Document and Entity Information
Document and Entity Information - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 31, 2015 | Feb. 22, 2016 | Jun. 30, 2015 | |
Document and Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2015 | ||
Document Fiscal Year Focus | 2,015 | ||
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 | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Public Float (in dollars) | $ 1.3 | ||
Entity Common Stock, Shares Outstanding | 80,164,837 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Statement [Abstract] | |||
Revenue | $ 4,208,330 | $ 4,611,803 | $ 4,324,787 |
Costs of revenue, excluding depreciation and amortization | 3,721,303 | 3,977,963 | 3,682,367 |
Depreciation and amortization | 169,662 | 154,452 | 140,926 |
Goodwill and intangible asset impairment | 78,625 | 0 | 0 |
General and administrative expenses | 265,910 | 238,305 | 215,402 |
Interest expense, net | 48,055 | 50,769 | 46,442 |
Loss on extinguishment of debt | 0 | 0 | 5,624 |
Other income, net | (7,479) | (8,116) | (6,188) |
(Loss) income from continuing operations before income taxes | (67,746) | 198,430 | 240,214 |
Provision for income taxes | (11,957) | (76,429) | (92,542) |
Net (loss) income from continuing operations | (79,703) | 122,001 | 147,672 |
Discontinued operations: | |||
Net loss from discontinued operations | 0 | (6,452) | (6,456) |
Net (loss) income | (79,703) | 115,549 | 141,216 |
Net (loss) income attributable to non-controlling interests | (593) | (374) | 266 |
Net (loss) income attributable to MasTec, Inc. | $ (79,110) | $ 115,923 | $ 140,950 |
Basic (loss) earnings per share: | |||
Continuing operations (in dollars per share) | $ (0.98) | $ 1.53 | $ 1.92 |
Discontinued operations (in dollars per share) | 0 | (0.08) | (0.09) |
Total basic (loss) earnings per share | $ (0.98) | $ 1.45 | $ 1.83 |
Basic weighted average common shares outstanding | 80,489 | 79,953 | 76,923 |
Diluted (loss) earnings per share: | |||
Continuing operations (in dollars per share) | $ (0.98) | $ 1.42 | $ 1.74 |
Discontinued operations (in dollars per share) | 0 | (0.07) | (0.08) |
Total diluted (loss) earnings per share | $ (0.98) | $ 1.35 | $ 1.66 |
Diluted weighted average common shares outstanding | 80,489 | 86,196 | 84,901 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Statement of Comprehensive Income [Abstract] | |||
Net (loss) income | $ (79,703) | $ 115,549 | $ 141,216 |
Other comprehensive loss, net of tax (See Note 12) | (38,347) | (20,718) | (7,785) |
Comprehensive (loss) income | (118,050) | 94,831 | 133,431 |
Comprehensive (loss) income attributable to non-controlling interests | (593) | (374) | 266 |
Comprehensive (loss) income attributable to MasTec, Inc. | $ (117,457) | $ 95,205 | $ 133,165 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Current assets: | ||
Cash and cash equivalents | $ 4,984 | $ 24,059 |
Accounts receivable, net of allowance | 911,106 | 1,303,552 |
Inventories, net | 90,599 | 112,804 |
Prepaid expenses | 58,023 | 46,873 |
Other current assets | 68,190 | 44,463 |
Total current assets | 1,132,902 | 1,531,751 |
Property and equipment, net | 558,667 | 623,118 |
Goodwill | 988,511 | 1,082,466 |
Other intangible assets, net | 199,379 | 250,373 |
Other long-term assets | 60,738 | 76,272 |
Total assets | 2,940,197 | 3,563,980 |
Current liabilities: | ||
Current maturities of long-term debt | 77,654 | 73,631 |
Accounts payable | 348,543 | 485,347 |
Accrued salaries and wages | 46,550 | 60,528 |
Other accrued expenses | 69,369 | 89,343 |
Acquisition-related contingent consideration, current | 17,731 | 49,798 |
Billings in excess of costs and earnings | 149,483 | 155,674 |
Other current liabilities | 43,459 | 66,527 |
Total current liabilities | 752,789 | 980,848 |
Acquisition-related contingent consideration, net of current portion | 41,675 | 103,515 |
Long-term debt | 945,464 | 1,061,159 |
Long-term deferred tax liabilities, net | 188,759 | 203,476 |
Other long-term liabilities | 68,119 | 66,907 |
Total liabilities | $ 1,996,806 | $ 2,415,905 |
Commitments and contingencies (See Note 15) | ||
Equity | ||
Preferred stock, $1.00 par value: authorized shares - 5,000,000; issued and outstanding shares - none | $ 0 | $ 0 |
Common stock, $0.10 par value: authorized shares - 145,000,000; issued shares - 88,197,474 and 87,614,955 as of December 31, 2015 and 2014, respectively | 8,820 | 8,762 |
Capital surplus | 769,996 | 756,688 |
Retained earnings | 378,678 | 457,788 |
Accumulated other comprehensive loss | (72,351) | (34,004) |
Treasury stock, at cost: 8,094,004 and 2,876,311 shares as of December 31, 2015 and 2014, respectively | (145,573) | (45,573) |
Total MasTec, Inc. shareholders' equity | 939,570 | 1,143,661 |
Non-controlling interests | 3,821 | 4,414 |
Total equity | 943,391 | 1,148,075 |
Total liabilities and equity | $ 2,940,197 | $ 3,563,980 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2015 | Dec. 31, 2014 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value (in dollars per share) | $ 1 | $ 1 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.10 | $ 0.10 |
Common stock, shares authorized | 145,000,000 | 145,000,000 |
Common stock, shares issued | 88,197,474 | 87,614,955 |
Treasury stock, shares | 8,094,004 | 2,876,311 |
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, 2012 | 85,915,552 | ||||||||
Beginning balance at Dec. 31, 2012 | $ 861,875 | $ 8,592 | $ (150,000) | $ 0 | $ 803,166 | $ 200,915 | $ (5,501) | $ 857,172 | $ 4,703 |
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 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 | ||||||||
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) | ||||||||
Consolidated Statements of Equity | |||||||||
Net income (loss) | 115,549 | 115,923 | 115,923 | (374) | |||||
Other comprehensive 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) | |||||||
Consolidated Statements of Equity | |||||||||
Net income (loss) | $ (79,703) | (79,110) | (79,110) | (593) | |||||
Other comprehensive loss | (38,347) | (38,347) | (38,347) | ||||||
Non-cash stock-based compensation | 12,395 | 12,395 | 12,395 | ||||||
Income tax effect from stock-based compensation | (597) | (597) | (597) | ||||||
Exercise of stock options (in shares) | 81,971 | ||||||||
Exercise of stock options | 544 | $ 8 | 536 | 544 | |||||
Issuance of restricted shares (in shares) | 446,874 | ||||||||
Issuance of restricted shares | 0 | $ 45 | (45) | 0 | |||||
Other stock issuances, net (in shares) | 53,674 | ||||||||
Other stock issuances, net | 1,024 | $ 5 | 1,019 | 1,024 | |||||
Acquisition of treasury stock, at cost (in shares) | (5,217,693) | ||||||||
Acquisition of treasury stock, at cost | $ (100,000) | $ (100,000) | (100,000) | ||||||
Ending balance, common shares outstanding (in shares) at Dec. 31, 2015 | 88,197,474 | 88,197,474 | |||||||
Ending balance at Dec. 31, 2015 | $ 943,391 | $ 8,820 | $ (145,573) | $ 0 | $ 769,996 | $ 378,678 | $ (72,351) | $ 939,570 | $ 3,821 |
Ending balance, treasury shares (in shares) at Dec. 31, 2015 | (8,094,004) | (8,094,004) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Cash flows from operating activities: | ||||
Net (loss) income | $ (79,703) | $ 115,549 | $ 141,216 | |
Adjustments to reconcile net (loss) income to net cash provided by operating activities: | ||||
Depreciation and amortization | 169,662 | 154,452 | 140,926 | |
Goodwill and intangible asset impairment | 78,625 | 0 | 0 | |
Non-cash interest expense | 2,633 | 7,355 | 10,717 | |
Non-cash stock-based compensation expense | 12,395 | 15,950 | 12,944 | |
Excess tax benefit from stock-based compensation | [1] | (57) | (3,728) | (4,315) |
(Benefit from) provision for deferred income taxes | 3,925 | 13,756 | 6,533 | |
Other non-cash items | 1,537 | 5,955 | 8,009 | |
(Gains) losses on sales of assets, including discontinued operations (See Note 1) | (8,191) | (6,434) | (1,492) | |
Non-cash change in estimated fair value of acquisition-related contingent consideration | (20,073) | 0 | 0 | |
Changes in assets and liabilities, net of acquisitions: | ||||
Accounts receivable | 362,275 | 163,773 | (204,330) | |
Inventories | 22,356 | (12,621) | 13,481 | |
Other assets, current and long-term portion | (7,647) | (14,221) | 6,248 | |
Accounts payable and accrued expenses | (162,441) | (87,494) | 72,514 | |
Billings in excess of costs and earnings | (5,085) | (34,320) | (8,227) | |
Book overdrafts | 4,699 | 9,911 | 6,363 | |
Other liabilities, current and long-term portion | (7,497) | (4,872) | (185) | |
Net cash provided by operating activities | 367,413 | 323,011 | 200,402 | |
Cash flows used in investing activities: | ||||
Cash paid for acquisitions, net of cash acquired | (148) | (345,543) | (148,567) | |
Proceeds from disposal of business, net of cash divested | 0 | 0 | (2,997) | |
Capital expenditures | (84,410) | (109,254) | (126,288) | |
Proceeds from sale of property and equipment | 13,932 | 16,655 | 15,858 | |
Payments for other investments | (127,480) | (4,092) | (16,173) | |
Proceeds from other investments | 69,406 | 2,972 | 0 | |
Proceeds from sale or redemption of available-for-sale securities | 0 | 0 | 14,956 | |
Net cash used in investing activities | (128,700) | (439,262) | (263,211) | |
Cash flows (used in) provided by financing activities: | ||||
Proceeds from credit facilities | 1,702,431 | 2,385,971 | 1,149,040 | |
Repayments of credit facilities | (1,742,077) | (1,939,612) | (1,249,601) | |
Proceeds from issuance of senior notes | 0 | 0 | 400,000 | |
Repayment of senior notes, including convertible notes | 0 | (202,325) | (150,000) | |
Repayments of other borrowings | (13,843) | (15,700) | (27,705) | |
Payments of capital lease obligations | (57,095) | (51,587) | (43,040) | |
Repurchase of common stock | (100,000) | 0 | 0 | |
Proceeds from stock-based awards, net of tax withholdings | 1,566 | 1,113 | 8,355 | |
Excess tax benefit from stock-based compensation | 57 | 3,728 | 4,315 | |
Payments of acquisition-related contingent consideration | (47,523) | (60,341) | (18,683) | |
Payments of financing costs | (2,436) | (2,572) | (13,688) | |
Net cash (used in) provided by financing activities | (258,920) | 118,675 | 58,993 | |
Effect of currency translation on cash | 1,132 | (1,292) | (24) | |
Net increase (decrease) in cash and cash equivalents | (19,075) | 1,132 | (3,840) | |
Cash and cash equivalents - beginning of period | 24,059 | 22,927 | 26,767 | |
Cash and cash equivalents - end of period | 4,984 | 24,059 | 22,927 | |
Supplemental cash flow information: | ||||
Interest paid | 47,405 | 42,979 | 37,531 | |
Income taxes paid, net of refunds | 2,536 | 76,975 | 79,504 | |
Supplemental disclosure of non-cash information: | ||||
Equipment acquired under capital lease | 18,032 | 64,618 | 86,330 | |
Premium shares, conversion of convertible notes | 0 | 0 | ||
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 | 0 | 33,612 | 32,451 | |
Equipment [Member] | ||||
Supplemental disclosure of non-cash information: | ||||
Equipment acquired under financing arrangements | $ 8,949 | $ 11,105 | $ 24,244 | |
[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, 2015 | |
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; conventional and renewable power generation; and industrial infrastructure. MasTec’s customers are primarily in these industries. MasTec presents its results under five reportable segments: (1) Communications; (2) Oil and Gas; (3) Electrical Transmission; (4) Power Generation and Industrial; and (5) Other. 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 or loss. 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, and are reflected as increases or decreases, as appropriate, to the carrying amount of the related investments. 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 the Company’s 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. In these consolidated financial statements, “$” means U.S. dollars unless otherwise indicated. 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 3 - Acquisitions and Note 5 - Fair Value of Financial Instruments for discussion pertaining to certain of the Company’s cost and 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 its proportionately consolidated non-controlled contractual joint venture. 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, 2015 , the Company determined that certain of its investment arrangements were VIEs, but that it was not the primary beneficiary. 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 its 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. Independent Investigation of the Audit Committee and Related Restatements During 2015, the Audit Committee of the Board of Directors of MasTec, Inc., with the assistance of independent counsel and accounting advisors, conducted and concluded a previously disclosed independent investigation, which included a detailed review of percentage-of-completion accounting, primarily 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 to further test the reliability of the previously issued financial statements. In connection with this process, the Company concluded that certain accounting adjustments were appropriate with respect to interim periods in 2014, which adjustments were recorded and reflected in the respective quarterly periods, and reported as restated financial information in the Company’s annual report on Form 10-K for the year ended December 31, 2014 (the “2014 Form 10-K”). See Note 2 - Independent Investigation of the Audit Committee and Related Restatements in the 2014 Form 10-K for related discussion and details. 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. Revenue derived from projects performed under master service and other service agreements totaled 48% , 49% and 46% , respectively, for the years ended December 31, 2015 , 2014 and 2013 . 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 certain 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. Excluding the effects on the Company’s 2015 results of project losses of (i) $21.4 million on a Canadian wind project, (ii) $16.3 million on a proportionately consolidated non-controlled Canadian joint venture, and (iii) $14.0 million on an Electrical Transmission project, project profit was affected by less than 5% for both the years ended December 31, 2015 and 2014 as a result of changes in contract estimates included in projects that were in process as of December 31, 2014 and 2013 , 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, 2015 and 2014, the Company had approximately $38 million and $87 million, respectively, of change orders and/or claims that had been included as 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. As of December 31, 2015 and 2014 , these change orders were primarily related to contracts in the Oil and Gas and Electrical Transmission segments. Revenue related to unapproved change orders totaled approximately $10 million and $29 million , respectively, for the years ended December 31, 2015 and 2014 . The Company actively engages in substantive meetings with its customers to complete the final approval process, and generally 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, 2015 and 2014 , book overdrafts, which are included within accounts payable in the consolidated balance sheets, totaled $36.0 million and $31.3 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, 2015 and 2014 , inventory obsolescence reserves were $2.8 million and $6.4 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, 2015 , 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 tests of goodwill and indefinite-lived intangible assets during the fourth quarter of each year. Goodwill is required to be tested for impairment at the reporting unit level. A reporting unit is an operating segment 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. Other than the Company’s Electrical Transmission operating segment, each of the Company’s reporting units comprises one component. For the years ended December 31, 2015 and 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 year ended December 31, 2013, no components were aggregated for the annual impairment reviews. For each of the three years in the period ended December 31, 2015 , management 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. Due to continued volatility in oil and gas prices during 2015 and in the beginning of 2016, which has negatively impacted financial performance, expectations and future cash flow projections at several of the reporting units, management performed quantitative testing for three reporting units within the Oil and Gas operating segment. Due to adverse weather disruptions, site-related project inefficiencies, and reduced project activity from the combination of lower overall market activity levels due to project delays and lower than expected success rates on new project awards during 2015, management performed quantitative testing for the Electrical Transmission operating segment. For the reporting units requiring additional testing, management performed a two-step quantitative goodwill impairment test. Management estimated their respective fair values using a combination of market and income approaches. Under the market approach, fair values were estimated using published market multiples for comparable companies. Under the income approach, a discounted cash flow methodology was used, 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. Estimated discount rates were determined using the Company’s average cost of capital at the time of the analysis, taking into consideration the risk inherent within each reporting unit individually, which are greater than the risk inherent in the Company as a whole. Significant assumptions used in testing the reporting units included terminal values based on terminal growth rates ranging from 3.0%-3.5%, nine years of discounted cash flows prior to the terminal value, and discount rates ranging from 12.0% to 14.0%. 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. In 2015, the estimated fair value of one reporting unit in the Oil and Gas operating segment was determined be less than its carrying value and the second step of the goodwill impairment test was performed. The implied fair value of this reporting unit’s goodwill was compared with its carrying value and a pre-tax, non-cash impairment charge of $68.5 million was recorded for the difference. This reporting unit has $11.2 million of goodwill remaining at December 31, 2015. In 2015, the estimated fair value of the Electrical Transmission operating segment exceeded its carrying value by approximately 5% . A 100 basis point change in the discount rate would have resulted in the Electrical Transmission operating segment carrying value exceeding fair value. The Electrical Transmission operating segment has approximately $150 million of goodwill. The estimated fair values of all other reporting units for which quantitative impairment tests were performed for the year ended December 31, 2015 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 reasons noted above, management also performed quantitative testing during 2015 for two indefinite-lived pre-qualification intangible assets in the Oil and Gas operating segment and one indefinite-lived pre-qualification intangible asset in the Electrical Transmission operating segment. Management estimated fair values using a cost methodology, incorporating estimates of the opportunity cost associated with the assets’ loss based on discounted cash flows over a two to three -year period. The impairment tests incorporated estimated discount rates ranging from 12.0% to 14.0% . For one of the indefinite-lived pre-qualification intangible assets in the Oil and Gas operating segment and the indefinite-lived pre-qualification intangible asset in the Electrical Transmission operating segment, the estimated fair values substantially exceeded their carrying values. For the other indefinite-lived pre-qualification intangible asset in the Oil and Gas operating segment, the carrying value of the asset exceeded its estimated fair value and a pre-tax, non-cash impairment charge of $10.1 million was recorded for the difference. The adjusted carrying value of this pre-qualification asset is approximately $20.5 million at December 31, 2015. Based on the qualitative assessments for the year ended December 31, 2014, and additional testing performed in the fourth quarter of 2014 subsequent to the annual test due to a significant decline in oil prices, quantitative testing was performed for four reporting units, one within the Communications operating segment, one within the Power Generation and Industrial operating segment, and two within the Oil and Gas operating segment. 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% . The estimated fair values of the reporting units in the Communications and Power Generation and Industrial operating segments were determined to substantially exceed their carrying values. The estimated fair values of the subsequently tested reporting units in the Oil and Gas operating segment exceeded their carrying values by approximately 15% each. Management also performed quantitative testing in 2014 for an indefinite-lived intangible asset in the Power Generation and Industrial operating segment. Management estimated its fair value using the relief-from-royalty method, which incorporated royalty savings cash flows 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. The estimated fair value of the indefinite-lived intangible asset exceeded its carrying value by just over 10% . Based on the qualitative assessments for the year ended December 31, 2013, quantitative testing was performed for three reporting units, one each within the Oil and Gas, Power Generation and Industrial and Electrical Transmission operating segments. Significant assumptions included an average terminal value equal to 5.5 times normalized year five EBITDA and a discount rate estimated to be 7.2% . The estimated fair values of the reporting units were determined to substantially exceed their carrying values. Quantitative testing was also performed in 2013 for the indefinite-lived intangible asset for which a quantitative test was performed in 2014. The discount rate was estimated to be 7.2% for the year ended December 31, 2013. The estimated fair value of the indefinite-lived intangible asset was determined to substantially exceed its carrying value. As of December 31, 2015 and 2014 , 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 additional non-cash goodwill and indefinite-lived intangible asset 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. As discussed below, Accounting Standards Update (“ASU”) 2015-16, which the Company adopted in the fourth quarter of 2015, eliminated the requirement to retrospectively account for meas |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Note 2 – Earnings Per Share Basic earnings or loss 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 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 income 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. If the Company reports a loss, rather than income, from continuing operations, the computation of diluted loss per share excludes dilutive common stock equivalents as their effect would be anti-dilutive. For the year ended December 31, 2015, the Company reported a net loss from continuing operations, which resulted in the exclusion of 563,803 weighted average dilutive common shares from the calculation of diluted net loss per share for the related period. Except for the shares mentioned above, there were no anti-dilutive common stock equivalents excluded from the calculation of diluted earnings per share for the year ended December 31, 2015. For the year ended December 31, 2014, there were 244,623 weighted average anti-dilutive common stock equivalents excluded from the calculation of diluted earnings per share because their effect would have been anti-dilutive. For the year ended December 31, 2013, there were no anti-dilutive common stock equivalents. 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, 2015 2014 2013 Net (loss) income attributable to MasTec: Net (loss) income, continuing operations - basic (a) $ (79,110 ) $ 122,375 $ 147,492 Interest expense, net of tax, convertible notes — 181 315 Net (loss) income, continuing operations - diluted $ (79,110 ) $ 122,556 $ 147,807 Net loss from discontinued operations - basic and diluted (a) — (6,452 ) (6,542 ) Net (loss) income attributable to MasTec - diluted $ (79,110 ) $ 116,104 $ 141,265 Weighted average shares outstanding: Weighted average shares outstanding - basic 80,489 79,953 76,923 Dilutive common stock equivalents — 813 777 Dilutive shares, convertible notes — 5,430 7,201 Weighted average shares outstanding - diluted 80,489 86,196 84,901 (a) Calculated as total net (loss) income less amounts attributable to non-controlling interests. Convertible Notes - Diluted Share Impact In June 2014, $115 million aggregate principal amount of 4.0% senior convertible notes (the “4.0% Convertible Notes”) matured, at which time the holders elected to convert the notes. Upon conversion, the Company paid $105 million in cash and issued 4.2 million shares of common stock in respect thereof. Additionally, in December 2014, $100 million aggregate principal amount of 4.25% senior convertible notes (the “4.25% Convertible Notes”, and, collectively with the 4.0% Convertible Notes, the “Convertible Notes”) matured and were converted, and, upon conversion, the Company paid $97 million in cash and issued 2.4 million shares of common stock in respect of such notes. Until their maturity in 2014, dilutive shares associated with the convertible notes issued in 2009, aggregating $13 million in principal amount, 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, whereas dilutive shares associated with the convertible notes issued in 2011 (the "2011 Convertible Notes"), aggregating $202 million in principal amount, were derived from the premium value of such convertible notes in excess of their principal amounts, as calculated using the treasury stock method. These shares were referred to as the “premium shares.” The 4.25% Convertible Notes were convertible at $15.48 per share and the 4.0% Convertible Notes were convertible at $15.76 per share. For the year ended December 31, 2014, there were 5.0 million equivalent premium shares included in the Company’s dilutive share calculation related to the 2011 Convertible Notes, as calculated based on the conversion shares of approximately 13.0 million related thereto and the average price per share of the Company's common stock from the beginning of the year through their respective dates of maturity. For the year ended December 31, 2013, there were approximately 6.4 million equivalent premium shares included in the Company’s dilutive share calculation related to the 2011 Convertible Notes. |
Acquisitions
Acquisitions | 12 Months Ended |
Dec. 31, 2015 | |
Business Combinations [Abstract] | |
Acquisitions | Note 3 – Acquisitions The Company acquired several businesses during 2014 and 2013, as discussed below. During the measurement period, as defined under U.S. GAAP, preliminary estimates of the fair values of net assets acquired may be revised 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 in the accompanying tables as if the adjustments had been taken into account as of the date of acquisition. As of December 31, 2015, all such measurement period adjustments had been determined and were final. Changes to preliminary estimates of the fair values of net assets acquired that do not qualify as measurement period adjustments are included in current period results. As discussed in Note 1 - Business, Basis of Presentation and Significant Accounting Policies, ASU 2015-16 eliminated the requirement to retrospectively account for measurement period adjustments in the consolidated financial statements. The Company adopted ASU 2015-16 in the fourth quarter of 2015. Certain measurement period adjustments for the WesTower acquisition are reflected in the table accompanying the WesTower discussion below. 2014 Acquisitions WesTower Effective October 1, 2014 , MasTec acquired all of the issued and outstanding equity interests of WesTower Communications Inc. (“WesTower”) , a telecommunications services firm that focuses on construction and maintenance of communications infrastructure for wireless networks throughout the Eastern, Central and Western United States. The acquisition of WesTower has expanded 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 estimated fair values, as adjusted, of consideration paid and identifiable assets acquired and liabilities assumed for WesTower as of the date of acquisition (in millions): Acquisition consideration: October 1, 2014 Cash $ 198.0 Identifiable assets acquired and liabilities assumed: Accounts receivable $ 179.8 Other current assets, including $18.0 million of cash acquired 66.6 Property, equipment and other long-term assets 9.3 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 (87.7 ) Long-term liabilities, including capital lease obligations (26.4 ) Total identifiable net assets $ 150.9 Goodwill $ 47.1 Total net assets acquired, including goodwill $ 198.0 The fair values and weighted average useful lives of WesTower’s acquired finite-lived intangible assets 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 $17.8 million and $5.3 million for the years ended December 31, 2015 and 2014, which were included within general and administrative expenses within the consolidated statements of operations. These acquisition integration costs consisted primarily of employee termination costs, including employee compensation relating to the elimination of certain positions that were determined to be redundant, and other integration-type costs, including facility consolidation expenses, system migration expenses and training costs. As of December 31, 2015 , the Company had completed the integration of WesTower. As of December 31, 2015 and 2014 , acquisition integration costs totaling $1.5 million and $3.5 million , respectively, were included within current liabilities in the consolidated balance sheets. Liabilities assumed in connection with the WesTower acquisition in the table above include the estimated value of certain off-market contracts, which are recognized in revenue over the terms of the related contracts. Subsequent to the acquisition date, in connection with the ongoing review of the acquired net working capital and acquired net assets of WesTower, the Company recorded increases of $15.7 million and $5.3 million , respectively, to other current assets and long-term liabilities, and a decrease of $7.8 million to other long-term assets, related to deferred taxes. The changes to the deferred tax amounts, as well as other immaterial adjustments, net, to the acquisition date values of accounts receivable, property and equipment and other current liabilities, resulted in a $3.6 million decrease in the acquisition date value of goodwill associated with the WesTower acquisition, which adjusted balances are reflected in the table above. 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, while Pacer’s proportionate share of its undivided interest in its proportionately consolidated non-controlled contractual joint venture is reported within the Other segment. The following table summarizes the estimated fair values, as adjusted, of consideration paid and identifiable assets acquired and liabilities assumed for Pacer as of the date of acquisition (in millions). Net of cash acquired, substantially all of the current assets acquired consist of accounts receivable. 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 proportionately consolidated non-controlled contractual joint venture, which is involved in a civil construction project. Pacer’s undivided interest in this contractual joint venture automatically terminates upon completion of the project, which is not controlled by Pacer and is managed by a third party. This project, which was over 50% complete as of December 31, 2015 , incurred losses for the year ended December 31, 2015 due to delayed receipt of a key material. Pacer’s proportionate share of these losses totaling $16.3 million for the year ended December 31, 2015 , are included in the Other segment. Pacer has minimal direct involvement in the remaining work on this project. For the years ended December 31, 2015 and 2014, revenue recognized by Pacer in connection with work performed for this contractual joint venture totaled $2.1 million and $1.7 million , respectively. As of December 31, 2015 and 2014, receivables from this contractual joint venture, including acquired receivables, totaled $1.2 million and $1.8 million , respectively. Performance guarantees associated with this contractual joint venture as of December 31, 2015 and 2014 totaled Canadian $132.1 million (or approximately $95.4 million and $113.6 million , respectively), based on the full contract value of the project, for which Pacer is obligated on a joint and several basis with its joint venture partner. In addition, from time to time, the Company may provide financing to this contractual joint venture. For the year ended December 31, 2015 , Pacer provided $8.2 million of financing to this contractual joint venture under financing arrangements, and no such payments were made for the year ended December 31, 2014. As of December 31, 2015 , there were no additional amounts committed by Pacer to this contractual joint venture under such financing arrangements. The equity method investment obligations identified in the table above relate to acquired interests in entities that provide construction services. Subsequent to the acquisition of Pacer, and in connection with the ongoing review of the related acquired net assets, 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 their operations upon completion of the existing projects. 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 these investments. Prior to entering into the receiverships discussed below, Pacer provided $10.2 million and $23.0 million of financing to these equity investees during the years ended December 31, 2015 and December 31, 2014 , respectively. For the years ended December 31, 2015 and 2014 , revenue recognized by Pacer on behalf of these entities totaled $2.9 million and $3.1 million , respectively, of which $1.4 million was outstanding as of December 31, 2015 . There were no outstanding receivables as of December 31, 2014 . Performance guarantees associated with these entities totaled approximately $61.2 million as of December 31, 2014 , based on the full contract value of certain projects, for which Pacer was obligated on a joint and several basis with its other shareholders. As of December 31, 2015 , all jobs related to these performance guarantees had been completed and the Company believes any remaining exposure to be insignificant. There are no other financial guarantees associated with, or remaining amounts committed to, these entities as of December 31, 2015. While the Company believes the obligations and guarantees associated with these entities represent variable interests, Pacer does not have the power to control the primary activities of, nor is the primary beneficiary of, these investments. In March 2015, Pacer became the secured creditor of one of its equity method investees by purchasing the outstanding revolving credit facility of this investee for approximately $20.8 million 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. 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 provided $38.3 million of financing to the receiver, of which $12.8 million has been repaid as of December 31, 2015 . The remaining balance is recorded within other current assets in the consolidated balance sheet as of December 31, 2015 . Pacer does not expect to advance additional amounts to the receiver, and believes that it will be repaid the remaining amounts advanced under the receivership within the next twelve months. In September 2015, a separate equity method investee of Pacer entered into a receivership arrangement to facilitate the wind-down of its operations. As of December 31, 2015 , there was an immaterial amount of remaining net assets related to this investee. Subsequent to the acquisition date, in connection with the ongoing review of the acquired net working capital and 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 adjustments to the equity method investment obligations discussed above, as well as other immaterial adjustments, net, to 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, which adjustments are reflected in the table above. The fair values and weighted average useful lives of Pacer’s acquired finite-lived intangible assets, as adjusted, 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 was 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. In the fourth quarter of 2015, the Company recorded a $78.6 million impairment of Pacer’s goodwill and indefinite-lived intangible assets. See Note 4 - Goodwill and Other Intangible Assets for additional details. The contingent consideration included in the table above equals 25% of the excess, if any, of Pacer’s expected 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 incorporated significant inputs not observable in the market. Key assumptions in the estimated valuation included the discount rate and probability-weighted EBITDA projections. The range of potential undiscounted payments was estimated to be between Canadian $0 and $71 million , or approximately $0 and $52 million as of December 31, 2015 . 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 . Additionally, effective January 1, 2014 , MasTec acquired 100% of a telecommunications services firm, specializing in the engineering, installation, furnishing and integration of telecommunications equipment . The aggregate purchase price for these acquisitions, which are included in MasTec’s Communications segment, was approximately $40.7 million , including cash and earn-out obligations, as adjusted, as of December 31, 2015 . 2013 Acquisitions Big Country Effective May 1, 2013 , MasTec acquired 100% of Big Country Energy Services, Inc. and its affiliated operating companies (collectively, “Big Country”) , a North American oil and gas pipeline and facility construction services company, headquartered in Calgary, Alberta, Canada , for an aggregate purchase price composed of approximately $103.5 million in cash, and a five year earn-out, valued at $9.0 million as of December 31, 2015. 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. Big Country, which is reported within the Company’s Oil and Gas segment, provides services including the construction of oil, natural gas and natural gas liquids gathering systems and pipelines, pipeline modification and replacement services; compressor and pumping station construction; and other related services. 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. Unaudited Supplemental Pro Forma Information The following unaudited supplemental pro forma financial information includes the results of operations of each of the companies acquired in 2014 and 2013 and is presented as if each acquired company had been consolidated as of the beginning of the year immediately preceding the year in which the 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 acquisition costs, including certain acquisition integration costs; (ii) to increase amortization expense resulting from the incremental intangible assets acquired; (iii) to increase interest expense as a result of the cash consideration paid; (iv) to remove integration-related employee redundancy costs; and (v) to reduce interest expense from debt repaid upon acquisition of the respective businesses. The unaudited supplemental pro forma financial information does not include adjustments to reflect the impact of other cost savings or synergies that may result from these acquisitions. For the Years Ended December 31, Unaudited supplemental pro forma financial information (in millions) : 2014 2013 Revenue $ 5,085.2 $ 5,465.9 Net income from continuing operations $ 130.3 $ 160.8 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) : 2015 2014 2013 Revenue $ 301.5 $ 565.4 $ 406.6 Net (loss) income from continuing operations (a) $ (13.4 ) $ 0.7 $ 20.0 (a) Acquiree net (loss) income from continuing operations for the years ended December 31, 2015 and 2014 includes approximately $9.3 million and $5.0 million , respectively, of pre-tax acquisition integration costs incurred in connection with the WesTower acquisition and, for the year ended December 31, 2015 , includes project losses of $16.3 million associated with the Company’s proportionate interest in a non-controlled Canadian joint venture. Other acquisition-related costs, including certain acquisition integration costs totaling $11.2 million , $2.7 million and $1.9 million for the years ended December 31, 2015 , 2014 and 2013 , respectively, which are included within general and administrative expenses in the Company’s consolidated statements of operations, are not included in the above presented acquiree results for the respective periods. The above results also do not include interest expense associated with consideration paid for these acquisitions. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 12 Months Ended |
