Document and Entity Information
Document and Entity Information - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 31, 2016 | Feb. 17, 2017 | Jun. 30, 2016 | |
Document and Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2016 | ||
Document Fiscal Year Focus | 2,016 | ||
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 | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Public Float (in dollars) | $ 1.5 | ||
Entity Common Stock, Shares Outstanding | 82,570,913 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Statement [Abstract] | |||
Revenue | $ 5,134,703 | $ 4,208,330 | $ 4,611,803 |
Costs of revenue, excluding depreciation and amortization | 4,442,125 | 3,721,303 | 3,977,963 |
Depreciation and amortization | 164,915 | 169,662 | 154,452 |
Goodwill and intangible asset impairment | 0 | 78,625 | 0 |
General and administrative expenses | 261,433 | 265,910 | 238,305 |
Interest expense, net | 50,734 | 48,055 | 50,769 |
Equity in (earnings) losses of unconsolidated affiliates | (3,528) | 7,978 | 269 |
Other income, net | (6,795) | (15,457) | (8,385) |
Income (loss) from continuing operations before income taxes | 225,819 | (67,746) | 198,430 |
Provision for income taxes | (91,784) | (11,957) | (76,429) |
Net income (loss) from continuing operations | 134,035 | (79,703) | 122,001 |
Discontinued operations: | |||
Net loss from discontinued operations | 0 | 0 | (6,452) |
Net income (loss) | 134,035 | (79,703) | 115,549 |
Net income (loss) attributable to non-controlling interests | 2,772 | (593) | (374) |
Net income (loss) attributable to MasTec, Inc. | $ 131,263 | $ (79,110) | $ 115,923 |
Basic earnings (loss) per share: | |||
Continuing operations (in dollars per share) | $ 1.63 | $ (0.98) | $ 1.53 |
Discontinued operations (in dollars per share) | 0 | 0 | (0.08) |
Total basic earnings (loss) per share | $ 1.63 | $ (0.98) | $ 1.45 |
Basic weighted average common shares outstanding | 80,372 | 80,489 | 79,953 |
Diluted earnings (loss) per share: | |||
Continuing operations (in dollars per share) | $ 1.61 | $ (0.98) | $ 1.42 |
Discontinued operations (in dollars per share) | 0 | 0 | (0.07) |
Total diluted earnings (loss) per share | $ 1.61 | $ (0.98) | $ 1.35 |
Diluted weighted average common shares outstanding | 81,394 | 80,489 | 86,196 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Statement of Comprehensive Income [Abstract] | |||
Net income (loss) | $ 134,035 | $ (79,703) | $ 115,549 |
Other comprehensive income (loss): | |||
Foreign currency translation gains (losses), net of tax | 2,585 | (38,347) | (20,718) |
Unrealized gains on equity investee activity, net of tax | 3,952 | 0 | 0 |
Comprehensive income (loss) | 140,572 | (118,050) | 94,831 |
Comprehensive income (loss) attributable to non-controlling interests | 2,772 | (593) | (374) |
Comprehensive income (loss) attributable to MasTec, Inc. | $ 137,800 | $ (117,457) | $ 95,205 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Current assets: | ||
Cash and cash equivalents | $ 38,767 | $ 4,984 |
Accounts receivable, net of allowance | 1,156,031 | 911,106 |
Inventories, net | 111,031 | 90,599 |
Prepaid expenses | 41,548 | 54,879 |
Other current assets | 55,109 | 68,190 |
Total current assets | 1,402,486 | 1,129,758 |
Property and equipment, net | 549,084 | 558,667 |
Goodwill, net | 995,874 | 988,511 |
Other intangible assets, net | 179,711 | 199,379 |
Other long-term assets | 55,977 | 51,032 |
Total assets | 3,183,132 | 2,927,347 |
Current liabilities: | ||
Current portion of long-term debt | 64,600 | 77,400 |
Accounts payable | 363,668 | 348,543 |
Accrued salaries and wages | 67,126 | 46,550 |
Other accrued expenses | 112,291 | 69,369 |
Billings in excess of costs and earnings | 161,459 | 149,483 |
Other current liabilities | 70,846 | 61,190 |
Total current liabilities | 839,990 | 752,535 |
Long-term debt | 961,379 | 932,868 |
Long-term deferred tax liabilities, net | 178,355 | 188,759 |
Other long-term liabilities | 99,774 | 109,794 |
Total liabilities | 2,079,498 | 1,983,956 |
Commitments and contingencies (Note 14) | ||
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 - 90,634,771 (including 1,927,286 of unvested restricted shares) and 88,197,474 as of December 31, 2016 and 2015, respectively) | 9,063 | 8,820 |
Capital surplus | 788,914 | 769,996 |
Retained earnings | 509,941 | 378,678 |
Accumulated other comprehensive loss | (65,814) | (72,351) |
Treasury stock, at cost: 8,094,004 shares as of both December 31, 2016 and 2015 | (145,573) | (145,573) |
Total MasTec, Inc. shareholders’ equity | 1,096,531 | 939,570 |
Non-controlling interests | 7,103 | 3,821 |
Total equity | 1,103,634 | 943,391 |
Total liabilities and equity | $ 3,183,132 | $ 2,927,347 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2016 | Dec. 31, 2015 |
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 | 90,634,771 | 88,197,474 |
Treasury stock, shares | 8,094,004 | 8,094,004 |
Common Stock [Member] | ||
Common stock, shares issued | 90,634,771 | 88,197,474 |
Restricted Shares [Member] | Common Stock [Member] | ||
Unvested restricted shares (in shares) | 1,927,286 |
Consolidated Statements of Equi
Consolidated Statements of Equity - USD ($) $ in Thousands | Total | Common Stock [Member] | Treasury Stock [Member] | Contributed Shares [Member] | Capital Surplus [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Loss [Member] | Total MasTec, Inc. Shareholders’ Equity [Member] | Non-Controlling Interests [Member] |
Beginning balance, common shares outstanding (in shares) at Dec. 31, 2013 | 86,725,372 | ||||||||
Beginning balance at Dec. 31, 2013 | $ 1,021,058 | $ 8,672 | $ (150,000) | $ 6,002 | $ 822,836 | $ 341,865 | $ (13,286) | $ 1,016,089 | $ 4,969 |
Beginning balance, treasury shares (in shares) at Dec. 31, 2013 | (9,467,286) | ||||||||
Consolidated Statements of Equity | |||||||||
Net income (loss) | 115,549 | 115,923 | 115,923 | (374) | |||||
Other comprehensive income (loss) | (20,718) | (20,718) | (20,718) | ||||||
Non-cash stock-based compensation | 15,950 | 15,950 | 15,950 | ||||||
Income tax effect from stock-based compensation | 2,484 | 2,484 | 2,484 | ||||||
Exercise of stock options (in shares) | 210,900 | ||||||||
Exercise of stock options | 2,246 | $ 21 | 2,225 | 2,246 | |||||
Issuance of restricted shares, net (in shares) | 659,212 | ||||||||
Issuance of restricted shares, net | 0 | $ 66 | (66) | 0 | |||||
Other stock issuances, net (in shares) | 19,471 | ||||||||
Other stock issuances, net | (1,137) | $ 3 | (1,140) | (1,137) | |||||
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) | ||||||
Contributed shares, transfer to capital surplus | 0 | (6,002) | 6,002 | 0 | |||||
Other activity, net | 0 | 181 | 181 | (181) | |||||
Ending balance, common shares outstanding (in shares) at Dec. 31, 2014 | 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) | ||||||||
Consolidated Statements of Equity | |||||||||
Net income (loss) | (79,703) | (79,110) | (79,110) | (593) | |||||
Other comprehensive income (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, net (in shares) | 446,874 | ||||||||
Issuance of restricted shares, net | 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 Equity | |||||||||
Net income (loss) | $ 134,035 | 131,263 | 131,263 | 2,772 | |||||
Other comprehensive income (loss) | 6,537 | 6,537 | 6,537 | ||||||
Non-cash stock-based compensation | 15,072 | 15,072 | 15,072 | ||||||
Income tax effect from stock-based compensation | (107) | (107) | (107) | ||||||
Exercise of stock options (in shares) | 202,700 | ||||||||
Exercise of stock options | 2,053 | $ 20 | 2,033 | 2,053 | |||||
Issuance of restricted shares, net (in shares) | 2,115,672 | ||||||||
Issuance of restricted shares, net | 0 | $ 212 | (212) | 0 | |||||
Other stock issuances, net (in shares) | 118,925 | ||||||||
Other stock issuances, net | 2,143 | $ 11 | 2,132 | 2,143 | |||||
Other activity, net | $ 510 | 0 | 510 | ||||||
Ending balance, common shares outstanding (in shares) at Dec. 31, 2016 | 90,634,771 | 90,634,771 | |||||||
Ending balance at Dec. 31, 2016 | $ 1,103,634 | $ 9,063 | $ (145,573) | $ 0 | $ 788,914 | $ 509,941 | $ (65,814) | $ 1,096,531 | $ 7,103 |
Ending balance, treasury shares (in shares) at Dec. 31, 2016 | (8,094,004) | (8,094,004) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||
Cash flows from operating activities: | ||||
Net income (loss) | $ 134,035 | $ (79,703) | $ 115,549 | |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||||
Depreciation and amortization | 164,915 | 169,662 | 154,452 | |
Goodwill and intangible asset impairment | 0 | 78,625 | 0 | |
Non-cash interest expense, net | 2,994 | 2,633 | 7,355 | |
Non-cash stock-based compensation expense | 15,072 | 12,395 | 15,950 | |
Excess tax benefit from stock-based compensation | [1] | (135) | (57) | (3,728) |
Provision for deferred income taxes | (3,935) | 3,925 | 13,756 | |
Other non-cash items | 4,835 | 1,537 | 5,955 | |
Losses (gains), net, on asset sales, including fixed assets held-for-sale and discontinued operations | 1,957 | (8,191) | (6,434) | |
Changes in assets and liabilities, net of acquisitions: | ||||
Accounts receivable | (246,419) | 362,275 | 163,773 | |
Inventories | (22,232) | 22,356 | (12,621) | |
Other assets, current and long-term portion | 41,093 | (7,647) | (14,221) | |
Accounts payable and accrued expenses | 66,078 | (162,441) | (87,494) | |
Billings in excess of costs and earnings | 12,131 | (5,085) | (34,320) | |
Book overdrafts | 4,069 | 4,699 | 9,911 | |
Other liabilities, current and long-term portion | 31,135 | (27,570) | (4,872) | |
Net cash provided by operating activities | 205,593 | 367,413 | 323,011 | |
Cash flows used in investing activities: | ||||
Cash paid for acquisitions, net of cash acquired | (4,102) | (148) | (345,543) | |
Capital expenditures | (117,114) | (84,410) | (109,254) | |
Proceeds from sale of property and equipment | 11,239 | 13,932 | 16,655 | |
Payments for other investments | (32,169) | (127,480) | (4,092) | |
Proceeds from other investments | 1,125 | 69,406 | 2,972 | |
Net cash used in investing activities | (141,021) | (128,700) | (439,262) | |
Cash flows (used in) provided by financing activities: | ||||
Proceeds from credit facilities | 1,681,424 | 1,702,431 | 2,385,971 | |
Repayments of credit facilities | (1,627,129) | (1,742,077) | (1,939,612) | |
Repayment of senior convertible notes | 0 | 0 | (202,325) | |
Repayments of other borrowings | (10,694) | (13,843) | (15,700) | |
Payments of capital lease obligations | (57,980) | (57,095) | (51,587) | |
Repurchase of common stock | 0 | (100,000) | 0 | |
Proceeds from stock-based awards, net | 4,200 | 1,566 | 1,113 | |
Excess tax benefit from stock-based compensation | 135 | 57 | 3,728 | |
Payments of acquisition-related contingent consideration | (19,822) | (47,523) | (60,341) | |
Other financing activities, net | 380 | (2,436) | (2,572) | |
Net cash (used in) provided by financing activities | (29,486) | (258,920) | 118,675 | |
Effect of currency translation on cash | (1,303) | 1,132 | (1,292) | |
Net increase (decrease) in cash and cash equivalents | 33,783 | (19,075) | 1,132 | |
Cash and cash equivalents - beginning of period | 4,984 | 24,059 | 22,927 | |
Cash and cash equivalents - end of period | 38,767 | 4,984 | 24,059 | |
Supplemental cash flow information: | ||||
Interest paid | 47,698 | 47,405 | 42,979 | |
Income taxes paid, net of refunds | 59,342 | 2,536 | 76,975 | |
Supplemental disclosure of non-cash information: | ||||
Equipment acquired under capital lease | 25,092 | 18,032 | 64,618 | |
Accrued capital expenditures | 1,582 | 3,164 | 4,818 | |
Premium shares, conversion of convertible notes | 0 | 0 | 155,744 | |
Equipment [Member] | ||||
Supplemental disclosure of non-cash information: | ||||
Equipment acquired under financing arrangements | $ 0 | $ 5,785 | $ 6,287 | |
[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, 2016 | |
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, satellite communications and customer fulfillment activities; petroleum and natural gas pipeline infrastructure; electrical utility transmission and distribution; power generation; and industrial infrastructure. MasTec’s customers are primarily in these industries. MasTec reports its results under five reportable segments: (1) Communications; (2) Oil and Gas; (3) Electrical Transmission; (4) Power Generation and Industrial; and (5) Other. 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. All significant intercompany balances and transactions have been eliminated in consolidation. Other parties’ interests in entities that MasTec consolidates 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 for 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, or, for investments in a net liability position, within other long-term liabilities. Income or loss from these investments is recorded as a separate line item in the statements of operations. Intercompany profits or losses associated with the Company’s equity method investments are eliminated until realized by the investee in transactions with third parties. For equity investees in which the Company has an undivided interest in the assets, liabilities and profits or losses of an unincorporated entity, but the Company does not control the entity, the Company consolidates its proportional interest in the accounts of the entity. The cost method is used for investments in entities for which the Company does not have the ability to exert significant influence. 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. Management determines whether each business entity in which it has equity interests, debt, or other investments in business entities, constitute a variable interest entity (“VIE”) based on the nature and characteristics of such arrangements. If an investment arrangement is determined to be a VIE, then management determines if the Company is the VIE’s primary beneficiary by evaluating several factors, including the Company’s: (i) risks and responsibilities; (ii) ownership interests; (iii) decision making powers; and (iv) financial and other interests, among others. If management determines the Company is the primary beneficiary of a VIE, then it would be consolidated, and other parties’ interests in the VIE would be accounted for as non-controlling interests. 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. As of December 31, 2016, the Company determined that certain of its investment arrangements were VIEs; however, because it does not have the power to direct the primary activities that most significantly impact the economic performance of these VIEs, the Company is not the primary beneficiary, and accordingly, has not consolidated these VIEs. 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. Currency gains or losses resulting from transactions executed in a foreign currency are included in other income or expense, net. In these consolidated financial statements, “$” means U.S. dollars unless otherwise indicated. Management Estimates The preparation of consolidated financial statements in conformity with U.S. GAAP requires the use of estimates and assumptions that affect the amounts reported in the consolidated 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 project-related depreciation), in particular, on construction contracts 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 probable contract price adjustments as inputs; allowances for doubtful accounts; estimated fair values of goodwill and intangible assets; acquisition-related contingent consideration and investments in equity investees; asset lives used in computing depreciation and amortization; accrued self-insured claims; share-based compensation; other reserves and accruals; accounting for income taxes; and the estimated impact of contingencies and ongoing litigation. While management believes that such estimates are reasonable when considered in conjunction with the Company’s consolidated financial position and results of operations taken as a whole, actual results could differ materially from those estimates. 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 construction projects performed under master and other service agreements as well as from 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 services under unit price or fixed price master service or other service agreements. 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 43% , 48% and 49% of consolidated revenue, respectively, for the years ended December 31, 2016 , 2015 and 2014 . 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. 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 project managers, engineers and financial professionals. Management reviews estimates of contract revenue and costs on an ongoing basis. Changes in job performance, job conditions and management’s assessment of expected contract settlements are factors that influence estimates of total contract value and total costs to complete those contracts and, therefore, the Company’s profit recognition. Changes in these factors may result in revisions to costs and income, and their effects are recognized in the period in which the revisions are determined, which could materially affect the Company’s results of operations in the period in which such changes are recognized. For the year ended December 31, 2016 , project profit was affected by less than 5% as a result of changes in contract estimates included in projects that were in process as of December 31, 2015 . For the year ended December 31, 2015 , project profit was affected by less than 5% as a result of changes in contract estimates included in projects that were in process as of December 31, 2014 , excluding the effects of project losses of $21.4 million on a Canadian wind project, $16.3 million on a proportionately consolidated non-controlled Canadian joint venture and $14.0 million on an Electrical Transmission project. 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 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 such 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, 2016 and 2015, the Company had approximately $17 million and $38 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, 2016, these change orders were primarily related to contracts in the Oil and Gas segment, and in 2015, were primarily related to contracts in the Oil and Gas and Electrical Transmission segments. Revenue related to unapproved change orders totaled approximately $4 million and $10 million , respectively, for the years ended December 31, 2016 and 2015 . 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 Earnings (“BIEC”) on uncompleted contracts is classified within current liabilities. Costs and Earnings In Excess of Billings (“CIEB”), which is also referred to as work in process, is classified within current assets. 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 trade accounts receivable and the adequacy of the allowance for doubtful accounts on a regular basis taking into consideration 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 the current economic environment. The Company establishes an allowance for doubtful accounts for anticipated losses of its business units when a business unit has historical experience of losses that are considered to be ordinary course. In addition, an allowance is 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 they are considered to be 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 allowances 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 the Company’s accounts receivable portfolio and the adequacy of its 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, 2016 and 2015 , book overdrafts, which are included within accounts payable in the consolidated balance sheets, totaled $39.9 million and $36.0 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, 2016 and 2015 , inventory obsolescence reserves were $3.5 million and $2.8 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. When the Company identifies assets to be sold, those assets are valued based on their estimated fair value less costs to sell, classified as held-for-sale and depreciation is no longer recorded. Estimated losses on disposal are included within other expense. Acquired intangible assets that have finite lives are amortized over their useful lives, which are generally based on contractual or legal rights. Finite-lived intangible assets are amortized in a manner consistent with the pattern in which the related benefits are expected to be consumed. 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’s 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. Other than certain asset write-downs resulting from restructuring activities, as discussed within “Restructuring Costs” within this Significant Accounting Policies section, for the three years in the period ended December 31, 2016 , there were no material impairment charges associated with long-lived 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) have a segment manager regularly review 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 each of the three years in the period ended December 31, 2016 , the Company combined the components of its Electrical Transmission operating segment into one reporting unit, based on a review of segment operations, which indicated economic similarities and increased shared operational, sales and general and administrative resources across the four components. For each of the three years in the period ended December 31, 2016 , 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 the persistence of low oil and gas prices in 2016, which has negatively affected financial performance, expectations and future cash flow projections at several of the reporting units, management performed quantitative testing for two 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 2016, 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 risks inherent within each reporting unit individually, which are greater than the risks 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% to 3.5%, nine years of discounted cash flows prior to the terminal value, and discount rates ranging from 13.0% to 14.5%. 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 2016, the estimated fair value of the Electrical Transmission operating segment exceeded its carrying value by approximately 5% . A 100 basis point increase 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 value of one reporting unit in the Oil and Gas operating segment exceeded its carrying value by approximately 11% , and a 100 basis point increase in the discount rate would not have resulted in the reporting unit carrying value exceeding fair value . This reporting unit has approximately $15 million of goodwill. The estimated fair value of the other reporting unit in the Oil and Gas segment for which a quantitative impairment test was performed for the year ended December 31, 2016 was determined to substantially exceed its carrying value. For the reasons noted above, management also performed quantitative testing during 2016 for an indefinite-lived pre-qualification intangible asset in the Oil and Gas operating segment and for an 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 13.0% to 13.5%. For the indefinite-lived pre-qualification intangible assets in the Oil and Gas and Electrical Transmission operating segments, the estimated fair values substantially exceeded their carrying values. Based on the qualitative assessments for the year ended December 31, 2015, quantitative testing was performed for four reporting units, three in the Oil and Gas operating segment and one in the Electrical Transmission operating segment. Significant assumptions used in testing the reporting units included terminal values based on terminal growth rates ranging from 3.0% to 3.5% , nine years of discounted cash flows prior to the terminal value, and discount rates ranging from 12.0% to 14.0% . In 2015, the estimated fair value of one reporting unit in the Oil and Gas operating segment was determined to 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 had $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 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. Management also performed quantitative testing during 2015 for two indefinite-lived pre-qualification intangible assets within the Oil and Gas operating segment and one indefinite-lived pre-qualification intangible asset within 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 within 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 was approximately $20.5 million at December 31, 2015. For the other indefinite-lived pre-qualification assets for which quantitative testing was performed during 2015, the estimated fair values substantially exceeded their carrying values. 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% . As of December 31, 2016 and 2015 , 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. Contingent consideration liabilities are included within other current and other long-term liabilities, as appropriate, within the consolidated balance sheets. 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. During the measurement per |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2016 | |
