778 2,734 $ 44.6 $ 3.6 $ 48.2 2012 308 2,509 $ 27.9 $ 1.3 $ 29.2 The average number of employees covered under multi-employer plans in which the Company participates decreased from 2013 to 2014 due to fewer union resource-based projects in the Company’s Oil and Gas segment. This resulted in a decrease in multi-employer plan contributions for the same period. The number of union employees employed at any given time varies depending upon the location and number of ongoing projects and the need for union resources in connection with those projects. |
Equity
Equity | 12 Months Ended |
Dec. 31, 2014 | |
Equity [Abstract] | |
Equity | Note 14 – Equity Share Activity During the fourth quarter of 2014, the Company’s Board of Directors authorized a $100 million share repurchase program (the “2014 Share Repurchase Program”). No shares of the Company’s common stock had been repurchased under this program as of December 31, 2014 . Under the 2014 Share Repurchase Program, the Company may repurchase shares from time to time in open market transactions or in privately-negotiated transactions in accordance with applicable securities laws. The timing and the amount of any repurchases will be determined based on market conditions, legal requirements, cash flow and liquidity needs and other factors. The share repurchase program may be modified or suspended at any time, at the Company’s discretion. Share repurchases, which are recorded at cost and are held in the Company’s treasury, will be funded with available cash or with availability under the Credit Facility. Subsequent to December 31, 2014, the Company repurchased shares under the 2014 Share Repurchase Program. As of April 2015, the Company had repurchased approximately 5.2 million shares of its common stock for an aggregate purchase price of approximately $100 million , which completed the 2014 Share Repurchase Program. Additionally, during the year ended December 31, 2012, the Company repurchased 4.9 million shares of its common stock under a $150 million share repurchase program that was authorized by the Company’s Board of Directors in 2011 (the “2011 Share Repurchase Program”). The aggregate purchase price of the repurchased shares for the year ended December 31, 2012 totaled $75 million , which completed the program. The Company may use either authorized and unissued shares or treasury shares to meet share issuance requirements, including those resulting from the exercise of stock options, vesting of restricted shares and other share issuance requirements. During the year ended December 31, 2014 , the Company reissued a total of 6.6 million shares of its treasury stock with a cost basis of $104.4 million in settlement of its senior convertible notes, which matured and were converted in 2014. See Note 10 - Debt. Comprehensive Income Comprehensive income is a measure of net income and other changes in equity that result from transactions other than those with shareholders. Comprehensive income consists of net income, foreign currency translation adjustments, unrealized gains and losses from available-for-sale securities and net income (loss) attributable to non-controlling interests. See consolidated statements of comprehensive income for details. Accumulated Other Comprehensive Loss Accumulated other comprehensive loss activity for the periods indicated was as follows (in thousands): For the Years Ended December 31, 2014 2013 2012 Unrealized (Losses) Gains Foreign Currency Other Total Foreign Currency Other Total Foreign Currency Other Total Balance as of January 1 $ (7,998 ) $ (5,288 ) $ (13,286 ) $ (105 ) $ (5,396 ) $ (5,501 ) $ (2,029 ) $ (5,917 ) $ (7,946 ) Activity before reclassifications, net of tax (20,718 ) — (20,718 ) (7,893 ) 337 (7,556 ) 1,924 521 2,445 Reclassifications, net of tax — — — — (229 ) (229 ) — — — Activity, net of tax $ (20,718 ) $ — $ (20,718 ) $ (7,893 ) $ 108 $ (7,785 ) $ 1,924 $ 521 $ 2,445 Balance as of December 31 $ (28,716 ) $ (5,288 ) $ (34,004 ) $ (7,998 ) $ (5,288 ) $ (13,286 ) $ (105 ) $ (5,396 ) $ (5,501 ) Unrealized foreign currency gains and losses relate primarily to fluctuations in foreign currency exchange rates of the Company’s foreign subsidiaries with a functional currency other than the U.S. dollar. Foreign currency activity for the years ended December 31, 2014 , 2013 and 2012 related primarily to the Company’s Canadian operations. The Company’s Canadian presence has grown in recent years due to acquisitions. See Note 4 - Acquisitions. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2014 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 15 - Income Taxes The components of income from continuing operations before income taxes for the periods indicated were as follows (in millions): For the Years Ended December 31, 2014 2013 2012 Domestic $ 171.4 $ 233.4 $ 184.5 Foreign 27.0 6.8 8.2 Total $ 198.4 $ 240.2 $ 192.7 The provision for income taxes from continuing operations for the periods indicated consists of the following (in millions): For the Years Ended December 31, 2014 2013 2012 Current: Federal $ 47.3 $ 77.0 $ 48.7 Foreign 3.9 1.7 0.3 State and local 6.6 10.9 12.4 $ 57.8 $ 89.6 $ 61.4 Deferred: Federal $ 14.9 $ 0.5 $ 15.2 Foreign 2.7 (1.5 ) 1.1 State and local 1.0 3.9 (1.6 ) $ 18.6 $ 2.9 $ 14.7 Provision for income taxes $ 76.4 $ 92.5 $ 76.1 The benefit from income taxes from discontinued operations for the years ended December 31, 2014 , 2013 and 2012 totaled $4.3 million , $2.4 million and $4.5 million , respectively. The tax effects of significant items comprising the Company’s net deferred tax liability as of the dates indicated were as follows (in millions): December 31, 2014 2013 Deferred tax assets: Accrued self-insurance $ 26.0 $ 27.2 Operating loss carryforwards 17.8 9.0 Compensation and benefits 20.7 22.3 Bad debt 5.0 5.8 Other 15.9 9.3 Valuation allowance (0.2 ) (0.1 ) Total deferred tax assets $ 85.2 $ 73.5 Deferred tax liabilities: Property and equipment $ 114.3 $ 92.6 Goodwill 47.5 44.7 Other intangible assets 44.0 32.6 Gain on remeasurement of equity investee 11.2 11.3 Long-term contracts 28.7 17.0 Other 11.3 13.8 Total deferred tax liabilities $ 257.0 $ 212.0 Net deferred tax liabilities $ (171.8 ) $ (138.5 ) Total net current and long-term deferred tax balances included in the Company’s consolidated balance sheets as of the dates indicated were as follows (in millions): December 31, 2014 2013 Current deferred tax assets, net $ 31.7 $ 16.3 Long-term deferred tax liabilities, net (203.5 ) (154.8 ) Net deferred tax liabilities $ (171.8 ) $ (138.5 ) In assessing the ability to realize deferred tax assets, management considers whether it is more likely than not that some portion or all of its deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which these temporary differences become deductible. Management considers the projected future taxable income and prudent and feasible tax planning strategies in making this assessment. The Company has recorded valuation allowances against its deferred tax assets as of December 31, 2014 and 2013 relating primarily to foreign net operating loss carryforwards. The Company has certain state and foreign net operating loss carryforwards. The Company’s state net operating loss carryforwards, which may be carried forward between 5 and 20 years depending on the jurisdiction, totaled approximately $5.0 million and $5.3 million as of December 31, 2014 and 2013 , respectively. The Company’s foreign net operating loss carryforwards, which are primarily related to the Company’s Canadian operations, totaled approximately $12.8 million and $3.7 million as of December 31, 2014 and 2013 , respectively. An immaterial amount of these foreign net operating loss carryforwards begin to expire in 2015 . As of December 31, 2014 , the Company has not made a provision for U.S. income taxes on unremitted foreign earnings because such earnings, which generally become subject to U.S. taxation upon the remittance of dividends and certain other circumstances, are considered to be insignificant and are intended to be indefinitely reinvested outside the United States. The Company expects that domestic cash resources will be sufficient to fund its domestic operations and cash commitments in the future. A reconciliation of the U.S. statutory federal income tax rate related to pretax income from continuing operations to the effective tax rate for the periods indicated is as follows: For the Years Ended December 31, 2014 2013 2012 U.S. statutory federal rate applied to pretax income 35.0 % 35.0 % 35.0 % State and local income taxes, net of federal benefit 3.7 4.0 3.4 Foreign tax rate differential (1.3 ) (0.4 ) (0.4 ) Non-deductible expenses 3.4 2.4 2.1 Change in state tax rate (0.7 ) 1.2 0.2 Domestic production activities deduction (1.6 ) (2.5 ) (1.6 ) Other (0.1 ) (0.8 ) 1.2 Valuation allowance for deferred tax assets 0.1 (0.4 ) (0.4 ) Effective income tax rate 38.5 % 38.5 % 39.5 % An entity may only recognize or continue to recognize tax positions that meet a “more likely than not” threshold. In the ordinary course of business, there is inherent uncertainty in quantifying income tax positions. The Company assesses its income tax positions and records tax benefits for years subject to examination based on management’s evaluation of the facts, circumstances and information available at the reporting date. For those tax positions where it is more likely than not that a tax benefit will be sustained, the Company has recognized the largest amount of tax benefit with a greater than 50% likelihood of being realized upon ultimate settlement with a taxing authority that has full knowledge of all relevant information. For those income tax positions where it is not more likely than not that a tax benefit will be sustained, the Company does not recognize a tax benefit in its financial statements. Management believes that the Company has not taken material tax positions that would be deemed to be “uncertain,” therefore, the Company has not established a liability for uncertain positions as of December 31, 2014 or 2013 . The IRS is currently examining the Company’s federal income tax return for the calendar year 2012 , and certain state taxing authorities are examining various years. The final outcome of these examinations is not yet determinable. With few exceptions, as of December 31, 2014 , the Company is no longer subject to U.S. federal or state examinations by taxing authorities for years before 2011. |
Segments and Related Informatio
Segments and Related Information | 12 Months Ended |
Dec. 31, 2014 | |
Segment Reporting [Abstract] | |
Segments and Related Information | Note 16 - Segments and Related Information Segment Discussion MasTec manages its continuing operations under five operating segments, which represent MasTec’s five reportable segments: (1) Communications; (2) Oil and Gas; (3) Electrical Transmission; (4) Power Generation and Industrial and (5) Other. This structure is generally focused on broad end-user markets for MasTec’s labor-based construction services. All five reportable segments derive their revenue from the engineering, installation and maintenance of infrastructure, primarily in North America. In the first quarter of 2015, the Company reevaluated the activities of a non-controlled Canadian joint venture associated with a 2014 acquisition. The joint venture, which provides heavy civil construction services, is proportionately consolidated. The results of operations of this joint venture were formerly reported within the Oil and Gas segment. Due to the differing nature of the services that this joint venture provides and the customers it serves, this joint venture, which is immaterial for disclosure as separate segment, will now be reported within the Other segment. Accordingly, segment information for prior periods has been adjusted retrospectively to conform to the current period presentation. The Communications segment performs engineering, construction and maintenance of communications infrastructure primarily related to wireless and wireline/fiber communications and install-to-the-home customers, and, to a lesser extent, infrastructure for electrical utilities. MasTec performs engineering, construction and maintenance services on oil and natural gas pipelines and processing facilities for the energy and utilities industries through its Oil and Gas segment. The Electrical Transmission segment primarily serves the energy and utility industries through the engineering, construction and maintenance of electrical transmission lines and substations. The Power Generation and Industrial segment primarily serves energy, utility and other end-markets through the installation and construction of conventional and renewable power facilities, related electrical transmission infrastructure, ethanol facilities and various types of industrial infrastructure. The Other segment primarily includes a proportionately consolidated joint venture and other small business units that perform construction services for a variety of end-markets in Canada, Mexico and elsewhere internationally. The accounting policies of the reportable segments are the same as those described in Note 1 - Business, Basis of Presentation and Significant Accounting Policies. Intercompany revenues and costs among the reportable segments are de minimus and accounted for as if the sales were to third parties because these items are based on negotiated fees between the segments involved. All intercompany transactions and balances are eliminated in consolidation. Intercompany revenues and costs between entities within a reportable segment are eliminated to arrive at segment totals. Eliminations between segments are separately presented. Corporate results include amounts related to Corporate functions such as administrative costs, professional fees and acquisition-related transaction costs, exclusive of acquisition integration costs, which are included in the respective acquired segment’s results . Segment results include certain allocations of centralized costs such as general liability, medical and workers’ compensation insurance and certain information technology costs. Income tax expense is managed by Corporate on a consolidated basis and is not allocated to the reportable segments. Earnings before interest, taxes, depreciation and amortization (“EBITDA”) is the measure of profitability used by management to manage its segments and, accordingly, in its segment reporting. As appropriate, the Company supplements the reporting of consolidated financial information determined in accordance with U.S. GAAP with certain non-U.S. GAAP financial measures, including EBITDA. The Company believes these non-U.S. GAAP measures provide meaningful information and help investors in understanding the Company’s financial results and in assessing its prospects for future performance. The Company uses EBITDA to evaluate its performance, both internally and versus that of its peers, because it excludes certain items that may not be indicative of the Company’s reportable segment results, as well as items that can vary widely across different industries or among companies within the same industry. Segment EBITDA is calculated in a manner consistent with consolidated EBITDA. Communications EBITDA in 2014 included $5.3 million of acquisition integration costs resulting from the WesTower acquisition. Summarized financial information for MasTec’s reportable segments is presented and reconciled to consolidated financial information for total MasTec in the following tables (in millions): For the Years Ended December 31, Revenue: 2014 2013 2012 Communications (a) $ 2,041.0 $ 1,962.6 $ 1,772.7 Oil and Gas 1,731.4 1,628.8 959.0 Electrical Transmission 471.9 428.8 312.2 Power Generation and Industrial 357.0 294.3 668.1 Other 14.7 12.3 16.7 Eliminations (4.2 ) (2.0 ) (1.9 ) Consolidated revenue $ 4,611.8 $ 4,324.8 $ 3,726.8 (a) Revenue generated by utilities customers represented 6.8% , 6.9% and 10.9% of Communications segment revenue in 2014 , 2013 and 2012 , respectively. For the Years Ended December 31, EBITDA - Continuing Operations: 2014 2013 2012 Communications $ 204.0 $ 247.7 $ 192.0 Oil and Gas 195.1 215.9 99.4 Electrical Transmission 45.0 41.2 38.7 Power Generation and Industrial 14.2 (16.3 ) 32.0 Other (1.2 ) 0.5 2.0 Corporate (53.4 ) (61.4 ) (42.0 ) Consolidated EBITDA - Continuing operations $ 403.7 $ 427.6 $ 322.1 For the Years Ended December 31, Depreciation and Amortization: 2014 2013 2012 Communications $ 42.6 $ 36.8 $ 29.1 Oil and Gas 82.8 80.9 42.0 Electrical Transmission 17.1 12.6 11.0 Power Generation and Industrial 6.4 6.7 6.7 Other — — 0.1 Corporate 5.6 3.9 3.1 Consolidated depreciation and amortization $ 154.5 $ 140.9 $ 92.0 As of December 31, Assets: 2014 2013 2012 Communications $ 1,197.4 $ 973.5 $ 843.5 Oil and Gas 1,389.5 1,060.8 809.2 Electrical Transmission 489.5 449.3 311.2 Power Generation and Industrial 340.1 324.5 323.8 Other 24.6 22.8 6.9 Corporate 122.9 79.8 95.5 Consolidated segment assets $ 3,564.0 $ 2,910.7 $ 2,390.1 For the Years Ended December 31, Capital Expenditures: 2014 2013 2012 Communications $ 23.4 $ 25.1 $ 19.2 Oil and Gas 44.2 67.4 40.3 Electrical Transmission 25.8 17.6 11.5 Power Generation and Industrial 6.7 5.7 5.6 Corporate 9.2 10.3 2.8 Consolidated capital expenditures $ 109.3 $ 126.1 $ 79.4 The following table presents a reconciliation of EBITDA to consolidated income from continuing operations before income taxes: For the Years Ended December 31, EBITDA Reconciliation: 2014 2013 2012 EBITDA - Continuing operations $ 403.7 $ 427.6 $ 322.1 Less: Interest expense, net (50.8 ) (46.4 ) (37.4 ) Depreciation and amortization (154.5 ) (140.9 ) (92.0 ) Income from continuing operations before income taxes $ 198.4 $ 240.2 $ 192.7 A reconciliation of total segment assets to consolidated total assets as of the dates indicated is as follows: As of December 31, Asset Reconciliation: 2014 2013 2012 Total segment assets $ 3,564.0 $ 2,910.7 $ 2,390.1 Total assets of discontinued operations $ — $ 12.5 $ 26.2 Total assets $ 3,564.0 $ 2,923.2 $ 2,416.3 Foreign Operations. MasTec operates in North America, primarily in the United States and Canada, as well as in Mexico and in other countries in Latin America. For the years ended December 31, 2014 , 2013 and 2012 , revenue of $3.9 billion , $4.1 billion and $3.6 billion , respectively, was derived from U.S. operations, and revenue of $699.9 million , $268.1 million and $156.8 million , respectively, was derived from foreign operations, primarily in Canada. The majority of the Company’s foreign operations during the years ended December 31, 2014 , 2013 and 2012 were in the Company’s Oil and Gas segment. Long-lived assets held in the U.S. included property and equipment, net, of $494.1 million , $436.9 million and $337.5 million as of December 31, 2014 , 2013 and 2012 , respectively. Long-lived assets held in foreign countries, primarily in Canada, included property and equipment, net, of $129.0 million , $51.2 million and $11.4 million as of December 31, 2014 , 2013 and 2012 , respectively. Intangible assets and goodwill, net, of approximately $1.1 billion , $1.0 billion and $0.9 billion as of December 31, 2014 , 2013 and 2012 , respectively, related to the Company’s U.S. operations. Intangible assets and goodwill, net, of $227.7 million , $92.9 million and $30.5 million as of December 31, 2014 , 2013 and 2012 , respectively, related to businesses in foreign countries, primarily in Canada. Foreign customers accounted for approximately 20% , 9% and 4% of the Company’s consolidated net accounts receivable position as of December 31, 2014 , 2013 and 2012 , respectively, which represents accounts receivable, net, less billings in excess of costs and earnings. Significant Customers Revenue concentration information for significant customers as a percent of total consolidated revenue was as follows: For the Years Ended December 31, 2014 2013 2012 Customer: AT&T (a) (c) 21% 18% 18% DIRECTV ® (b) (c) 12% 14% 17% Enbridge, Inc. (d) 8% 18% 3% (a) The Company's relationship with AT&T is based upon master service agreements, other service agreements and construction/installation contracts for AT&T's wireless, wireline/fiber and home security and automation businesses. Revenue from AT&T is included in the Communications segment. (b) The Company's relationship with DIRECTV® is based upon an agreement to provide installation and maintenance services for DIRECTV®. Revenue from DIRECTV® is included in the Communications segment. (c) AT&T acquired DIRECTV® in July 2015. On a combined basis, AT&T and DIRECTV® represented 33% , 32% and 34% of consolidated revenue for the years ended December 31, 2014 , 2013 and 2012 , respectively. (d) The Company's relationship with Enbridge, Inc. is based upon various construction contracts for natural gas pipelines. Revenue from Enbridge, Inc. is included in the Oil and Gas segment. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 17 - Commitments and Contingencies In addition to the matters discussed below, MasTec is subject to a variety of legal cases, claims and other disputes that arise from time to time in the ordinary course of its business. MasTec cannot provide assurance that it will be successful in recovering all or any of the potential damages it has claimed or in defending claims against it. The outcome of such cases, claims and disputes, including those set forth below, cannot be predicted with certainty and an unfavorable resolution of one or more of them could have a material adverse effect on the Company’s business, financial condition, results of operations and cash flows. PPL. In October 2012, PPL Electric Utilities Corporation (“PPL”) and T&D Power, Inc., a MasTec, Inc. subsidiary (“T&D”), entered into a $206 million overhead transmission line construction contract (the “Contract”) pursuant to which T&D was to construct an approximately 100 mile transmission line in Pennsylvania. In September 2013, PPL issued a notice terminating the Contract for convenience. T&D then submitted termination invoices to recover certain pre-termination costs, overhead and profit, as well as termination-related demobilization costs, along with the applicable overhead and profit. PPL disputes these invoices. As a result of the dispute, T&D sued PPL in December 2013 in federal court in the Eastern District of Pennsylvania, and is pursuing claims in excess of $40 million for breach of contract, including PPL’s implied duty of good faith and fair dealing. Although T&D has attempted to resolve the dispute through negotiation, mediation in 2014 was unsuccessful. Discovery has been completed. In July 2015, PPL filed a motion for partial summary judgment and T&D filed a response. A trial is scheduled for October 2015. SunLight Entities. In 2011, Power Partners MasTec, LLC., a MasTec, Inc. subsidiary (“Power Partners”), entered into engineering, procurement, and construction agreements (the “EPC Agreements”) with special purpose entities, SunLight General Somerset Solar, LLC, SunLight General Morris Solar, LLC and SunLight General Sussex Solar, LLC (collectively, the “SunLight Entities”), respectively, to perform design and construction services for three public solar projects in New Jersey located in Somerset, Morris and Sussex Counties (the “Projects”). Power Partners and the SunLight Entities engaged in three separate arbitration proceedings against each other to address various disputes that existed between the parties regarding the Projects. In August 2014, the arbitration panel rendered awards in Power Partners’ favor in the aggregate amount of approximately $68 million , including fees and expenses. Power Partners also filed a lawsuit in June 2013 in federal court in New Jersey against the Somerset and Morris Authorities (the “Authorities”) and the principals of the SunLight Entities with claims exceeding $60 million as part of its efforts to seek payment of amounts that were also the subject of the arbitration proceedings. In March 2015, the Authorities, the SunLight Entities and principals and Power Partners entered into separate settlement agreements. As part of the settlement, Power Partners has received amounts that are substantially equal to the previously recorded amounts, and all of the parties executed mutual releases. Wrigley v. MasTec, Inc. On May 7, 2015, a putative class action lawsuit (the “Lawsuit”), Wrigley v. MasTec, Inc., et. al. (Case No. 1:15-cv-21740) was filed in the United States District Court, Southern District of Florida, naming the Company, the Company’s Chief Executive Officer, Jose R. Mas, and the Company’s Chief Financial Officer, George L. Pita, as defendants. The Lawsuit has been purportedly brought by a shareholder, both individually and on behalf of a putative class of shareholders, alleging violations of the federal securities laws arising from alleged false or misleading statements contained in, or alleged material omissions from, certain of the Company’s filings with the SEC and other statements, in each case with respect to accounting matters that are the subject of the independent internal investigation being conducted by the Audit Committee of the Company’s Board of Directors. The Lawsuit seeks damages, prejudgment and post-judgment interest, as well as reasonable attorneys’ fees, expert fees and other costs. The Company believes that the Lawsuit is without merit and intends to vigorously defend against it; however, there can be no assurance that the Company will be successful in its defense. Sintel. The labor union representing the workers of Sistemas e Instalaciones de Telecomunicacion S.A. (“Sintel”), a former MasTec subsidiary that was sold in 1998, filed a claim that initiated an investigative action with the Audiencia Nacional, a Spanish federal court, against Telefonica and dozens of other defendants including current and former officers and directors of MasTec and Sintel, relating to Sintel’s 2000 bankruptcy. On June 17, 2013, MasTec, the workers and the prosecutor resolved the matter, resulting in the dismissal of all the charges and claims brought against MasTec and the MasTec defendants. The workers provided MasTec and MasTec defendants with a release and an acknowledgment that MasTec and MasTec defendants acted in good faith and did not cause Sintel’s bankruptcy. On June 20, 2013, the Audiencia Nacional issued an order dismissing the charges and claims against MasTec and the MasTec defendants and finding another party guilty and liable of certain charges. The Company resolved the matter in order to avoid significant legal fees and the potential liabilities resulting from the actions of other Spanish defendants for which MasTec may be financially responsible under a theory of subsidiary (or vicarious) liability, the uncertainty of a trial before a foreign tribunal such as the Audiencia Nacional and to eliminate management time devoted to this matter. MasTec recorded a pre-tax charge of $9.6 million in 2012 in connection with this matter and recorded an additional pre-tax charge of $2.8 million during the second quarter of 2013 upon its resolution. Other Commitments and Contingencies Regulatory Matters. The Company has self-reported to the staff of the SEC regarding the Audit Committee’s independent investigation and is cooperating with the Staff’s requests for additional information regarding the investigation. The Company intends to continue full cooperation with the SEC. Leases. In the ordinary course of business, the Company enters into non-cancelable operating leases for certain of its facility, vehicle and equipment needs, including related party leases. See Note 11 - Lease Obligations. Letters of Credit. In the ordinary course of business, the Company is required to post letters of credit for its insurance carriers, surety bond providers and in support of performance under certain contracts. Such letters of credit are generally issued by a bank or similar financial institution. The letter of credit commits the issuer to pay specified amounts to the holder of the letter of credit under certain conditions. If this were to occur, the Company would be required to reimburse the issuer of the letter of credit, which, depending upon the circumstances, could result in a charge to earnings. As of December 31, 2014 and 2013 , there were $153.6 million and $134.8 million , respectively, of letters of credit issued under the Company’s Credit Facility. The Company is not aware of material claims relating to outstanding letters of credit as of December 31, 2014 or 2013 . Performance and Payment Bonds. In the ordinary course of business, MasTec is required by certain customers to provide performance and payment bonds for some of the Company’s contractual commitments related to projects in process. These bonds provide a guarantee to the customer that the Company will perform under the terms of a contract and that the Company will pay subcontractors and vendors. If the Company fails to perform under a contract or to pay subcontractors and vendors, the customer may demand that the surety make payments or provide services under the bond. The Company must reimburse the surety for expenses or outlays it incurs. As of December 31, 2014 , the estimated cost to complete projects secured by the Company’s $748.3 million in performance and payment bonds was $60.1 million . As of December 31, 2013 , the estimated cost to complete projects secured by the Company’s $1.1 billion in performance and payment bonds was $297.1 million . These amounts do not include performance and payment bonds associated with Company’s equity method investments and contractual joint venture, which are separately disclosed in Note 4 - Acquisitions. Investments in Affiliates and Other Entities. The Company holds an undivided interest in a contractual joint venture with a third party for the purpose of providing infrastructure construction services under certain customer contracts. Losses incurred by the joint venture are generally shared proportionally by the joint venture members, with members of the joint venture jointly and severally liable for all of the obligations of the joint venture. The joint venture agreement provides that each joint venturer indemnify the other party for any liabilities incurred. Thus, it is possible that the Company could be required to pay or perform obligations in excess of its share if the other joint venturer fails or refuses to pay or perform its share of the obligations. As of December 31, 2014 , the Company was not aware of circumstances that would lead to future claims against it for material amounts. In addition, from time to time, the Company may provide financing to its unconsolidated affiliates. As of December 31, 2014 , there were no amounts committed under such financing arrangements. See Note 4 - Acquisitions for discussion pertaining to other financing and commitments related to the Company’s equity method and other investment arrangements. Self-Insurance. MasTec maintains insurance policies for workers’ compensation, general liability and automobile liability, which are subject to per claim deductibles. The Company also maintains excess umbrella coverage. As of December 31, 2014 and 2013 , MasTec’s liability for unpaid claims and associated expenses, including incurred but not reported losses related to these policies, totaled $70.3 million and $50.8 million , respectively, of which $39.6 million and $31.3 million , respectively, were reflected within other long-term liabilities in the consolidated balance sheets. MasTec also maintains an insurance policy with respect to employee group medical claims, which is subject to annual per employee maximum losses. MasTec’s liability for employee group medical claims as of December 31, 2014 and 2013 totaled $4.4 million and $2.1 million , respectively. The Company is required to post letters of credit and provide cash collateral to certain of its insurance carriers and to provide surety bonds in certain states. Insurance-related letters of credit for the Company’s workers’ compensation, general liability and automobile liability policies amounted to $75.0 million and $57.4 million as of December 31, 2014 and 2013 , respectively. In addition, cash collateral deposited with insurance carriers, which is included within other long-term assets in the consolidated balance sheets, amounted to $1.2 million and $1.4 million for these policies as of December 31, 2014 and 2013 , respectively. Outstanding surety bonds related to workers’ compensation self-insurance programs amounted to $13.0 million and $10.9 million as of December 31, 2014 and 2013 , respectively. Employment Agreements. The Company has employment agreements with certain executives and other employees, which provide for compensation and certain other benefits and for severance payments under certain circumstances. Certain employment agreements also contain clauses that become effective upon a change in control of the Company. Upon the occurrence of any of the defined events in the various employment agreements, the Company would be obligated to pay certain amounts to the relevant employees, which vary with the level of the employees’ respective responsibility. Collective Bargaining Agreements and Multi-Employer Plans. Certain of MasTec’s subsidiaries are party to various collective bargaining agreements with unions representing certain of their employees. These agreements require the subsidiaries party to the agreements to pay specified wages, provide certain benefits to their union employees and contribute certain amounts to multi-employer pension plans and employee benefit trusts. The collective bargaining agreements expire at various times and have typically been renegotiated and renewed on terms similar to the ones contained in the expiring agreements. The Employee Retirement Income Security Act of 1974, as amended by the Multi-Employer Pension Plan Amendments Act of 1980 (collectively, “ERISA ” ), which governs U.S.-registered multi-employer pension plans, subjects employers to substantial liabilities in the event of the employer’s complete or partial withdrawal from, or upon termination of, such plans. Under current law pertaining to employers who are contributors to U.S.-registered multi-employer defined benefit plans, a plan’s termination, an employer’s voluntary withdrawal from, or the mass withdrawal of contributing employers from, an underfunded multi-employer defined benefit plan requires participating employers to make payments to the plan for their proportionate share of the multi-employer plan’s unfunded vested liabilities. These liabilities include an allocable share of the unfunded vested benefits of the plan for all plan participants, not only for benefits payable to participants of the contributing employer. As a result, participating employers may bear a higher proportion of liability for unfunded vested benefits if the other participating employers cease to contribute to, or withdraw from, the plan. The allocable portion of liability to participating employers could be more disproportionate if employers that have withdrawn from the plan are insolvent, or if they otherwise fail to pay their proportionate share of the withdrawal liability. The Company currently contributes, and in the past has contributed to, plans that are underfunded, and, therefore, could have potential liability associated with a voluntary or involuntary withdrawal from, or termination of, these plans. While the Company does not currently have plans to withdraw from, and is not aware of related liabilities associated with these plans, there can be no assurance that the Company will not be assessed liabilities in the future. The PPA added funding rules to U.S.-registered plans classified as “endangered,” “seriously endangered,” or “critical” status. The PPA requires that underfunded pension plans improve their funding ratios within prescribed intervals based on their level of underfunding. If a plan is in critical status, benefit reductions may apply and/or participating employers could be required to make additional contributions. In addition, if a multi-employer defined benefit plan fails to satisfy certain minimum funding requirements, the IRS may impose on the employers contributing to such plan a non-deductible excise tax of 5% of the amount of the accumulated funding deficiency. Based upon the information available to the Company from plan administrators as of December 31, 2014 , several of the multi-employer pension plans in which it participates are underfunded and, as a result, the Company could be required to increase its contributions. The Company’s subsidiaries have also been notified that certain plans to which they contribute are in “critical” status and require additional contributions in the form of a surcharge on future benefit contributions required for future work performed by union employees covered by these plans. The amount of additional funds the Company may be obligated to contribute in the future cannot be estimated, as these amounts are based on future levels of work of the union employees covered by the plans. In November 2014, the Company, along with other members of the PLCA, voluntarily terminated its participation in several defined benefit multi-employer pension plans. No withdrawal liability was assessed as of the date of the Company’s termination of participation in these plans. There can be no assurance, however, that these plans, which were in critical status as of the date the Company terminated its participation, will not assess penalties in the future. Additionally, in November 2011, the Company, along with other members of the PLCA, voluntarily withdrew from Central States, a defined benefit multi-employer pension plan that is in critical status. In connection with this withdrawal, a $6.4 million withdrawal liability was established based on an estimate provided by the Central States administrator as of the date of withdrawal. The Company began paying installments towards this withdrawal liability in 2013, of which $4.2 million and $5.4 million were outstanding as of December 31, 2014 and 2013, respectively. The Company withdrew from Central States in order to mitigate its liability in connection with the plan; however, Central States has asserted that the PLCA members did not effectively withdraw in 2011 and are, therefore, responsible for a withdrawal liability that includes 2011 contribution amounts. By letter dated March 14, 2013, Central States demanded $11 million in withdrawal liability from the Company, which included 2011 contribution amounts. The Company is vigorously opposing this demand because it believes that it legally and effectively withdrew from Central States in November 2011. If Central States were to prevail in its assertion that the Company withdrew after that date, then the initial amount of the Company’s withdrawal liability would increase to approximately $11 million. If Central States or other plans from which the Company has withdrawn were to undergo a mass withdrawal, as defined by ERISA and the Pension Benefit Guaranty Corporation, within the three -year period commencing with the beginning of the calendar year during which the Company effectively withdrew from the plan, there could be additional liability. Given the uncertain nature of the outcome of these factors, the ultimate withdrawal liability can only be estimated. See Note 13 - Other Retirement Plans for additional information. Indemnities. The Company generally indemnifies its customers for the services it provides under its contracts, as well as other specified liabilities, which may subject the Company to indemnity claims, liabilities and related litigation. As of December 31, 2014 and 2013 , the Company was not aware of material asserted or unasserted claims in connection with these indemnity obligations. Other Guarantees. In the ordinary course of its business, from time to time, MasTec guarantees the obligations of its subsidiaries, including obligations under certain contracts with customers, certain lease obligations and in some states, obligations in connection with obtaining contractors’ licenses. MasTec has also issued performance and other guarantees in connection with its undivided interest in a contractual joint venture and certain of its equity investees. See Note 4 - Acquisitions. MasTec also generally warrants the work it performs for a one to two-year period following substantial completion of a project. MasTec has not historically accrued reserves for potential warranty claims as they have been immaterial. Concentrations of Risk. The Company is subject to certain risk factors, including, but not limited to: risks related to fluctuations in the market price of oil and/or natural gas; changes in customers’ capital spending plans; the nature of its contracts, which do not obligate MasTec’s customers to undertake any infrastructure projects and may be canceled on short notice; seasonality; adverse weather conditions; economic downturns; technological and regulatory changes; competition; exposure related to foreign operations; collectibility of receivables; exposure from system or information technology interruptions; acquisition integration and financing; recoverability of goodwill; availability of qualified employees; exposure to litigation; exposure to multi-employer pension plan liabilities; and potential exposure to environmental liabilities. The Company grants credit, generally without collateral, to its customers. Consequently, the Company is subject to potential credit risk related to changes in business and economic factors. However, MasTec generally has certain lien rights on that work and concentration of credit risk is limited due to the diversity of the customer base. The Company believes its billing and collection policies are adequate to minimize potential credit risk. The Company had approximately 565 customers as of December 31, 2014 . MasTec’s customers include public and private energy providers, pipeline operators, wireless service providers, satellite and broadband operators, local and long distance carriers and government entities. The industries served by MasTec’s customers include, among others: communications (including wireless, wireline/fiber and satellite communications) and utilities (including petroleum and natural gas pipeline infrastructure; electrical utility transmission and distribution; power generation; and industrial infrastructure). As of December 31, 2014 , one customer accounted for approximately 17% of the Company’s consolidated net accounts receivable position, which represents accounts receivable, net, less billings in excess of costs and earnings. As of December 31, 2013 , two customers accounted for 19% and 14% of the Company’s consolidated net accounts receivable position. For the years ended December 31, 2014 , 2013 and 2012 , the Company derived 65% , 69% and 65% , respectively, of its revenue from its top ten customers. Taking into consideration the July 2015 acquisition of DIRECTV ® by AT&T, revenue derived from the Company’s ten largest customers would have totaled 66% , 71% and 67% , respectively, for the years ended December 31, 2014 , 2013 and 2012 . In addition, as of December 31, 2014 and 2013 , a single customer would have represented 19% and 20% , respectively, of the Company’s consolidated net accounts receivable position. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2014 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Note 18 - Related Party Transactions MasTec purchases, rents and leases equipment used in its business from a number of different vendors on a non-exclusive basis, including Cross Country Pipeline Supply, Inc. (“CCP ” ), in which the Company has a cost method investment of $15 million , resulting from its investment in CCP in 2013. Juan Carlos Mas, who is the brother of Jorge Mas, Chairman of MasTec’s Board of Directors, and José R. Mas, MasTec’s Chief Executive Officer, serves as the chairman of CCP. Additionally, an entity owned by Jorge, José R. and Juan Carlos Mas is a minority shareholder of CCP. For the years ended December 31, 2014 and 2013 , MasTec paid CCP approximately $6.3 million and $1.3 million , respectively, for equipment rentals, leases and servicing. MasTec leases employees to a customer in which Jorge Mas and José R. Mas own a minority interest. For the years ended December 31, 2014 , 2013 and 2012 , MasTec charged approximately $0.7 million , $0.6 million and $0.5 million , respectively, to this customer. As of both December 31, 2014 and 2013 , outstanding receivables from employee leasing arrangements with this customer totaled $0.1 million . The Company also provides satellite communication services to this customer. For the years ended December 31, 2014 , 2013 and 2012 , satellite communication revenue relating to this customer totaled approximately $1.0 million , $1.3 million and $1.2 million , respectively. As of December 31, 2014 and 2013 , outstanding receivables from this customer for satellite communication services totaled approximately $0.5 million and $0.4 million , respectively. MasTec leases a property located in Florida from Irma S. Mas, the mother of Jorge Mas and José R. Mas. For the years ended December 31, 2014 , 2013 and 2012 , the Company paid lease payments of approximately $48,000 , $52,000 and $44,000 , respectively, in connection with this property. Split Dollar Agreements In August 2014, José R. Mas, the Company and Jorge Mas, Juan Carlos Mas and Patricia Mas, as trustees of the Jose Ramon Mas Irrevocable Trust, dated December 7, 2012 (the “Jose Mas trust”), entered into a split dollar life insurance agreement that replaced a prior split dollar agreement and eliminated a deferred bonus agreement with José Mas. Under the new split dollar agreement, MasTec is the sole owner of each of the policies subject to the agreement. The Company will make the premium payments under each of the policies. Upon the death of José R. Mas or the survivor of José R. Mas and his wife (collectively, the “José R. Mas insureds”) under the applicable policy, MasTec is entitled to receive a portion of the death benefit under the policy equal to the greater of (i) premiums paid by the Company on the policy and (ii) the then cash value of the policy (excluding surrender charges or other similar charges or reductions) immediately before the triggering death. The balance of the death benefit is payable to the Jose Mas trust or other beneficiary designated by the trustees. In the event of the Company’s bankruptcy or dissolution, the Jose Mas trust shall have the assignable option to purchase the policies subject to the split dollar agreement from the Company. The purchase price for each policy shall be the greater of either the total premiums paid by the Company for the policy, or the then cash value of the policy, excluding surrender charges or other similar charges or reductions. The total maximum face amount of the insurance policies subject to the split dollar agreement is capped at $75 million . The Company is designated as the named fiduciary under the split dollar agreement, and the policy may not be surrendered without the express written consent of the Jose Mas trust. In October 2013, Jorge Mas, the Company and Jose Ramon Mas and Juan Carlos Mas, as trustees of the Jorge Mas Irrevocable Trust, dated June 1, 2012 (the “Jorge Mas trust”) entered into a split dollar life insurance agreement that replaced a prior split dollar agreement and eliminated a deferred bonus agreement with Jorge Mas. Under the new split dollar agreement, MasTec is the sole owner of each of the policies subject to the agreement. The Company will make the premium payments under each of the policies. Upon the death of Jorge Mas or the survivor of Jorge Mas and his wife (collectively, the “Jorge Mas insureds”) under the applicable policy, MasTec is entitled to receive a portion of the death benefit under the policy equal to the greater of (i) premiums paid by the Company on the policy and (ii) the then cash value of the policy (excluding surrender charges or other similar charges or reductions) immediately before the triggering death. The balance of the death benefit is payable to the Jorge Mas trust or other beneficiary designated by the trustees. In the event of the Company’s bankruptcy or dissolution, the Jorge Mas trust shall have the assignable option to purchase the policies subject to the split dollar agreement from the Company. The purchase price for each policy shall be the greater of either the total premiums paid by the Company for the policy, or the then cash value of the policy, excluding surrender charges or other similar charges or reductions. The total maximum face amount of the insurance policies subject to the split dollar agreement is capped at $200 million . The Company is designated as the named fiduciary under the split dollar agreement, and the policy may not be surrendered without the express written consent of the Jorge Mas trust. For the year ended December 31, 2014 , the Company received $0.1 million of proceeds from policies surrendered, net of premiums paid, related to the split dollar and deferred bonus agreements for José R. Mas. For the years ended December 31, 2013 and 2012 , the Company did not make any payments in respect thereof. The Company paid approximately $1.1 million for the year ended December 31, 2014 related to the Jorge Mas split dollar agreements. For the year ended December 31, 2013 , the Company paid approximately $1.2 million , net of proceeds from policies surrendered, related to the Jorge Mas agreements. For the year ended December 31, 2012 , the Company paid approximately $0.3 million related to these agreements. As of December 31, 2014 and 2013 , life insurance assets associated with these agreements totaled $11.1 million and $10.2 million , respectively, and were included within other long-term assets in the consolidated balance sheets. |
Quarterly Information (Unaudite
Quarterly Information (Unaudited) | 12 Months Ended |
Dec. 31, 2014 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Information (Unaudited) | Note 19 – Quarterly Information (Unaudited) The following tables present selected unaudited quarterly operating results for the years ended December 31, 2014 and 2013 (in millions, except per share data). The quarterly results for the quarters ended March 31, 2014, June 30, 2014 and September 30, 2014 are presented as restated, as discussed in Note 2 - Independent Investigation of the Audit Committee and Related Restatements. The Company believes that all necessary adjustments have been included in the amounts stated below to present fairly the quarterly results when read in conjunction with the consolidated financial statements and notes thereto. For the 2014 Quarters Ended For the 2013 Quarters Ended March 31 June 30 September 30 December 31 March 31 June 30 September 30 December 31 As Restated As Restated As Restated (b) Revenue $ 957.8 $ 1,107.2 $ 1,315.5 $ 1,231.3 $ 918.6 $ 977.6 $ 1,269.4 $ 1,159.1 Costs of revenue, excluding depreciation and amortization $ 841.3 $ 950.7 $ 1,122.9 $ 1,063.1 $ 791.5 $ 822.7 $ 1,081.1 $ 987.0 Net income from continuing operations $ 12.3 $ 33.7 $ 49.4 $ 26.6 $ 19.3 $ 35.5 $ 49.9 $ 42.9 Net loss from discontinued operations (0.1 ) (0.1 ) (0.3 ) (5.9 ) (0.9 ) (0.5 ) (3.7 ) (1.3 ) Net (loss) income attributable to non-controlling interests 0.0 (0.1 ) 0.1 (0.4 ) 0.0 0.1 0.1 0.1 Net income attributable to MasTec, Inc. $ 12.1 $ 33.7 $ 49.0 $ 21.1 $ 18.4 $ 34.9 $ 46.1 $ 41.5 Basic earnings (loss) per share: Continuing operations $ 0.16 $ 0.43 $ 0.60 $ 0.33 $ 0.25 $ 0.46 $ 0.65 $ 0.55 Discontinued operations 0.00 0.00 0.00 (0.07 ) (0.01 ) (0.01 ) (0.05 ) (0.02 ) Total basic earnings per share (a) $ 0.16 $ 0.43 $ 0.60 $ 0.26 $ 0.24 $ 0.46 $ 0.60 $ 0.54 Diluted earnings (loss) per share: Continuing operations $ 0.14 $ 0.39 $ 0.57 $ 0.32 $ 0.23 $ 0.42 $ 0.59 $ 0.50 Discontinued operations 0.00 0.00 0.00 (0.07 ) (0.01 ) (0.01 ) (0.04 ) (0.02 ) Total diluted earnings per share (a) $ 0.14 $ 0.39 $ 0.57 $ 0.25 $ 0.22 $ 0.41 $ 0.54 $ 0.49 (a) Earnings per share calculations, including the sum of the individual quarterly earnings per share amounts to the full year earnings per share amounts, may contain slight summation differences due to rounding. (b) Preliminary, unaudited fourth quarter and full year 2014 results were previously issued pursuant to a press release dated February 26, 2015 and not previously filed in a report under the Securities Exchange Act of 1934, as amended. The unaudited quarterly information for the three month period ended December 31, 2014 in the table above includes the effect of adjustments determined by management following the review process described in Note 2 - Independent Investigation of the Audit Committee and Related Restatements. During the years ended December 31, 2014 and 2013, the Company acquired and disposed of certain businesses. As a result, the quarterly results of 2014 may not be comparable with those of 2013. Other transactions affecting comparisons of the Company’s quarterly results include: (i) $5.3 million of WesTower acquisition integration costs recorded in the fourth quarter of 2014; (ii) $5.6 million of debt extinguishment charges recorded in the first quarter of 2013; and (iii) $2.8 million of Sintel legal settlement charges recorded in the second quarter of 2013. |
Supplemental Guarantor Financia
Supplemental Guarantor Financial Information | 12 Months Ended |
Dec. 31, 2014 | |
Condensed Financial Statements, Supplemental Guarantor Information [Abstract] | |