Dec. 31, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | Note 4 - Goodwill and Other Intangible Assets During the fourth quarter of 2015, a pre-tax non-cash goodwill impairment charge of $68.5 million and a pre-tax non-cash indefinite-lived intangible asset impairment charge of $10.1 million were recorded related to a reporting unit with significant revenue concentration in western Canada. Continued volatility in oil and gas prices during 2015 and in the beginning of 2016 has negatively impacted financial performance, expectations and future cash flow projections for this entity. See Note 1 - Business, Basis of Presentation and Significant Accounting Policies for additional discussion. 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, goodwill, 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, goodwill, as of December 31, 2014 $ 417.7 $ 397.3 $ 149.9 $ 117.6 $ 1,082.5 Accruals of acquisition-related contingent consideration, net (a) 0.8 — — — 0.8 Currency translation adjustments — (22.7 ) — — (22.7 ) Measurement period adjustments (b) (3.6 ) — — — (3.6 ) Goodwill impairment — (68.5 ) — — (68.5 ) Balance, goodwill, as of December 31, 2015 $ 414.9 $ 306.1 $ 149.9 $ 117.6 $ 988.5 Balance, accumulated impairment losses, goodwill, as of December 31, 2015 $ — $ (68.5 ) $ — $ — $ (68.5 ) (a) Represents contingent consideration for acquisitions prior to January 1, 2009, which is accrued as earned, in accordance with U.S. GAAP. (b) Represent adjustments to preliminary estimates of the fair values of net assets acquired within the measurement period. See Note 3 - Acquisitions for discussion of ASU 2015-16, which was adopted in the fourth quarter of 2015. 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, 2013 $ 34.8 $ 59.4 $ 128.4 $ 22.5 $ 245.1 Accumulated amortization (67.7 ) (11.8 ) (79.5 ) 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 Amortization expense (26.5 ) (1.9 ) (28.4 ) Currency translation adjustments — (9.8 ) (2.2 ) (0.5 ) (12.5 ) Intangible asset impairment — (10.1 ) — — (10.1 ) Other intangible assets, net, as of December 31, 2015 $ 34.8 $ 73.4 $ 80.8 $ 10.4 $ 199.4 Remaining weighted average amortization period (in years) 11 11 11 (a) Consists principally of trade names and non-compete agreements. Amortization expense associated with intangible assets for the years ended December 31, 2015 , 2014 and 2013 totaled $28.4 million , $25.1 million and $21.2 million , respectively. Expected future amortization expense associated with amortizing intangible assets as of December 31, 2015 is summarized in the following table (in millions): Amortization Expense 2016 $ 20.9 2017 16.3 2018 12.7 2019 8.5 2020 7.3 Thereafter 25.5 Total $ 91.2 |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | Note 5 - Fair Value of Financial Instruments Assets and Liabilities Measured at Fair Value on a Recurring Basis As of December 31, 2015 and 2014 , 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 (“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, 2015 and 2014 , the fair value of the Company’s ASC 805 contingent consideration totaled $58.4 million and $146.1 million , respectively. There were no additions to ASC 805 contingent consideration from new business combinations for the year ended December 31, 2015 . Additions to ASC 805 contingent consideration from new business combinations for the years ended December 31, 2014 and 2013 totaled $33.6 million and $32.5 million , respectively. The Company paid approximately $40.5 million , $48.4 million and $8.5 million of ASC 805 contingent consideration for the years December 31, 2015 , 2014 and 2013 , respectively. For the year ended December 31, 2015 , the Company recognized a net reduction of $39.2 million of ASC 805 contingent consideration in the Oil and Gas, Electrical Transmission and Communications segments, of which $20.1 million related to finalization of earn-out arrangements and adjustments to the expected future earn-out obligations of certain other acquisitions based on the expected future performance of the acquisitions for the earn-out period and was recorded within other income, net, in the consolidated statements of operations. The remaining reduction of $19.1 million was offset with a corresponding receivable amount. Foreign currency translation gains associated with ASC 805 contingent consideration, which are included within other comprehensive income, totaled $8.0 million , $4.5 million and $2.2 million for the years ended December 31, 2015 , 2014 and 2013 , 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. In the fourth quarter of 2015, the Company recorded a goodwill and intangible asset impairment. For additional details, see Note 1 - Business, Basis of Presentation and Significant Accounting Policies . As of both December 31, 2015 and 2014 , the carrying amount of the Company’s 4.875% Senior Notes totaled $400 million . As of December 31, 2015 and 2014 , the estimated fair value of the 4.875% Senior Notes, based on quoted market prices in active markets, a Level 1 input , totaled $344.0 million and $375.0 million , respectively. Cost and Equity Method Investments. The aggregate carrying value of the Company’s cost and equity method investment assets totaled approximately $16.7 million and $17.7 million as of December 31, 2015 and 2014 , respectively. In addition, as of December 31, 2014, the Company had approximately $32.4 million recorded within other current liabilities relating to one of its equity method investments, as discussed in Note 3 - Acquisitions. Included in the Company’s cost and equity method investments are: (i) a $15 million cost investment in Cross Country Pipeline Supply, Inc. (“CCP”), which is a related party, as discussed in Note 16 - Related Party Transactions; (ii) two joint ventures acquired in connection with the Company’s acquisition of Pacer, as described in Note 3 - Acquisitions and; (iii) the Company’s equity interests in Trans-Pecos Pipeline, LLC (“TPP”) and Comanche Trail Pipeline, LLC (“CTP,” and together with TPP, the “ Waha JVs ”). In June 2015, MasTec acquired 33% equity interests in the Waha JVs for an aggregate initial investment of $6 million and commitments of future equity contributions and/or loan guarantees of up to an additional $78 million . The joint ventures were formed to 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 2016. Each pipeline is planned to interconnect at the United States/Mexico border with pipelines currently under development and construction in Mexico. In the fourth quarter of 2015, TPP and CTP entered into separate non-recourse financing facilities, which are each secured by pledges of the equity interests in the respective entities, as well as a first lien security interest over virtually all of TPP’s and CTP’s assets. To moderate exposure to interest rate fluctuations on the financing facilities, TPP and CTP each entered into interest rate swaps. Until TPP and CTP obtain the required regulatory approval for the projects, the swaps are guaranteed by TPP and CTP’s equity investors, including MasTec, for their proportionate share of any potential losses associated with early termination of the swaps. The Company is also subject to its proportionate share of any recognized unrealized fair market value gains or losses from fluctuations in interest rates associated with these swaps. For the year ended December 31, 2015 , the Company’s proportionate share of unrealized fair market value losses on these interest rate swaps was approximately $4 million , which was reflected within other long-term liabilities in the consolidated balance sheets. The Company made equity contributions of approximately $56 million , inclusive of the initial $6 million , to these joint ventures in 2015, which were repaid to the Company in the fourth quarter of 2015 through borrowings under the financing facilities. As required by the financing facilities, MasTec issued letters of credit as collateral for its equity commitments to the joint ventures totaling $78 million (the “Equity LC Amount”). Until TPP and CTP obtain the required regulatory approval for the projects, borrowings under the financing facilities must be guaranteed or collateralized by TPP and CTP’s equity investors, including MasTec, for their proportionate share of the borrowings. Accordingly, to collateralize its share of the borrowings, MasTec increased the face amount of the letters of credit by $8 million to $86 million as of December 31, 2015 , and in the first quarter of 2016, by another $45 million to $131 million . The Company expects the face amount of the letters of credit to be reduced in the first half of 2016 after obtaining the required regulatory approval for the projects, leaving only the Equity LC Amount outstanding. 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, 2015 or 2014 . |
Accounts Receivable, Net of All
Accounts Receivable, Net of Allowance | 12 Months Ended |
Dec. 31, 2015 | |
Receivables [Abstract] | |
Accounts Receivable, Net of Allowance | Note 6 - 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, 2015 2014 Contract billings $ 437.3 $ 669.7 Retainage 148.8 162.2 Costs and earnings in excess of billings 332.7 485.6 Accounts receivable, gross $ 918.8 $ 1,317.5 Less allowance for doubtful accounts (7.7 ) (13.9 ) Accounts receivable, net $ 911.1 $ 1,303.6 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, 2015 2014 Allowance for doubtful accounts at beginning of year $ 13.9 $ 15.7 Provision for doubtful accounts 2.1 1.8 Amounts charged against the allowance (8.3 ) (3.6 ) Allowance for doubtful accounts at end of year $ 7.7 $ 13.9 The provision for doubtful accounts for the year ended December 31, 2014 included 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 a customer’s bank for a nominal fee. This arrangement improved the collection cycle time of the related receivables, the effect of which amounted to an improvement in cash collections of approximately $12 million and $70 million for the years ended December 31, 2015 and 2014 , respectively. Cash collected from this arrangement is reflected within cash provided by operating activities in the consolidated statements of cash flows. The discount charge, which is included within interest expense in the consolidated statements of operations, totaled $1.6 million for the year ended December 31, 2015 . For year ended December 31, 2014 the discount charge was immaterial. |
Property and Equipment, Net
Property and Equipment, Net | 12 Months Ended |
Dec. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment, Net | Note 7 - 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, 2015 2014 Estimated Useful Lives (in years) Land $ 4.6 $ 4.6 Buildings and leasehold improvements 21.7 19.9 3-40 Machinery and equipment 912.9 926.1 2-20 Office furniture and equipment 136.9 126.1 3-7 Construction in progress 10.8 12.0 Total property and equipment $ 1,086.9 $ 1,088.7 Less accumulated depreciation and amortization (528.2 ) (465.6 ) Property and equipment, net $ 558.7 $ 623.1 The gross amount of capitalized internal-use software, which is included within office furniture and equipment, totaled $101.4 million and $92.7 million as of December 31, 2015 and 2014 , respectively. Capitalized internal-use software, net of accumulated amortization, totaled $33.4 million and $33.6 million as of December 31, 2015 and 2014 , respectively. Depreciation and amortization expense associated with property and equipment for the years ended December 31, 2015 , 2014 and 2013 totaled $141.3 million , $129.4 million and $119.7 million , respectively. |
Debt
Debt | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Debt | Note 8 - Debt The following table provides details of the carrying values of debt as of the dates indicated (in millions): December 31, Description Maturity Date 2015 2014 Senior secured credit facility: Revolving loans October 29, 2018 $ 208.5 $ 282.7 Term loan November 21, 2019 250.0 250.0 4.875% Senior Notes March 15, 2023 400.0 400.0 Other credit facilities Varies 16.4 1.2 Capital lease obligations, weighted average interest rate of 2.8% In installments through June 13, 2021 130.9 176.5 Notes payable, equipment, weighted average interest rate of 2.7% In installments through June 30, 2018 17.4 24.4 Total debt $ 1,023.2 $ 1,134.8 Less current maturities (77.7 ) (73.6 ) Long-term debt $ 945.5 $ 1,061.2 Senior Secured Credit Facility The Company’s senior secured credit facility, as amended to date, referred to as the Credit Facility, has aggregate borrowing commitments totaling $1.25 billion , which is 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 . 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 . 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 . Under 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 , subject to certain conditions. Borrowings under the Credit Facility are used for working capital requirements, capital expenditures and other corporate purposes, including equity, joint venture or other investments, the repurchase or prepayment of indebtedness and share repurchases. Approximately $1.5 million , $2.5 million and $1.9 million of financing costs were incurred during the years ended December 31, 2015 , 2014 and 2013, respectively, in connection with the Credit Facility. Total deferred financing costs associated with the Credit Facility, including the Term Loan, totaled $6.4 million and $6.9 million , net of accumulated amortization, as of December 31, 2015 and 2014 , respectively. As of December 31, 2015 and 2014 , outstanding revolving loans under the Credit Facility accrued interest at weighted average rates of approximately 2.95% and 2.18% per annum, respectively, and the Term Loan accrued interest at a rate of 2.42% and 1.92% as of December 31, 2015 and 2014 , respectively. Letters of credit of approximately $292.8 million and $153.6 million were issued as of December 31, 2015 and 2014 , respectively. As of December 31, 2015 and 2014 , letter of credit fees accrued at 1% and 0.875% per annum, respectively, for performance standby letters of credit and at 2% and 1.75% per annum, respectively, 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, 2015 and 2014 , borrowing capacity of $498.7 million and $563.7 million , respectively, was available for revolving loans, or up to $157.2 million and $296.4 million , respectively, for new letters of credit. The unused facility fee was 0.40% and 0.35% as of December 31, 2015 and 2014 , respectively. Under an “accordion” feature of the Credit Facility, the Company has the option, subject to certain conditions, 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 provides for a maximum Consolidated Leverage Ratio, as defined in the Credit Facility, of up to (i) 4.25 until September 29, 2016, (ii) 4.00 during the period commencing on September 30, 2016 and ending on December 30, 2016, and (iii) 3.50 thereafter (subject to the Acquisition Adjustment described below). The Credit Facility also requires that the Company maintain a minimum Consolidated Interest Coverage Ratio, as defined in the Credit Facility, of 3.00. The Credit Facility provides that, for purposes of calculating the Consolidated Leverage Ratio, certain cash charges may be added back to the calculation of Consolidated EBITDA, as defined in the Credit Facility, and funded indebtedness excludes the undrawn standby performance letters of credit. Additionally, notwithstanding the terms discussed above, subject to certain conditions, if a permitted acquisition or series of permitted acquisitions having consideration exceeding $50 million occurs during a fiscal quarter, the Consolidated Leverage Ratio may be temporarily increased to up to 3.75 during such fiscal quarter and the subsequent two fiscal quarters (the “Acquisition Adjustment”). 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, including the acceleration of repayment of outstanding amounts and other remedies with respect to the collateral securing the Credit Facility obligations. 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. Other Credit Facilities . The Company has other credit facilities that support the working capital requirements of its foreign operations. 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 Canadian $40.0 million and $45.0 million as of December 31, 2015 and 2014 , respectively, or approximately $28.9 million and $38.7 million , respectively. Outstanding borrowings totaled approximately $16.4 million and $1.2 million as of December 31, 2015 and 2014 , respectively, and accrued interest at weighted average rates of 3.6% and 4.0% , respectively . 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 sheets. The Company’s other credit facilities are subject to customary provisions and covenants. 4.875% Senior Notes and 7 .625% Senior Notes The Company has $400 million of 4.875% Senior Notes due March 15, 2023 , which were issued in March 2013 in a registered public offering. Interest on the 4.875% Senior Notes is payable on March 15 and September 15 of each year. 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 18 - 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 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. In connection with the delayed filings of certain of the Company’s SEC reports in 2015, the Company paid consent and solicitation agent fees of $0.9 million and $0.8 million , respectively, related to consents that extended the reporting deadlines of the 4.875% Senior Notes. The consent and solicitation agent fees were recorded within deferred financing costs and interest expense, respectively. In connection with the issuance of the 4.875% Senior Notes in 2013, approximately $7.7 million in financing costs were paid. Total deferred financing costs related to the 4.875% Senior Notes, net of accumulated amortization, were $6.4 million and $6.3 million , as of December 31, 2015 and 2014 , respectively. These deferred financing costs are included as prepaid expenses and other current assets and other long-term assets, as appropriate, within the consolidated balance sheets. 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. Senior Convertible Notes The Company’s 4.25% Convertible Notes matured and were converted in December 2014. The Company paid an aggregate of $97 million in cash and issued an aggregate of 2.4 million shares of its common stock to settle the 4.25% Convertible Notes in accordance with their respective terms. The value of the shares issued to settle the 4.25% Convertible Notes was $41.0 million , based on the closing price of the Company’s common stock on the date the shares were issued. Additionally, the Company’s 4.0% Convertible Notes matured and were converted in June 2014. The Company paid an aggregate of $105 million in cash and issued an aggregate of 4.2 million shares of its common stock to settle the 4.0% Convertible Notes in accordance with their respective terms. The value of the shares issued to settle the 4.0% Convertible Notes was $114.8 million , based on the closing price of the Company’s common stock on the date the shares were issued. The shares issued in settlement of the Convertible Notes were issued from the Company’s treasury stock. 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, 2015 and 2014 , $9.8 million and $20.2 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, 2015 and 2014 . Contractual Maturities of Debt and Capital Lease Obligations Contractual maturities of MasTec’s debt and capital lease obligations as of December 31, 2015 were as follows (in millions): 2016 $ 77.7 2017 60.2 2018 265.6 2019 219.2 2020 0.4 Thereafter 400.1 Total $ 1,023.2 Interest Expense, Net The following table provides details of interest expense, net, for the periods indicated (in millions): For the Years Ended December 31, 2015 2014 2013 Interest expense: Contractual and other interest expense (a) $ 45.8 $ 43.5 $ 37.6 Accretion of senior convertible note discount — 4.0 5.2 Amortization of deferred financing costs 2.9 3.4 4.0 Total interest expense $ 48.7 $ 50.9 $ 46.8 Interest income (0.6 ) (0.1 ) (0.4 ) Interest expense, net $ 48.1 $ 50.8 $ 46.4 (a) Contractual and other interest expense for the year ended December 31, 2015 includes $0.8 million of consent solicitation agent fees related to the delay in filing of the Company’s 2014 Form 10-K and its First Quarter 2015 Form 10-Q, as well as $1.6 million of discount fees related to financing arrangements. As of December 31, 2015 and 2014 , accrued interest payable, which is recorded within other accrued expenses in the consolidated balance sheets, totaled $7.7 million , and $7.4 million , respectively. |
Lease Obligations
Lease Obligations | 12 Months Ended |
Dec. 31, 2015 | |
Leases [Abstract] | |
Lease Obligations | Note 9 - 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, which are included within property and equipment, net, in the consolidated balance sheets, totaled $286.3 million and $281.6 million as of December 31, 2015 and 2014 , respectively. Assets held under capital leases, net of accumulated depreciation, totaled $193.3 million and $217.8 million as of December 31, 2015 and 2014 , 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. See Note 16 - Related Party Transactions. 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 $81.8 million , $71.5 million and $53.3 million for the years ended December 31, 2015 , 2014 and 2013 , respectively. The Company also incurred expenses relating to facilities, vehicles and equipment having original terms of one year or less of approximately $196.2 million , $191.7 million and $200.1 million for the years ended December 31, 2015 , 2014 and 2013 , 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, 2015 , were as follows (in millions): Capital Leases Operating Leases 2016 $ 57.6 $ 75.0 2017 45.6 51.8 2018 26.8 36.3 2019 7.6 18.3 2020 0.5 9.9 Thereafter 0.1 10.0 Total minimum lease payments $ 138.2 $ 201.3 Less amounts representing interest (7.3 ) Total capital lease obligations, net of interest $ 130.9 Less current portion (54.8 ) Long-term portion of capital lease obligations, net of interest $ 76.1 |
Stock-Based Compensation and Ot
Stock-Based Compensation and Other Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2015 | |
Share-based Compensation [Abstract] | |
Stock-Based Compensation and Other Employee Benefit Plans | Note 10 – 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”) 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 plans that were 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”) permits the issuance of up to 1,000,000 new shares of MasTec, Inc. common stock to eligible employees and the MasTec, Inc. 2011 Employee Stock Purchase Plan, as amended in 2015 (together with the 2013 Bargaining Units ESPP, the “ESPPs”) provides for the issuance of up to 2,000,000 shares of MasTec, Inc. common stock for eligible employees, of which 1,000,000 shares became available in January 2016. Under all stock-based compensation plans in effect as of December 31, 2015 , there were approximately 4,795,000 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, 2015 was approximately $24.1 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 closing share price on the date of vesting, totaled $8.1 million , $17.5 million and $2.2 million , respectively, for the years ended December 31, 2015 , 2014 and 2013 . 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, 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 Granted 706,761 17.27 Vested (446,874 ) 21.24 Canceled/forfeited (44,300 ) 26.11 Non-vested restricted shares, as of December 31, 2015 1,630,232 $ 22.94 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 Remaining Contractual Life (in years) Aggregate Intrinsic Value (a) (in millions) 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 Exercised (81,971 ) 9.60 Canceled/forfeited — Options outstanding and exercisable as of December 31, 2015 202,700 $ 13.06 0.55 $ 0.9 (a) Amount represents the difference between the exercise price and the closing share price of the Company’s common 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 which is based on the difference between the exercise price and the closing share price of the Company’s common stock as of the date of exercise, totaled $0.8 million , $6.5 million and $10.6 million for the years ended December 31, 2015 , 2014 and 2013 , respectively. Proceeds from options exercised totaled $0.5 million , $0.8 million and $3.9 million for the years ended December 31, 2015 , 2014 and 2013 , 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, 2015 2014 2013 Cash proceeds (in millions) $ 2.0 $ 3.3 $ 6.4 Common shares issued 134,389 136,918 454,523 Weighted average price per share $ 14.67 $ 24.33 $ 14.19 Weighted average per share grant date fair value $ 4.22 $ 5.81 $ 5.60 Due to the delay in filing of the Company’s 2014 Form 10-K, contributions to the ESPPs were temporarily suspended in the second quarter of 2015. Contributions resumed in the third quarter of 2015. 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, 2015 2014 2013 Non-cash stock-based compensation expense $ 12.4 $ 15.9 $ 12.9 Income Tax Effects: Income tax benefit from non-cash stock-based compensation $ 4.2 $ 8.7 $ 9.7 Excess tax benefit from non-cash stock-based compensation (a) $ 0.1 $ 3.7 $ 4.3 (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, are paid quarterly. During the years ended December 31, 2015 , 2014 and 2013 , matching contributions totaled approximately $10.2 million , $7.9 million and $5.9 million , respectively. Deferred Compensation Plans. 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. The Company also offers a deferred compensation plan to its Board of Directors, under which directors may elect to defer the receipt of compensation for their services. Total deferred compensation plan assets, which are included within other long-term assets in the consolidated balance sheets, totaled $7.6 million and $6.2 million as of December 31, 2015 and 2014 , respectively. Total deferred compensation plan liabilities, which are included within other long-term liabilities in the consolidated balance sheets, totaled $7.4 million and $6.1 million as of December 31, 2015 and 2014 , respectively. |
Other Retirement Plans
Other Retirement Plans | 12 Months Ended |
Dec. 31, 2015 | |
Multiemployer Plans [Abstract] | |
Other Retirement Plans | Note 11 – Other Retirement Plans Multiemployer Plans. Certain of MasTec’s subsidiaries, including certain subsidiaries in Canada, 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 multiemployer pension and other multiemployer benefit plans and trusts. These contributions 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. Multiemployer 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 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 Pension Protection Act of 2006, as amended, (the “PPA”) defines the funding rules for defined benefit pension plans and establishes funding classifications for U.S.-registered multiemployer pension plans. In December 2014, the Multiemployer Pension Reform Act of 2014 (the “MPRA”) was enacted to amend and permanently extend the PPA. Under the PPA, plans are classified into one of five categories, based on multiple factors. The amendments that became effective with MPRA include a new “critical and declining” category. The plan classifications, also referred to as a plan’s “ zone status, ” are: Green (safe), Yellow (endangered), Orange (seriously endangered), and Red (critical or critical and declining). Factors included in the determination of a plan’s zone status include: funded percentage, cash flow position and whether the plan is projecting a minimum funding deficiency. A multiemployer plan that is so underfunded as to be in “endangered,” “seriously endangered,” “critical,” or “critical and declining” status (as determined under the PPA) 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,”, “critical”, or “critical and declining” 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 multiemployer 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 multiemployer pension plans that were in critical status in order to mitigate potential future liability in connection with these plans, for which 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 in these plans, 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 multiemployer pension plan that was in critical status, and 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 $3.0 million and $4.2 million was outstanding as of December 31, 2015 and 2014, respectively, which is included within other current and other long-term liabilities, as appropriate, in the consolidated balance sheets. See Note 15 - Commitments and Contingencies for additional information. Details of significant multiemployer 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 Multiemployer Employer Identification Number Plan Number 2015 2014 2013 Expiration Date of CBA 2015 As of 2014 As of FIP/RP Status Surcharge Central Pension Fund of the I.U.O.E and Participating Employers 366052390 001 $ 5.7 $ 6.5 $ 10.8 06/01/2017 Green 01/31/2015 (a) Green 01/31/2014 (a) NA No Pipeline Industry Pension Fund 736146433 001 2.5 4.8 9.8 06/02/2017 Green 12/31/2014 (b) Green 12/31/2013 (b) NA No International Union of Operating Engineers' Local 132 Pension Fund 556015364 001 1.9 — 0.4 06/01/2017 Green 03/31/2015 Green 03/31/2014 NA No West Virginia Laborers' Pension Trust Fund 556026775 001 1.4 0.4 0.5 06/01/2017 Green 03/31/2015 Green 03/31/2014 NA No National Electrical Benefit Fund 530181657 001 1.4 1.3 1.1 Varies through 06/02/2018 Green 12/31/2014 Green 12/31/2013 NA No Teamsters National Pipe Line Pension Fund 461102851 001 1.4 1.7 2.7 06/01/2017 Green 12/31/2014 (b) Green 12/31/2013 (b) NA No Michigan Laborers' Pension Fund 386233976 001 0.8 2.1 4.3 06/01/2017 Yellow 08/31/2015 Yellow 08/31/2014 (a)(b) Implemented No Laborers' National Pension Fund 751280827 001 0.8 0.8 1.1 06/01/2017 Green 12/31/2014 Green 12/31/2013 NA No Laborers' District Council of Western Pennsylvania Pension Fund 256135576 001 0.5 1.5 0.4 06/01/2017 Red 12/31/2014 Red 12/31/2013 Implemented No I.B.E.W. Local 769 Management Pension Plan A 866049763 001 0.3 1.6 0.7 07/30/2016 Green 06/30/2015 Green 06/30/2014 (b) NA No Eighth District Electrical Pension Fund 846100393 001 0.2 0.9 2.2 02/28/2018 Green 03/31/2015 Green 03/31/2014 NA No Operating Engineers' Construction Industry and Misc. Pension Fund 256135579 001 0.1 1.2 0.1 06/01/2017 Green 12/31/2014 (a) Green 12/31/2013 (a) NA No Operating Engineers' Local 324 Pension Fund 381900637 001 — 1.7 4.5 06/01/2017 Red 04/30/2015 Red 04/30/2014 Implemented No Other funds 6.8 (c) 7.4 (c) 6.0 Total multiemployer pension plan contributions $ 23.8 $ 31.9 $ 44.6 (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) The 2015 and 2014 contributions include approximately $1.4 million and $0.9 million U.S. dollars, respectively, for Canadian multiemployer 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 multiemployer pension plans are not subject to the provisions of ERISA or the funding rules under the PPA that apply to U.S. registered multiemployer pension plans. Contributions to Canadian multiemployer pension plans are based on fixed amounts per hour per employee for employees covered under these plans. Total contributions to multiemployer plans, and the related number of employees covered by these plans, including with respect to the Company’s Canadian operations for the periods indicated, were as follows: Multiemployer Plans Covered Employees Contributions (in millions) For the Years Ended December 31: Low High Pension Other Multiemployer Total 2015 590 2,463 $ 23.8 $ 9.0 $ 32.8 2014 590 2,167 $ 31.9 $ 4.5 $ 36.4 2013 778 2,734 $ 44.6 $ 3.6 $ 48.2 The average number of employees covered under multiemployer plans in which the Company participates has decreased in recent years, due to fewer union resource-based projects, which resulted in a decrease in total multiemployer plan contributions. This decrease was partially offset by higher contribution amounts and per employee contribution rates for certain other multiemployer plans as a result of changes in project and plan mix. 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, 2015 | |