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 attributable to MasTec by the weighted average number of common shares outstanding for the period, which excludes non-participating unvested restricted share awards. Diluted earnings per share is computed by dividing net income or loss attributable to MasTec by the weighted average number of fully diluted shares, as calculated under the treasury stock method, which includes the potential effect of dilutive common stock equivalents, such as issued but unvested restricted shares and/or outstanding but unexercised stock options, as well as shares associated with convertible debt securities. All of the Company’s remaining stock option grants were exercised during the year ended December 31, 2016, and the Company’s convertible debt securities matured and were converted in 2014. Dilutive shares associated with the Company’s 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 Company’s convertible notes issued in 2011, 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.” If the Company reports a loss, rather than income from continuing operations, the computation of diluted loss per share excludes dilutive common stock equivalents. 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. 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, 2016 2015 2014 Net income (loss) attributable to MasTec: Net income (loss), continuing operations - basic (a) $ 131,263 $ (79,110 ) $ 122,375 Interest expense, net of tax, convertible notes — — 181 Net income (loss), continuing operations - diluted $ 131,263 $ (79,110 ) $ 122,556 Net loss from discontinued operations - basic and diluted (a) — — (6,452 ) Net income (loss) attributable to MasTec - diluted $ 131,263 $ (79,110 ) $ 116,104 Weighted average shares outstanding: Weighted average shares outstanding - basic 80,372 80,489 79,953 Dilutive common stock equivalents 1,022 — 813 Dilutive shares, convertible notes — — 5,430 Weighted average shares outstanding - diluted 81,394 80,489 86,196 (a) Calculated as total net income (loss) less amounts attributable to non-controlling interests. For the years ended December 31, 2016 , 2015 and 2014, there were 31,126 , 563,803 and 244,623 anti-dilutive common stock equivalents, respectively. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 12 Months Ended |
Dec. 31, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | Note 3 - Goodwill and Other Intangible Assets The following table provides a reconciliation of changes in goodwill by reportable segment for the periods indicated (in millions): Communications Oil and Gas Electrical Transmission Power Generation and Industrial Total Goodwill 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 (c) — (68.5 ) — — (68.5 ) Goodwill, net, as of December 31, 2015 $ 414.9 $ 306.1 $ 149.9 $ 117.6 $ 988.5 Accruals of acquisition-related contingent consideration, net (a) 5.8 — — — 5.8 Currency translation adjustments — 1.6 — — 1.6 Goodwill, net, as of December 31, 2016 $ 420.7 $ 307.7 $ 149.9 $ 117.6 $ 995.9 Accumulated impairment loss, goodwill, as of December 31, 2016 (d) $ — $ (69.9 ) $ — $ — $ (69.9 ) Goodwill, gross, as of December 31, 2016 $ 420.7 $ 377.6 $ 149.9 $ 117.6 $ 1,065.8 (a) Represents contingent consideration for acquisitions prior to January 1, 2009, which is accrued as incurred, in accordance with U.S. GAAP. (b) Represent adjustments to preliminary estimates of the fair values of net assets acquired within the measurement period for the WesTower acquisition. (c) Represents a non-cash goodwill impairment charge related to a reporting unit in western Canada. (d) Accumulated impairment losses include the effect of currency translation gains and/or losses. 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, as of December 31, 2014 $ 34.8 $ 93.3 $ 199.8 $ 26.3 $ 354.2 Accumulated amortization (90.3 ) (13.5 ) (103.8 ) 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 (b) — (10.1 ) — — (10.1 ) Other intangible assets, net, as of December 31, 2015 $ 34.8 $ 73.4 $ 80.8 $ 10.4 $ 199.4 Amortization expense (17.9 ) (3.4 ) (21.3 ) Currency translation adjustments — 1.2 0.3 0.1 1.6 Other activity (0.3 ) — — 0.3 — Other intangible assets, net, as of December 31, 2016 $ 34.5 $ 74.6 $ 63.2 $ 7.4 $ 179.7 Remaining weighted average amortization period (in years) 9 9 9 (a) Consists principally of trade names and non-compete agreements. (b) Represents a non-cash impairment charge related to intangible assets associated with a reporting unit in western Canada. Amortization expense associated with intangible assets for the years ended December 31, 2016 , 2015 and 2014 totaled $21.3 million , $28.4 million and $25.1 million , respectively. Expected future amortization expense as of December 31, 2016 is summarized in the following table (in millions): Amortization Expense 2017 $ 16.3 2018 12.7 2019 8.5 2020 7.3 2021 5.7 Thereafter 20.1 Total $ 70.6 Prior Year 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 focused on communications infrastructure for wireless networks throughout the Eastern, Central and Western United States for approximately $198.0 million in cash. WesTower, which was integrated into the Company’s existing wireless operations, is reported within the Company’s Communications segment. The acquisition of WesTower expanded the Company’s geographical presence for its wireless operations. The Company incurred acquisition integration costs of $17.8 million and $5.3 million for the years ended December 31, 2015 and 2014, respectively, to complete the integration of WesTower. These acquisition integration costs were included within general and administrative expenses within the consolidated statements of operations, and 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. 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”) for a purchase price of approximately $126.5 million in cash. Pacer, a western Canadian civil construction services company that provides infrastructure construction services in support of oil and gas production, processing, mining and transportation , is expected to enhance MasTec’s ability to develop energy infrastructure and is primarily reported within the Company’s Oil and Gas segment. Pacer’s proportionate share of its undivided interest in a proportionately consolidated non-controlled contractual joint venture, which is managed by a third party and automatically terminates upon completion of the related civil construction project, is reported within the Other segment. This project incurred losses of $5.1 million and $16.3 million for the years ended December 31, 2016 and 2015 , respectively. As of December 31, 2016 , this project was approximately 80% complete. In the fourth quarter of 2015, the Company recorded a $78.6 million impairment of Pacer’s goodwill and indefinite-lived intangible assets due to volatility in oil and gas prices, which negatively impacted Pacer’s financial performance, expectations and future cash flow projections. 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 $40.1 million , including cash and earn-out obligations, as adjusted, as of December 31, 2016 . Unaudited Supplemental Pro Forma Information The following unaudited supplemental pro forma financial information includes the results of operations of the companies acquired in 2014 and is presented as if each acquired company had been consolidated as of January 1, 2013. 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 have resulted from these acquisitions. For the Year Ended December 31, 2014 Unaudited supplemental pro forma financial information (in millions) : Revenue $ 5,085.2 Net income from continuing operations $ 130.3 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 Revenue $ 301.5 $ 565.4 Net (loss) income from continuing operations (a) $ (13.4 ) $ 0.7 (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 and $2.7 million for the years ended December 31, 2015 and 2014 , 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. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 12 Months Ended |
Dec. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | Note 4 - Fair Value of Financial Instruments Assets and Liabilities Measured at Fair Value on a Recurring Basis As of December 31, 2016 and 2015 , financial instruments required to be measured at fair value on a recurring basis consisted primarily of acquisition-related contingent consideration, which represents the estimated fair value of future earn-outs payable for acquisitions of businesses (“ASC 805 contingent consideration ” ), and 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, 2016 and 2015 , the fair value of the Company’s ASC 805 contingent consideration totaled $45.8 million and $58.4 million , respectively, of which $21.8 million and $16.7 million , respectively, was included within other current liabilities. The fair value of the Company’s ASC 805 contingent consideration is estimated using an income approach and incorporates significant inputs not observable in the market. These assumptions include the discount rate and probability-weighted EBITDA projections. Significant changes in any of these assumptions could result in a significantly higher or lower potential earn-out liability. The range of potential undiscounted earn-out liabilities was estimated to be between $21.8 million and $52.7 million as of December 31, 2016; however, there is no maximum payment amount. There were no additions to ASC 805 contingent consideration from new business combinations for the years ended December 31, 2016 and 2015 , and in 2014, additions from new business combinations totaled approximately $33.6 million . Payments for ASC 805 contingent considerations totaled approximately $15.8 million , $40.5 million and $48.4 million for the years ended December 31, 2016 , 2015 and 2014 , respectively. Foreign currency translation gains or losses associated with ASC 805 contingent consideration are included within other comprehensive income (loss). Foreign currency translation activity in 2016, net, was de minimis. For the years ended December 31, 2015 and 2014 , foreign currency translation gains totaled $8.0 million and $4.5 million , respectively. Adjustments to ASC 805 contingent consideration resulting from changes to the expected future performance of acquired businesses for the earn-out period, or from the finalization of completed earn-out arrangements, are recorded within other income or expense, as appropriate. In 2016 , ASC 805 contingent consideration increased, net, by $2.7 million due to an increase in the expected future earn-out obligations for certain acquired businesses in the Company’s Oil and Gas segment, partially offset by a reduction for certain other acquired businesses in the Oil and Gas and Communications segments upon finalization of the related earn-out arrangements. In 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 acquired businesses, and of which $19.1 million was offset with a corresponding receivable amount. 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 cost and equity method investments, life insurance assets, long-lived assets, goodwill, other intangible assets and liabilities, including off-market contracts and debt. As of both December 31, 2016 and 2015 , the gross carrying amount of the Company’s 4.875% Senior Notes totaled $400 million . As of December 31, 2016 and 2015 , the estimated fair value of the 4.875% Senior Notes, based on quoted market prices in active markets, a Level 1 input , totaled $388.0 million and $344.0 million , respectively. Cost and Equity Investees. The Company’s cost and equity investees as of December 31, 2016 are primarily composed of: (i) the Company’s equity interests in Trans-Pecos Pipeline, LLC (“TPP”) and Comanche Trail Pipeline, LLC (“CTP,” and together with TPP, the “Waha JVs”); (ii) the Company’s equity interests in a pre-acquisition investment of Pacer Construction Holdings Corporation and its affiliated operating companies (collectively, “Pacer”); (iii) a $15 million cost investment in Cross Country Pipeline Supply, Inc. (“CCP”), and the Company’s interests in certain proportionately consolidated non-controlled contractual joint ventures, as discussed in Note 15 - Related Party Transactions; 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. 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 is providing pipeline construction services to the joint ventures, for which construction commenced in 2016. The pipelines and header system are expected to commence operations in 2017. Each pipeline will 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. The Waha JVs are party to certain interest rate swaps. The Company reflects its proportionate share of any unrealized fair market value gains or losses from fluctuations in interest rates associated with these swaps in its financial statements. Beginning in 2016, the Waha JVs have accounted for these swaps as qualifying cash flow hedges. For the year ended December 31, 2016 the Company’s proportionate share of unrecognized unrealized fair market value gains on these interest rate swaps totaled approximately $6.4 million , or $4.0 million , net of tax, which amount was included within other comprehensive loss. For the year ended December 31, 2015, the Company’s proportionate share of unrealized losses totaling $4.4 million was included within equity in losses (earnings) of unconsolidated affiliates. In 2016, the Company made equity and other contributions of approximately $27 million to these joint ventures, and in 2015, the Company made no net contributions. As collateral for its equity commitments in the Waha JVs, the Company has issued letters of credit (the “Equity LC Amount”). As of December 31 2016 and 2015, $91 million and $78 million of Equity LC Amounts, respectively, were outstanding. For the year ended December 31, 2016, revenue recognized in connection with work performed for the Waha JVs, net of intercompany eliminations, totaled $245.0 million , and as of December 31, 2016, related receivables, including retainage, net of BIEC, totaled $71.2 million . As of December 31, 2016, the Company’s net investment in the Waha JVs represented an asset totaling approximately $6 million , and as of December 31, 2015, the Company’s net investment in the Waha JVs represented a liability of approximately $4 million . The Company’s net investment in the Waha JVs differs from its proportionate share of the net assets of the Waha JVs due to certain items which, as of December 31, 2016, included capitalized investment costs as well as intercompany eliminations, net. Other equity investees . In connection with the 2014 acquisition of Pacer, the Company acquired equity interests in two joint ventures. One of these entities was liquidated in 2016, and the second, which is in the final stages of liquidation, is being managed by a receiver to assist with the orderly wind-down of its operations. During the first quarter of 2016, the Company recorded $3.6 million of earnings related to increases in expected recoveries from these investments. The aggregate net carrying value of these investments, including project and financing receivables, totaled $31.4 million and $28.8 million as of December 31, 2016 and 2015, which amounts were substantially recorded within other current assets. There are no remaining amounts expected to be advanced to these entities, and all related project work was complete as of December 31, 2016. In January 2017, the Company received approximately $12 million of proceeds related to the ongoing liquidation of this investment. The fair values of the Company’s cost and equity method investments are not readily observable. 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, 2016 or 2015 . Summarized Financial Information of Equity Investees The following presents summarized financial information for the Company’s significant equity investees (in millions): December 31, 2016 2015 Current assets $ 89.5 $ 71.1 Long-term assets 1,126.5 234.7 Total assets $ 1,216.0 $ 305.8 Current liabilities $ 153.6 $ 119.5 Long-term liabilities 986.0 199.6 Total liabilities $ 1,139.6 $ 319.1 For the Years Ended December 31, 2016 2015 Net losses $ 0.2 $ 13.3 |
Accounts Receivable, Net of All
Accounts Receivable, Net of Allowance | 12 Months Ended |
Dec. 31, 2016 | |
Receivables [Abstract] | |
Accounts Receivable, Net of Allowance | Note 5 - 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, 2016 2015 Contract billings $ 564.2 $ 437.3 Retainage 268.6 148.8 Costs and earnings in excess of billings 331.6 332.7 Accounts receivable, gross $ 1,164.4 $ 918.8 Less allowance for doubtful accounts (8.4 ) (7.7 ) Accounts receivable, net $ 1,156.0 $ 911.1 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, 2016 2015 Allowance for doubtful accounts at beginning of year $ 7.7 $ 13.9 Provision for doubtful accounts 2.9 2.1 Amounts charged against the allowance (2.2 ) (8.3 ) Allowance for doubtful accounts at end of year $ 8.4 $ 7.7 The Company is party to a non-recourse financing arrangement, under which certain receivables are purchased by a customer’s bank for a nominal fee. This arrangement, under which amounts can vary based on levels of activity, tends to improve the collection cycle time of the related receivables. For the years ended December 31, 2016 , 2015 and 2014 , the effect of this arrangement, net of related changes in customer payment terms, amounted to an improvement in cash collections of approximately $60 million , $12 million and $70 million 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 $2.7 million and $1.6 million for the years ended December 31, 2016 and 2015 , respectively. For year ended December 31, 2014 , the discount charge was de minimis. |
Property and Equipment, Net
Property and Equipment, Net | 12 Months Ended |
Dec. 31, 2016 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment, Net | Note 6 - 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, 2016 2015 Estimated Useful Lives (in years) Land $ 4.6 $ 4.6 Buildings and leasehold improvements 24.2 21.7 3-40 Machinery and equipment 997.8 912.9 2-20 Office furniture and equipment 146.1 136.9 3-7 Construction in progress 9.5 10.8 Total property and equipment $ 1,182.2 $ 1,086.9 Less accumulated depreciation and amortization (633.1 ) (528.2 ) Property and equipment, net $ 549.1 $ 558.7 The gross amount of capitalized internal-use software, which is included within office furniture and equipment, totaled $107.8 million and $101.4 million as of December 31, 2016 and 2015 , respectively. Capitalized internal-use software, net of accumulated amortization, totaled $30.9 million and $33.4 million as of December 31, 2016 and 2015 , respectively. Depreciation and amortization expense associated with property and equipment for the years ended December 31, 2016 , 2015 and 2014 totaled $143.6 million , $141.3 million and $129.4 million , respectively. |
Debt
Debt | 12 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
Debt | Note 7 - Debt The following table provides details of the carrying values of debt as of the dates indicated (in millions): December 31, Description Maturity Date 2016 2015 Senior secured credit facility: Revolving loans October 29, 2018 $ 279.9 $ 208.5 Term loan November 21, 2019 237.5 250.0 4.875% Senior Notes March 15, 2023 400.0 400.0 Other credit facilities Varies 13.4 16.4 Capital lease obligations, weighted average interest rate of 2.9% In installments through December 1, 2021 98.6 130.9 Notes payable, weighted average interest rate of 3.1% In installments through December 15, 2018 6.4 17.4 Total long-term debt obligations $ 1,035.8 $ 1,023.2 Less unamortized deferred financing costs (a) (9.8 ) (12.9 ) Total debt, net of deferred financing costs $ 1,026.0 $ 1,010.3 Current portion of long-term debt 64.6 77.4 Long-term debt $ 961.4 $ 932.9 (a) The Company adopted ASU 2015-03 as of January 1, 2016, which resulted in the reclassification of $12.9 million of deferred financing costs from other current and other long-term assets to current and long-term debt as of December 31, 2015. Senior Secured Credit Facility The Company has a senior secured credit facility, referred to as the “Credit Facility.” See Note 18 - Subsequent Events regarding the February 2017 amendment of the Company’s Credit Facility. The following discussion pertains to the Credit Facility as in effect as of December 31, 2016 . Under the Credit Facility, aggregate borrowing commitments total approximately $1.24 billion , composed of $1.0 billion of revolving commitments and a term loan in the principal amount of $238 million (the “Term Loan”) as of December 31, 2016 . 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 , which commenced in March 2016, subject to reduction as a result of the application of certain prepayments in accordance with the terms of the Credit Facility. The Credit Facility provides the ability to borrow in either Canadian dollars or Mexican pesos, up to an aggregate equivalent amount of $200 million . In May 2016, the Credit Facility was amended to increase the maximum amount available for letters of credit from $450 million to $650 million , of which $100 million can be denominated in either Canadian dollars or Mexican pesos. The Credit Facility also provides for swing line loans of up to $75 million . Borrowings under the Credit Facility are used for working capital requirements, capital expenditures and other corporate purposes, including equity, joint venture or other investments, the repurchase or prepayment of indebtedness and share repurchases. As of December 31, 2016 and 2015 , outstanding revolving loans under the Credit Facility, which included approximately $119 million and $88 million , respectively, of borrowings denominated in foreign currencies, accrued interest at weighted average rates of approximately 3.71% and 2.95% per annum, respectively. The Term Loan accrued interest at a rate of 2.77% and 2.42% , as of December 31, 2016 and 2015 , respectively. Letters of credit of approximately $314.3 million and $292.8 million were issued as of December 31, 2016 and 2015 , respectively, and letter of credit fees accrued at 1% per annum for performance standby letters of credit, and at 2% per annum for financial standby letters of credit as of both periods. Outstanding letters of credit mature at various dates and most have automatic renewal provisions, subject to prior notice of cancellation. As of December 31, 2016 and 2015 , borrowing capacity of $405.9 million and $498.7 million , respectively, was available for revolving loans, or up to $335.7 million and $157.2 million , respectively, for new letters of credit. Borrowing capacity as of December 31, 2016 and 2015 included $80.9 million and $111.8 million , respectively, of availability in either Canadian dollars or Mexican pesos. The unused facility fee was 0.40% as of both December 31, 2016 and 2015 . 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 3.50 (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 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. 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. 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. 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 as of both December 31, 2016 and 2015 , or approximately $29.8 million and $28.9 million , respectively. Outstanding borrowings totaled approximately $13.4 million and $16.4 million as of December 31, 2016 and 2015 , respectively, and accrued interest at a weighted average rate of 3.6% as of both periods . 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 The Company has $400 million of 4.875% Senior Notes due March 15, 2023 , which were issued in 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 17 - 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. 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. Senior Convertible Notes The Company’s 4.25% Convertible Notes (the “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 market price of the Company’s common stock on the date the shares were issued. Additionally, the Company’s 4.0% Convertible Notes (the “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 market price of the Company’s common stock on the date the shares were issued. The shares issued in settlement of the aforementioned convertible notes were issued from the Company’s treasury stock. Debt Covenants MasTec was in compliance with the provisions and covenants of its outstanding debt instruments as of December 31, 2016 and 2015 . Contractual Maturities of Debt and Capital Lease Obligations Contractual maturities of MasTec’s debt and capital lease obligations as of December 31, 2016 were as follows (in millions): 2017 $ 64.9 2018 340.6 2019 224.7 2020 3.6 2021 2.0 Thereafter 400.0 Total $ 1,035.8 As of December 31, 2016 and 2015 , accrued interest payable, which is recorded within other accrued expenses in the consolidated balance sheets, totaled $8.5 million , and $7.7 million , respectively. |
Lease Obligations
Lease Obligations | 12 Months Ended |
Dec. 31, 2016 | |
Leases [Abstract] | |