Supplemental Guarantor Financial Information | Note 20 – Supplemental Guarantor Condensed 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 U.S. 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 consolidating balance sheets and the condensed 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 CONSOLIDATING STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (in millions) For the Year Ended December 31, 2014 MasTec, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated MasTec, Inc. Revenue $ — $ 3,768.4 $ 847.7 $ (4.3 ) $ 4,611.8 Costs of revenue, excluding depreciation and amortization — 3,226.2 756.1 (4.3 ) 3,978.0 Depreciation and amortization — 119.3 35.2 — 154.5 General and administrative expenses 2.5 208.5 27.3 — 238.3 Interest expense, net — 47.8 3.0 — 50.8 Other income, net — (1.9 ) (6.3 ) — (8.2 ) (Loss) income from continuing operations before income taxes $ (2.5 ) $ 168.5 $ 32.4 $ — $ 198.4 Benefit from (provision for) income taxes 1.0 (70.6 ) (6.8 ) — (76.4 ) Net (loss) income from continuing operations $ (1.5 ) $ 97.9 $ 25.6 $ — $ 122.0 Net loss from discontinued operations — — (6.5 ) — (6.5 ) Equity in income from subsidiaries, net of tax 117.4 — — (117.4 ) — Net income (loss) $ 115.9 $ 97.9 $ 19.1 $ (117.4 ) $ 115.5 Net loss attributable to non-controlling interests — — (0.4 ) — (0.4 ) Net income (loss) attributable to MasTec, Inc. $ 115.9 $ 97.9 $ 19.5 $ (117.4 ) $ 115.9 Comprehensive income (loss) $ 95.2 $ 97.9 $ (1.6 ) $ (96.7 ) $ 94.8 CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (in millions) For the Year Ended December 31, 2013 MasTec, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated MasTec, Inc. Revenue $ — $ 3,903.8 $ 425.6 $ (4.6 ) $ 4,324.8 Costs of revenue, excluding depreciation and amortization — 3,321.3 365.7 (4.6 ) 3,682.4 Depreciation and amortization — 120.1 20.8 — 140.9 General and administrative expenses 2.1 184.6 28.7 — 215.4 Interest expense, net — 45.5 0.9 — 46.4 Loss on extinguishment of debt — 5.6 — — 5.6 Other income, net — (6.1 ) — — (6.1 ) (Loss) income from continuing operations before income taxes $ (2.1 ) $ 232.8 $ 9.5 $ — $ 240.2 Benefit from (provision for) income taxes 0.8 (91.9 ) (1.4 ) — (92.5 ) Net (loss) income from continuing operations $ (1.3 ) $ 140.9 $ 8.1 $ — $ 147.7 Net loss from discontinued operations — — (6.5 ) — (6.5 ) Equity in income from subsidiaries, net of tax 142.2 — — (142.2 ) — Net income (loss) $ 140.9 $ 140.9 $ 1.6 $ (142.2 ) $ 141.2 Net income attributable to non-controlling interests — — 0.3 — 0.3 Net income (loss) attributable to MasTec, Inc. $ 140.9 $ 140.9 $ 1.3 $ (142.2 ) $ 140.9 Comprehensive income (loss) $ 133.1 $ 140.9 $ (6.2 ) $ (134.4 ) $ 133.4 For the Year Ended December 31, 2012 MasTec, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated MasTec, Inc. Revenue $ — $ 3,563.2 $ 166.6 $ (3.0 ) $ 3,726.8 Costs of revenue, excluding depreciation and amortization — 3,094.2 148.0 (3.0 ) 3,239.2 Depreciation and amortization — 89.0 3.0 — 92.0 General and administrative expenses 1.7 147.4 8.4 — 157.5 Interest expense, net — 37.3 0.1 — 37.4 Other expense, net — 7.8 0.2 — 8.0 (Loss) income from continuing operations before income taxes $ (1.7 ) $ 187.5 $ 6.9 $ — $ 192.7 Benefit from (provision for) income taxes 0.7 (75.6 ) (1.2 ) — (76.1 ) Net (loss) income from continuing operations $ (1.0 ) $ 111.9 $ 5.7 $ — $ 116.6 Net loss from discontinued operations — — (9.2 ) — (9.2 ) Equity in income from subsidiaries, net of tax 108.4 — — (108.4 ) — Net income (loss) $ 107.4 $ 111.9 $ (3.5 ) $ (108.4 ) $ 107.4 Net income attributable to non-controlling interests — — — — — Net income (loss) attributable to MasTec, Inc. $ 107.4 $ 111.9 $ (3.5 ) $ (108.4 ) $ 107.4 Comprehensive income (loss) $ 109.9 $ 112.5 $ (1.6 ) $ (110.9 ) $ 109.9 CONDENSED CONSOLIDATING BALANCE SHEETS (in millions) 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 As of December 31, 2013 MasTec, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated MasTec, Inc. Assets Current assets $ — $ 1,156.7 $ 150.3 $ — $ 1,307.0 Property and equipment, net — 420.2 67.9 — 488.1 Goodwill and other intangible assets, net — 932.8 134.9 — 1,067.7 Investments in and advances to consolidated affiliates, net 1,006.8 170.8 — (1,177.6 ) — Other long-term assets 9.3 36.2 14.9 — 60.4 Total assets $ 1,016.1 $ 2,716.7 $ 368.0 $ (1,177.6 ) $ 2,923.2 Liabilities and Equity Total current liabilities $ — $ 773.3 $ 55.9 $ — $ 829.2 Long-term debt — 760.9 4.5 — 765.4 Advances from consolidated affiliates, net — — 22.5 (22.5 ) — Other long-term liabilities — 236.4 71.1 — 307.5 Total liabilities $ — $ 1,770.6 $ 154.0 $ (22.5 ) $ 1,902.1 Total equity $ 1,016.1 $ 946.1 $ 214.0 $ (1,155.1 ) $ 1,021.1 Total liabilities and equity $ 1,016.1 $ 2,716.7 $ 368.0 $ (1,177.6 ) $ 2,923.2 CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS (in millions) For the Year Ended December 31, 2014 MasTec, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated MasTec, Inc. Net cash (used in) provided by operating activities $ (0.5 ) $ 253.9 $ 69.6 $ — $ 323.0 Cash flows (used in) provided by investing activities: Cash paid for acquisitions, net of cash acquired — (222.7 ) (122.9 ) — (345.6 ) Capital expenditures — (84.8 ) (24.5 ) — (109.3 ) Proceeds from sale of property and equipment — 14.3 2.4 — 16.7 Payments for investments, net (1.0 ) (0.1 ) — — (1.1 ) Net cash used in investing activities $ (1.0 ) $ (293.3 ) $ (145.0 ) $ — $ (439.3 ) Cash flows provided by (used in) financing activities: Proceeds from credit facilities — 1,894.4 491.6 — 2,386.0 Repayments of credit facilities — (1,410.0 ) (529.6 ) — (1,939.6 ) Repayments of senior convertible notes — (202.3 ) — — (202.3 ) Repayments of other borrowings and capital lease obligations — (40.9 ) (26.4 ) — (67.3 ) Proceeds from stock-based awards, net of tax withholdings 3.8 (2.7 ) — — 1.1 Excess tax benefit from stock-based compensation — 3.7 — — 3.7 Payments of acquisition-related contingent consideration — (60.3 ) — — (60.3 ) Payments of financing costs — (2.6 ) — — (2.6 ) Net financing activities and advances (to) from consolidated affiliates (2.3 ) (126.8 ) 129.1 — — Net cash provided by financing activities $ 1.5 $ 52.5 $ 64.7 $ — $ 118.7 Effect of currency translation on cash — — (1.3 ) — (1.3 ) Net increase (decrease) in cash and cash equivalents $ — $ 13.1 $ (12.0 ) $ — $ 1.1 Cash and cash equivalents - beginning of period — 5.4 17.6 — 23.0 Cash and cash equivalents - end of period $ — $ 18.5 $ 5.6 $ — $ 24.1 For the Year Ended December 31, 2013 MasTec, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated MasTec, Inc. Net cash (used in) provided by operating activities $ (1.7 ) $ 174.1 $ 28.0 $ — $ 200.4 Cash flows (used in) provided by investing activities: Cash paid for acquisitions, net of cash acquired — (45.0 ) (103.6 ) — (148.6 ) Net cash divested on disposal of business — (3.0 ) — — (3.0 ) Capital expenditures — (114.4 ) (11.9 ) — (126.3 ) Proceeds from sale of property and equipment — 14.7 1.2 — 15.9 Payments for investments, net (1.2 ) — — — (1.2 ) Net cash used in investing activities $ (1.2 ) $ (147.7 ) $ (114.3 ) $ — $ (263.2 ) Cash flows provided by (used in) financing activities: Proceeds from credit facilities — 961.6 187.4 — 1,149.0 Repayments of credit facilities — (1,042.2 ) (207.4 ) — (1,249.6 ) Proceeds from senior notes, net — 250.0 — — 250.0 Repayments of other borrowings and capital lease obligations — (69.1 ) (1.6 ) — (70.7 ) Proceeds from stock-based awards, net of tax withholdings 9.9 (1.5 ) — — 8.4 Excess tax benefit from stock-based compensation — 4.3 — — 4.3 Payments of acquisition-related contingent consideration — (16.7 ) (2.0 ) — (18.7 ) Payments of financing costs, including call premiums on extinguishment of debt — (13.7 ) — — (13.7 ) Net financing activities and advances (to) from consolidated affiliates (7.0 ) (106.4 ) 113.4 — — Net cash provided by (used in) financing activities $ 2.9 $ (33.7 ) $ 89.8 $ — $ 59.0 Effect of currency translation on cash — — — — — Net (decrease) increase in cash and cash equivalents $ — $ (7.3 ) $ 3.5 $ — $ (3.8 ) Cash and cash equivalents - beginning of period — 12.7 14.1 — 26.8 Cash and cash equivalents - end of period $ — $ 5.4 $ 17.6 $ — $ 23.0 CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS (in millions) For the Year Ended December 31, 2012 MasTec, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated MasTec, Inc. Net cash (used in) provided by operating activities $ (1.3 ) $ 159.2 $ 14.6 $ — $ 172.5 Cash flows (used in) provided by investing activities: Cash paid for acquisitions, net of cash acquired — (54.0 ) (65.5 ) — (119.5 ) Proceeds from disposal of business, net of cash divested — — 97.7 — 97.7 Capital expenditures — (78.1 ) (1.6 ) — (79.7 ) Proceeds from sale of property and equipment — 7.3 0.1 — 7.4 Payments for investments, net (0.2 ) — — — (0.2 ) Net cash (used in) provided by investing activities $ (0.2 ) $ (124.8 ) $ 30.7 $ — $ (94.3 ) Cash flows (used in) provided by financing activities: Proceeds from credit facilities — 959.2 — — 959.2 Repayments of credit facilities — (885.2 ) — — (885.2 ) Repayments of other borrowings and capital lease obligations — (42.5 ) — — (42.5 ) Repurchase of common stock (75.0 ) — — — (75.0 ) Proceeds from stock-based awards, net of tax withholdings 5.0 — — — 5.0 Excess tax benefit from stock-based compensation — 0.8 — — 0.8 Payments of acquisition-related contingent consideration — (27.8 ) (6.2 ) — (34.0 ) Payments of financing costs — (0.1 ) — — (0.1 ) Net financing activities and advances from (to) consolidated affiliates 71.5 (31.7 ) (39.8 ) — — Net cash provided by (used in) financing activities $ 1.5 $ (27.3 ) $ (46.0 ) $ — $ (71.8 ) Effect of currency translation on cash — — 0.1 — 0.1 Net increase (decrease) in cash and cash equivalents $ — $ 7.1 $ (0.6 ) $ — $ 6.5 Cash and cash equivalents - beginning of period — 5.6 14.7 — 20.3 Cash and cash equivalents - end of period $ — $ 12.7 $ 14.1 $ — $ 26.8 |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2014 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 21 - Subsequent Events In the first quarter of 2015, the Company recognized $16 million U.S. dollars of losses on a troubled wind project in Canada, which experienced difficult project conditions. In June 2015, MasTec invested $6 million , and committed to future equity contributions and / or loan guarantees of up to an additional $78 million , for a 33% equity interest in two joint ventures. The joint ventures will design, build, own and operate a header system and two pipelines that will transport natural gas. A subsidiary of MasTec will construct the pipelines, with construction expected to commence in late 2015 or early 2016. Each pipeline will interconnect at the United States/Mexico border with pipelines currently under development and construction in Mexico. |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2014 | |
Valuation and Qualifying Accounts [Abstract] | |
Schedule II - Valuation and Qualifying Accounts | SCHEDULE II – VALUATION AND QUALIFYING ACCOUNTS (in millions) Balance at of Period Charges to Cost and Expense (Deductions) Balance at Period Year ended December 31, 2014 Allowance for doubtful accounts $ 15.7 $ 1.8 (a) $ (3.6 ) (b) $ 13.9 Costs and earnings in excess of billings allowance 10.4 2.1 (a) — (b) 12.5 Inventory valuation reserve 2.6 3.8 (c) — (d) 6.4 Valuation allowance for deferred tax assets 0.1 0.2 (e) — (f) 0.3 Total $ 28.8 $ 7.9 $ (3.6 ) $ 33.1 Year ended December 31, 2013 Allowance for doubtful accounts $ 11.3 $ 6.1 (a) $ (1.7 ) (b) $ 15.7 Costs and earnings in excess of billings allowance 1.7 8.7 (a) — (b) 10.4 Inventory valuation reserve 2.0 2.0 (c) (1.4 ) (d) 2.6 Valuation allowance for deferred tax assets 2.0 0.2 (e) (2.1 ) (f) 0.1 Total $ 17.0 $ 17.0 $ (5.2 ) $ 28.8 Year ended December 31, 2012 Allowance for doubtful accounts $ 7.7 $ 6.9 (a) $ (3.3 ) (b) $ 11.3 Costs and earnings in excess of billings allowance 0.9 0.9 (a) (0.1 ) (b) 1.7 Inventory valuation reserve 2.2 2.3 (c) (2.5 ) (d) 2.0 Valuation allowance for deferred tax assets 2.8 0.5 (e) (1.3 ) (f) 2.0 Total $ 13.6 $ 10.6 $ (7.2 ) $ 17.0 (a) Provisions for doubtful accounts and costs and earnings in excess of billings. (b) Write-offs and reversals of uncollectible accounts receivable and non-billable costs and earnings in excess of billings. (c) Provision for inventory obsolescence. (d) Inventory write-offs. (e) Increase in the foreign tax loss carryforwards. (f) Utilization of tax loss carryforwards and other tax benefits. |
Business, Basis of Presentati30
Business, Basis of Presentation and Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2014 | |
Accounting Policies [Abstract] | |
Principles of Consolidation | Principles of Consolidation The accompanying consolidated financial statements include MasTec, Inc. and its subsidiaries and include the accounts of all majority-owned subsidiaries over which the Company exercises control and, when applicable, entities in which the Company has a controlling financial interest. Other parties’ interests in companies for which MasTec exercises control and has a controlling financial interest are reported as non-controlling interests within equity. Net income or loss attributable to non-controlling interests is reported as a separate line item below net income. The Company’s investments in entities in which the Company does not have a controlling interest, but for which it has the ability to exert significant influence, are accounted for using the equity method of accounting. Equity method investments are recorded as other long-term assets in the consolidated balance sheets. Income or loss from these investments is recorded within other income or expense in the consolidated statements of operations. The cost method is used for investments in entities in which the Company does not have the ability to exert significant influence. All significant intercompany balances and transactions have been eliminated in consolidation. The assets and liabilities of foreign subsidiaries with a functional currency other than the U.S. dollar are translated into U.S. dollars at period-end exchange rates, with resulting translation gains or losses accumulated within other comprehensive income or loss. Revenue and expenses are translated into U.S. dollars at average rates of exchange during the applicable period. Substantially all of our foreign operations use the local currency as the functional currency. Gains or losses resulting from transactions executed in a foreign currency are included in other income or expense, net. The Company does not currently have subsidiaries that operate in highly inflationary environments. The results of operations and financial position of any discontinued operations are aggregated and presented separately from the Company’s continuing operations in the consolidated financial statements for all periods presented. Certain prior year amounts have been reclassified to conform to the current period presentation. |
Translation of Foreign Currencies | The assets and liabilities of foreign subsidiaries with a functional currency other than the U.S. dollar are translated into U.S. dollars at period-end exchange rates, with resulting translation gains or losses accumulated within other comprehensive income or loss. Revenue and expenses are translated into U.S. dollars at average rates of exchange during the applicable period. Substantially all of our foreign operations use the local currency as the functional currency. Gains or losses resulting from transactions executed in a foreign currency are included in other income or expense, net. The Company does not currently have subsidiaries that operate in highly inflationary environments. |
Investments in Affiliates and Other Entities | Investments in Affiliates and Other Entities In the ordinary course of business, the Company enters into various investment arrangements, which may include equity or other interests in business entities, including contractual joint ventures or other forms of equity participation. These investment arrangements may include financing arrangements, such as the extension of loans. See Note 4 - Acquisitions for discussion pertaining to certain of the Company’s equity method investments and other investment arrangements. In connection with certain of these investment arrangements, the Company provides infrastructure construction services to or through its equity investees and/or contractual joint ventures. Management determines whether such investment arrangements involve a variable interest entity (“VIE”) based on the characteristics of the particular entity. If an entity is determined to be a VIE, then management determines if the Company is the primary beneficiary of the entity and whether or not consolidation of the VIE within the Company's financial statements is required. The primary beneficiary consolidating the VIE must normally have both (i) the power to direct the primary activities of the VIE and (ii) the obligation to absorb losses of the VIE or the right to receive benefits from the VIE, which, in either case, could be significant to the VIE. If management determines that the Company is the primary beneficiary of a VIE, then the VIE would be consolidated, and the other party’s equity interest in the VIE would be accounted for as a non-controlling interest. As of December 31, 2014 , the Company has determined that certain of its investment arrangements are VIEs, but that it is not the primary beneficiary of its VIE(s). In arrangements in which the Company has an undivided interest in the assets, liabilities, revenues and profits or losses of an unincorporated entity, such amounts are consolidated on a basis proportional to the Company’s ownership interest in the unincorporated entity. |
Variable Interest Entities | In the ordinary course of business, the Company enters into various investment arrangements, which may include equity or other interests in business entities, including contractual joint ventures or other forms of equity participation. These investment arrangements may include financing arrangements, such as the extension of loans. See Note 4 - Acquisitions for discussion pertaining to certain of the Company’s equity method investments and other investment arrangements. In connection with certain of these investment arrangements, the Company provides infrastructure construction services to or through its equity investees and/or contractual joint ventures. Management determines whether such investment arrangements involve a variable interest entity (“VIE”) based on the characteristics of the particular entity. If an entity is determined to be a VIE, then management determines if the Company is the primary beneficiary of the entity and whether or not consolidation of the VIE within the Company's financial statements is required. The primary beneficiary consolidating the VIE must normally have both (i) the power to direct the primary activities of the VIE and (ii) the obligation to absorb losses of the VIE or the right to receive benefits from the VIE, which, in either case, could be significant to the VIE. If management determines that the Company is the primary beneficiary of a VIE, then the VIE would be consolidated, and the other party’s equity interest in the VIE would be accounted for as a non-controlling interest. |
Unincorporated Entities, Proportionate Consolidation | In arrangements in which the Company has an undivided interest in the assets, liabilities, revenues and profits or losses of an unincorporated entity, such amounts are consolidated on a basis proportional to the Company’s ownership interest in the unincorporated entity. |
Management Estimates | Management Estimates The preparation of financial statements in conformity with U.S. GAAP requires the use of estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Key estimates include: the recognition of revenue and project profit or loss (which the Company defines as project revenue less project costs of revenue, including depreciation), in particular, on long-term construction contracts or other projects accounted for under the percentage-of-completion method, for which the recorded amounts require estimates of costs to complete projects, ultimate project profit and the amount of contract price adjustments that are probable; allowances for doubtful accounts; estimated fair values of goodwill and intangible assets and liabilities, acquisition-related contingent consideration and investments in cost and equity method investees; asset lives used in computing depreciation and amortization; accrued self-insured claims; share-based compensation; accounting for income taxes; and the estimated impact of contingencies and ongoing litigation. While management believes that such estimates are fair when considered in conjunction with the consolidated financial position and results of operations taken as a whole, actual results could differ from those estimates and such differences could be material to the consolidated financial statements. |
Revenue Recognition | Revenue Recognition Revenue is derived from projects performed under master and other service agreements as well as from fixed price contracts for specific projects or jobs requiring the construction and installation of an entire infrastructure system or specified units within an entire infrastructure system. The Company frequently provides maintenance, installation and repair work under unit price or fixed price master service or other service agreements that are renewed on a periodic basis. Revenue and related costs for master and other service agreements billed on a time and materials basis are recognized as the services are rendered. For the years ended December 31, 2014 , 2013 and 2012 , 49% , 46% and 43% of revenue, respectively, was derived from projects performed under master service and other service agreements. The Company also performs services under master and other service agreements on a fixed fee basis, under which MasTec furnishes specified units of service for a fixed price per unit of service and revenue is recognized as the services are rendered. Revenue from fixed price contracts provides for a fixed amount of revenue for the entire project, subject to certain additions for changed scope or specifications. Revenue from these contracts, as well as for certain projects pursuant to master and other service agreements, is recognized using the percentage-of-completion method, under which the percentage of revenue to be recognized for a given project is measured by the percentage of costs incurred to date on the contract to the total estimated costs for the contract. Such contracts provide that the customer accept completion of progress to date and compensate the Company for services rendered, which may be measured in terms of costs incurred, units installed, hours expended or some other measure of progress. Contract costs include all direct materials, labor and subcontracted costs and those indirect costs related to contract performance, such as indirect labor, supplies, tools, repairs and the operational costs of capital equipment (excluding depreciation). Much of the materials associated with the Company’s work are customer-furnished and are therefore not included in contract revenue and costs. The estimation process for revenue recognized under the percentage-of-completion method is based on the professional knowledge and experience of the Company’s engineers, project managers and financial professionals. Management reviews estimates of contract revenue and costs on an ongoing basis. Changes in job performance, job conditions and final contract settlements are factors that influence management’s assessment of total contract value and total estimated costs to complete those contracts and, therefore, the Company’s profit recognition. Changes in these factors may result in revisions to costs and income, and their effects are recognized in the period in which the revisions are determined, which could materially affect the Company’s results of operations in the period in which such changes are recognized. For the years ended December 31, 2014 and 2013 , project profit was affected by less than 5% as a result of changes in contract estimates included in projects that were in process as of December 31, 2013 and 2012 , respectively. Provisions for losses on uncompleted contracts are made in the period in which such losses are determined to be probable and the amount can be reasonably estimated. The majority of fixed price contracts are generally completed within one year. The Company may incur costs subject to change orders, whether approved or unapproved by the customer, and/or claims related to certain contracts. Management determines the probability that such costs will be recovered based upon engineering studies and legal opinions, past practices with the customer, specific discussions, correspondence or preliminary negotiations with the customer. The Company treats project costs as a cost of contract performance in the period incurred if it is not probable that the costs will be recovered, or defers costs and/or recognizes revenue up to the amount of the related cost if it is probable that the contract price will be adjusted and can be reliably estimated. As of December 31, 2014 and 2013, the Company had approximately $87 million and $79 million, respectively, of change orders and/or claims that had been included in contract price adjustments on certain contracts that were in the process of being resolved in the normal course of business, including through negotiation, arbitration and other proceedings. These contract price adjustments, which are included within costs and earnings in excess of billings or billed accounts receivable, as appropriate, represent management’s best estimate of contract revenue that has been or will be earned and that management believes is probable of collection. For the years ended December 31, 2014 and 2013, revenue related to unapproved change orders totaled $29 million and $43 million , respectively, for which a significant portion of the related change orders were subsequently resolved or in the process of resolution. As of December 31, 2014, outstanding change orders were primarily derived from contracts in the Electrical Transmission segment, and as of December 31, 2013, outstanding change orders were primarily derived from contracts in the Oil and Gas segment. The Company actively engages in substantive meetings with these customers to complete the final approval process, and expects these processes to be completed within one year. The amounts ultimately realized upon final acceptance by its customers could be higher or lower than such estimated amounts. Billings in excess of costs and estimated earnings on uncompleted contracts are classified as current liabilities. Costs and estimated earnings in excess of billings, or work in process, is classified within current assets for the majority of the Company’s projects. Work in process on contracts is based on work performed but not yet billed to customers as per individual contract terms. |
Revenue Recognition, Percentage-of-Completion Method | Revenue from fixed price contracts provides for a fixed amount of revenue for the entire project, subject to certain additions for changed scope or specifications. Revenue from these contracts, as well as for certain projects pursuant to master and other service agreements, is recognized using the percentage-of-completion method, under which the percentage of revenue to be recognized for a given project is measured by the percentage of costs incurred to date on the contract to the total estimated costs for the contract. Such contracts provide that the customer accept completion of progress to date and compensate the Company for services rendered, which may be measured in terms of costs incurred, units installed, hours expended or some other measure of progress. Contract costs include all direct materials, labor and subcontracted costs and those indirect costs related to contract performance, such as indirect labor, supplies, tools, repairs and the operational costs of capital equipment (excluding depreciation). Much of the materials associated with the Company’s work are customer-furnished and are therefore not included in contract revenue and costs. The estimation process for revenue recognized under the percentage-of-completion method is based on the professional knowledge and experience of the Company’s engineers, project managers and financial professionals. Management reviews estimates of contract revenue and costs on an ongoing basis. Changes in job performance, job conditions and final contract settlements are factors that influence management’s assessment of total contract value and total estimated costs to complete those contracts and, therefore, the Company’s profit recognition. Changes in these factors may result in revisions to costs and income, and their effects are recognized in the period in which the revisions are determined, which could materially affect the Company’s results of operations in the period in which such changes are recognized. For the years ended December 31, 2014 and 2013 , project profit was affected by less than 5% as a result of changes in contract estimates included in projects that were in process as of December 31, 2013 and 2012 , respectively. Provisions for losses on uncompleted contracts are made in the period in which such losses are determined to be probable and the amount can be reasonably estimated. The majority of fixed price contracts are generally completed within one year. |
Allowance for Doubtful Accounts | Allowance for Doubtful Accounts The Company maintains an allowance for doubtful accounts for estimated losses resulting from the inability of its customers to make required payments. Management analyzes the collectibility of accounts receivable and the adequacy of the allowance for doubtful accounts on a regular basis based on the aging of account balances, historical bad debt experience, customer concentrations, customer credit-worthiness, customer financial condition and credit reports, availability of mechanics’ and other liens, existence of payment bonds and other sources of payment and current economic trends. For reporting units where losses have occurred historically and are considered to be ordinary course, reserves are established for anticipated losses based on an analysis of the accounts receivable portfolio. For reporting units where historical losses have been immaterial, reserves are established when it is probable that a specific receivable is not collectible and the loss can be reasonably estimated. Amounts are written off against the allowance when deemed uncollectible. If estimates of the collectibility of accounts receivable change, or should customers experience unanticipated financial difficulties, or if anticipated recoveries in existing bankruptcies or other work-out situations fail to materialize, additional reserves may be required. Estimates of collectibility are subject to significant change during times of economic weakness or uncertainty in either the overall economy or within the industries served by MasTec. Management actively monitors the economic environment and its impact on MasTec’s customers in connection with its evaluation of accounts receivable aging, collections and the adequacy of the allowance for doubtful accounts. |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash consisting of interest-bearing demand deposits is carried at cost, which approximates fair value. All highly liquid investments purchased with an original maturity of three months or less are considered to be cash equivalents, which are carried at fair value. On a daily basis, available funds are swept from the Company’s depository accounts into a concentration account and used to repay outstanding revolving loans under the Company’s credit facility. Other cash balances maintained by certain operating subsidiaries that are not swept into the concentration account, as well as deposits made subsequent to the daily cash sweep, are classified as cash. The Company generally does not fund its disbursement accounts for checks it has written until the checks are presented to the bank for payment. Outstanding checks that have not yet cleared through the banking system represent book overdrafts, which are classified within accounts payable. There are no compensating balance requirements associated with the Company’s depository accounts and there are no other restrictions on the transfer of cash associated with the Company’s depository accounts. |
Inventories | Inventories Inventories consist of materials and supplies for construction and installation projects, which are valued at the lower of cost or market using either the average cost or specific identification methods of costing. For materials or supplies purchased on behalf of specific customers or projects, loss of the customer or cancellation of the project could result in an impairment of the value of materials purchased. Technological or market changes can also render certain materials obsolete. Allowances for inventory obsolescence are determined based upon specific facts and circumstances and market conditions. |
Property and Equipment | Property and equipment are recorded at cost, or if acquired in a business combination, at the acquisition date fair value. Certain costs incurred in connection with developing or obtaining internal-use software are capitalized within office furniture and equipment. Depreciation and amortization of long-lived assets is computed using the straight-line method over the estimated useful lives of the respective assets. Leasehold improvements are depreciated over the shorter of the term of the lease or the estimated useful lives of the improvements. Property and equipment under capital leases are depreciated over their estimated useful lives. Expenditures for repairs and maintenance are charged to expense as incurred. Expenditures for betterments and major improvements are capitalized and depreciated over the remaining useful lives of the assets. The carrying amounts of assets sold or retired and the related accumulated depreciation are eliminated in the year of disposal, with resulting gains or losses included in other income or expense. |
Finite-Lived Intangible Assets | Acquired intangible assets that have finite lives are amortized over their useful lives, which are generally based on contractual or legal rights. |
Impairment of Long-Lived Assets | Management reviews long-lived assets for impairment whenever events or changes in circumstances indicate that their carrying amounts may not be recoverable. If an evaluation is required, the estimated future undiscounted cash flows associated with the asset are compared with the asset’s carrying amount to determine if there has been an impairment, which is calculated as the difference between the fair value of an asset and its carrying value. Estimates of future undiscounted cash flows are based on expected growth rates for the business, anticipated future economic conditions and estimates of residual values. Fair values take into consideration management estimates of risk-adjusted discount rates, which are believed to be consistent with assumptions that marketplace participants would use in their estimates of fair value. |
Goodwill and Indefinite-Lived Intangible Assets | Goodwill and Indefinite-Lived Intangible Assets The Company has goodwill and certain indefinite-lived intangible assets that have been recorded in connection with its acquisitions of businesses. Goodwill and indefinite-lived intangible assets are not amortized, but instead are tested for impairment at least annually. The Company performs its annual impairment reviews of goodwill and indefinite-lived intangible assets during the fourth quarter of each year. Goodwill is required to be tested for impairment at the operating segment level or one level below the operating segment level, which is referred to as a component. Management identifies its reporting units by assessing whether components (i) have discrete financial information available; (ii) engage in business activities; and (iii) whether a segment manager regularly reviews the component’s operating results. Net assets and goodwill of acquired businesses are allocated to the reporting unit associated with the acquired business based on the anticipated organizational structure of the combined entities. If two or more components are deemed economically similar, those components are aggregated into one reporting unit when performing the annual goodwill impairment review. For each operating segment other than the Company’s Electrical Transmission operating segment, each of the Company’s reporting units comprises one component. For the year ended December 31, 2014, the Company combined the four components of its Electrical Transmission operating segment into one reporting unit, based on a review of segment operations, which indicated increased shared operational, sales and general and administrative resources across the four components. For the years ended December 31, 2013 and 2012, no components were aggregated for the annual impairment reviews. For each of the three years in the period ended December 31, 2014 , the Company performed a qualitative assessment for its goodwill and indefinite-lived intangible assets by examining relevant events and circumstances that could have an effect on their fair values, such as: macroeconomic conditions, industry and market conditions, entity-specific events, financial performance and other relevant factors or events that could affect earnings and cash flows. For businesses acquired, there were no significant changes in forecast assumptions between the initial valuation date and the date of the annual impairment tests in the respective years of acquisition. As a result, the estimated fair values of the respective reporting units and indefinite-lived intangible assets were determined to equal their carrying values as of the date of the annual impairment tests. Based on the qualitative assessments for the year ended December 31, 2014 , additional testing was performed for two reporting units, one within our Communications operating segment and the other within our Power Generation and Industrial operating segment. We performed additional testing for an indefinite-lived intangible asset in our Power Generation and Industrial segment as well. Based on the qualitative assessments for the year ended December 31, 2013 , additional testing was performed for three reporting units, one each within our Oil and Gas, Power Generation and Industrial and Electrical Transmission operating segments. Additional testing was also performed for the indefinite-lived intangible asset for which a quantitative test was performed in 2014 . For the reporting units for which additional testing was required in the years ended December 31, 2014 and 2013 , as discussed above, the Company performed a two-step quantitative goodwill impairment test. Management estimated their respective fair values using a discounted cash flow methodology incorporating Level 3 fair value assumptions, including: (i) management estimates, such as projections of revenue, operating costs and cash flows, taking into consideration historical and anticipated financial results; (ii) general economic and market conditions; and (iii) the impact of planned business and operational strategies. Management applied a discounted cash flow technique with an average terminal value in both years equal to 5.5 times normalized year five EBITDA, which is defined as earnings from continuing operations before interest, taxes, depreciation and amortization. The estimated discount rate is the Company’s average cost of capital at the time of the analysis, taking into consideration risks inherent within each reporting unit individually, which is greater than the risk inherent in the Company as a whole. The discount rate was estimated to range from 9.25% to 10.5% per annum for the year ended December 31, 2014 and was estimated to be 7.2% for the year ended December 31, 2013. Management believes the assumptions used in its quantitative goodwill impairment tests are reflective of the risks inherent in the business models of its reporting units and within its industry. The estimated fair values of the reporting units for which quantitative impairment tests were performed for the years ended December 31, 2014 and 2013 were determined to substantially exceed their carrying values. A 100 basis point change in the discount rate would not have had a material impact on the results of these impairment tests as of the date the testing was performed. For the indefinite-lived intangible asset in the Power Generation and Industrial segment for which additional testing was performed in the years ended December 31, 2014 and 2013 , as discussed above, management estimated its fair value using the relief-from-royalty method, which incorporated royalty savings over the estimated lives of the respective intangible asset and a terminal value capitalization rate based on the discount rate and estimated long-term growth rate. The discount rate was estimated to be 10.5% for the year ended December 31, 2014 and 7.2% for the year ended December 31, 2013 . The estimated fair value of the indefinite-lived intangible asset exceeded its fair value by just over 10% in 2014. Should management’s expectations prove to be incorrect, in particular, with respect to the discount rate, it could lead to an impairment of this asset. In 2013, the estimated fair value of this indefinite-lived intangible asset was determined to substantially exceed its carrying value. Subsequent to the Company’s fourth quarter 2014 impairment test, due to a significant decline in oil prices, management performed additional impairment testing for the goodwill and indefinite-lived intangible assets of its Oil and Gas segment. For two of this operating segment’s reporting units, the Company performed a two-step quantitative goodwill impairment test, as described above. Significant assumptions included an average terminal value equal to 5.5 times normalized year five EBITDA and discount rates ranging from 12% to 13.5% , in addition to forecast timing of, and projected success rates and profitability of, project awards, as well as revenue growth and profitability rates consistent with those achieved historically. The estimated fair values of the subsequently tested reporting units exceeded their carrying values by approximately 15% each. Should management’s expectations prove to be incorrect due to: (i) further declines in oil prices and/or instability in worldwide energy markets; (ii) unanticipated delays in project awards, including unplanned project cancellations, or (iii) an increase in interest rates, management’s estimates of future earnings, cash flows and the estimated fair values of these reporting units would be negatively impacted, which could lead to an impairment of goodwill. The Company monitors goodwill and indefinite-lived intangible assets for potential impairment triggers on a quarterly basis. For the indefinite-lived intangible asset of our Oil and Gas segment, the Company estimated its fair value using a cost methodology, incorporating an estimate of the opportunity cost associated with its loss based on a three-year discounted cash flow methodology. This impairment test incorporated Level 3 fair value assumptions consistent with those discussed above, no terminal value and an estimated discount rate of 13.5%. Based on the subsequent impairment test, the estimated fair value of this indefinite-lived intangible asset was determined to substantially exceed its carrying value. As of December 31, 2014 and 2013 , management believes that its recorded balances of goodwill and indefinite-lived intangible assets are recoverable; however, significant changes in the assumptions or estimates used in the Company’s impairment analyses, such as a reduction in profitability and/or cash flows, could result in impairment charges in future periods. |
Valuation of Net Assets Acquired and Estimated Future Earn-Out Obligations in Business Combinations | Valuation of Net Assets Acquired and Estimated Future Earn-Out Obligations in Business Combinations The determination of the fair value of net assets acquired in a business combination requires estimates and judgments of future cash flow expectations for the acquired business and related identifiable tangible and intangible assets. Fair values are calculated using expected cash flows and industry-standard valuation techniques. For current assets and current liabilities, book value is generally assumed to equal fair value. Goodwill is the amount by which consideration paid exceeds the fair value of acquired net assets. Acquisition costs, including acquisition integration costs, are expensed as incurred and are included within general and administrative expenses in the consolidated statements of operations. Consideration paid generally consists of cash, common stock and potential future payments that are contingent upon the acquired business achieving certain levels of earnings in the future, also referred to as “contingent consideration” or “earn-out” payments. Contingent consideration liabilities are measured at their estimated fair value as of the date of acquisition, with subsequent changes in fair value recorded within other income or expense in the consolidated statements of operations. Fair value as of the date of acquisition is estimated based on projections of expected future cash flows of the acquired business. Subsequent to the date of acquisition, if future earn-out payments are expected to exceed earn-out payments estimated as of the date of acquisition, then a loss would be recognized in the period in which that expectation is considered probable. Conversely, if future earn-out payments are expected to be less than earn-out payments estimated as of the date of acquisition, a gain would be recognized in the period in which that expectation is considered probable. Due to the time required to gather and analyze the necessary data for each acquisition, U.S. GAAP provides a “measurement period” of up to one year in which to finalize the determination of the fair value of net assets acquired. Adjustments to initial valuations and estimates during the measurement period that reflect newly discovered information that existed as of the date of acquisition are recorded as if the adjustments had been taken into account as of the date of acquisition, which results in the revision of comparative prior period information when presented in subsequent periods. All other adjustments are reflected as income or expense, as appropriate, in the period during which the adjustment is considered probable. |
Deferred Financing Costs | Deferred Financing Costs Deferred financing costs relate to the Company’s debt instruments, the short and long-term portions of which are included in prepaid expenses and other current assets and other long-term assets, respectively, in the consolidated balance sheets. Deferred financing costs are amortized over the related terms of the debt using the effective interest method. |
Self-Insurance | Self-Insurance The Company is self-insured up to the amount of its deductible for its insurance policies. MasTec maintains insurance policies subject to per claim deductibles of $1.5 million for its workers’ compensation policy, $2.0 million for its general liability policy and $2.0 million for its automobile liability policy. The Company has excess umbrella coverage up to $100.0 million per claim and in the aggregate. Liabilities under these insurance programs are accrued based upon management’s estimates of the ultimate liability for claims reported and an estimate of claims incurred but not reported with assistance from third-party actuaries. MasTec also maintains an insurance policy with respect to employee group medical claims, which is subject to annual per employee maximum losses of $0.5 million . MasTec’s liability for employee group medical claims is based on statistical analysis of historical claims experience and specific knowledge of actual losses that have occurred. The Company is also required to post letters of credit and provide cash collateral to certain of its insurance carriers and to obtain surety bonds in certain states. Cash collateral deposited with insurance carriers is included in other long-term assets in the consolidated balance sheets. The present value of the Company’s self-insurance liability is reflected in the consolidated balance sheets within current and other long-term liabilities, as appropriate. The determination of such claims and expenses and the appropriateness of the related liability is reviewed and updated quarterly, however, these insurance liabilities are difficult to assess and estimate due to unknown factors, including the severity of an injury, the determination of the Company’s liability in proportion to other parties and the number of incidents not reported. Accruals are based upon known facts and historical trends and management believes its accruals are adequate. However, a change in experience or actuarial assumptions could materially affect results of operations in a particular period. |
Income Taxes | Income Taxes The Company records income taxes using the asset and liability method of accounting for deferred income taxes. Under this method, deferred tax assets and liabilities are recognized for the expected future tax consequence of temporary differences between the financial statement and income tax basis of the Company’s assets and liabilities. Income taxes are estimated in each of the jurisdictions in which the Company operates. This process involves estimating the tax exposure, together with assessing temporary differences resulting from differing treatment of items, such as deferred revenue, for tax and accounting purposes. These differences result in deferred tax assets and liabilities, which are included within the consolidated balance sheets as net current and net long-term assets and/or liabilities, as appropriate. The recording of a deferred tax asset assumes the realization of such asset in the future. Otherwise, a valuation allowance is recorded to reduce the asset to its estimated net realizable value. If management determines that the Company may not be able to realize all or part of a deferred tax asset in the future, a valuation allowance for the deferred tax asset is charged to income tax expense in the period the determination is made. Management considers future pretax income and ongoing prudent and feasible tax planning strategies in assessing the estimated net realizable value of tax assets and the corresponding need for a valuation allowance. In determining the provision for income taxes, management uses an effective tax rate based on annual pre-tax income, statutory tax rates, permanent tax differences and tax planning opportunities in the various jurisdictions in which the Company operates. Significant factors that impact the annual effective tax rate include management’s assessment of certain tax matters, the location and amount of taxable earnings, changes in certain non-deductible expenses and expected credits. As of December 31, 2014 , the Company has not made a provision for U.S. income taxes on unremitted foreign earnings because such earnings, which generally become subject to U.S. taxation upon the remittance of dividends and certain other circumstances, are considered to be insignificant and are intended to be indefinitely reinvested outside the United States. The Company expects that domestic cash resources will be sufficient to fund its domestic operations and cash commitments in the future. The Company and its subsidiaries file income tax returns in numerous tax jurisdictions, including U.S. federal, most U.S. states and certain foreign jurisdictions. Although management believes its calculations for tax returns are correct and the positions taken thereon are reasonable, the final outcome of tax audits could be materially different from the resolution management currently anticipates, and those differences could result in significant costs or benefits to the Company. If applicable, any interest or penalties pertaining to the Company’s income tax returns, if assessed, would be recorded within interest expense or general and administrative expense, respectively, in the consolidated statements of operations. |
Unremitted Foreign Earnings | As of December 31, 2014 , the Company has not made a provision for U.S. income taxes on unremitted foreign earnings because such earnings, which generally become subject to U.S. taxation upon the remittance of dividends and certain other circumstances, are considered to be insignificant and are intended to be indefinitely reinvested outside the United States. The Company expects that domestic cash resources will be sufficient to fund its domestic operations and cash commitments in the future. |
Stock-Based Compensation | Stock-Based Compensation The Company has granted to employees and others restricted stock awards and restricted stock units (together “restricted shares”) as well as options to purchase shares of the Company’s common stock. Non-cash stock compensation expense is included within general and administrative expense in the consolidated statements of operations. Share-based payments, to the extent they are compensatory, are recognized based on their grant date fair values and the estimated number of shares ultimately expected to vest. The Company records a deferred tax asset, or future tax benefit, based on the amount of share-based compensation recognized in the financial statements over the vesting period of share-based awards. If the fair value on the date of exercise of a stock option, or the fair value on the date of vesting of a restricted share grant, exceeds its fair value on the date of grant, then the tax effect of this difference (“excess tax benefit”) is recorded as an increase to additional paid-in capital (“APIC”), creating an “APIC Pool.” If the fair value on the date of exercise of a stock option, or the fair value on the date of vesting of a restricted share grant, is less than its fair value on the date of grant, then the tax effect of this difference would reduce the APIC Pool. If the APIC Pool is reduced to zero, subsequent shortfalls would increase income tax expense. Grants of restricted shares are valued based on the closing share price of MasTec’s common stock as reported on the New York Stock Exchange (the “closing share price”) on the date of grant. Compensation expense arising from restricted shares is recognized on a straight line basis over the vesting period. Grants of restricted shares have cliff vesting terms ranging from day of issuance to 3 years. As of December 31, 2014 , all outstanding stock options were fully vested. Upon vesting of restricted shares or upon exercise of options, some of the underlying shares are generally sold to cover the required withholding taxes. However, some participants may choose the net share settlement method to cover withholding tax requirements, in which case shares are not issued, but are treated as common stock repurchases in the consolidated financial statements, as they reduce the number of shares that would have been issued upon vesting. The Company then pays the corresponding withholding taxes to the appropriate taxing authorities in cash on behalf of the recipient. In addition, shares may also be withheld to pay the exercise price of shares in a cashless option exercise. Withheld shares, which are valued at the closing share price on the date of vesting or exercise, as applicable, are recorded as a reduction to additional paid-in capital and are reflected as a financing activity within the consolidated statements of cash flows. Total shares withheld were approximately 97,389 , 71,620 , and 38,650 for the years ended December 31, 2014 , 2013 and 2012 , respectively. Total payments for employee tax obligations to taxing authorities were $2.7 million , $1.2 million and $0.9 million for the years ended December 31, 2014 , 2013 and 2012 , respectively. The Company has certain employee stock purchase plans under which shares of the Company’s common stock are available for purchase by eligible employees. These plans allow qualified employees to purchase MasTec, Inc. common stock at 85% of its fair market value at the lower of (i) the date of commencement of the offering period or (ii) the last day of the exercise period, as defined in the plan documents. Through June 30, 2013, the offering period was an annual period, composed of four interim exercise periods. Effective July 1, 2013, the offering period became quarterly. The fair value of purchases under the Company’s employee stock purchase plans is estimated using the Black-Scholes option-pricing valuation model. The determination of fair value of stock-based awards using an option-pricing model is affected by the Company’s stock price as well as assumptions pertaining to several variables, including expected stock price volatility, the expected term of the award and the risk-free rate of interest. In the option-pricing model for the Company’s employee stock purchase plans, expected stock price volatility is based on historical volatility of the Company’s common stock. The expected term of the award is based on historical and expected exercise patterns and the risk-free rate of interest is based on U.S. Treasury yields. The Company has not paid dividends in the past, and does not anticipate paying dividends in the foreseeable future, and therefore uses an expected dividend yield of zero. |
Litigation and Contingencies | Litigation and Contingencies Litigation and contingencies are reflected in the consolidated financial statements based on management’s assessment, including advice of legal counsel, of the expected outcome of litigation proceedings and/or the expected resolution of contingencies. Liabilities for estimated losses are accrued if the potential loss from any claim or legal proceeding is considered probable and the amount can be reasonably estimated. Significant judgment is required in both the determination of probability of exposure and the determination as to whether the amount is reasonably estimable. Accruals are based only on information available at the time of the assessment due to the uncertain nature of such matters. As additional information becomes available, management reassesses potential liabilities related to pending claims and litigation and may revise its previous estimates, which could materially affect the Company’s results of operations in a given period. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments The Company’s financial instruments include cash and cash equivalents, accounts and notes receivable, cash collateral deposited with insurance carriers, life insurance assets, cost and equity method investments, deferred compensation plan assets and liabilities, accounts payable and other current liabilities, acquisition-related contingent consideration, certain intangible assets and liabilities, including off-market contracts, debt obligations and assets and liabilities classified as held-for-sale. Fair value is the price that would be received to sell an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The fair value guidance establishes a valuation hierarchy, which requires maximizing the use of observable inputs when measuring fair value. The three levels of inputs that may be used are: (i) Level 1 - quoted market prices in active markets for identical assets or liabilities; (ii) Level 2 - observable market-based inputs or other observable inputs; and (iii) Level 3 - significant unobservable inputs that cannot be corroborated by observable market data, which are generally determined using valuation models incorporating management estimates of market participant assumptions. In instances in which the inputs used to measure fair value fall into different levels of the fair value hierarchy, the fair value measurement classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Management’s assessment of the significance of a particular item to the fair value measurement in its entirety requires judgment, including the consideration of inputs specific to the asset or liability. Fair values of financial instruments are estimated using public market prices, quotes from financial institutions and other available information. Due to their short-term maturity, the carrying amounts of cash and cash equivalents, accounts and notes receivable and accounts payable and other current liabilities approximate their fair values. Management believes the carrying values of cash collateral deposited with insurance carriers, deferred compensation plan assets and liabilities and outstanding balances on its credit facilities approximate their fair values. Cost and equity method investments are initially recorded at their cost basis. |