Equity [Abstract] | |
Equity | Note 12 – Equity Share Activity During the first half of 2015, the Company repurchased 5.2 million shares of its common stock for an aggregate purchase price of $100 million , which completed the share repurchase program authorized by the Company’s Board of Directors in the fourth quarter of 2014. 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 8 - Debt. Subsequent Event In February 2016, the Company’s Board of Directors authorized a $100 million share repurchase program (the “2016 Share Repurchase Program”). Under the 2016 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. Comprehensive Income (Loss) Comprehensive income (loss) is a measure of net income (loss) and other changes in equity that result from transactions other than those with shareholders. Comprehensive income (loss) consists of net income (loss), foreign currency translation adjustments, unrealized gains and losses from available-for-sale securities and net income (loss) attributable to non-controlling interests. Accumulated Other Comprehensive Loss Accumulated other comprehensive loss activity for the periods indicated was as follows (in thousands): For the Years Ended December 31, 2015 2014 2013 Unrealized (Losses) Gains Foreign Currency Other Total Foreign Currency Other Total Foreign Currency Other Total Balance as of January 1 $ (28,716 ) $ (5,288 ) $ (34,004 ) $ (7,998 ) $ (5,288 ) $ (13,286 ) $ (105 ) $ (5,396 ) $ (5,501 ) Activity before reclassifications, net of tax (38,347 ) — (38,347 ) (20,718 ) — (20,718 ) (7,893 ) 337 (7,556 ) Reclassifications, net of tax — — — — — — — (229 ) (229 ) Activity, net of tax $ (38,347 ) $ — $ (38,347 ) $ (20,718 ) $ — $ (20,718 ) $ (7,893 ) $ 108 $ (7,785 ) Balance as of December 31 $ (67,063 ) $ (5,288 ) $ (72,351 ) $ (28,716 ) $ (5,288 ) $ (34,004 ) $ (7,998 ) $ (5,288 ) $ (13,286 ) 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 is related primarily to the Company’s Canadian operations, including expansion of certain of the Company’s organic business operations into Canada. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 13 - Income Taxes The components of (loss) income from continuing operations before income taxes for the periods indicated were as follows (in millions): For the Years Ended December 31, 2015 2014 2013 Domestic $ (26.5 ) $ 171.4 $ 233.4 Foreign (41.2 ) 27.0 6.8 Total $ (67.7 ) $ 198.4 $ 240.2 The provision for income taxes from continuing operations for the periods indicated were as follows (in millions): For the Years Ended December 31, 2015 2014 2013 Current: Federal $ (4.5 ) $ 47.3 $ 77.0 Foreign 9.4 3.9 1.7 State and local 3.3 6.6 10.9 $ 8.2 $ 57.8 $ 89.6 Deferred: Federal $ 25.7 $ 14.9 $ 0.5 Foreign (19.9 ) 2.7 (1.5 ) State and local (2.0 ) 1.0 3.9 $ 3.8 $ 18.6 $ 2.9 Provision for income taxes $ 12.0 $ 76.4 $ 92.5 The benefit from income taxes from discontinued operations for the year ended December 31, 2014 totaled $4.3 million . 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, 2015 2014 Deferred tax assets: Accrued self-insurance $ 27.7 $ 26.0 Operating loss carryforwards 29.9 17.8 Compensation and benefits 17.7 20.7 Bad debt 3.1 5.0 Other 13.1 15.9 Valuation allowance (0.3 ) (0.2 ) Total deferred tax assets $ 91.2 $ 85.2 Deferred tax liabilities: Property and equipment $ 118.9 $ 114.3 Goodwill 57.7 47.5 Other intangible assets 37.8 44.0 Gain on remeasurement of equity investee 11.2 11.2 Long-term contracts 18.8 28.7 Other 16.4 11.3 Total deferred tax liabilities $ 260.8 $ 257.0 Net deferred tax liabilities $ (169.6 ) $ (171.8 ) 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, 2015 2014 Current deferred tax assets, net $ 19.2 $ 31.7 Long-term deferred tax liabilities, net (188.8 ) (203.5 ) Net deferred tax liabilities $ (169.6 ) $ (171.8 ) In assessing the ability to realize the deferred tax assets, management considers whether it is more likely than not that some portion or all of the 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’s valuation allowances as of December 31, 2015 and 2014 are related primarily to 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 $9.6 million and $5.0 million as of December 31, 2015 and 2014 , respectively. The Company’s foreign net operating loss carryforwards, which are primarily related to the Company’s Canadian operations, totaled approximately $16.5 million and $12.8 million as of December 31, 2015 and 2014 , respectively. These foreign net operating loss carryforwards begin to expire in 2033 . The Company’s federal net operating loss carryforwards, which begin to expire in 2022 , totaled $3.8 million as of December 31, 2015 , and an immaterial amount as of December 31, 2014. As of December 31, 2015 , 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 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, 2015 2014 2013 U.S. statutory federal rate applied to pretax income 35.0 % 35.0 % 35.0 % State and local income taxes, net of federal benefit (1.0 ) 3.7 4.0 Foreign tax rate differential (14.4 ) (1.3 ) (0.4 ) Non-deductible expenses (13.5 ) 3.4 2.4 Goodwill and intangible asset impairment (17.7 ) 0.0 0.0 Change in state tax rate (3.6 ) (0.7 ) 1.2 Domestic production activities deduction (1.0 ) (1.6 ) (2.5 ) Other (1.4 ) (0.1 ) (0.8 ) Valuation allowance for deferred tax assets 0.0 0.1 (0.4 ) Effective income tax rate (17.6 )% 38.5 % 38.5 % 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 all 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, no tax benefit has been recognized in the Company’s 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 for the years ended December 31, 2015 or 2014 . The IRS completed its examinations of the Company’s federal income tax returns for the calendar years 2012 and 2013. As a result, the Company received a refund totaling approximately $3.5 million relating primarily to the timing of certain deductions relating to the Company’s fixed assets. 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, 2015 , the Company is no longer subject to U.S. federal or state examinations by taxing authorities for years before 2012. |
Segments and Related Informatio
Segments and Related Information | 12 Months Ended |
Dec. 31, 2015 | |
Segment Reporting [Abstract] | |
Segments and Related Information | Note 14 - 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. 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 , among others. 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/biofuel facilities and various types of industrial infrastructure. The Other segment includes a proportionately consolidated non-controlled Canadian joint venture, equity method investments and other small business units that perform construction services in a variety of international end-markets. 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 revenue 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 revenue 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, acquisition-related transaction costs (exclusive of acquisition integration costs, which are included within the segment results of the acquired business), and other discrete items, such as goodwill and intangible asset impairment . 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 understand the Company’s financial results and assess 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. For the year ended December 31, 2015: (i) Communications segment EBITDA included $17.8 million of acquisition integration costs resulting from the WesTower acquisition; (ii) Electrical Transmission segment EBITDA included a $12.2 million charge relating to a court mandated mediation settlement; (iii) Other segment EBITDA included $16.3 million of project losses on a proportionately consolidated non-controlled Canadian joint venture and $4.4 million of recognized unrealized losses on interest rate swaps incurred by our equity method investments in the Waha JVs; (iv) Corporate segment EBITDA included $78.6 million of goodwill and intangible asset impairment and $16.5 million of Audit Committee independent investigation related costs; and (v) Power Generation and Industrial segment EBITDA included $21.4 million of losses on a Canadian wind project. For the year ended December 31, 2014 Communications segment EBITDA 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: 2015 2014 2013 Communications (a) $ 1,973.2 $ 2,041.0 $ 1,962.6 Oil and Gas 1,495.1 1,731.4 1,628.8 Electrical Transmission 341.5 471.9 428.8 Power Generation and Industrial 381.6 357.0 294.3 Other 24.1 14.7 12.3 Eliminations (7.2 ) (4.2 ) (2.0 ) Consolidated revenue $ 4,208.3 $ 4,611.8 $ 4,324.8 (a) Revenue generated primarily by utilities customers represented 10.6% , 6.8% and 6.9% of Communications segment revenue for the years ended December 31, 2015 , 2014 and 2013 , respectively. For the Years Ended December 31, EBITDA - Continuing Operations: 2015 2014 2013 Communications $ 194.8 $ 204.0 $ 247.7 Oil and Gas (a) 157.0 195.1 215.9 Electrical Transmission (71.3 ) 45.0 41.2 Power Generation and Industrial 8.8 14.2 (16.3 ) Other (b) (18.8 ) (1.2 ) 0.5 Corporate (c) (120.5 ) (53.4 ) (61.4 ) Consolidated EBITDA - Continuing operations $ 150.0 $ 403.7 $ 427.6 (a) Oil and Gas EBITDA includes equity in losses from unconsolidated affiliates of $3.6 million and $0.3 million for the years ended December 31, 2015 and 2014 , respectively. (b) Other EBITDA includes equity in losses from unconsolidated affiliates of $4.4 million for the year ended December 31, 2015 . (c) Corporate EBITDA includes goodwill and intangible asset impairment of $78.6 million for the year ended December 31, 2015 . For the Years Ended December 31, Depreciation and Amortization: 2015 2014 2013 Communications $ 50.6 $ 42.6 $ 36.8 Oil and Gas 84.5 82.8 80.9 Electrical Transmission 21.1 17.1 12.6 Power Generation and Industrial 6.6 6.4 6.7 Other 0.1 — — Corporate 6.8 5.6 3.9 Consolidated depreciation and amortization $ 169.7 $ 154.5 $ 140.9 As of December 31, Assets: 2015 2014 2013 (a) Communications $ 1,032.2 $ 1,197.4 $ 973.5 Oil and Gas (b) 1,131.4 1,389.5 1,060.8 Electrical Transmission 409.1 489.5 449.3 Power Generation and Industrial 252.5 340.1 324.5 Other 34.3 24.6 22.8 Corporate 80.7 122.9 79.8 Consolidated segment assets $ 2,940.2 $ 3,564.0 $ 2,910.7 (a) Consolidated total assets were $2,923.2 million as of December 31, 2013, including assets of discontinued operations of $12.5 million . (b) Includes $1.7 million and $2.7 million , net, of investments in equity method investees as of December 31, 2015 and 2014 , respectively. For the Years Ended December 31, Capital Expenditures: 2015 2014 2013 Communications $ 25.8 $ 23.4 $ 25.1 Oil and Gas 38.1 44.2 67.4 Electrical Transmission 13.0 25.8 17.6 Power Generation and Industrial 3.5 6.7 5.7 Other 0.2 — — Corporate 3.8 9.2 10.3 Consolidated capital expenditures $ 84.4 $ 109.3 $ 126.1 The following table presents a reconciliation of EBITDA to consolidated (loss) income from continuing operations before income taxes: For the Years Ended December 31, EBITDA Reconciliation: 2015 2014 2013 EBITDA - Continuing operations $ 150.0 $ 403.7 $ 427.6 Less: Interest expense, net (48.1 ) (50.8 ) (46.4 ) Depreciation and amortization (169.7 ) (154.5 ) (140.9 ) (Loss) income from continuing operations before income taxes $ (67.7 ) $ 198.4 $ 240.2 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, 2015 , 2014 and 2013 , revenue of $3.6 billion , $3.9 billion and $4.1 billion , respectively, was derived from U.S. operations, and revenue of $574.8 million , $699.9 million and $268.1 million , respectively, was derived from foreign operations, primarily in Canada. The majority of the Company’s foreign operations during the years ended December 31, 2015 , 2014 and 2013 were in the Company’s Oil and Gas segment. Long-lived assets held in the U.S. included property and equipment, net, of $464.6 million , $494.1 million and $436.9 million as of December 31, 2015 , 2014 and 2013 , respectively. Long-lived assets held in foreign countries, primarily in Canada, included property and equipment, net, of $94.1 million , $129.0 million and $51.2 million as of December 31, 2015 , 2014 and 2013 , respectively. Intangible assets and goodwill, net, of approximately $1.1 billion , $1.1 billion and $1.0 billion as of December 31, 2015 , 2014 and 2013 , respectively, related to the Company’s U.S. operations. Intangible assets and goodwill, net, of $107.3 million , $227.7 million and $92.9 million as of December 31, 2015 , 2014 and 2013 , respectively, related to businesses in foreign countries, primarily in Canada. Foreign customers accounted for approximately 17% , 20% and 9% of the Company’s consolidated net accounts receivable position as of December 31, 2015 , 2014 and 2013 , respectively, which represents accounts receivable, net, less billings in excess of costs and earnings. Significant Customers Revenue concentration information for significant customers as a percentage of total consolidated revenue was as follows: For the Years Ended December 31, 2015 2014 2013 Customer: AT&T (including DIRECTV®) (a)(b) 32% 33% 32% Enbridge, Inc. (c) 1% 8% 18% (a) The Company’s relationship with AT&T is based upon multiple separate master service agreements, other service agreements and construction/installation contracts for AT&T’s (i) wireless, (ii) wireline/fiber, (iii) home security and automation businesses, and (iv) for DIRECTV® services, is based upon an agreement to provide installation and maintenance services. Revenue from AT&T is included in the Communications segment. (b) DIRECTV® was acquired by AT&T in July 2015. Revenue from DIRECTV® is presented on a combined basis with AT&T for all periods. (c) The Company's relationship with Enbridge, Inc. is based upon various construction contracts for pipeline activities. Revenue from Enbridge, Inc. is primarily included in the Oil and Gas segment. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 15 - 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 agreed 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 pursued claims in excess of $40 million for breach of contract, including PPL’s breach of its implied duty of good faith and fair dealing. After the parties completed discovery, in July 2015, PPL filed a motion for partial summary judgment, which was subsequently denied by the federal court. On October 5, 2015, trial proceedings commenced and during this process, the federal court required the parties to mediate, resulting in a settlement agreement in which the Company was awarded monies that were received in the fourth quarter of 2015. This settlement resulted in a charge of $12.2 million , related to the reduction of receivables associated with this contract. This charge was recorded within other expense of the Electrical Transmission segment in the third quarter of 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 received amounts that were 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, José R. Mas, and the Company’s Chief Financial Officer, George L. Pita, as defendants. On August 5, 2015, co-lead plaintiffs were appointed, and an amended complaint was filed on October 13, 2015. 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 Audit Committee’s independent internal investigation. The amended complaint seeks damages stemming from losses Plaintiffs claim to have suffered as a result of purchasing Company securities at an allegedly inflated market price. On December 14, 2015, the Company filed a motion to dismiss the amended complaint. On February 12, 2016, the Plaintiffs responded to the Company’s motion to dismiss. The District Court also scheduled a two-week trial period beginning on March 20, 2017 pending its ruling on the Company’s motion to dismiss. 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. Other Commitments and Contingencies Regulatory Matters. As previously disclosed, the Company self-reported to the staff of the SEC (the “Staff”) regarding the previously disclosed Audit Committee’s independent investigation. On December 2, 2015, the Company was notified by the Staff that it had commenced a formal civil investigation relating to the previously disclosed adjustments to the 2014 financial statements and Audit Committee independent 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 9 - Lease Obligations and Note 16 - Related Party Transactions. 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 as well as certain obligations associated with the Company’s equity method investments. 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, 2015 and 2014 , there were $292.8 million and $153.6 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, 2015 or 2014 . 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, 2015 , the estimated cost to complete projects secured by the Company’s $539.3 million in performance and payment bonds was $36.0 million . 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 . These amounts do not include performance and payment bonds associated with the Company’s equity method investments and proportionately consolidated non-controlled Canadian joint venture, which are separately disclosed in Note 3 - Acquisitions. Investments in Affiliates and Other Entities. The Company holds an undivided interest in a proportionately consolidated non-controlled Canadian contractual joint venture, which is managed by a third party, for the purpose of providing infrastructure construction services for a civil construction project. This joint venture automatically terminates upon completion of the project. 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 venture partner indemnify the other party for any liabilities incurred by such joint venture in excess of its ratable portion of such liabilities. Thus, it is possible that the Company could be required to pay or perform obligations in excess of its share if the other joint venture partner fails or refuses to pay or perform its share of the obligations. As of December 31, 2015, the Company was not aware of circumstances that would reasonably lead to future claims against it for material amounts. The Company has other investment arrangements, including equity investments in joint ventures, as discussed in Note 3 - Acquisitions and Note 5 - Fair Value of Financial Instruments. From time to time, the Company may provide financing, performance, financial and/or other guarantees to or on behalf of its unconsolidated affiliates, including its equity method investees and/or proportionately consolidated non-controlled Canadian joint venture. 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, 2015 and 2014 , MasTec’s liability for unpaid claims and associated expenses, including incurred but not reported losses related to these policies, totaled $76.1 million and $70.3 million , respectively, of which $47.5 million and $39.6 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, 2015 and 2014 totaled $1.6 million and $4.4 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 $83.2 million and $75.0 million as of December 31, 2015 and 2014 , respectively. In addition, cash collateral deposited with insurance carriers, which is included within other long-term assets in the consolidated balance sheets, amounted to $1.3 million and $1.2 million for these policies as of December 31, 2015 and 2014 , respectively. Outstanding surety bonds related to workers’ compensation self-insurance programs amounted to $13.4 million and $13.0 million as of December 31, 2015 and 2014 , 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 Multiemployer Plans. As discussed in Note 11 - Other Retirement Plans, certain of MasTec’s subsidiaries are party to various collective bargaining agreements with unions representing certain of their employees. The Employee Retirement Income Security Act of 1974, as amended by the Multiemployer Pension Plan Amendments Act of 1980 (collectively, “ERISA ” ), which governs U.S.-registered multiemployer 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 that are contributors to U.S.-registered multiemployer defined benefit plans, a plan’s termination, an employer’s voluntary withdrawal from, or the mass withdrawal of contributing employers from, an underfunded multiemployer defined benefit plan requires participating employers to make payments to the plan for their proportionate share of the multiemployer 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. Other than the Company’s 2011 withdrawal from Central States, as discussed in Note 11 - Other Retirement Plans, the Company does not have plans to withdraw from, and is not aware of related liabilities associated with these plans. However, there can be no assurance that the Company will not be assessed liabilities in the future. The PPA requires that underfunded pension plans improve their funding ratios within prescribed intervals based on their level of underfunding, under which benefit reductions may apply and/or participating employers could be required to make additional contributions. In addition, if a multiemployer 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, 2015 , several of the multiemployer pension plans in which it participates are underfunded and, as a result, the Company could be required to increase its contributions, including in the form of a surcharge on future benefit contributions. 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 these plans, investment returns and the level of underfunding of such plans. As discussed in Note 11 - Other Retirement Plans, in November 2014, the Company, along with other members of the PLCA, voluntarily terminated its participation in several defined benefit multiemployer pension plans. Additionally, in November 2011, the Company, along with other members of the PLCA, voluntarily withdrew from Central States. Subsequent to the Company’s withdrawal in 2011, Central States asserted that the PLCA members did not effectively withdraw in 2011. In September 2015, the withdrawal date dispute was resolved in the PLCA’s favor by the U.S. Court of Appeals for the Seventh Circuit in a decision finding that the PLCA members lawfully and effectively withdrew from Central States by and through their actions in 2011. Based on current discussions with Central States, the plan will be providing the PLCA members with updated withdrawal liability information, taking into consideration payments to date. The Company does not expect a material impact to the recorded withdrawal liability, however there can be no assurance as to the final amount as determined by the plan administrator. 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, 2015 and 2014 , 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 proportionately consolidated non-controlled Canadian joint venture and certain of its equity investees. See Note 3 - Acquisitions and Note 5 - Fair Value of Financial Instruments for discussion of certain of the Company’s equity method investees and other investment arrangements, including related guarantees. MasTec also generally warrants the work it performs for a one to two-year period following substantial completion of a project. Much of the work performed by the Company is evaluated for defects shortly after the work is completed. MasTec has not historically accrued reserves for potential warranty claims as they have not been material. However, if warranty claims occur, the Company could be required to repair or replace warrantied items, or, if customers elect to repair or replace the warrantied item using the services of another provider, the Company could be required to pay for the cost of the repair or replacement. 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; customer consolidation; seasonality; adverse weather conditions; fluctuations in geographic or other operational factors; economic downturns; technological, legislative and/or regulatory changes affecting the Company’s businesses; 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 multiemployer 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 maintains a diverse customer base. The Company believes its billing and collection policies are adequate to minimize potential credit risk. 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). In the third quarter of 2015, DIRECTV® was acquired by AT&T. Revenue from DIRECTV® is presented on a combined basis with AT&T for all periods presented. Giving retroactive effect to the acquisition of DIRECTV® by AT&T, the Company had approximately 530 customers for the year ended December 31, 2015 . As of December 31, 2015 one customer accounted for approximately 12% of the Company’s consolidated net accounts receivable position, which represents accounts receivable, net, less billings in excess of costs and earnings, and, as of December 31, 2014, a separate customer accounted for approximately 19% of the Company’s consolidated net accounts receivable position. In addition, the Company derived 61% , 66% and 71% , of revenue from its top ten customers for the for the years ended December 31, 2015 , 2014 and 2013 , respectively. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2015 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Note 16 - 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 . 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 and Juan Carlos Mas is a minority shareholder of CCP. For the years ended December 31, 2015 , 2014 and 2013 , MasTec paid CCP approximately $10.6 million , $6.3 million and $1.3 million , respectively, for equipment rentals, leases and servicing, and as of December 31, 2015 and 2014 , related payables totaled approximately $0.6 million and $1.3 million , respectively. MasTec leases employees to a customer in which Jorge Mas and José R. Mas own a majority interest. For the years ended December 31, 2015 , 2014 and 2013 , MasTec charged approximately $0.8 million , $0.7 million and $0.6 million , respectively, to this customer. As of both December 31, 2015 and 2014 , 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, 2015 , 2014 and 2013 , revenue from satellite communication services provided to this customer totaled approximately $0.9 million , $1.0 million and $1.3 million , respectively, and as of December 31, 2015 and 2014 , related receivables totaled approximately $0.3 million and $0.5 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, 2015 , 2014 and 2013 , lease payments associated with this property totaled approximately $48,000 , $48,000 and $52,000 , respectively. The Company entered into a leasing arrangement in 2015 with a third party that leases an aircraft from a Company owned by Jorge Mas. The amount paid by the Company under this arrangement for the year ended December 31, 2015 was immaterial. Certain of the Company’s subsidiaries have entered into related party lease arrangements for operational facilities and equipment, typically with the former owners of acquired businesses. Related party lease payments for the years ended December 31, 2015 , 2014 and 2013 totaled approximately $22.1 million , $12.2 million and $11.5 million , respectively. In addition, certain subsidiaries have entered into related party arrangements for various types of services, including project-related site restoration and marketing and business development activities, for which the Company paid approximately $10.5 million , $6.0 million and $9.2 million for the years ended December 31, 2015 , 2014 and 2013 , respectively. Split Dollar Agreements MasTec has a split dollar agreement with José R. Mas, which became effective in August 2014 and replaced a prior split dollar and deferred bonus agreement. 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. MasTec also has a split dollar agreement with Jorge Mas, which became effective in October 2013 and replaced a prior split dollar and deferred bonus agreement. 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, 2015 , the Company paid $0.7 million in connection with the split dollar agreement for José R. Mas. 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 year ended December 31, 2013 , the Company did not make any payments in respect thereof. The Company paid approximately $1.1 million for both the years ended December 31, 2015 and 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 these agreements. As of December 31, 2015 and 2014 , life insurance assets associated with these agreements totaled $13.0 million and $11.1 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, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Information (Unaudited) | Note 17 – Quarterly Information (Unaudited) The following tables present selected unaudited quarterly operating results for the years ended December 31, 2015 and 2014 (in millions, except per share data). 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 2015 Quarters Ended For the 2014 Quarters Ended March 31 June 30 September 30 December 31 March 31 (b) June 30 (b) September 30 (b) December 31 Revenue $ 1,003.3 $ 1,066.6 $ 1,111.0 $ 1,027.4 $ 957.8 $ 1,107.2 $ 1,315.5 $ 1,231.3 Costs of revenue, excluding depreciation and amortization $ 886.4 $ 945.9 $ 972.7 $ 916.3 $ 841.3 $ 950.7 $ 1,122.9 $ 1,063.1 Net (loss) income from continuing operations $ (6.4 ) $ (3.8 ) $ 7.4 $ (76.9 ) $ 12.3 $ 33.7 $ 49.4 $ 26.6 Net (loss) income attributable to MasTec, Inc. $ (6.3 ) $ (3.7 ) $ 7.6 $ (76.7 ) $ 12.1 $ 33.7 $ 49.0 $ 21.1 (Loss) earnings per share from continuing operations: Basic (a) $ (0.08 ) $ (0.05 ) $ 0.10 $ (0.96 ) $ 0.16 $ 0.43 $ 0.60 $ 0.33 Diluted (a) $ (0.08 ) $ (0.05 ) $ 0.09 $ (0.96 ) $ 0.14 $ 0.39 $ 0.57 $ 0.32 (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) Reflects restated data as previously presented in the Company’s 2014 10-K. See Independent Investigation of the Audit Committee and Related Restatements in Note 1 - Business, Basis of Presentation and Significant Accounting Policies. During the year ended December 31, 2014, the Company acquired certain businesses, as discussed in Note 3 - Acquisitions. As a result, the quarterly results of 2015 may not be comparable with those of 2014. Other transactions affecting comparisons of the Company’s quarterly results include the effects of: (i) Goodwill and intangible asset impairment, pretax, totaling $78.6 million in the fourth quarter of 2015; (ii) WesTower acquisition integration costs, pretax, totaling $8.8 million , $7.8 million and $1.2 million in the first, second and third quarters of 2015, respectively, and $5.3 million in the fourth quarter of 2014; (iii) Audit Committee independent investigation related costs, pretax, totaling $3.0 million , $7.5 million , $4.1 million and $2.8 million in the first, second, third, and fourth quarters of 2015, respectively; (iv) Project losses on a Canadian wind project, pretax, totaling $16.0 million , $1.6 million and $3.8 million in the first, second, and third quarters of 2015, respectively; (v) Project losses on a proportionately consolidated non-controlled Canadian joint venture, pretax, totaling $5.5 million , $2.8 million and $8.0 million in the first, third, and fourth quarters of 2015, respectively; (vi) A court-mandated remediation settlement charge of $12.2 million , pretax, in the third quarter of 2015; (vii) Recognized unrealized losses on interest rate swaps incurred by our equity method investments in the Waha JVs, pretax, totaling $4.4 million in the fourth quarter of 2015; and (viii) Income tax expense of $2.8 million , primarily incurred in the second quarter of 2015, resulting from a tax law change in Alberta. |
Supplemental Guarantor Financia
Supplemental Guarantor Financial Information | 12 Months Ended |
Dec. 31, 2015 | |
Condensed Financial Statements, Supplemental Guarantor Information [Abstract] | |
Supplemental Guarantor Financial Information | Note 18 – Supplemental Guarantor Condensed Consolidating Financial Information The 4.875% Senior Notes 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 (the “Guarantor Subsidiaries”). The Company’s subsidiaries organized outside of the United States and certain domestic subsidiaries (collectively, the “Non-Guarantor Subsidiaries”) do not guarantee any of these notes. A Guarantor Subsidiary’s guarantee is subject to release in certain customary circumstances, including upon the sale of a majority of the capital stock or substantially all of the assets of such Guarantor Subsidiary; if the Guarantor Subsidiary’s guarantee under the Company’s Credit Facility and other indebtedness is released or discharged (other than due to payment under such guarantee); or when the requirements for legal defeasance are satisfied or the obligations are discharged in accordance with the related indentures. The following supplemental financial information sets forth the condensed 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, 2015 MasTec, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated MasTec, Inc. Revenue $ — $ 3,527.0 $ 689.7 $ (8.4 ) $ 4,208.3 Costs of revenue, excluding depreciation and amortization — 3,073.6 656.1 (8.4 ) 3,721.3 Depreciation and amortization — 130.6 39.0 — 169.7 Goodwill and intangible asset impairment — — 78.6 — 78.6 General and administrative expenses 2.1 235.4 28.4 — 265.9 Interest expense, net — 42.8 5.3 — 48.1 Other income, net — (6.2 ) (1.3 ) — (7.5 ) (Loss) income from continuing operations before income taxes $ (2.1 ) $ 50.8 $ (116.4 ) $ — $ (67.7 ) Benefit from (provision for) income taxes 1.1 (27.1 ) 14.1 — (12.0 ) Net (loss) income from continuing operations $ (1.0 ) $ 23.7 $ (102.3 ) $ — $ (79.7 ) Net loss from discontinued operations — — — — — Equity in income (loss) from subsidiaries, net of tax (78.1 ) — — 78.1 — Net (loss) income $ (79.1 ) $ 23.7 $ (102.3 ) $ 78.1 $ (79.7 ) Net loss attributable to non-controlling interests — — (0.6 ) — (0.6 ) Net (loss) income attributable to MasTec, Inc. $ (79.1 ) $ 23.7 $ (101.7 ) $ 78.1 $ (79.1 ) Comprehensive (loss) income $ (117.5 ) $ 23.7 $ (140.7 ) $ 116.5 $ (118.1 ) 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 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 ) $ 141.0 Comprehensive income (loss) $ 133.1 $ 140.9 $ (6.2 ) $ (134.4 ) $ 133.4 CONDENSED CONSOLIDATING BALANCE SHEETS (in millions) As of December 31, 2015 MasTec, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated MasTec, Inc. Assets Current assets $ — $ 930.5 $ 202.4 $ — $ 1,132.9 Property and equipment, net — 448.2 110.5 — 558.7 Goodwill and other intangible assets, net — 1,047.4 140.5 — 1,187.9 Investments in and advances to consolidated affiliates, net 930.3 103.7 50.6 (1,084.6 ) — Other long-term assets 9.3 34.1 17.3 — 60.7 Total assets $ 939.6 $ 2,563.9 $ 521.3 $ (1,084.6 ) $ 2,940.2 Liabilities and equity Total current liabilities $ — $ 633.2 $ 119.6 $ — $ 752.8 Long-term debt — 912.7 32.8 — 945.5 Other long-term liabilities — 275.5 23.0 — 298.5 Total liabilities $ — $ 1,821.4 $ 175.4 $ — $ 1,996.8 Total equity $ 939.6 $ 742.5 $ 345.9 $ (1,084.6 ) $ 943.4 Total liabilities and equity $ 939.6 $ 2,563.9 $ 521.3 $ (1,084.6 ) $ 2,940.2 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 1,134.4 — 123.0 (1,257.4 ) — Other long-term assets 9.3 28.7 38.3 — 76.3 Total assets $ 1,143.7 $ 2,819.2 $ 858.5 $ (1,257.4 ) $ 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 $ 1,143.7 $ 704.5 $ 486.6 $ (1,186.7 ) $ 1,148.1 Total liabilities and equity $ 1,143.7 $ 2,819.2 $ 858.5 $ (1,257.4 ) $ 3,564.0 CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS (in millions) For the Year Ended December 31, 2015 MasTec, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated MasTec, Inc. Net cash (used in) provided by operating activities $ 0.9 $ 426.7 $ (60.2 ) $ — $ 367.4 Cash flows (used in) provided by investing activities: Cash paid for acquisitions, net of cash acquired — (0.1 ) — — (0.1 ) Capital expenditures — (71.9 ) (12.5 ) — (84.4 ) Proceeds from sale of property and equipment — 10.5 3.4 — 13.9 Payments for investments, net (1.9 ) — (56.2 ) — (58.1 ) Net cash used in investing activities $ (1.9 ) $ (61.5 ) $ (65.3 ) $ — $ (128.7 ) Cash flows provided by (used in) financing activities: Proceeds from credit facilities — 1,097.3 605.1 — 1,702.4 Repayments of credit facilities — (1,154.4 ) (587.8 ) — (1,742.2 ) Repayments of other borrowings and capital lease obligations — (54.3 ) (16.6 ) — (70.9 ) Repurchase of common stock (100.0 ) — — — (100.0 ) Proceeds from stock-based awards, net of tax withholdings 2.7 (1.1 ) — — 1.6 Excess tax benefit from stock-based compensation — 0.1 — — 0.1 Payments of acquisition-related contingent consideration — (37.3 ) (10.2 ) — (47.5 ) Payments of financing costs — (2.4 ) — — (2.4 ) Net financing activities and advances (to) from consolidated affiliates 98.3 (226.8 ) 128.5 — — Net cash provided by financing activities $ 1.0 $ (378.9 ) $ 119.0 $ — $ (258.9 ) Effect of currency translation on cash — — 1.1 — 1.1 Net increase (decrease) in cash and cash equivalents $ — $ (13.7 ) $ (5.4 ) $ — $ (19.1 ) Cash and cash equivalents - beginning of period — 18.5 5.6 — 24.1 Cash and cash equivalents - end of period $ — $ 4.8 $ 0.2 $ — $ 5.0 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 ) $ 251.9 $ 71.6 $ — $ 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 — (39.0 ) (28.3 ) — (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 ) (126.7 ) 129.0 — — Net cash provided by financing activities $ 1.5 $ 54.5 $ 62.7 $ — $ 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 CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS (in millions) 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 ) Proceeds from disposal of business, net of cash divested — (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 — — 0.0 — 0.0 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 $ — $ 22.9 |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2015 | |