Lease Obligations | Note 8 - Lease Obligations Capital Leases MasTec enters into agreements that provide lease financing for machinery and equipment. Leases meeting certain criteria are capitalized, with the related asset recorded in property and equipment and a corresponding amount recorded within the Company’s debt obligations. Capital lease additions are reflected in the consolidated statements of cash flows within the supplemental disclosures of non-cash information. The gross amount of assets held under capital leases as of December 31, 2016 and 2015 , which are included within property and equipment, net, totaled $294.9 million and $286.3 million , respectively. Assets held under capital leases, net of accumulated depreciation, totaled $177.5 million and $193.3 million as of December 31, 2016 and 2015 , 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 15 - 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 $100.5 million , $81.8 million and $71.5 million for the years ended December 31, 2016 , 2015 and 2014 , respectively. The Company also incurred expenses relating to facilities, vehicles and equipment having original terms of one year or less totaling approximately $298.0 million , $196.2 million and $191.7 million for the years ended December 31, 2016 , 2015 and 2014 , respectively. Future Lease Commitments Future minimum lease commitments under capital leases and non-cancelable operating leases, including escalation clauses in effect as of December 31, 2016 , were as follows (in millions): Capital Leases Operating Leases 2017 $ 50.9 $ 93.8 2018 33.6 75.4 2019 12.9 47.4 2020 3.8 27.1 2021 2.1 13.7 Thereafter — 33.9 Total minimum lease payments $ 103.3 $ 291.3 Less amounts representing interest (4.7 ) Total capital lease obligations, net of interest $ 98.6 Less current portion (48.6 ) Long-term portion of capital lease obligations, net of interest $ 50.0 |
Stock-Based Compensation and Ot
Stock-Based Compensation and Other Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2016 | |
Share-based Compensation [Abstract] | |
Stock-Based Compensation and Other Employee Benefit Plans | Note 9 – Stock-Based Compensation and Other Employee Benefit Plans The Company’s stock-based compensation plans, under which shares of the Company’s common stock are reserved for issuance, include: the MasTec, Inc. 2013 Incentive Compensation Plan (the “2013 Incentive Plan”), the MasTec, Inc. Bargaining Units Employee Stock Purchase Plan (the “2013 Bargaining Units ESPP”) and the MasTec, Inc. 2011 Amended and Restated Employee Stock Purchase Plan (the “2011 ESPP,” and together with the 2013 Bargaining Units ESPP, the “ESPPs”). The 2013 Incentive Plan permits a total of approximately 7,391,000 shares of the Company’s common stock to be issued. Under the Company’s ESPPs, shares of the Company’s common stock are available for purchase by eligible employees, which collectively permit the issuance of up to 3,000,000 new shares of MasTec, Inc. common stock. Under all stock-based compensation plans in effect as of December 31, 2016 , there were approximately 5,148,000 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 market share price of MasTec common stock (the “market price”) 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, 2016 was approximately $18.7 million , which is expected to be recognized over a weighted average period of approximately 1.5 years. T he intrinsic value of restricted shares that vested, which is based on the market price on the date of vesting, totaled $3.5 million , $8.1 million and $17.5 million , respectively, for the years ended December 31, 2016 , 2015 and 2014 . Activity, restricted shares: (a) Restricted Per Share Weighted Average Grant Date Fair Value 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 Granted 637,332 17.69 Vested (188,386 ) 20.42 Canceled/forfeited (108,592 ) 20.71 Non-vested restricted shares, as of December 31, 2016 1,970,586 $ 21.61 (a) Includes 43,300 , 32,250 and 34,250 restricted stock units as of December 31, 2016 , 2015 and 2014 , respectively. Stock Options As of December 31, 2016 , all stock options that were outstanding under previous stock option grants had been exercised. 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, 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 Exercised (202,700 ) 13.06 Canceled/forfeited — Options outstanding and exercisable as of December 31, 2016 — $ — — $ — (a) Amount represents the difference between the exercise price and the market 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 intrinsic value of options exercised, which is based on the difference between the exercise price and the market price of the Company’s common stock on the date of exercise, totaled $1.8 million , $0.8 million and $6.5 million for the years ended December 31, 2016 , 2015 and 2014 , respectively. Proceeds from options exercised, net of cashless option exercises, totaled $2.1 million , $0.5 million and $0.8 million for the years ended December 31, 2016 , 2015 and 2014 , 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, 2016 2015 2014 Cash proceeds (in millions) $ 2.7 $ 2.0 $ 3.3 Common shares issued 144,183 134,389 136,918 Weighted average price per share $ 18.55 $ 14.67 $ 24.33 Weighted average per share grant date fair value $ 5.00 $ 4.22 $ 5.81 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, 2016 2015 2014 Non-cash stock-based compensation expense $ 15.1 $ 12.4 $ 15.9 Income Tax Effects: Income tax benefit from non-cash stock-based compensation $ 5.6 $ 4.2 $ 8.7 Excess tax benefit from non-cash stock-based compensation (a) $ 0.1 $ 0.1 $ 3.7 (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, 2016 , 2015 and 2014 , matching contributions totaled approximately $11.1 million , $10.2 million and $7.9 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 $7.7 million and $7.6 million as of December 31, 2016 and 2015 , respectively. Total deferred compensation plan liabilities, which are included within other long-term liabilities in the consolidated balance sheets, totaled $7.6 million and $7.4 million as of December 31, 2016 and 2015 , respectively. |
Other Retirement Plans
Other Retirement Plans | 12 Months Ended |
Dec. 31, 2016 | |
Multiemployer Plans [Abstract] | |
Other Retirement Plans | Note 10 – Other Retirement Plans Multiemployer Plans. As discussed in Note 1 - Business, Basis of Presentation and Significant Accounting Policies , certain of MasTec’s subsidiaries are party to various collective bargaining agreements with unions representing certain of their employees, which require the Company to pay specified wages, provide certain benefits to their union employees and contribute certain amounts to MEPPs. The PPA defines the funding rules for defined benefit pension plans and establishes funding classifications for U.S.-registered multiemployer pension plans. Under the PPA, plans are classified into one of the following five categories, based on multiple factors, also referred to as a plan’s “zone status”: 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. See Note 14 - 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 2016 2015 2014 Expiration Date of CBA 2016 As of 2015 As of FIP/RP Status Surcharge Central Pension Fund of the I.U.O.E and Participating Employers 366052390 001 $ 19.3 $ 5.7 $ 6.5 06/01/2017 Green 01/31/2016 Green 01/31/2015 (a) NA No Pipeline Industry Pension Fund 736146433 001 15.9 2.5 4.8 06/02/2017 Green 12/31/2015 (b) Green 12/31/2014 (b) NA No Teamsters National Pipe Line Pension Fund 461102851 001 3.6 1.4 1.7 06/01/2017 Green 12/31/2015 (b) Green 12/31/2014 (b) NA No Laborers' National Pension Fund 751280827 001 3.0 0.8 0.8 06/01/2017 Green 12/31/2015 Green 12/31/2014 NA No Central Laborers' Pension Fund 376052379 001 2.6 — 0.1 06/01/2017 Red 12/31/2015 (a) Red 12/31/2014 (a) Implemented No National Electrical Benefit Fund 530181657 001 1.7 1.4 1.3 Varies through 11/30/2018 Green 12/31/2015 Green 12/31/2014 NA No Minnesota Laborers Pension Fund 416159599 001 1.6 0.3 0.2 06/01/2017 Green 12/31/2015 Green 12/31/2014 NA No I.B.E.W. Local 1249 Pension Plan 156035161 001 1.1 1.0 0.4 04/30/2017 Yellow 12/31/2015 Yellow 12/31/2014 Implemented No Minnesota Teamsters Construction Division Pension Plan 416187751 001 1.1 0.2 — 06/01/2017 Green 11/30/2015 (a) Green 11/30/2014 (a) NA No Local Union No. 9 I.B.E.W. and Outside Contractors Pension Fund 516077720 001 1.1 0.3 0.4 05/31/2017 Green 10/31/2015 Green 10/31/2014 NA No Michigan Laborers' Pension Fund 386233976 001 1.1 0.8 2.1 06/01/2017 Yellow 08/31/2016 Yellow 08/31/2015 (a) Implemented No West Virginia Laborers Pension Trust Fund 556026775 001 0.5 1.4 0.4 06/01/2017 Green 03/31/2016 (b) Green 03/31/2015 NA No Laborers' District Council of Western Pennsylvania Pension Fund 256135576 001 0.2 0.5 1.5 06/01/2017 Red 12/31/2015 Red 12/31/2014 Implemented No Operating Engineers' Local 324 Pension Fund 381900637 001 — — 1.7 06/01/2017 Red 04/30/2016 Red 04/30/2015 Implemented No Other funds 7.1 (c) 7.5 (c) 10.0 Total multiemployer pension plan contributions $ 59.9 $ 23.8 $ 31.9 (a) This plan has utilized extended amortization provisions, which provide plans with extensions of time to amortize pension funding shortfalls. (b) The Company’s contributions to this plan represent greater than 5% of the plan’s total contributions. (c) The 2016, 2015 and 2014 contributions include approximately $0.9 million , $1.4 million and $0.9 million U.S. dollars, respectively, for Canadian multiemployer pension plans. 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 2016 550 4,910 $ 59.9 $ 10.1 $ 70.0 2015 590 2,463 $ 23.8 $ 9.0 $ 32.8 2014 590 2,167 $ 31.9 $ 4.5 $ 36.4 The average number of employees covered under multiemployer plans in which the Company participates has fluctuated in recent years, due primarily to changes in levels of activity of the Company’s union resource-based projects for its oil and gas operations. In addition, certain multiemployer plans have incurred higher contribution amounts and per employee contribution rates in recent years. 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, 2016 | |
Equity [Abstract] | |
Equity | Note 11 – Equity Share Activity On February 25, 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, which does not have an expiration date, 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, are funded with available cash or with availability under the Credit Facility. No shares of the Company’s common stock had been repurchased under this program as of December 31, 2016 . During the year ended December 31 2015, the Company repurchased 5.2 million shares of its common stock under a separate and completed share repurchase program that was established in 2014 for an aggregate purchase price of $100 million . 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. 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, primarily from fluctuations in foreign currency exchange rates of the Company’s foreign subsidiaries with a functional currency other than the U.S. dollar, unrealized gains and losses from available-for-sale securities, net income (loss) attributable to non-controlling interests and unrealized gains and losses from interest rate swaps associated with our equity investments in the Waha JVs. Accumulated Other Comprehensive Loss Accumulated other comprehensive loss is composed of unrealized foreign currency gains and losses and unrealized gains and losses from certain investment activities. Unrealized foreign currency activity for the three years in the period ended December 31, 2016 is primarily related to translation gains and losses resulting from the Company’s Canadian operations. Investment activity for the year ended December 31, 2016 relates to unrealized gains and losses on interest rate swaps associated with the Waha JVs. Accumulated other comprehensive loss activity for the periods indicated was as follows (in thousands): For the Years Ended December 31, 2016 2015 2014 Foreign Currency Other Total Foreign Currency Other Total Foreign Currency Other Total Balance as of January 1 $ (67,063 ) $ (5,288 ) $ (72,351 ) $ (28,716 ) $ (5,288 ) $ (34,004 ) $ (7,998 ) $ (5,288 ) $ (13,286 ) Unrealized gains (losses), net of tax 2,585 3,952 6,537 (38,347 ) — (38,347 ) (20,718 ) — (20,718 ) Balance as of December 31 $ (64,478 ) $ (1,336 ) $ (65,814 ) $ (67,063 ) $ (5,288 ) $ (72,351 ) $ (28,716 ) $ (5,288 ) $ (34,004 ) |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 12 - Income Taxes The components of income (loss) from continuing operations before income taxes for the periods indicated were as follows (in millions): For the Years Ended December 31, 2016 2015 2014 Domestic $ 202.4 $ (26.5 ) $ 171.4 Foreign 23.4 (41.2 ) 27.0 Total $ 225.8 $ (67.7 ) $ 198.4 The provision for income taxes from continuing operations for the periods indicated were as follows (in millions): For the Years Ended December 31, 2016 2015 2014 Current: Federal $ 85.8 $ (4.5 ) $ 47.3 Foreign 3.0 9.4 3.9 State and local 6.7 3.3 6.6 $ 95.5 $ 8.2 $ 57.8 Deferred: Federal $ 6.1 $ 25.7 $ 14.9 Foreign (6.8 ) (19.9 ) 2.7 State and local (3.0 ) (2.0 ) 1.0 $ (3.7 ) $ 3.8 $ 18.6 Provision for income taxes $ 91.8 $ 12.0 $ 76.4 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, 2016 2015 Deferred tax assets: Accrued insurance $ 31.1 $ 27.7 Operating loss carryforwards and tax credits 34.9 29.9 Unrealized gains and losses 26.3 10.3 Compensation and benefits 24.1 17.7 Bad debt 4.7 3.1 Other 12.4 13.1 Valuation allowance (21.4 ) (10.6 ) Total deferred tax assets (a) $ 112.1 $ 91.2 Deferred tax liabilities: Property and equipment $ 126.6 $ 118.9 Goodwill 72.8 57.7 Other intangible assets 32.9 37.8 Long-term contracts 20.2 18.8 Gain on remeasurement of equity investee 10.9 11.2 Other 15.3 16.4 Total deferred tax liabilities $ 278.7 $ 260.8 Net deferred tax liabilities $ (166.6 ) $ (169.6 ) (a) The table above presents the valuation allowances and related deferred tax assets on a gross basis as of both December 31, 2016 and 2015 , whereas in 2015 , a portion of the valuation allowances and related deferred tax assets were presented on a net basis. 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, 2016 2015 Current deferred tax assets, net (included within other current assets) $ 11.8 $ 19.2 Long-term deferred tax liabilities, net (178.4 ) (188.8 ) Net deferred tax liabilities $ (166.6 ) $ (169.6 ) 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, 2016 and 2015 are related primarily to state and foreign net operating loss carryforwards and to unrealized gains and losses. The Company’s state net operating loss carryforwards, which may be carried forward between 5 and 20 years depending on the jurisdiction, totaled approximately $9.0 million and $9.6 million as of December 31, 2016 and 2015 , respectively. The Company’s foreign net operating loss carryforwards, which are primarily related to the Company’s Canadian operations, totaled approximately $22.7 million and $16.5 million as of December 31, 2016 and 2015 , respectively. The Canadian net operating loss carryforwards, which make up the majority of the 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 approximately $0.5 million and $3.8 million as of December 31, 2016 and 2015 , respectively. As of December 31, 2016 , 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, 2016 2015 2014 U.S. statutory federal rate applied to pretax income (loss) 35.0 % 35.0 % 35.0 % State and local income taxes, net of federal benefit 2.6 (1.0 ) 3.7 Foreign tax rate differential (0.1 ) (14.4 ) (1.3 ) Non-deductible expenses 4.4 (13.5 ) 3.4 Goodwill and intangible assets (0.7 ) (17.7 ) 0.0 Change in tax rate (1.9 ) (3.6 ) (0.7 ) Domestic production activities deduction (2.9 ) (1.0 ) (1.6 ) Other (0.1 ) (1.4 ) (0.1 ) Valuation allowance for deferred tax assets 4.3 0.0 0.1 Effective income tax rate 40.6 % (17.6 )% 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 tax positions for the years ended December 31, 2016 or 2015 . The IRS has completed examinations of the Company’s federal income tax returns through the calendar year 2013. 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, 2016 , the Company is no longer subject to U.S. federal or state examinations by taxing authorities for years before 2013 . |
Segments and Related Informatio
Segments and Related Information | 12 Months Ended |
Dec. 31, 2016 | |
Segment Reporting [Abstract] | |
Segments and Related Information | Note 13 - Segments and Related Information Segment Discussion MasTec manages its 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, maintenance and customer fulfillment activities related to communications infrastructure primarily for wireless and wireline/fiber communications and install-to-the-home customers, and, to a lesser extent, distribution 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 equity investees, the services of which vary from those provided by the Company’s four primary segments, as well as other small business units that perform construction and other services for 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 minimis 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 as compared with its peers, because it excludes certain items that may not be indicative of the Company’s core operating results for its reportable segments, as well as items that can vary widely across different industries or among companies within the same industry, and for non-cash stock-based compensation expense, can also be subject to market volatility or variations in the value of shares granted. Segment EBITDA is calculated in a manner consistent with consolidated EBITDA. For the year ended December 31, 2016: Oil and Gas segment EBITDA included a previously disclosed first quarter project loss of $13.5 million on a western Canadian oil and gas project and restructuring charges of $6.3 million to streamline certain western Canadian oil and gas operations; Electrical Transmission EBITDA included a previously disclosed first quarter project loss of $15.1 million and restructuring charges of $8.9 million to streamline business operations; and Other segment EBITDA included $5.1 million of project losses on a proportionately consolidated non-controlled Canadian joint venture, for which we have minimal direct construction involvement. For the year ended December 31, 2015: Communications segment EBITDA included $17.8 million of WesTower acquisition integration costs; Electrical Transmission segment EBITDA included a $12.2 million charge relating to a court mandated mediation settlement; Other segment EBITDA included $16.3 million of Canadian joint venture project losses and $4.4 million of recognized unrealized losses on the Waha JVs interest rate swaps; Corporate segment EBITDA included $78.6 million of goodwill and intangible asset impairment and $16.5 million of Audit Committee independent investigation costs; and 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 WesTower acquisition integration costs. 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: 2016 2015 2014 Communications (a) $ 2,323.6 $ 1,973.2 $ 2,041.0 Oil and Gas 2,024.4 1,495.1 1,731.4 Electrical Transmission 383.8 341.5 471.9 Power Generation and Industrial 405.7 381.6 357.0 Other 15.9 24.1 14.7 Eliminations (18.7 ) (7.2 ) (4.2 ) Consolidated revenue $ 5,134.7 $ 4,208.3 $ 4,611.8 (a) Revenue generated primarily by utilities customers represented 11.1% , 10.6% and 6.8% of Communications segment revenue for the years ended December 31, 2016 , 2015 and 2014 , respectively. For the Years Ended December 31, EBITDA - Continuing Operations: 2016 2015 2014 Communications $ 244.6 $ 194.8 $ 204.0 Oil and Gas 297.3 157.0 195.1 Electrical Transmission (42.9 ) (71.3 ) 45.0 Power Generation and Industrial 18.3 8.8 14.2 Other (2.6 ) (18.8 ) (1.2 ) Corporate (73.1 ) (120.5 ) (53.4 ) Consolidated EBITDA - Continuing operations $ 441.5 $ 150.0 $ 403.7 For the Years Ended December 31, Depreciation and Amortization: 2016 2015 2014 Communications $ 50.3 $ 50.6 $ 42.6 Oil and Gas 78.4 84.5 82.8 Electrical Transmission 23.2 21.1 17.1 Power Generation and Industrial 6.2 6.6 6.4 Other 0.1 0.1 — Corporate 6.7 6.8 5.6 Consolidated depreciation and amortization $ 164.9 $ 169.7 $ 154.5 As of December 31, Assets: 2016 2015 2014 Communications $ 1,156.9 $ 1,032.2 $ 1,197.4 Oil and Gas 1,267.2 1,131.4 1,389.5 Electrical Transmission 419.1 409.1 489.5 Power Generation and Industrial 268.1 252.5 340.1 Other 27.7 34.3 24.6 Corporate (a) 44.1 67.8 109.7 Consolidated segment assets $ 3,183.1 $ 2,927.3 $ 3,550.8 (a) Corporate segment assets as of December 31, 2015 and 2014 have been recast to reflect the adoption of ASU 2015-03, as discussed in Note 7 - Debt . For the Years Ended December 31, Capital Expenditures: 2016 2015 2014 Communications $ 28.5 $ 25.8 $ 23.4 Oil and Gas 64.0 38.1 44.2 Electrical Transmission 19.8 13.0 25.8 Power Generation and Industrial 3.4 3.5 6.7 Other 0.3 0.2 — Corporate 1.1 3.8 9.2 Consolidated capital expenditures $ 117.1 $ 84.4 $ 109.3 The following table presents a reconciliation of consolidated income (loss) from continuing operations before income taxes to EBITDA: For the Years Ended December 31, EBITDA Reconciliation: 2016 2015 2014 Income (loss) from continuing operations before income taxes $ 225.8 $ (67.7 ) $ 198.4 Plus: Interest expense, net 50.7 48.1 50.8 Depreciation and amortization 164.9 169.7 154.5 EBITDA - Continuing operations $ 441.5 $ 150.0 $ 403.7 Foreign Operations. MasTec operates in North America, primarily in the United States and Canada, and, to a lesser extent, in Mexico. For the years ended December 31, 2016 , 2015 and 2014 , revenue of $4.9 billion , $3.6 billion and $3.9 billion , respectively, was derived from U.S. operations, and revenue of $279.7 million , $574.8 million and $699.9 million , respectively, was derived from foreign operations, primarily in Canada. The majority of the Company’s foreign operations during the years ended December 31, 2016 , 2015 and 2014 were in the Company’s Oil and Gas segment. Long-lived assets held in the U.S. included property and equipment, net, of $475.3 million , $464.6 million and $494.1 million as of December 31, 2016 , 2015 and 2014 , respectively. Long-lived assets held in foreign countries, primarily in Canada, included property and equipment, net, of $73.8 million , $94.1 million and $129.0 million as of December 31, 2016 , 2015 and 2014 , respectively. Intangible assets and goodwill, net, related to the Company’s U.S. operations totaled approximately $1.1 billion as of each December 31, 2016 , 2015 and 2014 , and, for the Company’s businesses in foreign countries, primarily in Canada, totaled $107.8 million , $107.3 million and $227.7 million , respectively. Amounts due from customers from which foreign revenue was derived accounted for approximately 8% , 17% and 20% , respectively, of the Company’s consolidated net accounts receivable position as of December 31, 2016 , 2015 and 2014 , which represents accounts receivable, net, less BIEC. Significant Customers Revenue concentration information for significant customers as a percentage of total consolidated revenue was as follows: For the Years Ended December 31, 2016 2015 2014 Customer: AT&T (including DIRECTV ® ) (a) 34% 32% 33% Energy Transfer affiliates (b) 27% 7% 6% (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 business; (ii) wireline/fiber business; and (iii) home security and automation businesses; and 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) The Company's relationship with Energy Transfer affiliates is based upon various construction contracts for pipeline activities with Energy Transfer Partners L.P., Sunoco Logistics Partners L.P., and their subsidiaries and affiliates, all of which are consolidated by Energy Transfer Equity, L.P. Revenue from Energy Transfer affiliates is included in the Oil and Gas segment. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 14 - 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 the Company. 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. Wrigley v. MasTec, Inc. In May 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. In August 2015, co-lead plaintiffs were appointed, and an amended complaint was filed in October 2015. The Lawsuit was 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 Securities and Exchange Commission (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 sought damages stemming from losses Plaintiffs claim to have suffered as a result of purchasing Company securities at an allegedly inflated market price. Although a motion to dismiss was granted in September 2016 without prejudice, the Plaintiffs retain the opportunity to file a second amended complaint. The Company believes that the Lawsuit was without merit. 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 consolidated financial statements and Audit Committee independent investigation. On November 16, 2016, the Company was notified by the Staff that it did not intend to recommend an enforcement action by the SEC against the Company. 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 8 - Lease Obligations and Note 15 - 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 cost and equity investees, including its variable interest entities. 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, 2016 and 2015 , there were $314.3 million and $292.8 million , respectively, of letters of credit issued under the Company’s Credit Facility. The Company is not aware of material claims relating to its outstanding letters of credit as of December 31, 2016 or 2015 . Performance and Payment Bonds. In the ordinary course of business, MasTec is required by certain customers to provide performance and payment bonds for 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, 2016 , the estimated cost to complete projects secured by the Company’s $72.9 million in performance and payment bonds was $9.5 million . 