New Accounting Pronouncements | New Accounting Pronouncements Accounting Standards Not Yet Adopted In July 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2015-11, Inventory (Topic 330): Simplifying the Measurement of Inventory (“ASU 2015-11”). ASU 2015-11 requires inventory measured using any method other than last-in, first out (“LIFO”) or the retail inventory method to be subsequently measured at the lower of cost or net realizable value, rather than at the lower of cost or market. Under this ASU, subsequent measurement of inventory using the LIFO and retail inventory method is unchanged. ASU 2015-11 is effective prospectively for fiscal years, and for interim periods within those years, beginning after December 15, 2016. Early application is permitted. The Company is currently evaluating the impact of this ASU on its consolidated financial statements. In April 2015, the FASB issued ASU 2015-05, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement (“ASU 2015-05” ) . ASU 2015-05 provides guidance for determining whether a cloud computing arrangement includes a software license and requires that all software licenses within the scope of Subtopic 350-40 be accounted for in a manner consistent with other licenses of intangible assets. ASU 2015-05 is effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2015. Early application is permitted. Retrospective application is permitted for all relevant prior periods. The Company is currently evaluating the potential impact of this ASU on its consolidated financial statements. In April 2015, the FASB issued ASU 2015-03, Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs (“ASU 2015-03” ) . ASU 2015-03 requires that debt issuance costs related to a recognized debt liability be presented as a direct deduction from the carrying amount of the debt, consistent with debt discounts. ASU 2015-03 is effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2015. Early application is permitted. Retrospective application is required for all relevant prior periods. The Company does not expect the adoption of this ASU to have a material impact on its consolidated financial statements. In February 2015, the FASB issued ASU 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis (“ASU 2015-02”). ASU 2015-02 changes the evaluation that a reporting entity must perform to determine whether it should consolidate certain types of legal entities, reduces the number of consolidation models and places emphasis on risk of loss when determining a controlling financial interest. Under ASU 2015-02, all entities are within the scope of Accounting Standards Codification (“ASC”) Subtopic 810, Consolidation, including limited partnerships and similar legal entities, unless a scope exception applies. The presumption that a general partner controls a limited partnership has been eliminated. In addition, fees paid to decision makers that meet certain conditions no longer cause consolidation of VIEs in certain instances. The amendments place more emphasis on variable interests other than fee arrangements and reduce the extent to which related party arrangements cause an entity to be considered a primary beneficiary. ASU 2015-02 is effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2015. Early application is permitted. The Company is currently evaluating the potential impact of this ASU on its consolidated financial statements. In January 2015, the FASB issued ASU 2015-01, Income Statement - Extraordinary and Unusual Items (Subtopic 225-20): Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items (“ASU 2015-01”). ASU 2015-01 eliminates the presentation and disclosure requirements of extraordinary items because it was unclear when an item should be considered both unusual and infrequent and it was extremely rare in practice. ASU 2015-01 is effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2015. The Company does not expect the adoption of this ASU to have an impact on the consolidated financial statements. In November 2014, the FASB issued ASU 2014-16, Derivatives and Hedging (Topic 815): Determining Whether the Host Contract in a Hybrid Financial Instrument Issued in the Form of a Share is More Akin to Debt or to Equity (a consensus of the FASB Emerging Issues Task Force) (“ASU 2014-16”). The amendments in ASU 2014-16 do not change the current criteria in U.S. GAAP for determining when separation of certain embedded derivative features in a hybrid financial instrument is required. Rather, ASU 2014-16 clarifies how current U.S. GAAP should be interpreted in evaluating the economic characteristics and risks of a host contract in a hybrid financial instrument that is issued in the form of a share. ASU 2014-16 is effective for existing hybrid financial instruments issued in the form of a share on a modified retrospective basis for fiscal years, and for interim periods within those years, beginning after December 15, 2015. Retrospective application is permitted for all relevant prior periods. The Company does not expect the adoption of this ASU to have an impact on its consolidated financial statements. In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606) (“ASU 2014-09”). The core principle of this ASU is that a company will recognize revenue when it transfers goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. In doing so, companies will need to use more judgment and make more estimates than under current guidance and will be required to disclose information about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including disclosure of assumptions and estimates where significant judgment has been applied. In July 2015, the FASB deferred the effective date of ASU 2014-09 by one year. ASU 2014-09 is effective using either the retrospective or cumulative effect transition method for fiscal years, and for interim periods within those years, beginning after December 15, 2017. Early application is permitted, but not before fiscal years, and interim periods within those years, beginning after December 15, 2016. The Company is currently determining which transition method will be used and evaluating the potential impact of this ASU on its consolidated financial statements. In April 2014, the FASB issued ASU 2014-08, Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity (“ASU 2014-08”). ASU 2014-08 changes the requirements for reporting discontinued operations and requires additional disclosures about discontinued operations. Only disposals of components of an entity representing a strategic shift that has, or will have, a major effect on an entity’s operations and financial results should be reported as discontinued operations under ASU 2014-08. Examples include a disposal of a major geographical area, a major line of business, or a major equity method investment. ASU 2014-08 also requires expanded disclosure about discontinued operations and requires disclosure about individually significant dispositions that do not qualify as a discontinued operation. ASU 2014-08 is effective prospectively for fiscal years, and for interim periods within those years, beginning after December 15, 2014. The adoption of ASU 2014-08 may impact whether future disposals qualify as discontinued operations. Beginning in 2015, the Company will apply the new guidance, as applicable. Recently Adopted Accounting Pronouncements In July 2013, the FASB issued ASU 2013-11, Income Taxes (Topic 740): Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists (a consensus of the FASB Emerging Issues Task Force) (“ASU 2013-11”). ASU 2013-11 provides guidance on the presentation in the financial statements of an unrecognized tax benefit, or a portion of an unrecognized tax benefit, and explains that unrecognized tax benefits should be presented as a reduction to deferred tax assets for net operating loss carryforwards, similar tax losses or tax credit carryforwards. To the extent a net operating loss carryforward, similar tax loss or tax credit carryforward is not available as of the reporting date under the tax law of the applicable jurisdiction, or the tax law of the applicable jurisdiction does not require the entity to use, and the entity does not intend to use, the deferred tax asset for such purpose, the unrecognized tax benefit should be presented in the financial statements as a liability and should not be combined with deferred tax assets. ASU 2013-11 applies to all entities that have unrecognized tax benefits when a net operating loss carryforward, similar tax loss, or tax credit carryforward exists as of the reporting date. ASU 2013-11 was effective prospectively for fiscal years, and for interim periods within those years, beginning after December 15, 2013, with retrospective application permitted. The Company adopted ASU 2013-11 as of January 1, 2014. The adoption of this ASU did not have a material impact on the consolidated financial statements. |
Discontinued Operations | Discontinued Operations In determining whether a group of assets to be disposed of should be presented as a discontinued operation, management determines whether such assets comprise a component of the Company, which includes an assessment as to whether it has historic operations and cash flows that can be clearly distinguished. Management also determines whether the cash flows associated with the group of assets will be significantly eliminated from the ongoing operations of the Company as a result of the disposal transaction and whether the Company will have no significant continuing involvement in the operations of the disposed assets after the disposal transaction. If management believes these conditions exist, then the assets and liabilities and results of operations of the assets to be disposed, as well as any estimated gain or loss on the disposal transaction, are aggregated for presentation separately from the financial position and operating results of the Company’s continuing operations. For those businesses for which management has committed to a plan of sale, the business is valued at the lower of its carrying amount or estimated fair value less costs to sell. If the carrying amount of the business exceeds its estimated fair value, an impairment loss is recognized. Estimated fair value is determined using management estimates and entity-specific assumptions. Management considers historical experience and all available information at the time such estimates are made; however, the fair value that is ultimately recognized upon sale of the related business may differ from the estimated fair value as reflected in the consolidated financial statements. Depreciation and amortization expense is not recorded on assets of a business to be sold once that business has been classified as held for sale. |
Comprehensive Income | Comprehensive Income Comprehensive income is a measure of net income and other changes in equity that result from transactions other than those with shareholders. Comprehensive income consists of net income, foreign currency translation adjustments, unrealized gains and losses from available-for-sale securities and net income (loss) attributable to non-controlling interests. |
Income Tax Uncertainties | An entity may only recognize or continue to recognize tax positions that meet a “more likely than not” threshold. In the ordinary course of business, there is inherent uncertainty in quantifying income tax positions. The Company assesses its income tax positions and records tax benefits for years subject to examination based on management’s evaluation of the facts, circumstances and information available at the reporting date. For those tax positions where it is more likely than not that a tax benefit will be sustained, the Company has recognized the largest amount of tax benefit with a greater than 50% likelihood of being realized upon ultimate settlement with a taxing authority that has full knowledge of all relevant information. For those income tax positions where it is not more likely than not that a tax benefit will be sustained, the Company does not recognize a tax benefit in its financial statements. |
Independent Investigation of 31
Independent Investigation of the Audit Committee and Related Restatements (Tables) | 12 Months Ended |
Dec. 31, 2014 | |
Accounting Changes and Error Corrections [Abstract] | |
Schedules of Restated Net Income and Restated Condensed Unaudited Consolidated Financial Statements | The following presents the effect of the adjustments on MasTec’s previously reported unaudited net income attributable to MasTec, Inc. (“Net Income”) for each of the affected interim periods (dollar amounts in thousands): Period Previously Reported Net Income Adjustments Restated Net Income First Quarter of 2014 (unaudited) $ 16,023 $ (3,926 ) $ 12,097 Second Quarter of 2014 (unaudited) $ 32,050 $ 1,675 $ 33,725 Six Months Ended June 30, 2014 (unaudited) $ 48,073 $ (2,252 ) $ 45,821 Third Quarter of 2014 (unaudited) $ 45,271 $ 3,715 $ 48,986 Nine Months Ended September 30, 2014 (unaudited) $ 93,344 $ 1,463 $ 94,807 The adjustments above resulted primarily from cost-to-complete estimate changes for two large and complex Electrical Transmission segment projects accounted for under the percentage-of-completion method. The project contracts in question are with third-party clients. One of the contracts was completed in early 2015 and the other contract is expected to be completed in 2016. In one project, the Company determined that certain project costs that were incurred and recorded by the Company in the third quarter of 2014 should have been foreseeable and, therefore, should have been included in project cost-to-complete estimates as of the first quarter of 2014. In the other project, the Company determined that certain project cost savings that were realized by the Company during the third and fourth quarters of 2014 should have been foreseeable and, therefore, should have been included in project cost-to-complete estimates as of the second quarter of 2014. Interim Net Income adjustments related to these projects totaled negative $3.8 million for the three month period ended March 31, 2014 and positive $1.4 million and $3.6 million for the three month periods ended June 30, 2014 and September 30, 2014, respectively. In addition, Selected Items were reviewed to further test the reliability of the previously issued financial statements. As a result of this review, the Company recorded additional immaterial adjustments, which resulted in changes to previously reported interim Net Income, which adjustments are reflected in the table above. The following tables present the impact of the restatement adjustments on MasTec’s previously reported condensed unaudited consolidated financial statements for the three month period ended March 31, 2014, the three and six month periods ended June 30, 2014 and the three and nine month periods ended September 30, 2014. Additionally, certain amounts have been reclassified to conform to current year presentation. Earnings before interest, taxes, depreciation and amortization (“EBITDA”) is the measure of profitability used by management to manage its segments and, accordingly, in its segment reporting. As appropriate, the Company supplements the reporting of consolidated financial information determined in accordance with U.S. GAAP with certain non-U.S. GAAP financial measures, including EBITDA. See Note 16 - Segments for additional discussion. The effect of the restatement adjustments on the Company’s previously reported unaudited consolidated EBITDA for the three month period ended March 31, 2014, the three and six month periods ended June 30, 2014 and the three and nine month periods ended September 30, 2014, along with reconciliations to unaudited consolidated income from continuing operations before income taxes for the respective periods, is presented in the tables below. RESTATED CONDENSED UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per share amounts) For the Three Months Ended March 31, 2014 As Reported Adjustments As Restated Revenue $ 964,029 $ (6,211 ) $ 957,818 Costs of revenue, excluding depreciation and amortization 841,054 270 841,324 Depreciation and amortization 33,494 — 33,494 General and administrative expenses 53,327 — 53,327 Interest expense, net 12,003 — 12,003 Other income, net (1,955 ) (128 ) (2,083 ) Income from continuing operations before income taxes $ 26,106 $ (6,353 ) $ 19,753 Provision for income taxes (9,916 ) 2,427 (7,489 ) Net income from continuing operations $ 16,190 $ (3,926 ) $ 12,264 Discontinued operations: Net loss from discontinued operations $ (122 ) $ — $ (122 ) Net income $ 16,068 $ (3,926 ) $ 12,142 Net income attributable to non-controlling interests 45 — 45 Net income attributable to MasTec, Inc. $ 16,023 $ (3,926 ) $ 12,097 Earnings per share: Basic earnings (loss) per share: Continuing operations $ 0.21 $ (0.05 ) $ 0.16 Discontinued operations (0.00 ) 0.00 (0.00 ) Total basic earnings per share (a) $ 0.21 $ (0.05 ) $ 0.16 Basic weighted average common shares outstanding 77,345 — 77,345 Diluted earnings (loss) per share: Continuing operations $ 0.19 $ (0.05 ) $ 0.14 Discontinued operations (0.00 ) 0.00 (0.00 ) Total diluted earnings per share (a) $ 0.19 $ (0.05 ) $ 0.14 Diluted weighted average common shares outstanding 86,622 — 86,622 (a) Earnings per share calculations may contain slight summation differences due to rounding. The revenue adjustment set forth in the restated condensed unaudited consolidated statements of operations above resulted from a cost-to-complete estimate change on a large and complex Electrical Transmission segment project accounted for under the percentage-of-completion method. In addition, there were other immaterial adjustments identified within various segments, which affected costs of revenue, excluding depreciation and amortization and other income, net. For the three month period ended March 31, 2014, these adjustments resulted in a reduction in revenue of $6.2 million , an increase in costs of revenue, excluding depreciation and amortization, of $0.3 million , an increase in other income, net, of $0.1 million , and a reduction in Net Income of approximately $3.9 million . Basic and diluted earnings per share decreased by $0.05 cents each. For the Three Months Ended March 31, 2014 Restated Unaudited EBITDA and EBITDA Reconciliation (in millions) : As Reported Adjustments As Restated EBITDA - Continuing operations $ 71.6 $ (6.4 ) $ 65.3 Less: Interest expense, net (12.0 ) — (12.0 ) Depreciation and amortization (33.5 ) — (33.5 ) Income from continuing operations before income taxes $ 26.1 $ (6.4 ) $ 19.8 Impact of Adjustments on Comparison of Results - Electrical Transmission Segment As previously reported, Electrical Transmission segment revenue and EBITDA for the three month period ended March 31, 2014 totaled $80 million and $3 million , respectively. As restated, Electrical Transmission segment revenue and EBITDA for the three month period ended March 31, 2014 totaled $74 million and negative $3 million , respectively. EBITDA margin for the Electrical Transmission segment, as previously reported, was 4.4% for the three month period ended March 31, 2014, and as restated, was negative 3.7% . As restated, Electrical Transmission segment revenue for the three month period ended March 31, 2014 decreased versus the prior year period by $11 million , or 13% . Acquisitions contributed $5 million of revenue, whereas organic revenue declined by $15 million , primarily as a result of winter weather disruptions and timing of project startups. As restated, Electrical Transmission segment EBITDA for the three month period ended March 31, 2014 decreased versus the prior year period by $6 million , or 180% , and Electrical Transmission segment EBITDA margin declined to negative 3.7% from positive 4.0% in the prior year period, with a majority of this decline due to production inefficiencies resulting from lower organic revenue. RESTATED CONDENSED UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (in thousands) For the Three Months Ended March 31, 2014 As Reported Adjustments As Restated Net income $ 16,068 $ (3,926 ) $ 12,142 Other comprehensive (loss) income: Foreign currency translation adjustments, net of tax (5,335 ) (1 ) (5,336 ) Comprehensive income $ 10,733 $ (3,927 ) $ 6,806 Comprehensive income attributable to non-controlling interests 45 — 45 Comprehensive income attributable to MasTec, Inc. $ 10,688 $ (3,927 ) $ 6,761 RESTATED CONDENSED UNAUDITED CONSOLIDATED BALANCE SHEETS (in thousands, except share and per share amounts) March 31, 2014 As Reported Adjustments As Restated Assets Current assets: Cash and cash equivalents $ 9,261 $ — $ 9,261 Accounts receivable, net of allowance 1,195,603 (10,367 ) 1,185,236 Inventories, net 89,146 — 89,146 Prepaid expenses and other current assets, including discontinued operations 63,926 2,426 66,352 Total current assets $ 1,357,936 $ (7,941 ) $ 1,349,995 Property and equipment, net 509,585 — 509,585 Goodwill 912,885 — 912,885 Other intangible assets, net 171,562 — 171,562 Other long-term assets, including discontinued operations 61,439 — 61,439 Total assets $ 3,013,407 $ (7,941 ) $ 3,005,466 Liabilities and equity Current liabilities: Current maturities of long-term debt $ 52,949 $ — $ 52,949 Accounts payable 440,152 271 440,423 Accrued salaries and wages 68,055 — 68,055 Other accrued expenses 60,581 (128 ) 60,453 Acquisition-related contingent consideration, current 64,694 6,806 71,500 Billings in excess of costs and earnings 109,370 — 109,370 Other current liabilities, including discontinued operations 24,588 (4,157 ) 20,431 Total current liabilities $ 820,389 $ 2,792 $ 823,181 Acquisition-related contingent consideration, net of current portion 119,756 (6,806 ) 112,950 Long-term debt 841,335 — 841,335 Long-term deferred tax liabilities, net 154,151 — 154,151 Other long-term liabilities 40,929 — 40,929 Total liabilities $ 1,976,560 $ (4,014 ) $ 1,972,546 Commitments and contingencies Equity: Preferred stock, $1.00 par value: authorized shares - 5,000,000; issued and outstanding shares – none $ — $ — $ — Common stock, $0.10 par value: authorized shares - 145,000,000; issued shares - 86,993,988 as of March 31, 2014 8,700 — 8,700 Capital surplus 827,863 — 827,863 Contributed shares 6,002 — 6,002 Retained earnings 357,887 (3,926 ) 353,961 Accumulated other comprehensive loss (18,621 ) (1 ) (18,622 ) Treasury stock, at cost; 9,467,286 shares as of March 31, 2014 (150,000 ) — (150,000 ) Total MasTec, Inc. shareholders’ equity $ 1,031,831 $ (3,927 ) $ 1,027,904 Non-controlling interests $ 5,016 $ — $ 5,016 Total equity $ 1,036,847 $ (3,927 ) $ 1,032,920 Total liabilities and equity $ 3,013,407 $ (7,941 ) $ 3,005,466 As of March 31, 2014, the cost-to-complete estimate changes for the projects discussed above resulted in a decrease in costs and earnings in excess of billings of $6.2 million . There was also a reclassification of $4.2 million from other current liabilities to costs and earnings in excess of billings associated with cost-to-complete estimates. The decrease in Net Income discussed above resulted in an increase in current taxes receivable of $2.4 million . Additionally, there was a $6.8 million reclassification of an earn-out liability that had been earned as of March 31, 2014 from long-term to current liabilities. In addition to the adjustments discussed above, there were other immaterial adjustments identified, which affected accounts payable and other accrued expenses. RESTATED CONDENSED UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) For the Three Months Ended March 31, As Reported Adjustments As Restated Cash flows from operating activities: Net income $ 16,068 $ (3,926 ) $ 12,142 Adjustments to reconcile net income to net cash used in operating activities: Depreciation and amortization 33,494 — 33,494 Non-cash interest expense 2,362 — 2,362 Non-cash stock-based compensation expense 3,260 — 3,260 Excess tax benefit from stock-based compensation (3,246 ) — (3,246 ) Provision for deferred income taxes 3,281 — 3,281 Other non-cash items 623 — 623 (Gains) losses on sales of assets (1,622 ) — (1,622 ) Changes in assets and liabilities, net of acquisitions: Accounts receivable (43,440 ) 10,367 (33,073 ) Inventories (13,313 ) — (13,313 ) Other assets, current and long-term portion 9,034 (2,426 ) 6,608 Accounts payable and accrued expenses (14,683 ) 143 (14,540 ) Billings in excess of costs and earnings (12,247 ) — (12,247 ) Book overdrafts 1,266 — 1,266 Other liabilities, current and long-term portion (1,231 ) (4,158 ) (5,389 ) Net cash used in operating activities $ (20,394 ) $ — $ (20,394 ) Cash flows (used in) provided by investing activities: Cash paid for acquisitions, net of cash acquired (23,831 ) — (23,831 ) Capital expenditures (35,554 ) — (35,554 ) Proceeds from sale of property and equipment 3,373 — 3,373 Payments for other investments (1,098 ) — (1,098 ) Net cash used in investing activities $ (57,110 ) $ — $ (57,110 ) Cash flows provided by (used in) financing activities: Proceeds from credit facilities 233,872 — 233,872 Repayments of credit facilities (157,349 ) — (157,349 ) Repayments of other borrowings (2,830 ) — (2,830 ) Payments of capital lease obligations (10,956 ) — (10,956 ) Payments of tax withholdings and proceeds from stock-based awards, net (1,451 ) — (1,451 ) Excess tax benefit from stock-based compensation 3,246 — 3,246 Payments of financing costs (218 ) — (218 ) Net cash provided by financing activities $ 64,314 $ — $ 64,314 Effect of currency translation on cash (476 ) — (476 ) Net decrease in cash and cash equivalents (13,666 ) — (13,666 ) Cash and cash equivalents - beginning of period $ 22,927 $ — $ 22,927 Cash and cash equivalents - end of period $ 9,261 $ — $ 9,261 Supplemental cash flow information: Interest paid $ 12,430 $ — $ 12,430 Income taxes paid, net of refunds $ 11,928 $ — $ 11,928 Supplemental disclosure of non-cash information: Equipment acquired under capital lease $ 8,240 $ — $ 8,240 Equipment acquired under financing arrangements $ 5,780 $ — $ 5,780 Acquisition-related contingent consideration, new business combinations $ 8,700 $ — $ 8,700 RESTATED CONDENSED UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per share amounts) For the Three Months Ended June 30, 2014 For the Six Months Ended June 30, 2014 As Reported Adjustments As Restated As Reported Adjustments As Restated Revenue $ 1,104,556 $ 2,676 $ 1,107,232 $ 2,068,585 $ (3,535 ) $ 2,065,050 Costs of revenue, excluding depreciation and amortization 950,889 (174 ) 950,715 1,791,943 97 1,792,040 Depreciation and amortization 36,755 — 36,755 70,249 — 70,249 General and administrative expenses 54,237 — 54,237 107,564 — 107,564 Interest expense, net 12,949 — 12,949 24,952 — 24,952 Other income, net (2,051 ) 128 (1,923 ) (4,007 ) — (4,007 ) Income from continuing operations before income taxes $ 51,777 $ 2,722 $ 54,499 $ 77,884 $ (3,632 ) $ 74,252 Provision for income taxes (19,714 ) (1,047 ) (20,761 ) (29,630 ) 1,380 (28,250 ) Net income from continuing operations $ 32,063 $ 1,675 $ 33,738 $ 48,254 $ (2,252 ) $ 46,002 Discontinued operations: Net loss from discontinued operations $ (149 ) $ — $ (149 ) $ (272 ) $ — $ (272 ) Net income $ 31,914 $ 1,675 $ 33,589 $ 47,982 $ (2,252 ) $ 45,730 Net loss attributable to non-controlling interests (136 ) — (136 ) (91 ) — (91 ) Net income attributable to MasTec, Inc. $ 32,050 $ 1,675 $ 33,725 $ 48,073 $ (2,252 ) $ 45,821 Earnings per share: Basic earnings (loss) per share: Continuing operations $ 0.41 $ 0.02 $ 0.43 $ 0.62 $ (0.03 ) $ 0.59 Discontinued operations (0.00 ) 0.00 (0.00 ) (0.00 ) 0.00 (0.00 ) Total basic earnings per share (a) $ 0.41 $ 0.02 $ 0.43 $ 0.62 $ (0.03 ) $ 0.59 Basic weighted average common shares outstanding 78,269 — 78,269 77,810 — 77,810 Diluted earnings (loss) per share: Continuing operations $ 0.37 $ 0.02 $ 0.39 $ 0.56 $ (0.03 ) $ 0.53 Discontinued operations (0.00 ) 0.00 0.00 (0.00 ) 0.00 0.00 Total diluted earnings per share (a) $ 0.37 $ 0.02 $ 0.39 $ 0.56 $ (0.03 ) $ 0.53 Diluted weighted average common shares outstanding 86,730 — 86,730 86,675 — 86,675 (a) Earnings per share calculations may contain slight summation differences due to rounding. Of the revenue adjustments set forth in the restated condensed unaudited consolidated statements of operations above, $2.3 million and negative $3.9 million , respectively, resulted from cost-to-complete estimate changes for two large and complex Electrical Transmission segment projects accounted for under the percentage-of-completion method for the three and six month periods ended June 30, 2014. In addition, there were other immaterial adjustments identified within various segments, which affected revenue, costs of revenue, excluding depreciation and amortization, and other income, net. For the three month period ended June 30, 2014, the adjustments resulted in an increase in revenue of $2.7 million , a decrease in costs of revenue, excluding depreciation and amortization, of $0.2 million and a decrease in other income, net of $0.1 million . Net Income increased by approximately $1.7 million . For the six month period ended June 30, 2014, revenue decreased by $3.5 million , costs of revenue, excluding depreciation and amortization, increased by $0.1 million , and Net Income decreased by approximately $2.3 million . Basic and diluted earnings per share for the three month period ended June 30, 2014 increased by $0.02 cents each, and for the six month period ended June 30, 2014, decreased by $0.03 cents each. For the Three Months Ended June 30, 2014 For the Six Months Ended June 30, 2014 Restated Unaudited EBITDA and EBITDA Reconciliation (in millions) : As Reported Adjustments As Restated As Reported Adjustments As Restated EBITDA - Continuing operations $ 101.5 $ 2.7 $ 104.2 $ 173.1 $ (3.6 ) $ 169.5 Less: Interest expense, net (12.9 ) — (12.9 ) (25.0 ) — (25.0 ) Depreciation and amortization (36.8 ) — (36.8 ) (70.2 ) — (70.2 ) Income from continuing operations before income taxes $ 51.8 $ 2.7 $ 54.5 $ 77.9 $ (3.6 ) $ 74.3 Impact of Adjustments on Comparison of Results - Electrical Transmission Segment As previously reported, Electrical Transmission segment revenue for the three and six month periods ended June 30, 2014 totaled $114 million and $195 million , respectively. As restated, Electrical Transmission segment revenue for the three and six month periods ended June 30, 2014 totaled $117 million and $191 million respectively. As restated, Electrical Transmission segment revenue for the three month period ended June 30, 2014 decreased versus the same period in the prior year by $2 million , or 1.5% . Acquisitions contributed $8 million of revenue for the three month period ended June 30, 2014, whereas organic revenue declined by $10 million as compared to the same period in the prior year, primarily as a result of timing of project startups. As restated, segment revenue for the six month period ended June 30, 2014 decreased versus the same period in the prior year by $12 million , or 6.1% . Acquisitions contributed $13 million of revenue for the six month period ended June 30, 2014, whereas organic revenue declined by $25 million as compared to the same period in the prior year, primarily as a result of first quarter 2014 winter weather disruptions and timing of project startups. As previously reported, Electrical Transmission EBITDA for the three and six month periods ended June 30, 2014 totaled $17 million and $21 million , respectively. EBITDA margins for the Electrical Transmission segment, as previously reported, were 14.9% and 10.5% for the three and six month periods ended June 30, 2014, respectively. As restated, Electrical Transmission EBITDA for the three and six month periods ended June 30, 2014 totaled $19 million and $17 million , respectively, and EBITDA margins for the Electrical Transmission segment, as restated, were 16.5% and 8.7% , respectively. As restated, Electrical Transmission EBITDA for the three month period ended June 30, 2014 increased versus the same period in the prior year by $8 million , or 67.7% , and EBITDA margin improved to 16.5% from 9.7% in the prior year period. As restated, EBITDA margins improved by 680 basis points, or approximately $8 million for the three month period ended June 30, 2014, driven primarily by improved project efficiencies versus the same period in prior year. As restated, Electrical Transmission EBITDA for the six month period ended June 30, 2014 increased versus the same period in the prior year by $2 million , or 11.2% , and EBITDA margin improved to 8.7% from 7.3% in the prior year period. As restated, EBITDA margins improved by 140 basis points, or approximately $3 million for the six month period ended June 30, 2014 as compared to the same period in the prior year, driven primarily by improved project efficiencies. RESTATED CONDENSED UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (in thousands) For the Three Months Ended June 30, For the Six Months Ended June 30, As Reported Adjustments As Restated As Reported Adjustments As Restated Net income $ 31,914 $ 1,675 $ 33,589 $ 47,982 $ (2,252 ) $ 45,730 Other comprehensive income (loss): Foreign currency translation adjustments, net of tax 7,678 (2 ) 7,676 2,343 (3 ) 2,340 Comprehensive income $ 39,592 $ 1,673 $ 41,265 $ 50,325 $ (2,255 ) $ 48,070 Comprehensive loss attributable to non-controlling interests (136 ) — (136 ) (91 ) — (91 ) Comprehensive income attributable to MasTec, Inc. $ 39,728 $ 1,673 $ 41,401 $ 50,416 $ (2,255 ) $ 48,161 RESTATED CONDENSED UNAUDITED CONSOLIDATED BALANCE SHEETS (in thousands, except share and per share amounts) June 30, 2014 As Reported Adjustments As Restated Assets Current assets: Cash and cash equivalents $ 15,924 $ — $ 15,924 Accounts receivable, net of allowance 1,288,672 (8,422 ) 1,280,250 Inventories, net 115,627 — 115,627 Prepaid expenses and other current assets, including discontinued operations 69,429 1,380 70,809 Total current assets $ 1,489,652 $ (7,042 ) $ 1,482,610 Property and equipment, net 618,672 — 618,672 Goodwill 983,133 — 983,133 Other intangible assets, net 230,592 — 230,592 Other long-term assets, including discontinued operations 73,821 — 73,821 Total assets $ 3,395,870 $ (7,042 ) $ 3,388,828 Liabilities and equity Current liabilities Current maturities of long-term debt $ 76,914 $ — $ 76,914 Accounts payable 494,090 — 494,090 Accrued salaries and wages 63,845 100 63,945 Other accrued expenses 69,401 — 69,401 Acquisition-related contingent consideration, current 36,479 — 36,479 Billings in excess of costs and earnings 109,805 (837 ) 108,968 Other current liabilities, including discontinued operations 17,940 (4,050 ) 13,890 Total current liabilities $ 868,474 $ (4,787 ) $ 863,687 Acquisition-related contingent consideration, net of current portion 116,929 — 116,929 Long-term debt 1,088,666 — 1,088,666 Long-term deferred tax liabilities, net 186,538 — 186,538 Other long-term liabilities 43,949 — 43,949 Total liabilities $ 2,304,556 $ (4,787 ) $ 2,299,769 Commitments and contingencies Equity: Preferred stock, $1.00 par value: authorized shares - 5,000,000; issued and outstanding shares – none $ — $ — $ — Common stock, $0.10 par value: authorized shares - 145,000,000; issued shares - 87,036,192 as of June 30, 2014 8,704 — 8,704 Capital surplus 776,301 — 776,301 Contributed shares 6,002 — 6,002 Retained earnings 389,937 (2,252 ) 387,685 Accumulated other comprehensive loss (10,943 ) (3 ) (10,946 ) Treasury stock, at cost: 5,262,831 shares as of June 30, 2014 (83,385 ) — (83,385 ) Total MasTec, Inc. shareholders’ equity $ 1,086,616 $ (2,255 ) $ 1,084,361 Non-controlling interests $ 4,698 $ — $ 4,698 Total equity $ 1,091,314 $ (2,255 ) $ 1,089,059 Total liabilities and equity $ 3,395,870 $ (7,042 ) $ 3,388,828 The cost-to-complete estimate changes for the Electrical Transmission projects discussed above, along with an immaterial adjustment for a separate project resulted in a decrease in costs and earnings in excess of billings of $4.4 million . There was also a reclassification of $4.1 million from other current liabilities to costs and earnings in excess of billings associated with cost-to-complete estimates. Billings in excess of costs and earnings decreased by $0.8 million as of June 30, 2014. The decrease in Net Income discussed above resulted in an increase in current taxes receivable of $1.4 million . In addition to the adjustments discussed above, there were other immaterial adjustments identified, which affected costs and earnings in excess of billings and accrued salaries and wages. RESTATED CONDENSED UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) For the Six Months Ended June 30, As Reported Adjustments As Restated Cash flows from operating activities: Net income $ 47,982 $ (2,252 ) $ 45,730 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 70,249 — 70,249 Non-cash interest expense 4,642 — 4,642 Non-cash stock-based compensation expense 7,480 — 7,480 Excess tax benefit from stock-based compensation (3,386 ) — (3,386 ) Provision for deferred income taxes 11,160 — 11,160 Other non-cash items 438 — 438 (Gains) losses on sales of assets (2,593 ) — (2,593 ) Changes in assets and liabilities, net of acquisitions: Accounts receivable (21,270 ) 8,422 (12,848 ) Inventories (37,140 ) — (37,140 ) Other assets, current and long-term portion 4,655 (1,382 ) 3,273 Accounts payable and accrued expenses (8,916 ) 100 (8,816 ) Billings in excess of costs and earnings (12,258 ) (837 ) (13,095 ) Book overdrafts (1,355 ) — (1,355 ) Other liabilities, current and long-term portion (4,369 ) (4,051 ) (8,420 ) Net cash provided by operating activities $ 55,319 $ — $ 55,319 Cash flows (used in) provided by investing activities: Cash paid for acquisitions, net of cash acquired (162,901 ) — (162,901 ) Capital expenditures (67,566 ) — (67,566 ) Proceeds from sale of property and equipment 8,752 — 8,752 Proceeds from other investments, net 573 — 573 Net cash used in investing activities $ (221,142 ) $ — $ (221,142 ) Cash flows provided by (used in) financing activities: Proceeds from credit facilities 815,840 — 815,840 Repayments of credit facilities (463,713 ) — (463,713 ) Repayment of senior notes, including convertible notes (105,325 ) — (105,325 ) Repayments of other borrowings (7,220 ) — (7,220 ) Payments of capital lease obligations (23,023 ) — (23,023 ) Payments of tax withholdings and proceeds from stock-based awards, net (578 ) — (578 ) Excess tax benefit from stock-based compensation 3,386 — 3,386 Payments of acquisition-related contingent consideration (58,902 ) — (58,902 ) Payments of financing costs (1,298 ) — (1,298 ) Net cash provided by financing activities $ 159,167 $ — $ 159,167 Effect of currency translation on cash (347 ) — (347 ) Net decrease in cash and cash equivalents (7,003 ) — (7,003 ) Cash and cash equivalents - beginning of period $ 22,927 $ — $ 22,927 Cash and cash equivalents - end of period $ 15,924 $ — $ 15,924 Supplemental cash flow information: Interest paid $ 20,247 $ — $ 20,247 Income taxes paid, net of refunds $ 29,901 $ — $ 29,901 Supplemental disclosure of non-cash information: Equipment acquired under capital lease $ 44,574 $ — $ 44,574 Equipment acquired under financing arrangements $ 5,780 $ — $ 5,780 Acquisition-related contingent consideration, new business combinations $ 33,612 $ — $ 33,612 Premium shares, conversion of convertible notes $ 114,785 $ — $ 114,785 RESTATED CONDENSED UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per share amounts) For the Three Months Ended September 30, For the Nine Months Ended September 30, As Reported Adjustments As Restated As Reported Adjustments As Restated Revenue $ 1,309,596 $ 5,892 $ 1,315,488 $ 3,378,180 $ 2,358 $ 3,380,538 Costs of revenue, excluding depreciation and amortization 1,122,961 (100 ) 1,122,861 2,914,904 (3 ) 2,914,901 Depreciation and amortization 41,747 — 41,747 111,996 — 111,996 General and administrative expenses 59,889 — 59,889 167,454 — 167,454 Interest expense, net 12,643 — 12,643 37,595 — 37,595 Other income, net (1,416 ) — (1,416 ) (5,424 ) — (5,424 ) Income from continuing operations before income taxes $ 73,772 $ 5,992 $ 79,764 $ 151,655 $ 2,361 $ 154,016 Provision for income taxes (28,042 ) (2,277 ) (30,319 ) (57,671 ) (898 ) (58,569 ) Net income from continuing operations $ 45,730 $ 3,715 $ 49,445 $ 93,984 $ 1,463 $ 95,447 Discontinued operations: Net loss from discontinued operations, including loss on disposal and impairment charges $ (320 ) $ — $ (320 ) $ (592 ) $ — $ (592 ) Net income $ 45,410 $ 3,715 $ 49,125 $ 93,392 $ 1,463 $ 94,855 Net income attributable to non-controlling interests 139 — 139 48 — 48 Net income attributable to MasTec, Inc. $ 45,271 $ 3,715 $ 48,986 $ 93,344 $ 1,463 $ 94,807 Earnings per share: Basic earnings (loss) per share: Continuing operations $ 0.56 $ 0.04 $ 0.60 $ 1.19 $ 0.02 $ 1.21 Discontinued operations (0.00 ) 0.00 0.00 (0.01 ) 0.00 (0.01 ) Total basic earnings per share (a) $ 0.55 $ 0.05 $ 0.60 $ 1.18 $ 0.02 $ 1.20 Basic weighted average common shares outstanding 81,811 — 81,811 79,158 — 79,158 Diluted earnings (loss) per share: Continuing operations $ 0.53 $ 0.04 $ 0.57 $ 1.09 $ 0.02 $ 1.11 Discontinued operations (0.00 ) 0.00 (0.00 ) (0.01 ) 0.00 (0.01 ) Total diluted earnings per share (a) $ 0.53 $ 0.04 $ 0.57 $ 1.08 $ 0.02 $ 1.10 Diluted weighted average common shares outstanding 85,824 — 85,824 86,416 — 86,416 (a) Earnings per share calculations may contain slight summation differences due to rounding. Of the revenue adjustments set forth in the restated condensed unaudited consolidated statements of operations above, $5.8 million and $1.9 million , respectively, resulted from cost-to-complete estimate changes for two large and complex Electrical Transmission segment projects accounted for under the percentage-of-completion method for the three and nine month periods ended September 30, 2014. In addition, there were other immaterial adjustments identified within various segments, which affected revenue and costs of revenue, excluding depreciation and amortization. For the three month period ended September 30, 2014, the adjustments discussed above resulted in an increase in revenue of $5.9 million , a decrease in costs of revenue, excluding depreciation and amortization, of $0.1 million , and an increase in Net Income of approximately $3.7 million . For the nine month period ended September 30, 2014, the cumulative effect of the adjustments resulted in an increase in revenue of $2.4 million . Net Income increased by approximately $1.5 million . Basic and diluted earnings per share from continuing operations increased by $0.04 cents each for the three month period ended September 30, 2014. Total basic and diluted earnings per share increased by $0.05 cents and $0.04 cents, respectively, for the three month period ended September 30, 2014. Basic and diluted earnings per share for the nine month period ended September 30, 2014 increased by $0.02 cents each. For the Three Months Ended September 30, For the Nine Months Ended September 30, Restated Unaudited EBITDA and EBITDA Reconciliation (in millions) : As Reported Adjustments As Restated As Reported Adjustments As Restated EBITDA - Continuing operations $ 128.2 $ 6.0 $ 134.2 $ 301.2 $ 2.4 $ 303.6 Less: Interest expense, net (12.6 ) — (12.6 ) (37.6 ) — (37.6 ) Depreciation and amortization (41.7 ) — (41.7 ) (112.0 ) — (112.0 ) Income from continuing operations before income taxes $ 73.8 $ 6.0 $ 79.8 $ 151.7 $ 2.4 $ 154.0 Impact of Adjustments on Comparison of Results - Electrical Transmission Segment As previously reported, Electrical Transmission segment revenue for the three and nine month periods ended September 30, 2014 totaled $133 million and $327 million , respectively. As restated, Electrical Transmission segment revenue for the three and nine month periods ended September 30, 2014 totaled $138 million and $329 million , respectively. As restated, Electrical Transmission segment revenue for the three month period ended September 30, 2014 increased versus the same period in the prior year by $20 million , or 16.6% . Organic revenue growth totaled $17 million , and acquisitions contributed $3 million of increased revenue for the three month period ended September 30, 2014. As restated, segment revenue for the nine month period ended September 30, 2014 increased versus the same period in the prior year by $7 million , or 2.3% . Acquisitions contributed $16 million of increased revenue for the nine month period ended September 30, 2014, whereas organic revenue declined by $9 million versus the same period in the prior year, primarily as a result of first quarter 2014 winter weather disruptions and timing of project startups. As previously reported, Electrical Transmission EBITDA for the three and nine month periods ended September 30, 2014 total |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2014 | |
Earnings Per Share [Line Items] | |
Schedule of Earnings Per Share Information | The following table provides details underlying the Company’s earnings per share calculations for the periods indicated (in thousands): For the Years Ended December 31, 2014 2013 2012 Net income attributable to MasTec: Net income, continuing operations - basic (a) $ 122,375 $ 147,492 $ 116,639 Interest expense, net of tax, 2009 Convertible Notes 181 315 311 Net income, continuing operations - diluted $ 122,556 $ 147,807 $ 116,950 Net loss from discontinued operations - basic and diluted (a) (6,452 ) (6,542 ) (9,213 ) Net income attributable to MasTec - diluted $ 116,104 $ 141,265 $ 107,737 Weighted average shares outstanding: Weighted average shares outstanding - basic 79,953 76,923 78,275 Dilutive common stock equivalents 813 777 883 Dilutive premium shares, 2011 Convertible Notes 4,971 6,395 2,118 Dilutive shares, 2009 Convertible Notes 459 806 806 Weighted average shares outstanding - diluted 86,196 84,901 82,082 (a) Calculated as total net income (loss) less amounts attributable to non-controlling interests. |
2011 Convertible Notes [Member] | |
Earnings Per Share [Line Items] | |
Schedule of Convertible Note Premium Share Information | The calculations underlying the number of premium shares included in the Company’s diluted share count for the periods indicated are as follows (in thousands, except per share amounts): As of and for the Years Ended December 31, 2013 2012 Premium Share Information: 2011 4.0% Notes 2011 4.25% Notes 2011 4.0% Notes 2011 4.25% Notes Number of conversion shares, principal amount 6,683 6,268 6,683 6,268 Per share price, actual average $ 30.86 $ 30.86 $ 18.68 $ 18.68 Premium value $ 100,911 $ 96,423 $ 19,494 $ 20,064 Premium shares 3,270 3,125 1,044 1,074 |
Acquisitions (Tables)
Acquisitions (Tables) | 12 Months Ended |
Dec. 31, 2014 | |
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 one-time 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 the repayment of acquired debt. 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 Years Ended December 31, Unaudited pro forma financial information (in millions) : 2014 2013 2012 Revenue $ 5,085.2 $ 5,465.9 $ 4,199.6 Net income from continuing operations $ 130.3 $ 160.8 $ 131.0 Results of Businesses Acquired Revenue and net (loss) income from continuing operations resulting from the year-over-year incremental impact of acquired businesses, which are included within the Company’s consolidated results of operations for the years indicated, were as follows (in millions): For the Years Ended December 31, Actual of acquirees (year-over-year impact) : 2014 2013 2012 Revenue $ 565.4 $ 406.6 $ 170.8 Net (loss) income from continuing operations (a) $ 0.7 $ 20.0 $ 11.8 (a) Acquiree net (loss) income from continuing operations for the year ended December 31, 2014 includes approximately $5.0 million of the $5.3 million total acquisition integration costs incurred in connection with the WesTower acquisition. The above results, however, do not include other acquisition-related costs of $2.7 million , $1.9 million and $0.7 million for the years ended December 31, 2014 , 2013 and 2012 , respectively, which are included within general and administrative expenses in the Company’s consolidated statements of operations. 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 preliminary estimated fair values of consideration paid and identifiable assets acquired and liabilities assumed, as adjusted, in U.S. dollars 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 |
Big Country [Member] | |
Business Combinations [Line Items] | |
Schedule of Consideration Paid and Net Assets Acquired, Business Acquisitions | The following table summarizes the fair values of consideration paid and identifiable assets acquired and liabilities assumed, as adjusted for the final net working capital, estimated earn-out liability and the estimated fair values of acquired net assets, in U.S. dollars as of the date of acquisition (in millions): Acquisition consideration: May 1, 2013 Cash $ 103.5 Fair value of contingent consideration (earn-out liability) 25.3 Total consideration transferred $ 128.8 Identifiable assets acquired and liabilities assumed: Current assets $ 69.0 Property and equipment 43.5 Pre-qualifications 29.6 Finite-lived intangible assets 10.7 Current liabilities, including current portion of capital lease obligations and long-term debt (24.4 ) Long-term debt, including capital lease obligations (23.0 ) Deferred income taxes (14.4 ) Total identifiable net assets $ 91.0 Goodwill $ 37.8 Total net assets acquired, including goodwill $ 128.8 |
Schedule of Finite-Lived Intangible Assets Acquired, Business Acquisitions | The fair values and weighted average useful lives of Big Country’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 $ 1.9 3 Non-compete agreements 1.8 9 Customer relationships 7.0 7 Total acquired finite-lived intangible assets $ 10.7 6 |
2013 Acquisitions [Member] | |
Business Combinations [Line Items] | |
Schedule of Measurement Period Adjustments, 2013 Acquisitions, Business Acquisitions | Measurement period adjustments associated with the Company’s 2013 acquisitions have been reflected as follows (in millions): As of December 31, 2013: As Previously Reported Measurement Period Adjustments As Revised Current assets $ 1,306.0 $ 1.0 $ 1,307.0 Goodwill $ 899.4 $ 2.6 $ 902.0 Current liabilities $ 825.5 $ 3.7 $ 829.2 Long-term deferred tax liabilities, net $ 154.9 $ (0.1 ) $ 154.8 |
Goodwill and Other Intangible34
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2014 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Rollforward of Goodwill by Segment | The following table provides a reconciliation of changes in goodwill by reportable segment for the periods indicated (in millions): Communications Oil and Gas Electrical Transmission Power Generation and Industrial Total Goodwill Balance as of December 31, 2012 $ 306.1 $ 273.4 $ 129.5 $ 117.6 $ 826.6 Additions from new business combinations 7.1 37.8 20.4 — 65.3 Accruals of acquisition-related contingent consideration, net (a) 13.6 — — — 13.6 Currency translation adjustments — (3.5 ) — — (3.5 ) Balance as of December 31, 2013 $ 326.8 $ 307.7 $ 149.9 $ 117.6 $ 902.0 Additions from new business combinations 84.4 100.4 — — 184.8 Accruals of acquisition-related contingent consideration, net (a) 6.5 — — — 6.5 Currency translation adjustments — (10.8 ) — — (10.8 ) Balance as of December 31, 2014 $ 417.7 $ 397.3 $ 149.9 $ 117.6 $ 1,082.5 (a) Represents contingent consideration for acquisitions prior to January 1, 2009, which is accrued as earned, in accordance with U.S. GAAP. |
Rollforward of Other Intangible Assets | The following table provides a reconciliation of changes in other intangible assets for the periods indicated (in millions): Other Intangible Assets Non-amortizing Amortizing Trade Names Pre-Qualifications Customer Relationships and Backlog Other (a) Total Other intangible assets, gross carrying amount as of December 31, 2012 $ 34.8 $ 31.3 $ 109.6 $ 19.8 $ 195.5 Accumulated amortization (48.3 ) (10.2 ) (58.5 ) Other intangible assets, net, as of December 31, 2012 $ 34.8 $ 31.3 $ 61.3 $ 9.6 $ 137.0 Additions from new business combinations — 29.6 19.5 2.8 51.9 Amortization expense (19.6 ) (1.6 ) (21.2 ) Currency translation adjustments — (1.5 ) (0.5 ) (0.1 ) (2.1 ) Other intangible assets, net, as of December 31, 2013 $ 34.8 $ 59.4 $ 60.7 $ 10.7 $ 165.6 Additions from new business combinations — 38.7 73.4 4.2 116.3 Amortization expense (23.2 ) (1.9 ) (25.1 ) Currency translation adjustments — (4.8 ) (1.4 ) (0.2 ) (6.4 ) Other intangible assets, net, as of December 31, 2014 $ 34.8 $ 93.3 $ 109.5 $ 12.8 $ 250.4 Remaining weighted average amortization period (in years) 13 11 13 (a) Consists principally of trade names and non-compete agreements. |
Schedule of Expected Future Amortization Expense for Amortizing Assets | Expected future amortization expense associated with amortizing intangible assets as of December 31, 2014 is summarized in the following table (in millions): Amortization Expense 2015 $ 29.8 2016 21.5 2017 16.9 2018 13.1 2019 8.7 Thereafter 32.3 Total $ 122.3 |
Accounts Receivable, Net of A35
Accounts Receivable, Net of Allowance (Tables) - Accounts Receivable [Member] | 12 Months Ended |
Dec. 31, 2014 | |
Schedule of Accounts Receivable, Net of Allowance [Line Items] | |
Schedule of Accounts Receivable, Net of Allowance | The following table provides details of accounts receivable, net of allowance, as of the dates indicated (in millions): December 31, 2014 2013 Contract billings $ 669.7 $ 598.2 Retainage 162.2 159.3 Costs and earnings in excess of billings 485.6 392.9 Accounts receivable, gross $ 1,317.5 $ 1,150.4 Less allowance for doubtful accounts (13.9 ) (15.7 ) Accounts receivable, net $ 1,303.6 $ 1,134.7 |
Schedule of Activity, Allowance for Doubtful Accounts | Activity in the allowance for doubtful accounts for the periods indicated is as follows (in millions): For the Years Ended December 31, 2014 2013 Allowance for doubtful accounts at beginning of year $ 15.7 $ 11.3 Provision for doubtful accounts 1.8 6.1 Amounts charged against the allowance (3.6 ) (1.7 ) Allowance for doubtful accounts at end of year $ 13.9 $ 15.7 |
Fair Value of Financial Instr36
Fair Value of Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2014 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value of Financial Instruments, Non-Recurring Measurements | Carrying amounts and estimated fair values of selected financial instruments measured on a non-recurring basis as of the dates indicated were as follows (in millions): December 31, 2014 December 31, 2013 Carrying Amount Fair Value Carrying Amount Fair Value 4.875% Senior Notes $ 400.0 $ 375.0 $ 400.0 $ 380.0 2009 Convertible Notes $ — $ — $ 12.6 $ 26.6 2011 Convertible Notes $ — $ — $ 198.3 $ 428.3 |
Property and Equipment, Net (Ta
Property and Equipment, Net (Tables) | 12 Months Ended |
Dec. 31, 2014 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property and Equipment, Net | The following table provides details of property and equipment, net, including property and equipment held under capital leases as of the dates indicated (in millions): December 31, 2014 2013 Estimated Useful Lives (in years) Land $ 4.6 $ 4.8 Buildings and leasehold improvements 19.9 18.0 3 – 40 Machinery and equipment 926.1 727.1 2 – 20 Office furniture and equipment 126.1 102.5 3 – 7 Construction in progress 12.0 11.0 Total property and equipment $ 1,088.7 $ 863.4 Less accumulated depreciation and amortization (465.6 ) (375.3 ) Property and equipment, net $ 623.1 $ 488.1 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2014 | |
Debt Disclosure [Abstract] | |
Schedule of Carrying Values of Debt | The following table provides details of the carrying values of debt as of the dates indicated (in millions): December 31, Description Maturity Date 2014 2013 Senior secured credit facility: Revolving loans October 29, 2018 $ 282.7 $ 53.0 Term loan November 21, 2019 250.0 — 4.875% senior notes March 15, 2023 400.0 400.0 2011 4.0% senior convertible notes June 15, 2014 — 103.8 2011 4.25% senior convertible notes December 15, 2014 — 94.5 2009 4.0% senior convertible notes June 15, 2014 — 9.6 2009 4.25% senior convertible notes December 15, 2014 — 3.0 Other credit facilities Varies 1.2 — Capital lease obligations, weighted average interest rate of 2.8% In installments through June 13, 2021 176.5 126.0 Notes payable, equipment, weighted average interest rate of 2.8% In installments through May 1, 2018 24.4 26.9 Total debt $ 1,134.8 $ 816.8 Less current maturities (73.6 ) (51.4 ) Long-term debt $ 1,061.2 $ 765.4 |
Schedule of Contractual Maturities of Debt and Capital Lease Obligations | Contractual maturities of MasTec’s debt and capital lease obligations as of December 31, 2014 were as follows (in millions): 2015 $ 73.6 2016 71.1 2017 53.1 2018 318.5 2019 218.0 Thereafter 400.5 Total $ 1,134.8 |
Schedule of Interest Expense, Net | The following table provides details of interest expense, net, for the periods indicated (in millions): For the Years Ended December 31, 2014 2013 2012 Interest expense: Contractual and other interest expense $ 43.5 $ 37.6 $ 29.2 Accretion of senior convertible note discount 4.0 5.2 4.9 Amortization of deferred financing costs 3.4 4.0 3.7 Total interest expense $ 50.9 $ 46.8 $ 37.8 Interest income (0.1 ) (0.4 ) (0.4 ) Interest expense, net $ 50.8 $ 46.4 $ 37.4 |
Lease Obligations (Tables)
Lease Obligations (Tables) | 12 Months Ended |
Dec. 31, 2014 | |
Leases [Abstract] | |
Schedule of Future Lease Commitments | Future minimum lease commitments under capital leases and non-cancelable operating leases, including the effect of escalation clauses in effect as of December 31, 2014 , were as follows (in millions): Capital Leases Operating Leases 2015 $ 65.6 $ 69.5 2016 52.1 44.3 2017 39.3 25.2 2018 22.8 13.8 2019 6.2 4.3 Thereafter 0.5 3.0 Total minimum lease payments $ 186.5 $ 160.1 Less amounts representing interest (10.0 ) Total capital lease obligations, net of interest $ 176.5 Less current portion (61.2 ) Long-term portion of capital lease obligations, net of interest $ 115.3 |
Stock-Based Compensation and 40
Stock-Based Compensation and Other Employee Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2014 | |
Share-based Compensation [Abstract] | |
Schedule of Activity, Restricted Shares | Activity, restricted shares: Restricted Per Share Weighted Average Grant Date Fair Value Non-vested restricted shares, as of December 31, 2012 782,281 $ 19.10 Granted 431,346 31.04 Vested (68,122 ) 18.83 Canceled/forfeited (21,960 ) 14.93 Non-vested restricted shares, as of December 31, 2013 1,123,545 $ 23.78 Granted 972,754 26.88 Vested (659,212 ) 25.27 Canceled/forfeited (22,442 ) 17.38 Non-vested restricted shares, as of December 31, 2014 1,414,645 $ 25.32 |
Schedule of Activity, Stock Options | Activity, stock options: Stock Options Per Share Weighted Average Exercise Price Weighted Average (in years) Aggregate Intrinsic Value (a) (in millions) Options outstanding and exercisable as of December 31, 2012 1,043,825 $ 10.50 2.33 $ 15.1 Exercised (513,254 ) 10.04 Canceled/forfeited (35,000 ) 7.74 Options outstanding and exercisable as of December 31, 2013 495,571 $ 11.17 1.96 $ 10.7 Exercised (210,900 ) 9.97 Canceled/forfeited — Options outstanding and exercisable as of December 31, 2014 284,671 $ 12.06 1.29 $ 3.0 (a) Amount represents the difference between the exercise price and the closing share price of the Company’s stock on the last trading day of the corresponding period, multiplied by the number of in-the-money options. |
Schedule of Activity, Employee Stock Purchase Plans | The following table provides details pertaining to the Company’s ESPPs for the periods indicated: For the Years Ended December 31, 2014 2013 2012 Cash proceeds (in millions) $ 3.3 $ 6.4 $ 1.3 Common shares issued 136,918 454,523 90,614 Weighted average price per share $ 24.33 $ 14.19 $ 14.37 Weighted average per share grant date fair value $ 5.81 $ 5.60 $ 4.19 |