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, 2015 Allowance for doubtful accounts $ 13.9 $ 2.1 (a) $ (8.3 ) (b) $ 7.7 Costs and earnings in excess of billings allowance 12.5 — (a) (5.6 ) (b) 6.9 Inventory valuation reserve 6.4 — (c) (3.6 ) (d) 2.8 Valuation allowance for deferred tax assets 0.2 0.1 (e) — (f) 0.3 Total $ 33.0 $ 2.2 $ (17.5 ) $ 17.7 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 0.1 (e) — (f) 0.2 Total $ 28.8 $ 7.8 $ (3.6 ) $ 33.0 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 (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 Presentati27
Business, Basis of Presentation and Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
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 or loss. 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, and are reflected as increases or decreases, as appropriate, to the carrying amount of the related investments. 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 the Company’s 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 the Company’s 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 3 - Acquisitions and Note 5 - Fair Value of Financial Instruments for discussion pertaining to certain of the Company’s cost and 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 its proportionately consolidated non-controlled contractual joint venture. 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, 2015 , the Company determined that certain of its investment arrangements were VIEs, but that it was not the primary beneficiary. 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 3 - Acquisitions and Note 5 - Fair Value of Financial Instruments for discussion pertaining to certain of the Company’s cost and 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 its proportionately consolidated non-controlled contractual joint venture. 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 its 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. Revenue derived from projects performed under master service and other service agreements totaled 48% , 49% and 46% , respectively, for the years ended December 31, 2015 , 2014 and 2013 . 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 certain 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. Excluding the effects on the Company’s 2015 results of project losses of (i) $21.4 million on a Canadian wind project, (ii) $16.3 million on a proportionately consolidated non-controlled Canadian joint venture, and (iii) $14.0 million on an Electrical Transmission project, project profit was affected by less than 5% for both the years ended December 31, 2015 and 2014 as a result of changes in contract estimates included in projects that were in process as of December 31, 2014 and 2013 , 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, 2015 and 2014, the Company had approximately $38 million and $87 million, respectively, of change orders and/or claims that had been included as 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. As of December 31, 2015 and 2014 , these change orders were primarily related to contracts in the Oil and Gas and Electrical Transmission segments. Revenue related to unapproved change orders totaled approximately $10 million and $29 million , respectively, for the years ended December 31, 2015 and 2014 . The Company actively engages in substantive meetings with its customers to complete the final approval process, and generally 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 certain 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. Excluding the effects on the Company’s 2015 results of project losses of (i) $21.4 million on a Canadian wind project, (ii) $16.3 million on a proportionately consolidated non-controlled Canadian joint venture, and (iii) $14.0 million on an Electrical Transmission project, project profit was affected by less than 5% for both the years ended December 31, 2015 and 2014 as a result of changes in contract estimates included in projects that were in process as of December 31, 2014 and 2013 , 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 tests of goodwill and indefinite-lived intangible assets during the fourth quarter of each year. Goodwill is required to be tested for impairment at the reporting unit level. A reporting unit is an operating segment 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. Other than the Company’s Electrical Transmission operating segment, each of the Company’s reporting units comprises one component. |
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. As discussed below, Accounting Standards Update (“ASU”) 2015-16, which the Company adopted in the fourth quarter of 2015, eliminated the requirement to retrospectively account for measurement period adjustments resulting from adjustments to initial valuations and estimates resulting from newly discovered information that existed as of the date of acquisition. Prior to the adoption of this ASU, such adjustments were recorded as if the adjustments had been taken into account as of the date of acquisition, which resulted in the revision of comparative prior period information when presented in subsequent periods. Adjustments to the fair value of net assets acquired resulting from circumstances that developed after the date of acquisitions 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 $3.0 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, 2015 , 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, 2015 , 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, 2015 , 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 be withheld to cover the exercise price of options 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. Shares withheld for the exercise prices of options totaled 12,628 , 34,179 and 34,844 for the years ended December 31, 2015 , 2014 and 2013 , respectively, and shares withheld for employee tax withholdings totaled approximately 61,779 , 63,210 , and 36,776 for the years ended December 31, 2015 , 2014 and 2013 , respectively. Total payments for employee tax obligations to taxing authorities were $1.1 million , $2.7 million and $1.2 million for the years ended December 31, 2015 , 2014 and 2013 , 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 or other dispute resolution 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 and debt obligations. 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 receivable, accounts payable and other current liabilities approximate their fair values. Management believes the carrying values of notes receivable, 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 Recent Accounting Pronouncements Not Yet Adopted In January 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-01, Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities (“ASU 2016-01”). ASU 2016-01, which provides guidance for the recognition, measurement, presentation and disclosure of financial assets and financial liabilities. ASU 2016-01 is effective for fiscal years, and for interim periods within those years, beginning after December 15, 2017 and, for most provisions, is effective using the cumulative-effect transition approach. Early application is permitted for certain provisions. The Company is currently evaluating the potential effect of this ASU on its consolidated financial statements. In November 2015, the FASB issued ASU 2015-17, Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes (“ASU 2015-17”). ASU 2015-17 requires that all deferred tax liabilities and tax assets be classified as non-current in a classified balance sheet, rather than separating such deferred taxes into current and non-current amounts, as is required under current guidance. ASU 2015-17 is effective for fiscal years, and for interim periods within those years, beginning after December 15, 2016 and may be applied either prospectively or retrospectively. The Company is currently evaluating the timing of adoption and the potential effect of this ASU on its consolidated financial statements. In July 2015, the FASB issued ASU 2015-11, Inventory (Topic 330): Simplifying the Measurement of Inventory (“ASU 2015-11”). ASU 2015-11 requires that 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 value. 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 potential effect of this ASU 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 it 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 August 2015, the FASB issued ASU 2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date, which delayed the effective date of ASU 2014-09 by one year. ASU 2014-09, as amended, is effective using either the retrospective or cumulative-effect transition approach 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 it will use and is evaluating the potential effect of this ASU on its consolidated financial statements. Recent Accounting Pronouncements Adopted for the Year Ended December 31, 2015 In September 2015, the FASB issued ASU 2015-16, Business Combinations (Topic 805): Simplifying the Accounting for Measurement-Period Adjustments (“ASU 2015-16”). ASU 2015-16 eliminates the requirement to retrospectively account for adjustments to provisional amounts within the measurement period recognized at the acquisition date in a business combination. ASU 2015-16 requires that these adjustments be recognized in the reporting period in which the adjustment amounts are determined and be calculated as if the accounting had been completed as of the acquisition date. ASU 2015-16 is effective prospectively for fiscal years, and for interim periods within those years, beginning after December 15, 2015. Early application is permitted. The Company adopted this ASU in the fourth quarter of 2015. The adoption of ASU 2015-16 did not have a material effect on the Company’s 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 this ASU as of January 1, 2015 did not have an effect on the Company’s consolidated financial statements, but could impact whether future disposals of operations would qualify as discontinued operations. Recent Accounting Pronouncements To Be Adopted in 2016 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 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, for which early application is permitted, is effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2015, with retrospective application permitted for all relevant prior periods. This ASU, which the Company adopted as of January 1, 2016, is not expected to have a material effect on the Company’s 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. In August 2015, the FASB issued ASU 2015-15, Interest - Imputation of Interest (Subtopic 835-30): Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements - Amendments to SEC Paragraphs Pursuant to Staff Announcement at June 18, 2015 EITF Meeting (SEC Update) (“ASU 2015-15”). ASU 2015-15 clarifies that, subsequent to adoption of ASU 2015-03, an entity has the option to defer and present debt issuance costs from line-of-credit arrangements as an asset and subsequently amortize the costs ratably over the term of the line-of-credit arrangement, regardless of whether there are any outstanding borrowings on the line-of-credit arrangement. The Company adopted these ASUs as of January 1, 2016. See Deferred Financing Costs discussion above for related balances as of December 31, 2015 and 2014. 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. This ASU, which the Company adopted as of January 1, 2016, is not expected to have a material effect on the Company’s 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 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. This ASU, which the Company adopted as of January 1, 2016, is not expected to have an effect on the Company’s 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. This ASU, which the Company adopted as of January 1, 2016, is not expected to have an effect on the Company’s consolidated financial statements. |
Comprehensive Income | Comprehensive Income (Loss) Comprehensive income (loss) is a measure of net income (loss) and other changes in equity that result from transactions other than those with shareholders. Comprehensive income (loss) consists of net income (loss), 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 all 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, no tax benefit has been recognized in the Company’s 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. |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |
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, 2015 2014 2013 Net (loss) income attributable to MasTec: Net (loss) income, continuing operations - basic (a) $ (79,110 ) $ 122,375 $ 147,492 Interest expense, net of tax, convertible notes — 181 315 Net (loss) income, continuing operations - diluted $ (79,110 ) $ 122,556 $ 147,807 Net loss from discontinued operations - basic and diluted (a) — (6,452 ) (6,542 ) Net (loss) income attributable to MasTec - diluted $ (79,110 ) $ 116,104 $ 141,265 Weighted average shares outstanding: Weighted average shares outstanding - basic 80,489 79,953 76,923 Dilutive common stock equivalents — 813 777 Dilutive shares, convertible notes — 5,430 7,201 Weighted average shares outstanding - diluted 80,489 86,196 84,901 (a) Calculated as total net (loss) income less amounts attributable to non-controlling interests. |
Acquisitions (Tables)
Acquisitions (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Business Combinations [Line Items] | |
Schedule of Pro Forma Information, Business Acquisitions | The unaudited supplemental pro forma financial information presented below has been prepared by adjusting the historical results of MasTec to include the historical results of the acquired businesses described above, and was then adjusted (i) to remove acquisition costs, including certain acquisition integration costs; (ii) to increase amortization expense resulting from the incremental intangible assets acquired; (iii) to increase interest expense as a result of the cash consideration paid; (iv) to remove integration-related employee redundancy costs; and (v) to reduce interest expense from debt repaid upon acquisition of the respective businesses. The unaudited supplemental pro forma financial information does not include adjustments to reflect the impact of other cost savings or synergies that may result from these acquisitions. For the Years Ended December 31, Unaudited supplemental pro forma financial information (in millions) : 2014 2013 Revenue $ 5,085.2 $ 5,465.9 Net income from continuing operations $ 130.3 $ 160.8 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) : 2015 2014 2013 Revenue $ 301.5 $ 565.4 $ 406.6 Net (loss) income from continuing operations (a) $ (13.4 ) $ 0.7 $ 20.0 (a) Acquiree net (loss) income from continuing operations for the years ended December 31, 2015 and 2014 includes approximately $9.3 million and $5.0 million , respectively, of pre-tax acquisition integration costs incurred in connection with the WesTower acquisition and, for the year ended December 31, 2015 , includes project losses of $16.3 million associated with the Company’s proportionate interest in a non-controlled Canadian joint venture. Other acquisition-related costs, including certain acquisition integration costs totaling $11.2 million , $2.7 million and $1.9 million for the years ended December 31, 2015 , 2014 and 2013 , respectively, which are included within general and administrative expenses in the Company’s consolidated statements of operations, are not included in the above presented acquiree results for the respective periods. The above results also do not include interest expense associated with consideration paid for these acquisitions. |
WesTower [Member] | |
Business Combinations [Line Items] | |
Schedule of Consideration Paid and Net Assets Acquired, Business Acquisitions | The following table summarizes the estimated fair values, as adjusted, of consideration paid and identifiable assets acquired and liabilities assumed for WesTower as of the date of acquisition (in millions): Acquisition consideration: October 1, 2014 Cash $ 198.0 Identifiable assets acquired and liabilities assumed: Accounts receivable $ 179.8 Other current assets, including $18.0 million of cash acquired 66.6 Property, equipment and other long-term assets 9.3 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 (87.7 ) Long-term liabilities, including capital lease obligations (26.4 ) Total identifiable net assets $ 150.9 Goodwill $ 47.1 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 were assigned as follows: Fair Value (in millions) Weighted Average Useful Life (in years) Finite-lived intangible assets: Backlog $ 4.7 5 Trade name 1.1 4 Non-compete agreements 0.3 4 Customer relationships 36.5 18 Total acquired finite-lived intangible assets $ 42.6 16 |
Pacer [Member] | |
Business Combinations [Line Items] | |
Schedule of Consideration Paid and Net Assets Acquired, Business Acquisitions | The following table summarizes the estimated fair values, as adjusted, of consideration paid and identifiable assets acquired and liabilities assumed for Pacer as of the date of acquisition (in millions). Net of cash acquired, substantially all of the current assets acquired consist of accounts receivable. 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, 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 |
Goodwill and Other Intangible30
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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, goodwill, 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, goodwill, as of December 31, 2014 $ 417.7 $ 397.3 $ 149.9 $ 117.6 $ 1,082.5 Accruals of acquisition-related contingent consideration, net (a) 0.8 — — — 0.8 Currency translation adjustments — (22.7 ) — — (22.7 ) Measurement period adjustments (b) (3.6 ) — — — (3.6 ) Goodwill impairment — (68.5 ) — — (68.5 ) Balance, goodwill, as of December 31, 2015 $ 414.9 $ 306.1 $ 149.9 $ 117.6 $ 988.5 Balance, accumulated impairment losses, goodwill, as of December 31, 2015 $ — $ (68.5 ) $ — $ — $ (68.5 ) (a) Represents contingent consideration for acquisitions prior to January 1, 2009, which is accrued as earned, in accordance with U.S. GAAP. (b) Represent adjustments to preliminary estimates of the fair values of net assets acquired within the measurement period. See Note 3 - Acquisitions for discussion of ASU 2015-16, which was adopted in the fourth quarter of 2015. |
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, 2013 $ 34.8 $ 59.4 $ 128.4 $ 22.5 $ 245.1 Accumulated amortization (67.7 ) (11.8 ) (79.5 ) 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 Amortization expense (26.5 ) (1.9 ) (28.4 ) Currency translation adjustments — (9.8 ) (2.2 ) (0.5 ) (12.5 ) Intangible asset impairment — (10.1 ) — — (10.1 ) Other intangible assets, net, as of December 31, 2015 $ 34.8 $ 73.4 $ 80.8 $ 10.4 $ 199.4 Remaining weighted average amortization period (in years) 11 11 11 (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, 2015 is summarized in the following table (in millions): Amortization Expense 2016 $ 20.9 2017 16.3 2018 12.7 2019 8.5 2020 7.3 Thereafter 25.5 Total $ 91.2 |
Accounts Receivable, Net of A31
Accounts Receivable, Net of Allowance (Tables) - Accounts Receivable [Member] | 12 Months Ended |
Dec. 31, 2015 | |
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, 2015 2014 Contract billings $ 437.3 $ 669.7 Retainage 148.8 162.2 Costs and earnings in excess of billings 332.7 485.6 Accounts receivable, gross $ 918.8 $ 1,317.5 Less allowance for doubtful accounts (7.7 ) (13.9 ) Accounts receivable, net $ 911.1 $ 1,303.6 |
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, 2015 2014 Allowance for doubtful accounts at beginning of year $ 13.9 $ 15.7 Provision for doubtful accounts 2.1 1.8 Amounts charged against the allowance (8.3 ) (3.6 ) Allowance for doubtful accounts at end of year $ 7.7 $ 13.9 |
Property and Equipment, Net (Ta
Property and Equipment, Net (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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, 2015 2014 Estimated Useful Lives (in years) Land $ 4.6 $ 4.6 Buildings and leasehold improvements 21.7 19.9 3-40 Machinery and equipment 912.9 926.1 2-20 Office furniture and equipment 136.9 126.1 3-7 Construction in progress 10.8 12.0 Total property and equipment $ 1,086.9 $ 1,088.7 Less accumulated depreciation and amortization (528.2 ) (465.6 ) Property and equipment, net $ 558.7 $ 623.1 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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 2015 2014 Senior secured credit facility: Revolving loans October 29, 2018 $ 208.5 $ 282.7 Term loan November 21, 2019 250.0 250.0 4.875% Senior Notes March 15, 2023 400.0 400.0 Other credit facilities Varies 16.4 1.2 Capital lease obligations, weighted average interest rate of 2.8% In installments through June 13, 2021 130.9 176.5 Notes payable, equipment, weighted average interest rate of 2.7% In installments through June 30, 2018 17.4 24.4 Total debt $ 1,023.2 $ 1,134.8 Less current maturities (77.7 ) (73.6 ) Long-term debt $ 945.5 $ 1,061.2 |
Schedule of Contractual Maturities of Debt and Capital Lease Obligations | Contractual maturities of MasTec’s debt and capital lease obligations as of December 31, 2015 were as follows (in millions): 2016 $ 77.7 2017 60.2 2018 265.6 2019 219.2 2020 0.4 Thereafter 400.1 Total $ 1,023.2 |
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, 2015 2014 2013 Interest expense: Contractual and other interest expense (a) $ 45.8 $ 43.5 $ 37.6 Accretion of senior convertible note discount — 4.0 5.2 Amortization of deferred financing costs 2.9 3.4 4.0 Total interest expense $ 48.7 $ 50.9 $ 46.8 Interest income (0.6 ) (0.1 ) (0.4 ) Interest expense, net $ 48.1 $ 50.8 $ 46.4 (a) Contractual and other interest expense for the year ended December 31, 2015 includes $0.8 million of consent solicitation agent fees related to the delay in filing of the Company’s 2014 Form 10-K and its First Quarter 2015 Form 10-Q, as well as $1.6 million of discount fees related to financing arrangements. |
Lease Obligations (Tables)
Lease Obligations (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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, 2015 , were as follows (in millions): Capital Leases Operating Leases 2016 $ 57.6 $ 75.0 2017 45.6 51.8 2018 26.8 36.3 2019 7.6 18.3 2020 0.5 9.9 Thereafter 0.1 10.0 Total minimum lease payments $ 138.2 $ 201.3 Less amounts representing interest (7.3 ) Total capital lease obligations, net of interest $ 130.9 Less current portion (54.8 ) Long-term portion of capital lease obligations, net of interest $ 76.1 |
Stock-Based Compensation and 35
Stock-Based Compensation and Other Employee Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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, 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 Granted 706,761 17.27 Vested (446,874 ) 21.24 Canceled/forfeited (44,300 ) 26.11 Non-vested restricted shares, as of December 31, 2015 1,630,232 $ 22.94 |
Schedule of Activity, Stock Options | Activity, stock options: Stock Options Per Share Weighted Average Exercise Price Weighted Average Remaining Contractual Life (in years) Aggregate Intrinsic Value (a) (in millions) 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 Exercised (81,971 ) 9.60 Canceled/forfeited — Options outstanding and exercisable as of December 31, 2015 202,700 $ 13.06 0.55 $ 0.9 (a) Amount represents the difference between the exercise price and the closing share price of the Company’s common 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, 2015 2014 2013 Cash proceeds (in millions) $ 2.0 $ 3.3 $ 6.4 Common shares issued 134,389 136,918 454,523 Weighted average price per share $ 14.67 $ 24.33 $ 14.19 Weighted average per share grant date fair value $ 4.22 $ 5.81 $ 5.60 |
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, 2015 2014 2013 Non-cash stock-based compensation expense $ 12.4 $ 15.9 $ 12.9 Income Tax Effects: Income tax benefit from non-cash stock-based compensation $ 4.2 $ 8.7 $ 9.7 Excess tax benefit from non-cash stock-based compensation (a) $ 0.1 $ 3.7 $ 4.3 (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, 2015 | |
Multi-Employer Plans [Line Items] | |
Schedule of Covered Employees and Contributions, Multi-Employer Plans | Total contributions to multiemployer plans, and the related number of employees covered by these plans, including with respect to the Company’s Canadian operations for the periods indicated, were as follows: Multiemployer Plans Covered Employees Contributions (in millions) For the Years Ended December 31: Low High Pension Other Multiemployer Total 2015 590 2,463 $ 23.8 $ 9.0 $ 32.8 2014 590 2,167 $ 31.9 $ 4.5 $ 36.4 2013 778 2,734 $ 44.6 $ 3.6 $ 48.2 |
Multi-Employer Plans, Pension [Member] | |
Multi-Employer Plans [Line Items] | |
Schedule of Multi-Employer Pension Plans | Details of significant multiemployer 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 Multiemployer Employer Identification Number Plan Number 2015 2014 2013 Expiration Date of CBA 2015 As of 2014 As of FIP/RP Status Surcharge Central Pension Fund of the I.U.O.E and Participating Employers 366052390 001 $ 5.7 $ 6.5 $ 10.8 06/01/2017 Green 01/31/2015 (a) Green 01/31/2014 (a) NA No Pipeline Industry Pension Fund 736146433 001 2.5 4.8 9.8 06/02/2017 Green 12/31/2014 (b) Green 12/31/2013 (b) NA No International Union of Operating Engineers' Local 132 Pension Fund 556015364 001 1.9 — 0.4 06/01/2017 Green 03/31/2015 Green 03/31/2014 NA No West Virginia Laborers' Pension Trust Fund 556026775 001 1.4 0.4 0.5 06/01/2017 Green 03/31/2015 Green 03/31/2014 NA No National Electrical Benefit Fund 530181657 001 1.4 1.3 1.1 Varies through 06/02/2018 Green 12/31/2014 Green 12/31/2013 NA No Teamsters National Pipe Line Pension Fund 461102851 001 1.4 1.7 2.7 06/01/2017 Green 12/31/2014 (b) Green 12/31/2013 (b) NA No Michigan Laborers' Pension Fund 386233976 001 0.8 2.1 4.3 06/01/2017 Yellow 08/31/2015 Yellow 08/31/2014 (a)(b) Implemented No Laborers' National Pension Fund 751280827 001 0.8 0.8 1.1 06/01/2017 Green 12/31/2014 Green 12/31/2013 NA No Laborers' District Council of Western Pennsylvania Pension Fund 256135576 001 0.5 1.5 0.4 06/01/2017 Red 12/31/2014 Red 12/31/2013 Implemented No I.B.E.W. Local 769 Management Pension Plan A 866049763 001 0.3 1.6 0.7 07/30/2016 Green 06/30/2015 Green 06/30/2014 (b) NA No Eighth District Electrical Pension Fund 846100393 001 0.2 0.9 2.2 02/28/2018 Green 03/31/2015 Green 03/31/2014 NA No Operating Engineers' Construction Industry and Misc. Pension Fund 256135579 001 0.1 1.2 0.1 06/01/2017 Green 12/31/2014 (a) Green 12/31/2013 (a) NA No Operating Engineers' Local 324 Pension Fund 381900637 001 — 1.7 4.5 06/01/2017 Red 04/30/2015 Red 04/30/2014 Implemented No Other funds 6.8 (c) 7.4 (c) 6.0 Total multiemployer pension plan contributions $ 23.8 $ 31.9 $ 44.6 (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) The 2015 and 2014 contributions include approximately $1.4 million and $0.9 million U.S. dollars, respectively, for Canadian multiemployer 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 multiemployer pension plans are not subject to the provisions of ERISA or the funding rules under the PPA that apply to U.S. registered multiemployer pension plans. Contributions to Canadian multiemployer 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, 2015 | |
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, 2015 2014 2013 Unrealized (Losses) Gains Foreign Currency Other Total Foreign Currency Other Total Foreign Currency Other Total Balance as of January 1 $ (28,716 ) $ (5,288 ) $ (34,004 ) $ (7,998 ) $ (5,288 ) $ (13,286 ) $ (105 ) $ (5,396 ) $ (5,501 ) Activity before reclassifications, net of tax (38,347 ) — (38,347 ) (20,718 ) — (20,718 ) (7,893 ) 337 (7,556 ) Reclassifications, net of tax — — — — — — — (229 ) (229 ) Activity, net of tax $ (38,347 ) $ — $ (38,347 ) $ (20,718 ) $ — $ (20,718 ) $ (7,893 ) $ 108 $ (7,785 ) Balance as of December 31 $ (67,063 ) $ (5,288 ) $ (72,351 ) $ (28,716 ) $ (5,288 ) $ (34,004 ) $ (7,998 ) $ (5,288 ) $ (13,286 ) |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of (Loss) Income from Continuing Operations before Income Taxes | The components of (loss) income from continuing operations before income taxes for the periods indicated were as follows (in millions): For the Years Ended December 31, 2015 2014 2013 Domestic $ (26.5 ) $ 171.4 $ 233.4 Foreign (41.2 ) 27.0 6.8 Total $ (67.7 ) $ 198.4 $ 240.2 |
Schedule of Provision for Income Taxes | The provision for income taxes from continuing operations for the periods indicated were as follows (in millions): For the Years Ended December 31, 2015 2014 2013 Current: Federal $ (4.5 ) $ 47.3 $ 77.0 Foreign 9.4 3.9 1.7 State and local 3.3 6.6 10.9 $ 8.2 $ 57.8 $ 89.6 Deferred: Federal $ 25.7 $ 14.9 $ 0.5 Foreign (19.9 ) 2.7 (1.5 ) State and local (2.0 ) 1.0 3.9 $ 3.8 $ 18.6 $ 2.9 Provision for income taxes $ 12.0 $ 76.4 $ 92.5 |
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, 2015 2014 Deferred tax assets: Accrued self-insurance $ 27.7 $ 26.0 Operating loss carryforwards 29.9 17.8 Compensation and benefits 17.7 20.7 Bad debt 3.1 5.0 Other 13.1 15.9 Valuation allowance (0.3 ) (0.2 ) Total deferred tax assets $ 91.2 $ 85.2 Deferred tax liabilities: Property and equipment $ 118.9 $ 114.3 Goodwill 57.7 47.5 Other intangible assets 37.8 44.0 Gain on remeasurement of equity investee 11.2 11.2 Long-term contracts 18.8 28.7 Other 16.4 11.3 Total deferred tax liabilities $ 260.8 $ 257.0 Net deferred tax liabilities $ (169.6 ) $ (171.8 ) 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, 2015 2014 Current deferred tax assets, net $ 19.2 $ 31.7 Long-term deferred tax liabilities, net (188.8 ) (203.5 ) Net deferred tax liabilities $ (169.6 ) $ (171.8 ) |
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, 2015 2014 2013 U.S. statutory federal rate applied to pretax income 35.0 % 35.0 % 35.0 % State and local income taxes, net of federal benefit (1.0 ) 3.7 4.0 Foreign tax rate differential (14.4 ) (1.3 ) (0.4 ) Non-deductible expenses (13.5 ) 3.4 2.4 Goodwill and intangible asset impairment (17.7 ) 0.0 0.0 Change in state tax rate (3.6 ) (0.7 ) 1.2 Domestic production activities deduction (1.0 ) (1.6 ) (2.5 ) Other (1.4 ) (0.1 ) (0.8 ) Valuation allowance for deferred tax assets 0.0 0.1 (0.4 ) Effective income tax rate (17.6 )% 38.5 % 38.5 % |
Segments and Related Informat39
Segments and Related Information (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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: 2015 2014 2013 Communications (a) $ 1,973.2 $ 2,041.0 $ 1,962.6 Oil and Gas 1,495.1 1,731.4 1,628.8 Electrical Transmission 341.5 471.9 428.8 Power Generation and Industrial 381.6 357.0 294.3 Other 24.1 14.7 12.3 Eliminations (7.2 ) (4.2 ) (2.0 ) Consolidated revenue $ 4,208.3 $ 4,611.8 $ 4,324.8 (a) Revenue generated primarily by utilities customers represented 10.6% , 6.8% and 6.9% of Communications segment revenue for the years ended December 31, 2015 , 2014 and 2013 , respectively. For the Years Ended December 31, EBITDA - Continuing Operations: 2015 2014 2013 Communications $ 194.8 $ 204.0 $ 247.7 Oil and Gas (a) 157.0 195.1 215.9 Electrical Transmission (71.3 ) 45.0 41.2 Power Generation and Industrial 8.8 14.2 (16.3 ) Other (b) (18.8 ) (1.2 ) 0.5 Corporate (c) (120.5 ) (53.4 ) (61.4 ) Consolidated EBITDA - Continuing operations $ 150.0 $ 403.7 $ 427.6 (a) Oil and Gas EBITDA includes equity in losses from unconsolidated affiliates of $3.6 million and $0.3 million for the years ended December 31, 2015 and 2014 , respectively. (b) Other EBITDA includes equity in losses from unconsolidated affiliates of $4.4 million for the year ended December 31, 2015 . (c) Corporate EBITDA includes goodwill and intangible asset impairment of $78.6 million for the year ended December 31, 2015 . For the Years Ended December 31, Depreciation and Amortization: 2015 2014 2013 Communications $ 50.6 $ 42.6 $ 36.8 Oil and Gas 84.5 82.8 80.9 Electrical Transmission 21.1 17.1 12.6 Power Generation and Industrial 6.6 6.4 6.7 Other 0.1 — — Corporate 6.8 5.6 3.9 Consolidated depreciation and amortization $ 169.7 $ 154.5 $ 140.9 As of December 31, Assets: 2015 2014 2013 (a) Communications $ 1,032.2 $ 1,197.4 $ 973.5 Oil and Gas (b) 1,131.4 1,389.5 1,060.8 Electrical Transmission 409.1 489.5 449.3 Power Generation and Industrial 252.5 340.1 324.5 Other 34.3 24.6 22.8 Corporate 80.7 122.9 79.8 Consolidated segment assets $ 2,940.2 $ 3,564.0 $ 2,910.7 (a) Consolidated total assets were $2,923.2 million as of December 31, 2013, including assets of discontinued operations of $12.5 million . (b) Includes $1.7 million and $2.7 million , net, of investments in equity method investees as of December 31, 2015 and 2014 , respectively. For the Years Ended December 31, Capital Expenditures: 2015 2014 2013 Communications $ 25.8 $ 23.4 $ 25.1 Oil and Gas 38.1 44.2 67.4 Electrical Transmission 13.0 25.8 17.6 Power Generation and Industrial 3.5 6.7 5.7 Other 0.2 — — Corporate 3.8 9.2 10.3 Consolidated capital expenditures $ 84.4 $ 109.3 $ 126.1 |
Reconciliation of EBITDA to Consolidated (Loss) Income from Continuing Operations before Income Taxes | The following table presents a reconciliation of EBITDA to consolidated (loss) income from continuing operations before income taxes: For the Years Ended December 31, EBITDA Reconciliation: 2015 2014 2013 EBITDA - Continuing operations $ 150.0 $ 403.7 $ 427.6 Less: Interest expense, net (48.1 ) (50.8 ) (46.4 ) Depreciation and amortization (169.7 ) (154.5 ) (140.9 ) (Loss) income from continuing operations before income taxes $ (67.7 ) $ 198.4 $ 240.2 |