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 . These amounts do not include performance and payment bonds associated with the Company’s equity investees. Cost and Equity Investees and Other Entities. The Company holds a 35% undivided interest in a proportionately consolidated non-controlled Canadian contractual joint venture that provides civil construction infrastructure services, which is managed by a third party, automatically terminates upon completion of the project, and for which we have minimal direct construction involvement. The Company also holds undivided interests of 85% , 85% and 90% , respectively, in three proportionately consolidated non-controlled contractual joint ventures that provide infrastructure construction services for electrical transmission projects. Income and/or losses incurred by these joint ventures are generally shared proportionally by the respective joint venture members, with the members of the joint ventures jointly and severally liable for all of the obligations of the joint venture. The respective joint venture agreements provide 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 partners fail or refuse to pay or perform their respective share of the obligations. As of December 31, 2016 , the Company was not aware of circumstances that would reasonably lead to material future claims against it in connection with these arrangements. The Company has other investment arrangements, as discussed in Note 4 - Fair Value of Financial Instruments. From time to time, the Company may incur costs or provide financing, performance, financial and/or other guarantees to or in connection with its investees. 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, 2016 and 2015 , MasTec’s liability for unpaid claims and associated expenses, including incurred but not reported losses related to these policies, totaled $85.8 million and $76.1 million , respectively, of which $55.2 million and $47.5 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, 2016 and 2015 totaled $2.6 million and $1.6 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 $85.1 million and $83.2 million as of December 31, 2016 and 2015 , respectively. In addition, cash collateral deposited with insurance carriers, which is included within other long-term assets, amounted to $1.5 million and $1.3 million for these policies as of December 31, 2016 and 2015 , respectively. Outstanding surety bonds related to workers’ compensation self-insurance programs amounted to $13.5 million and $13.4 million as of December 31, 2016 and 2015 , 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 1 - Business, Basis of Presentation and Significant Accounting Policies , certain of MasTec’s subsidiaries are party to various collective bargaining agreements with unions representing certain of their employees, which require the Company to pay specified wages, provide certain benefits to their union employees and contribute certain amounts to MEPPs. 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. 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 the Central States Southeast and Southwest Areas Pension Fund (“Central States”), as discussed below, and certain other underfunded plans, also discussed below, the Company does not have plans to withdraw from, and, other than Central States, 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. Based upon the information available to the Company from plan administrators as of December 31, 2016 , 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. In November 2014, the Company, along with other members of the Pipe Line Contractors Association (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, for which a $6.4 million withdrawal liability was established as of the date of withdrawal. In the first quarter of 2016, the Company paid $3.0 million , which represented the balance of the recorded withdrawal liability. The Company is in arbitration to determine if there is any remaining liability owed on this withdrawal liability, or whether the amount can be further reduced based on arguments available to the Company. Although the Company does not expect this amount, whether an increase or a decrease, if any, to be material, there can be no assurance as to the final determination. 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, 2016 and 2015 , 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 certain of its equity investees. 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). The Company had approximately 460 customers for the year ended December 31, 2016 . As of December 31, 2016 and 2015 one customer accounted for approximately 24% and 12% , respectively, of the Company’s consolidated net accounts receivable position, which represents accounts receivable, net, less BIEC. As of December 31, 2016, a separate customer accounted for approximately 17% of the Company’s consolidated net accounts receivable position. In addition, the Company derived 76% , 61% and 66% , of its revenue from its top ten customers for the years ended December 31, 2016 , 2015 and 2014 , respectively. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2016 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Note 15 - Related Party Transactions For the years ended December 31, 2016 , 2015 , and 2014 revenue recognized by the Company’s Pacer subsidiary for work performed for a contractual joint venture in which it holds a 35% undivided interest totaled $1.0 million , $2.1 million and $1.7 million , respectively. As of December 31, 2016 and 2015 , receivables from this contractual joint venture totaled $0.7 million and $1.2 million , respectively. Related performance guarantees as of both December 31, 2016 and 2015 totaled Canadian $132.1 million (or approximately $98.3 million and $95.4 million , respectively), based on the full contract value of the project, of which approximately 80% had been completed as of December 31, 2016 . In addition, for the year ended December 31, 2016 , the Company provided $6.8 million of project-related financing in connection with this contractual joint venture. As of December 31, 2016 , there were no additional amounts committed. The Company has undivided interests of 85% , 85% and 90% , respectively, in three proportionately consolidated non-controlled contractual joint ventures that provide electrical transmission infrastructure services, for which the Company and its respective joint venture partners equally share voting and decision-making control. For the year ended December 31, 2016 , MasTec paid CCP, an entity in which the Company has a cost method investment, approximately $24.5 million , net of rebates of approximately $0.4 million , for equipment supplies, rentals, leases and servicing. For the years ended December 31, 2015 and 2014 , MasTec paid CCP approximately $10.6 million and $6.3 million , respectively. As of December 31, 2016 and 2015 , related payables totaled approximately $1.5 million and $0.6 million , respectively. MasTec entered into a subcontracting arrangement in the first quarter of 2016 for the performance of construction services with an entity, the minority owners of which include an entity controlled by Jorge Mas, MasTec’s Chairman of the Board of Directors, and José R. Mas, MasTec’s Chief Executive Officer, along with two members of the management of a subsidiary of the Company. For the year ended December 31, 2016 , MasTec incurred $12.9 million of expenses under this subcontracting arrangement and sold equipment totaling $0.3 million to this entity. As of December 31, 2016 , related amounts payable totaled $0.1 million . MasTec leases employees to a customer in which Jorge Mas and José R. Mas own a majority interest. For each of the years ended December 31, 2016 and 2015 , MasTec charged approximately $0.8 million to this customer, and in 2014 , charged approximately $0.7 million to this customer. As of December 31, 2016 and 2015 , outstanding receivables from employee leasing arrangements with this customer totaled $0.2 million and $0.1 million , respectively. The Company also provides satellite communication services to this customer. For each of the years ended December 31, 2016 and 2015 , revenue from satellite communication services provided to this customer totaled approximately $0.9 million , and in 2014, totaled approximately $1.0 million . As of December 31, 2016 and 2015 , receivables totaled approximately $0.4 million and $0.3 million , respectively. MasTec leases a property located in Florida from Irma S. Mas, the mother of Jorge Mas and José R. Mas. For each of the years ended December 31, 2016 , 2015 and 2014 , lease payments associated with this property totaled approximately $48,000 . The Company entered into a leasing arrangement in 2015 with a third party that leases an aircraft from a Company owned by Jorge Mas. For the year ended December 31, 2016, the Company paid $2.6 million under this leasing arrangement, and in 2015 , payments under this arrangement were de minimis. As of December 31, 2016 , related amounts payable were de minimis. For the years ended December 31, 2016 , 2015 and 2014 , related party lease payments for operational facilities and equipment, typically associated with members of subsidiary management, totaled approximately $43.3 million , $22.1 million and $12.2 million , respectively. Payables associated with related party leases totaled approximately $0.3 million and $0.1 million as of December 31, 2016 and 2015 , respectively. In addition, related party payments for various types of supplies and services, including ancillary construction services, project-related site restoration, and marketing and business development activities associated with members of subsidiary management totaled approximately $27.7 million , $10.5 million and $6.0 million for the years ended December 31, 2016 , 2015 and 2014 , respectively. As of December 31, 2016 and 2015 , related payables totaled approximately $3.7 million and $2.1 million , respectively. Non-controlling interests in entities consolidated by the Company represent ownership interests held by certain members of management of several of the Company’s subsidiaries, primarily in our Oil and Gas segment, and the Company has a subcontracting arrangement with one of these entities for the performance of ancillary oil and gas construction services. Expense related to this subcontracting arrangement is eliminated in consolidation. Split Dollar Agreements MasTec has a split dollar agreement with Jorge Mas, under which MasTec is the sole owner of the policies subject to the agreement. The Company makes 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. MasTec also has a split dollar agreement with José R. Mas, under which MasTec is the sole owner of each of the policies subject to the agreement. The Company makes the premium payments under each of the policies. Upon the death of José R. Mas or the survivor of José R. Mas and his wife (collectively, the “José R. Mas insureds”) under the applicable policy, MasTec is entitled to receive a portion of the death benefit under the policy equal to the greater of (i) premiums paid by the Company on the policy and (ii) the then cash value of the policy (excluding surrender charges or other similar charges or reductions) immediately before the triggering death. The balance of the death benefit is payable to the Jose Mas trust or other beneficiary designated by the trustees. In the event of the Company’s bankruptcy or dissolution, the Jose Mas trust shall have the assignable option to purchase the policies subject to the split dollar agreement from the Company. The purchase price for each policy shall be the greater of either the total premiums paid by the Company for the policy, or the then cash value of the policy, excluding surrender charges or other similar charges or reductions. The total maximum face amount of the insurance policies subject to the split dollar agreement is capped at $75 million . The Company is designated as the named fiduciary under the split dollar agreement, and the policy may not be surrendered without the express written consent of the Jose Mas trust. In connection with the split dollar agreement for Jorge Mas, the Company paid approximately $1.1 million in each of the years ended December 31, 2016 , 2015 and 2014 . In connection with the split dollar agreement for José R. Mas, the Company paid approximately $0.7 million in each of the years ended December 31, 2016 and 2015 , and for the year ended December 31, 2014 , the Company received $0.1 million of proceeds from policies surrendered, net of premiums paid. As of December 31, 2016 and 2015 , life insurance assets associated with these agreements totaled $14.8 million and $13.0 million , respectively, which were included within other long-term assets. |
Quarterly Information (Unaudite
Quarterly Information (Unaudited) | 12 Months Ended |
Dec. 31, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Information (Unaudited) | Note 16 – Quarterly Information (Unaudited) The following table presents selected unaudited quarterly operating results for the years ended December 31, 2016 and 2015 (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. The sum of the individual quarterly amounts to the full year amounts as disclosed below may contain slight summation differences due to rounding. For the 2016 Quarters Ended For the 2015 Quarters Ended March 31 June 30 September 30 December 31 March 31 June 30 September 30 December 31 Revenue $ 974.2 $ 1,232.4 $ 1,586.2 $ 1,341.9 $ 1,003.3 $ 1,066.6 $ 1,111.0 $ 1,027.4 Costs of revenue, excluding depreciation and amortization $ 884.4 $ 1,068.2 $ 1,369.0 $ 1,120.6 $ 886.4 $ 945.9 $ 972.7 $ 916.3 Net (loss) income $ (2.9 ) $ 24.4 $ 56.5 $ 55.9 $ (6.4 ) $ (3.8 ) $ 7.4 $ (76.9 ) Net (loss) income attributable to MasTec, Inc. $ (2.7 ) $ 24.1 $ 56.3 $ 53.6 $ (6.3 ) $ (3.7 ) $ 7.6 $ (76.7 ) (Loss) earnings per share from continuing operations: Basic $ (0.03 ) $ 0.30 $ 0.70 $ 0.67 $ (0.08 ) $ (0.05 ) $ 0.10 $ (0.96 ) Diluted $ (0.03 ) $ 0.30 $ 0.69 $ 0.66 $ (0.08 ) $ (0.05 ) $ 0.09 $ (0.96 ) Certain transactions affecting comparisons of the Company’s quarterly results include the effects of: (i) Restructuring charges, pretax, totaling $4.1 million , $5.1 million , $4.7 million and $1.4 million in the first, second, third, and fourth quarters of 2016, respectively; (ii) Project losses on a proportionately consolidated non-controlled Canadian joint venture, pretax, totaling $5.1 million in the third quarter of 2016, and totaling $5.5 million , $2.8 million and $8.0 million in the first, third and fourth quarters of 2015, respectively; (iii) Goodwill and intangible asset impairment, pretax, totaling $78.6 million in the fourth quarter of 2015; (iv) 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; (v) 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; (vi) A court-mandated mediation settlement charge of $12.2 million , pretax, in the third quarter of 2015; (vii) A recognized unrealized loss on interest rate swaps incurred by the Waha JVs of $4.4 million , pretax, 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, 2016 | |
Condensed Financial Statements, Supplemental Guarantor Information [Abstract] | |
Supplemental Guarantor Financial Information | Note 17 – 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 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 (loss) and cash flows for 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 (LOSS) (in millions) For the Year Ended December 31, 2016 MasTec, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated MasTec, Inc. Revenue $ — $ 4,790.9 $ 407.0 $ (63.2 ) $ 5,134.7 Costs of revenue, excluding depreciation and amortization — 4,121.0 384.3 (63.2 ) 4,442.1 Depreciation and amortization — 131.6 33.3 — 164.9 General and administrative expenses 2.4 234.0 25.0 — 261.4 Interest expense (income), net — 111.9 (61.2 ) — 50.7 Equity in earnings of unconsolidated affiliates — — (3.5 ) — (3.5 ) Other income, net — — (6.8 ) — (6.8 ) (Loss) income from continuing operations before income taxes $ (2.4 ) $ 192.4 $ 35.9 $ — $ 225.8 Benefit from (provision for) income taxes 0.9 (66.8 ) (25.9 ) — (91.8 ) Net (loss) income from continuing operations $ (1.5 ) $ 125.6 $ 10.0 $ — $ 134.0 Equity in income from subsidiaries, net of tax 132.8 — — (132.8 ) — Net income (loss) $ 131.3 $ 125.6 $ 10.0 $ (132.8 ) $ 134.0 Net income attributable to non-controlling interests — — 2.8 — 2.8 Net income (loss) attributable to MasTec, Inc. $ 131.3 $ 125.6 $ 7.2 $ (132.8 ) $ 131.3 Comprehensive income (loss) $ 137.8 $ 125.6 $ 16.5 $ (139.3 ) $ 140.6 CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (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 39.1 — 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 (income), net — 111.0 (62.9 ) — 48.1 Equity in losses of unconsolidated affiliates — — 8.0 — 8.0 Other income, net — (6.2 ) (9.3 ) — (15.5 ) (Loss) income from continuing operations before income taxes $ (2.1 ) $ (17.4 ) $ (48.3 ) $ — $ (67.7 ) Benefit from (provision for) income taxes 1.1 9.3 (22.3 ) — (12.0 ) Net (loss) income from continuing operations $ (1.0 ) $ (8.1 ) $ (70.6 ) $ — $ (79.7 ) Equity in loss from subsidiaries, net of tax (78.1 ) — — 78.1 — Net (loss) income $ (79.1 ) $ (8.1 ) $ (70.6 ) $ 78.1 $ (79.7 ) Net loss attributable to non-controlling interests — — (0.6 ) — (0.6 ) Net (loss) income attributable to MasTec, Inc. $ (79.1 ) $ (8.1 ) $ (70.0 ) $ 78.1 $ (79.1 ) Comprehensive (loss) income $ (117.5 ) $ (8.1 ) $ (109.0 ) $ 116.5 $ (118.1 ) 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 Equity in losses of unconsolidated affiliates — — 0.3 — 0.3 Other income, net — (1.9 ) (6.6 ) — (8.5 ) (Loss) income from continuing operations before income taxes $ (2.5 ) $ 168.5 $ 32.4 $ — $ 198.4 Benefit from (provision for) income taxes 1.0 (70.6 ) (6.8 ) — (76.4 ) Net (loss) income from continuing operations $ (1.5 ) $ 97.9 $ 25.6 $ — $ 122.0 Net loss from discontinued operations — — (6.5 ) — (6.5 ) Equity in income from subsidiaries, net of tax 117.4 — — (117.4 ) — Net income (loss) $ 115.9 $ 97.9 $ 19.1 $ (117.4 ) $ 115.5 Net loss attributable to non-controlling interests — — (0.4 ) — (0.4 ) Net income (loss) attributable to MasTec, Inc. $ 115.9 $ 97.9 $ 19.5 $ (117.4 ) $ 115.9 Comprehensive income (loss) $ 95.2 $ 97.9 $ (1.6 ) $ (96.7 ) $ 94.8 CONDENSED CONSOLIDATING BALANCE SHEETS (in millions) As of December 31, 2016 MasTec, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated MasTec, Inc. Assets Total current assets $ — $ 1,256.3 $ 175.8 $ (29.6 ) $ 1,402.5 Property and equipment, net — 456.6 92.5 — 549.1 Goodwill and other intangible assets, net — 1,037.4 138.2 — 1,175.6 Investments in and advances to consolidated affiliates, net 1,083.9 625.9 861.2 (2,571.0 ) — Other long-term assets 12.6 25.3 18.0 — 55.9 Total assets $ 1,096.5 $ 3,401.5 $ 1,285.7 $ (2,600.6 ) $ 3,183.1 Liabilities and equity Total current liabilities $ — $ 759.7 $ 109.9 $ (29.6 ) $ 840.0 Long-term debt — 938.7 22.7 — 961.4 Other long-term liabilities — 256.2 21.9 — 278.1 Total liabilities $ — $ 1,954.6 $ 154.5 $ (29.6 ) $ 2,079.5 Total equity $ 1,096.5 $ 1,446.9 $ 1,131.2 $ (2,571.0 ) $ 1,103.6 Total liabilities and equity $ 1,096.5 $ 3,401.5 $ 1,285.7 $ (2,600.6 ) $ 3,183.1 As of December 31, 2015 MasTec, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated MasTec, Inc. Assets Total current assets $ — $ 927.4 $ 202.4 $ — $ 1,129.8 Property and equipment, net — 448.2 110.5 — 558.7 Goodwill and other intangible assets, net — 1,047.5 140.4 — 1,187.9 Investments in and advances to consolidated affiliates, net 930.3 527.2 930.0 (2,387.5 ) — Other long-term assets 9.3 24.3 17.3 — 51.0 Total assets $ 939.6 $ 2,974.6 $ 1,400.6 $ (2,387.5 ) $ 2,927.3 Liabilities and equity Total current liabilities $ — $ 632.9 $ 119.6 $ — $ 752.5 Long-term debt — 900.1 32.8 — 932.9 Other long-term liabilities — 275.6 23.0 — 298.5 Total liabilities $ — $ 1,808.6 $ 175.4 $ — $ 1,984.0 Total equity $ 939.6 $ 1,166.0 $ 1,225.2 $ (2,387.5 ) $ 943.4 Total liabilities and equity $ 939.6 $ 2,974.6 $ 1,400.6 $ (2,387.5 ) $ 2,927.3 CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS (in millions) For the Year Ended December 31, 2016 MasTec, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated MasTec, Inc. Net cash provided by operating activities $ — $ 130.4 $ 75.2 $ — $ 205.6 Cash flows (used in) provided by investing activities: Cash paid for acquisitions, net of cash acquired — (4.1 ) — — (4.1 ) Capital expenditures — (106.2 ) (10.9 ) — (117.1 ) Proceeds from sale of property and equipment — 7.5 3.7 — 11.2 Payments for investments, net — (3.9 ) (27.1 ) — (31.0 ) Net cash used in investing activities $ — $ (106.7 ) $ (34.3 ) $ — $ (141.0 ) Cash flows provided by (used in) financing activities: Proceeds from credit facilities — 1,553.4 128.0 — 1,681.4 Repayments of credit facilities — (1,496.6 ) (130.5 ) — (1,627.1 ) Repayments of other borrowings and capital lease obligations — (50.3 ) (18.4 ) — (68.7 ) Proceeds from stock-based awards, net 4.2 — — — 4.2 Excess tax benefit from stock-based compensation 0.1 — — — 0.1 Payments of acquisition-related contingent consideration — (16.6 ) (3.2 ) — (19.8 ) Other financing activities, net — (0.1 ) 0.5 — 0.4 Net financing activities and advances (to) from consolidated affiliates (4.3 ) 10.0 (5.7 ) — — Net cash used in financing activities $ — $ (0.2 ) $ (29.3 ) $ — $ (29.5 ) Effect of currency translation on cash — — (1.3 ) — (1.3 ) Net increase in cash and cash equivalents $ — $ 23.5 $ 10.3 $ — $ 33.8 Cash and cash equivalents - beginning of period — 4.8 0.2 — 5.0 Cash and cash equivalents - end of period $ — $ 28.3 $ 10.5 $ — $ 38.8 For the Year Ended December 31, 2015 MasTec, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated MasTec, Inc. Net cash provided by operating activities $ 0.9 $ 358.5 $ 8.0 $ — $ 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 ) — (56.3 ) — (58.1 ) Net cash used in investing activities $ (1.9 ) $ (61.5 ) $ (65.4 ) $ — $ (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 — (1,154.3 ) (587.8 ) — (1,742.1 ) 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 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 ) Other financing activities, net — (2.4 ) — — (2.4 ) Net financing activities and advances from (to) consolidated affiliates 98.3 (158.7 ) 60.4 — — Net cash provided by (used in) financing activities $ 1.0 $ (310.7 ) $ 50.9 $ — $ (258.9 ) Effect of currency translation on cash — — 1.1 — 1.1 Net 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 CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS (in millions) For the Year Ended December 31, 2014 MasTec, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated MasTec, Inc. Net cash (used in) provided by operating activities $ (0.5 ) $ 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 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 ) Other financing activities, net — (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 |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2016 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 18 – Subsequent Events On February 22, 2017, the Company entered into an amendment to its Credit Facility (the “Amended Credit Facility”), which among other things, extended the maturity to February 2022, increased total commitments from $1.2 billion to $1.5 billion , $300 million of which may be borrowed in Canadian dollars or Mexican pesos, and a term loan in the aggregate principal amount of $400 million , of which $250 million principal amount is currently drawn, and up to an additional $150 million of which may be drawn from time to time prior to December 29, 2017. The rates applicable to commitments, borrowings and letters of credit were also modified in connection with the Amended Credit Facility. |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2016 | |
Valuation and Qualifying Accounts [Abstract] | |
Schedule II - Valuation and Qualifying Accounts | SCHEDULE II – VALUATION AND QUALIFYING ACCOUNTS (in millions) Additions Balance at Beginning of Period Charges to Cost and Expense Other Additions (Deductions) Balance at End of Period Year ended December 31, 2016 Allowance for doubtful accounts $ 7.7 $ 2.9 (a) $ — $ (2.2 ) (b) $ 8.4 Costs and earnings in excess of billings allowance 6.9 9.9 (a) — (7.3 ) (b) 9.5 Inventory valuation reserve 2.8 2.0 (c) — (1.3 ) (d) 3.5 Valuation allowance for deferred tax assets 10.6 9.8 (e) 1.0 (f) — 21.4 Total $ 28.0 $ 24.6 $ 1.0 $ (10.8 ) $ 42.8 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) 10.3 (f) — 10.6 Total $ 33.0 $ 2.2 $ 10.3 $ (17.5 ) $ 28.0 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) — — 0.2 Total $ 28.8 $ 7.8 $ — $ (3.6 ) $ 33.0 (a) Provisions for doubtful accounts and costs and earnings in excess of billings. (b) Write-offs and reversals of uncollectible accounts receivable and non-billable costs and earnings in excess of billings. (c) Provision for inventory obsolescence. (d) Inventory write-offs. (e) Increase in the foreign and state tax loss carryforwards. (f) Additions related to unrealized gains and losses. |
Business, Basis of Presentati27
Business, Basis of Presentation and Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2016 | |