Schedule of Non-Cash Stock-Based Compensation Expense | Details of non-cash stock-based compensation expense and related tax benefits for the periods indicated were as follows (in millions): For the Years Ended December 31, 2014 2013 2012 Non-cash stock-based compensation expense $ 15.9 $ 12.9 $ 4.4 Income Tax Effects: Income tax benefit from non-cash stock-based compensation $ 8.7 $ 9.7 $ 2.5 Excess tax benefit from non-cash stock-based compensation (a) $ 3.7 $ 4.3 $ 0.8 (a) Excess tax benefits, which represent cash flows from tax deductions in excess of the tax effect of compensation expense associated with exercised stock options and vested restricted shares, are classified as financing cash flows in the Company’s consolidated statements of cash flows. |
Other Retirement Plans (Tables)
Other Retirement Plans (Tables) | 12 Months Ended |
Dec. 31, 2014 | |
Multi-Employer Plans [Line Items] | |
Schedule of Covered Employees and Contributions, Multi-Employer Plans | Total contributions to multi-employer plans, and the related number of employees covered by these plans, including contributions for and employees of the Company’s Canadian subsidiaries, were as follows: Multi-Employer Plans Covered Employees Contributions (U.S. dollars in millions) For the Years Ended December 31: Low High Pension Post-Retirement Benefit Total 2014 590 2,167 $ 31.9 $ 4.5 $ 36.4 2013 778 2,734 $ 44.6 $ 3.6 $ 48.2 2012 308 2,509 $ 27.9 $ 1.3 $ 29.2 |
Multi-Employer Plans, Pension [Member] | |
Multi-Employer Plans [Line Items] | |
Schedule of Multi-Employer Pension Plans | Details of significant multi-employer pension plans as of and for the periods indicated, based upon information available to the Company from plan administrators as well as publicly available information on the U.S. Department of Labor website, are provided in the following table: Contributions (in millions) For the Years Ended December 31, Pension Protection Act Zone Status Multi-Employer Pension Plan Employer Identification Number Plan Number 2014 2013 2012 Expiration Date of CBA 2014 As of 2013 As of FIP/RP Status Surcharge Central Pension Fund of the I.U.O.E and Participating Employers 366052390 001 $ 6.5 $ 10.8 $ 6.0 06/01/2017 Green 01/31/2014 (a) Green 01/31/2013 (a) NA No Pipeline Industry Pension Fund 736146433 001 4.8 9.8 8.9 06/02/2017 Green 12/31/2013 (b) Green 12/31/2012 (b) NA No Michigan Laborers' Pension Fund 386233976 001 2.1 4.3 0.9 06/01/2017 Yellow 08/31/2014 (a) Yellow 08/31/2013 (a) Implemented No Teamsters National Pipe Line Pension Fund 461102851 001 1.7 2.7 1.4 06/01/2017 Green 12/31/2013 (b) Green 12/31/2012 (b) NA No Operating Engineers' Local 324 Pension Fund 381900637 001 1.7 4.5 0.8 06/01/2017 Red 04/30/2014 Red 04/30/2013 Implemented No I.B.E.W. Local 769 Management Pension Plan A 866049763 001 1.6 0.7 0.1 07/30/2016 Green 06/30/2014 (b) Green 06/30/2013 (b) NA No Laborers' District Council of Western Pennsylvania Pension Fund 256135576 001 1.5 0.4 0.6 06/01/2017 Red 12/31/2013 Red 12/31/2012 Implemented No Operating Engineers' Construction Industry and Misc. Pension Fund 256135579 001 1.2 0.1 0.5 06/01/2017 Green 12/31/2013 (a) Green 12/31/2012 (a) NA No Laborers' Local Union No. 158 Pension Fund 236580323 001 1.0 0.5 0.6 06/01/2017 Green 12/31/2013 Green 12/31/2012 (b) NA No Eighth District Electrical Pension Fund 846100393 001 0.9 2.2 1.3 02/28/2018 Green 03/31/2014 Green 03/31/2013 NA No National Electrical Benefit Fund 530181657 001 0.9 0.2 0.0 12/31/2015 Green 12/31/2013 Green 12/31/2012 NA No Laborers' National Pension Fund 751280827 001 0.8 1.1 1.5 06/01/2017 Green 12/31/2013 Green 12/31/2012 NA No Midwest Operating Engineers Pension Trust Fund 366140097 001 0.7 0.7 0.0 06/01/2017 Yellow 03/31/2014 (a) Yellow 03/31/2013 (a) Implemented No I.U.O.E. Pension Plan of Eastern Pennsylvania and Delaware 236405239 001 0.6 0.2 0.5 06/01/2017 Green 12/31/2013 Red 12/31/2012 NA No Other funds 5.9 (c) 6.4 4.8 Total multi-employer pension plan contributions $ 31.9 $ 44.6 $ 27.9 (a) This plan has utilized extended amortization provisions, which provide plans with extensions of time to amortize pension funding shortfalls. (b) The Company’s contributions to this plan represent greater than 5% of the plan’s total contributions. (c) Includes approximately $0.9 million U.S. dollars of contributions to Canadian multi-employer pension plans associated with the Company’s 2014 acquisition of Pacer, a Canadian company that employs union resources subject to collective bargaining agreements in connection with certain of its project work. Canadian multi-employer pension plans are not subject to the provisions of ERISA or the funding rules under the PPA that apply to U.S. registered multi-employer pension plans. Contributions to Canadian multi-employer pension plans are based on fixed amounts per hour per employee for employees covered under these plans. |
Equity (Tables)
Equity (Tables) | 12 Months Ended |
Dec. 31, 2014 | |
Accumulated Other Comprehensive Loss | |
Schedule of Changes in Accumulated Other Comprehensive Loss | Accumulated other comprehensive loss activity for the periods indicated was as follows (in thousands): For the Years Ended December 31, 2014 2013 2012 Unrealized (Losses) Gains Foreign Currency Other Total Foreign Currency Other Total Foreign Currency Other Total Balance as of January 1 $ (7,998 ) $ (5,288 ) $ (13,286 ) $ (105 ) $ (5,396 ) $ (5,501 ) $ (2,029 ) $ (5,917 ) $ (7,946 ) Activity before reclassifications, net of tax (20,718 ) — (20,718 ) (7,893 ) 337 (7,556 ) 1,924 521 2,445 Reclassifications, net of tax — — — — (229 ) (229 ) — — — Activity, net of tax $ (20,718 ) $ — $ (20,718 ) $ (7,893 ) $ 108 $ (7,785 ) $ 1,924 $ 521 $ 2,445 Balance as of December 31 $ (28,716 ) $ (5,288 ) $ (34,004 ) $ (7,998 ) $ (5,288 ) $ (13,286 ) $ (105 ) $ (5,396 ) $ (5,501 ) |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2014 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income from Continuing Operations before Income Taxes | The components of income from continuing operations before income taxes for the periods indicated were as follows (in millions): For the Years Ended December 31, 2014 2013 2012 Domestic $ 171.4 $ 233.4 $ 184.5 Foreign 27.0 6.8 8.2 Total $ 198.4 $ 240.2 $ 192.7 |
Schedule of Provision for Income Taxes | The provision for income taxes from continuing operations for the periods indicated consists of the following (in millions): For the Years Ended December 31, 2014 2013 2012 Current: Federal $ 47.3 $ 77.0 $ 48.7 Foreign 3.9 1.7 0.3 State and local 6.6 10.9 12.4 $ 57.8 $ 89.6 $ 61.4 Deferred: Federal $ 14.9 $ 0.5 $ 15.2 Foreign 2.7 (1.5 ) 1.1 State and local 1.0 3.9 (1.6 ) $ 18.6 $ 2.9 $ 14.7 Provision for income taxes $ 76.4 $ 92.5 $ 76.1 |
Schedule of Deferred Tax Assets and Liabilities | The tax effects of significant items comprising the Company’s net deferred tax liability as of the dates indicated were as follows (in millions): December 31, 2014 2013 Deferred tax assets: Accrued self-insurance $ 26.0 $ 27.2 Operating loss carryforwards 17.8 9.0 Compensation and benefits 20.7 22.3 Bad debt 5.0 5.8 Other 15.9 9.3 Valuation allowance (0.2 ) (0.1 ) Total deferred tax assets $ 85.2 $ 73.5 Deferred tax liabilities: Property and equipment $ 114.3 $ 92.6 Goodwill 47.5 44.7 Other intangible assets 44.0 32.6 Gain on remeasurement of equity investee 11.2 11.3 Long-term contracts 28.7 17.0 Other 11.3 13.8 Total deferred tax liabilities $ 257.0 $ 212.0 Net deferred tax liabilities $ (171.8 ) $ (138.5 ) Total net current and long-term deferred tax balances included in the Company’s consolidated balance sheets as of the dates indicated were as follows (in millions): December 31, 2014 2013 Current deferred tax assets, net $ 31.7 $ 16.3 Long-term deferred tax liabilities, net (203.5 ) (154.8 ) Net deferred tax liabilities $ (171.8 ) $ (138.5 ) |
Schedule of Effective Tax Rate Reconciliation | A reconciliation of the U.S. statutory federal income tax rate related to pretax income from continuing operations to the effective tax rate for the periods indicated is as follows: For the Years Ended December 31, 2014 2013 2012 U.S. statutory federal rate applied to pretax income 35.0 % 35.0 % 35.0 % State and local income taxes, net of federal benefit 3.7 4.0 3.4 Foreign tax rate differential (1.3 ) (0.4 ) (0.4 ) Non-deductible expenses 3.4 2.4 2.1 Change in state tax rate (0.7 ) 1.2 0.2 Domestic production activities deduction (1.6 ) (2.5 ) (1.6 ) Other (0.1 ) (0.8 ) 1.2 Valuation allowance for deferred tax assets 0.1 (0.4 ) (0.4 ) Effective income tax rate 38.5 % 38.5 % 39.5 % |
Segments and Related Informat44
Segments and Related Information (Tables) | 12 Months Ended |
Dec. 31, 2014 | |
Segment Reporting [Abstract] | |
Schedule of Financial Information by Reportable Segment | Summarized financial information for MasTec’s reportable segments is presented and reconciled to consolidated financial information for total MasTec in the following tables (in millions): For the Years Ended December 31, Revenue: 2014 2013 2012 Communications (a) $ 2,041.0 $ 1,962.6 $ 1,772.7 Oil and Gas 1,731.4 1,628.8 959.0 Electrical Transmission 471.9 428.8 312.2 Power Generation and Industrial 357.0 294.3 668.1 Other 14.7 12.3 16.7 Eliminations (4.2 ) (2.0 ) (1.9 ) Consolidated revenue $ 4,611.8 $ 4,324.8 $ 3,726.8 (a) Revenue generated by utilities customers represented 6.8% , 6.9% and 10.9% of Communications segment revenue in 2014 , 2013 and 2012 , respectively. For the Years Ended December 31, EBITDA - Continuing Operations: 2014 2013 2012 Communications $ 204.0 $ 247.7 $ 192.0 Oil and Gas 195.1 215.9 99.4 Electrical Transmission 45.0 41.2 38.7 Power Generation and Industrial 14.2 (16.3 ) 32.0 Other (1.2 ) 0.5 2.0 Corporate (53.4 ) (61.4 ) (42.0 ) Consolidated EBITDA - Continuing operations $ 403.7 $ 427.6 $ 322.1 For the Years Ended December 31, Depreciation and Amortization: 2014 2013 2012 Communications $ 42.6 $ 36.8 $ 29.1 Oil and Gas 82.8 80.9 42.0 Electrical Transmission 17.1 12.6 11.0 Power Generation and Industrial 6.4 6.7 6.7 Other — — 0.1 Corporate 5.6 3.9 3.1 Consolidated depreciation and amortization $ 154.5 $ 140.9 $ 92.0 As of December 31, Assets: 2014 2013 2012 Communications $ 1,197.4 $ 973.5 $ 843.5 Oil and Gas 1,389.5 1,060.8 809.2 Electrical Transmission 489.5 449.3 311.2 Power Generation and Industrial 340.1 324.5 323.8 Other 24.6 22.8 6.9 Corporate 122.9 79.8 95.5 Consolidated segment assets $ 3,564.0 $ 2,910.7 $ 2,390.1 For the Years Ended December 31, Capital Expenditures: 2014 2013 2012 Communications $ 23.4 $ 25.1 $ 19.2 Oil and Gas 44.2 67.4 40.3 Electrical Transmission 25.8 17.6 11.5 Power Generation and Industrial 6.7 5.7 5.6 Corporate 9.2 10.3 2.8 Consolidated capital expenditures $ 109.3 $ 126.1 $ 79.4 |
Reconciliation of EBITDA to Consolidated Income from Continuing Operations before Income Taxes | The following table presents a reconciliation of EBITDA to consolidated income from continuing operations before income taxes: For the Years Ended December 31, EBITDA Reconciliation: 2014 2013 2012 EBITDA - Continuing operations $ 403.7 $ 427.6 $ 322.1 Less: Interest expense, net (50.8 ) (46.4 ) (37.4 ) Depreciation and amortization (154.5 ) (140.9 ) (92.0 ) Income from continuing operations before income taxes $ 198.4 $ 240.2 $ 192.7 |
Reconciliation of Total Segment Assets to Total Consolidated Assets | A reconciliation of total segment assets to consolidated total assets as of the dates indicated is as follows: As of December 31, Asset Reconciliation: 2014 2013 2012 Total segment assets $ 3,564.0 $ 2,910.7 $ 2,390.1 Total assets of discontinued operations $ — $ 12.5 $ 26.2 Total assets $ 3,564.0 $ 2,923.2 $ 2,416.3 |
Schedule of Significant Customers, Revenue Concentration Information | Revenue concentration information for significant customers as a percent of total consolidated revenue was as follows: For the Years Ended December 31, 2014 2013 2012 Customer: AT&T (a) (c) 21% 18% 18% DIRECTV ® (b) (c) 12% 14% 17% Enbridge, Inc. (d) 8% 18% 3% (a) The Company's relationship with AT&T is based upon master service agreements, other service agreements and construction/installation contracts for AT&T's wireless, wireline/fiber and home security and automation businesses. Revenue from AT&T is included in the Communications segment. (b) The Company's relationship with DIRECTV® is based upon an agreement to provide installation and maintenance services for DIRECTV®. Revenue from DIRECTV® is included in the Communications segment. (c) AT&T acquired DIRECTV® in July 2015. On a combined basis, AT&T and DIRECTV® represented 33% , 32% and 34% of consolidated revenue for the years ended December 31, 2014 , 2013 and 2012 , respectively. (d) The Company's relationship with Enbridge, Inc. is based upon various construction contracts for natural gas pipelines. Revenue from Enbridge, Inc. is included in the Oil and Gas segment. |
Quarterly Information (Unaudi45
Quarterly Information (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2014 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Information (Unaudited) | For the 2014 Quarters Ended For the 2013 Quarters Ended March 31 June 30 September 30 December 31 March 31 June 30 September 30 December 31 As Restated As Restated As Restated (b) Revenue $ 957.8 $ 1,107.2 $ 1,315.5 $ 1,231.3 $ 918.6 $ 977.6 $ 1,269.4 $ 1,159.1 Costs of revenue, excluding depreciation and amortization $ 841.3 $ 950.7 $ 1,122.9 $ 1,063.1 $ 791.5 $ 822.7 $ 1,081.1 $ 987.0 Net income from continuing operations $ 12.3 $ 33.7 $ 49.4 $ 26.6 $ 19.3 $ 35.5 $ 49.9 $ 42.9 Net loss from discontinued operations (0.1 ) (0.1 ) (0.3 ) (5.9 ) (0.9 ) (0.5 ) (3.7 ) (1.3 ) Net (loss) income attributable to non-controlling interests 0.0 (0.1 ) 0.1 (0.4 ) 0.0 0.1 0.1 0.1 Net income attributable to MasTec, Inc. $ 12.1 $ 33.7 $ 49.0 $ 21.1 $ 18.4 $ 34.9 $ 46.1 $ 41.5 Basic earnings (loss) per share: Continuing operations $ 0.16 $ 0.43 $ 0.60 $ 0.33 $ 0.25 $ 0.46 $ 0.65 $ 0.55 Discontinued operations 0.00 0.00 0.00 (0.07 ) (0.01 ) (0.01 ) (0.05 ) (0.02 ) Total basic earnings per share (a) $ 0.16 $ 0.43 $ 0.60 $ 0.26 $ 0.24 $ 0.46 $ 0.60 $ 0.54 Diluted earnings (loss) per share: Continuing operations $ 0.14 $ 0.39 $ 0.57 $ 0.32 $ 0.23 $ 0.42 $ 0.59 $ 0.50 Discontinued operations 0.00 0.00 0.00 (0.07 ) (0.01 ) (0.01 ) (0.04 ) (0.02 ) Total diluted earnings per share (a) $ 0.14 $ 0.39 $ 0.57 $ 0.25 $ 0.22 $ 0.41 $ 0.54 $ 0.49 (a) Earnings per share calculations, including the sum of the individual quarterly earnings per share amounts to the full year earnings per share amounts, may contain slight summation differences due to rounding. (b) Preliminary, unaudited fourth quarter and full year 2014 results were previously issued pursuant to a press release dated February 26, 2015 and not previously filed in a report under the Securities Exchange Act of 1934, as amended. The unaudited quarterly information for the three month period ended December 31, 2014 in the table above includes the effect of adjustments determined by management following the review process described in Note 2 - Independent Investigation of the Audit Committee and Related Restatements. |
Supplemental Guarantor Financ46
Supplemental Guarantor Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2014 | |
Condensed Financial Statements, Supplemental Guarantor Information [Abstract] | |
Condensed Consolidating Statements of Operations and Comprehensive Income | CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (in millions) For the Year Ended December 31, 2014 MasTec, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated MasTec, Inc. Revenue $ — $ 3,768.4 $ 847.7 $ (4.3 ) $ 4,611.8 Costs of revenue, excluding depreciation and amortization — 3,226.2 756.1 (4.3 ) 3,978.0 Depreciation and amortization — 119.3 35.2 — 154.5 General and administrative expenses 2.5 208.5 27.3 — 238.3 Interest expense, net — 47.8 3.0 — 50.8 Other income, net — (1.9 ) (6.3 ) — (8.2 ) (Loss) income from continuing operations before income taxes $ (2.5 ) $ 168.5 $ 32.4 $ — $ 198.4 Benefit from (provision for) income taxes 1.0 (70.6 ) (6.8 ) — (76.4 ) Net (loss) income from continuing operations $ (1.5 ) $ 97.9 $ 25.6 $ — $ 122.0 Net loss from discontinued operations — — (6.5 ) — (6.5 ) Equity in income from subsidiaries, net of tax 117.4 — — (117.4 ) — Net income (loss) $ 115.9 $ 97.9 $ 19.1 $ (117.4 ) $ 115.5 Net loss attributable to non-controlling interests — — (0.4 ) — (0.4 ) Net income (loss) attributable to MasTec, Inc. $ 115.9 $ 97.9 $ 19.5 $ (117.4 ) $ 115.9 Comprehensive income (loss) $ 95.2 $ 97.9 $ (1.6 ) $ (96.7 ) $ 94.8 CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (in millions) For the Year Ended December 31, 2013 MasTec, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated MasTec, Inc. Revenue $ — $ 3,903.8 $ 425.6 $ (4.6 ) $ 4,324.8 Costs of revenue, excluding depreciation and amortization — 3,321.3 365.7 (4.6 ) 3,682.4 Depreciation and amortization — 120.1 20.8 — 140.9 General and administrative expenses 2.1 184.6 28.7 — 215.4 Interest expense, net — 45.5 0.9 — 46.4 Loss on extinguishment of debt — 5.6 — — 5.6 Other income, net — (6.1 ) — — (6.1 ) (Loss) income from continuing operations before income taxes $ (2.1 ) $ 232.8 $ 9.5 $ — $ 240.2 Benefit from (provision for) income taxes 0.8 (91.9 ) (1.4 ) — (92.5 ) Net (loss) income from continuing operations $ (1.3 ) $ 140.9 $ 8.1 $ — $ 147.7 Net loss from discontinued operations — — (6.5 ) — (6.5 ) Equity in income from subsidiaries, net of tax 142.2 — — (142.2 ) — Net income (loss) $ 140.9 $ 140.9 $ 1.6 $ (142.2 ) $ 141.2 Net income attributable to non-controlling interests — — 0.3 — 0.3 Net income (loss) attributable to MasTec, Inc. $ 140.9 $ 140.9 $ 1.3 $ (142.2 ) $ 140.9 Comprehensive income (loss) $ 133.1 $ 140.9 $ (6.2 ) $ (134.4 ) $ 133.4 For the Year Ended December 31, 2012 MasTec, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated MasTec, Inc. Revenue $ — $ 3,563.2 $ 166.6 $ (3.0 ) $ 3,726.8 Costs of revenue, excluding depreciation and amortization — 3,094.2 148.0 (3.0 ) 3,239.2 Depreciation and amortization — 89.0 3.0 — 92.0 General and administrative expenses 1.7 147.4 8.4 — 157.5 Interest expense, net — 37.3 0.1 — 37.4 Other expense, net — 7.8 0.2 — 8.0 (Loss) income from continuing operations before income taxes $ (1.7 ) $ 187.5 $ 6.9 $ — $ 192.7 Benefit from (provision for) income taxes 0.7 (75.6 ) (1.2 ) — (76.1 ) Net (loss) income from continuing operations $ (1.0 ) $ 111.9 $ 5.7 $ — $ 116.6 Net loss from discontinued operations — — (9.2 ) — (9.2 ) Equity in income from subsidiaries, net of tax 108.4 — — (108.4 ) — Net income (loss) $ 107.4 $ 111.9 $ (3.5 ) $ (108.4 ) $ 107.4 Net income attributable to non-controlling interests — — — — — Net income (loss) attributable to MasTec, Inc. $ 107.4 $ 111.9 $ (3.5 ) $ (108.4 ) $ 107.4 Comprehensive income (loss) $ 109.9 $ 112.5 $ (1.6 ) $ (110.9 ) $ 109.9 |
Condensed Consolidating Balance Sheets | CONDENSED CONSOLIDATING BALANCE SHEETS (in millions) 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 As of December 31, 2013 MasTec, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated MasTec, Inc. Assets Current assets $ — $ 1,156.7 $ 150.3 $ — $ 1,307.0 Property and equipment, net — 420.2 67.9 — 488.1 Goodwill and other intangible assets, net — 932.8 134.9 — 1,067.7 Investments in and advances to consolidated affiliates, net 1,006.8 170.8 — (1,177.6 ) — Other long-term assets 9.3 36.2 14.9 — 60.4 Total assets $ 1,016.1 $ 2,716.7 $ 368.0 $ (1,177.6 ) $ 2,923.2 Liabilities and Equity Total current liabilities $ — $ 773.3 $ 55.9 $ — $ 829.2 Long-term debt — 760.9 4.5 — 765.4 Advances from consolidated affiliates, net — — 22.5 (22.5 ) — Other long-term liabilities — 236.4 71.1 — 307.5 Total liabilities $ — $ 1,770.6 $ 154.0 $ (22.5 ) $ 1,902.1 Total equity $ 1,016.1 $ 946.1 $ 214.0 $ (1,155.1 ) $ 1,021.1 Total liabilities and equity $ 1,016.1 $ 2,716.7 $ 368.0 $ (1,177.6 ) $ 2,923.2 |
Condensed Consolidating Statements of Cash Flows | CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS (in millions) For the Year Ended December 31, 2014 MasTec, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated MasTec, Inc. Net cash (used in) provided by operating activities $ (0.5 ) $ 253.9 $ 69.6 $ — $ 323.0 Cash flows (used in) provided by investing activities: Cash paid for acquisitions, net of cash acquired — (222.7 ) (122.9 ) — (345.6 ) Capital expenditures — (84.8 ) (24.5 ) — (109.3 ) Proceeds from sale of property and equipment — 14.3 2.4 — 16.7 Payments for investments, net (1.0 ) (0.1 ) — — (1.1 ) Net cash used in investing activities $ (1.0 ) $ (293.3 ) $ (145.0 ) $ — $ (439.3 ) Cash flows provided by (used in) financing activities: Proceeds from credit facilities — 1,894.4 491.6 — 2,386.0 Repayments of credit facilities — (1,410.0 ) (529.6 ) — (1,939.6 ) Repayments of senior convertible notes — (202.3 ) — — (202.3 ) Repayments of other borrowings and capital lease obligations — (40.9 ) (26.4 ) — (67.3 ) Proceeds from stock-based awards, net of tax withholdings 3.8 (2.7 ) — — 1.1 Excess tax benefit from stock-based compensation — 3.7 — — 3.7 Payments of acquisition-related contingent consideration — (60.3 ) — — (60.3 ) Payments of financing costs — (2.6 ) — — (2.6 ) Net financing activities and advances (to) from consolidated affiliates (2.3 ) (126.8 ) 129.1 — — Net cash provided by financing activities $ 1.5 $ 52.5 $ 64.7 $ — $ 118.7 Effect of currency translation on cash — — (1.3 ) — (1.3 ) Net increase (decrease) in cash and cash equivalents $ — $ 13.1 $ (12.0 ) $ — $ 1.1 Cash and cash equivalents - beginning of period — 5.4 17.6 — 23.0 Cash and cash equivalents - end of period $ — $ 18.5 $ 5.6 $ — $ 24.1 For the Year Ended December 31, 2013 MasTec, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated MasTec, Inc. Net cash (used in) provided by operating activities $ (1.7 ) $ 174.1 $ 28.0 $ — $ 200.4 Cash flows (used in) provided by investing activities: Cash paid for acquisitions, net of cash acquired — (45.0 ) (103.6 ) — (148.6 ) Net cash divested on disposal of business — (3.0 ) — — (3.0 ) Capital expenditures — (114.4 ) (11.9 ) — (126.3 ) Proceeds from sale of property and equipment — 14.7 1.2 — 15.9 Payments for investments, net (1.2 ) — — — (1.2 ) Net cash used in investing activities $ (1.2 ) $ (147.7 ) $ (114.3 ) $ — $ (263.2 ) Cash flows provided by (used in) financing activities: Proceeds from credit facilities — 961.6 187.4 — 1,149.0 Repayments of credit facilities — (1,042.2 ) (207.4 ) — (1,249.6 ) Proceeds from senior notes, net — 250.0 — — 250.0 Repayments of other borrowings and capital lease obligations — (69.1 ) (1.6 ) — (70.7 ) Proceeds from stock-based awards, net of tax withholdings 9.9 (1.5 ) — — 8.4 Excess tax benefit from stock-based compensation — 4.3 — — 4.3 Payments of acquisition-related contingent consideration — (16.7 ) (2.0 ) — (18.7 ) Payments of financing costs, including call premiums on extinguishment of debt — (13.7 ) — — (13.7 ) Net financing activities and advances (to) from consolidated affiliates (7.0 ) (106.4 ) 113.4 — — Net cash provided by (used in) financing activities $ 2.9 $ (33.7 ) $ 89.8 $ — $ 59.0 Effect of currency translation on cash — — — — — Net (decrease) increase in cash and cash equivalents $ — $ (7.3 ) $ 3.5 $ — $ (3.8 ) Cash and cash equivalents - beginning of period — 12.7 14.1 — 26.8 Cash and cash equivalents - end of period $ — $ 5.4 $ 17.6 $ — $ 23.0 CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS (in millions) For the Year Ended December 31, 2012 MasTec, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated MasTec, Inc. Net cash (used in) provided by operating activities $ (1.3 ) $ 159.2 $ 14.6 $ — $ 172.5 Cash flows (used in) provided by investing activities: Cash paid for acquisitions, net of cash acquired — (54.0 ) (65.5 ) — (119.5 ) Proceeds from disposal of business, net of cash divested — — 97.7 — 97.7 Capital expenditures — (78.1 ) (1.6 ) — (79.7 ) Proceeds from sale of property and equipment — 7.3 0.1 — 7.4 Payments for investments, net (0.2 ) — — — (0.2 ) Net cash (used in) provided by investing activities $ (0.2 ) $ (124.8 ) $ 30.7 $ — $ (94.3 ) Cash flows (used in) provided by financing activities: Proceeds from credit facilities — 959.2 — — 959.2 Repayments of credit facilities — (885.2 ) — — (885.2 ) Repayments of other borrowings and capital lease obligations — (42.5 ) — — (42.5 ) Repurchase of common stock (75.0 ) — — — (75.0 ) Proceeds from stock-based awards, net of tax withholdings 5.0 — — — 5.0 Excess tax benefit from stock-based compensation — 0.8 — — 0.8 Payments of acquisition-related contingent consideration — (27.8 ) (6.2 ) — (34.0 ) Payments of financing costs — (0.1 ) — — (0.1 ) Net financing activities and advances from (to) consolidated affiliates 71.5 (31.7 ) (39.8 ) — — Net cash provided by (used in) financing activities $ 1.5 $ (27.3 ) $ (46.0 ) $ — $ (71.8 ) Effect of currency translation on cash — — 0.1 — 0.1 Net increase (decrease) in cash and cash equivalents $ — $ 7.1 $ (0.6 ) $ — $ 6.5 Cash and cash equivalents - beginning of period — 5.6 14.7 — 20.3 Cash and cash equivalents - end of period $ — $ 12.7 $ 14.1 $ — $ 26.8 |
Business, Basis of Presentati47
Business, Basis of Presentation and Significant Accounting Policies (Narrative) (Details) | 12 Months Ended | |
Dec. 31, 2014USD ($)segment | Dec. 31, 2013USD ($) | |
Business, Basis of Presentation and Significant Accounting Policies [Line Items] | ||
Number of reportable segments | segment | 5 | |
Book overdrafts | $ 31,300,000 | $ 21,400,000 |
Inventory obsolescence reserves | 6,400,000 | 2,600,000 |
Deferred financing costs incurred, debt instruments | 2,600,000 | 9,600,000 |
Provision for U.S. income taxes on unremitted foreign earnings | 0 | |
Uninsured Risk [Member] | Workers' Compensation Policy [Member] | ||
Business, Basis of Presentation and Significant Accounting Policies [Line Items] | ||
Per claim deductible, insurance policies | 1,500,000 | |
Uninsured Risk [Member] | General Liability Policy [Member] | ||
Business, Basis of Presentation and Significant Accounting Policies [Line Items] | ||
Per claim deductible, insurance policies | 2,000,000 | |
Uninsured Risk [Member] | Property Insurance Policy [Member] | Automobiles [Member] | ||
Business, Basis of Presentation and Significant Accounting Policies [Line Items] | ||
Per claim deductible, insurance policies | 2,000,000 | |
Uninsured Risk [Member] | Umbrella Policy [Member] | ||
Business, Basis of Presentation and Significant Accounting Policies [Line Items] | ||
Maximum annual coverage limit, per claim | 100,000,000 | |
Maximum annual coverage limit, in aggregate | 100,000,000 | |
Uninsured Risk [Member] | Employee Group Medical Claims Policy [Member] | ||
Business, Basis of Presentation and Significant Accounting Policies [Line Items] | ||
Loss contingency, maximum loss per employee | 500,000 | |
Other Assets [Member] | ||
Business, Basis of Presentation and Significant Accounting Policies [Line Items] | ||
Deferred financing costs, net of accumulated amortization, debt instruments | $ 13,200,000 | $ 14,000,000 |
Business, Basis of Presentati48
Business, Basis of Presentation and Significant Accounting Policies (Revenue Recognition) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Concentration Risk [Line Items] | |||
Unapproved change orders, description | The Company may incur costs subject to change orders, whether approved or unapproved by the customer, and/or claims related to certain contracts. Management determines the probability that such costs will be recovered based upon engineering studies and legal opinions, past practices with the customer, specific discussions, correspondence or preliminary negotiations with the customer. The Company treats project costs as a cost of contract performance in the period incurred if it is not probable that the costs will be recovered, or defers costs and/or recognizes revenue up to the amount of the related cost if it is probable that the contract price will be adjusted and can be reliably estimated. As of December 31, 2014 and 2013, the Company had approximately $87 million and $79 million, respectively, of change orders and/or claims that had been included in contract price adjustments on certain contracts that were in the process of being resolved in the normal course of business, including through negotiation, arbitration and other proceedings. These contract price adjustments, which are included within costs and earnings in excess of billings or billed accounts receivable, as appropriate, represent management’s best estimate of contract revenue that has been or will be earned and that management believes is probable of collection. | ||
Costs and Earnings in Excess of Billings [Member] | |||
Concentration Risk [Line Items] | |||
Unapproved change orders, expected to be billed and collected within one year, amount (in dollars) | $ 87 | $ 79 | |
Unbilled Revenues [Member] | |||
Concentration Risk [Line Items] | |||
Unapproved change orders, contract revenue recognized (in dollars) | $ 29 | $ 43 | |
Maximum [Member] | |||
Concentration Risk [Line Items] | |||
Fixed price contract, term within which generally completed (in years) | 1 year | ||
Change order approval process, period (in years) | 1 year | ||
Contracts Accounted for under Percentage of Completion [Member] | |||
Concentration Risk [Line Items] | |||
Change in accounting estimate, percentage of completion projects, financial effect, percentage | 5.00% | 5.00% | |
Revenue [Member] | Master Service and Other Service Agreements [Member] | Concentration Risk from Type of Arrangement [Member] | |||
Concentration Risk [Line Items] | |||
Concentration risk, percentage of total | 49.00% | 46.00% | 43.00% |
Business, Basis of Presentati49
Business, Basis of Presentation and Significant Accounting Policies (Goodwill and Indefinite-Lived Intangible Assets) (Details) | 12 Months Ended | ||
Dec. 31, 2014USD ($) | Dec. 31, 2013 | Dec. 31, 2012 | |
Goodwill and Indefinite-Lived Intangible Assets [Line Items] | |||
Goodwill impairment testing, number of aggregated components in reporting unit | 0 | 0 | |
Goodwill impairment testing, discounted cash flow methodology, number of reporting units | 2 | 3 | |
Goodwill [Member] | |||
Goodwill and Indefinite-Lived Intangible Assets [Line Items] | |||
Impairment testing, fair value measurements, significant assumptions | a discounted cash flow methodology incorporating Level 3 fair value assumptions, including: (i) management estimates, such as projections of revenue, operating costs and cash flows, taking into consideration historical and anticipated financial results; (ii) general economic and market conditions; and (iii) the impact of planned business and operational strategies. Management applied a discounted cash flow technique with an average terminal value in both years equal to 5.5 times normalized year five EBITDA, which is defined as earnings from continuing operations before interest, taxes, depreciation and amortization. The estimated discount rate is the Company’s average cost of capital at the time of the analysis, taking into consideration risks inherent within each reporting unit individually, which is greater than the risk inherent in the Company as a whole. The discount rate was estimated to range from 9.25% to 10.5% per annum for the year ended December 31, 2014 and was estimated to be 7.2% for the year ended December 31, 2013. Management believes the assumptions used in its quantitative goodwill impairment tests are reflective of the risks inherent in the business models of its reporting units and within its industry. | ||
Impairment testing, fair value inputs, EBITDA multiple | 5.5 | 5.5 | |
Impairment testing, number of years of cash flows before terminal value | 5 years | 5 years | |
Impairment testing, discount rate (percentage) | 7.20% | ||
Impairment testing, fair value measurements, sensitivity analysis, description | A 100 basis point change in the discount rate would not have had a material impact on the results of these impairment tests as of the date the testing was performed. | ||
Goodwill impairment testing, discount rate sensitivity analysis, percentage for which evaluation was completed | 1.00% | 1.00% | |
Goodwill [Member] | Minimum [Member] | |||
Goodwill and Indefinite-Lived Intangible Assets [Line Items] | |||
Impairment testing, discount rate (percentage) | 9.25% | ||
Goodwill [Member] | Maximum [Member] | |||
Goodwill and Indefinite-Lived Intangible Assets [Line Items] | |||
Impairment testing, discount rate (percentage) | 10.50% | ||
Communications [Member] | |||
Goodwill and Indefinite-Lived Intangible Assets [Line Items] | |||
Goodwill impairment testing, number of aggregated components in reporting unit | 0 | ||
Goodwill impairment testing, discounted cash flow methodology, number of reporting units | 1 | ||
Power Generation and Industrial [Member] | |||
Goodwill and Indefinite-Lived Intangible Assets [Line Items] | |||
Goodwill impairment testing, number of aggregated components in reporting unit | 0 | ||
Goodwill impairment testing, discounted cash flow methodology, number of reporting units | 1 | 1 | |
Indefinite-lived intangible asset impairment testing, discounted cash flow methodology, number of indefinite-lived intangible assets | 1 | 1 | |
Indefinite-lived intangible asset impairment testing, percentage of fair value in excess of carrying amount | 10.00% | ||
Power Generation and Industrial [Member] | Indefinite-Lived Intangible Assets [Member] | |||
Goodwill and Indefinite-Lived Intangible Assets [Line Items] | |||
Impairment testing, fair value measurements, significant assumptions | using the relief-from-royalty method, which incorporated royalty savings over the estimated lives of the respective intangible asset and a terminal value capitalization rate based on the discount rate and estimated long-term growth rate. | ||
Impairment testing, discount rate (percentage) | 10.50% | 7.20% | |
Oil and Gas [Member] | |||
Goodwill and Indefinite-Lived Intangible Assets [Line Items] | |||
Goodwill impairment testing, number of aggregated components in reporting unit | 0 | ||
Goodwill impairment testing, discounted cash flow methodology, number of reporting units | 1 | ||
Oil and Gas [Member] | Impairment Test, Subsequent to Annual Review Member] | |||
Goodwill and Indefinite-Lived Intangible Assets [Line Items] | |||
Goodwill impairment testing, discounted cash flow methodology, number of reporting units | 2 | ||
Goodwill impairment testing, reporting unit, percentage of fair value in excess of carrying amount | 15.00% | ||
Indefinite-lived intangible asset impairment testing, discounted cash flow methodology, subsequent testing, number of years of cash flows | 3 years | ||
Oil and Gas [Member] | Goodwill [Member] | Impairment Test, Subsequent to Annual Review Member] | |||
Goodwill and Indefinite-Lived Intangible Assets [Line Items] | |||
Impairment testing, fair value inputs, EBITDA multiple | 5.5 | ||
Impairment testing, number of years of cash flows before terminal value | 5 years | ||
Oil and Gas [Member] | Goodwill [Member] | Impairment Test, Subsequent to Annual Review Member] | Minimum [Member] | |||
Goodwill and Indefinite-Lived Intangible Assets [Line Items] | |||
Impairment testing, discount rate (percentage) | 12.00% | ||
Oil and Gas [Member] | Goodwill [Member] | Impairment Test, Subsequent to Annual Review Member] | Maximum [Member] | |||
Goodwill and Indefinite-Lived Intangible Assets [Line Items] | |||
Impairment testing, discount rate (percentage) | 13.50% | ||
Oil and Gas [Member] | Indefinite-Lived Intangible Assets [Member] | Impairment Test, Subsequent to Annual Review Member] | |||
Goodwill and Indefinite-Lived Intangible Assets [Line Items] | |||
Impairment testing, fair value measurements, significant assumptions | a cost methodology, incorporating an estimate of the opportunity cost associated with its loss based on a three-year discounted cash flow methodology. This impairment test incorporated Level 3 fair value assumptions consistent with those discussed above, no terminal value and an estimated discount rate of 13.5%. | ||
Impairment testing, discount rate (percentage) | 13.50% | ||
Indefinite-lived intangible asset impairment testing, discounted cash flow methodology, subsequent testing, terminal value (in dollars) | $ 0 | ||
Other [Member] | |||
Goodwill and Indefinite-Lived Intangible Assets [Line Items] | |||
Goodwill impairment testing, number of aggregated components in reporting unit | 0 | ||
Electrical Transmission [Member] | |||
Goodwill and Indefinite-Lived Intangible Assets [Line Items] | |||
Goodwill impairment testing, number of aggregated components in reporting unit | 4 | ||
Goodwill impairment testing, discounted cash flow methodology, number of reporting units | 1 |
Business, Basis of Presentati50
Business, Basis of Presentation and Significant Accounting Policies (Stock-Based Compensation) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Deferred Compensation Arrangement with Individuals, Share-based Payments [Line Items] | |||
Stock-based compensation, shares withheld for taxes and the exercise price of options (in shares) | 97,389 | 71,620 | 38,650 |
Stock-based compensation, payments for employee tax obligations to taxing authorities (in dollars) | $ 2.7 | $ 1.2 | $ 0.9 |
Stock Options [Member] | |||
Deferred Compensation Arrangement with Individuals, Share-based Payments [Line Items] | |||
Stock-based compensation awards, stock options, vested (percentage) | 100.00% | ||
Employee Stock Purchase Plans [Member] | |||
Deferred Compensation Arrangement with Individuals, Share-based Payments [Line Items] | |||
Stock-based compensation plan, description | The Company has certain employee stock purchase plans under which shares of the Company’s common stock are available for purchase by eligible employees. These plans allow qualified employees to purchase MasTec, Inc. common stock at 85% of its fair market value at the lower of (i) the date of commencement of the offering period or (ii) the last day of the exercise period, as defined in the plan documents. Through June 30, 2013, the offering period was an annual period, composed of four interim exercise periods. Effective July 1, 2013, the offering period became quarterly. | ||
Stock-based compensation, purchase price of common stock, percentage of fair market value | 85.00% | ||
Stock-based compensation, fair value assumptions, method used | The fair value of purchases under the Company’s employee stock purchase plans is estimated using the Black-Scholes option-pricing valuation model. | ||
Stock-based compensation, fair value measurements, significant assumptions | The determination of fair value of stock-based awards using an option-pricing model is affected by the Company’s stock price as well as assumptions pertaining to several variables, including expected stock price volatility, the expected term of the award and the risk-free rate of interest. In the option-pricing model for the Company’s employee stock purchase plans, expected stock price volatility is based on historical volatility of the Company’s common stock. The expected term of the award is based on historical and expected exercise patterns and the risk-free rate of interest is based on U.S. Treasury yields. The Company has not paid dividends in the past, and does not anticipate paying dividends in the foreseeable future, and therefore uses an expected dividend yield of zero. | ||
Stock-based compensation, fair value assumptions, expected dividend rate (percentage) | 0.00% | ||
Minimum [Member] | Restricted Shares [Member] | |||
Deferred Compensation Arrangement with Individuals, Share-based Payments [Line Items] | |||
Stock-based compensation, vesting period (in years) | |||
Maximum [Member] | Restricted Shares [Member] | |||
Deferred Compensation Arrangement with Individuals, Share-based Payments [Line Items] | |||
Stock-based compensation, vesting period (in years) | 3 years |
Independent Investigation of 51
Independent Investigation of the Audit Committee and Related Restatements (Schedule of Restated Net Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2014 | [1] | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Jun. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||||||||
Net income | $ 21,100 | $ 48,986 | $ 33,725 | $ 12,097 | $ 41,500 | $ 46,100 | $ 34,900 | $ 18,400 | $ 45,821 | $ 94,807 | $ 115,923 | $ 140,950 | $ 107,426 | |
Previously Reported [Member] | ||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||||||||
Net income | 45,271 | 32,050 | 16,023 | 48,073 | 93,344 | |||||||||
Adjustments [Member] | ||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||||||||
Net income | $ 3,715 | $ 1,675 | $ (3,926) | $ (2,252) | $ 1,463 | |||||||||
[1] | Preliminary, unaudited fourth quarter and full year 2014 results were previously issued pursuant to a press release dated February 26, 2015 and not previously filed in a report under the Securities Exchange Act of 1934, as amended. The unaudited quarterly information for the three month period ended December 31, 2014 in the table above includes the effect of adjustments determined by management following the review process described in Note 2 - Independent Investigation of the Audit Committee and Related Restatements. |
Independent Investigation of 52
Independent Investigation of the Audit Committee and Related Restatements (Narrative) (Details) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||||||||||||||
Dec. 31, 2014USD ($)$ / shares | Sep. 30, 2014USD ($)$ / shares | Jun. 30, 2014USD ($)$ / shares | Mar. 31, 2014USD ($)$ / shares | Dec. 31, 2013USD ($)$ / shares | Sep. 30, 2013USD ($)$ / shares | Jun. 30, 2013USD ($)$ / shares | Mar. 31, 2013USD ($)$ / shares | Jun. 30, 2014USD ($)$ / shares | Jun. 30, 2013 | Sep. 30, 2014USD ($)$ / shares | Sep. 30, 2013 | Dec. 31, 2014USD ($)$ / shares | Dec. 31, 2013USD ($)$ / shares | Dec. 31, 2012USD ($)$ / shares | ||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||||||||||||||||||||
Net Income | $ 21,100 | [1] | $ 48,986 | $ 33,725 | $ 12,097 | $ 41,500 | $ 46,100 | $ 34,900 | $ 18,400 | $ 45,821 | $ 94,807 | $ 115,923 | $ 140,950 | $ 107,426 | ||||||||||||
Revenue | 1,231,300 | [1] | 1,315,488 | 1,107,232 | 957,818 | 1,159,100 | 1,269,400 | 977,600 | 918,600 | 2,065,050 | 3,380,538 | 4,611,803 | 4,324,787 | 3,726,789 | ||||||||||||
Costs of revenue, excluding depreciation and amortization | $ 1,063,100 | [1] | 1,122,861 | 950,715 | 841,324 | $ 987,000 | $ 1,081,100 | $ 822,700 | $ 791,500 | 1,792,040 | 2,914,901 | 3,977,963 | 3,682,367 | 3,239,195 | ||||||||||||
Increase (decrease), other income, net | $ 1,416 | $ 1,923 | $ 2,083 | $ 4,007 | $ 5,424 | $ 8,116 | $ 6,188 | $ (8,017) | ||||||||||||||||||
Basic earnings per share, continuing operations (in dollars per share) | $ / shares | $ 0.33 | [1] | $ 0.60 | $ 0.43 | $ 0.16 | $ 0.55 | $ 0.65 | $ 0.46 | $ 0.25 | $ 0.59 | $ 1.21 | $ 1.53 | $ 1.92 | $ 1.49 | ||||||||||||
Diluted earnings per share, continuing operations (in dollars per share) | $ / shares | 0.32 | [1] | 0.57 | 0.39 | 0.14 | 0.50 | 0.59 | 0.42 | 0.23 | 0.53 | 1.11 | 1.42 | 1.74 | 1.42 | ||||||||||||
Total basic earnings per share (in dollars per share) | $ / shares | 0.26 | [1],[2] | 0.60 | [2],[3] | 0.43 | [2],[3] | 0.16 | [2],[3] | 0.54 | [2] | 0.60 | [2] | 0.46 | [2] | 0.24 | [2] | 0.59 | [3] | 1.20 | [3] | 1.45 | 1.83 | 1.37 | |||
Total diluted earnings per share (in dollars per share) | $ / shares | $ 0.25 | [1],[2] | $ 0.57 | [2],[3] | $ 0.39 | [2],[3] | $ 0.14 | [2],[3] | $ 0.49 | [2] | $ 0.54 | [2] | $ 0.41 | [2] | $ 0.22 | [2] | $ 0.53 | [3] | $ 1.10 | [3] | $ 1.35 | $ 1.66 | $ 1.31 | |||
EBITDA | $ 134,200 | $ 104,200 | $ 65,300 | $ 169,500 | $ 303,600 | $ 403,700 | $ 427,600 | $ 322,100 | ||||||||||||||||||
Increase (decrease) in revenue, amount, acquisition | 565,400 | 406,600 | $ 170,800 | |||||||||||||||||||||||
Cost and earnings in excess of billings | $ 485,600 | $ 392,900 | 485,600 | 392,900 | ||||||||||||||||||||||
Other current liabilities | 66,527 | 17,665 | 13,890 | 20,431 | 26,162 | 13,890 | 17,665 | 66,527 | 26,162 | |||||||||||||||||
Acquisition-related contingent consideration, net of current portion | 103,515 | 115,649 | 116,929 | 112,950 | 112,370 | 116,929 | 115,649 | 103,515 | 112,370 | |||||||||||||||||
Acquisition-related contingent consideration, current | 49,798 | 39,126 | 36,479 | 71,500 | 67,226 | 36,479 | 39,126 | 49,798 | 67,226 | |||||||||||||||||
Billings in excess of costs and earnings | $ 155,674 | 129,732 | 108,968 | 109,370 | $ 121,641 | 108,968 | 129,732 | $ 155,674 | $ 121,641 | |||||||||||||||||
Electrical Transmission [Member] | ||||||||||||||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||||||||||||||||||||
Revenue | 138,000 | 117,000 | 74,000 | 191,000 | 329,000 | |||||||||||||||||||||
EBITDA | $ 19,000 | $ 19,000 | $ (3,000) | $ 17,000 | $ 35,000 | |||||||||||||||||||||
EBITDA margin | 13.40% | 16.50% | (3.70%) | 10.20% | 9.70% | 4.00% | 8.70% | 7.30% | 10.70% | 8.40% | ||||||||||||||||
Revenue, increase (decrease), period over period, amount | $ 20,000 | $ (2,000) | $ (11,000) | $ (12,000) | $ 7,000 | |||||||||||||||||||||
Revenue, increase (decrease), period over period, percent | 16.60% | (1.50%) | (13.00%) | (6.10%) | 2.30% | |||||||||||||||||||||
Increase (decrease) in revenue, amount, acquisition | $ 3,000 | $ 8,000 | $ 5,000 | $ 13,000 | $ 16,000 | |||||||||||||||||||||
Increase (decrease) in revenue, amount, organic | 17,000 | (10,000) | (15,000) | (25,000) | (9,000) | |||||||||||||||||||||
EBITDA, period over period, increase (decrease), amount | $ 6,000 | $ 8,000 | $ (6,000) | $ 2,000 | $ 8,000 | |||||||||||||||||||||
EBITDA, period over period, increase (decrease), percent | 53.30% | 67.70% | (180.00%) | 11.20% | 30.00% | |||||||||||||||||||||
EBITDA margin, period over period, increase (decrease), percent | 3.20% | 6.80% | 1.40% | 2.30% | ||||||||||||||||||||||
EBITDA margin, period over period, increase (decrease), amount | $ 4,000 | $ 8,000 | $ 3,000 | $ 8,000 | ||||||||||||||||||||||
Adjustments [Member] | ||||||||||||||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||||||||||||||||||||
Net Income | 3,715 | 1,675 | $ (3,926) | (2,252) | 1,463 | |||||||||||||||||||||
Revenue | 5,892 | 2,676 | (6,211) | (3,535) | 2,358 | |||||||||||||||||||||
Costs of revenue, excluding depreciation and amortization | (100) | (174) | 270 | 97 | (3) | |||||||||||||||||||||
Increase (decrease), other income, net | $ 0 | $ (128) | $ 128 | $ 0 | $ 0 | |||||||||||||||||||||
Basic earnings per share, continuing operations (in dollars per share) | $ / shares | $ 0.04 | $ 0.02 | $ (0.05) | $ (0.03) | $ 0.02 | |||||||||||||||||||||
Diluted earnings per share, continuing operations (in dollars per share) | $ / shares | 0.04 | 0.02 | (0.05) | (0.03) | 0.02 | |||||||||||||||||||||
Total basic earnings per share (in dollars per share) | $ / shares | [3] | 0.05 | 0.02 | (0.05) | (0.03) | 0.02 | ||||||||||||||||||||
Total diluted earnings per share (in dollars per share) | $ / shares | $ 0.04 | [3] | $ 0.02 | [3] | $ (0.05) | [3] | $ (0.03) | $ 0.02 | [3] | |||||||||||||||||
EBITDA | $ 6,000 | $ 2,700 | $ (6,400) | $ (3,600) | $ 2,400 | |||||||||||||||||||||
Other current liabilities | (5,311) | (4,050) | (4,157) | (4,050) | (5,311) | |||||||||||||||||||||
Current taxes receivable | 1,400 | 2,400 | 1,400 | |||||||||||||||||||||||
Acquisition-related contingent consideration, net of current portion | 0 | 0 | (6,806) | 0 | 0 | |||||||||||||||||||||
Acquisition-related contingent consideration, current | 0 | 0 | 6,806 | 0 | 0 | |||||||||||||||||||||
Billings in excess of costs and earnings | (1,265) | (837) | 0 | (837) | (1,265) | |||||||||||||||||||||
Current taxes payable | 900 | 900 | ||||||||||||||||||||||||
Adjustments [Member] | Reclassification Adjustment [Member] | ||||||||||||||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||||||||||||||||||||
Acquisition-related contingent consideration, net of current portion | (6,800) | |||||||||||||||||||||||||
Acquisition-related contingent consideration, current | 6,800 | |||||||||||||||||||||||||
Adjustments [Member] | Contracts Accounted for under Percentage of Completion [Member] | ||||||||||||||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||||||||||||||||||||
Cost and earnings in excess of billings | (4,200) | (4,200) | ||||||||||||||||||||||||
Billings in excess of costs and earnings | (1,300) | (800) | (800) | (1,300) | ||||||||||||||||||||||
Adjustments [Member] | Contracts Accounted for under Percentage of Completion [Member] | Reclassification Adjustment [Member] | ||||||||||||||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||||||||||||||||||||
Cost and earnings in excess of billings | (5,300) | (4,100) | (4,200) | (4,100) | (5,300) | |||||||||||||||||||||
Other current liabilities | $ (5,300) | $ (4,100) | $ (4,200) | $ (4,100) | $ (5,300) | |||||||||||||||||||||
Adjustments [Member] | Contracts Accounted for under Percentage of Completion [Member] | Electrical Transmission [Member] | ||||||||||||||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||||||||||||||||||||
Number of projects | 2 | 2 | 2 | 2 | 2 | 2 | ||||||||||||||||||||
Net Income | $ 3,600 | $ 1,400 | $ (3,800) | |||||||||||||||||||||||
Revenue | 5,800 | 2,300 | $ (3,900) | $ 1,900 | ||||||||||||||||||||||
Cost and earnings in excess of billings | 1,100 | (4,400) | (6,200) | (4,400) | 1,100 | |||||||||||||||||||||
As Reported [Member] | ||||||||||||||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||||||||||||||||||||
Net Income | 45,271 | 32,050 | 16,023 | 48,073 | 93,344 | |||||||||||||||||||||
Revenue | 1,309,596 | 1,104,556 | 964,029 | 2,068,585 | 3,378,180 | |||||||||||||||||||||
Costs of revenue, excluding depreciation and amortization | 1,122,961 | 950,889 | 841,054 | 1,791,943 | 2,914,904 | |||||||||||||||||||||
Increase (decrease), other income, net | $ 1,416 | $ 2,051 | $ 1,955 | $ 4,007 | $ 5,424 | |||||||||||||||||||||
Basic earnings per share, continuing operations (in dollars per share) | $ / shares | $ 0.56 | $ 0.41 | $ 0.21 | $ 0.62 | $ 1.19 | |||||||||||||||||||||
Diluted earnings per share, continuing operations (in dollars per share) | $ / shares | 0.53 | 0.37 | 0.19 | 0.56 | 1.09 | |||||||||||||||||||||
Total basic earnings per share (in dollars per share) | $ / shares | [3] | 0.55 | 0.41 | 0.21 | 0.62 | 1.18 | ||||||||||||||||||||
Total diluted earnings per share (in dollars per share) | $ / shares | [3] | $ 0.53 | $ 0.37 | $ 0.19 | $ 0.56 | $ 1.08 | ||||||||||||||||||||
EBITDA | $ 128,200 | $ 101,500 | $ 71,600 | $ 173,100 | $ 301,200 | |||||||||||||||||||||
Other current liabilities | 22,976 | 17,940 | 24,588 | 17,940 | 22,976 | |||||||||||||||||||||
Acquisition-related contingent consideration, net of current portion | 115,649 | 116,929 | 119,756 | 116,929 | 115,649 | |||||||||||||||||||||
Acquisition-related contingent consideration, current | 39,126 | 36,479 | 64,694 | 36,479 | 39,126 | |||||||||||||||||||||
Billings in excess of costs and earnings | 130,997 | 109,805 | 109,370 | 109,805 | 130,997 | |||||||||||||||||||||
As Reported [Member] | Electrical Transmission [Member] | ||||||||||||||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||||||||||||||||||||
Revenue | 133,000 | 114,000 | 80,000 | 195,000 | 327,000 | |||||||||||||||||||||
EBITDA | $ 13,000 | $ 17,000 | $ 3,000 | $ 21,000 | $ 33,000 | |||||||||||||||||||||
EBITDA margin | 9.60% | 14.90% | 4.40% | 10.50% | 10.10% | |||||||||||||||||||||
[1] | Preliminary, unaudited fourth quarter and full year 2014 results were previously issued pursuant to a press release dated February 26, 2015 and not previously filed in a report under the Securities Exchange Act of 1934, as amended. The unaudited quarterly information for the three month period ended December 31, 2014 in the table above includes the effect of adjustments determined by management following the review process described in Note 2 - Independent Investigation of the Audit Committee and Related Restatements. | |||||||||||||||||||||||||
[2] | Earnings per share calculations, including the sum of the individual quarterly earnings per share amounts to the full year earnings per share amounts, may contain slight summation differences due to rounding. | |||||||||||||||||||||||||
[3] | Earnings per share calculations may contain slight summation differences due to rounding. |
Independent Investigation of 53
Independent Investigation of the Audit Committee and Related Restatements (Restated Condensed Unaudited Consolidated Statements of Operations) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | [1] | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Jun. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||||||||||||||||||
Revenue | $ 1,231,300 | $ 1,315,488 | $ 1,107,232 | $ 957,818 | $ 1,159,100 | $ 1,269,400 | $ 977,600 | $ 918,600 | $ 2,065,050 | $ 3,380,538 | $ 4,611,803 | $ 4,324,787 | $ 3,726,789 | |||||||||||
Costs of revenue, excluding depreciation and amortization | 1,063,100 | 1,122,861 | 950,715 | 841,324 | 987,000 | 1,081,100 | 822,700 | 791,500 | 1,792,040 | 2,914,901 | 3,977,963 | 3,682,367 | 3,239,195 | |||||||||||
Depreciation and amortization | 41,747 | 36,755 | 33,494 | 70,249 | 111,996 | 154,452 | 140,926 | 91,958 | ||||||||||||||||
General and administrative expenses | 59,889 | 54,237 | 53,327 | 107,564 | 167,454 | 238,305 | 215,402 | 157,524 | ||||||||||||||||
Interest expense, net | 12,643 | 12,949 | 12,003 | 24,952 | 37,595 | 50,769 | 46,442 | 37,376 | ||||||||||||||||
Other (income) expense, net | (1,416) | (1,923) | (2,083) | (4,007) | (5,424) | (8,116) | (6,188) | 8,017 | ||||||||||||||||
Income from continuing operations before income taxes | 79,764 | 54,499 | 19,753 | 74,252 | 154,016 | 198,430 | 240,214 | 192,719 | ||||||||||||||||
Provision for income taxes | (30,319) | (20,761) | (7,489) | (28,250) | (58,569) | (76,429) | (92,542) | (76,080) | ||||||||||||||||
Net income from continuing operations | 26,600 | 49,445 | 33,738 | 12,264 | 42,900 | 49,900 | 35,500 | 19,300 | 46,002 | 95,447 | 122,001 | 147,672 | 116,639 | |||||||||||
Discontinued operations: | ||||||||||||||||||||||||
Net loss from discontinued operations | (5,900) | (320) | (149) | (122) | (1,300) | (3,700) | (500) | (900) | (272) | (592) | (6,452) | (6,456) | (9,223) | |||||||||||
Net income | 49,125 | 33,589 | 12,142 | 45,730 | 94,855 | 115,549 | 141,216 | 107,416 | ||||||||||||||||
Net income (loss) attributable to non-controlling interests | (400) | 139 | (136) | 45 | 100 | 100 | 100 | 0 | (91) | 48 | (374) | 266 | (10) | |||||||||||
Net income attributable to MasTec, Inc. | $ 21,100 | $ 48,986 | $ 33,725 | $ 12,097 | $ 41,500 | $ 46,100 | $ 34,900 | $ 18,400 | $ 45,821 | $ 94,807 | $ 115,923 | $ 140,950 | $ 107,426 | |||||||||||
Basic earnings (loss) per share: | ||||||||||||||||||||||||
Continuing operations (in dollars per share) | $ 0.33 | $ 0.60 | $ 0.43 | $ 0.16 | $ 0.55 | $ 0.65 | $ 0.46 | $ 0.25 | $ 0.59 | $ 1.21 | $ 1.53 | $ 1.92 | $ 1.49 | |||||||||||
Discontinued operations (in dollars per share) | (0.07) | 0 | 0 | 0 | (0.02) | (0.05) | (0.01) | (0.01) | 0 | (0.01) | (0.08) | (0.09) | (0.12) | |||||||||||
Total basic earnings per share (in dollars per share) | 0.26 | [2] | $ 0.60 | [2],[3] | $ 0.43 | [2],[3] | $ 0.16 | [2],[3] | 0.54 | [2] | 0.60 | [2] | 0.46 | [2] | 0.24 | [2] | $ 0.59 | [3] | $ 1.20 | [3] | $ 1.45 | $ 1.83 | $ 1.37 | |
Basic weighted average common shares outstanding (in shares) | 81,811 | 78,269 | 77,345 | 77,810 | 79,158 | 79,953 | 76,923 | 78,275 | ||||||||||||||||
Diluted earnings (loss) per share: | ||||||||||||||||||||||||
Continuing operations (in dollars per share) | 0.32 | $ 0.57 | $ 0.39 | $ 0.14 | 0.50 | 0.59 | 0.42 | 0.23 | $ 0.53 | $ 1.11 | $ 1.42 | $ 1.74 | $ 1.42 | |||||||||||
Discontinued operations (in dollars per share) | (0.07) | 0 | 0 | 0 | (0.02) | (0.04) | (0.01) | (0.01) | 0 | (0.01) | (0.07) | (0.08) | (0.11) | |||||||||||
Total diluted earnings per share (in dollars per share) | $ 0.25 | [2] | $ 0.57 | [2],[3] | $ 0.39 | [2],[3] | $ 0.14 | [2],[3] | $ 0.49 | [2] | $ 0.54 | [2] | $ 0.41 | [2] | $ 0.22 | [2] | $ 0.53 | [3] | $ 1.10 | [3] | $ 1.35 | $ 1.66 | $ 1.31 | |
Diluted weighted average common shares outstanding (in shares) | 85,824 | 86,730 | 86,622 | 86,675 | 86,416 | 86,196 | 84,901 | 82,082 | ||||||||||||||||
As Reported [Member] | ||||||||||||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||||||||||||||||||
Revenue | $ 1,309,596 | $ 1,104,556 | $ 964,029 | $ 2,068,585 | $ 3,378,180 | |||||||||||||||||||
Costs of revenue, excluding depreciation and amortization | 1,122,961 | 950,889 | 841,054 | 1,791,943 | 2,914,904 | |||||||||||||||||||
Depreciation and amortization | 41,747 | 36,755 | 33,494 | 70,249 | 111,996 | |||||||||||||||||||
General and administrative expenses | 59,889 | 54,237 | 53,327 | 107,564 | 167,454 | |||||||||||||||||||
Interest expense, net | 12,643 | 12,949 | 12,003 | 24,952 | 37,595 | |||||||||||||||||||
Other (income) expense, net | (1,416) | (2,051) | (1,955) | (4,007) | (5,424) | |||||||||||||||||||
Income from continuing operations before income taxes | 73,772 | 51,777 | 26,106 | 77,884 | 151,655 | |||||||||||||||||||
Provision for income taxes | (28,042) | (19,714) | (9,916) | (29,630) | (57,671) | |||||||||||||||||||
Net income from continuing operations | 45,730 | 32,063 | 16,190 | 48,254 | 93,984 | |||||||||||||||||||
Discontinued operations: | ||||||||||||||||||||||||
Net loss from discontinued operations | (320) | (149) | (122) | (272) | (592) | |||||||||||||||||||
Net income | 45,410 | 31,914 | 16,068 | 47,982 | 93,392 | |||||||||||||||||||
Net income (loss) attributable to non-controlling interests | 139 | (136) | 45 | (91) | 48 | |||||||||||||||||||
Net income attributable to MasTec, Inc. | $ 45,271 | $ 32,050 | $ 16,023 | $ 48,073 | $ 93,344 | |||||||||||||||||||
Basic earnings (loss) per share: | ||||||||||||||||||||||||
Continuing operations (in dollars per share) | $ 0.56 | $ 0.41 | $ 0.21 | $ 0.62 | $ 1.19 | |||||||||||||||||||
Discontinued operations (in dollars per share) | 0 | 0 | 0 | 0 | (0.01) | |||||||||||||||||||
Total basic earnings per share (in dollars per share) | [3] | $ 0.55 | $ 0.41 | $ 0.21 | $ 0.62 | $ 1.18 | ||||||||||||||||||