Schedule of Significant Customers, Revenue Concentration Information | Revenue concentration information for significant customers as a percentage of total consolidated revenue was as follows: For the Years Ended December 31, 2015 2014 2013 Customer: AT&T (including DIRECTV®) (a)(b) 32% 33% 32% Enbridge, Inc. (c) 1% 8% 18% (a) The Company’s relationship with AT&T is based upon multiple separate master service agreements, other service agreements and construction/installation contracts for AT&T’s (i) wireless, (ii) wireline/fiber, (iii) home security and automation businesses, and (iv) for DIRECTV® services, is based upon an agreement to provide installation and maintenance services. Revenue from AT&T is included in the Communications segment. (b) DIRECTV® was acquired by AT&T in July 2015. Revenue from DIRECTV® is presented on a combined basis with AT&T for all periods. (c) The Company's relationship with Enbridge, Inc. is based upon various construction contracts for pipeline activities. Revenue from Enbridge, Inc. is primarily included in the Oil and Gas segment. |
Quarterly Information (Unaudi40
Quarterly Information (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Information (Unaudited) | The following tables present selected unaudited quarterly operating results for the years ended December 31, 2015 and 2014 (in millions, except per share data). 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 2015 Quarters Ended For the 2014 Quarters Ended March 31 June 30 September 30 December 31 March 31 (b) June 30 (b) September 30 (b) December 31 Revenue $ 1,003.3 $ 1,066.6 $ 1,111.0 $ 1,027.4 $ 957.8 $ 1,107.2 $ 1,315.5 $ 1,231.3 Costs of revenue, excluding depreciation and amortization $ 886.4 $ 945.9 $ 972.7 $ 916.3 $ 841.3 $ 950.7 $ 1,122.9 $ 1,063.1 Net (loss) income from continuing operations $ (6.4 ) $ (3.8 ) $ 7.4 $ (76.9 ) $ 12.3 $ 33.7 $ 49.4 $ 26.6 Net (loss) income attributable to MasTec, Inc. $ (6.3 ) $ (3.7 ) $ 7.6 $ (76.7 ) $ 12.1 $ 33.7 $ 49.0 $ 21.1 (Loss) earnings per share from continuing operations: Basic (a) $ (0.08 ) $ (0.05 ) $ 0.10 $ (0.96 ) $ 0.16 $ 0.43 $ 0.60 $ 0.33 Diluted (a) $ (0.08 ) $ (0.05 ) $ 0.09 $ (0.96 ) $ 0.14 $ 0.39 $ 0.57 $ 0.32 (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) Reflects restated data as previously presented in the Company’s 2014 10-K. See Independent Investigation of the Audit Committee and Related Restatements in Note 1 - Business, Basis of Presentation and Significant Accounting Policies. |
Supplemental Guarantor Financ41
Supplemental Guarantor Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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, 2015 MasTec, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated MasTec, Inc. Revenue $ — $ 3,527.0 $ 689.7 $ (8.4 ) $ 4,208.3 Costs of revenue, excluding depreciation and amortization — 3,073.6 656.1 (8.4 ) 3,721.3 Depreciation and amortization — 130.6 39.0 — 169.7 Goodwill and intangible asset impairment — — 78.6 — 78.6 General and administrative expenses 2.1 235.4 28.4 — 265.9 Interest expense, net — 42.8 5.3 — 48.1 Other income, net — (6.2 ) (1.3 ) — (7.5 ) (Loss) income from continuing operations before income taxes $ (2.1 ) $ 50.8 $ (116.4 ) $ — $ (67.7 ) Benefit from (provision for) income taxes 1.1 (27.1 ) 14.1 — (12.0 ) Net (loss) income from continuing operations $ (1.0 ) $ 23.7 $ (102.3 ) $ — $ (79.7 ) Net loss from discontinued operations — — — — — Equity in income (loss) from subsidiaries, net of tax (78.1 ) — — 78.1 — Net (loss) income $ (79.1 ) $ 23.7 $ (102.3 ) $ 78.1 $ (79.7 ) Net loss attributable to non-controlling interests — — (0.6 ) — (0.6 ) Net (loss) income attributable to MasTec, Inc. $ (79.1 ) $ 23.7 $ (101.7 ) $ 78.1 $ (79.1 ) Comprehensive (loss) income $ (117.5 ) $ 23.7 $ (140.7 ) $ 116.5 $ (118.1 ) 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 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 ) $ 141.0 Comprehensive income (loss) $ 133.1 $ 140.9 $ (6.2 ) $ (134.4 ) $ 133.4 |
Condensed Consolidating Balance Sheets | CONDENSED CONSOLIDATING BALANCE SHEETS (in millions) As of December 31, 2015 MasTec, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated MasTec, Inc. Assets Current assets $ — $ 930.5 $ 202.4 $ — $ 1,132.9 Property and equipment, net — 448.2 110.5 — 558.7 Goodwill and other intangible assets, net — 1,047.4 140.5 — 1,187.9 Investments in and advances to consolidated affiliates, net 930.3 103.7 50.6 (1,084.6 ) — Other long-term assets 9.3 34.1 17.3 — 60.7 Total assets $ 939.6 $ 2,563.9 $ 521.3 $ (1,084.6 ) $ 2,940.2 Liabilities and equity Total current liabilities $ — $ 633.2 $ 119.6 $ — $ 752.8 Long-term debt — 912.7 32.8 — 945.5 Other long-term liabilities — 275.5 23.0 — 298.5 Total liabilities $ — $ 1,821.4 $ 175.4 $ — $ 1,996.8 Total equity $ 939.6 $ 742.5 $ 345.9 $ (1,084.6 ) $ 943.4 Total liabilities and equity $ 939.6 $ 2,563.9 $ 521.3 $ (1,084.6 ) $ 2,940.2 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 1,134.4 — 123.0 (1,257.4 ) — Other long-term assets 9.3 28.7 38.3 — 76.3 Total assets $ 1,143.7 $ 2,819.2 $ 858.5 $ (1,257.4 ) $ 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 $ 1,143.7 $ 704.5 $ 486.6 $ (1,186.7 ) $ 1,148.1 Total liabilities and equity $ 1,143.7 $ 2,819.2 $ 858.5 $ (1,257.4 ) $ 3,564.0 |
Condensed Consolidating Statements of Cash Flows | CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS (in millions) For the Year Ended December 31, 2015 MasTec, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated MasTec, Inc. Net cash (used in) provided by operating activities $ 0.9 $ 426.7 $ (60.2 ) $ — $ 367.4 Cash flows (used in) provided by investing activities: Cash paid for acquisitions, net of cash acquired — (0.1 ) — — (0.1 ) Capital expenditures — (71.9 ) (12.5 ) — (84.4 ) Proceeds from sale of property and equipment — 10.5 3.4 — 13.9 Payments for investments, net (1.9 ) — (56.2 ) — (58.1 ) Net cash used in investing activities $ (1.9 ) $ (61.5 ) $ (65.3 ) $ — $ (128.7 ) Cash flows provided by (used in) financing activities: Proceeds from credit facilities — 1,097.3 605.1 — 1,702.4 Repayments of credit facilities — (1,154.4 ) (587.8 ) — (1,742.2 ) Repayments of other borrowings and capital lease obligations — (54.3 ) (16.6 ) — (70.9 ) Repurchase of common stock (100.0 ) — — — (100.0 ) Proceeds from stock-based awards, net of tax withholdings 2.7 (1.1 ) — — 1.6 Excess tax benefit from stock-based compensation — 0.1 — — 0.1 Payments of acquisition-related contingent consideration — (37.3 ) (10.2 ) — (47.5 ) Payments of financing costs — (2.4 ) — — (2.4 ) Net financing activities and advances (to) from consolidated affiliates 98.3 (226.8 ) 128.5 — — Net cash provided by financing activities $ 1.0 $ (378.9 ) $ 119.0 $ — $ (258.9 ) Effect of currency translation on cash — — 1.1 — 1.1 Net increase (decrease) in cash and cash equivalents $ — $ (13.7 ) $ (5.4 ) $ — $ (19.1 ) Cash and cash equivalents - beginning of period — 18.5 5.6 — 24.1 Cash and cash equivalents - end of period $ — $ 4.8 $ 0.2 $ — $ 5.0 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 ) $ 251.9 $ 71.6 $ — $ 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 — (39.0 ) (28.3 ) — (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 ) (126.7 ) 129.0 — — Net cash provided by financing activities $ 1.5 $ 54.5 $ 62.7 $ — $ 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 CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS (in millions) 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 ) Proceeds from disposal of business, net of cash divested — (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 — — 0.0 — 0.0 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 $ — $ 22.9 |
Business, Basis of Presentati42
Business, Basis of Presentation and Significant Accounting Policies (Narrative) (Details) | 12 Months Ended | ||
Dec. 31, 2015USD ($)segment | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
Business, Basis Of Presentation And Significant Accounting Policies [Line Items] | |||
Number of reportable segments | segment | 5 | ||
Book overdrafts | $ 36,000,000 | $ 31,300,000 | |
Inventory obsolescence reserves | 2,800,000 | 6,400,000 | |
Deferred financing costs incurred, debt instruments | 2,400,000 | 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 | 3,000,000 | ||
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 | $ 12,800,000 | $ 13,200,000 |
Business, Basis of Presentati43
Business, Basis of Presentation and Significant Accounting Policies (Revenue Recognition) (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
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, 2015 and 2014, the Company had approximately $38 million and $87 million, respectively, of change orders and/or claims that had been included as 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) | $ 38 | $ 38 | $ 87 | ||||
Unbilled Revenues [Member] | |||||||
Concentration Risk [Line Items] | |||||||
Unapproved change orders, contract revenue recognized (in dollars) | $ 10 | $ 29 | |||||
Maximum [Member] | |||||||
Concentration Risk [Line Items] | |||||||
Fixed price contracts, 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] | Maximum [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 | 48.00% | 49.00% | 46.00% | ||||
Electrical Transmission [Member] | Contracts Accounted for under Percentage of Completion [Member] | |||||||
Concentration Risk [Line Items] | |||||||
Project losses | $ 14 | ||||||
Canadian Dollars [Member] | Power Generation and Industrial [Member] | Contracts Accounted for under Percentage of Completion [Member] | |||||||
Concentration Risk [Line Items] | |||||||
Project losses | $ 3.8 | $ 1.6 | $ 16 | 21.4 | |||
Corporate Joint Venture [Member] | Pacer [Member] | Canadian Dollars [Member] | Other [Member] | Contracts Accounted for under Percentage of Completion [Member] | |||||||
Concentration Risk [Line Items] | |||||||
Project losses | $ 8 | $ 2.8 | $ 5.5 | $ 16.3 |
Business, Basis of Presentati44
Business, Basis of Presentation and Significant Accounting Policies (Goodwill and Indefinite-Lived Intangible Assets) (Narrative) (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2015USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
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 | 4 | 3 | ||
Goodwill, pre-tax impairment charge | $ 68,500 | $ 68,500 | ||
Goodwill, carrying amount | 988,511 | $ 988,511 | $ 1,082,466 | $ 902,000 |
Indefinite-lived intangible assets, pre-tax impairment charge | 10,100 | |||
Goodwill [Member] | ||||
Goodwill and Indefinite-Lived Intangible Assets [Line Items] | ||||
Impairment testing, fair value measurements, significant assumptions | Estimated discount rates were determined using the Company’s average cost of capital at the time of the analysis, taking into consideration the risk inherent within each reporting unit individually, which are greater than the risk inherent in the Company as a whole. Significant assumptions used in testing the reporting units included terminal values based on terminal growth rates ranging from 3.0%-3.5%, nine years of discounted cash flows prior to the terminal value, and discount rates ranging from 12.0% to 14.0%. 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, number of years of cash flows before terminal value | 9 years | 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. | |||
Impairment testing, discount rate sensitivity analysis, spread on discount rate for which evaluation was completed | 1.00% | |||
Impairment testing, fair value inputs, EBITDA multiple | 5.5 | 5.5 | ||
Goodwill [Member] | Minimum [Member] | ||||
Goodwill and Indefinite-Lived Intangible Assets [Line Items] | ||||
Goodwill impairment testing, growth rate (percentage) | 3.00% | |||
Impairment testing, discount rate (percentage) | 12.00% | 12.00% | ||
Goodwill [Member] | Maximum [Member] | ||||
Goodwill and Indefinite-Lived Intangible Assets [Line Items] | ||||
Goodwill impairment testing, growth rate (percentage) | 3.50% | |||
Impairment testing, discount rate (percentage) | 14.00% | 13.50% | ||
Indefinite-Lived Intangible Assets [Member] | ||||
Goodwill and Indefinite-Lived Intangible Assets [Line Items] | ||||
Impairment testing, discount rate (percentage) | 7.20% | |||
Indefinite-Lived Intangible Assets [Member] | Minimum [Member] | ||||
Goodwill and Indefinite-Lived Intangible Assets [Line Items] | ||||
Impairment testing, number of years of cash flows before terminal value | 2 years | |||
Impairment testing, discount rate (percentage) | 12.00% | |||
Indefinite-Lived Intangible Assets [Member] | Maximum [Member] | ||||
Goodwill and Indefinite-Lived Intangible Assets [Line Items] | ||||
Impairment testing, number of years of cash flows before terminal value | 3 years | |||
Impairment testing, discount rate (percentage) | 14.00% | |||
Electrical Transmission [Member] | ||||
Goodwill and Indefinite-Lived Intangible Assets [Line Items] | ||||
Goodwill impairment testing, number of aggregated components in reporting unit | 4 | 4 | ||
Goodwill impairment testing, discounted cash flow methodology, number of reporting units | 1 | 1 | ||
Goodwill, pre-tax impairment charge | $ 0 | |||
Goodwill, carrying amount | $ 149,900 | $ 149,900 | $ 149,900 | $ 149,900 |
Goodwill impairment testing, reporting unit, percentage of fair value in excess of carrying amount | 5.00% | 5.00% | ||
Indefinite-lived intangible asset impairment testing, discounted cash flow methodology, number of indefinite-lived intangible assets | 1 | |||
Electrical Transmission [Member] | Goodwill [Member] | ||||
Goodwill and Indefinite-Lived Intangible Assets [Line Items] | ||||
Impairment testing, fair value measurements, sensitivity analysis, description | A 100 basis point change in the discount rate would have resulted in the Electrical Transmission operating segment carrying value exceeding fair value. | |||
Impairment testing, discount rate sensitivity analysis, spread on discount rate for which evaluation was completed | 1.00% | |||
Communications [Member] | ||||
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 | 1 | |||
Goodwill, pre-tax impairment charge | $ 0 | |||
Goodwill, carrying amount | $ 414,900 | $ 414,900 | $ 417,700 | $ 326,800 |
Power Generation and Industrial [Member] | ||||
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 | 1 | 1 | ||
Goodwill, pre-tax impairment charge | $ 0 | |||
Goodwill, carrying amount | 117,600 | $ 117,600 | $ 117,600 | $ 117,600 |
Indefinite-lived intangible asset impairment testing, percentage of fair value in excess of carrying amount | 10.00% | |||
Power Generation and Industrial [Member] | Goodwill [Member] | ||||
Goodwill and Indefinite-Lived Intangible Assets [Line Items] | ||||
Impairment testing, discount rate (percentage) | 10.50% | |||
Oil and Gas [Member] | ||||
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 | 3 | 2 | 1 | |
Goodwill impairment testing, number of reporting units, second step impairment testing | 1 | |||
Goodwill, pre-tax impairment charge | 68,500 | $ 68,500 | ||
Goodwill, carrying amount | 306,100 | $ 306,100 | $ 397,300 | $ 307,700 |
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, number of indefinite-lived intangible assets | 2 | |||
Indefinite-lived intangible assets, pre-tax impairment charge | 10,100 | |||
Oil and Gas [Member] | Reporting Unit For Which Impairment Charge Was Recorded [Member] | ||||
Goodwill and Indefinite-Lived Intangible Assets [Line Items] | ||||
Goodwill, carrying amount | 11,200 | $ 11,200 | ||
Indefinite-lived intangible assets, carrying amount | $ 20,500 | $ 20,500 | ||
Other [Member] | ||||
Goodwill and Indefinite-Lived Intangible Assets [Line Items] | ||||
Goodwill impairment testing, number of aggregated components in reporting unit | 0 | 0 |
Business, Basis of Presentati45
Business, Basis of Presentation and Significant Accounting Policies (Stock-Based Compensation) (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Deferred Compensation Arrangement with Individuals, Share-based Payments [Line Items] | |||
Stock-based compensation, payments for employee tax obligations to taxing authorities (in dollars) | $ 1.1 | $ 2.7 | $ 1.2 |
Shares Withheld For Payment of Exercise Price [Member] | |||
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) | 12,628 | 34,179 | 34,844 |
Shares Withheld For Tax [Member] | |||
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) | 61,779 | 63,210 | 36,776 |
Minimum [Member] | |||
Deferred Compensation Arrangement with Individuals, Share-based Payments [Line Items] | |||
Stock-based compensation, vesting period (in years) | 0 years | ||
Restricted Shares [Member] | Maximum [Member] | |||
Deferred Compensation Arrangement with Individuals, Share-based Payments [Line Items] | |||
Stock-based compensation, vesting period (in years) | 3 years | ||
Stock Options [Member] | |||
Deferred Compensation Arrangement with Individuals, Share-based Payments [Line Items] | |||
Stock-based compensation awards, stock options, vested (percentage) | 100.00% | ||
Share-based compensation, purchase price of common stock, percentage | 85.00% | ||
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, 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. | ||
Share-based compensation, fair value assumptions, expected dividend yield (percentage) | 0.00% |
Business, Basis of Presentati46
Business, Basis of Presentation and Significant Accounting Policies (Discontinued Operations) (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Discontinued operations, net loss | $ 0 | $ 6,452 | $ 6,456 |
Globetec Business [Member] | Discontinued Operations, Disposed of by Sale [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Discontinued operations, description | During the year ended December 31, 2013, the Company sold its interests in its Globetec business for nominal consideration and retained certain contingent assets and liabilities. | ||
Discontinued operations, loss on disposal, before tax | 9,600 | ||
Discontinued operations, revenue | 18,000 | ||
Discontinued operations, net loss | 6,500 | 6,500 | |
Discontinued operations, losses on disposal and impairment charges, net of tax | $ 5,800 | $ 4,400 |
Earnings Per Share (Methodology
Earnings Per Share (Methodology) (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |
Earnings Per Share Reconciliation Disclosure | Basic earnings or loss 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 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 income 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. If the Company reports a loss, rather than income, from continuing operations, the computation of diluted loss per share excludes dilutive common stock equivalents as their effect would be anti-dilutive. For the year ended December 31, 2015, the Company reported a net loss from continuing operations, which resulted in the exclusion of 563,803 weighted average dilutive common shares from the calculation of diluted net loss per share for the related period. |
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, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
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 | ||||
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 Issued in 2011 [Member] | |||||
Earnings Per Share [Line Items] | |||||
Debt instrument, convertible, conversion price (in dollars per share) | 15.48 | 15.48 | |||
4.25% Convertible Notes Issued in 2009 [Member] | |||||
Earnings Per Share [Line Items] | |||||
Debt instrument, convertible, conversion price (in dollars per share) | $ 15.48 | $ 15.48 | |||
4.0% Convertible Notes Issued in 2011 [Member] | |||||
Earnings Per Share [Line Items] | |||||
Debt instrument, convertible, conversion price (in dollars per share) | 15.76 | ||||
4.0% Convertible Notes Issued in 2009 [Member] | |||||
Earnings Per Share [Line Items] | |||||
Debt instrument, convertible, conversion price (in dollars per share) | $ 15.76 | ||||
Convertible Debt [Member] | |||||
Earnings Per Share [Line Items] | |||||
Premium shares (in shares) | 0 | 5,430,000 | 7,201,000 | ||
Convertible Debt [Member] | 2011 Convertible Notes [Member] | |||||
Earnings Per Share [Line Items] | |||||
Premium shares (in shares) | 5,000,000 | ||||
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% | ||||
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] | 2009 Convertible Notes [Member] | |||||
Earnings Per Share [Line Items] | |||||
Debt instrument, convertible, matured and converted (in dollars) | $ 13 | ||||
Convertible Debt [Member] | 2011 Convertible Notes [Member] | |||||
Earnings Per Share [Line Items] | |||||
Debt instrument, convertible, matured and converted (in dollars) | $ 202 | ||||
Common Stock [Member] | |||||
Earnings Per Share [Line Items] | |||||
Weighted average anti-dilutive common stock equivalents (in shares) | 563,803 | 244,623 | 0 | ||
Common Stock [Member] | 2011 Convertible Notes [Member] | |||||
Earnings Per Share [Line Items] | |||||
Number of conversion shares, principal amount (in shares) | 13,000,000 | ||||
Common Stock [Member] | 4.0% Convertible Notes [Member] | |||||
Earnings Per Share [Line Items] | |||||
Debt instrument, convertible, common shares issued (in shares) | 4,200,000 | ||||
Common Stock [Member] | 4.25% Convertible Notes [Member] | |||||
Earnings Per Share [Line Items] | |||||
Debt instrument, convertible, common shares issued (in shares) | 2,400,000 | ||||
Common Stock [Member] | Convertible Debt [Member] | 2011 Convertible Notes [Member] | |||||
Earnings Per Share [Line Items] | |||||
Premium shares (in shares) | 6,400,000 | ||||
Common Stock [Member] | Common Stock Equivalents Excluded Due To Net Loss [Member] | |||||
Earnings Per Share [Line Items] | |||||
Weighted average anti-dilutive common stock equivalents (in shares) | 563,803 |
Earnings Per Share (Schedule of
Earnings Per Share (Schedule of Earnings Per Share Information) (Details) - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Net (loss) income attributable to MasTec: | ||||
Net (loss) income, continuing operations - basic (in dollars) | [1] | $ (79,110) | $ 122,375 | $ 147,492 |
Interest expense, net of tax, convertible notes (in dollars) | 0 | 181 | 315 | |
Net (loss) income attributable to MasTec - diluted (in dollars) | (79,110) | 116,104 | 141,265 | |
Net loss from discontinued operations - basic and diluted (in dollars) | [1] | $ 0 | $ (6,452) | $ (6,542) |
Weighted average shares outstanding: | ||||
Weighted average shares outstanding - basic | 80,489 | 79,953 | 76,923 | |
Dilutive common stock equivalents (in shares) | 0 | 813 | 777 | |
Weighted average shares outstanding - diluted | 80,489 | 86,196 | 84,901 | |
Convertible Debt [Member] | ||||
Weighted average shares outstanding: | ||||
Dilutive premium shares, convertible notes | 0 | 5,430 | 7,201 | |
Continuing Operations [Member] | ||||
Net (loss) income attributable to MasTec: | ||||
Net (loss) income attributable to MasTec - diluted (in dollars) | $ (79,110) | $ 122,556 | $ 147,807 | |
[1] | Calculated as total net (loss) income less amounts attributable to non-controlling interests. |
Acquisitions (2014 Acquisitions
Acquisitions (2014 Acquisitions - WesTower) (Narrative) (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||
Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2015 | Sep. 30, 2015 | Dec. 31, 2014 | Oct. 01, 2014 | ||
Business Combinations [Line Items] | |||||||||
Business combinations, measurement period adjustments, goodwill increase (decrease) | [1] | $ (3,600,000) | |||||||
Communications [Member] | |||||||||
Business Combinations [Line Items] | |||||||||
Business combinations, acquisition integration costs | $ 1,200,000 | $ 7,800,000 | $ 8,800,000 | $ 5,300,000 | 17,800,000 | $ 5,300,000 | |||
Business combinations, measurement period adjustments, goodwill increase (decrease) | [1] | (3,600,000) | |||||||
Communications [Member] | General and Administrative Expenses [Member] | |||||||||
Business Combinations [Line Items] | |||||||||
Business combinations, acquisition integration costs | $ 17,800,000 | 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% | ||||||||
Business combinations, name of acquired entity | WesTower Communications Inc. (“WesTower”) | ||||||||
Business combinations, description of acquired entity | a telecommunications services firm that focuses on construction and maintenance of communications infrastructure for wireless networks throughout the Eastern, Central and Western United States. The acquisition of WesTower has expanded 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 | ||||||||
Business combinations, measurement period adjustments, goodwill increase (decrease) | $ (3,600,000) | ||||||||
WesTower [Member] | Long-Term Deferred Tax Liabilities [Member] | |||||||||
Business Combinations [Line Items] | |||||||||
Business combinations, measurement period adjustments, liabilities increase (decrease) | 5,300,000 | ||||||||
WesTower [Member] | Current Deferred Tax Assets [Member] | |||||||||
Business Combinations [Line Items] | |||||||||
Business combinations, measurement period adjustments, assets increase (decrease) | 15,700,000 | ||||||||
WesTower [Member] | Long-Term Deferred Tax Assets [Member] | |||||||||
Business Combinations [Line Items] | |||||||||
Business combinations, measurement period adjustments, assets increase (decrease) | $ (7,800,000) | ||||||||
WesTower [Member] | Current Liabilities [Member] | |||||||||
Business Combinations [Line Items] | |||||||||
Business combinations, acquisition integration costs, current liabilities | $ 3,500,000 | $ 1,500,000 | 3,500,000 | ||||||
WesTower [Member] | Communications [Member] | General and Administrative Expenses [Member] | |||||||||
Business Combinations [Line Items] | |||||||||
Business combinations, acquisition integration costs | $ 9,300,000 | $ 5,000,000 | |||||||
[1] | Represent adjustments to preliminary estimates of the fair values of net assets acquired within the measurement period. See Note 3 - Acquisitions for discussion of ASU 2015-16, which was adopted in the fourth quarter of 2015. |
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, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Identifiable assets acquired and liabilities assumed: | ||||
Goodwill | $ 988,511 | $ 1,082,466 | $ 902,000 | |
WesTower [Member] | ||||
Acquisition consideration: | ||||
Cash | $ 198,000 | |||
Acquisition consideration | 198,000 | |||
Identifiable assets acquired and liabilities assumed: | ||||
Accounts receivable | 179,800 | |||
Other current assets, including $18.0 million of cash acquired | 66,600 | |||
Business combinations, cash acquired | 18,000 | |||
Property, equipment and other long-term assets | 9,300 | |||
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 | (87,700) | |||
Long-term liabilities, including capital lease obligations | (26,400) | |||
Total identifiable net assets | 150,900 | |||
Goodwill | 47,100 | |||
Total net assets acquired, including goodwill | $ 198,000 |
Acquisitions (Schedule of Finit
Acquisitions (Schedule of Finite-Lived Intangible Assets Acquired, Business Acquisitions - WesTower) (Details) - WesTower [Member] $ in Millions | Oct. 01, 2014USD ($) |
Business Combinations [Line Items] | |
Finite-lived intangible assets, fair value (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, fair value (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, fair value (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, fair value (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, fair value (in dollars) | $ 36.5 |
Finite-lived intangible assets, weighted average useful life (in years) | 18 years |
Acquisitions (2014 Acquisitio53
Acquisitions (2014 Acquisitions - Pacer) (Narrative) (Details) | 1 Months Ended | 3 Months Ended | 10 Months Ended | 12 Months Ended | |||||||||||
Mar. 31, 2015USD ($) | Dec. 31, 2015USD ($) | Sep. 30, 2015USD ($) | Mar. 31, 2015USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2015USD ($) | May. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Dec. 31, 2015CAD | Dec. 31, 2015USD ($) | Dec. 31, 2014CAD | Dec. 31, 2014USD ($) | Jun. 01, 2014USD ($) | ||
Business Combinations [Line Items] | |||||||||||||||
Financing commitments, amounts paid | $ 127,480,000 | $ 4,092,000 | $ 16,173,000 | ||||||||||||
Other current liabilities, equity method investments (in dollars) | $ 43,459,000 | $ 66,527,000 | |||||||||||||
Other current assets, equity method investments | 68,190,000 | 44,463,000 | |||||||||||||
Business combinations, measurement period adjustments, goodwill increase (decrease) | [1] | (3,600,000) | |||||||||||||
Goodwill and intangible asset impairment | $ 78,625,000 | 0 | $ 0 | ||||||||||||
Performance Guarantees [Member] | |||||||||||||||
Business Combinations [Line Items] | |||||||||||||||
Guarantees issued, related parties | $ 539,300,000 | 748,300,000 | |||||||||||||
Pacer [Member] | |||||||||||||||
Business Combinations [Line Items] | |||||||||||||||
Business combinations, effective date | Jun. 1, 2014 | ||||||||||||||
Business combinations, percentage of voting interests acquired | 100.00% | 100.00% | |||||||||||||
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. | ||||||||||||||
Goodwill and intangible asset impairment | $ 78,600,000 | ||||||||||||||
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 expected 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 incorporated significant inputs not observable in the market. Key assumptions in the estimated valuation included 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 | 71,000,000 | ||||||||||||||
Pacer [Member] | Joint Venture [Member] | Performance Guarantees [Member] | |||||||||||||||
Business Combinations [Line Items] | |||||||||||||||
Guarantees issued, related parties | CAD | CAD 132,100,000 | CAD 132,100,000 | |||||||||||||
Pacer [Member] | Joint Venture [Member] | Other [Member] | Performance Guarantees [Member] | Minimum [Member] | |||||||||||||||
Business Combinations [Line Items] | |||||||||||||||
Construction projects, percentage complete | 50.00% | 50.00% | |||||||||||||
Pacer [Member] | Equity Method Investee [Member] | Pacer Equity Method Investee in Receivership [Member] | |||||||||||||||
Business Combinations [Line Items] | |||||||||||||||
Equity method investment, expected collection period (in years) | 12 months | ||||||||||||||
Pacer [Member] | Equity Method Investee [Member] | Performance Guarantees [Member] | |||||||||||||||
Business Combinations [Line Items] | |||||||||||||||
Construction projects, percentage complete | 100.00% | 100.00% | |||||||||||||
Pacer [Member] | Equity Method Investee [Member] | Guarantee of Indebtedness of Others [Member] | Financial Support [Member] | Pacer Equity Method Investee in Receivership [Member] | Revolving Loans [Member] | |||||||||||||||
Business Combinations [Line Items] | |||||||||||||||
Number of equity method investments in which the company will cease participation | 1 | 1 | |||||||||||||
Pacer [Member] | Canadian Dollars [Member] | |||||||||||||||
Business Combinations [Line Items] | |||||||||||||||
Business combinations, measurement period adjustments, property and equipment increase (decrease) | $ 8,400,000 | ||||||||||||||
Business combinations, measurement period adjustments, goodwill increase (decrease) | 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 | ||||||||||||||
Business combination, contingent consideration arrangements, range of outcomes, value, high | 52,000,000 | ||||||||||||||
Pacer [Member] | Canadian Dollars [Member] | Equity Method Investments [Member] | |||||||||||||||
Business Combinations [Line Items] | |||||||||||||||
Net equity method investment obligations, financing arrangements | $ 31,000,000 | ||||||||||||||
Pacer [Member] | Canadian Dollars [Member] | Current Liabilities [Member] | |||||||||||||||
Business Combinations [Line Items] | |||||||||||||||
Business combinations, measurement period adjustments, liabilities increase (decrease) | 5,600,000 | ||||||||||||||
Pacer [Member] | Canadian Dollars [Member] | Long-Term Deferred Tax Liabilities [Member] | |||||||||||||||
Business Combinations [Line Items] | |||||||||||||||
Business combinations, measurement period adjustments, liabilities increase (decrease) | 1,200,000 | ||||||||||||||
Pacer [Member] | Canadian Dollars [Member] | Equity Method Investments [Member] | |||||||||||||||
Business Combinations [Line Items] | |||||||||||||||
Business combinations, measurement period adjustments, assets increase (decrease) | $ (49,000,000) | ||||||||||||||
Pacer [Member] | Canadian Dollars [Member] | Joint Venture [Member] | |||||||||||||||
Business Combinations [Line Items] | |||||||||||||||
Revenue, related parties, affiliates | $ 2,100,000 | 1,700,000 | |||||||||||||
Pacer [Member] | Canadian Dollars [Member] | Joint Venture [Member] | Financial Support [Member] | |||||||||||||||
Business Combinations [Line Items] | |||||||||||||||
Financing commitments, amounts paid | 8,200,000 | 0 | |||||||||||||
Unconsolidated affiliates, outstanding commitments | 0 | ||||||||||||||
Pacer [Member] | Canadian Dollars [Member] | Joint Venture [Member] | Accounts Receivable [Member] | |||||||||||||||
Business Combinations [Line Items] | |||||||||||||||
Receivables, related parties, unincorporated joint venture | 1,200,000 | 1,800,000 | |||||||||||||
Pacer [Member] | Canadian Dollars [Member] | Joint Venture [Member] | Performance Guarantees [Member] | |||||||||||||||
Business Combinations [Line Items] | |||||||||||||||
Guarantees issued, related parties | 95,400,000 | 113,600,000 | |||||||||||||
Pacer [Member] | Canadian Dollars [Member] | Joint Venture [Member] | Other [Member] | Contracts Accounted for under Percentage-of-Completion [Member] | |||||||||||||||
Business Combinations [Line Items] | |||||||||||||||
Project losses (in dollars) | $ 8,000,000 | $ 2,800,000 | $ 5,500,000 | 16,300,000 | |||||||||||
Pacer [Member] | Canadian Dollars [Member] | Equity Method Investee [Member] | |||||||||||||||
Business Combinations [Line Items] | |||||||||||||||
Revenue, related parties, affiliates | 2,900,000 | 3,100,000 | |||||||||||||
Accounts receivable, related parties, affiliates | 1,400,000 | 0 | |||||||||||||
Pacer [Member] | Canadian Dollars [Member] | Equity Method Investee [Member] | Financial Support [Member] | |||||||||||||||
Business Combinations [Line Items] | |||||||||||||||
Financing commitments, amounts paid | $ 10,200,000 | $ 23,000,000 | |||||||||||||
Pacer [Member] | Canadian Dollars [Member] | Equity Method Investee [Member] | Financial Support [Member] | Pacer Equity Method Investee in Receivership [Member] | |||||||||||||||
Business Combinations [Line Items] | |||||||||||||||
Financing commitments, amounts paid | $ 38,300,000 | ||||||||||||||
Unconsolidated affiliates, financing commitments, amounts repaid | $ 12,800,000 | ||||||||||||||
Pacer [Member] | Canadian Dollars [Member] | Equity Method Investee [Member] | Performance Guarantees [Member] | |||||||||||||||
Business Combinations [Line Items] | |||||||||||||||
Guarantees issued, related parties | $ 61,200,000 | ||||||||||||||
Pacer [Member] | Canadian Dollars [Member] | Equity Method Investee [Member] | Other Financial Guarantees [Member] | |||||||||||||||
Business Combinations [Line Items] | |||||||||||||||
Guarantees issued, related parties | $ 0 | ||||||||||||||
Pacer [Member] | Canadian Dollars [Member] | Equity Method Investee [Member] | Guarantee of Indebtedness of Others [Member] | Financial Support [Member] | Pacer Equity Method Investee in Receivership [Member] | Revolving Loans [Member] | |||||||||||||||
Business Combinations [Line Items] | |||||||||||||||
Financing commitments, amounts paid | $ 20,800,000 | ||||||||||||||
[1] | Represent adjustments to preliminary estimates of the fair values of net assets acquired within the measurement period. See Note 3 - Acquisitions for discussion of ASU 2015-16, which was adopted in the fourth quarter of 2015. |
Acquisitions (Schedule of Con54
Acquisitions (Schedule of Consideration Paid and Net Assets Acquired, Business Acquisitions - Pacer) (Details) - USD ($) $ in Thousands | Jun. 01, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Identifiable assets acquired and liabilities assumed: | ||||
Goodwill | $ 988,511 | $ 1,082,466 | $ 902,000 | |