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. All significant intercompany balances and transactions have been eliminated in consolidation. Other parties’ interests in entities that MasTec consolidates 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 for 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, or, for investments in a net liability position, within other long-term liabilities. Income or loss from these investments is recorded as a separate line item in the statements of operations. Intercompany profits or losses associated with the Company’s equity method investments are eliminated until realized by the investee in transactions with third parties. For equity investees in which the Company has an undivided interest in the assets, liabilities and profits or losses of an unincorporated entity, but the Company does not control the entity, the Company consolidates its proportional interest in the accounts of the entity. The cost method is used for investments in entities for which the Company does not have the ability to exert significant influence. 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. Management determines whether each business entity in which it has equity interests, debt, or other investments in business entities, constitute a variable interest entity (“VIE”) based on the nature and characteristics of such arrangements. If an investment arrangement is determined to be a VIE, then management determines if the Company is the VIE’s primary beneficiary by evaluating several factors, including the Company’s: (i) risks and responsibilities; (ii) ownership interests; (iii) decision making powers; and (iv) financial and other interests, among others. If management determines the Company is the primary beneficiary of a VIE, then it would be consolidated, and other parties’ interests in the VIE would be accounted for as non-controlling interests. 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. As of December 31, 2016, the Company determined that certain of its investment arrangements were VIEs; however, because it does not have the power to direct the primary activities that most significantly impact the economic performance of these VIEs, the Company is not the primary beneficiary, and accordingly, has not consolidated these VIEs. |
Equity Method Investments | The Company’s investments in entities for 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, or, for investments in a net liability position, within other long-term liabilities. Income or loss from these investments is recorded as a separate line item in the statements of operations. Intercompany profits or losses associated with the Company’s equity method investments are eliminated until realized by the investee in transactions with third parties. |
Unicorporated Entities, Proportional Consolidation | For equity investees in which the Company has an undivided interest in the assets, liabilities and profits or losses of an unincorporated entity, but the Company does not control the entity, the Company consolidates its proportional interest in the accounts of the entity. |
Cost Method Investments | The cost method is used for investments in entities for which the Company does not have the ability to exert significant influence. |
Reclassifications | Certain prior year amounts have been reclassified to conform to the current period presentation. |
Variable Interest Entities | Management determines whether each business entity in which it has equity interests, debt, or other investments in business entities, constitute a variable interest entity (“VIE”) based on the nature and characteristics of such arrangements. If an investment arrangement is determined to be a VIE, then management determines if the Company is the VIE’s primary beneficiary by evaluating several factors, including the Company’s: (i) risks and responsibilities; (ii) ownership interests; (iii) decision making powers; and (iv) financial and other interests, among others. If management determines the Company is the primary beneficiary of a VIE, then it would be consolidated, and other parties’ interests in the VIE would be accounted for as non-controlling interests. 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. As of December 31, 2016, the Company determined that certain of its investment arrangements were VIEs; however, because it does not have the power to direct the primary activities that most significantly impact the economic performance of these VIEs, the Company is not the primary beneficiary, and accordingly, has not consolidated these VIEs. |
Translation of Foreign Currencies | 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. Currency gains or losses resulting from transactions executed in a foreign currency are included in other income or expense, net. |
Management Estimates | Management Estimates The preparation of consolidated financial statements in conformity with U.S. GAAP requires the use of estimates and assumptions that affect the amounts reported in the consolidated 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 project-related depreciation), in particular, on construction contracts 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 probable contract price adjustments as inputs; allowances for doubtful accounts; estimated fair values of goodwill and intangible assets; acquisition-related contingent consideration and investments in equity investees; asset lives used in computing depreciation and amortization; accrued self-insured claims; share-based compensation; other reserves and accruals; accounting for income taxes; and the estimated impact of contingencies and ongoing litigation. While management believes that such estimates are reasonable when considered in conjunction with the Company’s consolidated financial position and results of operations taken as a whole, actual results could differ materially from those estimates. |
Revenue Recognition | Revenue Recognition Revenue is derived from construction projects performed under master and other service agreements as well as from 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 services under unit price or fixed price master service or other service agreements. 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 43% , 48% and 49% of consolidated revenue, respectively, for the years ended December 31, 2016 , 2015 and 2014 . 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. 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 project managers, engineers and financial professionals. Management reviews estimates of contract revenue and costs on an ongoing basis. Changes in job performance, job conditions and management’s assessment of expected contract settlements are factors that influence estimates of total contract value and total costs to complete those contracts and, therefore, the Company’s profit recognition. Changes in these factors may result in revisions to costs and income, and their effects are recognized in the period in which the revisions are determined, which could materially affect the Company’s results of operations in the period in which such changes are recognized. For the year ended December 31, 2016 , project profit was affected by less than 5% as a result of changes in contract estimates included in projects that were in process as of December 31, 2015 . For the year ended December 31, 2015 , project profit was affected by less than 5% as a result of changes in contract estimates included in projects that were in process as of December 31, 2014 , excluding the effects of project losses of $21.4 million on a Canadian wind project, $16.3 million on a proportionately consolidated non-controlled Canadian joint venture and $14.0 million on an Electrical Transmission project. 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 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 such 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, 2016 and 2015, the Company had approximately $17 million and $38 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, 2016, these change orders were primarily related to contracts in the Oil and Gas segment, and in 2015, were primarily related to contracts in the Oil and Gas and Electrical Transmission segments. Revenue related to unapproved change orders totaled approximately $4 million and $10 million , respectively, for the years ended December 31, 2016 and 2015 . 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 Earnings (“BIEC”) on uncompleted contracts is classified within current liabilities. Costs and Earnings In Excess of Billings (“CIEB”), which is also referred to as work in process, is classified within current assets. 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. 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 project managers, engineers and financial professionals. Management reviews estimates of contract revenue and costs on an ongoing basis. Changes in job performance, job conditions and management’s assessment of expected contract settlements are factors that influence estimates of total contract value and total costs to complete those contracts and, therefore, the Company’s profit recognition. Changes in these factors may result in revisions to costs and income, and their effects are recognized in the period in which the revisions are determined, which could materially affect the Company’s results of operations in the period in which such changes are recognized. For the year ended December 31, 2016 , project profit was affected by less than 5% as a result of changes in contract estimates included in projects that were in process as of December 31, 2015 . For the year ended December 31, 2015 , project profit was affected by less than 5% as a result of changes in contract estimates included in projects that were in process as of December 31, 2014 , excluding the effects of project losses of $21.4 million on a Canadian wind project, $16.3 million on a proportionately consolidated non-controlled Canadian joint venture and $14.0 million on an Electrical Transmission project. 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 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 trade accounts receivable and the adequacy of the allowance for doubtful accounts on a regular basis taking into consideration 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 the current economic environment. The Company establishes an allowance for doubtful accounts for anticipated losses of its business units when a business unit has historical experience of losses that are considered to be ordinary course. In addition, an allowance is 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 they are considered to be 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 allowances 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 the Company’s accounts receivable portfolio and the adequacy of its 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. Finite-lived intangible assets are amortized in a manner consistent with the pattern in which the related benefits are expected to be consumed. |
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’s 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) have a segment manager regularly review 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. |
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. Contingent consideration liabilities are included within other current and other long-term liabilities, as appropriate, within the consolidated balance sheets. 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. During the measurement period, 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. There were no measurement period adjustments during the year ended December 31, 2016. 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 reflected as a deduction from the carrying amount of the related debt instrument, including the Company’s credit facility. Deferred financing costs are amortized over the terms of the related debt instrument 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. Although management believes its accruals are adequate, a change in experience or actuarial assumptions could materially affect the Company’s 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. See “New Accounting Pronouncements” below regarding ASU 2015-17, Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes , which the Company adopted as of January 1, 2017. 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, 2016 , 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, 2016 , 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 certain stock-based compensation plans, under which restricted stock awards and restricted stock units (together “restricted shares”), and, in the past, options to purchase shares of the Company’s stock have been granted, and under which shares of the Company’s common stock are available for purchase by eligible employees. As of December 31, 2016 , no stock options remained outstanding. Non-cash stock-based 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 of an award on the date of vesting exceeds its grant date fair value, 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 vesting of an award is less than its grant date fair value, 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. See “New Accounting Pronouncements” below regarding ASU 2016-09, Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting , which the Company adopted as of January 1, 2017. Grants of restricted shares are valued based on the closing market share price of MasTec’s common stock as reported on the New York Stock Exchange (the “market 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, which generally vest over a period of 3 years. Upon vesting of restricted shares, 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 have either been sold or withheld to cover withholding tax requirements and/or to cover the exercise price for past option exercises. Withheld shares, which are valued at the market 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 24,197 , 12,628 and 34,179 for the years ended December 31, 2016 , 2015 and 2014 , respectively, and shares withheld for employee tax withholdings totaled approximately 20,791 , 61,779 , and 63,210 for the years ended December 31, 2016 , 2015 and 2014 , respectively. Total payments for employee tax obligations to taxing authorities were $0.6 million , $1.1 million and $2.7 million for the years ended December 31, 2016 , 2015 and 2014 , 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. 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. |
Collective Bargaining Agreements and Multiemployer Plans | Collective Bargaining Agreements and 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 (“MEPPs”). 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. The Pension Protection Act of 2006, as amended, (the “PPA”) requires pension plans that are underfunded to 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 Internal Revenue Service (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. 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. 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. If the Company is subject to a withdrawal liability, the related withdrawal charge is recorded as a component of employee wages and salaries within costs of revenue, excluding depreciation and amortization, with any related liability recorded within other current and/or other long-term liabilities, as appropriate. |
Restructuring Costs | Restructuring Costs From time to time, the Company may incur costs to streamline its business operations. These streamlining efforts, which are designed to improve profitability, could include eliminating service offerings that no longer fit into the Company’s business plan, certain integration activities for acquired businesses, reducing or eliminating services or operations that do not produce adequate revenue or margins, or reducing costs of business units that need margin improvements. The costs associated with these efforts, which we also refer to as restructuring costs, include such items as employee separation costs, lease termination expenses and losses on disposal of excess fixed assets. Restructuring costs are included within the applicable line item(s) in the consolidated statement of operations based on the nature of the expense incurred. |
Litigation and Contingencies | Litigation and Contingencies Accruals for 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 loss 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 investees, 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 and other receivables, cash collateral deposited with insurance carriers, deferred compensation plan assets and liabilities and outstanding balances on its credit facilities approximate their fair values. |
Discontinued Operations | Discontinued Operations The results of discontinued operations are presented separately, net of tax, from the results of continuing operations for all periods presented. The results of discontinued operations include net income or loss from the operations of the disposed component, as well as any related asset impairment charges. |
New Accounting Pronouncements | New Accounting Pronouncements Recent Accounting Pronouncements To Be Adopted in 2017 In October 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-17 , Consolidation (Topic 810): Interests Held through Related Parties That Are under Common Control (“ASU 2016-17”). ASU 2016-17 changes how a reporting entity considers indirect interests held by related parties under common control when evaluating whether it is the primary beneficiary of a VIE. This ASU, which the Company adopted as of January 1, 2017, is not expected to have a material effect on the Company’s consolidated financial statements. In March 2016, the FASB issued ASU 2016-09, Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting (“ASU 2016-09”). ASU 2016-09 is intended to improve and simplify the accounting for share-based payment transactions. Under ASU 2016-09, when share-based payment awards vest or are settled, excess tax benefits (“windfalls”) or tax deficiencies (“shortfalls”) are to be recognized in the income statement, rather than as additional paid-in-capital, and these tax effects will be presented within the statement of cash flows as an operating cash flow, rather than as a financing activity. The recognition of the income tax effects of share-based payment awards in the income statement will also affect the computation of dilutive common stock equivalents as calculated under the treasury stock method, as windfalls will no longer be included in assumed proceeds from outstanding awards. ASU 2016-09 increases the amount an employer can withhold to cover statutory employee tax withholdings, and requires that payments to taxing authorities for such employee withholdings be presented as a financing activity. ASU 2016-09 also provides an accounting policy election for forfeitures, whereby forfeitures can either be estimated or accounted for as incurred. The Company adopted ASU 2016-09 as of January 1, 2017. The adoption of this ASU could result in volatility in the Company’s results of operations, diluted earnings per share and operating cash flows, given that the amount of any windfalls or shortfalls is dependent upon the timing of vesting of share-based awards, as well as the price per share of the Company’s common stock on the date of vesting. The other components of this ASU are not expected to have a significant effect on the Company’s consolidated financial statements. In March 2016, the FASB issued ASU 2016-07, Investments-Equity Method and Joint Ventures (Topic 323: Simplifying the Transition to the Equity Method of Accounting (“ASU 2016-07”). ASU 2016-07 eliminates the requirement that an investor retrospectively apply the equity method of accounting when an investment becomes qualified for the equity method of accounting as a result of an increase in the level of ownership or degree of influence. ASU 2016-07 requires that the equity method investor add the cost of acquiring the additional interest in the investee to the current basis of the investor’s previously held interest and adopt the equity method of accounting as of the date the investment becomes qualified for equity method accounting. This ASU, which the Company adopted as of January 1, 2017, is not expected to have an effect on the Company’s consolidated financial statements. In March 2016, the FASB issued ASU 2016-06, Derivatives and Hedging (Topic 815): Contingent Put and Call Options in Debt Instruments (a consensus of the FASB Emerging Issues Task Force) (“ASU 2016-06”) and ASU 2016-05, Derivatives and Hedging (Topic 815): Effect of Derivative Contract Novations on Existing Hedge Accounting Relationships (a consensus of the FASB Emerging Issues Task Force) (“ASU 2016-05”). ASU 2016-06 clarifies the requirements for assessing whether contingent call or put options that can accelerate repayment are clearly and closely related to the economic characteristics and risks of the host contract. When a call or put option is contingently exercisable, an entity does not have to assess whether the event that triggers the ability to exercise the option is related to interest rates or credit risk. An entity is only required to assess the embedded call or put option in accordance with the four-step decision sequence under current GAAP. ASU 2016-05 clarifies that a change in the counterparty to a derivative instrument is not, in and of itself, considered to be a termination of the original derivative instrument, which would discontinue the application of hedge accounting, provided that all other hedge accounting criteria continue to be met. This ASU, which the Company adopted as of January 1, 2017, is not expected to have a material effect on the Company’s 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 assets and liabilities 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. This ASU, which the Company adopted prospectively as of January 1, 2017, is not expected to have a material effect on the Company’s 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. This ASU, which the Company adopted as of January 1, 2017, is not expected to have a material effect on the Company’s consolidated financial statements. Other Recent Accounting Pronouncements Not Yet Adopted In January 2017, the FASB issued ASU 2017-04, Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment (“ASU 2017-04”). ASU 2017-04 eliminates the second step in goodwill impairment testing, which requires that goodwill impairment losses be measured as the difference between the implied value of a reporting unit’s goodwill and its carrying amount. ASU 2017-04 will reduce the cost and complexity of impairment testing by requiring goodwill impairment losses to be measured as the excess of the reporting unit’s carrying amount, including goodwill and related goodwill tax effects, over its fair value. ASU 2017-04 is effective on a prospective basis for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2019, with early adoption permitted. The Company is currently evaluating the potential effect of this ASU on its consolidated financial statements. In January 2017, the FASB issued ASU 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business (“ASU 2017-01”). ASU 2017-01 changes the definition of a business for purposes of evaluating whether a transaction represents an acquisition (or disposal) of assets or a business. The revised definition of a business under ASU 2017-01 will reduce the number of transactions that are accounted for as business combinations. ASU 2017-01 is effective on a prospective basis for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2017, with early adoption permitted. The Company does not expect the adoption of this ASU to have a material effect on the its consolidated financial statements. In November 2016, the FASB issued ASU 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash (“ASU 2016-18”). ASU 2016-18 requires entities to show the change in the total amount of cash, cash equivalents and restricted cash in the statement of cash flows. ASU 2016-08 is effective retrospectively for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2017, with early adoption permitted. The Company does not expect the adoption of this ASU to have an effect on its consolidated financial statements. In October 2016, the FASB issued ASU 2016-16 , Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other Than Inventory (“ASU 2016-16”), which eliminates the existing exception in U.S. GAAP prohibiting the recognition of the income tax consequences for intra-entity asset transfers. Under ASU 2016-16, entities will be required to recognize the income tax consequences of intra-entity asset transfers, other than for inventory, when the transfer occurs. ASU 2016-16 is effective on a modified retrospective basis for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2017, with early adoption permitted. The Company is currently evaluating the potential effect of this ASU on its consolidated financial statements. In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments (“ASU 2016-15”). ASU 2016-15 reduces diversity in practice by providing guidance on the classification of certain cash receipts and payments in the statement of cash flows . ASU 2016-15 clarifies that when cash receipts and cash payments have aspects of more than one class of cash flows and cannot be separated, classification will depend on the predominant source or use. ASU 2016-15 is effective on a retrospective basis for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2017, with early adoption permitted. The Company is currently evaluating the potential effect of this ASU on its consolidated financial statements. In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”). ASU 2016-13 changes how entities will measure and disclose credit losses for most financial assets and certain other instruments that are not measured at fair value through net income and replaces the incurred loss impairment methodology with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information in determining credit loss estimates. ASU 2016-13 also requires enhanced disclosures. ASU 2016-13 is effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2019. Early adoption is permitted for all entities for annual periods beginning after December 15, 2018. The Company is currently evaluating the potential effect of this ASU; however, this ASU is not expected to have a material effect on the Company’s 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 when evaluating contract terms and other relevant facts and circumstances. Additionally, ASU 2014-09 requires enhanced disclosures about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts. 