Basic weighted average common shares outstanding (in shares) | 81,811 | 78,269 | 77,345 | 77,810 | 79,158 | |||||||||||||||||||
Diluted earnings (loss) per share: | ||||||||||||||||||||||||
Continuing operations (in dollars per share) | $ 0.53 | $ 0.37 | $ 0.19 | $ 0.56 | $ 1.09 | |||||||||||||||||||
Discontinued operations (in dollars per share) | 0 | 0 | 0 | 0 | (0.01) | |||||||||||||||||||
Total diluted earnings per share (in dollars per share) | [3] | $ 0.53 | $ 0.37 | $ 0.19 | $ 0.56 | $ 1.08 | ||||||||||||||||||
Diluted weighted average common shares outstanding (in shares) | 85,824 | 86,730 | 86,622 | 86,675 | 86,416 | |||||||||||||||||||
Adjustments [Member] | ||||||||||||||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||||||||||||||||||
Revenue | $ 5,892 | $ 2,676 | $ (6,211) | $ (3,535) | $ 2,358 | |||||||||||||||||||
Costs of revenue, excluding depreciation and amortization | (100) | (174) | 270 | 97 | (3) | |||||||||||||||||||
Depreciation and amortization | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||
General and administrative expenses | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||
Interest expense, net | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||
Other (income) expense, net | 0 | 128 | (128) | 0 | 0 | |||||||||||||||||||
Income from continuing operations before income taxes | 5,992 | 2,722 | (6,353) | (3,632) | 2,361 | |||||||||||||||||||
Provision for income taxes | (2,277) | (1,047) | 2,427 | 1,380 | (898) | |||||||||||||||||||
Net income from continuing operations | 3,715 | 1,675 | (3,926) | (2,252) | 1,463 | |||||||||||||||||||
Discontinued operations: | ||||||||||||||||||||||||
Net loss from discontinued operations | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||
Net income | 3,715 | 1,675 | (3,926) | (2,252) | 1,463 | |||||||||||||||||||
Net income (loss) attributable to non-controlling interests | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||
Net income attributable to MasTec, Inc. | $ 3,715 | $ 1,675 | $ (3,926) | $ (2,252) | $ 1,463 | |||||||||||||||||||
Basic earnings (loss) per share: | ||||||||||||||||||||||||
Continuing operations (in dollars per share) | $ 0.04 | $ 0.02 | $ (0.05) | $ (0.03) | $ 0.02 | |||||||||||||||||||
Discontinued operations (in dollars per share) | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||
Total basic earnings per share (in dollars per share) | [3] | $ 0.05 | $ 0.02 | $ (0.05) | $ (0.03) | $ 0.02 | ||||||||||||||||||
Basic weighted average common shares outstanding (in shares) | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||
Diluted earnings (loss) per share: | ||||||||||||||||||||||||
Continuing operations (in dollars per share) | $ 0.04 | $ 0.02 | $ (0.05) | $ (0.03) | $ 0.02 | |||||||||||||||||||
Discontinued operations (in dollars per share) | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||
Total diluted earnings per share (in dollars per share) | $ 0.04 | [3] | $ 0.02 | [3] | $ (0.05) | [3] | $ (0.03) | $ 0.02 | [3] | |||||||||||||||
Diluted weighted average common shares outstanding (in shares) | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||
[1] | Preliminary, unaudited fourth quarter and full year 2014 results were previously issued pursuant to a press release dated February 26, 2015 and not previously filed in a report under the Securities Exchange Act of 1934, as amended. The unaudited quarterly information for the three month period ended December 31, 2014 in the table above includes the effect of adjustments determined by management following the review process described in Note 2 - Independent Investigation of the Audit Committee and Related Restatements. | |||||||||||||||||||||||
[2] | Earnings per share calculations, including the sum of the individual quarterly earnings per share amounts to the full year earnings per share amounts, may contain slight summation differences due to rounding. | |||||||||||||||||||||||
[3] | Earnings per share calculations may contain slight summation differences due to rounding. |
Independent Investigation of 54
Independent Investigation of the Audit Committee and Related Restatements (Schedule of Restated Unaudited EBITDA and EBITDA Reconciliation) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Jun. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Restated Unaudited EBITDA and EBITDA Reconciliation: | ||||||||
EBITDA - Continuing operations | $ 134,200 | $ 104,200 | $ 65,300 | $ 169,500 | $ 303,600 | $ 403,700 | $ 427,600 | $ 322,100 |
Interest expense, net | (12,643) | (12,949) | (12,003) | (24,952) | (37,595) | (50,769) | (46,442) | (37,376) |
Depreciation and amortization | (41,747) | (36,755) | (33,494) | (70,249) | (111,996) | (154,452) | (140,926) | (91,958) |
Income from continuing operations before income taxes | 79,764 | 54,499 | 19,753 | 74,252 | 154,016 | $ 198,430 | $ 240,214 | $ 192,719 |
As Reported [Member] | ||||||||
Restated Unaudited EBITDA and EBITDA Reconciliation: | ||||||||
EBITDA - Continuing operations | 128,200 | 101,500 | 71,600 | 173,100 | 301,200 | |||
Interest expense, net | (12,643) | (12,949) | (12,003) | (24,952) | (37,595) | |||
Depreciation and amortization | (41,747) | (36,755) | (33,494) | (70,249) | (111,996) | |||
Income from continuing operations before income taxes | 73,772 | 51,777 | 26,106 | 77,884 | 151,655 | |||
Adjustments [Member] | ||||||||
Restated Unaudited EBITDA and EBITDA Reconciliation: | ||||||||
EBITDA - Continuing operations | 6,000 | 2,700 | (6,400) | (3,600) | 2,400 | |||
Interest expense, net | 0 | 0 | 0 | 0 | 0 | |||
Depreciation and amortization | 0 | 0 | 0 | 0 | 0 | |||
Income from continuing operations before income taxes | $ 5,992 | $ 2,722 | $ (6,353) | $ (3,632) | $ 2,361 |
Independent Investigation of 55
Independent Investigation of the Audit Committee and Related Restatements (Restated Condensed Unaudited Consolidated Statement of Comprehensive Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Jun. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||
Net income | $ 49,125 | $ 33,589 | $ 12,142 | $ 45,730 | $ 94,855 | $ 115,549 | $ 141,216 | $ 107,416 |
Other comprehensive (loss) income: | ||||||||
Foreign currency translation adjustments, net of tax | (12,951) | 7,676 | (5,336) | 2,340 | (10,611) | (20,718) | (7,893) | 1,924 |
Comprehensive income | 36,174 | 41,265 | 6,806 | 48,070 | 84,244 | 94,831 | 133,431 | 109,861 |
Comprehensive income (loss) attributable to non-controlling interests | 139 | (136) | 45 | (91) | 48 | (374) | 266 | (10) |
Comprehensive income attributable to MasTec, Inc. | 36,035 | 41,401 | 6,761 | 48,161 | 84,196 | $ 95,205 | $ 133,165 | $ 109,871 |
As Reported [Member] | ||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||
Net income | 45,410 | 31,914 | 16,068 | 47,982 | 93,392 | |||
Other comprehensive (loss) income: | ||||||||
Foreign currency translation adjustments, net of tax | (12,944) | 7,678 | (5,335) | 2,343 | (10,601) | |||
Comprehensive income | 32,466 | 39,592 | 10,733 | 50,325 | 82,791 | |||
Comprehensive income (loss) attributable to non-controlling interests | 139 | (136) | 45 | (91) | 48 | |||
Comprehensive income attributable to MasTec, Inc. | 32,327 | 39,728 | 10,688 | 50,416 | 82,743 | |||
Adjustments [Member] | ||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||
Net income | 3,715 | 1,675 | (3,926) | (2,252) | 1,463 | |||
Other comprehensive (loss) income: | ||||||||
Foreign currency translation adjustments, net of tax | (7) | (2) | (1) | (3) | (10) | |||
Comprehensive income | 3,708 | 1,673 | (3,927) | (2,255) | 1,453 | |||
Comprehensive income (loss) attributable to non-controlling interests | 0 | 0 | 0 | 0 | 0 | |||
Comprehensive income attributable to MasTec, Inc. | $ 3,708 | $ 1,673 | $ (3,927) | $ (2,255) | $ 1,453 |
Independent Investigation of 56
Independent Investigation of the Audit Committee and Related Restatements (Restated Condensed Unaudited Consolidated Balance Sheets) (Details) - USD ($) $ in Thousands | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Current assets: | |||||||
Cash and cash equivalents | $ 24,059 | $ 7,067 | $ 15,924 | $ 9,261 | $ 22,927 | $ 26,767 | $ 20,280 |
Accounts receivable, net of allowance | 1,303,552 | 1,385,678 | 1,280,250 | 1,185,236 | 1,134,693 | ||
Inventories, net | 112,804 | 105,038 | 115,627 | 89,146 | 70,185 | ||
Prepaid expenses and other current assets, including discontinued operations | 91,336 | 71,944 | 70,809 | 66,352 | 79,221 | ||
Total current assets | 1,531,751 | 1,569,727 | 1,482,610 | 1,349,995 | 1,307,026 | ||
Property and equipment, net | 623,118 | 614,359 | 618,672 | 509,585 | 488,132 | ||
Goodwill | 1,082,466 | 1,000,024 | 983,133 | 912,885 | 902,044 | 826,600 | |
Other intangible assets, net | 250,373 | 222,212 | 230,592 | 171,562 | 165,606 | 137,000 | |
Other long-term assets, including discontinued operations | 76,272 | 59,579 | 73,821 | 61,439 | 60,390 | ||
Total assets | 3,563,980 | 3,465,901 | 3,388,828 | 3,005,466 | 2,923,198 | 2,416,300 | |
Current liabilities: | |||||||
Current maturities of long-term debt | 73,631 | 71,798 | 76,914 | 52,949 | 51,376 | ||
Accounts payable | 485,347 | 481,840 | 494,090 | 440,423 | 424,917 | ||
Accrued salaries and wages | 60,528 | 82,083 | 63,945 | 68,055 | 66,455 | ||
Other accrued expenses | 89,343 | 82,952 | 69,401 | 60,453 | 71,448 | ||
Acquisition-related contingent consideration, current | 49,798 | 39,126 | 36,479 | 71,500 | 67,226 | ||
Billings in excess of costs and earnings | 155,674 | 129,732 | 108,968 | 109,370 | 121,641 | ||
Other current liabilities | 66,527 | 17,665 | 13,890 | 20,431 | 26,162 | ||
Total current liabilities | 980,848 | 905,196 | 863,687 | 823,181 | 829,225 | ||
Acquisition-related contingent consideration, net of current portion | 103,515 | 115,649 | 116,929 | 112,950 | 112,370 | ||
Long-term debt | 1,061,159 | 1,088,289 | 1,088,666 | 841,335 | 765,425 | ||
Long-term deferred tax liabilities, net | 203,476 | 180,449 | 186,538 | 154,151 | 154,763 | ||
Other long-term liabilities | 66,907 | 45,978 | 43,949 | 40,929 | 40,357 | ||
Total liabilities | $ 2,415,905 | $ 2,335,561 | $ 2,299,769 | $ 1,972,546 | $ 1,902,140 | ||
Commitments and contingencies | |||||||
Equity: | |||||||
Preferred stock, $1.00 par value: authorized shares - 5,000,000; issued and outstanding shares - none | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | ||
Common stock, $0.10 par value: authorized shares - 145,000,000 | 8,762 | 8,711 | 8,704 | 8,700 | 8,672 | ||
Capital surplus | 756,688 | 781,400 | 776,301 | 827,863 | 822,836 | ||
Contributed shares | 0 | 6,002 | 6,002 | 6,002 | 6,002 | ||
Retained earnings | 457,788 | 436,671 | 387,685 | 353,961 | 341,865 | ||
Accumulated other comprehensive loss | (34,004) | (23,897) | (10,946) | (18,622) | (13,286) | (5,501) | (7,946) |
Treasury stock, at cost | (45,573) | (83,385) | (83,385) | (150,000) | (150,000) | ||
Total MasTec, Inc. shareholders' equity | 1,143,661 | 1,125,502 | 1,084,361 | 1,027,904 | 1,016,089 | ||
Non-controlling interests | 4,414 | 4,838 | 4,698 | 5,016 | 4,969 | ||
Total equity | 1,148,075 | 1,130,340 | 1,089,059 | 1,032,920 | 1,021,058 | $ 861,875 | $ 811,207 |
Total liabilities and equity | $ 3,563,980 | 3,465,901 | 3,388,828 | 3,005,466 | 2,923,198 | ||
As Reported [Member] | |||||||
Current assets: | |||||||
Cash and cash equivalents | 7,067 | 15,924 | 9,261 | 22,927 | |||
Accounts receivable, net of allowance | 1,389,903 | 1,288,672 | 1,195,603 | ||||
Inventories, net | 105,038 | 115,627 | 89,146 | ||||
Prepaid expenses and other current assets, including discontinued operations | 71,944 | 69,429 | 63,926 | ||||
Total current assets | 1,573,952 | 1,489,652 | 1,357,936 | 1,306,000 | |||
Property and equipment, net | 614,359 | 618,672 | 509,585 | ||||
Goodwill | 1,000,024 | 983,133 | 912,885 | 899,400 | |||
Other intangible assets, net | 222,212 | 230,592 | 171,562 | ||||
Other long-term assets, including discontinued operations | 59,579 | 73,821 | 61,439 | ||||
Total assets | 3,470,126 | 3,395,870 | 3,013,407 | ||||
Current liabilities: | |||||||
Current maturities of long-term debt | 71,798 | 76,914 | 52,949 | ||||
Accounts payable | 481,840 | 494,090 | 440,152 | ||||
Accrued salaries and wages | 82,083 | 63,845 | 68,055 | ||||
Other accrued expenses | 82,054 | 69,401 | 60,581 | ||||
Acquisition-related contingent consideration, current | 39,126 | 36,479 | 64,694 | ||||
Billings in excess of costs and earnings | 130,997 | 109,805 | 109,370 | ||||
Other current liabilities | 22,976 | 17,940 | 24,588 | ||||
Total current liabilities | 910,874 | 868,474 | 820,389 | 825,500 | |||
Acquisition-related contingent consideration, net of current portion | 115,649 | 116,929 | 119,756 | ||||
Long-term debt | 1,088,289 | 1,088,666 | 841,335 | ||||
Long-term deferred tax liabilities, net | 180,449 | 186,538 | 154,151 | 154,900 | |||
Other long-term liabilities | 45,978 | 43,949 | 40,929 | ||||
Total liabilities | $ 2,341,239 | 2,304,556 | $ 1,976,560 | ||||
Commitments and contingencies | |||||||
Equity: | |||||||
Preferred stock, $1.00 par value: authorized shares - 5,000,000; issued and outstanding shares - none | $ 0 | 0 | $ 0 | ||||
Common stock, $0.10 par value: authorized shares - 145,000,000 | 8,711 | 8,704 | 8,700 | ||||
Capital surplus | 781,400 | 776,301 | 827,863 | ||||
Contributed shares | 6,002 | 6,002 | 6,002 | ||||
Retained earnings | 435,208 | 389,937 | 357,887 | ||||
Accumulated other comprehensive loss | (23,887) | (10,943) | (18,621) | ||||
Treasury stock, at cost | (83,385) | (83,385) | (150,000) | ||||
Total MasTec, Inc. shareholders' equity | 1,124,049 | 1,086,616 | 1,031,831 | ||||
Non-controlling interests | 4,838 | 4,698 | 5,016 | ||||
Total equity | 1,128,887 | 1,091,314 | 1,036,847 | ||||
Total liabilities and equity | 3,470,126 | 3,395,870 | 3,013,407 | ||||
Adjustments [Member] | |||||||
Current assets: | |||||||
Cash and cash equivalents | 0 | 0 | 0 | $ 0 | |||
Accounts receivable, net of allowance | (4,225) | (8,422) | (10,367) | ||||
Inventories, net | 0 | 0 | 0 | ||||
Prepaid expenses and other current assets, including discontinued operations | 0 | 1,380 | 2,426 | ||||
Total current assets | (4,225) | (7,042) | (7,941) | ||||
Property and equipment, net | 0 | 0 | 0 | ||||
Goodwill | 0 | 0 | 0 | ||||
Other intangible assets, net | 0 | 0 | 0 | ||||
Other long-term assets, including discontinued operations | 0 | 0 | 0 | ||||
Total assets | (4,225) | (7,042) | (7,941) | ||||
Current liabilities: | |||||||
Current maturities of long-term debt | 0 | 0 | 0 | ||||
Accounts payable | 0 | 0 | 271 | ||||
Accrued salaries and wages | 0 | 100 | 0 | ||||
Other accrued expenses | 898 | 0 | (128) | ||||
Acquisition-related contingent consideration, current | 0 | 0 | 6,806 | ||||
Billings in excess of costs and earnings | (1,265) | (837) | 0 | ||||
Other current liabilities | (5,311) | (4,050) | (4,157) | ||||
Total current liabilities | (5,678) | (4,787) | 2,792 | ||||
Acquisition-related contingent consideration, net of current portion | 0 | 0 | (6,806) | ||||
Long-term debt | 0 | 0 | 0 | ||||
Long-term deferred tax liabilities, net | 0 | 0 | 0 | ||||
Other long-term liabilities | 0 | 0 | 0 | ||||
Total liabilities | $ (5,678) | (4,787) | $ (4,014) | ||||
Commitments and contingencies | |||||||
Equity: | |||||||
Preferred stock, $1.00 par value: authorized shares - 5,000,000; issued and outstanding shares - none | $ 0 | 0 | $ 0 | ||||
Common stock, $0.10 par value: authorized shares - 145,000,000 | 0 | 0 | 0 | ||||
Capital surplus | 0 | 0 | 0 | ||||
Contributed shares | 0 | 0 | 0 | ||||
Retained earnings | 1,463 | (2,252) | (3,926) | ||||
Accumulated other comprehensive loss | (10) | (3) | (1) | ||||
Treasury stock, at cost | 0 | 0 | 0 | ||||
Total MasTec, Inc. shareholders' equity | 1,453 | (2,255) | (3,927) | ||||
Non-controlling interests | 0 | 0 | 0 | ||||
Total equity | 1,453 | (2,255) | (3,927) | ||||
Total liabilities and equity | $ (4,225) | $ (7,042) | $ (7,941) |
Independent Investigation of 57
Independent Investigation of the Audit Committee and Related Restatements (Restated Condensed Unaudited Consolidated Balance Sheets) (Parenthetical) (Details) - $ / shares | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 |
Accounting Changes and Error Corrections [Abstract] | |||||
Preferred stock, par value (in dollars per share) | $ 1 | $ 1 | $ 1 | $ 1 | $ 1 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 | 5,000,000 | 5,000,000 | 5,000,000 |
Preferred stock, shares issued | 0 | 0 | 0 | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 | 0 | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.10 | $ 0.1 | $ 0.1 | $ 0.1 | $ 0.10 |
Common stock, shares authorized | 145,000,000 | 145,000,000 | 145,000,000 | 145,000,000 | 145,000,000 |
Common stock, shares issued | 87,614,955 | 87,106,042 | 87,036,192 | 86,993,988 | 86,725,372 |
Treasury stock, shares | 2,876,311 | 5,262,831 | 5,262,831 | 9,467,286 | 9,467,286 |
Independent Investigation of 58
Independent Investigation of the Audit Committee and Related Restatements (Restated Condensed Unaudited Consolidated Statements of Cash Flows) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||
Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Jun. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||||
Cash flows from operating activities: | |||||||||||
Net income | $ 49,125 | $ 33,589 | $ 12,142 | $ 45,730 | $ 94,855 | $ 115,549 | $ 141,216 | $ 107,416 | |||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Depreciation and amortization | 41,747 | 36,755 | 33,494 | 70,249 | 111,996 | 154,452 | 140,926 | 91,958 | |||
Non-cash interest expense | 2,362 | 4,642 | 6,052 | 7,355 | 10,717 | 8,595 | |||||
Non-cash stock-based compensation expense | 3,260 | 7,480 | 11,584 | 15,950 | 12,944 | 4,433 | |||||
Excess tax benefit from stock-based compensation | (3,246) | (3,386) | (3,494) | (3,728) | [1] | (4,315) | [1] | (759) | [1] | ||
Provision for deferred income taxes | 3,281 | 11,160 | 4,294 | 13,756 | 6,533 | 5,127 | |||||
Other non-cash items | 623 | 438 | 1,136 | 5,955 | 8,009 | 9,305 | |||||
(Gains) losses on sales of assets, including impairment charges on discontinued operations | (1,622) | (2,593) | (4,068) | (6,434) | (1,492) | 11,714 | |||||
Changes in assets and liabilities, net of acquisitions: | |||||||||||
Accounts receivable | (33,073) | (12,848) | (126,950) | 163,773 | (204,330) | (177,313) | |||||
Inventories | (13,313) | (37,140) | (27,553) | (12,621) | 13,481 | 15,448 | |||||
Other assets, current and long-term portion | 6,608 | 3,273 | 5,202 | (14,221) | 6,248 | (6,773) | |||||
Accounts payable and accrued expenses | (14,540) | (8,816) | 15,419 | (87,494) | 72,514 | 76,285 | |||||
Billings in excess of costs and earnings | (12,247) | (13,095) | 2,896 | (34,320) | (8,227) | 15,651 | |||||
Book overdrafts | 1,266 | (1,355) | (10,399) | 9,911 | 6,363 | 116 | |||||
Other liabilities, current and long-term portion | (5,389) | (8,420) | 49 | (4,872) | (185) | 11,305 | |||||
Net cash provided by operating activities | (20,394) | 55,319 | 81,019 | 323,011 | 200,402 | 172,508 | |||||
Cash flows (used in) provided by investing activities: | |||||||||||
Cash paid for acquisitions, net of cash acquired | (23,831) | (162,901) | (162,901) | (345,543) | (148,567) | (119,459) | |||||
Capital expenditures | (35,554) | (67,566) | (90,962) | (109,254) | (126,288) | (79,686) | |||||
Proceeds from sale of property and equipment | 3,373 | 8,752 | 12,204 | 16,655 | 15,858 | 7,385 | |||||
Proceeds from disposal of business, net of cash divested | 0 | 0 | (2,997) | 97,728 | |||||||
(Payments for) proceeds from other investments | (1,098) | 573 | (1,046) | (1,120) | (16,173) | (284) | |||||
Net cash used in investing activities | (57,110) | (221,142) | (242,705) | (439,262) | (263,211) | (94,316) | |||||
Cash flows provided by (used in) financing activities: | |||||||||||
Proceeds from credit facilities | 233,872 | 815,840 | 1,319,623 | 2,385,971 | 1,149,040 | 959,183 | |||||
Repayments of credit facilities | (157,349) | (463,713) | (955,151) | (1,939,612) | (1,249,601) | (885,183) | |||||
Repayment of senior notes, including convertible notes | (105,325) | (105,325) | (202,325) | (150,000) | 0 | ||||||
Repayments of other borrowings | (2,830) | (7,220) | (15,827) | (15,700) | (27,705) | (21,455) | |||||
Payments of capital lease obligations | (10,956) | (23,023) | (38,358) | (51,587) | (43,040) | (21,060) | |||||
Payments of tax withholdings and proceeds from stock-based awards, net | (1,451) | (578) | 318 | 1,113 | 8,355 | 5,013 | |||||
Excess tax benefit from stock-based compensation | 3,246 | 3,386 | 3,494 | 3,728 | 4,315 | 759 | |||||
Payments of acquisition-related contingent consideration | (58,902) | (60,341) | (60,341) | (18,683) | (33,936) | ||||||
Payments of financing costs | (218) | (1,298) | (1,455) | (2,572) | (13,688) | (117) | |||||
Net cash provided by (used in) financing activities | 64,314 | 159,167 | 146,978 | 118,675 | 58,993 | (71,796) | |||||
Effect of currency translation on cash | (476) | (347) | (1,152) | (1,292) | (24) | 91 | |||||
Net increase (decrease) in cash and cash equivalents | (13,666) | (7,003) | (15,860) | 1,132 | (3,840) | 6,487 | |||||
Cash and cash equivalents - beginning of period | 15,924 | 9,261 | 22,927 | 22,927 | 22,927 | 22,927 | 26,767 | 20,280 | |||
Cash and cash equivalents - end of period | 7,067 | 15,924 | 9,261 | 15,924 | 7,067 | 24,059 | 22,927 | 26,767 | |||
Supplemental cash flow information: | |||||||||||
Interest paid | 12,430 | 20,247 | 35,106 | 42,979 | 37,531 | 27,074 | |||||
Income taxes paid, net of refunds | 11,928 | 29,901 | 46,423 | 76,975 | 79,504 | 58,968 | |||||
Supplemental disclosure of non-cash information: | |||||||||||
Equipment acquired under capital lease | 8,240 | 44,574 | 55,488 | 64,618 | 86,330 | 60,648 | |||||
2011 Senior Convertible Notes [Member] | |||||||||||
Supplemental disclosure of non-cash information: | |||||||||||
Premium shares, conversion of convertible notes | 114,785 | 114,785 | 155,744 | ||||||||
Earn-Out Arrangements [Member] | |||||||||||
Supplemental disclosure of non-cash information: | |||||||||||
Acquisition-related contingent consideration, new business combinations | 8,700 | 33,612 | 34,988 | 33,612 | 32,451 | 66,700 | |||||
Machinery and Equipment [Member] | |||||||||||
Supplemental disclosure of non-cash information: | |||||||||||
Equipment acquired under financing arrangements | 5,780 | 5,780 | 6,851 | 11,105 | 24,244 | $ 6,009 | |||||
As Reported [Member] | |||||||||||
Cash flows from operating activities: | |||||||||||
Net income | 45,410 | 31,914 | 16,068 | 47,982 | 93,392 | ||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Depreciation and amortization | 41,747 | 36,755 | 33,494 | 70,249 | 111,996 | ||||||
Non-cash interest expense | 2,362 | 4,642 | 6,052 | ||||||||
Non-cash stock-based compensation expense | 3,260 | 7,480 | 11,584 | ||||||||
Excess tax benefit from stock-based compensation | (3,246) | (3,386) | (3,494) | ||||||||
Provision for deferred income taxes | 3,281 | 11,160 | 4,294 | ||||||||
Other non-cash items | 623 | 438 | 1,136 | ||||||||
(Gains) losses on sales of assets, including impairment charges on discontinued operations | (1,622) | (2,593) | (4,068) | ||||||||
Changes in assets and liabilities, net of acquisitions: | |||||||||||
Accounts receivable | (43,440) | (21,270) | (131,175) | ||||||||
Inventories | (13,313) | (37,140) | (27,553) | ||||||||
Other assets, current and long-term portion | 9,034 | 4,655 | 5,202 | ||||||||
Accounts payable and accrued expenses | (14,683) | (8,916) | 14,521 | ||||||||
Billings in excess of costs and earnings | (12,247) | (12,258) | 4,171 | ||||||||
Book overdrafts | 1,266 | (1,355) | (10,399) | ||||||||
Other liabilities, current and long-term portion | (1,231) | (4,369) | 5,360 | ||||||||
Net cash provided by operating activities | (20,394) | 55,319 | 81,019 | ||||||||
Cash flows (used in) provided by investing activities: | |||||||||||
Cash paid for acquisitions, net of cash acquired | (23,831) | (162,901) | (162,901) | ||||||||
Capital expenditures | (35,554) | (67,566) | (90,962) | ||||||||
Proceeds from sale of property and equipment | 3,373 | 8,752 | 12,204 | ||||||||
Proceeds from disposal of business, net of cash divested | 0 | ||||||||||
(Payments for) proceeds from other investments | (1,098) | 573 | (1,046) | ||||||||
Net cash used in investing activities | (57,110) | (221,142) | (242,705) | ||||||||
Cash flows provided by (used in) financing activities: | |||||||||||
Proceeds from credit facilities | 233,872 | 815,840 | 1,319,623 | ||||||||
Repayments of credit facilities | (157,349) | (463,713) | (955,151) | ||||||||
Repayment of senior notes, including convertible notes | (105,325) | (105,325) | |||||||||
Repayments of other borrowings | (2,830) | (7,220) | (15,827) | ||||||||
Payments of capital lease obligations | (10,956) | (23,023) | (38,358) | ||||||||
Payments of tax withholdings and proceeds from stock-based awards, net | (1,451) | (578) | 318 | ||||||||
Excess tax benefit from stock-based compensation | 3,246 | 3,386 | 3,494 | ||||||||
Payments of acquisition-related contingent consideration | (58,902) | (60,341) | |||||||||
Payments of financing costs | (218) | (1,298) | (1,455) | ||||||||
Net cash provided by (used in) financing activities | 64,314 | 159,167 | 146,978 | ||||||||
Effect of currency translation on cash | (476) | (347) | (1,152) | ||||||||
Net increase (decrease) in cash and cash equivalents | (13,666) | (7,003) | (15,860) | ||||||||
Cash and cash equivalents - beginning of period | 15,924 | 9,261 | 22,927 | 22,927 | 22,927 | 22,927 | |||||
Cash and cash equivalents - end of period | 7,067 | 15,924 | 9,261 | 15,924 | 7,067 | 22,927 | |||||
Supplemental cash flow information: | |||||||||||
Interest paid | 12,430 | 20,247 | 35,106 | ||||||||
Income taxes paid, net of refunds | 11,928 | 29,901 | 46,423 | ||||||||
Supplemental disclosure of non-cash information: | |||||||||||
Equipment acquired under capital lease | 8,240 | 44,574 | 55,488 | ||||||||
As Reported [Member] | 2011 Senior Convertible Notes [Member] | |||||||||||
Supplemental disclosure of non-cash information: | |||||||||||
Premium shares, conversion of convertible notes | 114,785 | 114,785 | |||||||||
As Reported [Member] | Earn-Out Arrangements [Member] | |||||||||||
Supplemental disclosure of non-cash information: | |||||||||||
Acquisition-related contingent consideration, new business combinations | 8,700 | 33,612 | 34,988 | ||||||||
As Reported [Member] | Machinery and Equipment [Member] | |||||||||||
Supplemental disclosure of non-cash information: | |||||||||||
Equipment acquired under financing arrangements | 5,780 | 5,780 | 6,851 | ||||||||
Adjustments [Member] | |||||||||||
Cash flows from operating activities: | |||||||||||
Net income | 3,715 | 1,675 | (3,926) | (2,252) | 1,463 | ||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Depreciation and amortization | 0 | 0 | 0 | 0 | 0 | ||||||
Non-cash interest expense | 0 | 0 | 0 | ||||||||
Non-cash stock-based compensation expense | 0 | 0 | 0 | ||||||||
Excess tax benefit from stock-based compensation | 0 | 0 | 0 | ||||||||
Provision for deferred income taxes | 0 | 0 | 0 | ||||||||
Other non-cash items | 0 | 0 | 0 | ||||||||
(Gains) losses on sales of assets, including impairment charges on discontinued operations | 0 | 0 | 0 | ||||||||
Changes in assets and liabilities, net of acquisitions: | |||||||||||
Accounts receivable | 10,367 | 8,422 | 4,225 | ||||||||
Inventories | 0 | 0 | 0 | ||||||||
Other assets, current and long-term portion | (2,426) | (1,382) | 0 | ||||||||
Accounts payable and accrued expenses | 143 | 100 | 898 | ||||||||
Billings in excess of costs and earnings | 0 | (837) | (1,275) | ||||||||
Book overdrafts | 0 | 0 | 0 | ||||||||
Other liabilities, current and long-term portion | (4,158) | (4,051) | (5,311) | ||||||||
Net cash provided by operating activities | 0 | 0 | 0 | ||||||||
Cash flows (used in) provided by investing activities: | |||||||||||
Cash paid for acquisitions, net of cash acquired | 0 | 0 | 0 | ||||||||
Capital expenditures | 0 | 0 | 0 | ||||||||
Proceeds from sale of property and equipment | 0 | 0 | 0 | ||||||||
Proceeds from disposal of business, net of cash divested | 0 | ||||||||||
(Payments for) proceeds from other investments | 0 | 0 | 0 | ||||||||
Net cash used in investing activities | 0 | 0 | 0 | ||||||||
Cash flows provided by (used in) financing activities: | |||||||||||
Proceeds from credit facilities | 0 | 0 | 0 | ||||||||
Repayments of credit facilities | 0 | 0 | 0 | ||||||||
Repayment of senior notes, including convertible notes | 0 | 0 | |||||||||
Repayments of other borrowings | 0 | 0 | 0 | ||||||||
Payments of capital lease obligations | 0 | 0 | 0 | ||||||||
Payments of tax withholdings and proceeds from stock-based awards, net | 0 | 0 | 0 | ||||||||
Excess tax benefit from stock-based compensation | 0 | 0 | 0 | ||||||||
Payments of acquisition-related contingent consideration | 0 | 0 | |||||||||
Payments of financing costs | 0 | 0 | 0 | ||||||||
Net cash provided by (used in) financing activities | 0 | 0 | 0 | ||||||||
Effect of currency translation on cash | 0 | 0 | 0 | ||||||||
Net increase (decrease) in cash and cash equivalents | 0 | 0 | 0 | ||||||||
Cash and cash equivalents - beginning of period | 0 | 0 | 0 | 0 | 0 | $ 0 | |||||
Cash and cash equivalents - end of period | $ 0 | $ 0 | 0 | 0 | 0 | $ 0 | |||||
Supplemental cash flow information: | |||||||||||
Interest paid | 0 | 0 | 0 | ||||||||
Income taxes paid, net of refunds | 0 | 0 | 0 | ||||||||
Supplemental disclosure of non-cash information: | |||||||||||
Equipment acquired under capital lease | 0 | 0 | 0 | ||||||||
Adjustments [Member] | 2011 Senior Convertible Notes [Member] | |||||||||||
Supplemental disclosure of non-cash information: | |||||||||||
Premium shares, conversion of convertible notes | 0 | 0 | |||||||||
Adjustments [Member] | Earn-Out Arrangements [Member] | |||||||||||
Supplemental disclosure of non-cash information: | |||||||||||
Acquisition-related contingent consideration, new business combinations | 0 | 0 | 0 | ||||||||
Adjustments [Member] | Machinery and Equipment [Member] | |||||||||||
Supplemental disclosure of non-cash information: | |||||||||||
Equipment acquired under financing arrangements | $ 0 | $ 0 | $ 0 | ||||||||
[1] | Excess tax benefits, which represent cash flows from tax deductions in excess of the tax effect of compensation expense associated with exercised stock options and vested restricted shares, are classified as financing cash flows in the Company’s consolidated statements of cash flows. |
Earnings Per Share (Methodology
Earnings Per Share (Methodology) (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2014 | |
Earnings Per Share [Line Items] | |
Computation of earnings per share, methodology | Basic earnings per share is computed by dividing net income or loss available to MasTec’s common shareholders by the weighted average number of common shares outstanding for the period. Diluted earnings per share is computed by dividing net income or loss available to MasTec’s common shareholders by the number of fully diluted shares, which includes the effect of dilutive potential issuances of common shares as determined using earnings from continuing operations, including the potential issuance of common shares upon the exercise, conversion or vesting of outstanding stock options and unvested restricted shares, as calculated under the treasury stock method, as well as shares associated with the Company’s convertible debt securities, which matured and were converted in 2014. |
Convertible Debt [Member] | 2009 Convertible Notes [Member] | |
Earnings Per Share [Line Items] | |
Computation of earnings per share, methodology | Until their maturity in 2014, dilutive shares associated with the 2009 Convertible Notes were attributable to the underlying principal amounts and were reflected in the calculation of weighted average diluted earnings per share for the corresponding periods by application of the “if-converted” method. |
Convertible Debt [Member] | 2011 Convertible Notes [Member] | |
Earnings Per Share [Line Items] | |
Computation of earnings per share, methodology | The 2011 Convertible Notes had an optional cash settlement feature, which allowed the Company to settle the principal amount in cash. Until their maturity in 2014, dilutive shares associated with the 2011 Convertible Notes were derived from the premium value of the notes in excess of their principal amounts, as calculated using the treasury stock method. These shares were referred to as “premium shares.” |
Earnings Per Share (Schedule of
Earnings Per Share (Schedule of Earnings Per Share Information) (Details) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||
Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Jun. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||
Net income attributable to MasTec: | |||||||||
Net income, continuing operations - basic (in dollars) | [1] | $ 122,375 | $ 147,492 | $ 116,639 | |||||
Net income attributable to MasTec - diluted (in dollars) | 116,104 | 141,265 | 107,737 | ||||||
Net loss from discontinued operations - basic and diluted (in dollars) | [1] | $ (6,452) | $ (6,542) | $ (9,213) | |||||
Weighted average shares outstanding: | |||||||||
Weighted average shares outstanding - basic | 81,811 | 78,269 | 77,345 | 77,810 | 79,158 | 79,953 | 76,923 | 78,275 | |
Dilutive common stock equivalents (in shares) | 813 | 777 | 883 | ||||||
Weighted average shares outstanding - diluted | 85,824 | 86,730 | 86,622 | 86,675 | 86,416 | 86,196 | 84,901 | 82,082 | |
Continuing Operations [Member] | |||||||||
Net income attributable to MasTec: | |||||||||
Net income attributable to MasTec - diluted (in dollars) | $ 122,556 | $ 147,807 | $ 116,950 | ||||||
2009 Convertible Notes [Member] | |||||||||
Net income attributable to MasTec: | |||||||||
Interest expense, net of tax, 2009 Convertible Notes (in dollars) | $ 181 | $ 315 | $ 311 | ||||||
Weighted average shares outstanding: | |||||||||
Dilutive shares, 2009 Convertible Notes | 459 | 806 | 806 | ||||||
2011 Convertible Notes [Member] | Convertible Debt [Member] | |||||||||
Weighted average shares outstanding: | |||||||||
Dilutive premium shares, 2011 Convertible Notes | 4,971 | 6,395 | 2,118 | ||||||
[1] | Calculated as total net income (loss) less amounts attributable to non-controlling interests. |
Earnings Per Share (Narrative)
Earnings Per Share (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions | 1 Months Ended | 12 Months Ended | |||
Dec. 31, 2014 | Jun. 30, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Common Stock [Member] | |||||
Earnings Per Share [Line Items] | |||||
Weighted average anti-dilutive common stock equivalents (in shares) | 244,623 | 0 | 8,313 | ||
4.25% Convertible Notes [Member] | |||||
Earnings Per Share [Line Items] | |||||
Debt instrument, convertible, repayments (in dollars) | $ 97 | ||||
Debt instrument, convertible, conversion price (in dollars per share) | $ 15.48 | $ 15.48 | |||
4.25% Convertible Notes [Member] | Common Stock [Member] | |||||
Earnings Per Share [Line Items] | |||||
Debt instrument, convertible, common shares issued (in shares) | 2,400,000 | ||||
2011 4.25% Notes [Member] | |||||
Earnings Per Share [Line Items] | |||||
Debt instrument, convertible, conversion price (in dollars per share) | $ 15.48 | 15.48 | |||
2011 4.25% Notes [Member] | Common Stock [Member] | |||||
Earnings Per Share [Line Items] | |||||
Debt instrument, convertible, common shares issued (in shares) | 2,200,000 | ||||
2009 4.25% Notes [Member] | |||||
Earnings Per Share [Line Items] | |||||
Debt instrument, convertible, conversion price (in dollars per share) | $ 15.48 | 15.48 | |||
2009 4.25% Notes [Member] | Common Stock [Member] | |||||
Earnings Per Share [Line Items] | |||||
Debt instrument, convertible, common shares issued (in shares) | 200,000 | ||||
4.0% Convertible Notes [Member] | |||||
Earnings Per Share [Line Items] | |||||
Debt instrument, convertible, repayments (in dollars) | $ 105 | ||||
Debt instrument, convertible, conversion price (in dollars per share) | $ 15.76 | 15.76 | |||
4.0% Convertible Notes [Member] | Common Stock [Member] | |||||
Earnings Per Share [Line Items] | |||||
Debt instrument, convertible, common shares issued (in shares) | 4,200,000 | ||||
2011 4.0% Notes [Member] | |||||
Earnings Per Share [Line Items] | |||||
Debt instrument, convertible, conversion price (in dollars per share) | 15.76 | 15.76 | |||
2011 4.0% Notes [Member] | Common Stock [Member] | |||||
Earnings Per Share [Line Items] | |||||
Debt instrument, convertible, common shares issued (in shares) | 3,600,000 | ||||
2009 4.0% Notes [Member] | |||||
Earnings Per Share [Line Items] | |||||
Debt instrument, convertible, conversion price (in dollars per share) | $ 15.76 | $ 15.76 | |||
2009 4.0% Notes [Member] | Common Stock [Member] | |||||
Earnings Per Share [Line Items] | |||||
Debt instrument, convertible, common shares issued (in shares) | 600,000 | ||||
Convertible Debt [Member] | 2011 Convertible Notes [Member] | |||||
Earnings Per Share [Line Items] | |||||
Premium shares (in shares) | 4,971,000 | 6,395,000 | 2,118,000 | ||
Convertible Debt [Member] | 4.25% Convertible Notes [Member] | |||||
Earnings Per Share [Line Items] | |||||
Debt instrument, convertible, matured and converted (in dollars) | $ 100 | ||||
Debt instrument, convertible, interest rate (percentage) | 4.25% | 4.25% | |||
Convertible Debt [Member] | 2011 4.25% Notes [Member] | |||||
Earnings Per Share [Line Items] | |||||
Debt instrument, convertible, matured and converted (in dollars) | $ 97 | ||||
Debt instrument, convertible, interest rate (percentage) | 4.25% | 4.25% | |||
Convertible Debt [Member] | 2009 4.25% Notes [Member] | |||||
Earnings Per Share [Line Items] | |||||
Debt instrument, convertible, matured and converted (in dollars) | $ 3 | ||||
Debt instrument, convertible, interest rate (percentage) | 4.25% | 4.25% | |||
Convertible Debt [Member] | 4.0% Convertible Notes [Member] | |||||
Earnings Per Share [Line Items] | |||||
Debt instrument, convertible, matured and converted (in dollars) | $ 115 | ||||
Debt instrument, convertible, interest rate (percentage) | 4.00% | 4.00% | |||
Convertible Debt [Member] | 2011 4.0% Notes [Member] | |||||
Earnings Per Share [Line Items] | |||||
Debt instrument, convertible, matured and converted (in dollars) | 105 | ||||
Debt instrument, convertible, interest rate (percentage) | 4.00% | 4.00% | |||
Convertible Debt [Member] | 2009 4.0% Notes [Member] | |||||
Earnings Per Share [Line Items] | |||||
Debt instrument, convertible, matured and converted (in dollars) | $ 10 | ||||
Debt instrument, convertible, interest rate (percentage) | 4.00% | 4.00% |
Earnings Per Share (Schedule 62
Earnings Per Share (Schedule of Convertible Note Premium Share Information) (Details) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | |
Dec. 31, 2013USD ($)shares$ / shares | Dec. 31, 2012USD ($)shares$ / shares | |
2011 4.0% Notes [Member] | ||
Premium Share Information: | ||
Per share price, actual average (in dollars per share) | $ / shares | $ 30.86 | $ 18.68 |
Premium value (in dollars) | $ | $ 100,911 | $ 19,494 |
2011 4.0% Notes [Member] | Common Stock [Member] | ||
Premium Share Information: | ||
Number of conversion shares, principal amount (in shares) | 6,683 | 6,683 |
2011 4.0% Notes [Member] | Common Stock [Member] | Convertible Debt [Member] | ||
Premium Share Information: | ||
Premium shares (in shares) | 3,270 | 1,044 |
2011 4.25% Notes [Member] | ||
Premium Share Information: | ||
Per share price, actual average (in dollars per share) | $ / shares | $ 30.86 | $ 18.68 |
Premium value (in dollars) | $ | $ 96,423 | $ 20,064 |
2011 4.25% Notes [Member] | Common Stock [Member] | ||
Premium Share Information: | ||
Number of conversion shares, principal amount (in shares) | 6,268 | 6,268 |
2011 4.25% Notes [Member] | Common Stock [Member] | Convertible Debt [Member] | ||
Premium Share Information: | ||
Premium shares (in shares) | 3,125 | 1,074 |
Acquisitions (Narrative) (Detai
Acquisitions (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2014 | |
Business Combinations [Abstract] | |
Business combinations, provisional information, initial accounting incomplete, items | The Company acquired several businesses during 2014, as discussed below. As of December 31, 2014, determination of the fair values of the net assets acquired, including the estimated values of contingent earn-out obligations and the estimated useful lives of acquired assets for certain of these acquisitions, were provisional and remained preliminary. Management continues to assess the valuation of these items and any ultimate purchase price adjustments that may result based on the final net assets and net working capital of the acquired businesses, as prescribed in the corresponding purchase agreements. |
Business combinations, provisional information, initial accounting incomplete, reasons | The Company will revise its preliminary estimates of the fair values of net assets acquired if new information is obtained about the facts and circumstances existing as of the date of acquisition, or for purchase price adjustments, based on the final net assets and net working capital of the acquired business, as prescribed in the applicable purchase agreement. |
Acquisitions (2014 Acquisitions
Acquisitions (2014 Acquisitions - WesTower) (Narrative) (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2014 | Oct. 01, 2014 | |
Communications [Member] | |||
Business Combinations [Line Items] | |||
Business combinations, acquisition integration costs | $ 5,300,000 | ||
Communications [Member] | General and Administrative Expenses [Member] | |||
Business Combinations [Line Items] | |||
Business combinations, acquisition integration costs | $ 5,300,000 | ||
WesTower [Member] | |||
Business Combinations [Line Items] | |||
Business combinations, effective date | Oct. 1, 2014 | ||
Business combinations, percentage of voting interests acquired | 100.00% | 100.00% | |
Business combinations, name of acquired entity | WesTower Communications Inc. (“WesTower”) | ||
Business combinations, description of acquired entity | WesTower is a telecommunications services firm focusing on construction and maintenance of communications infrastructure related to wireless networks throughout the United States. WesTower, which provides services to a number of major wireless carriers throughout the Eastern, Central and Western United States, is expected to expand the Company’s geographical presence, market penetration and skilled employee base within its existing wireless operations. | ||
Business combinations, goodwill recognized, description | Goodwill arising from the acquisition represents the estimated value of WesTower’s geographic presence in key high growth markets, its assembled workforce and synergies expected to be achieved from the combined operations of WesTower and MasTec. | ||
Business combinations, goodwill, expected tax deductible amount | $ 0 | ||
WesTower [Member] | Current Liabilities [Member] | |||
Business Combinations [Line Items] | |||
Business combinations, acquisition integration costs, current liabilities | $ 3,500,000 | $ 3,500,000 | |
WesTower [Member] | Communications [Member] | General and Administrative Expenses [Member] | |||
Business Combinations [Line Items] | |||
Business combinations, acquisition integration costs | $ 5,000,000 |
Acquisitions (Schedule of Consi
Acquisitions (Schedule of Consideration Paid and Net Assets Acquired, Business Acquisitions - WesTower) (Details) - USD ($) $ in Thousands | Oct. 01, 2014 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Identifiable assets acquired and liabilities assumed: | |||||||
Goodwill | $ 1,082,466 | $ 1,000,024 | $ 983,133 | $ 912,885 | $ 902,044 | $ 826,600 | |
WesTower [Member] | |||||||
Acquisition consideration: | |||||||
Cash | $ 198,000 | ||||||
Acquisition consideration | 198,000 | ||||||
Identifiable assets acquired and liabilities assumed: | |||||||
Accounts receivable | 180,600 | ||||||
Other current assets, including $18.0 million of cash acquired | 50,300 | ||||||
Business combinations, cash acquired | 18,000 | ||||||
Property, equipment and other long-term assets, including deferred tax asset | 18,000 | ||||||
Finite-lived intangible assets | 42,600 | ||||||
Billings in excess of costs and earnings | (33,300) | ||||||
Other current liabilities, including current portion of capital lease obligations | (89,800) | ||||||
Long-term liabilities, including capital lease obligations | (21,100) | ||||||
Total identifiable net assets | 147,300 | ||||||
Goodwill | 50,700 | ||||||
Total net assets acquired, including goodwill | $ 198,000 |
Acquisitions (Schedule of Finit
Acquisitions (Schedule of Finite-Lived Intangible Assets Acquired, Business Acquisitions - WesTower) (Details) - Oct. 01, 2014 - WesTower [Member] - USD ($) $ in Millions | Total |
Business Combinations [Line Items] | |
Finite-lived intangible assets (in dollars) | $ 42.6 |
Finite-lived intangible assets, weighted average useful life (in years) | 16 years |
Backlog [Member] | |
Business Combinations [Line Items] | |
Finite-lived intangible assets (in dollars) | $ 4.7 |
Finite-lived intangible assets, weighted average useful life (in years) | 5 years |
Trade Name [Member] | |
Business Combinations [Line Items] | |
Finite-lived intangible assets (in dollars) | $ 1.1 |
Finite-lived intangible assets, weighted average useful life (in years) | 4 years |
Non-Compete Agreements [Member] | |
Business Combinations [Line Items] | |
Finite-lived intangible assets (in dollars) | $ 0.3 |
Finite-lived intangible assets, weighted average useful life (in years) | 4 years |
Customer Relationships [Member] | |
Business Combinations [Line Items] | |
Finite-lived intangible assets (in dollars) | $ 36.5 |
Finite-lived intangible assets, weighted average useful life (in years) | 18 years |
Acquisitions (2014 Acquisitio67
Acquisitions (2014 Acquisitions - Pacer) (Narrative) (Details) | 1 Months Ended | 3 Months Ended | 4 Months Ended | 6 Months Ended | 7 Months Ended | 9 Months Ended | 12 Months Ended | |||||
Mar. 31, 2015USD ($) | Mar. 31, 2014USD ($) | Jul. 24, 2015USD ($) | Jun. 30, 2014USD ($) | Dec. 31, 2014USD ($) | Sep. 30, 2014USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Dec. 31, 2012USD ($) | May. 31, 2015USD ($) | Dec. 31, 2014CAD | Jun. 01, 2014USD ($) | |
Business Combinations [Line Items] | ||||||||||||
Amount paid under financing commitment | $ 1,098,000 | $ (573,000) | $ 1,046,000 | $ 1,120,000 | $ 16,173,000 | $ 284,000 | ||||||
Other current liabilities, equity method investment (in dollars) | $ 20,431,000 | $ 13,890,000 | $ 66,527,000 | $ 17,665,000 | 66,527,000 | 26,162,000 | ||||||
Performance Guarantees [Member] | ||||||||||||
Business Combinations [Line Items] | ||||||||||||
Guarantees issued, related parties | 748,300,000 | 748,300,000 | $ 1,100,000,000 | |||||||||
Equity Method Investee [Member] | ||||||||||||
Business Combinations [Line Items] | ||||||||||||
Other current liabilities, equity method investment (in dollars) | $ 32,400,000 | $ 32,400,000 | ||||||||||
Pacer [Member] | ||||||||||||
Business Combinations [Line Items] | ||||||||||||
Business combinations, effective date | Jun. 1, 2014 | |||||||||||
Business combinations, percentage of voting interests acquired | 100.00% | 100.00% | 100.00% | |||||||||
Business combinations, name of acquired entity | Pacer Construction Holdings Corporation and its affiliated operating companies (collectively, “Pacer”) | |||||||||||
Business combinations, description of acquired entity | Pacer is a western Canadian civil construction services company, headquartered in Calgary, Alberta, Canada. Pacer’s services include infrastructure construction primarily in support of oil and gas production, processing, mining and transportation. | |||||||||||
Business combinations, goodwill recognized, description | Goodwill arising from the acquisition represents the estimated value of Pacer’s geographic presence in key high-growth Canadian markets, its assembled workforce, its management team’s industry-specific project management expertise and synergies expected to be achieved from the combined operations of Pacer and MasTec. | |||||||||||
Business combinations, goodwill, expected tax deductible amount | $ 0 | |||||||||||
Pacer [Member] | Earn-Out Arrangements [Member] | ||||||||||||
Business Combinations [Line Items] | ||||||||||||
Business combinations, contingent consideration arrangements, basis for amount | The contingent consideration included in the table above equals 25% of the excess, if any, of Pacer’s earnings from continuing operations before interest, taxes, depreciation and amortization (“EBITDA”) above certain thresholds for a five-year period, as set forth in the purchase agreement, and is payable annually in Canadian dollars. | |||||||||||
Business combinations, contingent consideration, percentage of excess EBITDA | 25.00% | |||||||||||
Business combinations, contingent consideration, earn-out period (in years) | 5 years | |||||||||||
Business combinations, contingent consideration, fair value measurements, significant assumptions | The fair value of the earn-out liability was estimated using an income approach and incorporates significant inputs not observable in the market. Key assumptions in the estimated valuation include the discount rate and probability-weighted EBITDA projections. | |||||||||||
Business combination, contingent consideration arrangements, range of outcomes, value, low | CAD | CAD 0 | |||||||||||
Business combination, contingent consideration arrangements, range of outcomes, value, high | CAD | CAD 71,000,000 | |||||||||||
Business combination, contingent consideration arrangements, range of outcomes, maximum unlimited | there is no maximum earn-out payment amount | |||||||||||
Pacer [Member] | Equity Method Investments [Member] | ||||||||||||
Business Combinations [Line Items] | ||||||||||||
Number Of Equity Method Investments In Which The Company Will Cease Participation In | 1 | 1 | 1 | |||||||||
Pacer [Member] | Canadian Dollars [Member] | ||||||||||||
Business Combinations [Line Items] | ||||||||||||
Business combinations, provisional information, initial accounting incomplete, adjustment, property and equipment | $ 8,400,000 | |||||||||||
Business combinations, provisional information, initial accounting incomplete, adjustment, goodwill | 47,500,000 | |||||||||||
Pacer [Member] | Canadian Dollars [Member] | Earn-Out Arrangements [Member] | ||||||||||||
Business Combinations [Line Items] | ||||||||||||
Business combination, contingent consideration arrangements, range of outcomes, value, low | 0 | $ 0 | ||||||||||
Business combination, contingent consideration arrangements, range of outcomes, value, high | 61,000,000 | 61,000,000 | ||||||||||
Pacer [Member] | Canadian Dollars [Member] | Current Liabilities [Member] | ||||||||||||
Business Combinations [Line Items] | ||||||||||||
Business combinations, provisional information, initial accounting incomplete, adjustment, liabilities | 5,600,000 | |||||||||||
Pacer [Member] | Canadian Dollars [Member] | Long-Term Deferred Tax Liabilities [Member] | ||||||||||||
Business Combinations [Line Items] | ||||||||||||
Business combinations, provisional information, initial accounting incomplete, adjustment, liabilities | 1,200,000 | |||||||||||
Pacer [Member] | Canadian Dollars [Member] | Equity Method Investments [Member] | ||||||||||||
Business Combinations [Line Items] | ||||||||||||
Business combinations, provisional information, initial accounting incomplete, adjustment, assets | (49,000,000) | |||||||||||
Pacer [Member] | Unincorporated Joint Venture [Member] | Financial Support [Member] | ||||||||||||
Business Combinations [Line Items] | ||||||||||||
Unconsolidated affiliates, outstanding commitments | $ 0 | $ 0 | ||||||||||
Pacer [Member] | Unincorporated Joint Venture [Member] | Performance Guarantees [Member] | ||||||||||||
Business Combinations [Line Items] | ||||||||||||
Guarantees issued, related parties | CAD | CAD 132,100,000 | |||||||||||
Pacer [Member] | Unincorporated Joint Venture [Member] | Performance Guarantees [Member] | Other [Member] | ||||||||||||
Business Combinations [Line Items] | ||||||||||||
Construction projects, percentage complete | 45.00% | 45.00% | 45.00% | |||||||||
Pacer [Member] | Unincorporated Joint Venture [Member] | Canadian Dollars [Member] | ||||||||||||
Business Combinations [Line Items] | ||||||||||||
Revenue from related party | $ 1,700,000 | |||||||||||
Pacer [Member] | Unincorporated Joint Venture [Member] | Canadian Dollars [Member] | Performance Guarantees [Member] | ||||||||||||
Business Combinations [Line Items] | ||||||||||||
Guarantees issued, related parties | $ 113,600,000 | 113,600,000 | ||||||||||
Pacer [Member] | Unincorporated Joint Venture [Member] | Canadian Dollars [Member] | Accounts Receivable [Member] | ||||||||||||
Business Combinations [Line Items] | ||||||||||||
Receivables, unincorporated joint venture | 1,800,000 | 1,800,000 | ||||||||||
Pacer [Member] | Equity Method Investee [Member] | ||||||||||||
Business Combinations [Line Items] | ||||||||||||
Accounts receivable, related party | 0 | 0 | ||||||||||
Pacer [Member] | Equity Method Investee [Member] | Canadian Dollars [Member] | ||||||||||||
Business Combinations [Line Items] | ||||||||||||
Revenue from related party | 3,100,000 | |||||||||||
Pacer [Member] | Equity Method Investee [Member] | Canadian Dollars [Member] | Financial Support [Member] | Subsequent Event [Member] | ||||||||||||
Business Combinations [Line Items] | ||||||||||||
Amount paid under financing commitment | $ 37,200,000 | |||||||||||
Pacer [Member] | Equity Method Investee [Member] | Canadian Dollars [Member] | Financial Support [Member] | Subsequent Event [Member] | Maximum [Member] | ||||||||||||
Business Combinations [Line Items] | ||||||||||||
Unconsolidated affiliates, outstanding commitments | $ 7,900,000 | |||||||||||
Pacer [Member] | Equity Method Investee [Member] | Canadian Dollars [Member] | Performance Guarantees [Member] | ||||||||||||
Business Combinations [Line Items] | ||||||||||||
Guarantees issued, related parties | 61,200,000 | 61,200,000 | ||||||||||
Pacer [Member] | Equity Method Investee [Member] | Canadian Dollars [Member] | Other Financial Guarantees [Member] | ||||||||||||
Business Combinations [Line Items] | ||||||||||||
Guarantees issued, related parties | 3,000,000 | 3,000,000 | ||||||||||
Pacer [Member] | Equity Method Investee [Member] | Canadian Dollars [Member] | Guarantee of Indebtedness of Others [Member] | Current Liabilities [Member] | ||||||||||||
Business Combinations [Line Items] | ||||||||||||
Other current liabilities, equity method investment (in dollars) | $ 22,600,000 | $ 22,600,000 | ||||||||||
Pacer [Member] | Equity Method Investee [Member] | Canadian Dollars [Member] | Guarantee of Indebtedness of Others [Member] | Subsequent Event [Member] | Revolving Credit Facility [Member] | ||||||||||||
Business Combinations [Line Items] | ||||||||||||
Amount paid under financing commitment | $ 20,800,000 | |||||||||||
Pacer [Member] | Equity Method Investee [Member] | Canadian Dollars [Member] | Additional Receivership Financing Commitment [Member] | Financial Support [Member] | Subsequent Event [Member] | Maximum [Member] | ||||||||||||
Business Combinations [Line Items] | ||||||||||||
Unconsolidated affiliates, outstanding commitments | $ 54,600,000 |
Acquisitions (Schedule of Con68
Acquisitions (Schedule of Consideration Paid and Net Assets Acquired, Business Acquisitions - Pacer) (Details) - USD ($) $ in Thousands | Jun. 01, 2014 | Mar. 31, 2014 | Jun. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Identifiable assets acquired and liabilities assumed: | |||||||
Goodwill | $ 912,885 | $ 983,133 | $ 1,000,024 | $ 1,082,466 | $ 902,044 | $ 826,600 | |
Earn-Out Arrangements [Member] | |||||||
Acquisition consideration: | |||||||
Fair value of contingent consideration (earn-out liability) | $ 8,700 | $ 33,612 | $ 34,988 | $ 33,612 | $ 32,451 | $ 66,700 | |
Pacer [Member] | Canadian Dollars [Member] | |||||||
Acquisition consideration: | |||||||
Cash | $ 126,500 | ||||||
Total consideration transferred | 150,800 | ||||||
Identifiable assets acquired and liabilities assumed: | |||||||
Current assets, including $3.4 million of cash acquired | 114,000 | ||||||
Business combinations, cash acquired | 3,400 | ||||||
Property and equipment | 81,200 | ||||||
Finite-lived intangible assets | 19,400 | ||||||
Current liabilities, including current portion of capital lease obligations and long-term debt | (71,800) | ||||||
Long-term debt, including capital lease obligations | (69,600) | ||||||
Deferred income taxes | (30,500) | ||||||
Total identifiable net assets | 50,400 | ||||||
Goodwill | 100,400 | ||||||
Total net assets acquired, including goodwill | 150,800 | ||||||
Pacer [Member] | Canadian Dollars [Member] | Equity Method Investments [Member] | |||||||
Identifiable assets acquired and liabilities assumed: | |||||||
Net equity method investment obligations | (31,000) | ||||||
Pacer [Member] | Canadian Dollars [Member] | Pre-Qualifications [Member] | |||||||
Identifiable assets acquired and liabilities assumed: | |||||||
Pre-qualifications | 38,700 | ||||||
Pacer [Member] | Canadian Dollars [Member] | Earn-Out Arrangements [Member] | |||||||
Acquisition consideration: | |||||||
Fair value of contingent consideration (earn-out liability) | $ 24,300 |
Acquisitions (Schedule of Fin69
Acquisitions (Schedule of Finite-Lived Intangible Assets Acquired, Business Acquisitions - Pacer) (Details) - Jun. 01, 2014 - Pacer [Member] - USD ($) $ in Millions | Total |
Business Combinations [Line Items] | |
Finite-lived intangible assets, weighted average useful life (in years) | 6 years |
Backlog [Member] | |
Business Combinations [Line Items] | |
Finite-lived intangible assets, weighted average useful life (in years) | 3 years |
Non-Compete Agreements [Member] | |
Business Combinations [Line Items] | |
Finite-lived intangible assets, weighted average useful life (in years) | 9 years |
Customer Relationships [Member] | |