Earn-Out Arrangements [Member] | ||||
Acquisition consideration: | ||||
Fair value of contingent consideration (earn-out liability) | $ 0 | $ 33,612 | $ 32,451 | |
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 Fin55
Acquisitions (Schedule of Finite-Lived Intangible Assets Acquired, Business Acquisitions - Pacer) (Details) - Pacer [Member] $ in Millions | Jun. 01, 2014USD ($) |
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, fair value (in dollars) | $ 19.4 |
Canadian Dollars [Member] | Backlog [Member] | |
Business Combinations [Line Items] | |
Finite-lived intangible assets, fair value (in dollars) | 6.1 |
Canadian Dollars [Member] | Non-Compete Agreements [Member] | |
Business Combinations [Line Items] | |
Finite-lived intangible assets, fair value (in dollars) | 2.3 |
Canadian Dollars [Member] | Customer Relationships [Member] | |
Business Combinations [Line Items] | |
Finite-lived intangible assets, fair value (in dollars) | $ 11 |
Acquisitions (2014 Acquisitio56
Acquisitions (2014 Acquisitions - Other 2014 Acquisitions) (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | 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 | |
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 | |
Other 2014 Acquisitions [Member] | ||
Business Combinations [Line Items] | ||
Business combinations, aggregate purchase price, as adjusted (in dollars) | $ 40.7 |
Acquisitions (2013 Acquisitions
Acquisitions (2013 Acquisitions - Big Country) (Narrative) (Details) - Big Country [Member] - USD ($) $ in Millions | May. 01, 2013 | Dec. 31, 2015 |
Business Combinations [Line Items] | ||
Business combinations, effective date | May 1, 2013 | |
Business combinations, percentage of voting interests acquired | 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 | a North American oil and gas pipeline and facility construction services company, headquartered in Calgary, Alberta, Canada | |
Earn-Out Arrangements [Member] | ||
Business Combinations [Line Items] | ||
Business combinations, contingent consideration, earn-out period (in years) | 5 years | |
Canadian Dollars [Member] | ||
Business Combinations [Line Items] | ||
Business combinations, payments in cash (in dollars) | $ 103.5 | |
Canadian Dollars [Member] | Earn-Out Arrangements [Member] | ||
Business Combinations [Line Items] | ||
Business combinations, contingent consideration, fair value of earn-out (in dollars) | $ 9 |
Acquisitions (2013 Acquisitio58
Acquisitions (2013 Acquisitions - Other 2013 Acquisitions) (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2015 | |
April 2013 Acquisitions [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 Acquisitions [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 Busin
Acquisitions (Schedule of Business Acquisition Pro Forma Information, Business Acquisitions) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
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 acquisition costs, including certain acquisition integration costs; (ii) to increase amortization expense resulting from the incremental intangible assets acquired; (iii) to increase interest expense as a result of the cash consideration paid; (iv) to remove integration-related employee redundancy costs; and (v) to reduce interest expense from debt repaid upon acquisition of the respective businesses. The unaudited supplemental pro forma financial information does not include adjustments to reflect the impact of other cost savings or synergies that may result from these acquisitions. | ||||||||
Unaudited Supplemental Pro Forma Financial Information and Results of Businesses Acquired | |||||||||
Business combinations, pro forma revenue | $ 5,085.2 | $ 5,465.9 | |||||||
Business combinations, pro forma net income from continuing operations | 130.3 | 160.8 | |||||||
Business combinations, actual of acquirees, revenue (year-over-year impact) | $ 301.5 | 565.4 | 406.6 | ||||||
Business combinations, actual of acquirees, net (loss) income from continuing operations (year-over-year impact) | [1] | (13.4) | 0.7 | 20 | |||||
General and Administrative Expenses [Member] | |||||||||
Unaudited Supplemental Pro Forma Financial Information and Results of Businesses Acquired | |||||||||
Business combinations, acquisition and integration-related costs | 11.2 | ||||||||
Business combinations, other acquisition-related costs | 2.7 | $ 1.9 | |||||||
Communications [Member] | |||||||||
Unaudited Supplemental Pro Forma Financial Information and Results of Businesses Acquired | |||||||||
Business combinations, acquisition integration costs | $ 1.2 | $ 7.8 | $ 8.8 | $ 5.3 | 17.8 | 5.3 | |||
Communications [Member] | General and Administrative Expenses [Member] | |||||||||
Unaudited Supplemental Pro Forma Financial Information and Results of Businesses Acquired | |||||||||
Business combinations, acquisition integration costs | 17.8 | 5.3 | |||||||
Communications [Member] | WesTower [Member] | General and Administrative Expenses [Member] | |||||||||
Unaudited Supplemental Pro Forma Financial Information and Results of Businesses Acquired | |||||||||
Business combinations, acquisition integration costs | 9.3 | $ 5 | |||||||
Other [Member] | Pacer [Member] | Joint Venture [Member] | Canadian Dollars [Member] | Contracts Accounted for under Percentage-of-Completion [Member] | |||||||||
Unaudited Supplemental Pro Forma Financial Information and Results of Businesses Acquired | |||||||||
Project losses | $ 8 | $ 2.8 | $ 5.5 | $ 16.3 | |||||
[1] | Acquiree net (loss) income from continuing operations for the years ended December 31, 2015 and 2014 includes approximately $9.3 million and $5.0 million, respectively, of pre-tax acquisition integration costs incurred in connection with the WesTower acquisition and, for the year ended December 31, 2015, includes project losses of $16.3 million associated with the Company’s proportionate interest in a non-controlled Canadian joint venture. Other acquisition-related costs, including certain acquisition integration costs totaling $11.2 million, $2.7 million and $1.9 million for the years ended December 31, 2015, 2014 and 2013, respectively, which are included within general and administrative expenses in the Company’s consolidated statements of operations, are not included in the above presented acquiree results for the respective periods. The above results also do not include interest expense associated with consideration paid for these acquisitions. |
Goodwill and Other Intangible60
Goodwill and Other Intangible Assets (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||||
Goodwill, pre-tax impairment charge | $ 68.5 | $ 68.5 | ||
Indefinite-lived intangible assets, pre-tax impairment charge | $ 10.1 | |||
Amortization expense | $ 28.4 | $ 25.1 | $ 21.2 |
Goodwill and Other Intangible61
Goodwill and Other Intangible Assets (Rollforward of Goodwill by Segment) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | ||
Goodwill [Line Items] | ||||
Goodwill, beginning balance | $ 1,082,466 | $ 902,000 | ||
Additions from new business combinations | 184,800 | |||
Currency translation adjustments | (22,700) | (10,800) | ||
Measurement period adjustments | [1] | (3,600) | ||
Goodwill impairment | $ 68,500 | 68,500 | ||
Goodwill, ending balance | 988,511 | 988,511 | 1,082,466 | |
Goodwill, accumulated impairment loss | (68,500) | (68,500) | ||
Earn-Out Arrangements [Member] | ||||
Goodwill [Line Items] | ||||
Accruals of acquisition-related contingent consideration, net | [2] | 800 | 6,500 | |
Communications [Member] | ||||
Goodwill [Line Items] | ||||
Goodwill, beginning balance | 417,700 | 326,800 | ||
Additions from new business combinations | 84,400 | |||
Currency translation adjustments | 0 | 0 | ||
Measurement period adjustments | [1] | (3,600) | ||
Goodwill impairment | 0 | |||
Goodwill, ending balance | 414,900 | 414,900 | 417,700 | |
Goodwill, accumulated impairment loss | 0 | 0 | ||
Communications [Member] | Earn-Out Arrangements [Member] | ||||
Goodwill [Line Items] | ||||
Accruals of acquisition-related contingent consideration, net | [2] | 800 | 6,500 | |
Oil and Gas [Member] | ||||
Goodwill [Line Items] | ||||
Goodwill, beginning balance | 397,300 | 307,700 | ||
Additions from new business combinations | 100,400 | |||
Currency translation adjustments | (22,700) | (10,800) | ||
Measurement period adjustments | [1] | 0 | ||
Goodwill impairment | 68,500 | 68,500 | ||
Goodwill, ending balance | 306,100 | 306,100 | 397,300 | |
Goodwill, accumulated impairment loss | (68,500) | (68,500) | ||
Oil and Gas [Member] | Earn-Out Arrangements [Member] | ||||
Goodwill [Line Items] | ||||
Accruals of acquisition-related contingent consideration, net | [2] | 0 | 0 | |
Electrical Transmission [Member] | ||||
Goodwill [Line Items] | ||||
Goodwill, beginning balance | 149,900 | 149,900 | ||
Additions from new business combinations | 0 | |||
Currency translation adjustments | 0 | 0 | ||
Measurement period adjustments | [1] | 0 | ||
Goodwill impairment | 0 | |||
Goodwill, ending balance | 149,900 | 149,900 | 149,900 | |
Goodwill, accumulated impairment loss | 0 | 0 | ||
Electrical Transmission [Member] | Earn-Out Arrangements [Member] | ||||
Goodwill [Line Items] | ||||
Accruals of acquisition-related contingent consideration, net | [2] | 0 | 0 | |
Power Generation and Industrial [Member] | ||||
Goodwill [Line Items] | ||||
Goodwill, beginning balance | 117,600 | 117,600 | ||
Additions from new business combinations | 0 | |||
Currency translation adjustments | 0 | 0 | ||
Measurement period adjustments | [1] | 0 | ||
Goodwill impairment | 0 | |||
Goodwill, ending balance | 117,600 | 117,600 | 117,600 | |
Goodwill, accumulated impairment loss | $ 0 | 0 | ||
Power Generation and Industrial [Member] | Earn-Out Arrangements [Member] | ||||
Goodwill [Line Items] | ||||
Accruals of acquisition-related contingent consideration, net | [2] | $ 0 | $ 0 | |
[1] | Represent adjustments to preliminary estimates of the fair values of net assets acquired within the measurement period. See Note 3 - Acquisitions for discussion of ASU 2015-16, which was adopted in the fourth quarter of 2015. | |||
[2] | Represents contingent consideration for acquisitions prior to January 1, 2009, which is accrued as earned, in accordance with U.S. GAAP. |
Goodwill and Other Intangible62
Goodwill and Other Intangible Assets (Rollforward of Other Intangible Assets) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | |
Other Intangible Assets [Line Items] | ||||||
Other intangible assets, gross carrying amount | $ 245,100 | |||||
Accumulated amortization | (79,500) | |||||
Other Intangible Assets [Roll Forward] | ||||||
Other intangible assets, net, beginning balance | $ 250,373 | $ 165,600 | ||||
Additions from new business combinations, other intangible assets | 116,300 | |||||
Amortization expense | (28,400) | (25,100) | $ (21,200) | |||
Currency translation adjustments, other intangible assets | (12,500) | (6,400) | ||||
Intangible asset impairment, other intangible assets | (10,100) | |||||
Other intangible assets, net, amortizing, ending balance | $ 91,200 | 91,200 | ||||
Other intangible assets, net, ending balance | $ 199,379 | 199,379 | 250,373 | 165,600 | ||
Weighted Average [Member] | ||||||
Other Intangible Assets [Roll Forward] | ||||||
Remaining weighted average amortization period (in years) | 11 years | |||||
Customer Relationships and Backlog [Member] | ||||||
Other Intangible Assets [Line Items] | ||||||
Other intangible assets, amortizing, gross carrying amount | 128,400 | |||||
Accumulated amortization | (67,700) | |||||
Other Intangible Assets [Roll Forward] | ||||||
Other intangible assets, net, amortizing, beginning balance | 109,500 | 60,700 | ||||
Additions from new business combinations, amortizing intangible assets | 73,400 | |||||
Amortization expense | (26,500) | (23,200) | ||||
Currency translation adjustments, amortizing intangible assets | (2,200) | (1,400) | ||||
Intangible asset impairment, other intangible assets | 0 | |||||
Other intangible assets, net, amortizing, ending balance | $ 80,800 | 80,800 | 109,500 | 60,700 | ||
Customer Relationships and Backlog [Member] | Weighted Average [Member] | ||||||
Other Intangible Assets [Roll Forward] | ||||||
Remaining weighted average amortization period (in years) | 11 years | |||||
Other Amortizing Intangible Assets [Member] | ||||||
Other Intangible Assets [Line Items] | ||||||
Other intangible assets, amortizing, gross carrying amount | [1] | 22,500 | ||||
Accumulated amortization | [1] | (11,800) | ||||
Other Intangible Assets [Roll Forward] | ||||||
Other intangible assets, net, amortizing, beginning balance | [1] | 12,800 | 10,700 | |||
Additions from new business combinations, amortizing intangible assets | [1] | 4,200 | ||||
Amortization expense | [1] | (1,900) | (1,900) | |||
Currency translation adjustments, amortizing intangible assets | [1] | (500) | (200) | |||
Intangible asset impairment, other intangible assets | [1] | 0 | ||||
Other intangible assets, net, amortizing, ending balance | [1] | $ 10,400 | 10,400 | 12,800 | 10,700 | |
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 | 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 | |||||
Currency translation adjustments, non-amortizing intangible assets | 0 | 0 | ||||
Intangible asset impairment, other intangible assets | 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 | 73,400 | 93,300 | 59,400 | 59,400 | $ 59,400 | |
Other Intangible Assets [Roll Forward] | ||||||
Other intangible assets, non-amortizing, beginning balance | 93,300 | 59,400 | ||||
Additions from new business combinations, non-amortizing intangible assets | 38,700 | |||||
Currency translation adjustments, non-amortizing intangible assets | (9,800) | (4,800) | ||||
Intangible asset impairment, other intangible assets | (10,100) | |||||
Other intangible assets, non-amortizing, ending balance | $ 73,400 | $ 73,400 | $ 93,300 | $ 59,400 | ||
[1] | Consists principally of trade names and non-compete agreements. |
Goodwill and Other Intangible63
Goodwill and Other Intangible Assets (Schedule of Expected Future Amortization Expense) (Details) $ in Millions | Dec. 31, 2015USD ($) |
Amortization Expense | |
Intangible assets, expected future amortization expense, 2016 | $ 20.9 |
Intangible assets, expected future amortization expense, 2017 | 16.3 |
Intangible assets, expected future amortization expense, 2018 | 12.7 |
Intangible assets, expected future amortization expense, 2019 | 8.5 |
Intangible assets, expected future amortization expense, 2020 | 7.3 |
Intangible assets, expected future amortization expense, thereafter | 25.5 |
Intangible assets, expected future amortization expense, total | $ 91.2 |
Fair Value of Financial Instr64
Fair Value of Financial Instruments (Assets and Liabilities Measured at Fair Value on a Recurring Basis) (Narrative) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Fair Value, Financial Instruments Measured on a Recurring Basis [Line Items] | |||
Business combinations, contingent consideration liability, decrease | $ 20,073,000 | $ 0 | $ 0 |
Earn-Out Arrangements [Member] | |||
Fair Value, Financial Instruments Measured on a Recurring Basis [Line Items] | |||
Additions from new business combinations, ASC 805 contingent consideration | 0 | 33,600,000 | 32,500,000 |
Payments of ASC 805 contingent consideration | 40,500,000 | 48,400,000 | 8,500,000 |
Earn-Out Arrangements [Member] | 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 | 8,000,000 | 4,500,000 | $ 2,200,000 |
Earn-Out Arrangements [Member] | Receivable [Member] | |||
Fair Value, Financial Instruments Measured on a Recurring Basis [Line Items] | |||
Reductions in other assets, amount | 19,100,000 | ||
Earn-Out Arrangements [Member] | Other Income, Net [Member] | |||
Fair Value, Financial Instruments Measured on a Recurring Basis [Line Items] | |||
Business combinations, contingent consideration, gain included in earnings | 20,100,000 | ||
Earn-Out Arrangements [Member] | Fair Value [Member] | Level 3 [Member] | |||
Fair Value, Financial Instruments Measured on a Recurring Basis [Line Items] | |||
ASC 805 contingent consideration, fair value | $ 58,400,000 | $ 146,100,000 | |
Fair Value Measurements, Recurring [Member] | Earn-Out Arrangements [Member] | Level 3 [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. | ||
Fair Value Measurements, Recurring [Member] | Earn-Out Arrangements [Member] | Fair Value [Member] | Level 3 [Member] | |||
Fair Value, Financial Instruments Measured on a Recurring Basis [Line Items] | |||
Business combinations, contingent consideration liability, decrease | $ 39,200,000 | ||
Fair Value Measurements, Recurring [Member] | Earn-Out Arrangements [Member] | Fair Value [Member] | Level 3 [Member] | Reclassification Adjustment [Member] | |||
Fair Value, Financial Instruments Measured on a Recurring Basis [Line Items] | |||
Business combinations, contingent consideration liability, decrease | $ 19,100,000 |
Fair Value of Financial Instr65
Fair Value of Financial Instruments (Assets and Liabilites Measured on a Non-Recurring Basis) (Narrative) (Details) - Senior Notes [Member] - 4.875% Senior Notes [Member] - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
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] | Level 1 [Member] | ||
Fair Value, Financial Instruments Measured on a Non-Recurring Basis [Line Items] | ||
Fair value measurements, valuation techniques | the estimated fair value of the 4.875% Senior Notes, based on quoted market prices in active markets, a Level 1 input | |
Fair Value Measurements, Non-Recurring [Member] | Carrying Amount [Member] | ||
Fair Value, Financial Instruments Measured on a Non-Recurring Basis [Line Items] | ||
4.875% Senior Notes (in dollars) | $ 400 | $ 400 |
Fair Value Measurements, Non-Recurring [Member] | Fair Value [Member] | Level 1 [Member] | ||
Fair Value, Financial Instruments Measured on a Non-Recurring Basis [Line Items] | ||
4.875% Senior Notes (in dollars) | $ 344 | $ 375 |
Fair Value of Financial Instr66
Fair Value of Financial Instruments (Cost and Equity Method Investments) (Narrative) (Details) $ in Thousands | 3 Months Ended | 7 Months Ended | 12 Months Ended | ||||
Dec. 31, 2015USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2015USD ($) | Mar. 31, 2016USD ($) | Dec. 30, 2015USD ($) | Jun. 30, 2015USD ($) | Dec. 31, 2014USD ($) | |
Fair Value, Financial Instruments Measured on a Non-Recurring Basis [Line Items] | |||||||
Other current liabilities | $ 43,459 | $ 43,459 | $ 43,459 | $ 66,527 | |||
Assets, equity method investees | 68,119 | 68,119 | 68,119 | 66,907 | |||
Credit Facility [Member] | |||||||
Fair Value, Financial Instruments Measured on a Non-Recurring Basis [Line Items] | |||||||
Letters of credit issued | $ 292,800 | $ 292,800 | 292,800 | 153,600 | |||
Other [Member] | |||||||
Fair Value, Financial Instruments Measured on a Non-Recurring Basis [Line Items] | |||||||
Equity in losses from unconsolidated affiliates | $ 4,400 | ||||||
Waha JVs [Member] | |||||||
Fair Value, Financial Instruments Measured on a Non-Recurring Basis [Line Items] | |||||||
Equity method investment, ownership percentage | 33.00% | 33.00% | 33.00% | ||||
Waha JVs [Member] | Other [Member] | Interest Rate Swap [Member] | |||||||
Fair Value, Financial Instruments Measured on a Non-Recurring Basis [Line Items] | |||||||
Equity in losses from unconsolidated affiliates | $ 4,400 | $ 4,400 | |||||
Waha JVs [Member] | Equity Method Investee [Member] | |||||||
Fair Value, Financial Instruments Measured on a Non-Recurring Basis [Line Items] | |||||||
Equity method investment, aggregate cost | $ 6,000 | ||||||
Number of pipelines to be constructed | 2 | ||||||
Equity method investments, equity contributions | $ 56,000 | ||||||
Equity method investment, equity contributions repaid | 56,000 | ||||||
Waha JVs [Member] | Equity Method Investee [Member] | Credit Facility [Member] | Guarantee of Indebtedness of Others [Member] | |||||||
Fair Value, Financial Instruments Measured on a Non-Recurring Basis [Line Items] | |||||||
Letters of credit issued | 86,000 | 86,000 | 86,000 | $ 78,000 | |||
Waha JVs [Member] | Equity Method Investee [Member] | Credit Facility [Member] | Guarantee of Indebtedness of Others [Member] | Subsequent Event [Member] | |||||||
Fair Value, Financial Instruments Measured on a Non-Recurring Basis [Line Items] | |||||||
Letters of credit issued | $ 131,000 | ||||||
Waha JVs [Member] | Equity Method Investee [Member] | Credit Facility [Member] | Guarantee of Indebtedness of Others [Member] | Additional Letters of Credit [Member] | |||||||
Fair Value, Financial Instruments Measured on a Non-Recurring Basis [Line Items] | |||||||
Letters of credit issued | 8,000 | 8,000 | 8,000 | ||||
Waha JVs [Member] | Equity Method Investee [Member] | Credit Facility [Member] | Guarantee of Indebtedness of Others [Member] | Additional Letters of Credit [Member] | Subsequent Event [Member] | |||||||
Fair Value, Financial Instruments Measured on a Non-Recurring Basis [Line Items] | |||||||
Letters of credit issued | $ 45,000 | ||||||
Waha JVs [Member] | Equity Method Investee [Member] | Interest Rate Swap [Member] | |||||||
Fair Value, Financial Instruments Measured on a Non-Recurring Basis [Line Items] | |||||||
Assets, equity method investees | 4,000 | 4,000 | 4,000 | ||||
Waha JVs [Member] | Equity Method Investee [Member] | Equity Contributions And/Or Loan Guarantees [Member] | |||||||
Fair Value, Financial Instruments Measured on a Non-Recurring Basis [Line Items] | |||||||
Unconsolidated affiliates, outstanding commitments | $ 78,000 | ||||||
Equity Method Investee [Member] | |||||||
Fair Value, Financial Instruments Measured on a Non-Recurring Basis [Line Items] | |||||||
Other current liabilities | 32,400 | ||||||
Cost Method Investment [Member] | Cross Country Pipeline [Member] | Immediate Family Member of Management or Principal Owner [Member] | |||||||
Fair Value, Financial Instruments Measured on a Non-Recurring Basis [Line Items] | |||||||
Cost method investment, original cost | 15,000 | 15,000 | 15,000 | ||||
Fair Value Measurements, Non-Recurring [Member] | Carrying Amount [Member] | |||||||
Fair Value, Financial Instruments Measured on a Non-Recurring Basis [Line Items] | |||||||
Aggregate carrying value, cost and equity method investment assets | $ 16,700 | $ 16,700 | $ 16,700 | $ 17,700 |
Accounts Receivable, Net of A67
Accounts Receivable, Net of Allowance (Schedule of Accounts Receivable, Net of Allowance) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Accounts Receivable, Net of Allowance | |||
Contract billings | $ 437,300 | $ 669,700 | |
Retainage | 148,800 | 162,200 | |
Cost and earnings in excess of billings | 332,700 | 485,600 | |
Accounts receivable, gross | 918,800 | 1,317,500 | |
Less allowance for doubtful accounts | (7,700) | (13,900) | $ (15,700) |
Accounts receivable, net | $ 911,106 | $ 1,303,552 |
Accounts Receivable, Net of A68
Accounts Receivable, Net of Allowance (Schedule of Activity, Allowance for Doubtful Accounts) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Allowance for Doubtful Accounts [Rollforward] | ||
Allowance for doubtful accounts at beginning of year | $ 13.9 | $ 15.7 |
Provision for doubtful accounts | 2.1 | 1.8 |
Amounts charged against the allowance | (8.3) | (3.6) |
Allowance for doubtful accounts at end of year | $ 7.7 | $ 13.9 |
Accounts Receivable, Net of A69
Accounts Receivable, Net of Allowance (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Financing Receivable, Non-Recourse Arrangement [Member] | ||
Schedule of Accounts Receivable, Net of Allowance [Line Items] | ||
Improvement in cash collections from non-recourse financing arrangement | $ 12 | $ 70 |
Uncollectible Receivables [Member] | ||
Schedule of Accounts Receivable, Net of Allowance [Line Items] | ||
Change in estimate, provision for doubtful accounts | $ 0.5 | |
Interest Expense [Member] | Financing Receivable, Non-Recourse Arrangement [Member] | ||
Schedule of Accounts Receivable, Net of Allowance [Line Items] | ||
Non-recourse financing arrangement, discount charge | $ 1.6 |
Property and Equipment, Net (Sc
Property and Equipment, Net (Schedule of Property and Equipment, Net) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Property and Equipment [Line Items] | ||
Property and equipment | $ 1,086,900 | $ 1,088,700 |
Less accumulated depreciation and amortization | (528,200) | (465,600) |
Property and equipment, net | 558,667 | 623,118 |
Land [Member] | ||
Property and Equipment [Line Items] | ||
Property and equipment | 4,600 | 4,600 |
Building and Leasehold Improvements [Member] | ||
Property and Equipment [Line Items] | ||
Property and equipment | $ 21,700 | 19,900 |
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 | $ 912,900 | 926,100 |
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 | $ 136,900 | 126,100 |
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 | $ 10,800 | $ 12,000 |
Property and Equipment, Net (Na
Property and Equipment, Net (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Property and Equipment [Line Items] | |||
Capitalized internal-use software, gross | $ 101,400 | $ 92,700 | |
Capitalized internal-use software, net | 33,400 | 33,600 | |
Depreciation and amortization | 169,662 | 154,452 | $ 140,926 |
Property and Equipment [Member] | |||
Property and Equipment [Line Items] | |||
Depreciation and amortization | $ 141,300 | $ 129,400 | $ 119,700 |
Debt (Schedule of Carrying Valu
Debt (Schedule of Carrying Values of Debt) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Debt Instrument [Line Items] | ||
Capital lease obligations | $ 130,900 | $ 176,500 |
Total debt | 1,023,200 | 1,134,800 |
Less current maturities | (77,654) | (73,631) |
Long-term debt | $ 945,464 | 1,061,159 |
Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Line of credit facility, maturity date | Oct. 29, 2018 | |
Credit Facility [Member] | Revolving Loans [Member] | ||
Debt Instrument [Line Items] | ||
Carrying value of debt | $ 208,500 | 282,700 |
Credit Facility [Member] | Term Loan [Member] | ||
Debt Instrument [Line Items] | ||
Line of credit facility, maturity date | Nov. 21, 2019 | |
Carrying value of debt | $ 250,000 | 250,000 |
Senior Notes [Member] | 4.875% Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, maturity date | Mar. 15, 2023 | |
Carrying value of debt | $ 400,000 | 400,000 |
Other Credit Facilities [Member] | ||
Debt Instrument [Line Items] | ||
Carrying value of debt | $ 16,400 | 1,200 |
Capital Lease Obligations [Member] | ||
Debt Instrument [Line Items] | ||
Capital lease obligations, expiration date, range, end | Jun. 13, 2021 | |
Notes Payable [Member] | Equipment [Member] | ||
Debt Instrument [Line Items] | ||
Notes payable, maturity date, range, end | Jun. 30, 2018 | |
Carrying value of debt | $ 17,400 | $ 24,400 |
Debt (Schedule of Carrying Va73
Debt (Schedule of Carrying Values of Debt) (Interest Rates) (Details) | Dec. 31, 2015 |
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) | 2.70% |
4.875% Senior Notes [Member] | Senior Notes [Member] | |
Debt Instrument [Line Items] | |
Debt instrument, interest rate (percentage) | 4.875% |
Debt (Senior Secured Credit Fac
Debt (Senior Secured Credit Facility) (Narrative) (Details) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Dec. 31, 2016 | Sep. 30, 2016 |
Debt Instrument [Line Items] | |||||||
Line of credit facility, financing costs incurred | $ 2,400,000 | $ 2,600,000 | $ 9,600,000 | ||||
Other Assets [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Line of credit facility, deferred financing costs, net of accumulated amortization | $ 12,800,000 | $ 13,200,000 | 12,800,000 | 13,200,000 | |||
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 | $ 1,500,000 | 2,500,000 | $ 1,900,000 | ||||
Line of credit facility, letters of credit issued | $ 292,800,000 | $ 153,600,000 | 292,800,000 | 153,600,000 | |||
Line of credit facility, unused credit facility commitment fee (percentage) | 0.40% | 0.35% | |||||
Credit Facility [Member] | Other Assets [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Line of credit facility, deferred financing costs, net of accumulated amortization | $ 6,400,000 | $ 6,900,000 | 6,400,000 | 6,900,000 | |||
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 facility, 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) | 4.25 | 4.25 | |||||
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] | Maximum [Member] | Forecast [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Line of credit facility, required consolidated leverage ratio (in multiple) | 3.50 | 4 | |||||
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 consolidated 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 | $ 498,700,000 | $ 563,700,000 | $ 498,700,000 | $ 563,700,000 | |||
Credit Facility [Member] | Revolving Loans [Member] | Base Rate Option (i) [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 (iii) [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 (ii) [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) | 2.95% | 2.18% | 2.95% | 2.18% | |||
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) | 2.42% | 1.92% | 2.42% | 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 (i) [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 (iii) [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 (ii) [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 | $ 157,200,000 | $ 296,400,000 | $ 157,200,000 | $ 296,400,000 | |||
Credit Facility [Member] | Letters of Credit [Member] | Commercial and/or Financial Standby [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Line of credit facility, interest rate (percentage) | 2.00% | 1.75% | 2.00% | 1.75% | |||
Credit Facility [Member] | Letters of Credit [Member] | Performance Standby [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Line of credit facility, interest rate (percentage) | 1.00% | 0.875% | 1.00% | 0.875% | |||
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 F75
Debt (Senior Secured Credit Facility) (Terms, Guarantees and Covenants) (Narrative) (Details) - Credit Facility [Member] | 12 Months Ended |
Dec. 31, 2015 | |
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 provides for a maximum Consolidated Leverage Ratio, as defined in the Credit Facility, of up to (i) 4.25 until September 29, 2016, (ii) 4.00 during the period commencing on September 30, 2016 and ending on December 30, 2016, and (iii) 3.50 thereafter (subject to the Acquisition Adjustment described below). The Credit Facility also requires that the Company maintain a minimum Consolidated Interest Coverage Ratio, as defined in the Credit Facility, of 3.00. The Credit Facility provides that, for purposes of calculating the Consolidated Leverage Ratio, certain cash charges may be added back to the calculation of Consolidated EBITDA, as defined in the Credit Facility, and funded indebtedness excludes the undrawn standby performance letters of credit. Additionally, notwithstanding the terms discussed above, subject to certain conditions, if a permitted acquisition or series of permitted acquisitions having consideration exceeding $50 million occurs during a fiscal quarter, the Consolidated Leverage Ratio may be temporarily increased to up to 3.75 during such fiscal quarter and the subsequent two fiscal quarters (the “Acquisition Adjustment”). Such right may be exercised no more than two times during the term of the Credit Facility. |
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, subject to certain conditions, 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, 2015CAD | Dec. 31, 2015USD ($) | Dec. 31, 2014CAD | Dec. 31, 2014USD ($) | |
Debt Instrument [Line Items] | ||||
Line of credit facility, maximum borrowing capacity (in dollars) | CAD | CAD 40 | CAD 45 | ||
Line of credit facility, amount outstanding (in dollars) | $ 16.4 | $ 1.2 | ||
Debt instrument, rationale for classification as long-term debt | 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 sheets. | |||
Weighted Average [Member] | ||||
Debt Instrument [Line Items] | ||||
Line of credit facility, interest rate (percentage) | 3.60% | 3.60% | 4.00% | 4.00% |
Canadian Dollars [Member] | ||||
Debt Instrument [Line Items] | ||||
Line of credit facility, maximum borrowing capacity (in dollars) | $ 28.9 | $ 38.7 | ||
Line of credit facility, amount outstanding (in dollars) | $ 16.4 | $ 1.2 |
Debt (4.875% Senior Notes and 7
Debt (4.875% Senior Notes and 7.625% Senior Notes) (Narrative) (Details) | Mar. 29, 2013USD ($) | Mar. 18, 2013USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Mar. 17, 2013USD ($) |
Debt Instrument [Line Items] | ||||||
Debt instrument, financing costs incurred (in dollars) | $ 2,400,000 | $ 2,600,000 | $ 9,600,000 | |||
Debt instrument, loss on extinguishment (in dollars) | 0 | 0 | 5,624,000 | |||
Other Assets [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, deferred financing costs, net of accumulated amortization (in dollars) | 12,800,000 | 13,200,000 | ||||
Senior Notes [Member] | 4.875% Senior Notes [Member] | ||||||
Debt Instrument [Line Items] | ||||||
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. | |||||
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, payments for consent fee, note holders (in dollars) | $ 900,000 | |||||
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) | $ 6,400,000 | $ 6,300,000 | ||||
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] | Interest Expense [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, payments for consent fee, solicitation agent (in dollars) | $ 800,000 | |||||
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 | |||||
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 or redemption date | Mar. 18, 2013 | |||||
Debt instrument, amount of principal repurchased or redeemed (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 or redemption date | Mar. 29, 2013 | |||||
Debt instrument, amount of principal repurchased or redeemed (in dollars) | $ 28,900,000 |
Debt (Senior Convertible Notes)
Debt (Senior Convertible Notes) (Narrative) (Details) - USD ($) shares in Millions, $ in Millions | 1 Months Ended | 12 Months Ended | |
Dec. 31, 2014 | Jun. 30, 2014 | Dec. 31, 2014 | |
4.25% Convertible Notes [Member] | |||
Debt Instrument [Line Items] | |||
Debt instrument, convertible, repayments (in dollars) | $ 97 | ||
4.25% Convertible Notes [Member] | Common Stock [Member] | |||
Debt Instrument [Line Items] | |||
Debt instrument, convertible, common shares issued (in shares) | 2.4 | ||
4.0% Convertible Notes [Member] | |||
Debt Instrument [Line Items] | |||
Debt instrument, convertible, repayments (in dollars) | $ 105 | ||
4.0% Convertible Notes [Member] | Common Stock [Member] | |||
Debt Instrument [Line Items] | |||
Debt instrument, convertible, common shares issued (in shares) | 4.2 | ||
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% | |
Share reissuances, treasury stock (in shares) | 2.4 | ||
Convertible Debt [Member] | 4.25% Convertible 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% | ||
Share reissuances, treasury stock (in shares) | 4.2 | ||
Convertible Debt [Member] | 4.0% Convertible Notes [Member] | Common Stock [Member] | |||
Debt Instrument [Line Items] | |||
Value of premium shares upon conversion, convertible notes (in dollars) | $ 114.8 |
Debt (Other) (Narrative) (Detai
Debt (Other) (Narrative) (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Debt Instrument [Line Items] | ||
Debt and capital lease obligations | $ 1,023.2 | $ 1,134.8 |
Other Accrued Expenses [Member] | ||
Debt Instrument [Line Items] | ||
Debt instruments, accrued interest payable | 7.7 | 7.4 |
Business Acquisitions [Member] | ||
Debt Instrument [Line Items] | ||
Debt and capital lease obligations | $ 9.8 | $ 20.2 |
Debt (Schedule of Contractual M
Debt (Schedule of Contractual Maturities of Debt and Capital Lease Obligations) (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Contractual Maturities of Debt and Capital Lease Obligations | ||
Contractual maturities of debt and capital lease obligations, 2016 | $ 77.7 | |
Contractual maturities of debt and capital lease obligations, 2017 | 60.2 | |
Contractual maturities of debt and capital lease obligations, 2018 | 265.6 | |
Contractual maturities of debt and capital lease obligations, 2019 | 219.2 | |