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 full retrospective or modified retrospective transition approach for fiscal years, and for interim periods within those years, beginning after December 15, 2017. In 2016, the FASB issued several accounting standards updates to clarify certain topics within ASU 2014-09. The Company will adopt ASU 2014-09, and its related clarifying ASUs, as of January 1, 2018. The Company is continuing to assess the potential effects of these ASUs on its consolidated financial statements, business processes, systems and controls. The Company is analyzing its current contracts and comparing its current accounting policies and practices pertaining to revenue recognition to those required under the new ASUs to identify potential differences; however, any potential effect of adoption of these ASUs has not yet been quantified. While the assessment process is ongoing, the Company currently anticipates adopting the standard using the modified retrospective transition approach. Under this approach, the new standard would apply to all new contracts initiated on or after January 1, 2018. For existing contracts that have remaining obligations as of January 1, 2018, any difference between the recognition criteria in these ASUs and the Company’s current revenue recognition practices would be recognized using a cumulative effect adjustment to the opening balance of retained earnings. The Company is also in the process of developing and implementing appropriate changes to its business processes, systems and controls to support the recognition criteria and disclosure requirements of these ASUs. In February 2016, the FASB issued ASU 2016-02, Leases (Subtopic 842) (“ASU 2016-02”). ASU 2016-02 provides revised guidance for lease accounting and related disclosure requirements, including a requirement for lessees to recognize lease assets and lease liabilities for certain operating leases. Under the previous guidance, lessees were not required to recognize assets and liabilities for operating leases on the balance sheet. ASU 2016-02 is effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2018, with early adoption permitted. Modified retrospective application is required for all relevant prior periods. The Company is currently evaluating the potential effect of this ASU on its consolidated financial statements, including the potential amount of incremental lease assets and liabilities that are expected to be recognized upon adoption. In January 2016, the FASB issued 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, including any related disclosure requirements, 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, primarily from fluctuations in foreign currency exchange rates of the Company’s foreign subsidiaries with a functional currency other than the U.S. dollar, unrealized gains and losses from available-for-sale securities, net income (loss) attributable to non-controlling interests and unrealized gains and losses from interest rate swaps associated with our equity investments in the Waha JVs. |
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. |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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, 2016 2015 2014 Net income (loss) attributable to MasTec: Net income (loss), continuing operations - basic (a) $ 131,263 $ (79,110 ) $ 122,375 Interest expense, net of tax, convertible notes — — 181 Net income (loss), continuing operations - diluted $ 131,263 $ (79,110 ) $ 122,556 Net loss from discontinued operations - basic and diluted (a) — — (6,452 ) Net income (loss) attributable to MasTec - diluted $ 131,263 $ (79,110 ) $ 116,104 Weighted average shares outstanding: Weighted average shares outstanding - basic 80,372 80,489 79,953 Dilutive common stock equivalents 1,022 — 813 Dilutive shares, convertible notes — — 5,430 Weighted average shares outstanding - diluted 81,394 80,489 86,196 (a) Calculated as total net income (loss) less amounts attributable to non-controlling interests. |
Goodwill and Other Intangible29
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Rollforward of Goodwill by Reportable 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 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 (c) — (68.5 ) — — (68.5 ) Goodwill, net, as of December 31, 2015 $ 414.9 $ 306.1 $ 149.9 $ 117.6 $ 988.5 Accruals of acquisition-related contingent consideration, net (a) 5.8 — — — 5.8 Currency translation adjustments — 1.6 — — 1.6 Goodwill, net, as of December 31, 2016 $ 420.7 $ 307.7 $ 149.9 $ 117.6 $ 995.9 Accumulated impairment loss, goodwill, as of December 31, 2016 (d) $ — $ (69.9 ) $ — $ — $ (69.9 ) Goodwill, gross, as of December 31, 2016 $ 420.7 $ 377.6 $ 149.9 $ 117.6 $ 1,065.8 (a) Represents contingent consideration for acquisitions prior to January 1, 2009, which is accrued as incurred, in accordance with U.S. GAAP. (b) Represent adjustments to preliminary estimates of the fair values of net assets acquired within the measurement period for the WesTower acquisition. (c) Represents a non-cash goodwill impairment charge related to a reporting unit in western Canada. (d) Accumulated impairment losses include the effect of currency translation gains and/or losses. |
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, as of December 31, 2014 $ 34.8 $ 93.3 $ 199.8 $ 26.3 $ 354.2 Accumulated amortization (90.3 ) (13.5 ) (103.8 ) 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 (b) — (10.1 ) — — (10.1 ) Other intangible assets, net, as of December 31, 2015 $ 34.8 $ 73.4 $ 80.8 $ 10.4 $ 199.4 Amortization expense (17.9 ) (3.4 ) (21.3 ) Currency translation adjustments — 1.2 0.3 0.1 1.6 Other activity (0.3 ) — — 0.3 — Other intangible assets, net, as of December 31, 2016 $ 34.5 $ 74.6 $ 63.2 $ 7.4 $ 179.7 Remaining weighted average amortization period (in years) 9 9 9 (a) Consists principally of trade names and non-compete agreements. (b) Represents a non-cash impairment charge related to intangible assets associated with a reporting unit in western Canada. |
Schedule of Expected Future Amortization Expense for Amortizing Assets | Expected future amortization expense as of December 31, 2016 is summarized in the following table (in millions): Amortization Expense 2017 $ 16.3 2018 12.7 2019 8.5 2020 7.3 2021 5.7 Thereafter 20.1 Total $ 70.6 |
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 have resulted from these acquisitions. For the Year Ended December 31, 2014 Unaudited supplemental pro forma financial information (in millions) : Revenue $ 5,085.2 Net income from continuing operations $ 130.3 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 Revenue $ 301.5 $ 565.4 Net (loss) income from continuing operations (a) $ (13.4 ) $ 0.7 (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 and $2.7 million for the years ended December 31, 2015 and 2014 , 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. |
Fair Value of Financial Instr30
Fair Value of Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Shedule of Summarized Financial Information of Equity Investees | The following presents summarized financial information for the Company’s significant equity investees (in millions): December 31, 2016 2015 Current assets $ 89.5 $ 71.1 Long-term assets 1,126.5 234.7 Total assets $ 1,216.0 $ 305.8 Current liabilities $ 153.6 $ 119.5 Long-term liabilities 986.0 199.6 Total liabilities $ 1,139.6 $ 319.1 For the Years Ended December 31, 2016 2015 Net losses $ 0.2 $ 13.3 |
Accounts Receivable, Net of A31
Accounts Receivable, Net of Allowance (Tables) - Accounts Receivable [Member] | 12 Months Ended |
Dec. 31, 2016 | |
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, 2016 2015 Contract billings $ 564.2 $ 437.3 Retainage 268.6 148.8 Costs and earnings in excess of billings 331.6 332.7 Accounts receivable, gross $ 1,164.4 $ 918.8 Less allowance for doubtful accounts (8.4 ) (7.7 ) Accounts receivable, net $ 1,156.0 $ 911.1 |
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, 2016 2015 Allowance for doubtful accounts at beginning of year $ 7.7 $ 13.9 Provision for doubtful accounts 2.9 2.1 Amounts charged against the allowance (2.2 ) (8.3 ) Allowance for doubtful accounts at end of year $ 8.4 $ 7.7 |
Property and Equipment, Net (Ta
Property and Equipment, Net (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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, 2016 2015 Estimated Useful Lives (in years) Land $ 4.6 $ 4.6 Buildings and leasehold improvements 24.2 21.7 3-40 Machinery and equipment 997.8 912.9 2-20 Office furniture and equipment 146.1 136.9 3-7 Construction in progress 9.5 10.8 Total property and equipment $ 1,182.2 $ 1,086.9 Less accumulated depreciation and amortization (633.1 ) (528.2 ) Property and equipment, net $ 549.1 $ 558.7 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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 2016 2015 Senior secured credit facility: Revolving loans October 29, 2018 $ 279.9 $ 208.5 Term loan November 21, 2019 237.5 250.0 4.875% Senior Notes March 15, 2023 400.0 400.0 Other credit facilities Varies 13.4 16.4 Capital lease obligations, weighted average interest rate of 2.9% In installments through December 1, 2021 98.6 130.9 Notes payable, weighted average interest rate of 3.1% In installments through December 15, 2018 6.4 17.4 Total long-term debt obligations $ 1,035.8 $ 1,023.2 Less unamortized deferred financing costs (a) (9.8 ) (12.9 ) Total debt, net of deferred financing costs $ 1,026.0 $ 1,010.3 Current portion of long-term debt 64.6 77.4 Long-term debt $ 961.4 $ 932.9 (a) The Company adopted ASU 2015-03 as of January 1, 2016, which resulted in the reclassification of $12.9 million of deferred financing costs from other current and other long-term assets to current and long-term debt as of December 31, 2015. |
Schedule of Contractual Maturities of Debt and Capital Lease Obligations | Contractual maturities of MasTec’s debt and capital lease obligations as of December 31, 2016 were as follows (in millions): 2017 $ 64.9 2018 340.6 2019 224.7 2020 3.6 2021 2.0 Thereafter 400.0 Total $ 1,035.8 |
Lease Obligations (Tables)
Lease Obligations (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Leases [Abstract] | |
Schedule of Future Lease Commitments | Future minimum lease commitments under capital leases and non-cancelable operating leases, including escalation clauses in effect as of December 31, 2016 , were as follows (in millions): Capital Leases Operating Leases 2017 $ 50.9 $ 93.8 2018 33.6 75.4 2019 12.9 47.4 2020 3.8 27.1 2021 2.1 13.7 Thereafter — 33.9 Total minimum lease payments $ 103.3 $ 291.3 Less amounts representing interest (4.7 ) Total capital lease obligations, net of interest $ 98.6 Less current portion (48.6 ) Long-term portion of capital lease obligations, net of interest $ 50.0 |
Stock-Based Compensation and 35
Stock-Based Compensation and Other Employee Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Share-based Compensation [Abstract] | |
Schedule of Activity, Restricted Shares | Activity, restricted shares: (a) Restricted Per Share Weighted Average Grant Date Fair Value 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 Granted 637,332 17.69 Vested (188,386 ) 20.42 Canceled/forfeited (108,592 ) 20.71 Non-vested restricted shares, as of December 31, 2016 1,970,586 $ 21.61 (a) Includes 43,300 , 32,250 and 34,250 restricted stock units as of December 31, 2016 , 2015 and 2014 , respectively. |
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, 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 Exercised (202,700 ) 13.06 Canceled/forfeited — Options outstanding and exercisable as of December 31, 2016 — $ — — $ — (a) Amount represents the difference between the exercise price and the market 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, 2016 2015 2014 Cash proceeds (in millions) $ 2.7 $ 2.0 $ 3.3 Common shares issued 144,183 134,389 136,918 Weighted average price per share $ 18.55 $ 14.67 $ 24.33 Weighted average per share grant date fair value $ 5.00 $ 4.22 $ 5.81 |
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, 2016 2015 2014 Non-cash stock-based compensation expense $ 15.1 $ 12.4 $ 15.9 Income Tax Effects: Income tax benefit from non-cash stock-based compensation $ 5.6 $ 4.2 $ 8.7 Excess tax benefit from non-cash stock-based compensation (a) $ 0.1 $ 0.1 $ 3.7 (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, 2016 | |
Multiemployer Plans [Line Items] | |
Schedule of Covered Employees and Contributions, Multiemployer 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 2016 550 4,910 $ 59.9 $ 10.1 $ 70.0 2015 590 2,463 $ 23.8 $ 9.0 $ 32.8 2014 590 2,167 $ 31.9 $ 4.5 $ 36.4 |
Multiemployer Plans, Pension [Member] | |
Multiemployer Plans [Line Items] | |
Schedule of Multiemployer 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 2016 2015 2014 Expiration Date of CBA 2016 As of 2015 As of FIP/RP Status Surcharge Central Pension Fund of the I.U.O.E and Participating Employers 366052390 001 $ 19.3 $ 5.7 $ 6.5 06/01/2017 Green 01/31/2016 Green 01/31/2015 (a) NA No Pipeline Industry Pension Fund 736146433 001 15.9 2.5 4.8 06/02/2017 Green 12/31/2015 (b) Green 12/31/2014 (b) NA No Teamsters National Pipe Line Pension Fund 461102851 001 3.6 1.4 1.7 06/01/2017 Green 12/31/2015 (b) Green 12/31/2014 (b) NA No Laborers' National Pension Fund 751280827 001 3.0 0.8 0.8 06/01/2017 Green 12/31/2015 Green 12/31/2014 NA No Central Laborers' Pension Fund 376052379 001 2.6 — 0.1 06/01/2017 Red 12/31/2015 (a) Red 12/31/2014 (a) Implemented No National Electrical Benefit Fund 530181657 001 1.7 1.4 1.3 Varies through 11/30/2018 Green 12/31/2015 Green 12/31/2014 NA No Minnesota Laborers Pension Fund 416159599 001 1.6 0.3 0.2 06/01/2017 Green 12/31/2015 Green 12/31/2014 NA No I.B.E.W. Local 1249 Pension Plan 156035161 001 1.1 1.0 0.4 04/30/2017 Yellow 12/31/2015 Yellow 12/31/2014 Implemented No Minnesota Teamsters Construction Division Pension Plan 416187751 001 1.1 0.2 — 06/01/2017 Green 11/30/2015 (a) Green 11/30/2014 (a) NA No Local Union No. 9 I.B.E.W. and Outside Contractors Pension Fund 516077720 001 1.1 0.3 0.4 05/31/2017 Green 10/31/2015 Green 10/31/2014 NA No Michigan Laborers' Pension Fund 386233976 001 1.1 0.8 2.1 06/01/2017 Yellow 08/31/2016 Yellow 08/31/2015 (a) Implemented No West Virginia Laborers Pension Trust Fund 556026775 001 0.5 1.4 0.4 06/01/2017 Green 03/31/2016 (b) Green 03/31/2015 NA No Laborers' District Council of Western Pennsylvania Pension Fund 256135576 001 0.2 0.5 1.5 06/01/2017 Red 12/31/2015 Red 12/31/2014 Implemented No Operating Engineers' Local 324 Pension Fund 381900637 001 — — 1.7 06/01/2017 Red 04/30/2016 Red 04/30/2015 Implemented No Other funds 7.1 (c) 7.5 (c) 10.0 Total multiemployer pension plan contributions $ 59.9 $ 23.8 $ 31.9 (a) This plan has utilized extended amortization provisions, which provide plans with extensions of time to amortize pension funding shortfalls. (b) The Company’s contributions to this plan represent greater than 5% of the plan’s total contributions. (c) The 2016, 2015 and 2014 contributions include approximately $0.9 million , $1.4 million and $0.9 million U.S. dollars, respectively, for Canadian multiemployer pension plans. 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, 2016 | |
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, 2016 2015 2014 Foreign Currency Other Total Foreign Currency Other Total Foreign Currency Other Total Balance as of January 1 $ (67,063 ) $ (5,288 ) $ (72,351 ) $ (28,716 ) $ (5,288 ) $ (34,004 ) $ (7,998 ) $ (5,288 ) $ (13,286 ) Unrealized gains (losses), net of tax 2,585 3,952 6,537 (38,347 ) — (38,347 ) (20,718 ) — (20,718 ) Balance as of December 31 $ (64,478 ) $ (1,336 ) $ (65,814 ) $ (67,063 ) $ (5,288 ) $ (72,351 ) $ (28,716 ) $ (5,288 ) $ (34,004 ) |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income (Loss) from Continuing Operations before Income Taxes | The components of income (loss) from continuing operations before income taxes for the periods indicated were as follows (in millions): For the Years Ended December 31, 2016 2015 2014 Domestic $ 202.4 $ (26.5 ) $ 171.4 Foreign 23.4 (41.2 ) 27.0 Total $ 225.8 $ (67.7 ) $ 198.4 |
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, 2016 2015 2014 Current: Federal $ 85.8 $ (4.5 ) $ 47.3 Foreign 3.0 9.4 3.9 State and local 6.7 3.3 6.6 $ 95.5 $ 8.2 $ 57.8 Deferred: Federal $ 6.1 $ 25.7 $ 14.9 Foreign (6.8 ) (19.9 ) 2.7 State and local (3.0 ) (2.0 ) 1.0 $ (3.7 ) $ 3.8 $ 18.6 Provision for income taxes $ 91.8 $ 12.0 $ 76.4 |
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, 2016 2015 Deferred tax assets: Accrued insurance $ 31.1 $ 27.7 Operating loss carryforwards and tax credits 34.9 29.9 Unrealized gains and losses 26.3 10.3 Compensation and benefits 24.1 17.7 Bad debt 4.7 3.1 Other 12.4 13.1 Valuation allowance (21.4 ) (10.6 ) Total deferred tax assets (a) $ 112.1 $ 91.2 Deferred tax liabilities: Property and equipment $ 126.6 $ 118.9 Goodwill 72.8 57.7 Other intangible assets 32.9 37.8 Long-term contracts 20.2 18.8 Gain on remeasurement of equity investee 10.9 11.2 Other 15.3 16.4 Total deferred tax liabilities $ 278.7 $ 260.8 Net deferred tax liabilities $ (166.6 ) $ (169.6 ) (a) The table above presents the valuation allowances and related deferred tax assets on a gross basis as of both December 31, 2016 and 2015 , whereas in 2015 , a portion of the valuation allowances and related deferred tax assets were presented on a net basis. 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, 2016 2015 Current deferred tax assets, net (included within other current assets) $ 11.8 $ 19.2 Long-term deferred tax liabilities, net (178.4 ) (188.8 ) Net deferred tax liabilities $ (166.6 ) $ (169.6 ) |
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, 2016 2015 2014 U.S. statutory federal rate applied to pretax income (loss) 35.0 % 35.0 % 35.0 % State and local income taxes, net of federal benefit 2.6 (1.0 ) 3.7 Foreign tax rate differential (0.1 ) (14.4 ) (1.3 ) Non-deductible expenses 4.4 (13.5 ) 3.4 Goodwill and intangible assets (0.7 ) (17.7 ) 0.0 Change in tax rate (1.9 ) (3.6 ) (0.7 ) Domestic production activities deduction (2.9 ) (1.0 ) (1.6 ) Other (0.1 ) (1.4 ) (0.1 ) Valuation allowance for deferred tax assets 4.3 0.0 0.1 Effective income tax rate 40.6 % (17.6 )% 38.5 % |
Segments and Related Informat39
Segments and Related Information (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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: 2016 2015 2014 Communications (a) $ 2,323.6 $ 1,973.2 $ 2,041.0 Oil and Gas 2,024.4 1,495.1 1,731.4 Electrical Transmission 383.8 341.5 471.9 Power Generation and Industrial 405.7 381.6 357.0 Other 15.9 24.1 14.7 Eliminations (18.7 ) (7.2 ) (4.2 ) Consolidated revenue $ 5,134.7 $ 4,208.3 $ 4,611.8 (a) Revenue generated primarily by utilities customers represented 11.1% , 10.6% and 6.8% of Communications segment revenue for the years ended December 31, 2016 , 2015 and 2014 , respectively. For the Years Ended December 31, EBITDA - Continuing Operations: 2016 2015 2014 Communications $ 244.6 $ 194.8 $ 204.0 Oil and Gas 297.3 157.0 195.1 Electrical Transmission (42.9 ) (71.3 ) 45.0 Power Generation and Industrial 18.3 8.8 14.2 Other (2.6 ) (18.8 ) (1.2 ) Corporate (73.1 ) (120.5 ) (53.4 ) Consolidated EBITDA - Continuing operations $ 441.5 $ 150.0 $ 403.7 For the Years Ended December 31, Depreciation and Amortization: 2016 2015 2014 Communications $ 50.3 $ 50.6 $ 42.6 Oil and Gas 78.4 84.5 82.8 Electrical Transmission 23.2 21.1 17.1 Power Generation and Industrial 6.2 6.6 6.4 Other 0.1 0.1 — Corporate 6.7 6.8 5.6 Consolidated depreciation and amortization $ 164.9 $ 169.7 $ 154.5 As of December 31, Assets: 2016 2015 2014 Communications $ 1,156.9 $ 1,032.2 $ 1,197.4 Oil and Gas 1,267.2 1,131.4 1,389.5 Electrical Transmission 419.1 409.1 489.5 Power Generation and Industrial 268.1 252.5 340.1 Other 27.7 34.3 24.6 Corporate (a) 44.1 67.8 109.7 Consolidated segment assets $ 3,183.1 $ 2,927.3 $ 3,550.8 (a) Corporate segment assets as of December 31, 2015 and 2014 have been recast to reflect the adoption of ASU 2015-03, as discussed in Note 7 - Debt . For the Years Ended December 31, Capital Expenditures: 2016 2015 2014 Communications $ 28.5 $ 25.8 $ 23.4 Oil and Gas 64.0 38.1 44.2 Electrical Transmission 19.8 13.0 25.8 Power Generation and Industrial 3.4 3.5 6.7 Other 0.3 0.2 — Corporate 1.1 3.8 9.2 Consolidated capital expenditures $ 117.1 $ 84.4 $ 109.3 |
Reconciliation of Consolidated Income (Loss) from Continuing Operations before Income Taxes to EBITDA | The following table presents a reconciliation of consolidated income (loss) from continuing operations before income taxes to EBITDA: For the Years Ended December 31, EBITDA Reconciliation: 2016 2015 2014 Income (loss) from continuing operations before income taxes $ 225.8 $ (67.7 ) $ 198.4 Plus: Interest expense, net 50.7 48.1 50.8 Depreciation and amortization 164.9 169.7 154.5 EBITDA - Continuing operations $ 441.5 $ 150.0 $ 403.7 |
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, 2016 2015 2014 Customer: AT&T (including DIRECTV ® ) (a) 34% 32% 33% Energy Transfer affiliates (b) 27% 7% 6% (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 business; (ii) wireline/fiber business; and (iii) home security and automation businesses; and 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) The Company's relationship with Energy Transfer affiliates is based upon various construction contracts for pipeline activities with Energy Transfer Partners L.P., Sunoco Logistics Partners L.P., and their subsidiaries and affiliates, all of which are consolidated by Energy Transfer Equity, L.P. Revenue from Energy Transfer affiliates is included in the Oil and Gas segment. |
Quarterly Information (Unaudi40
Quarterly Information (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Information (Unaudited) | The following table presents selected unaudited quarterly operating results for the years ended December 31, 2016 and 2015 (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. The sum of the individual quarterly amounts to the full year amounts as disclosed below may contain slight summation differences due to rounding. For the 2016 Quarters Ended For the 2015 Quarters Ended March 31 June 30 September 30 December 31 March 31 June 30 September 30 December 31 Revenue $ 974.2 $ 1,232.4 $ 1,586.2 $ 1,341.9 $ 1,003.3 $ 1,066.6 $ 1,111.0 $ 1,027.4 Costs of revenue, excluding depreciation and amortization $ 884.4 $ 1,068.2 $ 1,369.0 $ 1,120.6 $ 886.4 $ 945.9 $ 972.7 $ 916.3 Net (loss) income $ (2.9 ) $ 24.4 $ 56.5 $ 55.9 $ (6.4 ) $ (3.8 ) $ 7.4 $ (76.9 ) Net (loss) income attributable to MasTec, Inc. $ (2.7 ) $ 24.1 $ 56.3 $ 53.6 $ (6.3 ) $ (3.7 ) $ 7.6 $ (76.7 ) (Loss) earnings per share from continuing operations: Basic $ (0.03 ) $ 0.30 $ 0.70 $ 0.67 $ (0.08 ) $ (0.05 ) $ 0.10 $ (0.96 ) Diluted $ (0.03 ) $ 0.30 $ 0.69 $ 0.66 $ (0.08 ) $ (0.05 ) $ 0.09 $ (0.96 ) |
Supplemental Guarantor Financ41
Supplemental Guarantor Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Condensed Financial Statements, Supplemental Guarantor Information [Abstract] | |