Business Combinations [Line Items] | |
Finite-lived intangible assets, weighted average useful life (in years) | 8 years |
Canadian Dollars [Member] | |
Business Combinations [Line Items] | |
Finite-lived intangible assets (in dollars) | $ 19.4 |
Canadian Dollars [Member] | Backlog [Member] | |
Business Combinations [Line Items] | |
Finite-lived intangible assets (in dollars) | 6.1 |
Canadian Dollars [Member] | Non-Compete Agreements [Member] | |
Business Combinations [Line Items] | |
Finite-lived intangible assets (in dollars) | 2.3 |
Canadian Dollars [Member] | Customer Relationships [Member] | |
Business Combinations [Line Items] | |
Finite-lived intangible assets (in dollars) | $ 11 |
Acquisitions (2014 Acquisitio70
Acquisitions (2014 Acquisitions - Other 2014 Acquisitions) (Narrative) (Details) - USD ($) $ in Millions | Apr. 01, 2014 | Jan. 01, 2014 | Dec. 31, 2014 |
April 2014 Acquisition [Member] | |||
Business Combinations [Line Items] | |||
Business combinations, effective date | Apr. 1, 2014 | ||
Business combinations, percentage of voting interests acquired | 100.00% | ||
Business combinations, description of acquired entity | a telecommunications services firm, specializing in the installation of in-home security systems | ||
Business combinations, payments in cash (in dollars) | $ 16.3 | ||
April 2014 Acquisition [Member] | Earn-Out Arrangements [Member] | |||
Business Combinations [Line Items] | |||
Business combinations, contingent consideration, earn-out period (in years) | 5 years | ||
Business combination, fair value of contingent consideration, liability | $ 0.6 | ||
January 2014 Acquisition [Member] | |||
Business Combinations [Line Items] | |||
Business combinations, effective date | Jan. 1, 2014 | ||
Business combinations, percentage of voting interests acquired | 100.00% | ||
Business combinations, description of acquired entity | a telecommunications services firm, specializing in the engineering, installation, furnishing and integration of telecommunications equipment | ||
Business combinations, payments in cash (in dollars) | $ 23.8 | ||
January 2014 Acquisition [Member] | Earn-Out Arrangements [Member] | |||
Business Combinations [Line Items] | |||
Business combinations, contingent consideration, earn-out period (in years) | 5 years | ||
Business combination, fair value of contingent consideration, liability | $ 8.7 |
Acquisitions (2013 Acquisitions
Acquisitions (2013 Acquisitions - Big Country) (Narrative) (Details) - Big Country [Member] CAD in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2014USD ($) | Dec. 31, 2014CAD | May. 01, 2013USD ($) | |
Business Combinations [Line Items] | |||
Business combinations, effective date | May 1, 2013 | ||
Business combinations, percentage of voting interests acquired | 100.00% | 100.00% | |
Business combinations, name of acquired entity | Big Country Energy Services, Inc. and its affiliated operating companies (collectively, “Big Country”) | ||
Business combinations, description of acquired entity | Big Country is a North American oil and gas pipeline and facility construction services company, headquartered in Calgary, Alberta, Canada. Big Country also has construction offices in Alberta, British Columbia and Saskatchewan, Canada, as well as in Wyoming and North Dakota. Big Country’s services include oil, natural gas and natural gas liquids gathering systems and pipeline construction; pipeline modification and replacement services; compressor and pumping station construction; and other related services supporting the oil and gas production, processing and transportation industries. | ||
Business combinations, goodwill recognized, description | Goodwill arising from the acquisition represents the estimated value of Big Country’s geographic presence in key high growth Canadian markets, its assembled workforce, its management team’s industry-specific project management expertise and synergies expected to be achieved from the combined operations of Big Country and MasTec. | ||
Business combinations, goodwill, expected tax deductible amount (in dollars) | $ 4 | ||
Earn-Out Arrangements [Member] | |||
Business Combinations [Line Items] | |||
Business combinations, contingent consideration arrangements, basis for amount | The contingent earn-out obligation equals 25% of the excess, if any, of Big Country’s EBITDA above certain thresholds for a five-year period, as set forth in the purchase agreement, and is payable annually in cash in Canadian dollars. | ||
Business combinations, contingent consideration, percentage of excess EBITDA | 25.00% | ||
Business combinations, contingent consideration, earn-out period (in years) | 5 years | ||
Business combinations, contingent consideration, fair value measurements, significant assumptions | The fair value of the earn-out liability was estimated using an income approach and incorporates significant inputs not observable in the market. Key assumptions in the estimated valuation include the discount rate and probability-weighted EBITDA projections. | ||
Business combination, contingent consideration arrangements, range of outcomes, value, low (in dollars) | CAD | CAD 10 | ||
Business combination, contingent consideration arrangements, range of outcomes, value, high (in dollars) | CAD | CAD 79 | ||
Business combination, contingent consideration arrangements, range of outcomes, maximum unlimited | there is no maximum earn-out payment amount | ||
Earn-Out Arrangements [Member] | Canadian Dollars [Member] | |||
Business Combinations [Line Items] | |||
Business combination, contingent consideration arrangements, range of outcomes, value, low (in dollars) | $ 9 | ||
Business combination, contingent consideration arrangements, range of outcomes, value, high (in dollars) | $ 68 |
Acquisitions (Schedule of Con72
Acquisitions (Schedule of Consideration Paid and Net Assets Acquired, Business Acquisitions - Big Country) (Details) - USD ($) $ in Thousands | May. 01, 2013 | Mar. 31, 2014 | Jun. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Identifiable assets acquired and liabilities assumed: | |||||||
Goodwill | $ 912,885 | $ 983,133 | $ 1,000,024 | $ 1,082,466 | $ 902,044 | $ 826,600 | |
Earn-Out Arrangements [Member] | |||||||
Acquisition consideration: | |||||||
Fair value of contingent consideration (earn-out liability) | $ 8,700 | $ 33,612 | $ 34,988 | $ 33,612 | $ 32,451 | $ 66,700 | |
Big Country [Member] | Canadian Dollars [Member] | |||||||
Acquisition consideration: | |||||||
Cash | $ 103,500 | ||||||
Total consideration transferred | 128,800 | ||||||
Identifiable assets acquired and liabilities assumed: | |||||||
Current assets | 69,000 | ||||||
Property and equipment | 43,500 | ||||||
Finite-lived intangible assets | 10,700 | ||||||
Current liabilities, including current portion of capital lease obligations and long-term debt | (24,400) | ||||||
Long-term debt, including capital lease obligations | (23,000) | ||||||
Deferred income taxes | (14,400) | ||||||
Total identifiable net assets | 91,000 | ||||||
Goodwill | 37,800 | ||||||
Total net assets acquired, including goodwill | 128,800 | ||||||
Big Country [Member] | Canadian Dollars [Member] | Pre-Qualifications [Member] | |||||||
Identifiable assets acquired and liabilities assumed: | |||||||
Pre-qualifications | 29,600 | ||||||
Big Country [Member] | Canadian Dollars [Member] | Earn-Out Arrangements [Member] | |||||||
Acquisition consideration: | |||||||
Fair value of contingent consideration (earn-out liability) | $ 25,300 |
Acquisitions (Schedule of Fin73
Acquisitions (Schedule of Finite-Lived Intangible Assets Acquired, Business Acquisitions - Big Country) (Details) - May. 01, 2013 - Big Country [Member] - USD ($) $ in Millions | Total |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Finite-lived intangible assets, weighted average useful life (in years) | 6 years |
Backlog [Member] | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Finite-lived intangible assets, weighted average useful life (in years) | 3 years |
Non-Compete Agreements [Member] | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Finite-lived intangible assets, weighted average useful life (in years) | 9 years |
Customer Relationships [Member] | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Finite-lived intangible assets, weighted average useful life (in years) | 7 years |
Canadian Dollars [Member] | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Finite-lived intangible assets (in dollars) | $ 10.7 |
Canadian Dollars [Member] | Backlog [Member] | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Finite-lived intangible assets (in dollars) | 1.9 |
Canadian Dollars [Member] | Non-Compete Agreements [Member] | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Finite-lived intangible assets (in dollars) | 1.8 |
Canadian Dollars [Member] | Customer Relationships [Member] | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Finite-lived intangible assets (in dollars) | $ 7 |
Acquisitions (2013 Acquisitio74
Acquisitions (2013 Acquisitions - Other 2013 Acquisitions) (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2014 | |
April 2013 Acquisition [Member] | |
Business Combinations [Line Items] | |
Business combinations, effective date | Apr. 1, 2013 |
Business combinations, description of acquired entity | a former subcontractor to its wireless business, which provides self-perform communications tower construction, installation, maintenance and other services in support of telecommunications infrastructure construction |
August 2013 Acquisition [Member] | |
Business Combinations [Line Items] | |
Business combinations, effective date | Aug. 1, 2013 |
Business combinations, description of acquired entity | an electrical transmission services company, which focuses primarily on substation construction activities |
Acquisitions (Schedule of Measu
Acquisitions (Schedule of Measurement Period Adjustments, 2013 Acquisitions, Business Acquisitions) (Details) - USD ($) $ in Thousands | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Change in Accounting Estimate [Line Items] | ||||||
Current assets | $ 1,531,751 | $ 1,569,727 | $ 1,482,610 | $ 1,349,995 | $ 1,307,026 | |
Goodwill | 1,082,466 | 1,000,024 | 983,133 | 912,885 | 902,044 | $ 826,600 |
Current liabilities | 980,848 | 905,196 | 863,687 | 823,181 | 829,225 | |
Long-term deferred tax liabilities, net | $ 203,476 | 180,449 | 186,538 | 154,151 | 154,763 | |
As Reported [Member] | ||||||
Change in Accounting Estimate [Line Items] | ||||||
Current assets | 1,573,952 | 1,489,652 | 1,357,936 | 1,306,000 | ||
Goodwill | 1,000,024 | 983,133 | 912,885 | 899,400 | ||
Current liabilities | 910,874 | 868,474 | 820,389 | 825,500 | ||
Long-term deferred tax liabilities, net | $ 180,449 | $ 186,538 | $ 154,151 | 154,900 | ||
Measurement Period Adjustments [Member] | 2013 Acquisitions [Member] | ||||||
Change in Accounting Estimate [Line Items] | ||||||
Current assets | 1,000 | |||||
Goodwill | 2,600 | |||||
Current liabilities | 3,700 | |||||
Long-term deferred tax liabilities, net | $ (100) |
Acquisitions (2012 Acquisitions
Acquisitions (2012 Acquisitions) (Narrative) (Details) - USD ($) $ in Millions | Dec. 01, 2012 | Dec. 31, 2014 | Dec. 31, 2014 |
Bottom Line Services [Member] | |||
Business Combinations [Line Items] | |||
Business combinations, effective date | Dec. 1, 2012 | ||
Business combinations, name of acquired entity | Bottom Line Services, LLC (“BLS”) | ||
Business combinations, payments in cash | $ 67.6 | ||
Business combinations, description of acquired entity | provides pipeline and facilities construction, painting and maintenance services, primarily in eastern Texas. | ||
Bottom Line Services [Member] | Earn-Out Arrangements [Member] | |||
Business Combinations [Line Items] | |||
Business combinations, contingent consideration, earn-out period (in years) | 5 years | ||
Business combination, fair value of contingent consideration, liability | $ 4.6 | $ 4.6 | |
Bottom Line Services [Member] | Earn-Out Arrangements [Member] | Changes Measurement [Member] | |||
Business Combinations [Line Items] | |||
Business combination, contingent consideration, fair value measurement adjustment | $ (6.4) | ||
Other December 2012 Acquisitions - Oil and Gas [Member] | |||
Business Combinations [Line Items] | |||
Business combinations, effective date | Dec. 1, 2012 | ||
Business combinations, description of acquired entity | a former subcontractor to MasTec’s oil and gas business, which provides self-perform clearing and trenching services for natural gas and petroleum pipeline infrastructure construction | ||
Other December 2012 Acquisitions - Communications [Member] | |||
Business Combinations [Line Items] | |||
Business combinations, effective date | Dec. 1, 2012 | ||
Business combinations, description of acquired entity | a former subcontractor to MasTec’s wireless business, which provides self-perform communications tower construction, installation, maintenance and other services in support of telecommunications infrastructure construction |
Acquisitions (Schedule of Busin
Acquisitions (Schedule of Business Acquisition Pro Forma Information, Business Acquisitions) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||
Business Combinations [Line Items] | |||||
Business combinations, pro forma information, description | 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 one-time 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 the repayment of acquired debt. 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. | ||||
Unaudited Pro Forma Financial Information and Results of Businesses Acquired | |||||
Business combinations, pro forma revenue | $ 5,085.2 | $ 5,465.9 | $ 4,199.6 | ||
Business combinations, pro forma net income from continuing operations | 130.3 | 160.8 | 131 | ||
Business combinations, actual of acquirees, revenue (year-over-year impact) | 565.4 | 406.6 | 170.8 | ||
Business combinations, actual of acquirees, net (loss) income from continuing operations (year-over-year impact) | [1] | 0.7 | 20 | 11.8 | |
General and Administrative Expenses [Member] | |||||
Unaudited Pro Forma Financial Information and Results of Businesses Acquired | |||||
Business combinations, other acquisition-related costs | $ 2.7 | $ 1.9 | $ 0.7 | ||
Communications [Member] | |||||
Unaudited Pro Forma Financial Information and Results of Businesses Acquired | |||||
Business combinations, acquisition integration costs | $ 5.3 | ||||
Communications [Member] | General and Administrative Expenses [Member] | |||||
Unaudited Pro Forma Financial Information and Results of Businesses Acquired | |||||
Business combinations, acquisition integration costs | 5.3 | ||||
Communications [Member] | WesTower [Member] | General and Administrative Expenses [Member] | |||||
Unaudited Pro Forma Financial Information and Results of Businesses Acquired | |||||
Business combinations, acquisition integration costs | $ 5 | ||||
[1] | Acquiree net (loss) income from continuing operations for the year ended December 31, 2014 includes approximately $5.0 million of the $5.3 million total acquisition integration costs incurred in connection with the WesTower acquisition. The above results, however, do not include other acquisition-related costs of $2.7 million, $1.9 million and $0.7 million for the years ended December 31, 2014, 2013 and 2012, respectively, which are included within general and administrative expenses in the Company’s consolidated statements of operations. The above results also do not include interest expense associated with consideration paid for these acquisitions. |
Discontinued Operations (Narrat
Discontinued Operations (Narrative) (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||
Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Jun. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jun. 30, 2012 | ||
Discontinued Operations [Line Items] | |||||||||||||||
Discontinued operations, contingent assets | $ 0 | $ 12,500,000 | $ 0 | $ 12,500,000 | $ 26,200,000 | ||||||||||
Discontinued operations, net (loss) income | (5,900,000) | [1] | $ (320,000) | $ (149,000) | $ (122,000) | (1,300,000) | $ (3,700,000) | $ (500,000) | $ (900,000) | $ (272,000) | $ (592,000) | $ (6,452,000) | (6,456,000) | (9,223,000) | |
Globetec [Member] | |||||||||||||||
Discontinued Operations [Line Items] | |||||||||||||||
Discontinued operations, description | In 2012, the Company’s Board of Directors approved a plan of sale for its Globetec business. In 2013, the Company sold its interests in Globetec for nominal consideration and retained certain contingent assets and liabilities. | ||||||||||||||
Discontinued operations, loss on disposal, before tax | $ 9,600,000 | ||||||||||||||
Discontinued operations, contingent assets | 0 | 0 | |||||||||||||
Discontinued operations, revenue | 18,000,000 | 18,800,000 | |||||||||||||
Discontinued operations, net (loss) income | (6,500,000) | (6,500,000) | (12,900,000) | ||||||||||||
Discontinued operations, losses on disposal and impairment charges, net of tax | 5,800,000 | 4,400,000 | 8,300,000 | ||||||||||||
Globetec [Member] | Prepaid Expenses and Other Current Assets [Member] | |||||||||||||||
Discontinued Operations [Line Items] | |||||||||||||||
Discontinued operations, contingent assets, prepaid expenses and other current assets | 2,300,000 | 2,300,000 | |||||||||||||
Globetec [Member] | Other Long-Term Assets [Member] | |||||||||||||||
Discontinued Operations [Line Items] | |||||||||||||||
Discontinued operations, contingent assets, long-term | 10,100,000 | 10,100,000 | |||||||||||||
Globetec [Member] | Other Current Liabilities [Member] | |||||||||||||||
Discontinued Operations [Line Items] | |||||||||||||||
Discontinued operations, contingent liabilities, current | $ 1,300,000 | $ 1,200,000 | $ 1,300,000 | $ 1,200,000 | |||||||||||
DirectStar [Member] | |||||||||||||||
Discontinued Operations [Line Items] | |||||||||||||||
Discontinued operations, description | In June 2012, the Company sold its equity interests in DirectStar for a net sale price of $98.9 million in cash. | ||||||||||||||
Discontinued operations, revenue | 60,200,000 | ||||||||||||||
Discontinued operations, net (loss) income | $ 3,700,000 | ||||||||||||||
Discontinued operations, net sale price | $ 98,900,000 | ||||||||||||||
[1] | Preliminary, unaudited fourth quarter and full year 2014 results were previously issued pursuant to a press release dated February 26, 2015 and not previously filed in a report under the Securities Exchange Act of 1934, as amended. The unaudited quarterly information for the three month period ended December 31, 2014 in the table above includes the effect of adjustments determined by management following the review process described in Note 2 - Independent Investigation of the Audit Committee and Related Restatements. |
Goodwill and Other Intangible79
Goodwill and Other Intangible Assets (Rollforward of Goodwill by Segment) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | ||
Goodwill [Line Items] | |||
Goodwill, beginning balance | $ 902,044 | $ 826,600 | |
Additions from new business combinations | 184,800 | 65,300 | |
Currency translation adjustments | (10,800) | (3,500) | |
Goodwill, ending balance | 1,082,466 | 902,044 | |
Earn-Out Arrangements [Member] | |||
Goodwill [Line Items] | |||
Accruals of acquisition-related contingent consideration, net | [1] | 6,500 | 13,600 |
Communications [Member] | |||
Goodwill [Line Items] | |||
Goodwill, beginning balance | 326,800 | 306,100 | |
Additions from new business combinations | 84,400 | 7,100 | |
Currency translation adjustments | 0 | 0 | |
Goodwill, ending balance | 417,700 | 326,800 | |
Communications [Member] | Earn-Out Arrangements [Member] | |||
Goodwill [Line Items] | |||
Accruals of acquisition-related contingent consideration, net | [1] | 6,500 | 13,600 |
Oil and Gas [Member] | |||
Goodwill [Line Items] | |||
Goodwill, beginning balance | 307,700 | 273,400 | |
Additions from new business combinations | 100,400 | 37,800 | |
Currency translation adjustments | (10,800) | (3,500) | |
Goodwill, ending balance | 397,300 | 307,700 | |
Oil and Gas [Member] | Earn-Out Arrangements [Member] | |||
Goodwill [Line Items] | |||
Accruals of acquisition-related contingent consideration, net | [1] | 0 | 0 |
Electrical Transmission [Member] | |||
Goodwill [Line Items] | |||
Goodwill, beginning balance | 149,900 | 129,500 | |
Additions from new business combinations | 0 | 20,400 | |
Currency translation adjustments | 0 | 0 | |
Goodwill, ending balance | 149,900 | 149,900 | |
Electrical Transmission [Member] | Earn-Out Arrangements [Member] | |||
Goodwill [Line Items] | |||
Accruals of acquisition-related contingent consideration, net | [1] | 0 | 0 |
Power Generation and Industrial [Member] | |||
Goodwill [Line Items] | |||
Goodwill, beginning balance | 117,600 | 117,600 | |
Additions from new business combinations | 0 | 0 | |
Currency translation adjustments | 0 | 0 | |
Goodwill, ending balance | 117,600 | 117,600 | |
Power Generation and Industrial [Member] | Earn-Out Arrangements [Member] | |||
Goodwill [Line Items] | |||
Accruals of acquisition-related contingent consideration, net | [1] | $ 0 | $ 0 |
[1] | Represents contingent consideration for acquisitions prior to January 1, 2009, which is accrued as earned, in accordance with U.S. GAAP. |
Goodwill and Other Intangible80
Goodwill and Other Intangible Assets (Narrative) (Details) - USD ($) | 12 Months Ended | |||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | |
Goodwill [Line Items] | ||||||
Goodwill, accumulated impairment loss | $ 0 | |||||
Goodwill | 1,082,466,000 | $ 902,044,000 | $ 826,600,000 | $ 1,000,024,000 | $ 983,133,000 | $ 912,885,000 |
Amortization expense | 25,100,000 | 21,200,000 | 12,200,000 | |||
Communications [Member] | ||||||
Goodwill [Line Items] | ||||||
Goodwill | 417,700,000 | 326,800,000 | 306,100,000 | |||
Oil and Gas [Member] | ||||||
Goodwill [Line Items] | ||||||
Goodwill | 397,300,000 | 307,700,000 | 273,400,000 | |||
Electrical Transmission [Member] | ||||||
Goodwill [Line Items] | ||||||
Goodwill | $ 149,900,000 | 149,900,000 | $ 129,500,000 | |||
2013 Acquisitions [Member] | Measurement Period Adjustments [Member] | ||||||
Goodwill [Line Items] | ||||||
Goodwill | 2,600,000 | |||||
2013 Acquisitions [Member] | Measurement Period Adjustments [Member] | Communications [Member] | ||||||
Goodwill [Line Items] | ||||||
Goodwill | (900,000) | |||||
2013 Acquisitions [Member] | Measurement Period Adjustments [Member] | Oil and Gas [Member] | ||||||
Goodwill [Line Items] | ||||||
Goodwill | 2,500,000 | |||||
2013 Acquisitions [Member] | Measurement Period Adjustments [Member] | Electrical Transmission [Member] | ||||||
Goodwill [Line Items] | ||||||
Goodwill | $ 1,000,000 |
Goodwill and Other Intangible81
Goodwill and Other Intangible Assets (Rollforward of Other Intangible Assets) (Details) - USD ($) $ in Thousands | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Other Intangible Assets [Line Items] | |||||
Other intangible assets, gross carrying amount | $ 195,500 | ||||
Accumulated amortization | (58,500) | ||||
Other Intangible Assets [Roll Forward] | |||||
Other intangible assets, net, beginning balance | $ 165,606 | $ 137,000 | |||
Additions from new business combinations, other intangible assets | 116,300 | 51,900 | |||
Amortization expense | (25,100) | (21,200) | (12,200) | ||
Currency translation adjustments, other intangible assets | (6,400) | (2,100) | |||
Other intangible assets, net, amortizing, ending balance | $ 122,300 | 122,300 | |||
Other intangible assets, net, ending balance | $ 250,373 | 250,373 | 165,606 | 137,000 | |
Weighted Average [Member] | |||||
Other Intangible Assets [Roll Forward] | |||||
Remaining weighted average amortization period (in years) | 13 years | ||||
Customer Relationships and Backlog [Member] | |||||
Other Intangible Assets [Line Items] | |||||
Other intangible assets, amortizing, gross carrying amount | 109,600 | ||||
Accumulated amortization | (48,300) | ||||
Other Intangible Assets [Roll Forward] | |||||
Other intangible assets, net, amortizing, beginning balance | 60,700 | 61,300 | |||
Additions from new business combinations, amortizing intangible assets | 73,400 | 19,500 | |||
Amortization expense | (23,200) | (19,600) | |||
Currency translation adjustments, amortizing intangible assets | (1,400) | (500) | |||
Other intangible assets, net, amortizing, ending balance | $ 109,500 | 109,500 | 60,700 | 61,300 | |
Customer Relationships and Backlog [Member] | Weighted Average [Member] | |||||
Other Intangible Assets [Roll Forward] | |||||
Remaining weighted average amortization period (in years) | 13 years | ||||
Other Amortizing Intangible Assets [Member] | |||||
Other Intangible Assets [Line Items] | |||||
Other intangible assets, amortizing, gross carrying amount | [1] | 19,800 | |||
Accumulated amortization | [1] | (10,200) | |||
Other Intangible Assets [Roll Forward] | |||||
Other intangible assets, net, amortizing, beginning balance | [1] | 10,700 | 9,600 | ||
Additions from new business combinations, amortizing intangible assets | [1] | 4,200 | 2,800 | ||
Amortization expense | [1] | (1,900) | (1,600) | ||
Currency translation adjustments, amortizing intangible assets | [1] | (200) | (100) | ||
Other intangible assets, net, amortizing, ending balance | [1] | $ 12,800 | 12,800 | 10,700 | 9,600 |
Other Amortizing Intangible Assets [Member] | Weighted Average [Member] | |||||
Other Intangible Assets [Roll Forward] | |||||
Remaining weighted average amortization period (in years) | [1] | 11 years | |||
Trade Names [Member] | |||||
Other Intangible Assets [Line Items] | |||||
Other intangible assets, non-amortizing, carrying amount | $ 34,800 | 34,800 | 34,800 | 34,800 | |
Other Intangible Assets [Roll Forward] | |||||
Other intangible assets, non-amortizing, beginning balance | 34,800 | 34,800 | |||
Additions from new business combinations, non-amortizing intangible assets | 0 | 0 | |||
Currency translation adjustments, non-amortizing intangible assets | 0 | 0 | |||
Other intangible assets, non-amortizing, ending balance | 34,800 | 34,800 | 34,800 | 34,800 | |
Pre-Qualifications [Member] | |||||
Other Intangible Assets [Line Items] | |||||
Other intangible assets, non-amortizing, carrying amount | 93,300 | 59,400 | 31,300 | 31,300 | |
Other Intangible Assets [Roll Forward] | |||||
Other intangible assets, non-amortizing, beginning balance | 59,400 | 31,300 | |||
Additions from new business combinations, non-amortizing intangible assets | 38,700 | 29,600 | |||
Currency translation adjustments, non-amortizing intangible assets | (4,800) | (1,500) | |||
Other intangible assets, non-amortizing, ending balance | $ 93,300 | $ 93,300 | $ 59,400 | $ 31,300 | |
[1] | Consists principally of trade names and non-compete agreements. |
Goodwill and Other Intangible82
Goodwill and Other Intangible Assets (Schedule of Expected Future Amortization Expense) (Details) $ in Millions | Dec. 31, 2014USD ($) |
Amortization Expense | |
Intangible assets, expected future amortization expense, 2015 | $ 29.8 |
Intangible assets, expected future amortization expense, 2016 | 21.5 |
Intangible assets, expected future amortization expense, 2017 | 16.9 |
Intangible assets, expected future amortization expense, 2018 | 13.1 |
Intangible assets, expected future amortization expense, 2019 | 8.7 |
Intangible assets, expected future amortization expense, thereafter | 32.3 |
Intangible assets, expected future amortization expense, total | $ 122.3 |
Accounts Receivable, Net of A83
Accounts Receivable, Net of Allowance (Schedule of Accounts Receivable, Net of Allowance) (Details) - USD ($) $ in Thousands | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Accounts Receivable, Net of Allowance | ||||||
Contract billings | $ 669,700 | $ 598,200 | ||||
Retainage | 162,200 | 159,300 | ||||
Cost and earnings in excess of billings | 485,600 | 392,900 | ||||
Accounts receivable, gross | 1,317,500 | 1,150,400 | ||||
Less allowance for doubtful accounts | (13,900) | (15,700) | $ (11,300) | |||
Accounts receivable, net | $ 1,303,552 | $ 1,385,678 | $ 1,280,250 | $ 1,185,236 | $ 1,134,693 |
Fair Value of Financial Instr84
Fair Value of Financial Instruments (Fair Value of Financial Instruments, Recurring Basis Measurements) (Narrative) (Details) - Earn-Out Arrangements [Member] - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Fair Value, Financial Instruments Measured on a Recurring Basis [Line Items] | |||
Additions from new business combinations, ASC 805 contingent consideration | $ 33.6 | $ 32.5 | $ 66.7 |
Payments of ASC 805 contingent consideration | 48.4 | 8.5 | 3.8 |
Foreign Currency Translation Adjustments [Member] | |||
Fair Value, Financial Instruments Measured on a Recurring Basis [Line Items] | |||
Foreign currency translation gains, other comprehensive income, ASC 805 contingent consideration | 4.5 | 2.2 | $ 0.1 |
Level 3 [Member] | Fair Value [Member] | |||
Fair Value, Financial Instruments Measured on a Recurring Basis [Line Items] | |||
ASC 805 contingent consideration, fair value | $ 146.1 | $ 165.4 | |
Level 3 [Member] | Fair Value Measurements, Recurring [Member] | |||
Fair Value, Financial Instruments Measured on a Recurring Basis [Line Items] | |||
Fair value measurements, valuation techniques | The fair value of ASC 805 contingent consideration is based on management estimates and entity-specific assumptions, which are Level 3 inputs, and is evaluated on an ongoing basis. |
Property and Equipment, Net (Sc
Property and Equipment, Net (Schedule of Property and Equipment, Net) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | |
Property and Equipment [Line Items] | |||||
Property and equipment | $ 1,088,700 | $ 863,400 | |||
Less accumulated depreciation and amortization | (465,600) | (375,300) | |||
Property and equipment, net | 623,118 | $ 614,359 | $ 618,672 | $ 509,585 | 488,132 |
Land [Member] | |||||
Property and Equipment [Line Items] | |||||
Property and equipment | 4,600 | 4,800 | |||
Building and Leasehold Improvements [Member] | |||||
Property and Equipment [Line Items] | |||||
Property and equipment | $ 19,900 | 18,000 | |||
Building and Leasehold Improvements [Member] | Minimum [Member] | |||||
Property and Equipment [Line Items] | |||||
Estimated useful lives (in years) | 3 years | ||||
Building and Leasehold Improvements [Member] | Maximum [Member] | |||||
Property and Equipment [Line Items] | |||||
Estimated useful lives (in years) | 40 years | ||||
Machinery and Equipment [Member] | |||||
Property and Equipment [Line Items] | |||||
Property and equipment | $ 926,100 | 727,100 | |||
Machinery and Equipment [Member] | Minimum [Member] | |||||
Property and Equipment [Line Items] | |||||
Estimated useful lives (in years) | 2 years | ||||
Machinery and Equipment [Member] | Maximum [Member] | |||||
Property and Equipment [Line Items] | |||||
Estimated useful lives (in years) | 20 years | ||||
Office Furniture and Equipment [Member] | |||||
Property and Equipment [Line Items] | |||||
Property and equipment | $ 126,100 | 102,500 | |||
Office Furniture and Equipment [Member] | Minimum [Member] | |||||
Property and Equipment [Line Items] | |||||
Estimated useful lives (in years) | 3 years | ||||
Office Furniture and Equipment [Member] | Maximum [Member] | |||||
Property and Equipment [Line Items] | |||||
Estimated useful lives (in years) | 7 years | ||||
Construction in Progress [Member] | |||||
Property and Equipment [Line Items] | |||||
Property and equipment | $ 12,000 | $ 11,000 |
Accounts Receivable, Net of A86
Accounts Receivable, Net of Allowance (Schedule of Activity, Allowance for Doubtful Accounts) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Allowance for Doubtful Accounts [Rollforward] | ||
Allowance for doubtful accounts at beginning of year | $ 15.7 | $ 11.3 |
Provision for doubtful accounts | 1.8 | 6.1 |
Amounts charged against the allowance | (3.6) | (1.7) |
Allowance for doubtful accounts at end of year | $ 13.9 | $ 15.7 |
Fair Value of Financial Instr87
Fair Value of Financial Instruments (Schedule of Fair Value of Financial Instruments, Non-Recurring Measurements) (Details) - USD ($) $ in Millions | Dec. 31, 2014 | Dec. 31, 2013 |
Senior Notes [Member] | 4.875% Senior Notes [Member] | ||
Fair Value, Financial Instruments Measured on a Non-Recurring Basis [Line Items] | ||
Debt instrument, interest rate (percentage) | 4.875% | |
Fair Value Measurements, Non-Recurring [Member] | 2009 Convertible Notes [Member] | Carrying Amount [Member] | ||
Fair Value, Financial Instruments Measured on a Non-Recurring Basis [Line Items] | ||
Convertible notes | $ 0 | $ 12.6 |
Fair Value Measurements, Non-Recurring [Member] | 2009 Convertible Notes [Member] | Fair Value [Member] | ||
Fair Value, Financial Instruments Measured on a Non-Recurring Basis [Line Items] | ||
Convertible notes | 0 | 26.6 |
Fair Value Measurements, Non-Recurring [Member] | 2011 Convertible Notes [Member] | Carrying Amount [Member] | ||
Fair Value, Financial Instruments Measured on a Non-Recurring Basis [Line Items] | ||
Convertible notes | 0 | 198.3 |
Fair Value Measurements, Non-Recurring [Member] | 2011 Convertible Notes [Member] | Fair Value [Member] | ||
Fair Value, Financial Instruments Measured on a Non-Recurring Basis [Line Items] | ||
Convertible notes | 0 | 428.3 |
Fair Value Measurements, Non-Recurring [Member] | Senior Notes [Member] | 4.875% Senior Notes [Member] | Carrying Amount [Member] | ||
Fair Value, Financial Instruments Measured on a Non-Recurring Basis [Line Items] | ||
Senior notes | 400 | 400 |
Fair Value Measurements, Non-Recurring [Member] | Senior Notes [Member] | 4.875% Senior Notes [Member] | Fair Value [Member] | ||
Fair Value, Financial Instruments Measured on a Non-Recurring Basis [Line Items] | ||
Senior notes | $ 375 | $ 380 |
Property and Equipment, Net (Na
Property and Equipment, Net (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Jun. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Property and Equipment [Line Items] | ||||||||
Capitalized internal-use software, gross | $ 92,700 | $ 78,100 | ||||||
Capitalized internal-use software, net | 33,600 | 27,300 | ||||||
Depreciation and amortization, continuing operations | $ 41,747 | $ 36,755 | $ 33,494 | $ 70,249 | $ 111,996 | 154,452 | 140,926 | $ 91,958 |
Property and Equipment [Member] | ||||||||
Property and Equipment [Line Items] | ||||||||
Depreciation and amortization, continuing operations | $ 129,400 | $ 119,700 | 79,800 | |||||
Depreciation, discontinued operations | $ 600 |
Accounts Receivable, Net of A89
Accounts Receivable, Net of Allowance (Narrative) (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2014USD ($) | |
Financing Receivable, Non-Recourse Arrangement [Member] | |
Schedule of Accounts Receivable, Net of Allowance [Line Items] | |
Increase (decrease) in cash collections from non-recourse financing arrangement | $ 70 |
Uncollectible Receivables [Member] | |
Schedule of Accounts Receivable, Net of Allowance [Line Items] | |
Change in estimate, provision for doubtful accounts | $ 0.5 |
Fair Value of Financial Instr90
Fair Value of Financial Instruments (Fair Value of Financial Instruments, Non-Recurring Basis Measurements) (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | |
Fair Value, Financial Instruments Measured on a Non-Recurring Basis [Line Items] | |||||
Other current liabilities, equity method investment (in dollars) | $ 66,527 | $ 17,665 | $ 13,890 | $ 20,431 | $ 26,162 |
Equity Method Investment [Member] | |||||
Fair Value, Financial Instruments Measured on a Non-Recurring Basis [Line Items] | |||||
Other current liabilities, equity method investment (in dollars) | $ 32,400 | ||||
Senior Notes [Member] | 4.875% Senior Notes [Member] | |||||
Fair Value, Financial Instruments Measured on a Non-Recurring Basis [Line Items] | |||||
Debt instrument, interest rate (percentage) | 4.875% | ||||
Fair Value Measurements, Non-Recurring [Member] | Carrying Amount [Member] | |||||
Fair Value, Financial Instruments Measured on a Non-Recurring Basis [Line Items] | |||||
Cost and equity method investments, including long-term receivables from investees and joint ventures, aggregate carrying value (in dollars) | $ 17,700 | $ 15,000 | |||
Fair Value Measurements, Non-Recurring [Member] | Level 1 [Member] | Senior Notes [Member] | |||||
Fair Value, Financial Instruments Measured on a Non-Recurring Basis [Line Items] | |||||
Fair value measurements, valuation techniques | The estimated fair values of the Company’s 4.875% Senior Notes, 2009 Convertible Notes and 2011 Convertible Notes are based on quoted market prices in active markets, a Level 1 input. |
Debt (Schedule of Carrying Valu
Debt (Schedule of Carrying Values of Debt) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | |
Maturity Date | |||||
Capital lease obligations | $ 176,500 | $ 126,000 | |||
Total debt | 1,134,800 | 816,800 | |||
Less current maturities | (73,631) | $ (71,798) | $ (76,914) | $ (52,949) | (51,376) |
Long-term debt | $ 1,061,159 | $ 1,088,289 | $ 1,088,666 | $ 841,335 | 765,425 |
Credit Facility [Member] | |||||
Maturity Date | |||||
Line of credit facility, maturity date | Oct. 29, 2018 | ||||
Credit Facility [Member] | Revolving Loans [Member] | |||||
Maturity Date | |||||
Carrying value of debt | $ 282,700 | 53,000 | |||
Credit Facility [Member] | Term Loan [Member] | |||||
Maturity Date | |||||
Line of credit facility, maturity date | Nov. 21, 2019 | ||||
Carrying value of debt | $ 250,000 | 0 | |||
Senior Notes [Member] | 4.875% Senior Notes [Member] | |||||
Maturity Date | |||||
Debt instrument, maturity date | Mar. 15, 2023 | ||||
Carrying value of debt | $ 400,000 | 400,000 | |||
Convertible Debt [Member] | 2011 4.0% Notes [Member] | |||||
Maturity Date | |||||
Debt instrument, maturity date | Jun. 15, 2014 | ||||
Carrying value of debt | $ 0 | 103,800 | |||
Convertible Debt [Member] | 2011 4.25% Notes [Member] | |||||
Maturity Date | |||||
Debt instrument, maturity date | Dec. 15, 2014 | ||||
Carrying value of debt | $ 0 | 94,500 | |||
Convertible Debt [Member] | 2009 4.0% Notes [Member] | |||||
Maturity Date | |||||
Debt instrument, maturity date | Jun. 15, 2014 | ||||
Carrying value of debt | $ 0 | 9,600 | |||
Convertible Debt [Member] | 2009 4.25% Notes [Member] | |||||
Maturity Date | |||||
Debt instrument, maturity date | Dec. 15, 2014 | ||||
Carrying value of debt | $ 0 | 3,000 | |||
Other Credit Facilities [Member] | |||||
Maturity Date | |||||
Carrying value of debt | $ 1,200 | 0 | |||
Capital Lease Obligations [Member] | |||||
Maturity Date | |||||
Capital lease obligations, expiration date, range, end | Jun. 13, 2021 | ||||
Notes Payable [Member] | Equipment [Member] | |||||
Maturity Date | |||||
Notes payable, maturity date, range, end | May 1, 2018 | ||||
Carrying value of debt | $ 24,400 | $ 26,900 |
Debt (Schedule of Carrying Va92
Debt (Schedule of Carrying Values of Debt) (Interest Rates) (Details) | Dec. 31, 2014 | Dec. 31, 2013 |
Capital Lease Obligations [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, weighted average interest rate (percentage) | 2.80% | |
Notes Payable [Member] | Equipment [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, weighted average interest rate (percentage) | 2.80% | |
4.875% Senior Notes [Member] | Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, interest rate (percentage) | 4.875% | |
2011 4.0% Notes [Member] | Convertible Debt [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, interest rate (percentage) | 4.00% | |
2011 4.25% Notes [Member] | Convertible Debt [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, interest rate (percentage) | 4.25% | |
2009 4.0% Notes [Member] | Convertible Debt [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, interest rate (percentage) | 4.00% | |
2009 4.25% Notes [Member] | Convertible Debt [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, interest rate (percentage) | 4.25% |
Debt (Senior Secured Credit Fac
Debt (Senior Secured Credit Facility) (Narrative) (Details) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) |
Debt Instrument [Line Items] | ||||
Line of credit facility, financing costs incurred | $ 2,600,000 | $ 9,600,000 | ||
Other Assets [Member] | ||||
Debt Instrument [Line Items] | ||||
Line of credit facility, deferred financing costs, net of accumulated amortization | $ 13,200,000 | $ 14,000,000 | 13,200,000 | 14,000,000 |
Credit Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Line of credit facility, maximum borrowing capacity | 1,250,000,000 | $ 1,250,000,000 | ||
Line of credit facility, maturity date | Oct. 29, 2018 | |||
Line of credit facility, financing costs incurred | $ 2,500,000 | |||
Line of credit facility, letters of credit issued | $ 153,600,000 | $ 134,800,000 | 153,600,000 | 134,800,000 |
Line of credit facility, unused credit facility commitment fee (percentage) | 0.35% | 0.30% | ||
Credit Facility [Member] | Other Assets [Member] | ||||
Debt Instrument [Line Items] | ||||
Line of credit facility, deferred financing costs, net of accumulated amortization | $ 6,900,000 | $ 5,800,000 | 6,900,000 | 5,800,000 |
Credit Facility [Member] | Plan [Member] | ||||
Debt Instrument [Line Items] | ||||
Line of credit facility, adjusted consolidated leverage ratio, permitted acquisitions amount, minimum threshold | 50,000,000 | |||
Credit Facility [Member] | Maximum [Member] | ||||
Debt Instrument [Line Items] | ||||
Line of credit, revolving loan sublimit, Canadian dollars or Mexican pesos | $ 200,000,000 | $ 200,000,000 | ||
Line of credit facility, unused credit facility commitment fee (percentage) | 0.40% | |||
Line of credit facility, required consolidated leverage ratio (in multiple) | 3.5 | 3.5 | ||
Credit Facility [Member] | Maximum [Member] | Plan [Member] | Permitted Acquisition [Member] | ||||
Debt Instrument [Line Items] | ||||
Line of credit facility, required consolidated leverage ratio (in multiple) | 3.75 | 3.75 | ||
Line of credit facility, adjusted consolidated leverage ratio, permitted acquisitions, maximum number of times right may be exercised | 2 | 2 | ||
Credit Facility [Member] | Minimum [Member] | ||||
Debt Instrument [Line Items] | ||||
Line of credit facility, unused credit facility commitment fee (percentage) | 0.20% | |||
Line of credit facility, combined subsidiary guarantors percentage of consolidated EBITDA threshold (percentage) | 70.00% | 70.00% | ||
Line of credit facility, individual domestic subsidiary guarantors percentage of consolidated EBITDA threshold (percentage) | 15.00% | 15.00% | ||
Line of credit facility, required interest coverage ratio (in multiple) | 3 | 3 | ||
Credit Facility [Member] | Revolving Loans [Member] | ||||
Debt Instrument [Line Items] | ||||
Line of credit facility, maximum borrowing capacity | $ 1,000,000,000 | $ 1,000,000,000 | ||
Line of credit facility, remaining borrowing capacity | $ 563,700,000 | $ 562,100,000 | $ 563,700,000 | $ 562,100,000 |
Credit Facility [Member] | Revolving Loans [Member] | Base Rate Option 1 [Member] | Federal Funds Rate [Member] | ||||
Debt Instrument [Line Items] | ||||
Line of credit facility, variable interest rate, margin over base rate (percentage) | 0.50% | |||
Credit Facility [Member] | Revolving Loans [Member] | Base Rate Option 3 [Member] | Eurocurrency Rate [Member] | ||||
Debt Instrument [Line Items] | ||||
Line of credit facility, variable interest rate, margin over base rate (percentage) | 1.00% | |||
Credit Facility [Member] | Revolving Loans [Member] | Base Rate Option 2 [Member] | Bank of America Prime Rate [Member] | ||||
Debt Instrument [Line Items] | ||||
Line of credit facility, variable interest rate, margin over base rate (percentage) | 0.00% | |||
Credit Facility [Member] | Revolving Loans [Member] | Maximum [Member] | Eurocurrency Rate [Member] | ||||
Debt Instrument [Line Items] | ||||
Line of credit facility, variable interest rate, margin over base rate (percentage) | 2.00% | |||
Credit Facility [Member] | Revolving Loans [Member] | Maximum [Member] | Base Rate [Member] | ||||
Debt Instrument [Line Items] | ||||
Line of credit facility, variable interest rate, margin over base rate (percentage) | 1.00% | |||
Credit Facility [Member] | Revolving Loans [Member] | Weighted Average [Member] | ||||
Debt Instrument [Line Items] | ||||
Line of credit facility, interest rate (percentage) | 2.18% | 2.14% | 2.18% | 2.14% |
Credit Facility [Member] | Revolving Loans [Member] | Minimum [Member] | Eurocurrency Rate [Member] | ||||
Debt Instrument [Line Items] | ||||
Line of credit facility, variable interest rate, margin over base rate (percentage) | 1.00% | |||
Credit Facility [Member] | Revolving Loans [Member] | Minimum [Member] | Base Rate [Member] | ||||
Debt Instrument [Line Items] | ||||
Line of credit facility, variable interest rate, margin over base rate (percentage) | 0.00% | |||
Credit Facility [Member] | Term Loan [Member] | ||||
Debt Instrument [Line Items] | ||||
Line of credit facility, maximum borrowing capacity | $ 250,000,000 | $ 250,000,000 | ||
Line of credit facility, maturity date | Nov. 21, 2019 | |||
Line of credit facility, term loan, frequency of payments | quarterly | |||
Line of credit facility, term loan, date of first required payment | Mar. 31, 2016 | |||
Line of credit facility, interest rate (percentage) | 1.92% | 1.92% | ||
Credit Facility [Member] | Term Loan [Member] | Plan [Member] | ||||
Debt Instrument [Line Items] | ||||
Line of credit facility, term loan, amount of quarterly principal installment payments | $ 3,100,000 | |||
Credit Facility [Member] | Term Loan [Member] | Base Rate Option 1 [Member] | Federal Funds Rate [Member] | ||||
Debt Instrument [Line Items] | ||||
Line of credit facility, variable interest rate, margin over base rate (percentage) | 0.50% | |||
Credit Facility [Member] | Term Loan [Member] | Base Rate Option 3 [Member] | Eurocurrency Rate [Member] | ||||
Debt Instrument [Line Items] | ||||
Line of credit facility, variable interest rate, margin over base rate (percentage) | 1.00% | |||
Credit Facility [Member] | Term Loan [Member] | Base Rate Option 2 [Member] | Bank of America Prime Rate [Member] | ||||
Debt Instrument [Line Items] | ||||
Line of credit facility, variable interest rate, margin over base rate (percentage) | 0.00% | |||
Credit Facility [Member] | Term Loan [Member] | Maximum [Member] | ||||
Debt Instrument [Line Items] | ||||
Line of credit facility, sublimit | $ 75,000,000 | $ 75,000,000 | ||
Credit Facility [Member] | Letters of Credit [Member] | ||||
Debt Instrument [Line Items] | ||||
Line of credit facility, capacity available for letters of credit | $ 296,400,000 | $ 315,200,000 | $ 296,400,000 | $ 315,200,000 |
Credit Facility [Member] | Letters of Credit [Member] | Commercial and/or Financial Standby [Member] | ||||
Debt Instrument [Line Items] | ||||
Line of credit facility, interest rate (percentage) | 1.75% | 1.50% | 1.75% | 1.50% |
Credit Facility [Member] | Letters of Credit [Member] | Performance Standby [Member] | ||||
Debt Instrument [Line Items] | ||||
Line of credit facility, interest rate (percentage) | 0.875% | 0.75% | 0.875% | 0.75% |
Credit Facility [Member] | Letters of Credit [Member] | Maximum [Member] | ||||
Debt Instrument [Line Items] | ||||
Line of credit facility, capacity available for letters of credit | $ 450,000,000 | $ 450,000,000 | ||
Line of credit facility, capacity available for letters of credit sublimit, Canadian dollars or Mexican pesos | $ 100,000,000 | $ 100,000,000 | ||
Credit Facility [Member] | Letters of Credit [Member] | Maximum [Member] | Commercial and/or Financial Standby [Member] | ||||
Debt Instrument [Line Items] | ||||
Line of credit facility, interest rate (percentage) | 2.00% | 2.00% | ||
Credit Facility [Member] | Letters of Credit [Member] | Maximum [Member] | Performance Standby [Member] | ||||
Debt Instrument [Line Items] | ||||
Line of credit facility, interest rate (percentage) | 1.00% | 1.00% | ||
Credit Facility [Member] | Letters of Credit [Member] | Minimum [Member] | Commercial and/or Financial Standby [Member] | ||||
Debt Instrument [Line Items] | ||||
Line of credit facility, interest rate (percentage) | 1.00% | 1.00% | ||
Credit Facility [Member] | Letters of Credit [Member] | Minimum [Member] | Performance Standby [Member] | ||||
Debt Instrument [Line Items] | ||||
Line of credit facility, interest rate (percentage) | 0.50% | 0.50% | ||
Credit Facility [Member] | Accordion Feature [Member] | Plan [Member] | ||||
Debt Instrument [Line Items] | ||||
Line of credit facility, maximum borrowing capacity | $ 250,000,000 | $ 250,000,000 |
Debt (Senior Secured Credit F94
Debt (Senior Secured Credit Facility) (Terms, Guarantees and Covenants) (Narrative) (Details) - Credit Facility [Member] | 12 Months Ended |
Dec. 31, 2014 | |
Debt Instrument [Line Items] | |
Line of credit facility, description of variable rate | Outstanding revolving loans and the Term Loan under the Credit Facility bear interest, at the Company’s option, at a rate equal to either (a) a Eurocurrency Rate, as defined in the Credit Facility, plus a margin of 1.00% to 2.00% or (b) a Base Rate, plus a margin of 0.00% to 1.00%. The Base Rate equals the highest of (i) the Federal Funds Rate, as defined in the Credit Facility, plus 0.50%, (ii) Bank of America’s prime rate and (iii) the Eurocurrency Rate plus 1.00% |
Line of credit facility, commitment fee description | The Company must also pay a commitment fee to the lenders of 0.20% to 0.40% on any unused availability under the Credit Facility. |
Line of credit facility, collateral | The Credit Facility is guaranteed by certain subsidiaries of the Company (the “Guarantor Subsidiaries”) and the obligations under the Credit Facility are secured by substantially all of the Company’s and the Guarantor Subsidiaries’ respective assets, subject to certain exceptions. Under the Credit Facility, if the “Loan Party EBITDA,” as defined in the Credit Facility, as of the last four consecutive fiscal quarters does not represent at least 70% of the “Adjusted Consolidated EBITDA,” as defined in the Credit Facility, for such period, then the Company must designate additional subsidiaries as Guarantor Subsidiaries, and cause them to join the applicable guaranty and security agreements to the Credit Facility. Additionally, any domestic subsidiary with consolidated EBITDA of at least 15% of the Adjusted Consolidated EBITDA must become a Guarantor Subsidiary and join the applicable guaranty and security agreements. |
Line of credit facility, covenant terms | The Credit Facility requires that the Company maintain a maximum consolidated leverage ratio, as defined in the Credit Facility, of 3.50 and a minimum consolidated interest coverage ratio, as defined in the Credit Facility, of 3.00; however, the Credit Facility provides that, for purposes of calculating the consolidated leverage ratio, funded indebtedness excludes the undrawn standby performance letters of credit. Additionally, subject to certain conditions, if a permitted acquisition or series of permitted acquisitions having consideration exceeding $50 million occurs during a fiscal quarter, the Company has the right to permit the consolidated leverage ratio to exceed 3.50 during such fiscal quarter and the subsequent two fiscal quarters so long as the consolidated leverage ratio does not exceed 3.75 at any time during such period. Such right may be exercised no more than two times during the term of the Credit Facility. Subject to customary exceptions, the Credit Facility limits the borrowers’ and the Guarantor Subsidiaries’ ability to engage in certain activities, including acquisitions, mergers and consolidations, debt incurrence, investments, capital expenditures, asset sales, debt prepayments, lien incurrence and the making of distributions or repurchases of capital stock. However, distributions payable solely in capital stock are permitted. The Credit Facility provides for customary events of default and carries cross-default provisions with the Company’s other significant debt instruments, including the Company’s indemnity agreement with its surety provider, as well as customary remedies upon an Event of Default, as defined in the Credit Facility, including the acceleration of repayment of outstanding amounts and other remedies with respect to the collateral securing the Credit Facility obligations. |
Term Loan [Member] | |
Debt Instrument [Line Items] | |
Line of credit facility, accordion feature description | Under an “accordion” feature of the Credit Facility, the Company has the option to increase revolving commitments and/or establish additional term loan tranches in an aggregate amount of $250 million. These additional term loan tranches may, subject to certain terms and conditions described in the Credit Facility, rank equal or junior in respect of right of payment and/or collateral to the Credit Facility and may, subject to certain limitations described in the Credit Facility, have terms and pricing that differ from the Credit Facility. |
Letters of Credit [Member] | |
Debt Instrument [Line Items] | |
Line of credit facility, interest rate description, letters of credit | Financial standby letters of credit and commercial letters of credit issued under the Credit Facility are subject to a letter of credit fee of 1.00% to 2.00%, and performance standby letters of credit are subject to a letter of credit fee of 0.50% to 1.00%. |
Debt (Other Credit Facilities)
Debt (Other Credit Facilities) (Narrative) (Details) - Other Credit Facilities [Member] CAD in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2014USD ($) | Dec. 31, 2014CAD | Dec. 31, 2013USD ($) | |
Debt Instrument [Line Items] | |||
Line of credit facility, maximum borrowing capacity (in dollars) | CAD | CAD 45 | ||
Line of credit facility, amount outstanding (in dollars) | $ 1.2 | $ 0 | |
Plan [Member] | |||
Debt Instrument [Line Items] | |||
Debt instrument, intent to refinance, description | Outstanding borrowings that are not renewed are repaid with borrowings under the Credit Facility. Accordingly, the carrying amounts of the Company’s borrowings under its other credit facilities are classified within long-term debt in the Company’s consolidated balance sheet as of December 31, 2014. | ||
Weighted Average [Member] | |||
Debt Instrument [Line Items] | |||
Line of credit facility, interest rate (percentage) | 4.00% | 4.00% | |
Canadian Dollars [Member] | |||
Debt Instrument [Line Items] | |||
Line of credit facility, maximum borrowing capacity (in dollars) | $ 38.7 | ||
Line of credit facility, amount outstanding (in dollars) | $ 1.2 |
Debt (Senior Convertible Notes)
Debt (Senior Convertible Notes) (Narrative) (Details) $ / shares in Units, shares in Millions, $ in Millions | 1 Months Ended | 12 Months Ended | |
Dec. 31, 2014USD ($)$ / sharesshares | Jun. 30, 2014USD ($)shares | Dec. 31, 2014$ / sharesshares | |
4.25% Convertible Notes [Member] | |||
Debt Instrument [Line Items] | |||
Debt instrument, convertible, conversion price (in dollars per share) | $ / shares | $ 15.48 | $ 15.48 | |
4.25% Convertible Notes [Member] | Common Stock [Member] | |||
Debt Instrument [Line Items] | |||
Debt instrument, convertible, common shares issued (in shares) | 2.4 | ||
2009 4.25% Notes [Member] | |||
Debt Instrument [Line Items] | |||
Debt instrument, convertible, conversion ratio (in shares per dollar) | 0.0646162 | ||
Debt instrument, convertible, conversion price (in dollars per share) | $ / shares | $ 15.48 | $ 15.48 | |
2009 4.25% Notes [Member] | Common Stock [Member] | |||
Debt Instrument [Line Items] | |||
Debt instrument, convertible, common shares issued (in shares) | 0.2 | ||
2011 4.25% Notes [Member] | |||
Debt Instrument [Line Items] | |||
Debt instrument, convertible, conversion ratio (in shares per dollar) | 0.0646162 | ||
Debt instrument, convertible, conversion price (in dollars per share) | $ / shares | $ 15.48 | $ 15.48 | |
2011 4.25% Notes [Member] | Common Stock [Member] | |||
Debt Instrument [Line Items] | |||
Debt instrument, convertible, common shares issued (in shares) | 2.2 | ||
4.0% Convertible Notes [Member] | |||
Debt Instrument [Line Items] | |||
Debt instrument, convertible, conversion price (in dollars per share) | $ / shares | $ 15.76 | $ 15.76 | |
4.0% Convertible Notes [Member] | Common Stock [Member] | |||
Debt Instrument [Line Items] | |||
Debt instrument, convertible, common shares issued (in shares) | 4.2 | ||
2009 4.0% Notes [Member] | |||
Debt Instrument [Line Items] | |||
Debt instrument, convertible, conversion ratio (in shares per dollar) | 0.0634417 | ||
Debt instrument, convertible, conversion price (in dollars per share) | $ / shares | 15.76 | $ 15.76 | |
2009 4.0% Notes [Member] | Common Stock [Member] | |||
Debt Instrument [Line Items] | |||
Debt instrument, convertible, common shares issued (in shares) | 0.6 | ||
2011 4.0% Notes [Member] | |||
Debt Instrument [Line Items] | |||
Debt instrument, convertible, conversion ratio (in shares per dollar) | 0.0634417 | ||
Debt instrument, convertible, conversion price (in dollars per share) | $ / shares | $ 15.76 | $ 15.76 | |
2011 4.0% Notes [Member] | Common Stock [Member] | |||
Debt Instrument [Line Items] | |||
Debt instrument, convertible, common shares issued (in shares) | 3.6 | ||
Convertible Debt [Member] | |||
Debt Instrument [Line Items] | |||
Share reissuances, treasury stock (in shares) | 6.6 | ||
Convertible Debt [Member] | 4.25% Convertible Notes [Member] | |||
Debt Instrument [Line Items] | |||
Debt instrument, convertible, interest rate (percentage) | 4.25% | 4.25% | |
Debt instrument, convertible, maturity date | Dec. 15, 2014 | ||
Share reissuances, treasury stock (in shares) | 2.4 | ||
Convertible Debt [Member] | 2009 4.25% Notes [Member] | |||
Debt Instrument [Line Items] | |||
Debt instrument, convertible, interest rate (percentage) | 4.25% | 4.25% | |
Convertible Debt [Member] | 2011 4.25% Notes [Member] | |||
Debt Instrument [Line Items] | |||
Debt instrument, convertible, interest rate (percentage) | 4.25% | 4.25% | |
Convertible Debt [Member] | 2011 4.25% Notes [Member] | Common Stock [Member] | |||
Debt Instrument [Line Items] | |||
Value of premium shares upon conversion, convertible notes (in dollars) | $ | $ 41 | ||
Convertible Debt [Member] | 4.0% Convertible Notes [Member] | |||