Contractual maturities of debt and capital lease obligations, 2020 | 0.4 | |
Contractual maturities of debt and capital lease obligations, thereafter | 400.1 | |
Total debt | $ 1,023.2 | $ 1,134.8 |
Debt (Schedule of Interest Expe
Debt (Schedule of Interest Expense, Net) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Interest expense: | ||||
Contractual and other interest expense | [1] | $ 45,800 | $ 43,500 | $ 37,600 |
Accretion of senior convertible note discount | 0 | 4,000 | 5,200 | |
Amortization of deferred financing costs | 2,900 | 3,400 | 4,000 | |
Total interest expense | 48,700 | 50,900 | 46,800 | |
Interest income | (600) | (100) | (400) | |
Interest expense, net | 48,055 | $ 50,769 | $ 46,442 | |
Financing Receivable [Member] | Interest Expense [Member] | ||||
Debt Instrument [Line Items] | ||||
Non-recourse financing arrangement, discount fees | 1,600 | |||
4.875% Senior Notes [Member] | Senior Notes [Member] | Interest Expense [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, payments for consent fee, solicitation agent | $ 800 | |||
[1] | Contractual and other interest expense for the year ended December 31, 2015 includes $0.8 million of consent solicitation agent fees related to the delay in filing of the Company’s 2014 Form 10-K and its First Quarter 2015 Form 10-Q, as well as $1.6 million of discount fees related to financing arrangements. |
Lease Obligations (Capital Leas
Lease Obligations (Capital Leases) (Narrative) (Details) - Property and Equipment [Member] - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Capital Leased Assets [Line Items] | ||
Assets held under capital lease, gross | $ 286.3 | $ 281.6 |
Assets held under capital lease, net | $ 193.3 | $ 217.8 |
Lease Obligations (Operating Le
Lease Obligations (Operating Leases) (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Lease Terms in Excess of One Year [Member] | |||
Operating Leased Assets [Line Items] | |||
Operating leases, rent expense (in dollars) | $ 81.8 | $ 71.5 | $ 53.3 |
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) | $ 196.2 | $ 191.7 | $ 200.1 |
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, 2015 | Dec. 31, 2014 |
Capital Leases | ||
Future minimum lease commitments, 2016 | $ 57.6 | |
Future minimum lease commitments, 2017 | 45.6 | |
Future minimum lease commitments, 2018 | 26.8 | |
Future minimum lease commitments, 2019 | 7.6 | |
Future minimum lease commitments, 2020 | 0.5 | |
Future minimum lease commitments, thereafter | 0.1 | |
Total minimum lease payments | 138.2 | |
Less amounts representing interest | (7.3) | |
Total capital lease obligations, net of interest | 130.9 | $ 176.5 |
Less current portion | (54.8) | |
Long-term portion of capital lease obligations, net of interest | 76.1 | |
Operating Leases | ||
Future minimum lease commitments, 2016 | 75 | |
Future minimum lease commitments, 2017 | 51.8 | |
Future minimum lease commitments, 2018 | 36.3 | |
Future minimum lease commitments, 2019 | 18.3 | |
Future minimum lease commitments, 2020 | 9.9 | |
Future minimum lease commitments, thereafter | 10 | |
Total minimum lease payments | $ 201.3 |
Stock-Based Compensation and 85
Stock-Based Compensation and Other Employee Benefit Plans (Narrative) (Details) - shares | 12 Months Ended | ||
Dec. 31, 2015 | Jan. 31, 2016 | May. 31, 2013 | |
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”) 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 plans that were terminated upon adoption of the 2013 Incentive Plan. | ||
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”) permits the issuance of up to 1,000,000 new shares of MasTec, Inc. common stock to eligible employees and the MasTec, Inc. 2011 Employee Stock Purchase Plan, as amended in 2015 (together with the 2013 Bargaining Units ESPP, the “ESPPs”) provides for the issuance of up to 2,000,000 shares of MasTec, Inc. common stock for eligible employees, of which 1,000,000 shares became available in January 2016. | ||
Common Stock [Member] | |||
Stock-Based Compensation and Other Employee Benefit Plans [Line Items] | |||
Stock-based compensation, number of shares available for grant or issuance | 4,795,000 | ||
Common Stock [Member] | 2013 Incentive Plan [Member] | Restricted Shares [Member] | |||
Stock-Based Compensation and Other Employee Benefit Plans [Line Items] | |||
Stock-based compensation plan, number of shares authorized | 7,391,000 | ||
Common Stock [Member] | Prior Incentive Plans [Member] | Restricted Shares [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 | ||
Common Stock [Member] | 2013 Bargaining Units ESPP [Member] | Employee Stock Purchase Plans [Member] | |||
Stock-Based Compensation and Other Employee Benefit Plans [Line Items] | |||
Stock-based compensation plan, number of shares authorized | 1,000,000 | ||
Common Stock [Member] | 2011 ESPP [Member] | Employee Stock Purchase Plans [Member] | |||
Stock-Based Compensation and Other Employee Benefit Plans [Line Items] | |||
Stock-based compensation plan, number of shares authorized | 2,000,000 | ||
Common Stock [Member] | 2011 ESPP [Member] | Employee Stock Purchase Plans [Member] | Subsequent Event [Member] | |||
Stock-Based Compensation and Other Employee Benefit Plans [Line Items] | |||
Stock-based compensation, number of shares available for grant or issuance | 1,000,000 |
Stock-Based Compensation and 86
Stock-Based Compensation and Other Employee Benefit Plans (Restricted Shares) (Narrative) (Details) - Restricted Shares [Member] - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Stock-Based Compensation and Other Employee Benefit Plans [Line Items] | |||||
Stock-based compensation awards, unearned compensation (in dollars) | $ 24.1 | $ 24.1 | |||
Stock-based compensation awards, unearned compensation, weighted average expected recognition period (in years) | 2 years | ||||
Stock-based compensation, vested awards, intrinsic value (in dollars) | $ 8.1 | $ 17.5 | $ 2.2 | ||
Common Stock [Member] | |||||
Stock-Based Compensation and Other Employee Benefit Plans [Line Items] | |||||
Stock-based compensation, restricted shares, granted (in shares) | 706,761 | 972,754 | |||
Stock-based compensation, restricted shares, vested in period (in shares) | 446,874 | 659,212 | |||
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 and 87
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, 2015 | Dec. 31, 2014 | |
Restricted Shares | ||
Non-vested restricted shares, beginning balance (in shares) | 1,414,645 | 1,123,545 |
Granted (in shares) | 706,761 | 972,754 |
Vested (in shares) | (446,874) | (659,212) |
Canceled/forfeited (in shares) | (44,300) | (22,442) |
Non-vested restricted shares, ending balance (in shares) | 1,630,232 | 1,414,645 |
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) | $ 25.32 | $ 23.78 |
Granted (in dollars per share) | 17.27 | 26.88 |
Vested (in dollars per share) | 21.24 | 25.27 |
Canceled/forfeited (in dollars per share) | 26.11 | 17.38 |
Non-vested restricted shares, per share weighted average grant date fair value, ending balance (in dollars per share) | $ 22.94 | $ 25.32 |
Stock-Based Compensation and 88
Stock-Based Compensation and Other Employee Benefit Plans (Stock Options) (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Stock-Based Compensation and Other Employee Benefit Plans [Line Items] | |||
Stock options exercised, intrinsic value | $ 0.8 | $ 6.5 | $ 10.6 |
Stock options exercised, proceeds | $ 0.5 | $ 0.8 | $ 3.9 |
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 and 89
Stock-Based Compensation and Other Employee Benefit Plans (Schedule of Activity, Stock Options) (Details) - USD ($) $ / shares in Units, $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Weighted Average Remaining Contractual Life and Aggregate Intrinsic Value | |||||||
Options outstanding, vested, weighted average remaining contractual life (in years) | 6 months 18 days | 1 year 3 months 15 days | 1 year 11 months 16 days | ||||
Options outstanding, vested, aggregate intrinsic value (in dollars) | [1] | $ 0.9 | $ 3 | $ 10.7 | $ 0.9 | $ 3 | $ 10.7 |
Options exercisable, weighted average remaining contractual life (in years) | 6 months 18 days | 1 year 3 months 15 days | 1 year 11 months 16 days | ||||
Options exercisable, aggregate intrinsic value (in dollars) | [1] | $ 0.9 | $ 3 | $ 10.7 | $ 0.9 | $ 3 | $ 10.7 |
Common Stock [Member] | |||||||
Stock Options | |||||||
Options outstanding, vested, beginning balance (in shares) | 284,671 | 495,571 | |||||
Options exercisable, beginning balance (in shares) | 284,671 | 495,571 | |||||
Exercised (in shares) | (81,971) | (210,900) | (513,254) | ||||
Canceled/forfeited (in shares) | 0 | 0 | |||||
Options outstanding, vested, ending balance (in shares) | 202,700 | 284,671 | 495,571 | 202,700 | 284,671 | 495,571 | |
Options exercisable, ending balance (in shares) | 202,700 | 284,671 | 495,571 | 202,700 | 284,671 | 495,571 | |
Per Share Weighted Average Exercise Price | |||||||
Options outstanding, vested, per share weighted average exercise price, beginning balance (in dollars per share) | $ 12.06 | $ 11.17 | |||||
Options exercisable, per share weighted average exercise price, beginning balance (in dollars per share) | 12.06 | 11.17 | |||||
Options outstanding, vested, per share weighted average exercise price, ending balance (in dollars per share) | $ 13.06 | $ 12.06 | $ 11.17 | 13.06 | 12.06 | $ 11.17 | |
Options exercisable, per share weighted average exercise price, ending balance (in dollars per share) | $ 13.06 | $ 12.06 | $ 11.17 | 13.06 | 12.06 | $ 11.17 | |
Common Stock [Member] | Stock Options [Member] | |||||||
Per Share Weighted Average Exercise Price | |||||||
Exercised (in dollars per share) | $ 9.60 | $ 9.97 | |||||
[1] | Amount represents the difference between the exercise price and the closing share price of the Company’s common stock on the last trading day of the corresponding period, multiplied by the number of in-the-money options. |
Stock-Based Compensation and 90
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, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Common Stock [Member] | |||
Stock-Based Compensation and Other Employee Benefit Plans [Line Items] | |||
Common shares issued (in shares) | 134,389 | 136,918 | 454,523 |
Employee Stock Purchase Plans [Member] | |||
Stock-Based Compensation and Other Employee Benefit Plans [Line Items] | |||
Cash proceeds (in dollars) | $ 2 | $ 3.3 | $ 6.4 |
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) | $ 14.67 | $ 24.33 | $ 14.19 |
Weighted average per share grant date fair value (in dollars per share) | $ 4.22 | $ 5.81 | $ 5.60 |
Stock-Based Compensation and 91
Stock-Based Compensation and Other Employee Benefit Plans (Schedule of Non-Cash Stock-Based Compensation Expense) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Stock-Based Compensation and Other Employee Benefit Plans [Line Items] | ||||
Non-cash stock-based compensation expense | $ 12,395 | $ 15,950 | $ 12,944 | |
Income Tax Effects: | ||||
Income tax benefit from non-cash stock-based compensation | 4,200 | 8,700 | 9,700 | |
Excess tax benefit from non-cash stock-based compensation | [1] | 57 | 3,728 | 4,315 |
General and Administrative Expenses [Member] | ||||
Stock-Based Compensation and Other Employee Benefit Plans [Line Items] | ||||
Non-cash stock-based compensation expense | $ 12,400 | $ 15,900 | $ 12,900 | |
[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 and 92
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, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
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, are paid quarterly. | ||
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) | $ 10.2 | $ 7.9 | $ 5.9 |
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 and 93
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, 2015 | Dec. 31, 2014 | |
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 | $ 7.6 | $ 6.2 |
Other Long-Term Liabilities [Member] | ||
Stock-Based Compensation and Other Employee Benefit Plans [Line Items] | ||
Deferred compensation plan, liabilities | $ 7.4 | $ 6.1 |
Other Retirement Plans (Narrati
Other Retirement Plans (Narrative) (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Nov. 30, 2014 | Nov. 30, 2011 | |
Multi-Employer Plans [Line Items] | ||||
Multi-employer plans, general nature | Certain of MasTec’s subsidiaries, including certain subsidiaries in Canada, 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 multiemployer pension and other multiemployer benefit plans and trusts. These contributions 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. Multiemployer 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 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. | |||
Pension [Member] | ||||
Multi-Employer Plans [Line Items] | ||||
Multi-employer plans, underfunded status, description | A multiemployer plan that is so underfunded as to be in “endangered,” “seriously endangered,” “critical,” or “critical and declining” status (as determined under the PPA) 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,”, “critical”, or “critical and declining” 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) | $ 3,000,000 | $ 4,200,000 | $ 6,400,000 |
Other Retirement Plans (Schedul
Other Retirement Plans (Schedule of Multi-Employer Pension Plans) (Details) - USD ($) $ in Millions | 12 Months Ended | |||||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||||
Multi-Employer Plans [Line Items] | ||||||
Multi-employer plans, contributions (in dollars) | $ 32.8 | $ 36.4 | $ 48.2 | |||
Multi-Employer Plans, Pension [Member] | ||||||
Multi-Employer Plans [Line Items] | ||||||
Multi-employer plans, contributions (in dollars) | $ 23.8 | 31.9 | 44.6 | |||
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) | $ 5.7 | $ 6.5 | 10.8 | |||
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, 2015 | Jan. 31, 2014 | |||
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) | $ 2.5 | $ 4.8 | 9.8 | |||
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, 2014 | Dec. 31, 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] | International Union Of Operating Engineers Local One Hundred And Thirty Two Pension Fund [Member] | ||||||
Multi-Employer Plans [Line Items] | ||||||
Multi-employer plans, employer identification number | 556,015,364 | |||||
Multi-employer plans, plan number | 1 | |||||
Multi-employer plans, contributions (in dollars) | $ 1.9 | $ 0 | 0.4 | |||
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 | Mar. 31, 2015 | Mar. 31, 2014 | ||||
Multi-employer plans, funding improvement plan and rehabilitation plan status | NA | |||||
Multi-employer plans, surcharge status | No | |||||
Multi-Employer Plans, Pension [Member] | West Virginia Laborers Pension Trust Fund [Member] | ||||||
Multi-Employer Plans [Line Items] | ||||||
Multi-employer plans, employer identification number | 556,026,775 | |||||
Multi-employer plans, plan number | 1 | |||||
Multi-employer plans, contributions (in dollars) | $ 1.4 | $ 0.4 | 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 | Mar. 31, 2015 | Mar. 31, 2014 | ||||
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) | $ 1.4 | $ 1.3 | 1.1 | |||
Multi-employer plans, pension protection act zone status | Green | Green | ||||
Multi-employer plans, pension protection act zone status, date | Dec. 31, 2014 | Dec. 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] | Maximum [Member] | ||||||
Multi-Employer Plans [Line Items] | ||||||
Multi-employer plans, collective bargaining arrangement, expiration date | Jun. 2, 2018 | |||||
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) | $ 1.4 | $ 1.7 | 2.7 | |||
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, 2014 | Dec. 31, 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] | 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) | $ 0.8 | $ 2.1 | 4.3 | |||
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 | Aug. 31, 2015 | Aug. 31, 2014 | [1],[2] | |||
Multi-employer plans, extended amortization provisions | true | |||||
Multi-employer plans, Company contributions greater than 5% of total plan contributions | true | |||||
Multi-employer plans, funding improvement plan and rehabilitation plan status | Implemented | |||||
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 | $ 0.8 | 1.1 | |||
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, 2014 | Dec. 31, 2013 | ||||
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) | $ 0.5 | $ 1.5 | 0.4 | |||
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, 2014 | Dec. 31, 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) | $ 0.3 | $ 1.6 | 0.7 | |||
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 | Jun. 30, 2015 | Jun. 30, 2014 | [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) | $ 0.2 | $ 0.9 | 2.2 | |||
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, 2015 | Mar. 31, 2014 | ||||
Multi-employer plans, funding improvement plan and rehabilitation plan status | NA | |||||
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) | $ 0.1 | $ 1.2 | 0.1 | |||
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, 2014 | Dec. 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] | 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) | $ 0 | $ 1.7 | 4.5 | |||
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, 2015 | Apr. 30, 2014 | ||||
Multi-employer plans, funding improvement plan and rehabilitation plan status | Implemented | |||||
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) | $ 6.8 | [3] | $ 7.4 | [3] | $ 6 | |
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) | $ 1.4 | $ 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] | The 2015 and 2014 contributions include approximately $1.4 million and $0.9 million U.S. dollars, respectively, for Canadian multiemployer 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 multiemployer pension plans are not subject to the provisions of ERISA or the funding rules under the PPA that apply to U.S. registered multiemployer pension plans. Contributions to Canadian multiemployer pension plans are based on fixed amounts per hour per employee for employees covered under these plans. |
Other Retirement Plans (Sched96
Other Retirement Plans (Schedule of Covered Employees and Contributions, Multi-Employer Plans) (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015USD ($)employee | Dec. 31, 2014USD ($)employee | Dec. 31, 2013USD ($)employee | |
Covered Employees and Contributions, Multi-Employer Plans [Line Items] | |||
Multi-employer plans, contributions (in dollars) | $ 32.8 | $ 36.4 | $ 48.2 |
Multi-Employer Plans, Pension [Member] | |||
Covered Employees and Contributions, Multi-Employer Plans [Line Items] | |||
Multi-employer plans, contributions (in dollars) | 23.8 | 31.9 | 44.6 |
Multi-Employer Plans, Other Multiemployer [Member] | |||
Covered Employees and Contributions, Multi-Employer Plans [Line Items] | |||
Multi-employer plans, contributions (in dollars) | $ 9 | $ 4.5 | $ 3.6 |
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 | 590 | 778 |
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 | 2,463 | 2,167 | 2,734 |
Equity (Narrative) (Details)
Equity (Narrative) (Details) - USD ($) $ in Thousands, shares in Millions | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Feb. 25, 2016 | |
Equity, Treasury Stock [Line Items] | ||||
Treasury stock acquired, value (in dollars) | $ 100,000 | |||
Share reissuances, treasury stock, value (in dollars) | $ 104,427 | |||
Convertible Debt [Member] | ||||
Equity, Treasury Stock [Line Items] | ||||
Share reissuances, treasury stock (in shares) | 6.6 | |||
Share reissuances, treasury stock, value (in dollars) | $ 104,400 | |||
2014 Share Repurchase Program [Member] | ||||
Equity, Treasury Stock [Line Items] | ||||
Treasury stock acquired, value (in dollars) | $ 100,000 | |||
2014 Share Repurchase Program [Member] | Common Stock [Member] | ||||
Equity, Treasury Stock [Line Items] | ||||
Treasury stock acquired (in shares) | 5.2 | |||
2016 Share Repurchase Program [Member] | Subsequent Event [Member] | ||||
Equity, Treasury Stock [Line Items] | ||||
Share repurchase program, value of shares authorized to be repurchased (in dollars) | $ 100,000 |
Equity (Schedule of Changes in
Equity (Schedule of Changes in Accumulated Other Comprehensive Loss) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Accumulated Other Comprehensive Loss [Line Items] | |||
Accumulated other comprehensive loss, beginning balance | $ (34,004) | $ (13,286) | $ (5,501) |
Activity before reclassifications, net of tax | (38,347) | (20,718) | (7,556) |
Reclassifications, net of tax | 0 | 0 | (229) |
Activity, net of tax | (38,347) | (20,718) | (7,785) |
Accumulated other comprehensive loss, ending balance | (72,351) | (34,004) | (13,286) |
Foreign Currency [Member] | |||
Accumulated Other Comprehensive Loss [Line Items] | |||
Accumulated other comprehensive loss, beginning balance | (28,716) | (7,998) | (105) |
Activity before reclassifications, net of tax | (38,347) | (20,718) | (7,893) |
Reclassifications, net of tax | 0 | 0 | 0 |
Activity, net of tax | (38,347) | (20,718) | (7,893) |
Accumulated other comprehensive loss, ending balance | (67,063) | (28,716) | (7,998) |
Other [Member] | |||
Accumulated Other Comprehensive Loss [Line Items] | |||
Accumulated other comprehensive loss, beginning balance | (5,288) | (5,288) | (5,396) |
Activity before reclassifications, net of tax | 0 | 0 | 337 |
Reclassifications, net of tax | 0 | 0 | (229) |
Activity, net of tax | 0 | 0 | 108 |
Accumulated other comprehensive loss, ending balance | $ (5,288) | $ (5,288) | $ (5,288) |
Income Taxes (Schedule of Compo
Income Taxes (Schedule of Components of (Loss) Income from Continuing Operations before Income Taxes) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax Disclosure [Abstract] | |||
Domestic | $ (26,500) | $ 171,400 | $ 233,400 |
Foreign | (41,200) | 27,000 | 6,800 |
(Loss) income from continuing operations before income taxes | $ (67,746) | $ 198,430 | $ 240,214 |
Income Taxes (Schedule of Provi
Income Taxes (Schedule of Provision for Income Taxes) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Current: | |||
Federal | $ (4,500) | $ 47,300 | $ 77,000 |
State and local | 3,300 | 6,600 | 10,900 |
Total current income tax expense | 8,200 | 57,800 | 89,600 |
Deferred: | |||
Federal | 25,700 | 14,900 | 500 |
Foreign | (19,900) | 2,700 | (1,500) |
State and local | (2,000) | 1,000 | 3,900 |
Total deferred income tax expense | 3,925 | 13,756 | 6,533 |
Provision for income taxes | 11,957 | 76,429 | 92,542 |
Foreign | 9,400 | 3,900 | 1,700 |
Continuing Operations [Member] | |||
Deferred: | |||
Total deferred income tax expense | $ 3,800 | $ 18,600 | $ 2,900 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Operating Loss Carryforwards [Line Items] | ||
Discontinued operations, benefit from income taxes | $ 4,300,000 | |
Valuation allowance, methodologies and assumptions | In assessing the ability to realize the deferred tax assets, management considers whether it is more likely than not that some portion or all of the 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 | $ 29,900,000 | 17,800,000 |
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 | $ 9,600,000 | 5,000,000 |
State [Member] | Earliest Tax Year [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Net operating loss carryforwards, expiration date | Dec. 31, 2020 | |
State [Member] | Latest Tax Year [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Net operating loss carryforwards, expiration date | Dec. 31, 2035 | |
Foreign [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Net operating loss carryforwards | $ 16,500,000 | $ 12,800,000 |
Foreign [Member] | Earliest Tax Year [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Net operating loss carryforwards, expiration date | Jan. 1, 2033 | |
Federal [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Net operating loss carryforwards | $ 3,800,000 | |
Federal [Member] | IRS [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Income tax refund received | $ 3,500,000 | |
Federal [Member] | Earliest Tax Year [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Net operating loss carryforwards, expiration date | Jan. 1, 2022 |
Income Taxes (Schedule of Defer
Income Taxes (Schedule of Deferred Tax Assets and Liabilities) (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Deferred tax assets: | ||
Accrued self-insurance | $ 27.7 | $ 26 |
Operating loss carryforwards | 29.9 | 17.8 |
Compensation and benefits | 17.7 | 20.7 |
Bad debt | 3.1 | 5 |
Other | 13.1 | 15.9 |
Valuation allowance | (0.3) | (0.2) |
Total deferred tax assets | 91.2 | 85.2 |
Deferred tax liabilities: | ||
Property and equipment | 118.9 | 114.3 |
Goodwill | 57.7 | 47.5 |
Other intangible assets | 37.8 | 44 |
Other | 16.4 | 11.3 |
Total deferred tax liabilities | 260.8 | 257 |
Net deferred tax liabilities | (169.6) | (171.8) |
Long-Term Contracts [Member] | ||
Deferred tax liabilities: | ||
Deferred income | 18.8 | 28.7 |
Ec Source [Member] | ||
Deferred tax liabilities: | ||
Deferred income | $ 11.2 | $ 11.2 |
Income Taxes (Schedule of Net C
Income Taxes (Schedule of Net Current and Long-Term Deferred Tax Balances) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Deferred Tax Liabilities, Net [Abstract] | ||
Current deferred tax assets, net | $ 19,200 | $ 31,700 |
Long-term deferred tax liabilities, net | 188,759 | 203,476 |
Net deferred tax liabilities | $ (169,600) | $ (171,800) |
Income Taxes (Schedule of Effec
Income Taxes (Schedule of Effective Tax Rate Reconciliation) (Details) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
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 | (1.00%) | 3.70% | 4.00% |
Foreign tax rate differential | (14.40%) | (1.30%) | (0.40%) |
Non-deductible expenses | (13.50%) | 3.40% | 2.40% |
Goodwill and intangible asset impairment | (17.70%) | (0.00%) | (0.00%) |
Change in state tax rate | (3.60%) | (0.70%) | 1.20% |
Domestic production activities deduction | (1.00%) | (1.60%) | (2.50%) |
Other | (1.40%) | (0.10%) | (0.80%) |
Valuation allowance for deferred tax assets | 0.00% | 0.10% | (0.40%) |
Effective income tax rate | (17.60%) | 38.50% | 38.50% |
Segments and Related Informa105
Segments and Related Information (Narrative) (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||
Dec. 31, 2015USD ($) | Sep. 30, 2015USD ($) | Jun. 30, 2015USD ($) | Mar. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2015USD ($)segment | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
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 | segment | 5 | |||||||
Number of reportable segments | segment | 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 includes a proportionately consolidated non-controlled Canadian joint venture, equity method investments and other small business units that perform construction services in a variety of international end-markets. | |||||||
Segment reporting, transactions between reportable segments | Intercompany revenue 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 revenue 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. | |||||||
Goodwill and intangible asset impairment | $ 78,625 | $ 0 | $ 0 | |||||
General and administrative expenses (in dollars) | 265,910 | 238,305 | $ 215,402 | |||||
Corporate [Member] | ||||||||
Segment and Related Information [Line Items] | ||||||||
Goodwill and intangible asset impairment | 78,600 | |||||||
Corporate [Member] | Audit Committee Investigation [Member] | ||||||||
Segment and Related Information [Line Items] | ||||||||
General and administrative expenses (in dollars) | $ 2,800 | $ 4,100 | $ 7,500 | $ 3,000 | $ 16,500 | |||
Pacer [Member] | ||||||||
Segment and Related Information [Line Items] | ||||||||
Goodwill and intangible asset impairment | 78,600 | |||||||
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 , among others. | |||||||
Business combinations, acquisition integration costs (in dollars) | 1,200 | 7,800 | 8,800 | $ 5,300 | $ 17,800 | 5,300 | ||
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. | |||||||
Unrealized recognized losses on interest rate swaps, unconsolidated affiliates | $ 3,600 | $ 300 | ||||||
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. | |||||||
Electrical Transmission [Member] | Contracts Accounted for under Percentage of Completion [Member] | ||||||||
Segment and Related Information [Line Items] | ||||||||
Project losses (in dollars) | $ 14,000 | |||||||
Electrical Transmission [Member] | Resolved Litigation [Member] | PPL [Member] | ||||||||
Segment and Related Information [Line Items] | ||||||||
Court mandated remediation settlement charge (in dollars) | $ 12,200 | |||||||
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/biofuel facilities and various types of industrial infrastructure. | |||||||
Power Generation and Industrial [Member] | Contracts Accounted for under Percentage of Completion [Member] | Canadian Dollars [Member] | ||||||||
Segment and Related Information [Line Items] | ||||||||
Project losses (in dollars) | 3,800 | $ 1,600 | 16,000 | $ 21,400 | ||||
Other [Member] | ||||||||
Segment and Related Information [Line Items] | ||||||||
Unrealized recognized losses on interest rate swaps, unconsolidated affiliates | 4,400 | |||||||
Other [Member] | Waha JVs [Member] | Interest Rate Swap [Member] | ||||||||
Segment and Related Information [Line Items] | ||||||||
Unrealized recognized losses on interest rate swaps, unconsolidated affiliates | 4,400 | 4,400 | ||||||
Other [Member] | Contracts Accounted for under Percentage of Completion [Member] | Canadian Dollars [Member] | Corporate Joint Venture [Member] | Pacer [Member] | ||||||||
Segment and Related Information [Line Items] | ||||||||
Project losses (in dollars) | $ 8,000 | $ 2,800 | $ 5,500 | $ 16,300 |
Segments and Related Informa106
Segments and Related Information (Schedule of Financial Information by Reportable Segment - Revenue) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | [1] | Jun. 30, 2014 | [1] | Mar. 31, 2014 | [1] | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Revenue: | |||||||||||||||
Revenue (in dollars) | $ 1,027,400 | $ 1,111,000 | $ 1,066,600 | $ 1,003,300 | $ 1,231,300 | $ 1,315,500 | $ 1,107,200 | $ 957,800 | $ 4,208,330 | $ 4,611,803 | $ 4,324,787 | ||||
Communications [Member] | Customer Concentration Risk [Member] | Revenue [Member] | Utilities [Member] | |||||||||||||||
Revenue: | |||||||||||||||
Utilities customers, percentage of Communications segment revenue | 10.60% | 6.80% | 6.90% | ||||||||||||
Reportable Segments [Member] | Communications [Member] | |||||||||||||||
Revenue: | |||||||||||||||
Revenue (in dollars) | [2] | $ 1,973,200 | $ 2,041,000 | $ 1,962,600 | |||||||||||
Reportable Segments [Member] | Oil and Gas [Member] | |||||||||||||||
Revenue: | |||||||||||||||
Revenue (in dollars) | 1,495,100 | 1,731,400 | 1,628,800 | ||||||||||||
Reportable Segments [Member] | Electrical Transmission [Member] | |||||||||||||||
Revenue: | |||||||||||||||
Revenue (in dollars) | 341,500 | 471,900 | 428,800 | ||||||||||||
Reportable Segments [Member] | Power Generation and Industrial [Member] | |||||||||||||||
Revenue: | |||||||||||||||
Revenue (in dollars) | 381,600 | 357,000 | 294,300 | ||||||||||||
Reportable Segments [Member] | Other [Member] | |||||||||||||||
Revenue: | |||||||||||||||
Revenue (in dollars) | 24,100 | 14,700 | 12,300 | ||||||||||||
Eliminations [Member] | |||||||||||||||
Revenue: | |||||||||||||||
Revenue (in dollars) | $ (7,200) | $ (4,200) | $ (2,000) | ||||||||||||
[1] | Reflects restated data as previously presented in the Company’s 2014 10-K. See Independent Investigation of the Audit Committee and Related Restatements in Note 1 - Business, Basis of Presentation and Significant Accounting Policies. | ||||||||||||||
[2] | Revenue generated primarily by utilities customers represented 10.6%, 6.8% and 6.9% of Communications segment revenue for the years ended December 31, 2015, 2014 and 2013, respectively. |
Segments and Related Informa107
Segments and Related Information (Schedule of Financial Information by Reportable Segment - EBITDA - Continuing Operations) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
EBITDA - Continuing Operations: | ||||
EBITDA - Continuing operations | $ 150,000 | $ 403,700 | $ 427,600 | |
Goodwill and intangible asset impairment | 78,625 | 0 | 0 | |
Oil and Gas [Member] | ||||
EBITDA - Continuing Operations: | ||||
Equity in losses from unconsolidated affiliates | 3,600 | 300 | ||
Other [Member] | ||||
EBITDA - Continuing Operations: | ||||
Equity in losses from unconsolidated affiliates | 4,400 | |||
Corporate [Member] | ||||
EBITDA - Continuing Operations: | ||||
Goodwill and intangible asset impairment | 78,600 | |||
Reportable Segments [Member] | Communications [Member] | ||||
EBITDA - Continuing Operations: | ||||
EBITDA - Continuing operations | 194,800 | 204,000 | 247,700 | |
Reportable Segments [Member] | Oil and Gas [Member] | ||||
EBITDA - Continuing Operations: | ||||
EBITDA - Continuing operations | [1] | 157,000 | 195,100 | 215,900 |
Reportable Segments [Member] | Electrical Transmission [Member] | ||||
EBITDA - Continuing Operations: | ||||
EBITDA - Continuing operations | (71,300) | 45,000 | 41,200 | |
Reportable Segments [Member] | Power Generation and Industrial [Member] | ||||
EBITDA - Continuing Operations: | ||||
EBITDA - Continuing operations | 8,800 | 14,200 | (16,300) | |
Reportable Segments [Member] | Other [Member] | ||||
EBITDA - Continuing Operations: | ||||
EBITDA - Continuing operations | [2] | (18,800) | (1,200) | 500 |
Corporate [Member] | ||||
EBITDA - Continuing Operations: | ||||
EBITDA - Continuing operations | [3] | (120,500) | $ (53,400) | $ (61,400) |
Goodwill and intangible asset impairment | $ 78,600 | |||
[1] | Oil and Gas EBITDA includes equity in losses from unconsolidated affiliates of $3.6 million and $0.3 million for the years ended December 31, 2015 and 2014, respectively. | |||
[2] | Other EBITDA includes equity in losses from unconsolidated affiliates of $4.4 million for the year ended December 31, 2015. | |||
[3] | Corporate EBITDA includes goodwill and intangible asset impairment of $78.6 million for the year ended December 31, 2015. |
Segments and Related Informa108
Segments and Related Information (Schedule of Financial Information by Reportable Segment - Depreciation and Amortization) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Depreciation and Amortization: | |||
Depreciation and amortization | $ 169,662 | $ 154,452 | $ 140,926 |
Reportable Segments [Member] | Communications [Member] | |||
Depreciation and Amortization: | |||
Depreciation and amortization | 50,600 | 42,600 | 36,800 |
Reportable Segments [Member] | Oil and Gas [Member] | |||
Depreciation and Amortization: | |||
Depreciation and amortization | 84,500 | 82,800 | 80,900 |
Reportable Segments [Member] | Electrical Transmission [Member] | |||
Depreciation and Amortization: | |||
Depreciation and amortization | 21,100 | 17,100 | 12,600 |
Reportable Segments [Member] | Power Generation and Industrial [Member] | |||
Depreciation and Amortization: | |||
Depreciation and amortization | 6,600 | 6,400 | 6,700 |
Reportable Segments [Member] | Other [Member] | |||
Depreciation and Amortization: | |||
Depreciation and amortization | 100 | 0 | 0 |
Corporate [Member] | |||
Depreciation and Amortization: | |||
Depreciation and amortization | $ 6,800 | $ 5,600 | $ 3,900 |
Segments and Related Informa109
Segments and Related Information (Schedule of Financial Information by Reportable Segment - Assets) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Assets: | |||||
Assets | $ 2,940,197 | $ 3,563,980 | $ 2,923,200 | [1] | |
Assets, discontinued operations | 12,500 | ||||
Continuing Operations [Member] | |||||
Assets: | |||||
Assets | 2,940,200 | 3,564,000 | 2,910,700 | [1] | |
Oil and Gas [Member] | |||||
Assets: | |||||
Assets, equity method investees, net amount of investments | [2] | 1,700 | 2,700 | ||
Reportable Segments [Member] | Communications [Member] | |||||
Assets: | |||||
Assets | 1,032,200 | 1,197,400 | 973,500 | [1] | |
Reportable Segments [Member] | Oil and Gas [Member] | |||||
Assets: | |||||
Assets | [2] | 1,131,400 | 1,389,500 | 1,060,800 | [1] |
Reportable Segments [Member] | Electrical Transmission [Member] | |||||