Condensed Consolidating Statements of Operations and Comprehensive Income (Loss) | CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (in millions) For the Year Ended December 31, 2016 MasTec, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated MasTec, Inc. Revenue $ — $ 4,790.9 $ 407.0 $ (63.2 ) $ 5,134.7 Costs of revenue, excluding depreciation and amortization — 4,121.0 384.3 (63.2 ) 4,442.1 Depreciation and amortization — 131.6 33.3 — 164.9 General and administrative expenses 2.4 234.0 25.0 — 261.4 Interest expense (income), net — 111.9 (61.2 ) — 50.7 Equity in earnings of unconsolidated affiliates — — (3.5 ) — (3.5 ) Other income, net — — (6.8 ) — (6.8 ) (Loss) income from continuing operations before income taxes $ (2.4 ) $ 192.4 $ 35.9 $ — $ 225.8 Benefit from (provision for) income taxes 0.9 (66.8 ) (25.9 ) — (91.8 ) Net (loss) income from continuing operations $ (1.5 ) $ 125.6 $ 10.0 $ — $ 134.0 Equity in income from subsidiaries, net of tax 132.8 — — (132.8 ) — Net income (loss) $ 131.3 $ 125.6 $ 10.0 $ (132.8 ) $ 134.0 Net income attributable to non-controlling interests — — 2.8 — 2.8 Net income (loss) attributable to MasTec, Inc. $ 131.3 $ 125.6 $ 7.2 $ (132.8 ) $ 131.3 Comprehensive income (loss) $ 137.8 $ 125.6 $ 16.5 $ (139.3 ) $ 140.6 CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (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 39.1 — 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 (income), net — 111.0 (62.9 ) — 48.1 Equity in losses of unconsolidated affiliates — — 8.0 — 8.0 Other income, net — (6.2 ) (9.3 ) — (15.5 ) (Loss) income from continuing operations before income taxes $ (2.1 ) $ (17.4 ) $ (48.3 ) $ — $ (67.7 ) Benefit from (provision for) income taxes 1.1 9.3 (22.3 ) — (12.0 ) Net (loss) income from continuing operations $ (1.0 ) $ (8.1 ) $ (70.6 ) $ — $ (79.7 ) Equity in loss from subsidiaries, net of tax (78.1 ) — — 78.1 — Net (loss) income $ (79.1 ) $ (8.1 ) $ (70.6 ) $ 78.1 $ (79.7 ) Net loss attributable to non-controlling interests — — (0.6 ) — (0.6 ) Net (loss) income attributable to MasTec, Inc. $ (79.1 ) $ (8.1 ) $ (70.0 ) $ 78.1 $ (79.1 ) Comprehensive (loss) income $ (117.5 ) $ (8.1 ) $ (109.0 ) $ 116.5 $ (118.1 ) 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 Equity in losses of unconsolidated affiliates — — 0.3 — 0.3 Other income, net — (1.9 ) (6.6 ) — (8.5 ) (Loss) income from continuing operations before income taxes $ (2.5 ) $ 168.5 $ 32.4 $ — $ 198.4 Benefit from (provision for) income taxes 1.0 (70.6 ) (6.8 ) — (76.4 ) Net (loss) income from continuing operations $ (1.5 ) $ 97.9 $ 25.6 $ — $ 122.0 Net loss from discontinued operations — — (6.5 ) — (6.5 ) Equity in income from subsidiaries, net of tax 117.4 — — (117.4 ) — Net income (loss) $ 115.9 $ 97.9 $ 19.1 $ (117.4 ) $ 115.5 Net loss attributable to non-controlling interests — — (0.4 ) — (0.4 ) Net income (loss) attributable to MasTec, Inc. $ 115.9 $ 97.9 $ 19.5 $ (117.4 ) $ 115.9 Comprehensive income (loss) $ 95.2 $ 97.9 $ (1.6 ) $ (96.7 ) $ 94.8 |
Condensed Consolidating Balance Sheets | CONDENSED CONSOLIDATING BALANCE SHEETS (in millions) As of December 31, 2016 MasTec, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated MasTec, Inc. Assets Total current assets $ — $ 1,256.3 $ 175.8 $ (29.6 ) $ 1,402.5 Property and equipment, net — 456.6 92.5 — 549.1 Goodwill and other intangible assets, net — 1,037.4 138.2 — 1,175.6 Investments in and advances to consolidated affiliates, net 1,083.9 625.9 861.2 (2,571.0 ) — Other long-term assets 12.6 25.3 18.0 — 55.9 Total assets $ 1,096.5 $ 3,401.5 $ 1,285.7 $ (2,600.6 ) $ 3,183.1 Liabilities and equity Total current liabilities $ — $ 759.7 $ 109.9 $ (29.6 ) $ 840.0 Long-term debt — 938.7 22.7 — 961.4 Other long-term liabilities — 256.2 21.9 — 278.1 Total liabilities $ — $ 1,954.6 $ 154.5 $ (29.6 ) $ 2,079.5 Total equity $ 1,096.5 $ 1,446.9 $ 1,131.2 $ (2,571.0 ) $ 1,103.6 Total liabilities and equity $ 1,096.5 $ 3,401.5 $ 1,285.7 $ (2,600.6 ) $ 3,183.1 As of December 31, 2015 MasTec, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated MasTec, Inc. Assets Total current assets $ — $ 927.4 $ 202.4 $ — $ 1,129.8 Property and equipment, net — 448.2 110.5 — 558.7 Goodwill and other intangible assets, net — 1,047.5 140.4 — 1,187.9 Investments in and advances to consolidated affiliates, net 930.3 527.2 930.0 (2,387.5 ) — Other long-term assets 9.3 24.3 17.3 — 51.0 Total assets $ 939.6 $ 2,974.6 $ 1,400.6 $ (2,387.5 ) $ 2,927.3 Liabilities and equity Total current liabilities $ — $ 632.9 $ 119.6 $ — $ 752.5 Long-term debt — 900.1 32.8 — 932.9 Other long-term liabilities — 275.6 23.0 — 298.5 Total liabilities $ — $ 1,808.6 $ 175.4 $ — $ 1,984.0 Total equity $ 939.6 $ 1,166.0 $ 1,225.2 $ (2,387.5 ) $ 943.4 Total liabilities and equity $ 939.6 $ 2,974.6 $ 1,400.6 $ (2,387.5 ) $ 2,927.3 |
Condensed Consolidating Statements of Cash Flows | CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS (in millions) For the Year Ended December 31, 2016 MasTec, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated MasTec, Inc. Net cash provided by operating activities $ — $ 130.4 $ 75.2 $ — $ 205.6 Cash flows (used in) provided by investing activities: Cash paid for acquisitions, net of cash acquired — (4.1 ) — — (4.1 ) Capital expenditures — (106.2 ) (10.9 ) — (117.1 ) Proceeds from sale of property and equipment — 7.5 3.7 — 11.2 Payments for investments, net — (3.9 ) (27.1 ) — (31.0 ) Net cash used in investing activities $ — $ (106.7 ) $ (34.3 ) $ — $ (141.0 ) Cash flows provided by (used in) financing activities: Proceeds from credit facilities — 1,553.4 128.0 — 1,681.4 Repayments of credit facilities — (1,496.6 ) (130.5 ) — (1,627.1 ) Repayments of other borrowings and capital lease obligations — (50.3 ) (18.4 ) — (68.7 ) Proceeds from stock-based awards, net 4.2 — — — 4.2 Excess tax benefit from stock-based compensation 0.1 — — — 0.1 Payments of acquisition-related contingent consideration — (16.6 ) (3.2 ) — (19.8 ) Other financing activities, net — (0.1 ) 0.5 — 0.4 Net financing activities and advances (to) from consolidated affiliates (4.3 ) 10.0 (5.7 ) — — Net cash used in financing activities $ — $ (0.2 ) $ (29.3 ) $ — $ (29.5 ) Effect of currency translation on cash — — (1.3 ) — (1.3 ) Net increase in cash and cash equivalents $ — $ 23.5 $ 10.3 $ — $ 33.8 Cash and cash equivalents - beginning of period — 4.8 0.2 — 5.0 Cash and cash equivalents - end of period $ — $ 28.3 $ 10.5 $ — $ 38.8 For the Year Ended December 31, 2015 MasTec, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated MasTec, Inc. Net cash provided by operating activities $ 0.9 $ 358.5 $ 8.0 $ — $ 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 ) — (56.3 ) — (58.1 ) Net cash used in investing activities $ (1.9 ) $ (61.5 ) $ (65.4 ) $ — $ (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 — (1,154.3 ) (587.8 ) — (1,742.1 ) 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 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 ) Other financing activities, net — (2.4 ) — — (2.4 ) Net financing activities and advances from (to) consolidated affiliates 98.3 (158.7 ) 60.4 — — Net cash provided by (used in) financing activities $ 1.0 $ (310.7 ) $ 50.9 $ — $ (258.9 ) Effect of currency translation on cash — — 1.1 — 1.1 Net 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 CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS (in millions) For the Year Ended December 31, 2014 MasTec, Inc. Guarantor Subsidiaries Non-Guarantor Subsidiaries Eliminations Consolidated MasTec, Inc. Net cash (used in) provided by operating activities $ (0.5 ) $ 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 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 ) Other financing activities, net — (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 |
Business, Basis of Presentati42
Business, Basis of Presentation and Significant Accounting Policies (Narrative) (Details) | 12 Months Ended | |||
Dec. 31, 2016USD ($)segment | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | ||
Business, Basis Of Presentation And Significant Accounting Policies [Line Items] | ||||
Number of reportable segments | segment | 5 | |||
Book overdrafts | $ 39,900,000 | $ 36,000,000 | ||
Inventory obsolescence reserves | 3,500,000 | 2,800,000 | ||
Financing costs incurred | 2,400,000 | $ 2,600,000 | ||
Deferred financing costs, net of accumulated amortization | [1] | 9,800,000 | 12,900,000 | |
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 | |||
Interest Expense [Member] | ||||
Business, Basis Of Presentation And Significant Accounting Policies [Line Items] | ||||
Amortization of deferred financing costs | $ 3,200,000 | $ 2,900,000 | $ 3,400,000 | |
[1] | The Company adopted ASU 2015-03 as of January 1, 2016, which resulted in the reclassification of $12.9 million of deferred financing costs from other current and other long-term assets to current and long-term debt as of December 31, 2015. |
Business, Basis of Presentati43
Business, Basis of Presentation and Significant Accounting Policies (Revenue Recognition) (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||||
Sep. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
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 such 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, 2016 and 2015, the Company had approximately $17 million and $38 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, 2016, these change orders were primarily related to contracts in the Oil and Gas segment, and in 2015, were primarily related to contracts in the Oil and Gas and Electrical Transmission segments. | |||||||
Unbilled Revenues [Member] | ||||||||
Concentration Risk [Line Items] | ||||||||
Unapproved change orders, contract revenue recognized (in dollars) | $ 4 | $ 10 | ||||||
Trade Accounts Receivable [Member] | ||||||||
Concentration Risk [Line Items] | ||||||||
Unapproved change orders, amount (in dollars) | $ 38 | $ 17 | 38 | |||||
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] | Electrical Transmission [Member] | ||||||||
Concentration Risk [Line Items] | ||||||||
Project losses (in dollars) | $ 15.1 | $ 14 | ||||||
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% | ||||||
Contracts Accounted for under Percentage-of-Completion [Member] | Canadian Dollars [Member] | Power Generation and Industrial [Member] | ||||||||
Concentration Risk [Line Items] | ||||||||
Project losses (in dollars) | $ 21.4 | |||||||
Contracts Accounted for under Percentage-of-Completion [Member] | Canadian Dollars [Member] | Other [Member] | Joint Venture [Member] | Pacer [Member] | ||||||||
Concentration Risk [Line Items] | ||||||||
Project losses (in dollars) | $ 5.1 | $ 8 | $ 2.8 | $ 5.5 | $ 5.1 | $ 16.3 | ||
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 | 43.00% | 48.00% | 49.00% |
Business, Basis of Presentati44
Business, Basis of Presentation and Significant Accounting Policies (Goodwill and Indefinite-Lived Intangible Assets) (Narrative) (Details) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | ||
Goodwill and Indefinite-Lived Intangible Assets [Line Items] | ||||
Goodwill impairment testing, number of reporting units | 4 | 4 | ||
Goodwill, carrying amount (in dollars) | $ 995,874 | $ 988,511 | $ 1,082,500 | |
Goodwill, pre-tax impairment charge (in dollars) | [1] | 68,500 | ||
Pre-Qualifications [Member] | ||||
Goodwill and Indefinite-Lived Intangible Assets [Line Items] | ||||
Indefinite-lived intangible assets, pre-tax impairment charge (in dollars) | [2] | 10,100 | ||
Indefinite-lived intangible assets, carrying amount (in dollars) | $ 74,600 | $ 73,400 | $ 93,300 | |
Goodwill [Member] | ||||
Goodwill and Indefinite-Lived Intangible Assets [Line Items] | ||||
Impairment testing, significant assumptions | Significant assumptions used in testing the reporting units included terminal values based on terminal growth rates ranging from 3.0% to 3.5%, nine years of discounted cash flows prior to the terminal value, and discount rates ranging from 13.0% to 14.5%. | |||
Impairment testing, number of years of discounted cash flows before terminal value | 9 years | 9 years | 5 years | |
Impairment testing, discount rate sensitivity analysis, spread on discount rate for which evaluation was completed (percentage) | 1.00% | |||
Impairment testing, EBITDA multiple | 5.5 | |||
Goodwill [Member] | Minimum [Member] | ||||
Goodwill and Indefinite-Lived Intangible Assets [Line Items] | ||||
Goodwill impairment testing, terminal growth rate (percentage) | 3.00% | 3.00% | ||
Impairment testing, discount rate (percentage) | 13.00% | 12.00% | 12.00% | |
Goodwill [Member] | Maximum [Member] | ||||
Goodwill and Indefinite-Lived Intangible Assets [Line Items] | ||||
Goodwill impairment testing, terminal growth rate (percentage) | 3.50% | 3.50% | ||
Impairment testing, discount rate (percentage) | 14.50% | 14.00% | 13.50% | |
Indefinite-Lived Intangible Assets [Member] | Pre-Qualifications [Member] | ||||
Goodwill and Indefinite-Lived Intangible Assets [Line Items] | ||||
Impairment testing, significant assumptions | 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 13.0% to 13.5%. | |||
Indefinite-Lived Intangible Assets [Member] | Minimum [Member] | Pre-Qualifications [Member] | ||||
Goodwill and Indefinite-Lived Intangible Assets [Line Items] | ||||
Impairment testing, number of years of discounted cash flows before terminal value | 2 years | 2 years | ||
Impairment testing, discount rate (percentage) | 13.00% | 12.00% | ||
Indefinite-Lived Intangible Assets [Member] | Maximum [Member] | Pre-Qualifications [Member] | ||||
Goodwill and Indefinite-Lived Intangible Assets [Line Items] | ||||
Impairment testing, number of years of discounted cash flows before terminal value | 3 years | 3 years | ||
Impairment testing, discount rate (percentage) | 13.50% | 14.00% | ||
Communications [Member] | ||||
Goodwill and Indefinite-Lived Intangible Assets [Line Items] | ||||
Number of aggregated components in reporting unit | 1 | 1 | 1 | |
Goodwill impairment testing, number of reporting units | 1 | |||
Goodwill, carrying amount (in dollars) | $ 420,700 | $ 414,900 | $ 417,700 | |
Goodwill, pre-tax impairment charge (in dollars) | [1] | $ 0 | ||
Oil and Gas [Member] | ||||
Goodwill and Indefinite-Lived Intangible Assets [Line Items] | ||||
Number of aggregated components in reporting unit | 1 | 1 | 1 | |
Goodwill impairment testing, number of reporting units | 2 | 3 | 2 | |
Goodwill impairment testing, reporting unit, percentage of estimated fair value in excess of carrying value | 15.00% | |||
Goodwill, carrying amount (in dollars) | $ 307,700 | $ 306,100 | $ 397,300 | |
Goodwill, pre-tax impairment charge (in dollars) | [1] | $ 68,500 | ||
Oil and Gas [Member] | Pre-Qualifications [Member] | ||||
Goodwill and Indefinite-Lived Intangible Assets [Line Items] | ||||
Indefinite-lived intangible asset impairment testing, number of indefinite-lived intangible assets | 2 | |||
Oil and Gas [Member] | Reporting Unit Or Intangible, Quantitative Testing, Estimated Fair Value Not Substantially Exceeding Carrying Value [Member] | ||||
Goodwill and Indefinite-Lived Intangible Assets [Line Items] | ||||
Goodwill impairment testing, number of reporting units | 1 | |||
Goodwill impairment testing, reporting unit, percentage of estimated fair value in excess of carrying value | 11.00% | |||
Goodwill, carrying amount (in dollars) | $ 15,000 | |||
Oil and Gas [Member] | Reporting Unit Or Intangible, Quantitative Testing, Impairment Charge Recorded [Member] | ||||
Goodwill and Indefinite-Lived Intangible Assets [Line Items] | ||||
Goodwill impairment testing, number of reporting units | 1 | |||
Goodwill, carrying amount (in dollars) | $ 11,200 | |||
Goodwill, pre-tax impairment charge (in dollars) | $ 68,500 | |||
Oil and Gas [Member] | Reporting Unit Or Intangible, Quantitative Testing, Impairment Charge Recorded [Member] | Pre-Qualifications [Member] | ||||
Goodwill and Indefinite-Lived Intangible Assets [Line Items] | ||||
Indefinite-lived intangible asset impairment testing, number of indefinite-lived intangible assets | 1 | |||
Indefinite-lived intangible assets, pre-tax impairment charge (in dollars) | $ 10,100 | |||
Indefinite-lived intangible assets, carrying amount (in dollars) | $ 20,500 | |||
Oil and Gas [Member] | Goodwill [Member] | Reporting Unit Or Intangible, Quantitative Testing, Estimated Fair Value Not Substantially Exceeding Carrying Value [Member] | ||||
Goodwill and Indefinite-Lived Intangible Assets [Line Items] | ||||
Impairment testing, sensitivity analysis, description | a 100 basis point increase in the discount rate would not have resulted in the reporting unit carrying value exceeding fair value | |||
Impairment testing, discount rate sensitivity analysis, spread on discount rate for which evaluation was completed (percentage) | 1.00% | |||
Electrical Transmission [Member] | ||||
Goodwill and Indefinite-Lived Intangible Assets [Line Items] | ||||
Number of aggregated components in reporting unit | 4 | 4 | 4 | |
Goodwill impairment testing, number of reporting units | 1 | |||
Goodwill impairment testing, reporting unit, percentage of estimated fair value in excess of carrying value | 5.00% | 5.00% | ||
Goodwill, carrying amount (in dollars) | $ 149,900 | $ 149,900 | $ 149,900 | |
Goodwill, pre-tax impairment charge (in dollars) | [1] | $ 0 | ||
Electrical Transmission [Member] | Pre-Qualifications [Member] | ||||
Goodwill and Indefinite-Lived Intangible Assets [Line Items] | ||||
Indefinite-lived intangible asset impairment testing, number of indefinite-lived intangible assets | 1 | |||
Electrical Transmission [Member] | Goodwill [Member] | ||||
Goodwill and Indefinite-Lived Intangible Assets [Line Items] | ||||
Impairment testing, sensitivity analysis, description | A 100 basis point increase 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 (percentage) | 1.00% | 1.00% | ||
Power Generation and Industrial [Member] | ||||
Goodwill and Indefinite-Lived Intangible Assets [Line Items] | ||||
Number of aggregated components in reporting unit | 1 | 1 | 1 | |
Goodwill impairment testing, number of reporting units | 1 | |||
Goodwill, carrying amount (in dollars) | $ 117,600 | $ 117,600 | $ 117,600 | |
Goodwill, pre-tax impairment charge (in dollars) | [1] | $ 0 | ||
Indefinite-lived intangible asset impairment testing, percentage of fair value in excess of carrying amount | 10.00% | |||
Power Generation and Industrial [Member] | Indefinite-Lived Intangible Assets [Member] | ||||
Goodwill and Indefinite-Lived Intangible Assets [Line Items] | ||||
Impairment testing, discount rate (percentage) | 10.50% | |||
Other [Member] | ||||
Goodwill and Indefinite-Lived Intangible Assets [Line Items] | ||||
Number of aggregated components in reporting unit | 1 | 1 | 1 | |
[1] | Represents a non-cash goodwill impairment charge related to a reporting unit in western Canada. | |||
[2] | Represents a non-cash impairment charge related to intangible assets associated with a reporting unit in western Canada. |
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, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Deferred Compensation Arrangement with Individuals, Share-based Payments [Line Items] | |||
Stock-based compensation, shares withheld for the exercise prices of options (in shares) | 24,197 | 12,628 | 34,179 |
Stock-based compensation, shares withheld for employee tax withholdings (in shares) | 20,791 | 61,779 | 63,210 |
Stock-based compensation, payments for employee tax obligations to taxing authorities (in dollars) | $ 0.6 | $ 1.1 | $ 2.7 |
Restricted Shares [Member] | 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 | ||
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. | ||
Share-based compensation, purchase price of common stock, percentage | 85.00% | ||
Stock-based compensation, fair value assumptions, method used | The fair value of purchases under the Company’s employee stock purchase plans is estimated using the Black-Scholes option-pricing valuation model. | ||
Stock-based compensation, fair value measurements, significant assumptions | The determination of fair value of stock-based awards using an option-pricing model is affected by the Company’s stock price as well as assumptions pertaining to several variables, including expected stock price volatility, the expected term of the award and the risk-free rate of interest. In the option-pricing model for the Company’s employee stock purchase plans, expected stock price volatility is based on historical volatility of the Company’s common stock. The expected term of the award is based on historical and expected exercise patterns and the risk-free rate of interest is based on U.S. Treasury yields. The Company has not paid dividends in the past, and does not anticipate paying dividends in the foreseeable future, and therefore uses an expected dividend yield of zero. | ||
Share-based compensation, fair value assumptions, expected dividend yield (percentage) | 0.00% | ||
Common Stock [Member] | |||
Deferred Compensation Arrangement with Individuals, Share-based Payments [Line Items] | |||
Stock-based compensation, options outstanding (in shares) | 0 | 202,700 | 284,671 |
Business, Basis of Presentati46
Business, Basis of Presentation and Significant Accounting Policies (Restructuring Charges) (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | |
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring charges | $ 1,400 | $ 4,700 | $ 5,100 | $ 4,100 | ||
Restructuring reserve, current | 5,700 | $ 5,700 | ||||
Other current assets | 55,109 | 55,109 | $ 68,190 | |||
Held-for-Sale [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Other current assets | $ 1,100 | 1,100 | ||||
General and Administrative Expenses [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring charges | 12,300 | |||||
Other Expense, Net [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring charges | $ 2,900 |
Business, Basis of Presentati47
Business, Basis of Presentation and Significant Accounting Policies (Discontinued Operations) (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Discontinued operations, net loss | $ 0 | $ 0 | $ 6,452 |
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, additional losses on disposal, before tax | 9,600 | ||
Discontinued operations, net loss | 6,500 | ||
Discontinued operations, losses on disposal and impairment charges, net of tax | $ (5,800) |
Earnings Per Share (Methodology
Earnings Per Share (Methodology) (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2016 | |
Earnings Per Share [Abstract] | |
Earnings Per Share Reconciliation Disclosure | Basic earnings or loss per share is computed by dividing net income or loss attributable to MasTec by the weighted average number of common shares outstanding for the period, which excludes non-participating unvested restricted share awards. Diluted earnings per share is computed by dividing net income or loss attributable to MasTec by the weighted average number of fully diluted shares, as calculated under the treasury stock method, which includes the potential effect of dilutive common stock equivalents, such as issued but unvested restricted shares and/or outstanding but unexercised stock options, as well as shares associated with convertible debt securities. All of the Company’s remaining stock option grants were exercised during the year ended December 31, 2016, and the Company’s convertible debt securities matured and were converted in 2014. |
Earnings Per Share (Narrative)
Earnings Per Share (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
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] | |||
Stock-based compensation, options outstanding (in shares) | 0 | 202,700 | 284,671 |
Weighted average anti-dilutive common stock equivalents (in shares) | 31,126 | 563,803 | 244,623 |
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, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||
Net income (loss) attributable to MasTec: | ||||
Net income (loss), continuing operations - basic (in dollars) | [1] | $ 131,263 | $ (79,110) | $ 122,375 |
Interest expense, net of tax, convertible notes (in dollars) | 0 | 0 | 181 | |
Net income (loss) attributable to MasTec - diluted (in dollars) | 131,263 | (79,110) | 116,104 | |
Net loss from discontinued operations - basic and diluted (in dollars) | [1] | $ 0 | $ 0 | $ (6,452) |
Weighted average shares outstanding: | ||||
Weighted average shares outstanding - basic | 80,372 | 80,489 | 79,953 | |
Dilutive common stock equivalents (in shares) | 1,022 | 0 | 813 | |
Weighted average shares outstanding - diluted | 81,394 | 80,489 | 86,196 | |
Convertible Debt [Member] | ||||
Weighted average shares outstanding: | ||||
Dilutive premium shares, convertible notes | 0 | 0 | 5,430 | |
Continuing Operations [Member] | ||||
Net income (loss) attributable to MasTec: | ||||
Net income (loss) attributable to MasTec - diluted (in dollars) | $ 131,263 | $ (79,110) | $ 122,556 | |
[1] | Calculated as total net income (loss) less amounts attributable to non-controlling interests. |
Goodwill and Other Intangible51
Goodwill and Other Intangible Assets (Rollforward of Goodwill by Segment) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | ||
Goodwill [Line Items] | |||
Goodwill, net, beginning balance | $ 988,511 | $ 1,082,500 | |
Currency translation adjustments | 1,600 | (22,700) | |
Measurement period adjustments | [1] | (3,600) | |
Goodwill impairment | [2] | (68,500) | |
Goodwill, net, ending balance | 995,874 | 988,511 | |
Goodwill, accumulated impairment loss | [3] | (69,900) | |
Goodwill, gross | 1,065,800 | ||
Earn-Out Arrangements [Member] | |||
Goodwill [Line Items] | |||
Accruals of acquisition-related contingent consideration, net | [4] | 5,800 | 800 |
Communications [Member] | |||
Goodwill [Line Items] | |||
Goodwill, net, beginning balance | 414,900 | 417,700 | |
Currency translation adjustments | 0 | 0 | |
Measurement period adjustments | [1] | (3,600) | |
Goodwill impairment | [2] | 0 | |
Goodwill, net, ending balance | 420,700 | 414,900 | |
Goodwill, accumulated impairment loss | [3] | 0 | |
Goodwill, gross | 420,700 | ||
Communications [Member] | Earn-Out Arrangements [Member] | |||
Goodwill [Line Items] | |||
Accruals of acquisition-related contingent consideration, net | [4] | 5,800 | 800 |
Oil and Gas [Member] | |||
Goodwill [Line Items] | |||
Goodwill, net, beginning balance | 306,100 | 397,300 | |
Currency translation adjustments | 1,600 | (22,700) | |
Measurement period adjustments | [1] | 0 | |
Goodwill impairment | [2] | (68,500) | |
Goodwill, net, ending balance | 307,700 | 306,100 | |
Goodwill, accumulated impairment loss | [3] | (69,900) | |
Goodwill, gross | 377,600 | ||
Oil and Gas [Member] | Earn-Out Arrangements [Member] | |||