Debt Instrument [Line Items] | |||
Debt instrument, convertible, interest rate (percentage) | 4.00% | 4.00% | |
Debt instrument, convertible, maturity date | Jun. 15, 2014 | ||
Share reissuances, treasury stock (in shares) | 4.2 | ||
Convertible Debt [Member] | 2009 4.0% Notes [Member] | |||
Debt Instrument [Line Items] | |||
Debt instrument, convertible, interest rate (percentage) | 4.00% | 4.00% | |
Convertible Debt [Member] | 2011 4.0% Notes [Member] | |||
Debt Instrument [Line Items] | |||
Debt instrument, convertible, interest rate (percentage) | 4.00% | 4.00% | |
Convertible Debt [Member] | 2011 4.0% Notes [Member] | Common Stock [Member] | |||
Debt Instrument [Line Items] | |||
Value of premium shares upon conversion, convertible notes (in dollars) | $ | $ 114.8 |
Debt (4.875% Senior Notes and 7
Debt (4.875% Senior Notes and 7.625% Senior Notes) (Narrative) (Details) | Mar. 29, 2013USD ($) | Mar. 18, 2013USD ($) | Jun. 30, 2015USD ($) | Mar. 31, 2013USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Dec. 31, 2012USD ($) | Mar. 17, 2013USD ($) |
Debt Instrument [Line Items] | ||||||||
Debt instrument, financing costs incurred (in dollars) | $ 2,600,000 | $ 9,600,000 | ||||||
Debt instrument, loss on extinguishment (in dollars) | 0 | 5,624,000 | $ 0 | |||||
Other Assets [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument, deferred financing costs, net of accumulated amortization (in dollars) | $ 13,200,000 | 14,000,000 | ||||||
Senior Notes [Member] | 4.875% Senior Notes [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument, issuance date | Mar. 18, 2013 | |||||||
Debt instrument, principal amount (in dollars) | 400,000,000 | |||||||
Debt instrument, interest rate (percentage) | 4.875% | |||||||
Debt instrument, maturity date | Mar. 15, 2023 | |||||||
Debt instrument, payment terms | Interest on the 4.875% Senior Notes is payable on March 15 and September 15 of each year, and commenced on September 15, 2013. | |||||||
Debt instrument, date of first required payment | Sep. 15, 2013 | |||||||
Debt instrument, guarantees | are 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. | |||||||
Debt instrument, restrictive covenants | The 4.875% Senior Notes Indenture, among other things, generally limits the ability of the Company and certain of its subsidiaries, subject to certain exceptions, to (i) incur additional debt and issue preferred stock, (ii) create liens, (iii) pay dividends, acquire shares of capital stock, make payments on subordinated debt or make investments, (iv) place limitations on distributions from certain subsidiaries, (v) issue guarantees, (vi) issue or sell the capital stock of certain subsidiaries, (vii) sell assets, (viii) enter into transactions with affiliates and (ix) effect mergers. The 4.875% Senior Notes Indenture provides for customary events of default, as well as customary remedies upon an event of default, as defined in the 4.875% Senior Notes Indenture, including acceleration of repayment of outstanding amounts. | |||||||
Debt instrument, financing costs incurred (in dollars) | 7,700,000 | |||||||
Senior Notes [Member] | 4.875% Senior Notes [Member] | Other Assets [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument, deferred financing costs, net of accumulated amortization (in dollars) | $ 6,300,000 | 7,100,000 | ||||||
Senior Notes [Member] | 4.875% Senior Notes [Member] | Redemption Period On or After March 15, 2018 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument, call feature description | The Company has the option to redeem all or a portion of the 4.875% Senior Notes at any time on or after March 15, 2018 at the redemption prices set forth in the indenture that governs the 4.875% Senior Notes (the “4.875% Senior Notes Indenture”) plus accrued and unpaid interest, if any, to the redemption date. | |||||||
Debt instrument, earliest call date | Mar. 15, 2018 | |||||||
Senior Notes [Member] | 4.875% Senior Notes [Member] | Redemption Period Prior to March 15, 2018 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument, redemption description | At any time prior to March 15, 2018, the Company may redeem all or a part of the 4.875% Senior Notes at a redemption price equal to 100% of the principal amount of 4.875% Senior Notes redeemed plus an applicable premium, as defined in the 4.875% Senior Notes Indenture, together with accrued and unpaid interest, if any, to the redemption date. | |||||||
Debt instrument, redemption period end date | Mar. 15, 2018 | |||||||
Senior Notes [Member] | 4.875% Senior Notes [Member] | Redemption Period Prior to March 15, 2016 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument, redemption description | In addition, at any time prior to March 15, 2016, the Company may redeem up to 35% of the principal amount of the 4.875% Senior Notes using the net cash proceeds of one or more sales of the Company’s capital stock, as defined in the 4.875% Senior Notes Indenture, at a redemption price of 104.875% of the principal amount, plus accrued and unpaid interest to the redemption date. | |||||||
Debt instrument, redemption period end date | Mar. 15, 2016 | |||||||
Senior Notes [Member] | 4.875% Senior Notes [Member] | Plan [Member] | Redemption Period On or After March 15, 2018 [Member] | Maximum [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument, percentage of principal that may be redeemed | 100.00% | |||||||
Senior Notes [Member] | 4.875% Senior Notes [Member] | Plan [Member] | Redemption Period Prior to March 15, 2018 [Member] | Maximum [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument, percentage of principal that may be redeemed | 100.00% | |||||||
Senior Notes [Member] | 4.875% Senior Notes [Member] | Plan [Member] | Redemption Period Prior to March 15, 2018 [Member] | Minimum [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument, redemption price, percentage of principal amount | 100.00% | |||||||
Senior Notes [Member] | 4.875% Senior Notes [Member] | Plan [Member] | Redemption Period Prior to March 15, 2016 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument, redemption price, percentage of principal amount | 104.875% | |||||||
Senior Notes [Member] | 4.875% Senior Notes [Member] | Plan [Member] | Redemption Period Prior to March 15, 2016 [Member] | Maximum [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument, percentage of principal that may be redeemed | 35.00% | |||||||
Senior Notes [Member] | 4.875% Senior Notes [Member] | Plan [Member] | Redemption Period Prior to March 15, 2016 [Member] | Minimum [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument, redemption, use of net cash proceeds from sales of capital stock, number of sales of stock | 1 | |||||||
Senior Notes [Member] | 4.875% Senior Notes [Member] | Subsequent Event [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument, consent fee, percentage of principal amount, note holders | 0.25% | |||||||
Debt instrument, payments for consent fee, note holders (in dollars) | $ 900,000 | |||||||
Debt instrument, consent fee, percentage of principal amount, solicitation agent | 0.20% | |||||||
Debt instrument, payments for consent fee, solicitation agent (in dollars) | $ 800,000 | |||||||
Senior Notes [Member] | 4.875% Senior Notes [Member] | Subsequent Event [Member] | Plan [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument, consent fee, percentage of principal amount, note holders | 0.25% | |||||||
Debt instrument, payments for consent fee, note holders (in dollars) | $ 900,000 | |||||||
Senior Notes [Member] | 7.625% Senior Notes [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument, principal amount (in dollars) | $ 150,000,000 | |||||||
Debt instrument, interest rate (percentage) | 7.625% | |||||||
Debt instrument, redemption description | In connection with the issuance of the 4.875% Senior Notes, the Company repurchased approximately $121.1 million of its 7.625% Senior Notes on March 18, 2013 in a tender offer at a price of 102.792% of the principal amount, which included an early tender payment of $30.00 per $1,000 principal amount of notes tendered. The holders of the tendered 7.625% Senior Notes also received accrued interest from the most recent interest payment date to, but not including, the date of repurchase. In addition, on March 29, 2013, the Company redeemed the remaining outstanding $28.9 million aggregate principal amount of the 7.625% Senior Notes in accordance with their terms at a price of 102.542% of the principal amount plus accrued interest from the most recent interest payment date to, but not including, the date of redemption. | |||||||
Debt instrument, loss on extinguishment (in dollars) | $ 5,600,000 | 5,600,000 | ||||||
Debt instrument, call premiums paid (in dollars) | 4,100,000 | |||||||
Debt instrument, write-off of unamortized financing costs (in dollars) | $ 1,500,000 | |||||||
Senior Notes [Member] | 7.625% Senior Notes [Member] | Debt Repurchased [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument, redemption price, percentage of principal amount | 102.792% | |||||||
Debt instrument, repurchase date | Mar. 18, 2013 | |||||||
Debt instrument, amount of principal repurchased or repaid (in dollars) | $ 121,100,000 | |||||||
Debt instrument, early tender payment, ratio of payment to principal amount | 0.030 | |||||||
Senior Notes [Member] | 7.625% Senior Notes [Member] | Debt Redeemed [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument, redemption price, percentage of principal amount | 102.542% | |||||||
Debt instrument, repurchase date | Mar. 29, 2013 | |||||||
Debt instrument, amount of principal repurchased or repaid (in dollars) | $ 28,900,000 |
Debt (Other) (Narrative) (Detai
Debt (Other) (Narrative) (Details) - USD ($) $ in Millions | Dec. 31, 2014 | Dec. 31, 2013 |
Debt Instrument [Line Items] | ||
Debt and capital lease obligations (in dollars) | $ 1,134.8 | $ 816.8 |
Other Accrued Expenses [Member] | ||
Debt Instrument [Line Items] | ||
Debt instruments, accrued interest payable | 7.4 | 7.3 |
Business Acquisitions [Member] | ||
Debt Instrument [Line Items] | ||
Debt and capital lease obligations (in dollars) | $ 20.2 | $ 9.8 |
Debt (Schedule of Contractual M
Debt (Schedule of Contractual Maturities of Debt and Capital Lease Obligations) (Details) - USD ($) $ in Millions | Dec. 31, 2014 | Dec. 31, 2013 |
Contractual Maturities of Debt and Capital Lease Obligations | ||
Contractual maturities of debt and capital lease obligations, 2015 | $ 73.6 | |
Contractual maturities of debt and capital lease obligations, 2016 | 71.1 | |
Contractual maturities of debt and capital lease obligations, 2017 | 53.1 | |
Contractual maturities of debt and capital lease obligations, 2018 | 318.5 | |
Contractual maturities of debt and capital lease obligations, 2019 | 218 | |
Contractual maturities of debt and capital lease obligations, thereafter | 400.5 | |
Total debt | $ 1,134.8 | $ 816.8 |
Debt (Schedule of Interest Expe
Debt (Schedule of Interest Expense, Net) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Jun. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Interest expense: | ||||||||
Contractual and other interest expense | $ 43,500 | $ 37,600 | $ 29,200 | |||||
Accretion of senior convertible note discount | 4,000 | 5,200 | 4,900 | |||||
Amortization of deferred financing costs | 3,400 | 4,000 | 3,700 | |||||
Total interest expense | 50,900 | 46,800 | 37,800 | |||||
Interest income | (100) | (400) | (400) | |||||
Interest expense, net | $ 12,643 | $ 12,949 | $ 12,003 | $ 24,952 | $ 37,595 | $ 50,769 | $ 46,442 | $ 37,376 |
Lease Obligations (Capital Leas
Lease Obligations (Capital Leases) (Narrative) (Details) - USD ($) $ in Millions | Dec. 31, 2014 | Dec. 31, 2013 |
Leases [Abstract] | ||
Assets held under capital lease, gross | $ 281.6 | $ 199.6 |
Assets held under capital lease, net | $ 217.8 | $ 141.3 |
Lease Obligations (Operating Le
Lease Obligations (Operating Leases) (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Lease Terms in Excess of One Year [Member] | |||
Operating Leased Assets [Line Items] | |||
Operating leases, rent expense (in dollars) | $ 71.5 | $ 53.3 | $ 47.3 |
Lease Terms in Excess of One Year [Member] | Minimum [Member] | |||
Operating Leased Assets [Line Items] | |||
Operating leases, term of contract (in years) | 1 year | 1 year | 1 year |
Lease Terms of One Year or Less [Member] | |||
Operating Leased Assets [Line Items] | |||
Operating leases, rent expense (in dollars) | $ 191.7 | $ 200.1 | $ 175.2 |
Lease Terms of One Year or Less [Member] | Maximum [Member] | |||
Operating Leased Assets [Line Items] | |||
Operating leases, term of contract (in years) | 1 year | 1 year | 1 year |
Lease Obligations (Schedule of
Lease Obligations (Schedule of Future Lease Commitments) (Details) - USD ($) $ in Millions | Dec. 31, 2014 | Dec. 31, 2013 |
Capital Leases | ||
Future minimum lease commitments, 2015 | $ 65.6 | |
Future minimum lease commitments, 2016 | 52.1 | |
Future minimum lease commitments, 2017 | 39.3 | |
Future minimum lease commitments, 2018 | 22.8 | |
Future minimum lease commitments, 2019 | 6.2 | |
Future minimum lease commitments, thereafter | 0.5 | |
Total minimum lease payments | 186.5 | |
Less amounts representing interest | (10) | |
Total capital lease obligations, net of interest | 176.5 | $ 126 |
Less current portion | (61.2) | |
Long-term portion of capital lease obligations, net of interest | 115.3 | |
Operating Leases | ||
Future minimum lease commitments, 2015 | 69.5 | |
Future minimum lease commitments, 2016 | 44.3 | |
Future minimum lease commitments, 2017 | 25.2 | |
Future minimum lease commitments, 2018 | 13.8 | |
Future minimum lease commitments, 2019 | 4.3 | |
Future minimum lease commitments, thereafter | 3 | |
Total minimum lease payments | $ 160.1 |
Stock-Based Compensation and104
Stock-Based Compensation and Other Employee Benefit Plans (Narrative) (Details) - shares | 12 Months Ended | |
Dec. 31, 2014 | May. 31, 2013 | |
Common Stock [Member] | ||
Stock-Based Compensation and Other Employee Benefit Plans [Line Items] | ||
Stock-based compensation, number of shares available for grant or issuance | 5,513,000 | |
Employee Stock Purchase Plans [Member] | ||
Stock-Based Compensation and Other Employee Benefit Plans [Line Items] | ||
Stock-based compensation plan, description | The Company has certain employee stock purchase plans under which shares of the Company’s common stock are available for purchase by eligible employees. These plans allow qualified employees to purchase MasTec, Inc. common stock at 85% of its fair market value at the lower of (i) the date of commencement of the offering period or (ii) the last day of the exercise period, as defined in the plan documents. Through June 30, 2013, the offering period was an annual period, composed of four interim exercise periods. Effective July 1, 2013, the offering period became quarterly. | |
2013 Incentive Plan [Member] | Restricted Shares [Member] | ||
Stock-Based Compensation and Other Employee Benefit Plans [Line Items] | ||
Stock-based compensation plan, description | The MasTec, Inc. 2013 Incentive Plan (the “2013 Incentive Plan”), which became effective in May 2013, permits a total of approximately 7,391,000 shares of the Company’s common stock to be issued, including approximately 5,291,000 shares that remained available under prior plans that terminated upon adoption of the 2013 Incentive Plan. | |
2013 Incentive Plan [Member] | Restricted Shares [Member] | Common Stock [Member] | ||
Stock-Based Compensation and Other Employee Benefit Plans [Line Items] | ||
Stock-based compensation plan, number of shares authorized | 7,391,000 | |
Prior Incentive Plans [Member] | Restricted Shares [Member] | Common Stock [Member] | ||
Stock-Based Compensation and Other Employee Benefit Plans [Line Items] | ||
Stock-based compensation, number of shares available for grant or issuance | 5,291,000 | |
2013 Bargaining Units ESPP [Member] | Employee Stock Purchase Plans [Member] | Common Stock [Member] | ||
Stock-Based Compensation and Other Employee Benefit Plans [Line Items] | ||
Stock-based compensation plan, number of shares authorized | 1,000,000 | |
Employee Stock Plans [Member] | Employee Stock Purchase Plans [Member] | ||
Stock-Based Compensation and Other Employee Benefit Plans [Line Items] | ||
Stock-based compensation plan, description | The MasTec, Inc. Bargaining Units Employee Stock Purchase Plan (the “2013 Bargaining Units ESPP”), which became effective on July 1, 2013, permits the issuance of up to 1,000,000 new shares of MasTec, Inc. common stock to eligible employees. The MasTec, Inc. 2011 Employee Stock Purchase Plan (the “2011 ESPP” and, together with the 2013 Bargaining Units ESPP, the “ESPPs”) also provides for the issuance of up to 1,000,000 shares of MasTec, Inc. common stock for eligible employees. | |
2011 ESPP [Member] | Employee Stock Purchase Plans [Member] | Common Stock [Member] | ||
Stock-Based Compensation and Other Employee Benefit Plans [Line Items] | ||
Stock-based compensation plan, number of shares authorized | 1,000,000 |
Stock-Based Compensation and105
Stock-Based Compensation and Other Employee Benefit Plans (Restricted Shares) (Narrative) (Details) - Restricted Shares [Member] - USD ($) $ in Millions | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Stock-Based Compensation and Other Employee Benefit Plans [Line Items] | ||||
Stock-based compensation awards, unearned compensation (in dollars) | $ 24.7 | $ 24.7 | ||
Stock-based compensation awards, unearned compensation, weighted average expected recognition period (in years) | 2 years | |||
Stock-based compensation, vested awards, intrinsic value (in dollars) | $ 17.5 | $ 2.2 | $ 7.3 | |
Common Stock [Member] | ||||
Stock-Based Compensation and Other Employee Benefit Plans [Line Items] | ||||
Stock-based compensation, restricted shares, granted (in shares) | 972,754 | 431,346 | ||
Stock-based compensation, restricted shares, vested in period (in shares) | 659,212 | 68,122 | ||
EC Source Share Award [Member] | ||||
Stock-Based Compensation and Other Employee Benefit Plans [Line Items] | ||||
Stock-based compensation plan, description | During the year ended December 31, 2013, the Company entered into an agreement with the previous owners of EC Source Services, LLC (“EC Source”) to establish an incentive program for its employees and granted 350,000 restricted share awards, all of which vested on December 31, 2014. The former owners of EC Source contributed cash and shares of MasTec common stock to the Company in connection with this program. | |||
EC Source Share Award [Member] | Common Stock [Member] | ||||
Stock-Based Compensation and Other Employee Benefit Plans [Line Items] | ||||
Stock-based compensation, restricted shares, granted (in shares) | 350,000 | |||
Stock-based compensation, restricted shares, vested in period (in shares) | 350,000 |
Stock-Based Compensation and106
Stock-Based Compensation and Other Employee Benefit Plans (Schedule of Activity, Restricted Shares) (Details) - Restricted Shares [Member] - Common Stock [Member] - $ / shares | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Restricted Shares | ||
Non-vested restricted shares, beginning balance (in shares) | 1,123,545 | 782,281 |
Granted (in shares) | 972,754 | 431,346 |
Vested (in shares) | (659,212) | (68,122) |
Canceled/forfeited (in shares) | (22,442) | (21,960) |
Non-vested restricted shares, ending balance (in shares) | 1,414,645 | 1,123,545 |
Per Share Weighted Average Grant Date Fair Value | ||
Non-vested restricted shares, per share weighted average grant date fair value, beginning balance (in dollars per share) | $ 23.78 | $ 19.10 |
Granted (in dollars per share) | 26.88 | 31.04 |
Vested (in dollars per share) | 25.27 | 18.83 |
Canceled/forfeited (in dollars per share) | 17.38 | 14.93 |
Non-vested restricted shares, per share weighted average grant date fair value, ending balance (in dollars per share) | $ 25.32 | $ 23.78 |
Stock-Based Compensation and107
Stock-Based Compensation and Other Employee Benefit Plans (Stock Options) (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Stock-Based Compensation and Other Employee Benefit Plans [Line Items] | |||
Stock options exercised, intrinsic value | $ 6.5 | $ 10.6 | $ 5.1 |
Stock options exercised, proceeds | $ 0.8 | $ 3.9 | $ 3.7 |
Stock Options [Member] | |||
Stock-Based Compensation and Other Employee Benefit Plans [Line Items] | |||
Stock-based compensation awards, stock options, vested (percentage) | 100.00% |
Stock-Based Compensation and108
Stock-Based Compensation and Other Employee Benefit Plans (Schedule of Activity, Stock Options) (Details) - USD ($) $ / shares in Units, $ in Millions | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Weighted Average Remaining Contractual Life and Aggregate Intrinsic Value | |||||||
Options outstanding, vested, weighted average remaining contractual life (in years) | 1 year 3 months 15 days | 1 year 11 months 16 days | 2 years 3 months 29 days | ||||
Options outstanding, vested, aggregate intrinsic value (in dollars) | [1] | $ 3 | $ 10.7 | $ 15.1 | $ 3 | $ 10.7 | $ 15.1 |
Options exercisable, weighted average remaining contractual life (in years) | 1 year 3 months 15 days | 1 year 11 months 16 days | 2 years 3 months 29 days | ||||
Options exercisable, aggregate intrinsic value (in dollars) | [1] | $ 3 | $ 10.7 | $ 15.1 | $ 3 | $ 10.7 | $ 15.1 |
Common Stock [Member] | |||||||
Stock Options | |||||||
Options outstanding, vested, beginning balance (in shares) | 495,571 | 1,043,825 | |||||
Options exercisable, beginning balance (in shares) | 495,571 | 1,043,825 | |||||
Exercised (in shares) | (210,900) | (513,254) | (391,949) | ||||
Canceled/forfeited (in shares) | 0 | (35,000) | |||||
Options outstanding, vested, ending balance (in shares) | 284,671 | 495,571 | 1,043,825 | 284,671 | 495,571 | 1,043,825 | |
Options exercisable, ending balance (in shares) | 284,671 | 495,571 | 1,043,825 | 284,671 | 495,571 | 1,043,825 | |
Per Share Weighted Average Exercise Price | |||||||
Options outstanding, vested, per share weighted average exercise price, beginning balance (in dollars per share) | $ 11.17 | $ 10.50 | |||||
Options exercisable, per share weighted average exercise price, beginning balance (in dollars per share) | 11.17 | 10.50 | |||||
Canceled/forfeited (in dollars per share) | 7.74 | ||||||
Options outstanding, vested, per share weighted average exercise price, ending balance (in dollars per share) | $ 12.06 | $ 11.17 | $ 10.50 | 12.06 | 11.17 | $ 10.50 | |
Options exercisable, per share weighted average exercise price, ending balance (in dollars per share) | $ 12.06 | $ 11.17 | $ 10.50 | 12.06 | 11.17 | $ 10.50 | |
Common Stock [Member] | Stock Options [Member] | |||||||
Per Share Weighted Average Exercise Price | |||||||
Exercised (in dollars per share) | $ 9.97 | $ 10.04 | |||||
[1] | Amount represents the difference between the exercise price and the closing share price of the Company’s stock on the last trading day of the corresponding period, multiplied by the number of in-the-money options. |
Stock-Based Compensation and109
Stock-Based Compensation and Other Employee Benefit Plans (Schedule of Activity, Employee Stock Purchase Plans) (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Common Stock [Member] | |||
Stock-Based Compensation and Other Employee Benefit Plans [Line Items] | |||
Common shares issued (in shares) | 136,918 | 454,523 | 90,614 |
Employee Stock Purchase Plans [Member] | |||
Stock-Based Compensation and Other Employee Benefit Plans [Line Items] | |||
Cash proceeds (in dollars) | $ 3.3 | $ 6.4 | $ 1.3 |
Employee Stock Purchase Plans [Member] | Common Stock [Member] | |||
Stock-Based Compensation and Other Employee Benefit Plans [Line Items] | |||
Weighted average price per share (in dollars per share) | $ 24.33 | $ 14.19 | $ 14.37 |
Weighted average per share grant date fair value (in dollars per share) | $ 5.81 | $ 5.60 | $ 4.19 |
Stock-Based Compensation and110
Stock-Based Compensation and Other Employee Benefit Plans (Schedule of Non-Cash Stock-Based Compensation Expense) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||
Mar. 31, 2014 | Jun. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||||
Stock-Based Compensation and Other Employee Benefit Plans [Line Items] | |||||||||
Non-cash stock-based compensation expense | $ 3,260 | $ 7,480 | $ 11,584 | $ 15,950 | $ 12,944 | $ 4,433 | |||
Income Tax Effects: | |||||||||
Income tax benefit from non-cash stock-based compensation | 8,700 | 9,700 | 2,500 | ||||||
Excess tax benefit from non-cash stock-based compensation | $ 3,246 | $ 3,386 | $ 3,494 | 3,728 | [1] | 4,315 | [1] | 759 | [1] |
General and Administrative Expenses [Member] | |||||||||
Stock-Based Compensation and Other Employee Benefit Plans [Line Items] | |||||||||
Non-cash stock-based compensation expense | $ 15,900 | $ 12,900 | $ 4,400 | ||||||
[1] | Excess tax benefits, which represent cash flows from tax deductions in excess of the tax effect of compensation expense associated with exercised stock options and vested restricted shares, are classified as financing cash flows in the Company’s consolidated statements of cash flows. |
Stock-Based Compensation and111
Stock-Based Compensation and Other Employee Benefit Plans (401(k) Plan) (Narrative) (Details) - 401(K) Plan [Member] - Other Postretirement Benefit Plan [Member] - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
401(k) Plan Disclosure [Line Items] | |||
Stock-based compensation plan, description | MasTec has a 401(k) plan covering all eligible employees. Subject to certain dollar limits, eligible employees may contribute up to 75% of their pre-tax annual compensation to the 401(k) plan. The Company’s matching contribution is equal to 100% of the first 3% of the employee’s salary and 50% of the next 2% of the employee’s salary, up to a maximum 4% employer match. Discretionary matching contributions, which are payable 50% in shares of MasTec common stock and 50% in cash, were paid quarterly for the years ended December 31, 2014 and 2013 and annually for the year ended December 31, 2012. | ||
401(k) plan, maximum pre-tax annual contribution per employee, percentage of annual compensation | 75.00% | ||
401(k) plan, discretionary employer matching contribution, percentage of matching contribution in shares | 50.00% | ||
401(k) plan, discretionary employer matching contribution, percentage of matching contribution in cash | 50.00% | ||
401(k) plan, employer matching contribution (in dollars) | $ 7.9 | $ 5.9 | $ 2.1 |
Contributions up to 3% [Member] | |||
401(k) Plan Disclosure [Line Items] | |||
401(k) plan, employer matching contribution, percentage of matching contribution | 100.00% | ||
100% Match [Member] | |||
401(k) Plan Disclosure [Line Items] | |||
401(k) plan, employer matching contribution, percentage of employee's salary | 3.00% | ||
Contributions over 3% up to 5% [Member] | |||
401(k) Plan Disclosure [Line Items] | |||
401(k) plan, employer matching contribution, percentage of matching contribution | 50.00% | ||
50% Match [Member] | |||
401(k) Plan Disclosure [Line Items] | |||
401(k) plan, employer matching contribution, percentage of employee's salary | 2.00% | ||
Maximum [Member] | |||
401(k) Plan Disclosure [Line Items] | |||
401(k) plan, employer matching contribution, percentage of employee's salary | 4.00% |
Stock-Based Compensation and112
Stock-Based Compensation and Other Employee Benefit Plans (Deferred Compensation Plan) (Narrative) (Details) - Deferred Compensation Plan Highly Compensated Employees [Member] - Other Postretirement Benefit Plan [Member] - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Stock-Based Compensation and Other Employee Benefit Plans [Line Items] | ||
Deferred compensation plan, description | MasTec offers a deferred compensation plan to its highly compensated employees. These employees are allowed to contribute a percentage of their pre-tax annual compensation to the deferred compensation plan. | |
Other Long-Term Assets [Member] | ||
Stock-Based Compensation and Other Employee Benefit Plans [Line Items] | ||
Deferred compensation plan, assets | $ 6.1 | $ 4.4 |
Other Long-Term Liabilities [Member] | ||
Stock-Based Compensation and Other Employee Benefit Plans [Line Items] | ||
Deferred compensation plan, liabilities | $ 5.9 | $ 4.3 |
Other Retirement Plans (Narrati
Other Retirement Plans (Narrative) (Details) - USD ($) | 12 Months Ended | ||||
Dec. 31, 2014 | Dec. 31, 2011 | Nov. 30, 2014 | Dec. 31, 2013 | Nov. 30, 2011 | |
Multi-Employer Plans [Line Items] | |||||
Multi-employer plans, general nature | Certain of MasTec’s subsidiaries, including certain subsidiaries in Canada, contribute amounts to multi-employer pension and other multi-employer benefit plans and trusts, which are recorded as a component of employee wages and salaries within costs of revenue, excluding depreciation and amortization. Contributions are generally based on fixed amounts per hour per employee for employees covered under these plans. Multi-employer plan contribution rates are determined annually and assessed on a “pay-as-you-go” basis based on union employee payrolls. Union payrolls cannot be determined for future periods because the number of union employees employed at any given time, and the plans in which they may participate, vary depending upon the location and number of ongoing projects at a given time and the need for union resources in connection with those projects. | ||||
Pension [Member] | |||||
Multi-Employer Plans [Line Items] | |||||
Multi-employer plans, underfunded status, description | A multi-employer plan that is so underfunded as to be in “endangered,” “seriously endangered,” or “critical” status is required to adopt a funding improvement plan (“FIP”) or a rehabilitation plan (“RP”), which, among other actions, could include decreased benefits and increased employer contributions, which could take the form of a surcharge on benefit contributions. These actions are intended to improve their funding status over a period of years. If a pension fund is in critical status, a participating employer must pay an automatic surcharge in addition to contributions otherwise required under the collective bargaining agreement (“CBA”). With some exceptions, the surcharge is equal to 5% of required contributions for the initial critical year and 10% for each succeeding plan year in which the plan remains in critical status. The surcharge ceases on the effective date of a CBA (or other agreement) that includes contribution and benefit terms consistent with the rehabilitation plan. Certain plans in which the Company participates are in “endangered,” “seriously endangered,” or “critical” status. The amount of additional funds, if any, that the Company may be obligated to contribute to these plans in the future cannot be estimated due to the uncertainty of the future levels of work that could be required of the union employees covered by these plans, as well as the required future contribution rates and possible surcharges applicable to these plans. | ||||
Pension [Member] | Plans from Which the Company Terminated Participation in 2014 [Member] | |||||
Multi-Employer Plans [Line Items] | |||||
Multi-employer plans, withdrawal liability (in dollars) | $ 0 | ||||
Pension [Member] | Central States Southeast and Southwest Areas Pension Fund [Member] | |||||
Multi-Employer Plans [Line Items] | |||||
Multi-employer plans, withdrawal liability (in dollars) | $ 4,200,000 | $ 5,400,000 | $ 6,400,000 | ||
Pension [Member] | Central States Southeast and Southwest Areas Pension Fund [Member] | Cost of Revenue, Excluding Depreciation and Amortization [Member] | Withdrawal from Multi-Employer Defined Benefit Plan [Member] | |||||
Multi-Employer Plans [Line Items] | |||||
Multi-employer plans, withdrawal charge (in dollars) | $ 6,400,000 | ||||
Pension [Member] | Maximum [Member] | Red Status [Member] | |||||
Multi-Employer Plans [Line Items] | |||||
Multi-employer plans, funded percentage | 65.00% | 65.00% | |||
Pension [Member] | Maximum [Member] | Orange Status [Member] | |||||
Multi-Employer Plans [Line Items] | |||||
Multi-employer plans, funded percentage | 70.00% | 70.00% | |||
Pension [Member] | Maximum [Member] | Yellow Status [Member] | |||||
Multi-Employer Plans [Line Items] | |||||
Multi-employer plans, funded percentage | 80.00% | 80.00% | |||
Pension [Member] | Minimum [Member] | Orange Status [Member] | |||||
Multi-Employer Plans [Line Items] | |||||
Multi-employer plans, funded percentage | 65.00% | 65.00% | |||
Pension [Member] | Minimum [Member] | Yellow Status [Member] | |||||
Multi-Employer Plans [Line Items] | |||||
Multi-employer plans, funded percentage | 70.00% | 70.00% | |||
Pension [Member] | Minimum [Member] | Green Status [Member] | |||||
Multi-Employer Plans [Line Items] | |||||
Multi-employer plans, funded percentage | 80.00% | 80.00% |
Other Retirement Plans (Schedul
Other Retirement Plans (Schedule of Multi-Employer Pension Plans) (Details) - USD ($) $ in Millions | 12 Months Ended | |||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||||
Multi-Employer Plans [Line Items] | ||||||
Multi-employer plans, contributions (in dollars) | $ 36.4 | $ 48.2 | $ 29.2 | |||
Multi-Employer Plans, Pension [Member] | ||||||
Multi-Employer Plans [Line Items] | ||||||
Multi-employer plans, contributions (in dollars) | $ 31.9 | 44.6 | 27.9 | |||
Multi-Employer Plans, Pension [Member] | Central Pension Fund of the I.U.O.E and Participating Employers [Member] | ||||||
Multi-Employer Plans [Line Items] | ||||||
Multi-employer plans, employer identification number | 366,052,390 | |||||
Multi-employer plans, plan number | 1 | |||||
Multi-employer plans, contributions (in dollars) | $ 6.5 | $ 10.8 | 6 | |||
Multi-employer plans, collective bargaining arrangement, expiration date | Jun. 1, 2017 | |||||
Multi-employer plans, pension protection act zone status | Green | Green | ||||
Multi-employer plans, pension protection act zone status, date | [1] | Jan. 31, 2014 | Jan. 31, 2013 | |||
Multi-employer Plans, extended amortization provisions | true | true | ||||
Multi-employer plans, funding improvement plan and rehabilitation plan status | NA | |||||
Multi-employer plans, surcharge status | No | |||||
Multi-Employer Plans, Pension [Member] | Pipeline Industry Pension Fund [Member] | ||||||
Multi-Employer Plans [Line Items] | ||||||
Multi-employer plans, employer identification number | 736,146,433 | |||||
Multi-employer plans, plan number | 1 | |||||
Multi-employer plans, contributions (in dollars) | $ 4.8 | $ 9.8 | 8.9 | |||
Multi-employer plans, collective bargaining arrangement, expiration date | Jun. 2, 2017 | |||||
Multi-employer plans, pension protection act zone status | Green | Green | ||||
Multi-employer plans, pension protection act zone status, date | [2] | Dec. 31, 2013 | Dec. 31, 2012 | |||
Multi-employer plans, Company contributions greater than 5% of total plan contributions | true | true | ||||
Multi-employer plans, funding improvement plan and rehabilitation plan status | NA | |||||
Multi-employer plans, surcharge status | No | |||||
Multi-Employer Plans, Pension [Member] | Michigan Laborers' Pension Fund [Member] | ||||||
Multi-Employer Plans [Line Items] | ||||||
Multi-employer plans, employer identification number | 386,233,976 | |||||
Multi-employer plans, plan number | 1 | |||||
Multi-employer plans, contributions (in dollars) | $ 2.1 | $ 4.3 | 0.9 | |||
Multi-employer plans, collective bargaining arrangement, expiration date | Jun. 1, 2017 | |||||
Multi-employer plans, pension protection act zone status | Yellow | Yellow | ||||
Multi-employer plans, pension protection act zone status, date | [1] | Aug. 31, 2014 | Aug. 31, 2013 | |||
Multi-employer Plans, extended amortization provisions | true | true | ||||
Multi-employer plans, funding improvement plan and rehabilitation plan status | Implemented | |||||
Multi-employer plans, surcharge status | No | |||||
Multi-Employer Plans, Pension [Member] | Teamsters National Pipe Line Pension Fund [Member] | ||||||
Multi-Employer Plans [Line Items] | ||||||
Multi-employer plans, employer identification number | 461,102,851 | |||||
Multi-employer plans, plan number | 1 | |||||
Multi-employer plans, contributions (in dollars) | $ 1.7 | $ 2.7 | 1.4 | |||
Multi-employer plans, collective bargaining arrangement, expiration date | Jun. 1, 2017 | |||||
Multi-employer plans, pension protection act zone status | Green | Green | ||||
Multi-employer plans, pension protection act zone status, date | [2] | Dec. 31, 2013 | Dec. 31, 2012 | |||
Multi-employer plans, Company contributions greater than 5% of total plan contributions | true | true | ||||
Multi-employer plans, funding improvement plan and rehabilitation plan status | NA | |||||
Multi-employer plans, surcharge status | No | |||||
Multi-Employer Plans, Pension [Member] | Operating Engineers' Local 324 Pension Fund [Member] | ||||||
Multi-Employer Plans [Line Items] | ||||||
Multi-employer plans, employer identification number | 381,900,637 | |||||
Multi-employer plans, plan number | 1 | |||||
Multi-employer plans, contributions (in dollars) | $ 1.7 | $ 4.5 | 0.8 | |||
Multi-employer plans, collective bargaining arrangement, expiration date | Jun. 1, 2017 | |||||
Multi-employer plans, pension protection act zone status | Red | Red | ||||
Multi-employer plans, pension protection act zone status, date | Apr. 30, 2014 | Apr. 30, 2013 | ||||
Multi-employer plans, funding improvement plan and rehabilitation plan status | Implemented | |||||
Multi-employer plans, surcharge status | No | |||||
Multi-Employer Plans, Pension [Member] | I.B.E.W. Local 769 Management Pension Plan A [Member] | ||||||
Multi-Employer Plans [Line Items] | ||||||
Multi-employer plans, employer identification number | 866,049,763 | |||||
Multi-employer plans, plan number | 1 | |||||
Multi-employer plans, contributions (in dollars) | $ 1.6 | $ 0.7 | 0.1 | |||
Multi-employer plans, collective bargaining arrangement, expiration date | Jul. 30, 2016 | |||||
Multi-employer plans, pension protection act zone status | Green | Green | ||||
Multi-employer plans, pension protection act zone status, date | [2] | Jun. 30, 2014 | Jun. 30, 2013 | |||
Multi-employer plans, Company contributions greater than 5% of total plan contributions | true | true | ||||
Multi-employer plans, funding improvement plan and rehabilitation plan status | NA | |||||
Multi-employer plans, surcharge status | No | |||||
Multi-Employer Plans, Pension [Member] | Laborers' District Council of Western Pennsylvania Pension Fund [Member] | ||||||
Multi-Employer Plans [Line Items] | ||||||
Multi-employer plans, employer identification number | 256,135,576 | |||||
Multi-employer plans, plan number | 1 | |||||
Multi-employer plans, contributions (in dollars) | $ 1.5 | $ 0.4 | 0.6 | |||
Multi-employer plans, collective bargaining arrangement, expiration date | Jun. 1, 2017 | |||||
Multi-employer plans, pension protection act zone status | Red | Red | ||||
Multi-employer plans, pension protection act zone status, date | Dec. 31, 2013 | Dec. 31, 2012 | ||||
Multi-employer plans, funding improvement plan and rehabilitation plan status | Implemented | |||||
Multi-employer plans, surcharge status | No | |||||
Multi-Employer Plans, Pension [Member] | Operating Engineers' Construction Industry and Misc. Pension Fund [Member] | ||||||
Multi-Employer Plans [Line Items] | ||||||
Multi-employer plans, employer identification number | 256,135,579 | |||||
Multi-employer plans, plan number | 1 | |||||
Multi-employer plans, contributions (in dollars) | $ 1.2 | $ 0.1 | 0.5 | |||
Multi-employer plans, collective bargaining arrangement, expiration date | Jun. 1, 2017 | |||||
Multi-employer plans, pension protection act zone status | Green | Green | ||||
Multi-employer plans, pension protection act zone status, date | [1] | Dec. 31, 2013 | Dec. 31, 2012 | |||
Multi-employer Plans, extended amortization provisions | true | true | ||||
Multi-employer plans, funding improvement plan and rehabilitation plan status | NA | |||||
Multi-employer plans, surcharge status | No | |||||
Multi-Employer Plans, Pension [Member] | Laborers' Local Union No. 158 Pension Fund [Member] | ||||||
Multi-Employer Plans [Line Items] | ||||||
Multi-employer plans, employer identification number | 236,580,323 | |||||
Multi-employer plans, plan number | 1 | |||||
Multi-employer plans, contributions (in dollars) | $ 1 | $ 0.5 | 0.6 | |||
Multi-employer plans, collective bargaining arrangement, expiration date | Jun. 1, 2017 | |||||
Multi-employer plans, pension protection act zone status | Green | Green | ||||
Multi-employer plans, pension protection act zone status, date | Dec. 31, 2013 | Dec. 31, 2012 | [2] | |||
Multi-employer plans, Company contributions greater than 5% of total plan contributions | true | |||||
Multi-employer plans, funding improvement plan and rehabilitation plan status | NA | |||||
Multi-employer plans, surcharge status | No | |||||
Multi-Employer Plans, Pension [Member] | Eighth District Electrical Pension Fund [Member] | ||||||
Multi-Employer Plans [Line Items] | ||||||
Multi-employer plans, employer identification number | 846,100,393 | |||||
Multi-employer plans, plan number | 1 | |||||
Multi-employer plans, contributions (in dollars) | $ 0.9 | $ 2.2 | 1.3 | |||
Multi-employer plans, collective bargaining arrangement, expiration date | Feb. 28, 2018 | |||||
Multi-employer plans, pension protection act zone status | Green | Green | ||||
Multi-employer plans, pension protection act zone status, date | Mar. 31, 2014 | Mar. 31, 2013 | ||||
Multi-employer plans, funding improvement plan and rehabilitation plan status | NA | |||||
Multi-employer plans, surcharge status | No | |||||
Multi-Employer Plans, Pension [Member] | National Electrical Benefit Fund [Member] | ||||||
Multi-Employer Plans [Line Items] | ||||||
Multi-employer plans, employer identification number | 530,181,657 | |||||
Multi-employer plans, plan number | 1 | |||||
Multi-employer plans, contributions (in dollars) | $ 0.9 | $ 0.2 | 0 | |||
Multi-employer plans, collective bargaining arrangement, expiration date | Dec. 31, 2015 | |||||
Multi-employer plans, pension protection act zone status | Green | Green | ||||
Multi-employer plans, pension protection act zone status, date | Dec. 31, 2013 | Dec. 31, 2012 | ||||
Multi-employer plans, funding improvement plan and rehabilitation plan status | NA | |||||
Multi-employer plans, surcharge status | No | |||||
Multi-Employer Plans, Pension [Member] | Laborers' National Pension Fund [Member] | ||||||
Multi-Employer Plans [Line Items] | ||||||
Multi-employer plans, employer identification number | 751,280,827 | |||||
Multi-employer plans, plan number | 1 | |||||
Multi-employer plans, contributions (in dollars) | $ 0.8 | $ 1.1 | 1.5 | |||
Multi-employer plans, collective bargaining arrangement, expiration date | Jun. 1, 2017 | |||||
Multi-employer plans, pension protection act zone status | Green | Green | ||||
Multi-employer plans, pension protection act zone status, date | Dec. 31, 2013 | Dec. 31, 2012 | ||||
Multi-employer plans, funding improvement plan and rehabilitation plan status | NA | |||||
Multi-employer plans, surcharge status | No | |||||
Multi-Employer Plans, Pension [Member] | Midwest Operating Engineers Pension Trust Fund [Member] | ||||||
Multi-Employer Plans [Line Items] | ||||||
Multi-employer plans, employer identification number | 366,140,097 | |||||
Multi-employer plans, plan number | 1 | |||||
Multi-employer plans, contributions (in dollars) | $ 0.7 | $ 0.7 | 0 | |||
Multi-employer plans, collective bargaining arrangement, expiration date | Jun. 1, 2017 | |||||
Multi-employer plans, pension protection act zone status | Yellow | Yellow | ||||
Multi-employer plans, pension protection act zone status, date | [1] | Mar. 31, 2014 | Mar. 31, 2013 | |||
Multi-employer Plans, extended amortization provisions | true | true | ||||
Multi-employer plans, funding improvement plan and rehabilitation plan status | Implemented | |||||
Multi-employer plans, surcharge status | No | |||||
Multi-Employer Plans, Pension [Member] | I.U.O.E. Pension Plan of Eastern Pennsylvania and Delaware [Member] | ||||||
Multi-Employer Plans [Line Items] | ||||||
Multi-employer plans, employer identification number | 236,405,239 | |||||
Multi-employer plans, plan number | 1 | |||||
Multi-employer plans, contributions (in dollars) | $ 0.6 | $ 0.2 | 0.5 | |||
Multi-employer plans, collective bargaining arrangement, expiration date | Jun. 1, 2017 | |||||
Multi-employer plans, pension protection act zone status | Green | Red | ||||
Multi-employer plans, pension protection act zone status, date | Dec. 31, 2013 | Dec. 31, 2012 | ||||
Multi-employer plans, funding improvement plan and rehabilitation plan status | NA | |||||
Multi-employer plans, surcharge status | No | |||||
Multi-Employer Plans, Pension [Member] | Other Funds [Member] | ||||||
Multi-Employer Plans [Line Items] | ||||||
Multi-employer plans, contributions (in dollars) | $ 5.9 | [3] | $ 6.4 | $ 4.8 | ||
Multi-Employer Plans, Pension [Member] | Other Funds [Member] | Canadian Multi-Employer Plans [Member] | Canadian Dollars [Member] | ||||||
Multi-Employer Plans [Line Items] | ||||||
Multi-employer plans, contributions (in dollars) | $ 0.9 | |||||
[1] | This plan has utilized extended amortization provisions, which provide plans with extensions of time to amortize pension funding shortfalls. | |||||
[2] | The Company’s contributions to this plan represent greater than 5% of the plan’s total contributions. | |||||
[3] | Includes approximately $0.9 million U.S. dollars of contributions to Canadian multi-employer pension plans associated with the Company’s 2014 acquisition of Pacer, a Canadian company that employs union resources subject to collective bargaining agreements in connection with certain of its project work. Canadian multi-employer pension plans are not subject to the provisions of ERISA or the funding rules under the PPA that apply to U.S. registered multi-employer pension plans. Contributions to Canadian multi-employer pension plans are based on fixed amounts per hour per employee for employees covered under these plans. |
Other Retirement Plans (Sche115
Other Retirement Plans (Schedule of Covered Employees and Contributions, Multi-Employer Plans) (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2014USD ($)employee | Dec. 31, 2013USD ($)employee | Dec. 31, 2012USD ($)employee | |
Covered Employees and Contributions, Multi-Employer Plans [Line Items] | |||
Multi-employer plans, contributions (in dollars) | $ 36.4 | $ 48.2 | $ 29.2 |
Multi-Employer Plans, Pension [Member] | |||
Covered Employees and Contributions, Multi-Employer Plans [Line Items] | |||
Multi-employer plans, contributions (in dollars) | 31.9 | 44.6 | 27.9 |
Multi-Employer Plans, Postretirement Benefit [Member] | |||
Covered Employees and Contributions, Multi-Employer Plans [Line Items] | |||
Multi-employer plans, contributions (in dollars) | $ 4.5 | $ 3.6 | $ 1.3 |
Workforce Subject to Collective Bargaining Arrangements [Member] | Unionized Employees [Member] | Low [Member] | |||
Covered Employees and Contributions, Multi-Employer Plans [Line Items] | |||
Multi-employer plans, covered employees (in number of employees) | employee | 590 | 778 | 308 |
Workforce Subject to Collective Bargaining Arrangements [Member] | Unionized Employees [Member] | High [Member] | |||
Covered Employees and Contributions, Multi-Employer Plans [Line Items] | |||
Multi-employer plans, covered employees (in number of employees) | employee | 2,167 | 2,734 | 2,509 |
Equity (Narrative) (Details)
Equity (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 4 Months Ended | 12 Months Ended | ||
Dec. 31, 2014 | Apr. 30, 2015 | Dec. 31, 2014 | Dec. 31, 2012 | Dec. 31, 2011 | |
Equity, Treasury Stock [Line Items] | |||||
Treasury stock acquired, value | $ 75,000 | ||||
Share reissuances, treasury stock, value | $ 104,427 | ||||
Convertible Debt [Member] | |||||
Equity, Treasury Stock [Line Items] | |||||
Share reissuances, treasury stock (in shares) | 6,600,000 | ||||
Share reissuances, treasury stock, value | $ 104,400 | ||||
2014 Share Repurchase Program [Member] | |||||
Equity, Treasury Stock [Line Items] | |||||
Share repurchase program, amount authorized, value | $ 100,000 | $ 100,000 | |||
2014 Share Repurchase Program [Member] | Subsequent Event [Member] | |||||
Equity, Treasury Stock [Line Items] | |||||
Treasury stock acquired, value | $ 100,000 | ||||
2014 Share Repurchase Program [Member] | Common Stock [Member] | |||||
Equity, Treasury Stock [Line Items] | |||||
Treasury stock acquired (in shares) | 0 | ||||
2014 Share Repurchase Program [Member] | Common Stock [Member] | Subsequent Event [Member] | |||||
Equity, Treasury Stock [Line Items] | |||||
Treasury stock acquired (in shares) | 5,200,000 | ||||
2011 Share Repurchase Program [Member] | |||||
Equity, Treasury Stock [Line Items] | |||||
Share repurchase program, amount authorized, value | $ 150,000 | ||||
Treasury stock acquired, value | $ 75,000 | ||||
2011 Share Repurchase Program [Member] | Common Stock [Member] | |||||
Equity, Treasury Stock [Line Items] | |||||
Treasury stock acquired (in shares) | 4,900,000 |
Equity (Schedule of Changes in
Equity (Schedule of Changes in Accumulated Other Comprehensive Loss) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Accumulated Other Comprehensive Loss [Line Items] | |||
Accumulated other comprehensive loss, beginning balance | $ (13,286) | $ (5,501) | $ (7,946) |
Activity before reclassifications, net of tax | (20,718) | (7,556) | 2,445 |
Reclassifications, net of tax | 0 | (229) | 0 |
Other comprehensive (loss) income, net of tax | (20,718) | (7,785) | 2,445 |
Accumulated other comprehensive loss, ending balance | (34,004) | (13,286) | (5,501) |
Foreign Currency [Member] | |||
Accumulated Other Comprehensive Loss [Line Items] | |||
Accumulated other comprehensive loss, beginning balance | (7,998) | (105) | (2,029) |
Activity before reclassifications, net of tax | (20,718) | (7,893) | 1,924 |
Reclassifications, net of tax | 0 | 0 | 0 |
Other comprehensive (loss) income, net of tax | (20,718) | (7,893) | 1,924 |
Accumulated other comprehensive loss, ending balance | (28,716) | (7,998) | (105) |
Other [Member] | |||
Accumulated Other Comprehensive Loss [Line Items] | |||
Accumulated other comprehensive loss, beginning balance | (5,288) | (5,396) | (5,917) |
Activity before reclassifications, net of tax | 0 | 337 | 521 |
Reclassifications, net of tax | 0 | (229) | 0 |
Other comprehensive (loss) income, net of tax | 0 | 108 | 521 |
Accumulated other comprehensive loss, ending balance | $ (5,288) | $ (5,288) | $ (5,396) |
Income Taxes (Schedule of Compo
Income Taxes (Schedule of Components of Income from Continuing Operations before Income Taxes) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Jun. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Income Tax Disclosure [Abstract] | ||||||||
Domestic | $ 171,400 | $ 233,400 | $ 184,500 | |||||
Foreign | 27,000 | 6,800 | 8,200 | |||||
Income from continuing operations before income taxes | $ 79,764 | $ 54,499 | $ 19,753 | $ 74,252 | $ 154,016 | $ 198,430 | $ 240,214 | $ 192,719 |
Income Taxes (Schedule of Provi
Income Taxes (Schedule of Provision for Income Taxes) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Jun. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Current: | ||||||||
Federal | $ 47,300 | $ 77,000 | $ 48,700 | |||||
Foreign | 3,900 | 1,700 | 300 | |||||
State and local | 6,600 | 10,900 | 12,400 | |||||
Total current income tax expense | 57,800 | 89,600 | 61,400 | |||||
Deferred: | ||||||||
Federal | 14,900 | 500 | 15,200 | |||||
Foreign | 2,700 | (1,500) | 1,100 | |||||
State and local | 1,000 | 3,900 | (1,600) | |||||
Total deferred income tax expense | $ 3,281 | $ 11,160 | $ 4,294 | 13,756 | 6,533 | 5,127 | ||
Provision for income taxes | $ 30,319 | $ 20,761 | $ 7,489 | $ 28,250 | $ 58,569 | 76,429 | 92,542 | 76,080 |
Continuing Operations [Member] | ||||||||
Deferred: | ||||||||
Total deferred income tax expense | $ 18,600 | $ 2,900 | $ 14,700 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Operating Loss Carryforwards [Line Items] | |||
Discontinued operations, benefit from income taxes | $ 4,300,000 | $ 2,400,000 | $ 4,500,000 |
Valuation allowance, methodologies and assumptions | In assessing the ability to realize deferred tax assets, management considers whether it is more likely than not that some portion or all of its deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which these temporary differences become deductible. Management considers the projected future taxable income and prudent and feasible tax planning strategies in making this assessment. | ||
Net operating loss carryforwards | $ 17,800,000 | 9,000,000 | |
Provision for U.S. income taxes on unremitted foreign earnings | 0 | ||
Liability for uncertain tax positions, current | 0 | 0 | |
Liability for uncertain tax positions, long-term | 0 | 0 | |
State [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Net operating loss carryforwards | $ 5,000,000 | 5,300,000 | |
State [Member] | Earliest Tax Year [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Net operating loss carryforwards, expiration date | Dec. 31, 2019 | ||
State [Member] | Latest Tax Year [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Net operating loss carryforwards, expiration date | Dec. 31, 2034 | ||
Foreign [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Net operating loss carryforwards | $ 12,800,000 | $ 3,700,000 | |
Foreign [Member] | Earliest Tax Year [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Net operating loss carryforwards, expiration date | Jan. 1, 2015 | ||
Domestic Tax Authority [Member] | IRS [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Federal income tax examination, year under examination | 2,012 |
Income Taxes (Schedule of Defer
Income Taxes (Schedule of Deferred Tax Assets and Liabilities) (Details) - USD ($) $ in Millions | Dec. 31, 2014 | Dec. 31, 2013 |
Deferred tax assets: | ||
Accrued self-insurance | $ 26 | $ 27.2 |
Operating loss carryforwards | 17.8 | 9 |
Compensation and benefits | 20.7 | 22.3 |
Bad debt | 5 | 5.8 |
Other | 15.9 | 9.3 |
Valuation allowance | (0.2) | (0.1) |
Total deferred tax assets | 85.2 | 73.5 |
Deferred tax liabilities: | ||
Property and equipment | 114.3 | 92.6 |
Goodwill | 47.5 | 44.7 |
Other intangible assets | 44 | 32.6 |
Other | 11.3 | 13.8 |
Total deferred tax liabilities | 257 | 212 |
Net deferred tax liabilities | (171.8) | (138.5) |
Long-Term Contracts [Member] | ||
Deferred tax liabilities: | ||
Deferred income | 28.7 | 17 |
Ec Source [Member] | ||
Deferred tax liabilities: | ||
Deferred income | $ 11.2 | $ 11.3 |
Income Taxes (Schedule of Net C
Income Taxes (Schedule of Net Current and Long-Term Deferred Tax Balances) (Details) - USD ($) $ in Thousands | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 |
Deferred Tax Liabilities, Net [Abstract] | |||||
Current deferred tax assets, net | $ 31,700 | $ 16,300 | |||
Long-term deferred tax liabilities, net | 203,476 | $ 180,449 | $ 186,538 | $ 154,151 | 154,763 |
Net deferred tax liabilities | $ (171,800) | $ (138,500) |
Income Taxes (Schedule of Effec
Income Taxes (Schedule of Effective Tax Rate Reconciliation) (Details) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Income Tax Disclosure [Abstract] | |||
U.S. statutory federal rate applied to pretax income | 35.00% | 35.00% | 35.00% |
State and local income taxes, net of federal benefit | 3.70% | 4.00% | 3.40% |
Foreign tax rate differential | (1.30%) | (0.40%) | (0.40%) |
Non-deductible expenses | 3.40% | 2.40% | 2.10% |
Change in state tax rate | (0.70%) | 1.20% | 0.20% |
Domestic production activities deduction | (1.60%) | (2.50%) | (1.60%) |
Other | (0.10%) | (0.80%) | 1.20% |
Valuation allowance for deferred tax assets | 0.10% | (0.40%) | (0.40%) |
Effective income tax rate | 38.50% | 38.50% | 39.50% |
Segments and Related Informa124
Segments and Related Information (Narrative) (Details) - Dec. 31, 2014 $ in Millions | USD ($) | segment |
Segment and Related Information [Line Items] | ||
Segment reporting information, factors used to identify entity's reportable segments | MasTec manages its continuing operations under five operating segments, which represent MasTec’s five reportable segments: (1) Communications; (2) Oil and Gas; (3) Electrical Transmission; (4) Power Generation and Industrial and (5) Other. This structure is generally focused on broad end-user markets for MasTec’s labor-based construction services. | |
Number of operating segments | 5 | |
Number of reportable segments | 5 | |
Segment reporting information, description of products and services | All five reportable segments derive their revenue from the engineering, installation and maintenance of infrastructure, primarily in North America. | |
Segment reporting, description of all other segments | The Other segment primarily includes a proportionately consolidated joint venture and other small business units that perform construction services for a variety of end-markets in Canada, Mexico and elsewhere internationally. | |
Segment reporting, transactions between reportable segments | Intercompany revenues and costs among the reportable segments are de minimus and accounted for as if the sales were to third parties because these items are based on negotiated fees between the segments involved. All intercompany transactions and balances are eliminated in consolidation. Intercompany revenues and costs between entities within a reportable segment are eliminated to arrive at segment totals. Eliminations between segments are separately presented. | |
Segment reporting, additional information about entity's reportable segments | Segment results include certain allocations of centralized costs such as general liability, medical and workers’ compensation insurance and certain information technology costs. Income tax expense is managed by Corporate on a consolidated basis and is not allocated to the reportable segments. | |
Communications [Member] | ||
Segment and Related Information [Line Items] | ||