Assets: | |||||
Assets | 409,100 | 489,500 | 449,300 | [1] | |
Reportable Segments [Member] | Power Generation and Industrial [Member] | |||||
Assets: | |||||
Assets | 252,500 | 340,100 | 324,500 | [1] | |
Reportable Segments [Member] | Other [Member] | |||||
Assets: | |||||
Assets | 34,300 | 24,600 | 22,800 | [1] | |
Corporate [Member] | |||||
Assets: | |||||
Assets | $ 80,700 | $ 122,900 | $ 79,800 | [1] | |
[1] | Consolidated total assets were $2,923.2 million as of December 31, 2013, including assets of discontinued operations of $12.5 million. | ||||
[2] | ncludes $1.7 million and $2.7 million, net, of investments in equity method investees as of December 31, 2015 and 2014, respectively. |
Segments and Related Informa110
Segments and Related Information (Schedule of Financial Information by Reportable Segment - Capital Expenditures) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Capital Expenditures: | |||
Capital expenditures | $ 84,410 | $ 109,254 | $ 126,288 |
Continuing Operations [Member] | |||
Capital Expenditures: | |||
Capital expenditures | 84,400 | 109,300 | 126,100 |
Reportable Segments [Member] | Communications [Member] | |||
Capital Expenditures: | |||
Capital expenditures | 25,800 | 23,400 | 25,100 |
Reportable Segments [Member] | Oil and Gas [Member] | |||
Capital Expenditures: | |||
Capital expenditures | 38,100 | 44,200 | 67,400 |
Reportable Segments [Member] | Electrical Transmission [Member] | |||
Capital Expenditures: | |||
Capital expenditures | 13,000 | 25,800 | 17,600 |
Reportable Segments [Member] | Power Generation and Industrial [Member] | |||
Capital Expenditures: | |||
Capital expenditures | 3,500 | 6,700 | 5,700 |
Reportable Segments [Member] | Other [Member] | |||
Capital Expenditures: | |||
Capital expenditures | 200 | 0 | 0 |
Corporate [Member] | |||
Capital Expenditures: | |||
Capital expenditures | $ 3,800 | $ 9,200 | $ 10,300 |
Segments and Related Informa111
Segments and Related Information (Reconciliation of EBITDA to Consolidated (Loss) Income from Continuing Operations before Income Taxes) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
EBITDA Reconciliation: | |||
EBITDA - Continuing operations | $ 150,000 | $ 403,700 | $ 427,600 |
Interest expense, net | (48,055) | (50,769) | (46,442) |
Depreciation and amortization | (169,662) | (154,452) | (140,926) |
(Loss) income from continuing operations before income taxes | $ (67,746) | $ 198,430 | $ 240,214 |
Segments and Related Informa112
Segments and Related Information (Foreign Operations) (Narrative) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | [1] | Jun. 30, 2014 | [1] | Mar. 31, 2014 | [1] | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Segment and Related Information [Line Items] | |||||||||||||||||
Revenue | $ 1,027,400 | $ 1,111,000 | $ 1,066,600 | $ 1,003,300 | $ 1,231,300 | $ 1,315,500 | $ 1,107,200 | $ 957,800 | $ 4,208,330 | $ 4,611,803 | $ 4,324,787 | ||||||
Property and equipment, net | $ 558,667 | $ 623,118 | 558,667 | 623,118 | 558,667 | 623,118 | |||||||||||
Intangible assets and goodwill, net | $ 1,187,900 | $ 1,332,800 | 1,187,900 | 1,332,800 | 1,187,900 | 1,332,800 | |||||||||||
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 | 17.00% | 20.00% | 9.00% | ||||||||||||||
United States [Member] | |||||||||||||||||
Segment and Related Information [Line Items] | |||||||||||||||||
Revenue | 3,600,000 | 3,900,000 | 4,100,000 | ||||||||||||||
Property and equipment, net | $ 464,600 | $ 494,100 | $ 436,900 | 464,600 | 494,100 | 464,600 | 494,100 | 436,900 | |||||||||
Intangible assets and goodwill, net | 1,100,000 | 1,100,000 | 1,000,000 | 1,100,000 | 1,100,000 | 1,100,000 | 1,100,000 | 1,000,000 | |||||||||
Foreign Operations [Member] | |||||||||||||||||
Segment and Related Information [Line Items] | |||||||||||||||||
Revenue | 574,800 | 699,900 | 268,100 | ||||||||||||||
Property and equipment, net | 94,100 | 129,000 | 51,200 | 94,100 | 129,000 | 94,100 | 129,000 | 51,200 | |||||||||
Intangible assets and goodwill, net | $ 107,300 | $ 227,700 | $ 92,900 | $ 107,300 | $ 227,700 | $ 107,300 | $ 227,700 | $ 92,900 | |||||||||
[1] | Reflects restated data as previously presented in the Company’s 2014 10-K. See Independent Investigation of the Audit Committee and Related Restatements in Note 1 - Business, Basis of Presentation and Significant Accounting Policies. |
Segments and Related Informa113
Segments and Related Information (Schedule of Significant Customers, Revenue Concentration Information) (Details) - Customer Concentration Risk [Member] - Revenue [Member] | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
AT&T (including DIRECTV) [Member] | Communications [Member] | ||||
Revenue, Significant Customer [Line Items] | ||||
Significant customers, percentage of total consolidated revenue | [1],[2] | 32.00% | 33.00% | 32.00% |
Enbridge, Inc. [Member] | Oil and Gas [Member] | ||||
Revenue, Significant Customer [Line Items] | ||||
Significant customers, percentage of total consolidated revenue | [3] | 1.00% | 8.00% | 18.00% |
[1] | DIRECTV® was acquired by AT&T in July 2015. Revenue from DIRECTV® is presented on a combined basis with AT&T for all periods. | |||
[2] | The Company’s relationship with AT&T is based upon multiple separate master service agreements, other service agreements and construction/installation contracts for AT&T’s (i) wireless, (ii) wireline/fiber, (iii) home security and automation businesses, and (iv) for DIRECTV® services, is based upon an agreement to provide installation and maintenance services. Revenue from AT&T is included in the Communications segment. | |||
[3] | The Company's relationship with Enbridge, Inc. is based upon various construction contracts for pipeline activities. Revenue from Enbridge, Inc. is primarily 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 ($)mi | Sep. 30, 2015USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2013USD ($) | Dec. 31, 2011 | |
PPL [Member] | Pending Litigation [Member] | |||||||
Loss Contingencies [Line Items] | |||||||
Contract price, litigation (in dollars) | $ 206 | ||||||
Construction contract, number of miles of transmission line | mi | 100 | ||||||
Claims sought, litigation | $ 40 | ||||||
PPL [Member] | Resolved Litigation [Member] | Electrical Transmission [Member] | |||||||
Loss Contingencies [Line Items] | |||||||
Legal settlement, charge (in dollars) | $ 12.2 | ||||||
PPL [Member] | Resolved Litigation [Member] | Other Expense [Member] | Electrical Transmission [Member] | |||||||
Loss Contingencies [Line Items] | |||||||
Legal settlement, charge (in dollars) | $ 12.2 | ||||||
Sunlight Entities [Member] | Pending Litigation [Member] | |||||||
Loss Contingencies [Line Items] | |||||||
Claims sought, litigation | $ 60 | ||||||
Number of public solar projects | 3 | ||||||
Number of arbitration proceedings | 3 | ||||||
Arbitration award, litigation (in dollars) | $ 68 |
Commitments and Contingencie115
Commitments and Contingencies (Other Commitments and Contingencies) (Narrative) (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Uninsured Risk [Member] | Workers Compensation, General and Automobile Policies [Member] | ||
Loss Contingencies [Line Items] | ||
Self insurance reserve | $ 76.1 | $ 70.3 |
Uninsured Risk [Member] | Workers Compensation, General and Automobile Policies [Member] | Other Long-Term Liabilities [Member] | ||
Loss Contingencies [Line Items] | ||
Self insurance reserve, non-current | 47.5 | 39.6 |
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 | 1.3 | 1.2 |
Uninsured Risk [Member] | Employee Group Medical Claims Policy [Member] | ||
Loss Contingencies [Line Items] | ||
Self insurance reserve | 1.6 | 4.4 |
Performance and Payment Bonds [Member] | ||
Loss Contingencies [Line Items] | ||
Outstanding bonds, amount | 539.3 | 748.3 |
Performance and Payment Bonds [Member] | Estimate [Member] | ||
Loss Contingencies [Line Items] | ||
Bonded projects, costs to complete | 36 | 60.1 |
Surety Bond [Member] | Uninsured Risk [Member] | Workers Compensation [Member] | ||
Loss Contingencies [Line Items] | ||
Outstanding bonds, amount | 13.4 | 13 |
Credit Facility [Member] | ||
Loss Contingencies [Line Items] | ||
Letters of credit issued | 292.8 | 153.6 |
Credit Facility [Member] | Financial Guarantees [Member] | Uninsured Risk [Member] | Workers Compensation, General and Automobile Policies [Member] | ||
Loss Contingencies [Line Items] | ||
Letters of credit issued | $ 83.2 | $ 75 |
Commitments and Contingencie116
Commitments and Contingencies (Other Guarantees) (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2015USD ($) | |
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 Contingencie117
Commitments and Contingencies (Concentrations of Risk) (Narrative) (Details) - customer | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Concentration Risk [Line Items] | |||||
Number of customers | 530 | ||||
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] | |||||
Number of customers | 1 | 1 | |||
Concentration risk, percentage of total | 12.00% | 19.00% | |||
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 | 61.00% | 66.00% | 71.00% |
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, 2015 | 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 | 10.6 | $ 6.3 | $ 1.3 |
Payables, related party | $ 0.6 | $ 1.3 |
Related Party Transactions (Oth
Related Party Transactions (Other Related Party Transactions) (Narrative) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Executive Officers [Member] | Related Customer [Member] | Employee Leasing Arrangements [Member] | |||
Related Party Transaction [Line Items] | |||
Charges to related party | $ 800,000 | $ 700,000 | $ 600,000 |
Due from related party | 100,000 | 100,000 | |
Executive Officers [Member] | Related Customer [Member] | Services [Member] | |||
Related Party Transaction [Line Items] | |||
Revenue from related party | 900,000 | 1,000,000 | 1,300,000 |
Accounts receivable, related party | 300,000 | 500,000 | |
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 | 48,000 | 52,000 |
Management [Member] | Services [Member] | |||
Related Party Transaction [Line Items] | |||
Expenses from transactions with related party | 10,500,000 | 6,000,000 | 9,200,000 |
Management [Member] | Lease and Rental Agreements [Member] | |||
Related Party Transaction [Line Items] | |||
Expenses from transactions with related party | $ 22,100,000 | $ 12,200,000 | $ 11,500,000 |
Related Party Transactions (Spl
Related Party Transactions (Split Dollar Agreements) (Narrative) (Details) - Split Dollar Life Insurance [Member] - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Chief Executive Officer [Member] | |||
Related Party Transaction [Line Items] | |||
Payments for life insurance policies | $ 700,000 | $ 0 | |
Proceeds from (payments for) life insurance policies | $ 100,000 | ||
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] | |||
Payments for life insurance policies | 1,100,000 | 1,100,000 | |
Proceeds from (payments for) life insurance policies | $ (1,200,000) | ||
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 | $ 13,000,000 | $ 11,100,000 |
Quarterly Information (Unaud121
Quarterly Information (Unaudited) (Schedule of Quarterly Financial Information (Unaudited)) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | [1] | Jun. 30, 2014 | [1] | Mar. 31, 2014 | [1] | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||||||
Selected Quarterly Financial Information [Abstract] | |||||||||||||||||||
Revenue | $ 1,027,400 | $ 1,111,000 | $ 1,066,600 | $ 1,003,300 | $ 1,231,300 | $ 1,315,500 | $ 1,107,200 | $ 957,800 | $ 4,208,330 | $ 4,611,803 | $ 4,324,787 | ||||||||
Costs of revenue, excluding depreciation and amortization | 916,300 | 972,700 | 945,900 | 886,400 | 1,063,100 | 1,122,900 | 950,700 | 841,300 | 3,721,303 | 3,977,963 | 3,682,367 | ||||||||
Net (loss) income from continuing operations | (76,900) | 7,400 | (3,800) | (6,400) | 26,600 | 49,400 | 33,700 | 12,300 | (79,703) | 122,001 | 147,672 | ||||||||
Net (loss) income attributable to MasTec, Inc. | $ (76,700) | $ 7,600 | $ (3,700) | $ (6,300) | $ 21,100 | $ 49,000 | $ 33,700 | $ 12,100 | $ (79,110) | $ 115,923 | $ 140,950 | ||||||||
(Loss) earnings per share from continuing operations: | |||||||||||||||||||
Basic (in dollars per share) | $ (0.96) | [2] | $ 0.10 | [2] | $ (0.05) | [2] | $ (0.08) | [2] | $ 0.33 | [2] | $ 0.60 | [2] | $ 0.43 | [2] | $ 0.16 | [2] | $ (0.98) | $ 1.53 | $ 1.92 |
Diluted (in dollars per share) | $ (0.96) | [2] | $ 0.09 | [2] | $ (0.05) | [2] | $ (0.08) | [2] | $ 0.32 | [2] | $ 0.57 | [2] | $ 0.39 | [2] | $ 0.14 | [2] | $ (0.98) | $ 1.42 | $ 1.74 |
[1] | Reflects restated data as previously presented in the Company’s 2014 10-K. See Independent Investigation of the Audit Committee and Related Restatements in Note 1 - Business, Basis of Presentation and Significant Accounting Policies. | ||||||||||||||||||
[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. |
Quarterly Information (Unaud122
Quarterly Information (Unaudited) (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Quarterly Financial Information [Line Items] | ||||||||
Goodwill and intangible asset impairment | $ 78,625 | $ 0 | $ 0 | |||||
General and administrative expenses (in dollars) | 265,910 | 238,305 | $ 215,402 | |||||
Foreign Tax Authority [Member] | Alberta | ||||||||
Quarterly Financial Information [Line Items] | ||||||||
Income tax expense, adjustment resulting from tax law change | $ 2,800 | |||||||
Pacer [Member] | ||||||||
Quarterly Financial Information [Line Items] | ||||||||
Goodwill and intangible asset impairment | $ 78,600 | |||||||
Corporate [Member] | ||||||||
Quarterly Financial Information [Line Items] | ||||||||
Goodwill and intangible asset impairment | 78,600 | |||||||
Corporate [Member] | Audit Committee Investigation [Member] | ||||||||
Quarterly Financial Information [Line Items] | ||||||||
General and administrative expenses (in dollars) | 2,800 | $ 4,100 | 7,500 | $ 3,000 | 16,500 | |||
Communications [Member] | ||||||||
Quarterly Financial Information [Line Items] | ||||||||
Business combinations, acquisition integration costs | 1,200 | 7,800 | 8,800 | $ 5,300 | 17,800 | $ 5,300 | ||
Power Generation and Industrial [Member] | Contracts Accounted for under Percentage of Completion [Member] | Canadian Dollars [Member] | ||||||||
Quarterly Financial Information [Line Items] | ||||||||
Project losses | 3,800 | $ 1,600 | 16,000 | 21,400 | ||||
Other [Member] | ||||||||
Quarterly Financial Information [Line Items] | ||||||||
Unrealized recognized losses on interest rate swaps, unconsolidated affiliates | 4,400 | |||||||
Other [Member] | Waha JVs [Member] | Interest Rate Swap [Member] | ||||||||
Quarterly Financial Information [Line Items] | ||||||||
Unrealized recognized losses on interest rate swaps, unconsolidated affiliates | 4,400 | 4,400 | ||||||
Other [Member] | Contracts Accounted for under Percentage of Completion [Member] | Canadian Dollars [Member] | Corporate Joint Venture [Member] | Pacer [Member] | ||||||||
Quarterly Financial Information [Line Items] | ||||||||
Project losses | $ 8,000 | 2,800 | $ 5,500 | 16,300 | ||||
Electrical Transmission [Member] | PPL [Member] | Resolved Litigation [Member] | ||||||||
Quarterly Financial Information [Line Items] | ||||||||
Court mandated remediation settlement charge (in dollars) | 12,200 | |||||||
Electrical Transmission [Member] | PPL [Member] | Resolved Litigation [Member] | Other Expense [Member] | ||||||||
Quarterly Financial Information [Line Items] | ||||||||
Court mandated remediation settlement charge (in dollars) | $ 12,200 | |||||||
Electrical Transmission [Member] | Contracts Accounted for under Percentage of Completion [Member] | ||||||||
Quarterly Financial Information [Line Items] | ||||||||
Project losses | $ 14,000 |
Supplemental Guarantor Finan123
Supplemental Guarantor Financial Information (Narrative) (Details) | Dec. 31, 2015 |
Senior Notes [Member] | 4.875% Senior Notes [Member] | |
Condensed Financial Statements, Captions [Line Items] | |
Debt instrument, interest rate (percentage) | 4.875% |
Supplemental Guarantor Finan124
Supplemental Guarantor Financial Information (Condensed Consolidating Statements of Operations and Comprehensive Income (Loss)) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | [1] | Jun. 30, 2014 | [1] | Mar. 31, 2014 | [1] | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Condensed Consolidating Statements of Operations and Comprehensive Income (Loss) [Line Items] | ||||||||||||||
Revenue | $ 1,027,400 | $ 1,111,000 | $ 1,066,600 | $ 1,003,300 | $ 1,231,300 | $ 1,315,500 | $ 1,107,200 | $ 957,800 | $ 4,208,330 | $ 4,611,803 | $ 4,324,787 | |||
Costs of revenue, excluding depreciation and amortization | 916,300 | 972,700 | 945,900 | 886,400 | 1,063,100 | 1,122,900 | 950,700 | 841,300 | 3,721,303 | 3,977,963 | 3,682,367 | |||
Depreciation and amortization | 169,662 | 154,452 | 140,926 | |||||||||||
Goodwill and intangible asset impairment | 78,625 | 0 | 0 | |||||||||||
General and administrative expenses | 265,910 | 238,305 | 215,402 | |||||||||||
Interest expense, net | 48,055 | 50,769 | 46,442 | |||||||||||
Loss on extinguishment of debt | 0 | 0 | 5,624 | |||||||||||
Other income, net | (7,479) | (8,116) | (6,188) | |||||||||||
(Loss) income from continuing operations before income taxes | (67,746) | 198,430 | 240,214 | |||||||||||
Benefit from (provision for) income taxes | (11,957) | (76,429) | (92,542) | |||||||||||
Net (loss) income from continuing operations | (76,900) | 7,400 | (3,800) | (6,400) | 26,600 | 49,400 | 33,700 | 12,300 | (79,703) | 122,001 | 147,672 | |||
Net loss from discontinued operations | 0 | (6,452) | (6,456) | |||||||||||
Equity in income from subsidiaries, net of tax | 0 | 0 | 0 | |||||||||||
Net (loss) income | (79,703) | 115,549 | 141,216 | |||||||||||
Net (loss) income attributable to non-controlling interests | (593) | (374) | 266 | |||||||||||
Net (loss) income attributable to MasTec, Inc. | $ (76,700) | $ 7,600 | $ (3,700) | $ (6,300) | $ 21,100 | $ 49,000 | $ 33,700 | $ 12,100 | (79,110) | 115,923 | 140,950 | |||
Comprehensive (loss) income | (118,050) | 94,831 | 133,431 | |||||||||||
Reportable Legal Entities [Member] | MasTec, Inc. [Member] | ||||||||||||||
Condensed Consolidating Statements of Operations and Comprehensive Income (Loss) [Line Items] | ||||||||||||||
Revenue | 0 | 0 | 0 | |||||||||||
Costs of revenue, excluding depreciation and amortization | 0 | 0 | 0 | |||||||||||
Depreciation and amortization | 0 | 0 | 0 | |||||||||||
Goodwill and intangible asset impairment | 0 | |||||||||||||
General and administrative expenses | 2,100 | 2,500 | 2,100 | |||||||||||
Interest expense, net | 0 | 0 | 0 | |||||||||||
Loss on extinguishment of debt | 0 | |||||||||||||
Other income, net | 0 | 0 | 0 | |||||||||||
(Loss) income from continuing operations before income taxes | (2,100) | (2,500) | (2,100) | |||||||||||
Benefit from (provision for) income taxes | 1,100 | 1,000 | 800 | |||||||||||
Net (loss) income from continuing operations | (1,000) | (1,500) | (1,300) | |||||||||||
Net loss from discontinued operations | 0 | 0 | 0 | |||||||||||
Equity in income from subsidiaries, net of tax | (78,100) | 117,400 | 142,200 | |||||||||||
Net (loss) income | (79,100) | 115,900 | 140,900 | |||||||||||
Net (loss) income attributable to non-controlling interests | 0 | 0 | 0 | |||||||||||
Net (loss) income attributable to MasTec, Inc. | (79,100) | 115,900 | 140,900 | |||||||||||
Comprehensive (loss) income | (117,500) | 95,200 | 133,100 | |||||||||||
Reportable Legal Entities [Member] | Guarantor Subsidiaries [Member] | ||||||||||||||
Condensed Consolidating Statements of Operations and Comprehensive Income (Loss) [Line Items] | ||||||||||||||
Revenue | 3,527,000 | 3,768,400 | 3,903,800 | |||||||||||
Costs of revenue, excluding depreciation and amortization | 3,073,600 | 3,226,200 | 3,321,300 | |||||||||||
Depreciation and amortization | 130,600 | 119,300 | 120,100 | |||||||||||
Goodwill and intangible asset impairment | 0 | |||||||||||||
General and administrative expenses | 235,400 | 208,500 | 184,600 | |||||||||||
Interest expense, net | 42,800 | 47,800 | 45,500 | |||||||||||
Loss on extinguishment of debt | 5,600 | |||||||||||||
Other income, net | (6,200) | (1,900) | (6,100) | |||||||||||
(Loss) income from continuing operations before income taxes | 50,800 | 168,500 | 232,800 | |||||||||||
Benefit from (provision for) income taxes | (27,100) | (70,600) | (91,900) | |||||||||||
Net (loss) income from continuing operations | 23,700 | 97,900 | 140,900 | |||||||||||
Net loss from discontinued operations | 0 | 0 | 0 | |||||||||||
Equity in income from subsidiaries, net of tax | 0 | 0 | 0 | |||||||||||
Net (loss) income | 23,700 | 97,900 | 140,900 | |||||||||||
Net (loss) income attributable to non-controlling interests | 0 | 0 | 0 | |||||||||||
Net (loss) income attributable to MasTec, Inc. | 23,700 | 97,900 | 140,900 | |||||||||||
Comprehensive (loss) income | 23,700 | 97,900 | 140,900 | |||||||||||
Reportable Legal Entities [Member] | Non-Guarantor Subsidiaries [Member] | ||||||||||||||
Condensed Consolidating Statements of Operations and Comprehensive Income (Loss) [Line Items] | ||||||||||||||
Revenue | 689,700 | 847,700 | 425,600 | |||||||||||
Costs of revenue, excluding depreciation and amortization | 656,100 | 756,100 | 365,700 | |||||||||||
Depreciation and amortization | 39,000 | 35,200 | 20,800 | |||||||||||
Goodwill and intangible asset impairment | 78,600 | |||||||||||||
General and administrative expenses | 28,400 | 27,300 | 28,700 | |||||||||||
Interest expense, net | 5,300 | 3,000 | 900 | |||||||||||
Loss on extinguishment of debt | 0 | |||||||||||||
Other income, net | (1,300) | (6,300) | 0 | |||||||||||
(Loss) income from continuing operations before income taxes | (116,400) | 32,400 | 9,500 | |||||||||||
Benefit from (provision for) income taxes | 14,100 | (6,800) | (1,400) | |||||||||||
Net (loss) income from continuing operations | (102,300) | 25,600 | 8,100 | |||||||||||
Net loss from discontinued operations | 0 | (6,500) | (6,500) | |||||||||||
Equity in income from subsidiaries, net of tax | 0 | 0 | 0 | |||||||||||
Net (loss) income | (102,300) | 19,100 | 1,600 | |||||||||||
Net (loss) income attributable to non-controlling interests | (600) | (400) | 300 | |||||||||||
Net (loss) income attributable to MasTec, Inc. | (101,700) | 19,500 | 1,300 | |||||||||||
Comprehensive (loss) income | (140,700) | (1,600) | (6,200) | |||||||||||
Eliminations [Member] | ||||||||||||||
Condensed Consolidating Statements of Operations and Comprehensive Income (Loss) [Line Items] | ||||||||||||||
Revenue | (8,400) | (4,300) | (4,600) | |||||||||||
Costs of revenue, excluding depreciation and amortization | (8,400) | (4,300) | (4,600) | |||||||||||
Depreciation and amortization | 0 | 0 | 0 | |||||||||||
Goodwill and intangible asset impairment | 0 | |||||||||||||
General and administrative expenses | 0 | 0 | 0 | |||||||||||
Interest expense, net | 0 | 0 | 0 | |||||||||||
Loss on extinguishment of debt | 0 | |||||||||||||
Other income, net | 0 | 0 | 0 | |||||||||||
(Loss) income from continuing operations before income taxes | 0 | 0 | 0 | |||||||||||
Benefit from (provision for) income taxes | 0 | 0 | 0 | |||||||||||
Net (loss) income from continuing operations | 0 | 0 | 0 | |||||||||||
Net loss from discontinued operations | 0 | 0 | 0 | |||||||||||
Equity in income from subsidiaries, net of tax | 78,100 | (117,400) | (142,200) | |||||||||||
Net (loss) income | 78,100 | (117,400) | (142,200) | |||||||||||
Net (loss) income attributable to non-controlling interests | 0 | 0 | 0 | |||||||||||
Net (loss) income attributable to MasTec, Inc. | 78,100 | (117,400) | (142,200) | |||||||||||
Comprehensive (loss) income | $ 116,500 | $ (96,700) | $ (134,400) | |||||||||||
[1] | Reflects restated data as previously presented in the Company’s 2014 10-K. See Independent Investigation of the Audit Committee and Related Restatements in Note 1 - Business, Basis of Presentation and Significant Accounting Policies. |
Supplemental Guarantor Finan125
Supplemental Guarantor Financial Information (Condensed Consolidating Balance Sheets) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Assets | |||||
Current assets | $ 1,132,902 | $ 1,531,751 | |||
Property and equipment, net | 558,667 | 623,118 | |||
Goodwill and other intangible assets, net | 1,187,900 | 1,332,800 | |||
Investments in and advances to consolidated affiliates, net | 0 | 0 | |||
Other long-term assets | 60,738 | 76,272 | |||
Total assets | 2,940,197 | 3,563,980 | $ 2,923,200 | [1] | |
Liabilities and equity | |||||
Total current liabilities | 752,789 | 980,848 | |||
Long-term debt | 945,464 | 1,061,159 | |||
Advances from consolidated affiliates, net | 0 | ||||
Other long-term liabilities | 298,500 | 373,900 | |||
Total liabilities | 1,996,806 | 2,415,905 | |||
Total equity | 943,391 | 1,148,075 | $ 1,021,058 | $ 861,875 | |
Total liabilities and equity | 2,940,197 | 3,563,980 | |||
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 | 930,300 | 1,134,400 | |||
Other long-term assets | 9,300 | 9,300 | |||
Total assets | 939,600 | 1,143,700 | |||
Liabilities and equity | |||||
Total current liabilities | 0 | 0 | |||
Long-term debt | 0 | 0 | |||
Advances from consolidated affiliates, net | 0 | ||||
Other long-term liabilities | 0 | 0 | |||
Total liabilities | 0 | 0 | |||
Total equity | 939,600 | 1,143,700 | |||
Total liabilities and equity | 939,600 | 1,143,700 | |||
Reportable Legal Entities [Member] | Guarantor Subsidiaries [Member] | |||||
Assets | |||||
Current assets | 930,500 | 1,249,600 | |||
Property and equipment, net | 448,200 | 472,600 | |||
Goodwill and other intangible assets, net | 1,047,400 | 1,068,300 | |||
Investments in and advances to consolidated affiliates, net | 103,700 | 0 | |||
Other long-term assets | 34,100 | 28,700 | |||
Total assets | 2,563,900 | 2,819,200 | |||
Liabilities and equity | |||||
Total current liabilities | 633,200 | 777,400 | |||
Long-term debt | 912,700 | 1,027,300 | |||
Advances from consolidated affiliates, net | 70,700 | ||||
Other long-term liabilities | 275,500 | 239,300 | |||
Total liabilities | 1,821,400 | 2,114,700 | |||
Total equity | 742,500 | 704,500 | |||
Total liabilities and equity | 2,563,900 | 2,819,200 | |||
Reportable Legal Entities [Member] | Non-Guarantor Subsidiaries [Member] | |||||
Assets | |||||
Current assets | 202,400 | 282,200 | |||
Property and equipment, net | 110,500 | 150,500 | |||
Goodwill and other intangible assets, net | 140,500 | 264,500 | |||
Investments in and advances to consolidated affiliates, net | 50,600 | 123,000 | |||
Other long-term assets | 17,300 | 38,300 | |||
Total assets | 521,300 | 858,500 | |||
Liabilities and equity | |||||
Total current liabilities | 119,600 | 203,400 | |||
Long-term debt | 32,800 | 33,900 | |||
Advances from consolidated affiliates, net | 0 | ||||
Other long-term liabilities | 23,000 | 134,600 | |||
Total liabilities | 175,400 | 371,900 | |||
Total equity | 345,900 | 486,600 | |||
Total liabilities and equity | 521,300 | 858,500 | |||
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 | (1,084,600) | (1,257,400) | |||
Other long-term assets | 0 | 0 | |||
Total assets | (1,084,600) | (1,257,400) | |||
Liabilities and equity | |||||
Total current liabilities | 0 | 0 | |||
Long-term debt | 0 | 0 | |||
Advances from consolidated affiliates, net | (70,700) | ||||
Other long-term liabilities | 0 | 0 | |||
Total liabilities | 0 | (70,700) | |||
Total equity | (1,084,600) | (1,186,700) | |||
Total liabilities and equity | $ (1,084,600) | $ (1,257,400) | |||
[1] | Consolidated total assets were $2,923.2 million as of December 31, 2013, including assets of discontinued operations of $12.5 million. |
Supplemental Guarantor Finan126
Supplemental Guarantor Financial Information (Condensed Consolidating Statements of Cash Flows) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Condensed Consolidating Statements of Cash Flows [Line Items] | |||
Net cash (used in) provided by operating activities | $ 367,413 | $ 323,011 | $ 200,402 |
Cash flows (used in) provided by investing activities: | |||
Cash paid for acquisitions, net of cash acquired | (148) | (345,543) | (148,567) |
Proceeds from disposal of business, net of cash divested | 0 | 0 | (2,997) |
Capital expenditures | (84,410) | (109,254) | (126,288) |
Proceeds from sale of property and equipment | 13,932 | 16,655 | 15,858 |
Payments for investments, net | (58,100) | (1,100) | (1,200) |
Net cash used in investing activities | (128,700) | (439,262) | (263,211) |
Cash flows provided by (used in) financing activities: | |||
Proceeds from credit facilities | 1,702,431 | 2,385,971 | 1,149,040 |
Repayments of credit facilities | (1,742,077) | (1,939,612) | (1,249,601) |
(Repayments of) proceeds from senior notes, net | (202,300) | 250,000 | |
Repayments of other borrowings and capital lease obligations | (70,900) | (67,300) | (70,700) |
Repurchase of common stock | (100,000) | 0 | 0 |
Proceeds from stock-based awards, net of tax withholdings | 1,566 | 1,113 | 8,355 |
Excess tax benefit from stock-based compensation | 57 | 3,728 | 4,315 |
Payments of acquisition-related contingent consideration | (47,523) | (60,341) | (18,683) |
Payments of financing costs | (2,436) | (2,572) | (13,688) |
Net financing activities and advances (to) from consolidated affiliates | 0 | 0 | 0 |
Net cash (used in) provided by financing activities | (258,920) | 118,675 | 58,993 |
Effect of currency translation on cash | 1,132 | (1,292) | (24) |
Net increase (decrease) in cash and cash equivalents | (19,075) | 1,132 | (3,840) |
Cash and cash equivalents - beginning of period | 24,059 | 22,927 | 26,767 |
Cash and cash equivalents - end of period | 4,984 | 24,059 | 22,927 |
Reportable Legal Entities [Member] | MasTec, Inc. [Member] | |||
Condensed Consolidating Statements of Cash Flows [Line Items] | |||
Net cash (used in) provided by operating activities | 900 | (500) | (1,700) |
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 | ||
Capital expenditures | 0 | 0 | 0 |
Proceeds from sale of property and equipment | 0 | 0 | 0 |
Payments for investments, net | (1,900) | (1,000) | (1,200) |
Net cash used in investing activities | (1,900) | (1,000) | (1,200) |
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 | (100,000) | ||
Proceeds from stock-based awards, net of tax withholdings | 2,700 | 3,800 | 9,900 |
Excess tax benefit from stock-based compensation | 0 | 0 | 0 |
Payments of acquisition-related contingent consideration | 0 | 0 | 0 |
Payments of financing costs | 0 | 0 | 0 |
Net financing activities and advances (to) from consolidated affiliates | 98,300 | (2,300) | (7,000) |
Net cash (used in) provided by financing activities | 1,000 | 1,500 | 2,900 |
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 |
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 | 426,700 | 251,900 | 174,100 |
Cash flows (used in) provided by investing activities: | |||
Cash paid for acquisitions, net of cash acquired | (100) | (222,700) | (45,000) |
Proceeds from disposal of business, net of cash divested | (3,000) | ||
Capital expenditures | (71,900) | (84,800) | (114,400) |
Proceeds from sale of property and equipment | 10,500 | 14,300 | 14,700 |
Payments for investments, net | 0 | (100) | 0 |
Net cash used in investing activities | (61,500) | (293,300) | (147,700) |
Cash flows provided by (used in) financing activities: | |||
Proceeds from credit facilities | 1,097,300 | 1,894,400 | 961,600 |
Repayments of credit facilities | (1,154,400) | (1,410,000) | (1,042,200) |
(Repayments of) proceeds from senior notes, net | (202,300) | 250,000 | |
Repayments of other borrowings and capital lease obligations | (54,300) | (39,000) | (69,100) |
Repurchase of common stock | 0 | ||
Proceeds from stock-based awards, net of tax withholdings | (1,100) | (2,700) | (1,500) |
Excess tax benefit from stock-based compensation | 100 | 3,700 | 4,300 |
Payments of acquisition-related contingent consideration | (37,300) | (60,300) | (16,700) |
Payments of financing costs | (2,400) | (2,600) | (13,700) |
Net financing activities and advances (to) from consolidated affiliates | (226,800) | (126,700) | (106,400) |
Net cash (used in) provided by financing activities | (378,900) | 54,500 | (33,700) |
Effect of currency translation on cash | 0 | 0 | 0 |
Net increase (decrease) in cash and cash equivalents | (13,700) | 13,100 | (7,300) |
Cash and cash equivalents - beginning of period | 18,500 | 5,400 | 12,700 |
Cash and cash equivalents - end of period | 4,800 | 18,500 | 5,400 |
Reportable Legal Entities [Member] | Non-Guarantor Subsidiaries [Member] | |||
Condensed Consolidating Statements of Cash Flows [Line Items] | |||
Net cash (used in) provided by operating activities | (60,200) | 71,600 | 28,000 |
Cash flows (used in) provided by investing activities: | |||
Cash paid for acquisitions, net of cash acquired | 0 | (122,900) | (103,600) |
Proceeds from disposal of business, net of cash divested | 0 | ||
Capital expenditures | (12,500) | (24,500) | (11,900) |
Proceeds from sale of property and equipment | 3,400 | 2,400 | 1,200 |
Payments for investments, net | (56,200) | 0 | 0 |
Net cash used in investing activities | (65,300) | (145,000) | (114,300) |
Cash flows provided by (used in) financing activities: | |||
Proceeds from credit facilities | 605,100 | 491,600 | 187,400 |
Repayments of credit facilities | (587,800) | (529,600) | (207,400) |
(Repayments of) proceeds from senior notes, net | 0 | 0 | |
Repayments of other borrowings and capital lease obligations | (16,600) | (28,300) | (1,600) |
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 | (10,200) | 0 | (2,000) |
Payments of financing costs | 0 | 0 | 0 |
Net financing activities and advances (to) from consolidated affiliates | 128,500 | 129,000 | 113,400 |
Net cash (used in) provided by financing activities | 119,000 | 62,700 | 89,800 |
Effect of currency translation on cash | 1,100 | (1,300) | 0 |
Net increase (decrease) in cash and cash equivalents | (5,400) | (12,000) | 3,500 |
Cash and cash equivalents - beginning of period | 5,600 | 17,600 | 14,100 |
Cash and cash equivalents - end of period | 200 | 5,600 | 17,600 |
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 | ||
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 | 0 | 0 | 0 |
Net financing activities and advances (to) from consolidated affiliates | 0 | 0 | 0 |
Net cash (used in) provided by 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 |
Cash and cash equivalents - end of period | $ 0 | $ 0 | $ 0 |
Schedule II - Valuation and 127
Schedule II - Valuation and Qualifying Accounts (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Valuation and Qualifying Accounts [Roll Forward] | ||||
Balance at beginning of period | $ 33 | $ 28.8 | $ 17 | |
Charges to cost and expense | 2.2 | 7.8 | 17 | |
(Deductions) | (17.5) | (3.6) | (5.2) | |
Balance at end of period | 17.7 | 33 | 28.8 | |
Allowance for Doubtful Accounts [Member] | ||||
Valuation and Qualifying Accounts [Roll Forward] | ||||
Balance at beginning of period | 13.9 | 15.7 | 11.3 | |
Charges to cost and expense | [1] | 2.1 | 1.8 | 6.1 |
(Deductions) | [2] | (8.3) | (3.6) | (1.7) |
Balance at end of period | 7.7 | 13.9 | 15.7 | |
Costs and Earnings in Excess of Billings Allowance [Member] | ||||
Valuation and Qualifying Accounts [Roll Forward] | ||||
Balance at beginning of period | 12.5 | 10.4 | 1.7 | |
Charges to cost and expense | [1] | 0 | 2.1 | 8.7 |
(Deductions) | [2] | (5.6) | 0 | 0 |
Balance at end of period | 6.9 | 12.5 | 10.4 | |
Inventory Valuation Reserve [Member] | ||||
Valuation and Qualifying Accounts [Roll Forward] | ||||
Balance at beginning of period | 6.4 | 2.6 | 2 | |
Charges to cost and expense | [3] | 0 | 3.8 | 2 |
(Deductions) | [4] | (3.6) | 0 | (1.4) |
Balance at end of period | 2.8 | 6.4 | 2.6 | |
Valuation Allowance for Deferred Tax Assets [Member] | ||||
Valuation and Qualifying Accounts [Roll Forward] | ||||
Balance at beginning of period | 0.2 | 0.1 | 2 | |
Charges to cost and expense | [5] | 0.1 | 0.1 | 0.2 |
(Deductions) | [6] | 0 | 0 | (2.1) |
Balance at end of period | $ 0.3 | $ 0.2 | $ 0.1 | |
[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. |