Segment reporting information, description of products and services | The Communications segment performs engineering, construction and maintenance of communications infrastructure primarily related to wireless and wireline/fiber communications and install-to-the-home customers, and, to a lesser extent, infrastructure for electrical utilities. | |
Business combinations, acquisition integration costs (in dollars) | $ | $ 5.3 | |
Oil and Gas [Member] | ||
Segment and Related Information [Line Items] | ||
Segment reporting information, description of products and services | MasTec performs engineering, construction and maintenance services on oil and natural gas pipelines and processing facilities for the energy and utilities industries through its Oil and Gas segment. | |
Electrical Transmission [Member] | ||
Segment and Related Information [Line Items] | ||
Segment reporting information, description of products and services | The Electrical Transmission segment primarily serves the energy and utility industries through the engineering, construction and maintenance of electrical transmission lines and substations. | |
Power Generation and Industrial [Member] | ||
Segment and Related Information [Line Items] | ||
Segment reporting information, description of products and services | The Power Generation and Industrial segment primarily serves energy, utility and other end-markets through the installation and construction of conventional and renewable power facilities, related electrical transmission infrastructure, ethanol facilities and various types of industrial infrastructure. |
Segments and Related Informa125
Segments and Related Information (Schedule of Financial Information by Reportable Segment - Revenue) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||
Dec. 31, 2014 | [1] | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Jun. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||
Revenue: | |||||||||||||||
Revenue (in dollars) | $ 1,231,300 | $ 1,315,488 | $ 1,107,232 | $ 957,818 | $ 1,159,100 | $ 1,269,400 | $ 977,600 | $ 918,600 | $ 2,065,050 | $ 3,380,538 | $ 4,611,803 | $ 4,324,787 | $ 3,726,789 | ||
Communications [Member] | Customer Concentration Risk [Member] | Revenue [Member] | Utilities [Member] | |||||||||||||||
Revenue: | |||||||||||||||
Utilities customers, percentage of Communications segment revenue | 6.80% | 6.90% | 10.90% | ||||||||||||
Electrical Transmission [Member] | |||||||||||||||
Revenue: | |||||||||||||||
Revenue (in dollars) | $ 138,000 | $ 117,000 | $ 74,000 | $ 191,000 | $ 329,000 | ||||||||||
Reportable Segments [Member] | Communications [Member] | |||||||||||||||
Revenue: | |||||||||||||||
Revenue (in dollars) | [2] | $ 2,041,000 | $ 1,962,600 | $ 1,772,700 | |||||||||||
Reportable Segments [Member] | Oil and Gas [Member] | |||||||||||||||
Revenue: | |||||||||||||||
Revenue (in dollars) | 1,731,400 | 1,628,800 | 959,000 | ||||||||||||
Reportable Segments [Member] | Electrical Transmission [Member] | |||||||||||||||
Revenue: | |||||||||||||||
Revenue (in dollars) | 471,900 | 428,800 | 312,200 | ||||||||||||
Reportable Segments [Member] | Power Generation and Industrial [Member] | |||||||||||||||
Revenue: | |||||||||||||||
Revenue (in dollars) | 357,000 | 294,300 | 668,100 | ||||||||||||
Reportable Segments [Member] | Other [Member] | |||||||||||||||
Revenue: | |||||||||||||||
Revenue (in dollars) | 14,700 | 12,300 | 16,700 | ||||||||||||
Eliminations [Member] | |||||||||||||||
Revenue: | |||||||||||||||
Revenue (in dollars) | $ (4,200) | $ (2,000) | $ (1,900) | ||||||||||||
[1] | Preliminary, unaudited fourth quarter and full year 2014 results were previously issued pursuant to a press release dated February 26, 2015 and not previously filed in a report under the Securities Exchange Act of 1934, as amended. The unaudited quarterly information for the three month period ended December 31, 2014 in the table above includes the effect of adjustments determined by management following the review process described in Note 2 - Independent Investigation of the Audit Committee and Related Restatements. | ||||||||||||||
[2] | Revenue generated by utilities customers represented 6.8%, 6.9% and 10.9% of Communications segment revenue in 2014, 2013 and 2012, respectively. |
Segments and Related Informa126
Segments and Related Information (Schedule of Financial Information by Reportable Segment - EBITDA - Continuing Operations) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Jun. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
EBITDA - Continuing Operations: | ||||||||
EBITDA - Continuing operations | $ 134.2 | $ 104.2 | $ 65.3 | $ 169.5 | $ 303.6 | $ 403.7 | $ 427.6 | $ 322.1 |
Electrical Transmission [Member] | ||||||||
EBITDA - Continuing Operations: | ||||||||
EBITDA - Continuing operations | $ 19 | $ 19 | $ (3) | $ 17 | $ 35 | |||
Reportable Segments [Member] | Communications [Member] | ||||||||
EBITDA - Continuing Operations: | ||||||||
EBITDA - Continuing operations | 204 | 247.7 | 192 | |||||
Reportable Segments [Member] | Oil and Gas [Member] | ||||||||
EBITDA - Continuing Operations: | ||||||||
EBITDA - Continuing operations | 195.1 | 215.9 | 99.4 | |||||
Reportable Segments [Member] | Electrical Transmission [Member] | ||||||||
EBITDA - Continuing Operations: | ||||||||
EBITDA - Continuing operations | 45 | 41.2 | 38.7 | |||||
Reportable Segments [Member] | Power Generation and Industrial [Member] | ||||||||
EBITDA - Continuing Operations: | ||||||||
EBITDA - Continuing operations | 14.2 | (16.3) | 32 | |||||
Reportable Segments [Member] | Other [Member] | ||||||||
EBITDA - Continuing Operations: | ||||||||
EBITDA - Continuing operations | (1.2) | 0.5 | 2 | |||||
Corporate [Member] | ||||||||
EBITDA - Continuing Operations: | ||||||||
EBITDA - Continuing operations | $ (53.4) | $ (61.4) | $ (42) |
Segments and Related Informa127
Segments and Related Information (Schedule of Financial Information by Reportable Segment - Depreciation and Amortization) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Jun. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Depreciation and Amortization: | ||||||||
Depreciation and amortization | $ 41,747 | $ 36,755 | $ 33,494 | $ 70,249 | $ 111,996 | $ 154,452 | $ 140,926 | $ 91,958 |
Reportable Segments [Member] | Communications [Member] | ||||||||
Depreciation and Amortization: | ||||||||
Depreciation and amortization | 42,600 | 36,800 | 29,100 | |||||
Reportable Segments [Member] | Oil and Gas [Member] | ||||||||
Depreciation and Amortization: | ||||||||
Depreciation and amortization | 82,800 | 80,900 | 42,000 | |||||
Reportable Segments [Member] | Electrical Transmission [Member] | ||||||||
Depreciation and Amortization: | ||||||||
Depreciation and amortization | 17,100 | 12,600 | 11,000 | |||||
Reportable Segments [Member] | Power Generation and Industrial [Member] | ||||||||
Depreciation and Amortization: | ||||||||
Depreciation and amortization | 6,400 | 6,700 | 6,700 | |||||
Reportable Segments [Member] | Other [Member] | ||||||||
Depreciation and Amortization: | ||||||||
Depreciation and amortization | 0 | 0 | 100 | |||||
Corporate [Member] | ||||||||
Depreciation and Amortization: | ||||||||
Depreciation and amortization | $ 5,600 | $ 3,900 | $ 3,100 |
Segments and Related Informa128
Segments and Related Information (Schedule of Financial Information by Reportable Segment - Assets) (Details) - USD ($) $ in Thousands | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Assets: | ||||||
Assets | $ 3,563,980 | $ 3,465,901 | $ 3,388,828 | $ 3,005,466 | $ 2,923,198 | $ 2,416,300 |
Continuing Operations [Member] | ||||||
Assets: | ||||||
Assets | 3,564,000 | 2,910,700 | 2,390,100 | |||
Reportable Segments [Member] | Communications [Member] | ||||||
Assets: | ||||||
Assets | 1,197,400 | 973,500 | 843,500 | |||
Reportable Segments [Member] | Oil and Gas [Member] | ||||||
Assets: | ||||||
Assets | 1,389,500 | 1,060,800 | 809,200 | |||
Reportable Segments [Member] | Electrical Transmission [Member] | ||||||
Assets: | ||||||
Assets | 489,500 | 449,300 | 311,200 | |||
Reportable Segments [Member] | Power Generation and Industrial [Member] | ||||||
Assets: | ||||||
Assets | 340,100 | 324,500 | 323,800 | |||
Reportable Segments [Member] | Other [Member] | ||||||
Assets: | ||||||
Assets | 24,600 | 22,800 | 6,900 | |||
Corporate [Member] | ||||||
Assets: | ||||||
Assets | $ 122,900 | $ 79,800 | $ 95,500 |
Segments and Related Informa129
Segments and Related Information (Schedule of Financial Information by Reportable Segment - Capital Expenditures) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||
Mar. 31, 2014 | Jun. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Capital Expenditures: | ||||||
Capital expenditures | $ 35,554 | $ 67,566 | $ 90,962 | $ 109,254 | $ 126,288 | $ 79,686 |
Continuing Operations [Member] | ||||||
Capital Expenditures: | ||||||
Capital expenditures | 109,300 | 126,100 | 79,400 | |||
Reportable Segments [Member] | Communications [Member] | ||||||
Capital Expenditures: | ||||||
Capital expenditures | 23,400 | 25,100 | 19,200 | |||
Reportable Segments [Member] | Oil and Gas [Member] | ||||||
Capital Expenditures: | ||||||
Capital expenditures | 44,200 | 67,400 | 40,300 | |||
Reportable Segments [Member] | Electrical Transmission [Member] | ||||||
Capital Expenditures: | ||||||
Capital expenditures | 25,800 | 17,600 | 11,500 | |||
Reportable Segments [Member] | Power Generation and Industrial [Member] | ||||||
Capital Expenditures: | ||||||
Capital expenditures | 6,700 | 5,700 | 5,600 | |||
Corporate [Member] | ||||||
Capital Expenditures: | ||||||
Capital expenditures | $ 9,200 | $ 10,300 | $ 2,800 |
Segments and Related Informa130
Segments and Related Information (Reconciliation of EBITDA to Consolidated Income from Continuing Operations before Income Taxes) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Jun. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
EBITDA Reconciliation: | ||||||||
EBITDA - Continuing operations | $ 134,200 | $ 104,200 | $ 65,300 | $ 169,500 | $ 303,600 | $ 403,700 | $ 427,600 | $ 322,100 |
Interest expense, net | (12,643) | (12,949) | (12,003) | (24,952) | (37,595) | (50,769) | (46,442) | (37,376) |
Depreciation and amortization | (41,747) | (36,755) | (33,494) | (70,249) | (111,996) | (154,452) | (140,926) | (91,958) |
Income from continuing operations before income taxes | $ 79,764 | $ 54,499 | $ 19,753 | $ 74,252 | $ 154,016 | $ 198,430 | $ 240,214 | $ 192,719 |
Segments and Related Informa131
Segments and Related Information (Reconciliation of Total Segment Assets to Total Consolidated Assets) (Details) - USD ($) $ in Thousands | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Asset Reconciliation: | ||||||
Total assets | $ 3,563,980 | $ 3,465,901 | $ 3,388,828 | $ 3,005,466 | $ 2,923,198 | $ 2,416,300 |
Total assets of discontinued operations | 0 | 12,500 | 26,200 | |||
Continuing Operations [Member] | ||||||
Asset Reconciliation: | ||||||
Total assets | $ 3,564,000 | $ 2,910,700 | $ 2,390,100 |
Segments and Related Informa132
Segments and Related Information (Foreign Operations) (Narrative) (Details) - USD ($) $ in Thousands | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Jun. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Segment and Related Information [Line Items] | |||||||||||||||||
Revenue | $ 1,231,300 | [1] | $ 1,315,488 | $ 1,107,232 | $ 957,818 | $ 1,159,100 | $ 1,269,400 | $ 977,600 | $ 918,600 | $ 2,065,050 | $ 3,380,538 | $ 4,611,803 | $ 4,324,787 | $ 3,726,789 | |||
Property and equipment, net | $ 623,118 | $ 488,132 | 623,118 | $ 614,359 | $ 618,672 | $ 509,585 | 488,132 | $ 618,672 | $ 614,359 | 623,118 | 488,132 | ||||||
Intangible assets and goodwill, net | $ 1,332,800 | $ 1,067,700 | 1,332,800 | 1,067,700 | 1,332,800 | 1,067,700 | |||||||||||
Accounts Receivable, Net, Less Billings in Excess of Costs and Earnings [Member] | Credit Concentration Risk [Member] | Foreign Customers [Member] | |||||||||||||||||
Segment and Related Information [Line Items] | |||||||||||||||||
Concentration risk, percentage of total | 20.00% | 9.00% | 4.00% | ||||||||||||||
United States [Member] | |||||||||||||||||
Segment and Related Information [Line Items] | |||||||||||||||||
Revenue | 3,900,000 | 4,100,000 | 3,600,000 | ||||||||||||||
Property and equipment, net | $ 494,100 | $ 436,900 | $ 337,500 | 494,100 | 436,900 | 494,100 | 436,900 | 337,500 | |||||||||
Intangible assets and goodwill, net | 1,100,000 | 1,000,000 | 900,000 | 1,100,000 | 1,000,000 | 1,100,000 | 1,000,000 | 900,000 | |||||||||
Foreign Operations [Member] | |||||||||||||||||
Segment and Related Information [Line Items] | |||||||||||||||||
Revenue | 699,900 | 268,100 | 156,800 | ||||||||||||||
Property and equipment, net | 129,000 | 51,200 | 11,400 | 129,000 | 51,200 | 129,000 | 51,200 | 11,400 | |||||||||
Intangible assets and goodwill, net | $ 227,700 | $ 92,900 | $ 30,500 | $ 227,700 | $ 92,900 | $ 227,700 | $ 92,900 | $ 30,500 | |||||||||
[1] | Preliminary, unaudited fourth quarter and full year 2014 results were previously issued pursuant to a press release dated February 26, 2015 and not previously filed in a report under the Securities Exchange Act of 1934, as amended. The unaudited quarterly information for the three month period ended December 31, 2014 in the table above includes the effect of adjustments determined by management following the review process described in Note 2 - Independent Investigation of the Audit Committee and Related Restatements. |
Segments and Related Informa133
Segments and Related Information (Schedule of Significant Customers, Revenue Concentration Information) (Details) - Customer Concentration Risk [Member] - Revenue [Member] | 12 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||
AT&T [Member] | Communications [Member] | ||||
Revenue, Significant Customer [Line Items] | ||||
Significant customers, percentage of total consolidated revenue | [1],[2] | 21.00% | 18.00% | 18.00% |
DIRECTV [Member] | Communications [Member] | ||||
Revenue, Significant Customer [Line Items] | ||||
Significant customers, percentage of total consolidated revenue | [1],[3] | 12.00% | 14.00% | 17.00% |
Enbridge, Inc. [Member] | Oil and Gas [Member] | ||||
Revenue, Significant Customer [Line Items] | ||||
Significant customers, percentage of total consolidated revenue | [4] | 8.00% | 18.00% | 3.00% |
AT&T and DIRECTV Combined [Member] | Communications [Member] | ||||
Revenue, Significant Customer [Line Items] | ||||
Significant customers, percentage of total consolidated revenue | 33.00% | 32.00% | 34.00% | |
[1] | AT&T acquired DIRECTV® in July 2015. On a combined basis, AT&T and DIRECTV® represented 33%, 32% and 34% of consolidated revenue for the years ended December 31, 2014, 2013 and 2012, respectively. | |||
[2] | The Company's relationship with AT&T is based upon master service agreements, other service agreements and construction/installation contracts for AT&T's wireless, wireline/fiber and home security and automation businesses. Revenue from AT&T is included in the Communications segment. | |||
[3] | The Company's relationship with DIRECTV® is based upon an agreement to provide installation and maintenance services for DIRECTV®. Revenue from DIRECTV® is included in the Communications segment. | |||
[4] | The Company's relationship with Enbridge, Inc. is based upon various construction contracts for natural gas pipelines. Revenue from Enbridge, Inc. is included in the Oil and Gas segment. |
Commitments and Contingencies (
Commitments and Contingencies (Litigation) (Narrative) (Details) $ in Millions | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||
Aug. 31, 2014USD ($) | Jun. 30, 2013USD ($) | Oct. 31, 2012USD ($)mi | Jun. 30, 2013USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2012USD ($) | Dec. 31, 2011 | |
Pending Litigation [Member] | PPL [Member] | |||||||
Loss Contingencies [Line Items] | |||||||
Contract price, pending litigation | $ 206 | ||||||
Construction contract, number of miles of transmission line | mi | 100 | ||||||
Claims sought, pending litigation | $ 40 | ||||||
Pending Litigation [Member] | Sunlight Entities [Member] | |||||||
Loss Contingencies [Line Items] | |||||||
Claims sought, pending litigation | $ 60 | ||||||
Number of public solar projects | 3 | ||||||
Number of arbitration proceedings | 3 | ||||||
Arbitration award, pending litigation | $ 68 | ||||||
Pending Litigation [Member] | Sintel [Member] | |||||||
Loss Contingencies [Line Items] | |||||||
Legal settlement charges | $ 9.6 | ||||||
Resolved Litigation [Member] | Sintel [Member] | |||||||
Loss Contingencies [Line Items] | |||||||
Legal settlement charges | $ 2.8 |
Commitments and Contingencie135
Commitments and Contingencies (Other Commitments and Contingencies) (Narrative) (Details) - USD ($) | Dec. 31, 2014 | Dec. 31, 2013 |
Uninsured Risk [Member] | Workers Compensation, General and Automobile Policies [Member] | ||
Loss Contingencies [Line Items] | ||
Self insurance reserve | $ 70,300,000 | $ 50,800,000 |
Uninsured Risk [Member] | Workers Compensation, General and Automobile Policies [Member] | Other Long-Term Liabilities [Member] | ||
Loss Contingencies [Line Items] | ||
Self insurance reserve, non-current | 39,600,000 | 31,300,000 |
Uninsured Risk [Member] | Workers Compensation, General and Automobile Policies [Member] | Other Long-Term Assets [Member] | ||
Loss Contingencies [Line Items] | ||
Cash collateral held by insurance carriers | 1,200,000 | 1,400,000 |
Uninsured Risk [Member] | Employee Group Medical Claims Policy [Member] | ||
Loss Contingencies [Line Items] | ||
Self insurance reserve | 4,400,000 | 2,100,000 |
Unconsolidated Affiliates [Member] | Financial Support [Member] | ||
Loss Contingencies [Line Items] | ||
Unconsolidated affiliates, outstanding commitments | 0 | |
Performance and Payment Bonds [Member] | ||
Loss Contingencies [Line Items] | ||
Outstanding bonds, amount | 748,300,000 | 1,100,000,000 |
Performance and Payment Bonds [Member] | Estimate [Member] | ||
Loss Contingencies [Line Items] | ||
Bonded projects, costs to complete | 60,100,000 | 297,100,000 |
Surety Bond [Member] | Uninsured Risk [Member] | Workers Compensation [Member] | ||
Loss Contingencies [Line Items] | ||
Outstanding bonds, amount | 13,000,000 | 10,900,000 |
Credit Facility [Member] | ||
Loss Contingencies [Line Items] | ||
Letters of credit issued | 153,600,000 | 134,800,000 |
Credit Facility [Member] | Financial Guarantees [Member] | Uninsured Risk [Member] | Workers Compensation, General and Automobile Policies [Member] | ||
Loss Contingencies [Line Items] | ||
Letters of credit issued | $ 75,000,000 | $ 57,400,000 |
Commitments and Contingencie136
Commitments and Contingencies (Collective Bargaining Agreements and Multi-Employer Plans) (Narrative) (Details) - USD ($) | Mar. 14, 2013 | Dec. 31, 2014 | Nov. 30, 2014 | Dec. 31, 2013 | Nov. 30, 2011 |
Loss Contingencies [Line Items] | |||||
Multi-employer plans, collective bargaining agreements, description | Certain of MasTec’s subsidiaries are party to various collective bargaining agreements with unions representing certain of their employees. These agreements require the subsidiaries party to the agreements to pay specified wages, provide certain benefits to their union employees and contribute certain amounts to multi-employer pension plans and employee benefit trusts. The collective bargaining agreements expire at various times and have typically been renegotiated and renewed on terms similar to the ones contained in the expiring agreements. | ||||
Multi-Employer Plans, Pension [Member] | Plans from Which the Company Terminated Participation in 2014 [Member] | |||||
Loss Contingencies [Line Items] | |||||
Multi-employer plans, withdrawal liability | $ 0 | ||||
Multi-Employer Plans, Pension [Member] | Central States Southeast and Southwest Areas Pension Fund [Member] | |||||
Loss Contingencies [Line Items] | |||||
Multi-employer plans, withdrawal liability | $ 4,200,000 | $ 5,400,000 | $ 6,400,000 | ||
Multi-Employer Plans, Pension [Member] | Central States Southeast and Southwest Areas Pension Fund [Member] | Withdrawal from Multi-Employer Defined Benefit Plan [Member] | |||||
Loss Contingencies [Line Items] | |||||
Loss contingency, evaluation of estimated loss | Additionally, in November 2011, the Company, along with other members of the PLCA, voluntarily withdrew from Central States, a defined benefit multi-employer pension plan that is in critical status. In connection with this withdrawal, a $6.4 million withdrawal liability was established based on an estimate provided by the Central States administrator as of the date of withdrawal. The Company began paying installments towards this withdrawal liability in 2013, of which $4.2 million and $5.4 million were outstanding as of December 31, 2014 and 2013, respectively. The Company withdrew from Central States in order to mitigate its liability in connection with the plan; however, Central States has asserted that the PLCA members did not effectively withdraw in 2011 and are, therefore, responsible for a withdrawal liability that includes 2011 contribution amounts. By letter dated March 14, 2013, Central States demanded $11 million in withdrawal liability from the Company, which included 2011 contribution amounts. The Company is vigorously opposing this demand because it believes that it legally and effectively withdrew from Central States in November 2011. If Central States were to prevail in its assertion that the Company withdrew after that date, then the initial amount of the Company’s withdrawal liability would increase to approximately $11 million. | ||||
Loss contingency, damages sought, value | $ 11,000,000 | ||||
Loss contingency, maximum loss | $ 11,000,000 |
Commitments and Contingencie137
Commitments and Contingencies (Other Guarantees) (Narrative) (Details) - Dec. 31, 2014 - USD ($) | Total |
Other Guarantees [Line Items] | |
General warranty, description | MasTec also generally warrants the work it performs for a one to two-year period following substantial completion of a project. |
General warranty, accrued reserve (in dollars) | $ 0 |
Warranty [Member] | Minimum [Member] | |
Other Guarantees [Line Items] | |
General warranty, period (in years) | 1 year |
Warranty [Member] | Maximum [Member] | |
Other Guarantees [Line Items] | |
General warranty, period (in years) | 2 years |
Subsidiaries [Member] | |
Other Guarantees [Line Items] | |
Other guarantees, description | In the ordinary course of its business, from time to time, MasTec guarantees the obligations of its subsidiaries, including obligations under certain contracts with customers, certain lease obligations and in some states, obligations in connection with obtaining contractors’ licenses. |
Commitments and Contingencie138
Commitments and Contingencies (Concentrations of Risk) (Narrative) (Details) - customer | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Concentration Risk [Line Items] | |||||
Number of customers | 565 | ||||
Accounts Receivable, Net, Less Billings in Excess of Costs and Earnings [Member] | Credit Concentration Risk [Member] | Customer with Highest Net Accounts Receivable Position [Member] | |||||
Concentration Risk [Line Items] | |||||
Concentration risk, percentage of total | 17.00% | 19.00% | |||
Accounts Receivable, Net, Less Billings in Excess of Costs and Earnings [Member] | Credit Concentration Risk [Member] | Customer with Second Highest Net Accounts Receivable Position [Member] | |||||
Concentration Risk [Line Items] | |||||
Concentration risk, percentage of total | 14.00% | ||||
Accounts Receivable, Net, Less Billings in Excess of Costs and Earnings [Member] | Credit Concentration Risk [Member] | Customer with Highest Net Accounts Receivable Position Subsequent to AT&T's Acquisition of DIRECTV [Member] | |||||
Concentration Risk [Line Items] | |||||
Concentration risk, percentage of total | 19.00% | 20.00% | |||
Revenue [Member] | Customer Concentration Risk [Member] | Ten Largest Customers [Member] | |||||
Concentration Risk [Line Items] | |||||
Number of customers | 10 | 10 | 10 | ||
Concentration risk, percentage of total | 65.00% | 69.00% | 65.00% | ||
Revenue [Member] | Customer Concentration Risk [Member] | Ten Largest Customers Subsequent to AT&T's Acquisition of DIRECTV [Member] | |||||
Concentration Risk [Line Items] | |||||
Number of customers | 10 | 10 | 10 | ||
Concentration risk, percentage of total | 66.00% | 71.00% | 67.00% |
Related Party Transactions (CCP
Related Party Transactions (CCP) (Narrative) (Details) - Cross Country Pipeline [Member] - Immediate Family Member of Management or Principal Owner [Member] - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Cost Method Investment [Member] | ||
Related Party Transaction [Line Items] | ||
Cost method investment, original cost | $ 15 | |
Lease and Rental Agreements [Member] | Equipment [Member] | ||
Related Party Transaction [Line Items] | ||
Expenses from transactions with related party | $ 6.3 | $ 1.3 |
Related Party Transactions (Oth
Related Party Transactions (Other Related Party Transactions) (Narrative) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Executive Officers [Member] | Related Customer [Member] | Employee Leasing Arrangements [Member] | |||
Related Party Transaction [Line Items] | |||
Charges to related party | $ 700,000 | $ 600,000 | $ 500,000 |
Due from related party | 100,000 | 100,000 | |
Executive Officers [Member] | Related Customer [Member] | Satellite Communication Services [Member] | |||
Related Party Transaction [Line Items] | |||
Revenue from related party | 1,000,000 | 1,300,000 | 1,200,000 |
Accounts receivable, related party | 500,000 | 400,000 | |
Immediate Family Member of Management or Principal Owner [Member] | Property Lease [Member] | |||
Related Party Transaction [Line Items] | |||
Expenses from transactions with related party | $ 48,000 | $ 52,000 | $ 44,000 |
Related Party Transactions (Spl
Related Party Transactions (Split Dollar Agreements) (Narrative) (Details) - Split Dollar Life Insurance [Member] - USD ($) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Chief Executive Officer [Member] | |||
Related Party Transaction [Line Items] | |||
Proceeds from (payments for) life insurance policies | $ 100,000 | ||
Payments for life insurance policies | $ 0 | $ 0 | |
Chief Executive Officer [Member] | Maximum [Member] | |||
Related Party Transaction [Line Items] | |||
Life insurance, face amount | 75,000,000 | ||
Chairman, Board of Directors [Member] | |||
Related Party Transaction [Line Items] | |||
Proceeds from (payments for) life insurance policies | (1,200,000) | ||
Payments for life insurance policies | 1,100,000 | $ 300,000 | |
Chairman, Board of Directors [Member] | Maximum [Member] | |||
Related Party Transaction [Line Items] | |||
Life insurance, face amount | 200,000,000 | ||
Executive Officers [Member] | Other Long-Term Assets [Member] | |||
Related Party Transaction [Line Items] | |||
Life insurance assets, carrying amount | $ 11,100,000 | $ 10,200,000 |
Quarterly Information (Unaud142
Quarterly Information (Unaudited) (Schedule of Quarterly Financial Information (Unaudited)) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | [1] | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Jun. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||||||||||
Selected Quarterly Financial Information [Abstract] | |||||||||||||||||||||||
Revenue | $ 1,231,300 | $ 1,315,488 | $ 1,107,232 | $ 957,818 | $ 1,159,100 | $ 1,269,400 | $ 977,600 | $ 918,600 | $ 2,065,050 | $ 3,380,538 | $ 4,611,803 | $ 4,324,787 | $ 3,726,789 | ||||||||||
Costs of revenue, excluding depreciation and amortization | 1,063,100 | 1,122,861 | 950,715 | 841,324 | 987,000 | 1,081,100 | 822,700 | 791,500 | 1,792,040 | 2,914,901 | 3,977,963 | 3,682,367 | 3,239,195 | ||||||||||
Net income from continuing operations | 26,600 | 49,445 | 33,738 | 12,264 | 42,900 | 49,900 | 35,500 | 19,300 | 46,002 | 95,447 | 122,001 | 147,672 | 116,639 | ||||||||||
Net loss from discontinued operations | (5,900) | (320) | (149) | (122) | (1,300) | (3,700) | (500) | (900) | (272) | (592) | (6,452) | (6,456) | (9,223) | ||||||||||
Net (loss) income attributable to non-controlling interests | (400) | 139 | (136) | 45 | 100 | 100 | 100 | 0 | (91) | 48 | (374) | 266 | (10) | ||||||||||
Net income attributable to MasTec, Inc. | $ 21,100 | $ 48,986 | $ 33,725 | $ 12,097 | $ 41,500 | $ 46,100 | $ 34,900 | $ 18,400 | $ 45,821 | $ 94,807 | $ 115,923 | $ 140,950 | $ 107,426 | ||||||||||
Basic earnings (loss) per share: | |||||||||||||||||||||||
Continuing operations (in dollars per share) | $ 0.33 | $ 0.60 | $ 0.43 | $ 0.16 | $ 0.55 | $ 0.65 | $ 0.46 | $ 0.25 | $ 0.59 | $ 1.21 | $ 1.53 | $ 1.92 | $ 1.49 | ||||||||||
Discontinued operations (in dollars per share) | (0.07) | 0 | 0 | 0 | (0.02) | (0.05) | (0.01) | (0.01) | 0 | (0.01) | (0.08) | (0.09) | (0.12) | ||||||||||
Total basic earnings per share (in dollars per share) | 0.26 | [2] | 0.60 | [2],[3] | 0.43 | [2],[3] | 0.16 | [2],[3] | 0.54 | [2] | 0.60 | [2] | 0.46 | [2] | 0.24 | [2] | 0.59 | [3] | 1.20 | [3] | 1.45 | 1.83 | 1.37 |
Diluted earnings (loss) per share: | |||||||||||||||||||||||
Continuing operations (in dollars per share) | 0.32 | 0.57 | 0.39 | 0.14 | 0.50 | 0.59 | 0.42 | 0.23 | 0.53 | 1.11 | 1.42 | 1.74 | 1.42 | ||||||||||
Discontinued operations (in dollars per share) | (0.07) | 0 | 0 | 0 | (0.02) | (0.04) | (0.01) | (0.01) | 0 | (0.01) | (0.07) | (0.08) | (0.11) | ||||||||||
Total diluted earnings per share (in dollars per share) | $ 0.25 | [2] | $ 0.57 | [2],[3] | $ 0.39 | [2],[3] | $ 0.14 | [2],[3] | $ 0.49 | [2] | $ 0.54 | [2] | $ 0.41 | [2] | $ 0.22 | [2] | $ 0.53 | [3] | $ 1.10 | [3] | $ 1.35 | $ 1.66 | $ 1.31 |
[1] | Preliminary, unaudited fourth quarter and full year 2014 results were previously issued pursuant to a press release dated February 26, 2015 and not previously filed in a report under the Securities Exchange Act of 1934, as amended. The unaudited quarterly information for the three month period ended December 31, 2014 in the table above includes the effect of adjustments determined by management following the review process described in Note 2 - Independent Investigation of the Audit Committee and Related Restatements. | ||||||||||||||||||||||
[2] | Earnings per share calculations, including the sum of the individual quarterly earnings per share amounts to the full year earnings per share amounts, may contain slight summation differences due to rounding. | ||||||||||||||||||||||
[3] | Earnings per share calculations may contain slight summation differences due to rounding. |
Quarterly Information (Unaud143
Quarterly Information (Unaudited) (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||
Dec. 31, 2014 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Quarterly Financial Information [Line Items] | ||||||
Quarterly financial information, explanatory disclosure | During the years ended December 31, 2014 and 2013, the Company acquired and disposed of certain businesses. As a result, the quarterly results of 2014 may not be comparable with those of 2013. Other transactions affecting comparisons of the Company’s quarterly results include: (i) $5.3 million of WesTower acquisition integration costs recorded in the fourth quarter of 2014; (ii) $5.6 million of debt extinguishment charges recorded in the first quarter of 2013; and (iii) $2.8 million of Sintel legal settlement charges recorded in the second quarter of 2013. | |||||
Loss on extinguishment of debt | $ 0 | $ 5,624 | $ 0 | |||
Sintel [Member] | Resolved Litigation [Member] | ||||||
Quarterly Financial Information [Line Items] | ||||||
Legal settlement charges | $ 2,800 | |||||
7.625% Senior Notes [Member] | Senior Notes [Member] | ||||||
Quarterly Financial Information [Line Items] | ||||||
Loss on extinguishment of debt | $ 5,600 | $ 5,600 | ||||
Communications [Member] | ||||||
Quarterly Financial Information [Line Items] | ||||||
Business combinations, acquisition integration costs | $ 5,300 |
Supplemental Guarantor Finan144
Supplemental Guarantor Financial Information (Narrative) (Details) | Dec. 31, 2014 |
Senior Notes [Member] | 4.875% Senior Notes [Member] | |
Condensed Financial Statements, Captions [Line Items] | |
Debt instrument, interest rate (percentage) | 4.875% |
Supplemental Guarantor Finan145
Supplemental Guarantor Financial Information (Condensed Consolidating Statements of Operations and Comprehensive Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2014 | [1] | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Jun. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Condensed Consolidating Statements of Operations and Comprehensive Income [Line Items] | ||||||||||||||
Revenue | $ 1,231,300 | $ 1,315,488 | $ 1,107,232 | $ 957,818 | $ 1,159,100 | $ 1,269,400 | $ 977,600 | $ 918,600 | $ 2,065,050 | $ 3,380,538 | $ 4,611,803 | $ 4,324,787 | $ 3,726,789 | |
Costs of revenue, excluding depreciation and amortization | 1,063,100 | 1,122,861 | 950,715 | 841,324 | 987,000 | 1,081,100 | 822,700 | 791,500 | 1,792,040 | 2,914,901 | 3,977,963 | 3,682,367 | 3,239,195 | |
Depreciation and amortization | 41,747 | 36,755 | 33,494 | 70,249 | 111,996 | 154,452 | 140,926 | 91,958 | ||||||
General and administrative expenses | 59,889 | 54,237 | 53,327 | 107,564 | 167,454 | 238,305 | 215,402 | 157,524 | ||||||
Interest expense, net | 12,643 | 12,949 | 12,003 | 24,952 | 37,595 | 50,769 | 46,442 | 37,376 | ||||||
Loss on extinguishment of debt | 0 | 5,624 | 0 | |||||||||||
Other (income) expense, net | (1,416) | (1,923) | (2,083) | (4,007) | (5,424) | (8,116) | (6,188) | 8,017 | ||||||
Income from continuing operations before income taxes | 79,764 | 54,499 | 19,753 | 74,252 | 154,016 | 198,430 | 240,214 | 192,719 | ||||||
Benefit from (provision for) income taxes | (30,319) | (20,761) | (7,489) | (28,250) | (58,569) | (76,429) | (92,542) | (76,080) | ||||||
Net income from continuing operations | 26,600 | 49,445 | 33,738 | 12,264 | 42,900 | 49,900 | 35,500 | 19,300 | 46,002 | 95,447 | 122,001 | 147,672 | 116,639 | |
Net loss from discontinued operations | (5,900) | (320) | (149) | (122) | (1,300) | (3,700) | (500) | (900) | (272) | (592) | (6,452) | (6,456) | (9,223) | |
Equity in income from subsidiaries, net of tax | 0 | 0 | 0 | |||||||||||
Net income | 49,125 | 33,589 | 12,142 | 45,730 | 94,855 | 115,549 | 141,216 | 107,416 | ||||||
Net (loss) income attributable to non-controlling interests | (400) | 139 | (136) | 45 | 100 | 100 | 100 | 0 | (91) | 48 | (374) | 266 | (10) | |
Net income attributable to MasTec, Inc. | $ 21,100 | 48,986 | 33,725 | 12,097 | $ 41,500 | $ 46,100 | $ 34,900 | $ 18,400 | 45,821 | 94,807 | 115,923 | 140,950 | 107,426 | |
Comprehensive income (loss) | $ 36,174 | $ 41,265 | $ 6,806 | $ 48,070 | $ 84,244 | 94,831 | 133,431 | 109,861 | ||||||
Reportable Legal Entities [Member] | MasTec, Inc. [Member] | ||||||||||||||
Condensed Consolidating Statements of Operations and Comprehensive Income [Line Items] | ||||||||||||||
Revenue | 0 | 0 | 0 | |||||||||||
Costs of revenue, excluding depreciation and amortization | 0 | 0 | 0 | |||||||||||
Depreciation and amortization | 0 | 0 | 0 | |||||||||||
General and administrative expenses | 2,500 | 2,100 | 1,700 | |||||||||||
Interest expense, net | 0 | 0 | 0 | |||||||||||
Loss on extinguishment of debt | 0 | |||||||||||||
Other (income) expense, net | 0 | 0 | 0 | |||||||||||
Income from continuing operations before income taxes | (2,500) | (2,100) | (1,700) | |||||||||||
Benefit from (provision for) income taxes | 1,000 | 800 | 700 | |||||||||||
Net income from continuing operations | (1,500) | (1,300) | (1,000) | |||||||||||
Net loss from discontinued operations | 0 | 0 | 0 | |||||||||||
Equity in income from subsidiaries, net of tax | 117,400 | 142,200 | 108,400 | |||||||||||
Net income | 115,900 | 140,900 | 107,400 | |||||||||||
Net (loss) income attributable to non-controlling interests | 0 | 0 | 0 | |||||||||||
Net income attributable to MasTec, Inc. | 115,900 | 140,900 | 107,400 | |||||||||||
Comprehensive income (loss) | 95,200 | 133,100 | 109,900 | |||||||||||
Reportable Legal Entities [Member] | Guarantor Subsidiaries [Member] | ||||||||||||||
Condensed Consolidating Statements of Operations and Comprehensive Income [Line Items] | ||||||||||||||
Revenue | 3,768,400 | 3,903,800 | 3,563,200 | |||||||||||
Costs of revenue, excluding depreciation and amortization | 3,226,200 | 3,321,300 | 3,094,200 | |||||||||||
Depreciation and amortization | 119,300 | 120,100 | 89,000 | |||||||||||
General and administrative expenses | 208,500 | 184,600 | 147,400 | |||||||||||
Interest expense, net | 47,800 | 45,500 | 37,300 | |||||||||||
Loss on extinguishment of debt | 5,600 | |||||||||||||
Other (income) expense, net | (1,900) | (6,100) | 7,800 | |||||||||||
Income from continuing operations before income taxes | 168,500 | 232,800 | 187,500 | |||||||||||
Benefit from (provision for) income taxes | (70,600) | (91,900) | (75,600) | |||||||||||
Net income from continuing operations | 97,900 | 140,900 | 111,900 | |||||||||||
Net loss from discontinued operations | 0 | 0 | 0 | |||||||||||
Equity in income from subsidiaries, net of tax | 0 | 0 | 0 | |||||||||||
Net income | 97,900 | 140,900 | 111,900 | |||||||||||
Net (loss) income attributable to non-controlling interests | 0 | 0 | 0 | |||||||||||
Net income attributable to MasTec, Inc. | 97,900 | 140,900 | 111,900 | |||||||||||
Comprehensive income (loss) | 97,900 | 140,900 | 112,500 | |||||||||||
Reportable Legal Entities [Member] | Non-Guarantor Subsidiaries [Member] | ||||||||||||||
Condensed Consolidating Statements of Operations and Comprehensive Income [Line Items] | ||||||||||||||
Revenue | 847,700 | 425,600 | 166,600 | |||||||||||
Costs of revenue, excluding depreciation and amortization | 756,100 | 365,700 | 148,000 | |||||||||||
Depreciation and amortization | 35,200 | 20,800 | 3,000 | |||||||||||
General and administrative expenses | 27,300 | 28,700 | 8,400 | |||||||||||
Interest expense, net | 3,000 | 900 | 100 | |||||||||||
Loss on extinguishment of debt | 0 | |||||||||||||
Other (income) expense, net | (6,300) | 0 | 200 | |||||||||||
Income from continuing operations before income taxes | 32,400 | 9,500 | 6,900 | |||||||||||
Benefit from (provision for) income taxes | (6,800) | (1,400) | (1,200) | |||||||||||
Net income from continuing operations | 25,600 | 8,100 | 5,700 | |||||||||||
Net loss from discontinued operations | (6,500) | (6,500) | (9,200) | |||||||||||
Equity in income from subsidiaries, net of tax | 0 | 0 | 0 | |||||||||||
Net income | 19,100 | 1,600 | (3,500) | |||||||||||
Net (loss) income attributable to non-controlling interests | (400) | 300 | 0 | |||||||||||
Net income attributable to MasTec, Inc. | 19,500 | 1,300 | (3,500) | |||||||||||
Comprehensive income (loss) | (1,600) | (6,200) | (1,600) | |||||||||||
Eliminations [Member] | ||||||||||||||
Condensed Consolidating Statements of Operations and Comprehensive Income [Line Items] | ||||||||||||||
Revenue | (4,300) | (4,600) | (3,000) | |||||||||||
Costs of revenue, excluding depreciation and amortization | (4,300) | (4,600) | (3,000) | |||||||||||
Depreciation and amortization | 0 | 0 | 0 | |||||||||||
General and administrative expenses | 0 | 0 | 0 | |||||||||||
Interest expense, net | 0 | 0 | 0 | |||||||||||
Loss on extinguishment of debt | 0 | |||||||||||||
Other (income) expense, net | 0 | 0 | 0 | |||||||||||
Income from continuing operations before income taxes | 0 | 0 | 0 | |||||||||||
Benefit from (provision for) income taxes | 0 | 0 | 0 | |||||||||||
Net income from continuing operations | 0 | 0 | 0 | |||||||||||
Net loss from discontinued operations | 0 | 0 | 0 | |||||||||||
Equity in income from subsidiaries, net of tax | (117,400) | (142,200) | (108,400) | |||||||||||
Net income | (117,400) | (142,200) | (108,400) | |||||||||||
Net (loss) income attributable to non-controlling interests | 0 | 0 | 0 | |||||||||||
Net income attributable to MasTec, Inc. | (117,400) | (142,200) | (108,400) | |||||||||||
Comprehensive income (loss) | $ (96,700) | $ (134,400) | $ (110,900) | |||||||||||
[1] | Preliminary, unaudited fourth quarter and full year 2014 results were previously issued pursuant to a press release dated February 26, 2015 and not previously filed in a report under the Securities Exchange Act of 1934, as amended. The unaudited quarterly information for the three month period ended December 31, 2014 in the table above includes the effect of adjustments determined by management following the review process described in Note 2 - Independent Investigation of the Audit Committee and Related Restatements. |
Supplemental Guarantor Finan146
Supplemental Guarantor Financial Information (Condensed Consolidating Balance Sheets) (Details) - USD ($) $ in Thousands | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Assets | |||||||
Current assets | $ 1,531,751 | $ 1,569,727 | $ 1,482,610 | $ 1,349,995 | $ 1,307,026 | ||
Property and equipment, net | 623,118 | 614,359 | 618,672 | 509,585 | 488,132 | ||
Goodwill and other intangible assets, net | 1,332,800 | 1,067,700 | |||||
Investments in and advances to consolidated affiliates, net | 0 | 0 | |||||
Other long-term assets | 76,272 | 59,579 | 73,821 | 61,439 | 60,390 | ||
Total assets | 3,563,980 | 3,465,901 | 3,388,828 | 3,005,466 | 2,923,198 | $ 2,416,300 | |
Liabilities and equity | |||||||
Total current liabilities | 980,848 | 905,196 | 863,687 | 823,181 | 829,225 | ||
Long-term debt | 1,061,159 | 1,088,289 | 1,088,666 | 841,335 | 765,425 | ||
Advances from consolidated affiliates, net | 0 | 0 | |||||
Other long-term liabilities | 373,900 | 307,500 | |||||
Total liabilities | 2,415,905 | 2,335,561 | 2,299,769 | 1,972,546 | 1,902,140 | ||
Total equity | 1,148,075 | 1,130,340 | 1,089,059 | 1,032,920 | 1,021,058 | $ 861,875 | $ 811,207 |
Total liabilities and equity | 3,563,980 | $ 3,465,901 | $ 3,388,828 | $ 3,005,466 | 2,923,198 | ||
Reportable Legal Entities [Member] | MasTec, Inc. [Member] | |||||||
Assets | |||||||
Current assets | 0 | 0 | |||||
Property and equipment, net | 0 | 0 | |||||
Goodwill and other intangible assets, net | 0 | 0 | |||||
Investments in and advances to consolidated affiliates, net | 2,108,400 | 1,006,800 | |||||
Other long-term assets | 9,300 | 9,300 | |||||
Total assets | 2,117,700 | 1,016,100 | |||||
Liabilities and equity | |||||||
Total current liabilities | 0 | 0 | |||||
Long-term debt | 0 | 0 | |||||
Advances from consolidated affiliates, net | 0 | 0 | |||||
Other long-term liabilities | 0 | 0 | |||||
Total liabilities | 0 | 0 | |||||
Total equity | 2,117,700 | 1,016,100 | |||||
Total liabilities and equity | 2,117,700 | 1,016,100 | |||||
Reportable Legal Entities [Member] | Guarantor Subsidiaries [Member] | |||||||
Assets | |||||||
Current assets | 1,249,600 | 1,156,700 | |||||
Property and equipment, net | 472,600 | 420,200 | |||||
Goodwill and other intangible assets, net | 1,068,300 | 932,800 | |||||
Investments in and advances to consolidated affiliates, net | 0 | 170,800 | |||||
Other long-term assets | 28,700 | 36,200 | |||||
Total assets | 2,819,200 | 2,716,700 | |||||
Liabilities and equity | |||||||
Total current liabilities | 777,400 | 773,300 | |||||
Long-term debt | 1,027,300 | 760,900 | |||||
Advances from consolidated affiliates, net | 70,700 | 0 | |||||
Other long-term liabilities | 239,300 | 236,400 | |||||
Total liabilities | 2,114,700 | 1,770,600 | |||||
Total equity | 704,500 | 946,100 | |||||
Total liabilities and equity | 2,819,200 | 2,716,700 | |||||
Reportable Legal Entities [Member] | Non-Guarantor Subsidiaries [Member] | |||||||
Assets | |||||||
Current assets | 282,200 | 150,300 | |||||
Property and equipment, net | 150,500 | 67,900 | |||||
Goodwill and other intangible assets, net | 264,500 | 134,900 | |||||
Investments in and advances to consolidated affiliates, net | 1,097,000 | 0 | |||||
Other long-term assets | 38,300 | 14,900 | |||||
Total assets | 1,832,500 | 368,000 | |||||
Liabilities and equity | |||||||
Total current liabilities | 203,400 | 55,900 | |||||
Long-term debt | 33,900 | 4,500 | |||||
Advances from consolidated affiliates, net | 0 | 22,500 | |||||
Other long-term liabilities | 134,600 | 71,100 | |||||
Total liabilities | 371,900 | 154,000 | |||||
Total equity | 1,460,600 | 214,000 | |||||
Total liabilities and equity | 1,832,500 | 368,000 | |||||
Eliminations [Member] | |||||||
Assets | |||||||
Current assets | 0 | 0 | |||||
Property and equipment, net | 0 | 0 | |||||
Goodwill and other intangible assets, net | 0 | 0 | |||||
Investments in and advances to consolidated affiliates, net | (3,205,400) | (1,177,600) | |||||
Other long-term assets | 0 | 0 | |||||
Total assets | (3,205,400) | (1,177,600) | |||||
Liabilities and equity | |||||||
Total current liabilities | 0 | 0 | |||||
Long-term debt | 0 | 0 | |||||
Advances from consolidated affiliates, net | (70,700) | (22,500) | |||||
Other long-term liabilities | 0 | 0 | |||||
Total liabilities | (70,700) | (22,500) | |||||
Total equity | (3,134,700) | (1,155,100) | |||||
Total liabilities and equity | $ (3,205,400) | $ (1,177,600) |
Supplemental Guarantor Finan147
Supplemental Guarantor Financial Information (Condensed Consolidating Statements of Cash Flows) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||
Mar. 31, 2014 | Jun. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Condensed Consolidating Statements of Cash Flows [Line Items] | ||||||
Net cash (used in) provided by operating activities | $ (20,394) | $ 55,319 | $ 81,019 | $ 323,011 | $ 200,402 | $ 172,508 |
Cash flows (used in) provided by investing activities: | ||||||
Cash paid for acquisitions, net of cash acquired | (23,831) | (162,901) | (162,901) | (345,543) | (148,567) | (119,459) |
Proceeds from disposal of business, net of cash divested | 0 | 0 | (2,997) | 97,728 | ||
Capital expenditures | (35,554) | (67,566) | (90,962) | (109,254) | (126,288) | (79,686) |
Proceeds from sale of property and equipment | 3,373 | 8,752 | 12,204 | 16,655 | 15,858 | 7,385 |
Payments for investments, net | (1,100) | (1,200) | (200) | |||
Net cash used in investing activities | (57,110) | (221,142) | (242,705) | (439,262) | (263,211) | (94,316) |
Cash flows provided by (used in) financing activities: | ||||||
Proceeds from credit facilities | 233,872 | 815,840 | 1,319,623 | 2,385,971 | 1,149,040 | 959,183 |
Repayments of credit facilities | (157,349) | (463,713) | (955,151) | (1,939,612) | (1,249,601) | (885,183) |
(Repayments of) proceeds from senior notes, net | (202,300) | 250,000 | ||||
Repayments of other borrowings and capital lease obligations | (67,300) | (70,700) | (42,500) | |||
Repurchase of common stock | 0 | 0 | (75,000) | |||
Proceeds from stock-based awards, net of tax withholdings | (1,451) | (578) | 318 | 1,113 | 8,355 | 5,013 |
Excess tax benefit from stock-based compensation | 3,246 | 3,386 | 3,494 | 3,728 | 4,315 | 759 |
Payments of acquisition-related contingent consideration | (58,902) | (60,341) | (60,341) | (18,683) | (33,936) | |
Payments of financing costs, including call premiums on extinguishment of debt | (218) | (1,298) | (1,455) | (2,572) | (13,688) | (117) |
Net financing activities and advances (to) from consolidated affiliates | 0 | 0 | 0 | |||
Net cash provided by (used in) financing activities | 64,314 | 159,167 | 146,978 | 118,675 | 58,993 | (71,796) |
Effect of currency translation on cash | (476) | (347) | (1,152) | (1,292) | (24) | 91 |
Net increase (decrease) in cash and cash equivalents | (13,666) | (7,003) | (15,860) | 1,132 | (3,840) | 6,487 |
Cash and cash equivalents - beginning of period | 22,927 | 22,927 | 22,927 | 22,927 | 26,767 | 20,280 |
Cash and cash equivalents - end of period | 9,261 | 15,924 | 7,067 | 24,059 | 22,927 | 26,767 |
Reportable Legal Entities [Member] | MasTec, Inc. [Member] | ||||||
Condensed Consolidating Statements of Cash Flows [Line Items] | ||||||
Net cash (used in) provided by operating activities | (500) | (1,700) | (1,300) | |||
Cash flows (used in) provided by investing activities: | ||||||
Cash paid for acquisitions, net of cash acquired | 0 | 0 | 0 | |||
Proceeds from disposal of business, net of cash divested | 0 | 0 | ||||
Capital expenditures | 0 | 0 | 0 | |||
Proceeds from sale of property and equipment | 0 | 0 | 0 | |||
Payments for investments, net | (1,000) | (1,200) | (200) | |||
Net cash used in investing activities | (1,000) | (1,200) | (200) | |||
Cash flows provided by (used in) financing activities: | ||||||
Proceeds from credit facilities | 0 | 0 | 0 | |||
Repayments of credit facilities | 0 | 0 | 0 | |||
(Repayments of) proceeds from senior notes, net | 0 | 0 | ||||
Repayments of other borrowings and capital lease obligations | 0 | 0 | 0 | |||
Repurchase of common stock | (75,000) | |||||
Proceeds from stock-based awards, net of tax withholdings | 3,800 | 9,900 | 5,000 | |||
Excess tax benefit from stock-based compensation | 0 | 0 | 0 | |||
Payments of acquisition-related contingent consideration | 0 | 0 | 0 | |||
Payments of financing costs, including call premiums on extinguishment of debt | 0 | 0 | 0 | |||
Net financing activities and advances (to) from consolidated affiliates | (2,300) | (7,000) | 71,500 | |||
Net cash provided by (used in) financing activities | 1,500 | 2,900 | 1,500 | |||
Effect of currency translation on cash | 0 | 0 | 0 | |||
Net increase (decrease) in cash and cash equivalents | 0 | 0 | 0 | |||
Cash and cash equivalents - beginning of period | 0 | 0 | 0 | 0 | 0 | 0 |
Cash and cash equivalents - end of period | 0 | 0 | 0 | |||
Reportable Legal Entities [Member] | Guarantor Subsidiaries [Member] | ||||||
Condensed Consolidating Statements of Cash Flows [Line Items] | ||||||
Net cash (used in) provided by operating activities | 253,900 | 174,100 | 159,200 | |||
Cash flows (used in) provided by investing activities: | ||||||
Cash paid for acquisitions, net of cash acquired | (222,700) | (45,000) | (54,000) | |||
Proceeds from disposal of business, net of cash divested | (3,000) | 0 | ||||
Capital expenditures | (84,800) | (114,400) | (78,100) | |||
Proceeds from sale of property and equipment | 14,300 | 14,700 | 7,300 | |||
Payments for investments, net | (100) | 0 | 0 | |||
Net cash used in investing activities | (293,300) | (147,700) | (124,800) | |||
Cash flows provided by (used in) financing activities: | ||||||
Proceeds from credit facilities | 1,894,400 | 961,600 | 959,200 | |||
Repayments of credit facilities | (1,410,000) | (1,042,200) | (885,200) | |||
(Repayments of) proceeds from senior notes, net | (202,300) | 250,000 | ||||
Repayments of other borrowings and capital lease obligations | (40,900) | (69,100) | (42,500) | |||
Repurchase of common stock | 0 | |||||
Proceeds from stock-based awards, net of tax withholdings | (2,700) | (1,500) | 0 | |||
Excess tax benefit from stock-based compensation | 3,700 | 4,300 | 800 | |||
Payments of acquisition-related contingent consideration | (60,300) | (16,700) | (27,800) | |||
Payments of financing costs, including call premiums on extinguishment of debt | (2,600) | (13,700) | (100) | |||
Net financing activities and advances (to) from consolidated affiliates | (126,800) | (106,400) | (31,700) | |||
Net cash provided by (used in) financing activities | 52,500 | (33,700) | (27,300) | |||
Effect of currency translation on cash | 0 | 0 | 0 | |||
Net increase (decrease) in cash and cash equivalents | 13,100 | (7,300) | 7,100 | |||
Cash and cash equivalents - beginning of period | 5,400 | 5,400 | 5,400 | 5,400 | 12,700 | 5,600 |
Cash and cash equivalents - end of period | 18,500 | 5,400 | 12,700 | |||
Reportable Legal Entities [Member] | Non-Guarantor Subsidiaries [Member] | ||||||
Condensed Consolidating Statements of Cash Flows [Line Items] | ||||||
Net cash (used in) provided by operating activities | 69,600 | 28,000 | 14,600 | |||
Cash flows (used in) provided by investing activities: | ||||||
Cash paid for acquisitions, net of cash acquired | (122,900) | (103,600) | (65,500) | |||
Proceeds from disposal of business, net of cash divested | 0 | 97,700 | ||||
Capital expenditures | (24,500) | (11,900) | (1,600) | |||
Proceeds from sale of property and equipment | 2,400 | 1,200 | 100 | |||
Payments for investments, net | 0 | 0 | 0 | |||
Net cash used in investing activities | (145,000) | (114,300) | 30,700 | |||
Cash flows provided by (used in) financing activities: | ||||||
Proceeds from credit facilities | 491,600 | 187,400 | 0 | |||
Repayments of credit facilities | (529,600) | (207,400) | 0 | |||
(Repayments of) proceeds from senior notes, net | 0 | 0 | ||||
Repayments of other borrowings and capital lease obligations | (26,400) | (1,600) | 0 | |||
Repurchase of common stock | 0 | |||||
Proceeds from stock-based awards, net of tax withholdings | 0 | 0 | 0 | |||
Excess tax benefit from stock-based compensation | 0 | 0 | 0 | |||
Payments of acquisition-related contingent consideration | 0 | (2,000) | (6,200) | |||
Payments of financing costs, including call premiums on extinguishment of debt | 0 | 0 | 0 | |||
Net financing activities and advances (to) from consolidated affiliates | 129,100 | 113,400 | (39,800) | |||
Net cash provided by (used in) financing activities | 64,700 | 89,800 | (46,000) | |||
Effect of currency translation on cash | (1,300) | 0 | 100 | |||
Net increase (decrease) in cash and cash equivalents | (12,000) | 3,500 | (600) | |||
Cash and cash equivalents - beginning of period | 17,600 | 17,600 | 17,600 | 17,600 | 14,100 | 14,700 |
Cash and cash equivalents - end of period | 5,600 | 17,600 | 14,100 | |||
Eliminations [Member] | ||||||
Condensed Consolidating Statements of Cash Flows [Line Items] | ||||||
Net cash (used in) provided by operating activities | 0 | 0 | 0 | |||
Cash flows (used in) provided by investing activities: | ||||||
Cash paid for acquisitions, net of cash acquired | 0 | 0 | 0 | |||
Proceeds from disposal of business, net of cash divested | 0 | 0 | ||||
Capital expenditures | 0 | 0 | 0 | |||
Proceeds from sale of property and equipment | 0 | 0 | 0 | |||
Payments for investments, net | 0 | 0 | 0 | |||
Net cash used in investing activities | 0 | 0 | 0 | |||
Cash flows provided by (used in) financing activities: | ||||||
Proceeds from credit facilities | 0 | 0 | 0 | |||
Repayments of credit facilities | 0 | 0 | 0 | |||
(Repayments of) proceeds from senior notes, net | 0 | 0 | ||||
Repayments of other borrowings and capital lease obligations | 0 | 0 | 0 | |||
Repurchase of common stock | 0 | |||||
Proceeds from stock-based awards, net of tax withholdings | 0 | 0 | 0 | |||
Excess tax benefit from stock-based compensation | 0 | 0 | 0 | |||
Payments of acquisition-related contingent consideration | 0 | 0 | 0 | |||
Payments of financing costs, including call premiums on extinguishment of debt | 0 | 0 | 0 | |||
Net financing activities and advances (to) from consolidated affiliates | 0 | 0 | 0 | |||
Net cash provided by (used in) financing activities | 0 | 0 | 0 | |||
Effect of currency translation on cash | 0 | 0 | 0 | |||
Net increase (decrease) in cash and cash equivalents | 0 | 0 | 0 | |||
Cash and cash equivalents - beginning of period | $ 0 | $ 0 | $ 0 | 0 | 0 | 0 |
Cash and cash equivalents - end of period | $ 0 | $ 0 | $ 0 |
Subsequent Events (Narrative) (
Subsequent Events (Narrative) (Details) - Subsequent Event [Member] $ in Millions | 1 Months Ended | 3 Months Ended |
Jun. 30, 2015USD ($) | Mar. 31, 2015USD ($) | |
Pipeline Joint Ventures [Member] | ||
Subsequent Event [Line Items] | ||
Equity method investment, ownership percentage | 33.00% | |
Pipeline Joint Ventures [Member] | Equity Method Investee [Member] | ||
Subsequent Event [Line Items] | ||
Equity method investment, amount of investment (in dollars) | $ 6 | |
Number of equity method investments acquired | 2 | |
Number of pipelines to be constructed | 2 | |
Pipeline Joint Ventures [Member] | Equity Method Investee [Member] | Equity Contributions and/or Loan Guarantees [Member] | ||
Subsequent Event [Line Items] | ||
Unconsolidated affiliates, outstanding commitments (in dollars) | $ 78 | |
Contracts Accounted for under Percentage of Completion [Member] | Canadian Dollars [Member] | Power Generation and Industrial [Member] | ||
Subsequent Event [Line Items] | ||
Project losses (in dollars) | $ 16 |
Schedule II - Valuation and 149
Schedule II - Valuation and Qualifying Accounts (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||
Valuation and Qualifying Accounts [Roll Forward] | ||||
Balance at beginning of period | $ 28.8 | $ 17 | $ 13.6 | |
Charges to cost and expense | 7.9 | 17 | 10.6 | |
(Deductions) | (3.6) | (5.2) | (7.2) | |
Balance at end of period | 33.1 | 28.8 | 17 | |
Allowance for Doubtful Accounts [Member] | ||||
Valuation and Qualifying Accounts [Roll Forward] | ||||
Balance at beginning of period | 15.7 | 11.3 | 7.7 | |
Charges to cost and expense | [1] | 1.8 | 6.1 | 6.9 |
(Deductions) | [2] | (3.6) | (1.7) | (3.3) |
Balance at end of period | 13.9 | 15.7 | 11.3 | |
Costs and Earnings in Excess of Billings Allowance [Member] | ||||
Valuation and Qualifying Accounts [Roll Forward] | ||||
Balance at beginning of period | 10.4 | 1.7 | 0.9 | |
Charges to cost and expense | [1] | 2.1 | 8.7 | 0.9 |
(Deductions) | [2] | 0 | 0 | (0.1) |
Balance at end of period | 12.5 | 10.4 | 1.7 | |
Inventory Valuation Reserve [Member] | ||||
Valuation and Qualifying Accounts [Roll Forward] | ||||
Balance at beginning of period | 2.6 | 2 | 2.2 | |
Charges to cost and expense | [3] | 3.8 | 2 | 2.3 |
(Deductions) | [4] | 0 | (1.4) | (2.5) |
Balance at end of period | 6.4 | 2.6 | 2 | |
Valuation Allowance for Deferred Tax Assets [Member] | ||||
Valuation and Qualifying Accounts [Roll Forward] | ||||
Balance at beginning of period | 0.1 | 2 | 2.8 | |
Charges to cost and expense | [5] | 0.2 | 0.2 | 0.5 |
(Deductions) | [6] | 0 | (2.1) | (1.3) |
Balance at end of period | $ 0.3 | $ 0.1 | $ 2 | |
[1] | Provisions for doubtful accounts and costs and earnings in excess of billings. | |||
[2] | Write-offs and reversals of uncollectible accounts receivable and non-billable costs and earnings in excess of billings. | |||
[3] | Provision for inventory obsolescence. | |||
[4] | Inventory write-offs. | |||
[5] | Increase in the foreign tax loss carryforwards. | |||
[6] | Utilization of tax loss carryforwards and other tax benefits. |