Goodwill [Line Items] | |||
Accruals of acquisition-related contingent consideration, net | [4] | 0 | 0 |
Electrical Transmission [Member] | |||
Goodwill [Line Items] | |||
Goodwill, net, beginning balance | 149,900 | 149,900 | |
Currency translation adjustments | 0 | 0 | |
Measurement period adjustments | [1] | 0 | |
Goodwill impairment | [2] | 0 | |
Goodwill, net, ending balance | 149,900 | 149,900 | |
Goodwill, accumulated impairment loss | [3] | 0 | |
Goodwill, gross | 149,900 | ||
Electrical Transmission [Member] | Earn-Out Arrangements [Member] | |||
Goodwill [Line Items] | |||
Accruals of acquisition-related contingent consideration, net | [4] | 0 | 0 |
Power Generation and Industrial [Member] | |||
Goodwill [Line Items] | |||
Goodwill, net, beginning balance | 117,600 | 117,600 | |
Currency translation adjustments | 0 | 0 | |
Measurement period adjustments | [1] | 0 | |
Goodwill impairment | [2] | 0 | |
Goodwill, net, ending balance | 117,600 | 117,600 | |
Goodwill, accumulated impairment loss | [3] | 0 | |
Goodwill, gross | 117,600 | ||
Power Generation and Industrial [Member] | Earn-Out Arrangements [Member] | |||
Goodwill [Line Items] | |||
Accruals of acquisition-related contingent consideration, net | [4] | $ 0 | $ 0 |
[1] | Represent adjustments to preliminary estimates of the fair values of net assets acquired within the measurement period for the WesTower acquisition. | ||
[2] | Represents a non-cash goodwill impairment charge related to a reporting unit in western Canada. | ||
[3] | Accumulated impairment losses include the effect of currency translation gains and/or losses. | ||
[4] | Represents contingent consideration for acquisitions prior to January 1, 2009, which is accrued as incurred, in accordance with U.S. GAAP. |
Goodwill and Other Intangible52
Goodwill and Other Intangible Assets (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Amortization of Intangible Assets | $ 21.3 | $ 28.4 | $ 25.1 |
Goodwill and Other Intangible53
Goodwill and Other Intangible Assets (Rollforward of Other Intangible Assets) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2014 | |
Other Intangible Assets [Line Items] | ||||||
Other intangible assets, gross carrying amount | $ 354,200 | |||||
Accumulated amortization | (103,800) | |||||
Other Intangible Assets [Roll Forward] | ||||||
Other intangible assets, net, beginning balance | $ 199,379 | $ 250,400 | ||||
Amortization expense | (21,300) | (28,400) | $ (25,100) | |||
Currency translation adjustments | 1,600 | (12,500) | ||||
Intangible asset impairment | [1] | (10,100) | ||||
Other activity, intangible assets | 0 | |||||
Other intangible assets, net, amortizing, ending balance | $ 70,600 | 70,600 | ||||
Other intangible assets, net, ending balance | $ 179,711 | 179,711 | 199,379 | 250,400 | ||
Weighted Average [Member] | ||||||
Other Intangible Assets [Roll Forward] | ||||||
Remaining weighted average amortization period (in years) | 9 years | |||||
Customer Relationships and Backlog [Member] | ||||||
Other Intangible Assets [Line Items] | ||||||
Other intangible assets, amortizing, gross carrying amount | 199,800 | |||||
Accumulated amortization | (90,300) | |||||
Other Intangible Assets [Roll Forward] | ||||||
Other intangible assets, net, amortizing, beginning balance | 80,800 | 109,500 | ||||
Amortization expense | (17,900) | (26,500) | ||||
Currency translation adjustments, amortizing intangible assets | 300 | (2,200) | ||||
Intangible assets impairment, amortizing intangible assets | [1] | 0 | ||||
Other activity, intangible assets | 0 | |||||
Other intangible assets, net, amortizing, ending balance | $ 63,200 | 63,200 | 80,800 | 109,500 | ||
Customer Relationships and Backlog [Member] | Weighted Average [Member] | ||||||
Other Intangible Assets [Roll Forward] | ||||||
Remaining weighted average amortization period (in years) | 9 years | |||||
Other Amortizing Intangible Assets [Member] | ||||||
Other Intangible Assets [Line Items] | ||||||
Other intangible assets, amortizing, gross carrying amount | [2] | 26,300 | ||||
Accumulated amortization | [2] | (13,500) | ||||
Other Intangible Assets [Roll Forward] | ||||||
Other intangible assets, net, amortizing, beginning balance | [2] | 10,400 | 12,800 | |||
Amortization expense | [2] | (3,400) | (1,900) | |||
Currency translation adjustments, amortizing intangible assets | [2] | 100 | (500) | |||
Intangible assets impairment, amortizing intangible assets | [1],[2] | 0 | ||||
Other activity, intangible assets | [2] | 300 | ||||
Other intangible assets, net, amortizing, ending balance | [2] | $ 7,400 | 7,400 | 10,400 | 12,800 | |
Other Amortizing Intangible Assets [Member] | Weighted Average [Member] | ||||||
Other Intangible Assets [Roll Forward] | ||||||
Remaining weighted average amortization period (in years) | [2] | 9 years | ||||
Trade Names [Member] | ||||||
Other Intangible Assets [Line Items] | ||||||
Other intangible assets, non-amortizing, carrying amount | $ 34,500 | 34,800 | 34,800 | 34,800 | 34,800 | |
Other Intangible Assets [Roll Forward] | ||||||
Other intangible assets, non-amortizing, beginning balance | 34,800 | 34,800 | ||||
Currency translation adjustments, non-amortizing intangible assets | 0 | 0 | ||||
Intangible asset impairment, non-amortizing intangible assets | [1] | 0 | ||||
Other activity, intangible assets | (300) | |||||
Other intangible assets, non-amortizing, ending balance | 34,500 | 34,500 | 34,800 | 34,800 | ||
Pre-Qualifications [Member] | ||||||
Other Intangible Assets [Line Items] | ||||||
Other intangible assets, non-amortizing, carrying amount | 74,600 | 73,400 | 93,300 | 93,300 | $ 93,300 | |
Other Intangible Assets [Roll Forward] | ||||||
Other intangible assets, non-amortizing, beginning balance | 73,400 | 93,300 | ||||
Currency translation adjustments, non-amortizing intangible assets | 1,200 | (9,800) | ||||
Intangible asset impairment, non-amortizing intangible assets | [1] | (10,100) | ||||
Other activity, intangible assets | 0 | |||||
Other intangible assets, non-amortizing, ending balance | $ 74,600 | $ 74,600 | $ 73,400 | $ 93,300 | ||
[1] | Represents a non-cash impairment charge related to intangible assets associated with a reporting unit in western Canada. | |||||
[2] | Consists principally of trade names and non-compete agreements. |
Goodwill and Other Intangible54
Goodwill and Other Intangible Assets (Schedule of Expected Future Amortization Expense) (Details) $ in Millions | Dec. 31, 2016USD ($) |
Amortization Expense | |
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, 2021 | 5.7 |
Intangible assets, expected future amortization expense, thereafter | 20.1 |
Intangible assets, expected future amortization expense, total | $ 70.6 |
Goodwill and Other Intangible55
Goodwill and Other Intangible Assets (Prior Year Acquisitions) (Westower) (Narrative) (Details) - USD ($) $ in Millions | Oct. 01, 2014 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Communications [Member] | |||||||
Business Combinations [Line Items] | |||||||
Business combinations, acquisition integration costs (in dollars) | $ 1.2 | $ 7.8 | $ 8.8 | $ 17.8 | $ 5.3 | ||
Communications [Member] | General and Administrative Expenses [Member] | |||||||
Business Combinations [Line Items] | |||||||
Business combinations, acquisition integration costs (in dollars) | 17.8 | 5.3 | |||||
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 focused on communications infrastructure for wireless networks throughout the Eastern, Central and Western United States | ||||||
Business combinations, payments in cash (in dollars) | $ 198 | ||||||
WesTower [Member] | Communications [Member] | General and Administrative Expenses [Member] | |||||||
Business Combinations [Line Items] | |||||||
Business combinations, acquisition integration costs (in dollars) | $ 9.3 | $ 5 |
Goodwill and Other Intangible56
Goodwill and Other Intangible Assets (Prior Year Acquisitions) (Pacer) (Narrative) (Details) - USD ($) $ in Thousands | Jun. 01, 2014 | Sep. 30, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Business Combinations [Line Items] | ||||||||
Goodwill and intangible asset impairment | $ 0 | $ 78,625 | $ 0 | |||||
Pacer [Member] | ||||||||
Business Combinations [Line Items] | ||||||||
Business combinations, effective date | Jun. 1, 2014 | |||||||
Business combinations, percentage of voting interests acquired | 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, a western Canadian civil construction services company that provides infrastructure construction services in support of oil and gas production, processing, mining and transportation | |||||||
Pacer [Member] | Joint Venture [Member] | Performance Guarantees [Member] | ||||||||
Business Combinations [Line Items] | ||||||||
Construction projects, percentage complete | 80.00% | |||||||
Pacer [Member] | Other [Member] | Joint Venture [Member] | Performance Guarantees [Member] | ||||||||
Business Combinations [Line Items] | ||||||||
Construction projects, percentage complete | 80.00% | |||||||
Pacer [Member] | Canadian Dollars [Member] | ||||||||
Business Combinations [Line Items] | ||||||||
Business combinations, payments in cash (in dollars) | $ 126,500 | |||||||
Goodwill and intangible asset impairment | $ 78,600 | |||||||
Pacer [Member] | Canadian Dollars [Member] | Other [Member] | Joint Venture [Member] | Contracts Accounted for under Percentage-of-Completion [Member] | ||||||||
Business Combinations [Line Items] | ||||||||
Project losses (in dollars) | $ 5,100 | $ 8,000 | $ 2,800 | $ 5,500 | $ 5,100 | $ 16,300 |
Goodwill and Other Intangible57
Goodwill and Other Intangible Assets (Prior Year Acquisitions) (Other 2014 Acquisitions) (Narrative) (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2016USD ($) | |
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) | $ 40.1 |
Goodwill and Other Intangible58
Goodwill and Other Intangible Assets (Schedule of Unaudited Supplemental Pro Forma Information) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||
Sep. 30, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||
Business Acquisition [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 have resulted from these acquisitions. | ||||||||
Unaudited Supplemental Pro Forma Financial Information and Results of Businesses Acquired | |||||||||
Business combinations, pro forma revenue | $ 5,085.2 | ||||||||
Business combinations, pro forma net income from continuing operations | 130.3 | ||||||||
Business combinations, actual of acquirees, revenue (year-over-year impact) | $ 301.5 | 565.4 | |||||||
Business combinations, actual of acquirees, net (loss) income from continuing operations (year-over-year impact) | [1] | (13.4) | 0.7 | ||||||
General and Administrative Expenses [Member] | |||||||||
Unaudited Supplemental Pro Forma Financial Information and Results of Businesses Acquired | |||||||||
Business combinations, other acquisition-related costs | 11.2 | 2.7 | |||||||
Communications [Member] | |||||||||
Unaudited Supplemental Pro Forma Financial Information and Results of Businesses Acquired | |||||||||
Business combinations, acquisition integration costs | $ 1.2 | $ 7.8 | $ 8.8 | 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 | $ 5.1 | $ 8 | $ 2.8 | $ 5.5 | $ 5.1 | $ 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 and $2.7 million for the years ended December 31, 2015 and 2014, respectively, which are included within general and administrative expenses in the Company’s consolidated statements of operations, are not included in the above presented acquiree results for the respective periods. The above results also do not include interest expense associated with consideration paid for these acquisitions. |
Fair Value of Financial Instr59
Fair Value of Financial Instruments (Assets and Liabilities Measured at Fair Value on a Recurring Basis) (Narrative) (Details) - Earn-Out Arrangements [Member] - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Fair Value, Financial Instruments Measured on a Recurring Basis [Line Items] | |||
Additions from new business combinations, ASC 805 contingent consideration | $ 0 | $ 0 | $ 33,600,000 |
Payments of ASC 805 contingent consideration | 15,800,000 | 40,500,000 | 48,400,000 |
Receivable [Member] | |||
Fair Value, Financial Instruments Measured on a Recurring Basis [Line Items] | |||
Reduction in receivable, amount | 19,100,000 | ||
Other Income or Expense [Member] | |||
Fair Value, Financial Instruments Measured on a Recurring Basis [Line Items] | |||
(Increase) reduction in ASC 805 contingent consideration liability, (loss) gain included in earnings | (2,700,000) | 20,100,000 | |
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 | |
Level 3 [Member] | Fair Value [Member] | |||
Fair Value, Financial Instruments Measured on a Recurring Basis [Line Items] | |||
ASC 805 contingent consideration, fair value | 45,800,000 | 58,400,000 | |
Level 3 [Member] | Fair Value [Member] | Other Current Liabilities [Member] | |||
Fair Value, Financial Instruments Measured on a Recurring Basis [Line Items] | |||
ASC 805 contingent consideration, fair value | $ 21,800,000 | 16,700,000 | |
Level 3 [Member] | Fair Value Measurements, Recurring [Member] | |||
Fair Value, Financial Instruments Measured on a Recurring Basis [Line Items] | |||
Fair value measurements, valuation techniques | is based on management estimates and entity-specific assumptions, which are Level 3 inputs, and is evaluated on an ongoing basis. | ||
Level 3 [Member] | Fair Value Measurements, Recurring [Member] | Fair Value [Member] | |||
Fair Value, Financial Instruments Measured on a Recurring Basis [Line Items] | |||
Range of potential undiscounted earn-out liabilities, low | $ 21,800,000 | ||
Range of potential undiscounted earn-out liabilities, high | $ 52,700,000 | ||
Reduction in ASC 805 contingent consideration liability | 39,200,000 | ||
Level 3 [Member] | Fair Value Measurements, Recurring [Member] | Fair Value [Member] | Reclassification Adjustment [Member] | |||
Fair Value, Financial Instruments Measured on a Recurring Basis [Line Items] | |||
Reduction in ASC 805 contingent consideration liability | $ 19,100,000 |
Fair Value of Financial Instr60
Fair Value of Financial Instruments (Assets and Liabilites Measured on a Non-Recurring Basis) (Debt) (Narrative) (Details) - 4.875% Senior Notes [Member] - Senior Notes [Member] - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
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] | Gross 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) | $ 388 | $ 344 |
Fair Value of Financial Instr61
Fair Value of Financial Instruments (Assets and Liabilites Measured on a Non-Recurring Basis) (Cost and Equity Investees) (Narrative) (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 7 Months Ended | 12 Months Ended | |||
Jan. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Jun. 30, 2015 | |
Fair Value, Financial Instruments Measured on a Non-Recurring Basis [Line Items] | |||||||
Unrecognized unrealized fair market value gains, equity investee, net of tax | $ 3,952,000 | $ 0 | $ 0 | ||||
Recognized unrealized loss, unconsolidated affiliates | (3,528,000) | 7,978,000 | 269,000 | ||||
Equity investee, net contributions | 31,000,000 | 58,100,000 | $ 1,100,000 | ||||
Net investment in equity investees, liability | $ 1,983,956,000 | 2,079,498,000 | 1,983,956,000 | ||||
Credit Facility [Member] | |||||||
Fair Value, Financial Instruments Measured on a Non-Recurring Basis [Line Items] | |||||||
Letters of credit issued | 292,800,000 | $ 314,300,000 | 292,800,000 | ||||
Waha JVs [Member] | |||||||
Fair Value, Financial Instruments Measured on a Non-Recurring Basis [Line Items] | |||||||
Equity investee, ownership percentage | 33.00% | ||||||
Cost Method Investment [Member] | CCP [Member] | |||||||
Fair Value, Financial Instruments Measured on a Non-Recurring Basis [Line Items] | |||||||
Cost method investment, original cost | $ 15,000,000 | ||||||
Equity Investee [Member] | Pacer [Member] | |||||||
Fair Value, Financial Instruments Measured on a Non-Recurring Basis [Line Items] | |||||||
Number of joint ventures | 2 | ||||||
Construction projects, percentage complete | 100.00% | ||||||
Equity Investee [Member] | Pacer [Member] | Canadian Dollars [Member] | |||||||
Fair Value, Financial Instruments Measured on a Non-Recurring Basis [Line Items] | |||||||
Recognized unrealized loss, unconsolidated affiliates | $ (3,600,000) | ||||||
Aggregate net carrying value, equity investee, other current assets | 28,800,000 | $ 31,400,000 | 28,800,000 | ||||
Equity Investee [Member] | Pacer [Member] | Canadian Dollars [Member] | Equity Investees, Remaining Amounts Committed [Member] | |||||||
Fair Value, Financial Instruments Measured on a Non-Recurring Basis [Line Items] | |||||||
Unconsolidated affiliates, outstanding commitments | $ 0 | ||||||
Equity Investee [Member] | Waha JVs [Member] | |||||||
Fair Value, Financial Instruments Measured on a Non-Recurring Basis [Line Items] | |||||||
Equity investee, aggregate initial cost | $ 6,000,000 | ||||||
Number of pipelines to be constructed | 2 | ||||||
Equity investee, equity and other contributions | $ 27,000,000 | ||||||
Equity investee, net contributions | 0 | ||||||
Revenue, related parties | 245,000,000 | ||||||
Receivables including retainage, net of BIEC, related parties | 71,200,000 | ||||||
Aggregate net carrying value, equity investee, other current assets | 6,000,000 | ||||||
Net investment in equity investees, liability | 4,000,000 | 4,000,000 | |||||
Equity Investee [Member] | Waha JVs [Member] | Interest Rate Swaps [Member] | |||||||
Fair Value, Financial Instruments Measured on a Non-Recurring Basis [Line Items] | |||||||
Unrecognized unrealized fair market value gains, equity investee | 6,400,000 | ||||||
Unrecognized unrealized fair market value gains, equity investee, net of tax | 4,000,000 | ||||||
Recognized unrealized loss, unconsolidated affiliates | 4,400,000 | ||||||
Equity Investee [Member] | Waha JVs [Member] | Credit Facility [Member] | Commercial and/or Financial Standby [Member] | |||||||
Fair Value, Financial Instruments Measured on a Non-Recurring Basis [Line Items] | |||||||
Letters of credit issued | $ 78,000,000 | $ 91,000,000 | $ 78,000,000 | ||||
Equity Investee [Member] | Joint Venture Which Was Liquidated in 2016 [Member] | Pacer [Member] | |||||||
Fair Value, Financial Instruments Measured on a Non-Recurring Basis [Line Items] | |||||||
Number of joint ventures | 1 | ||||||
Subsequent Event [Member] | Equity Investee [Member] | Pacer [Member] | Canadian Dollars [Member] | |||||||
Fair Value, Financial Instruments Measured on a Non-Recurring Basis [Line Items] | |||||||
Other equity investee, proceeds related to ongoing liquidation | $ 12,000,000 |
Fair Value of Financial Instr62
Fair Value of Financial Instruments (Schedule of Summarized Financial Information of Equity Investees) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Summarized Financial Information of Equity Investees | ||
Current assets | $ 89.5 | $ 71.1 |
Long-term assets | 1,126.5 | 234.7 |
Total assets | 1,216 | 305.8 |
Current liabilities | 153.6 | 119.5 |
Long-term liabilities | 986 | 199.6 |
Total liabilities | 1,139.6 | 319.1 |
Net losses | $ 0.2 | $ 13.3 |
Accounts Receivable, Net of A63
Accounts Receivable, Net of Allowance (Schedule of Accounts Receivable, Net of Allowance) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Accounts Receivable, Net of Allowance | |||
Contract billings | $ 564,200 | $ 437,300 | |
Retainage | 268,600 | 148,800 | |
Cost and earnings in excess of billings | 331,600 | 332,700 | |
Accounts receivable, gross | 1,164,400 | 918,800 | |
Less allowance for doubtful accounts | (8,400) | (7,700) | $ (13,900) |
Accounts receivable, net | $ 1,156,031 | $ 911,106 |
Accounts Receivable, Net of A64
Accounts Receivable, Net of Allowance (Schedule of Activity, Allowance for Doubtful Accounts) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Allowance for Doubtful Accounts [Rollforward] | ||
Allowance for doubtful accounts at beginning of year | $ 7.7 | $ 13.9 |
Provision for doubtful accounts | 2.9 | 2.1 |
Amounts charged against the allowance | (2.2) | (8.3) |
Allowance for doubtful accounts at end of year | $ 8.4 | $ 7.7 |
Accounts Receivable, Net of A65
Accounts Receivable, Net of Allowance (Narrative) (Details) - Receivables, Non-Recourse Arrangement [Member] - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Schedule of Accounts Receivable, Net of Allowance [Line Items] | |||
Improvement in cash collections from non-recourse financing arrangement | $ 60 | $ 12 | $ 70 |
Interest Expense [Member] | |||
Schedule of Accounts Receivable, Net of Allowance [Line Items] | |||
Non-recourse financing arrangement, discount charge | $ 2.7 | $ 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, 2016 | Dec. 31, 2015 | |
Property and Equipment [Line Items] | ||
Property and equipment | $ 1,182,200 | $ 1,086,900 |
Less accumulated depreciation and amortization | (633,100) | (528,200) |
Property and equipment, net | 549,084 | 558,667 |
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 | $ 24,200 | 21,700 |
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 | $ 997,800 | 912,900 |
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 | $ 146,100 | 136,900 |
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 | $ 9,500 | $ 10,800 |
Property and Equipment, Net (Na
Property and Equipment, Net (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Property and Equipment [Line Items] | |||
Capitalized internal-use software, gross | $ 107,800 | $ 101,400 | |
Capitalized internal-use software, net | 30,900 | 33,400 | |
Depreciation and amortization | 164,915 | 169,662 | $ 154,452 |
Property and Equipment [Member] | |||
Property and Equipment [Line Items] | |||
Depreciation and amortization | $ 143,600 | $ 141,300 | $ 129,400 |
Debt (Schedule of Carrying Valu
Debt (Schedule of Carrying Values of Debt) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | ||
Debt Instrument [Line Items] | |||
Capital lease obligations | $ 98,600 | $ 130,900 | |
Total long-term debt obligations | 1,035,800 | 1,023,200 | |
Less unamortized deferred financing costs | [1] | (9,800) | (12,900) |
Total debt, net of deferred financing costs | 1,026,000 | 1,010,300 | |
Current portion of long-term debt | 64,600 | 77,400 | |
Long-term debt | $ 961,379 | 932,868 | |
Debt [Member] | ASU 2015-03 [Member] | |||
Debt Instrument [Line Items] | |||
Adoption of new accounting pronouncement, reclassification of deferred financing costs from other assets to debt, amount | 12,900 | ||
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] | |||
Line of credit facility, maturity date | Oct. 29, 2018 | ||
Long-term debt obligations | $ 279,900 | 208,500 | |
Credit Facility [Member] | Term Loan [Member] | |||
Debt Instrument [Line Items] | |||
Line of credit facility, maturity date | Nov. 21, 2019 | ||
Long-term debt obligations | $ 237,500 | 250,000 | |
Senior Notes [Member] | 4.875% Senior Notes [Member] | |||
Debt Instrument [Line Items] | |||
Debt instrument, maturity date | Mar. 15, 2023 | ||
Long-term debt obligations | $ 400,000 | 400,000 | |
Other Credit Facilities [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt obligations | $ 13,400 | 16,400 | |
Capital Lease Obligations [Member] | |||
Debt Instrument [Line Items] | |||
Capital lease obligations, expiration date, range, end | Dec. 1, 2021 | ||
Notes Payable [Member] | |||
Debt Instrument [Line Items] | |||
Notes payable, maturity date, range, end | Dec. 15, 2018 | ||
Long-term debt obligations | $ 6,400 | $ 17,400 | |
[1] | The Company adopted ASU 2015-03 as of January 1, 2016, which resulted in the reclassification of $12.9 million of deferred financing costs from other current and other long-term assets to current and long-term debt as of December 31, 2015. |
Debt (Schedule of Carrying Va69
Debt (Schedule of Carrying Values of Debt) (Interest Rates) (Details) | Dec. 31, 2016 |
Senior Notes [Member] | 4.875% Senior Notes [Member] | |
Debt Instrument [Line Items] | |
Debt instrument, interest rate (percentage) | 4.875% |
Capital Lease Obligations [Member] | |
Debt Instrument [Line Items] | |
Debt instrument, weighted average interest rate (percentage) | 2.90% |
Notes Payable [Member] | |
Debt Instrument [Line Items] | |
Debt instrument, weighted average interest rate (percentage) | 3.10% |
Debt (Senior Secured Credit Fac
Debt (Senior Secured Credit Facility) (Narrative) (Details) - Credit Facility [Member] | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2016USD ($) | Apr. 30, 2016USD ($) |
Debt Instrument [Line Items] | ||||
Line of credit facility, maximum borrowing capacity | $ 1,240,000,000 | $ 1,240,000,000 | ||
Line of credit facility, maturity date | Oct. 29, 2018 | |||
Line of credit facility, letters of credit issued | $ 314,300,000 | $ 292,800,000 | $ 314,300,000 | |
Line of credit facility, unused credit facility commitment fee (percentage) | 0.40% | 0.40% | ||
Plan [Member] | ||||
Debt Instrument [Line Items] | ||||
Line of credit facility, adjusted consolidated leverage ratio, permitted acquisitions amount, minimum threshold | $ 50,000,000 | |||
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% | |||
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% | |||
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% | |||
Maximum [Member] | ||||
Debt Instrument [Line Items] | ||||
Line of credit facility, revolving loans sublimit, Canadian dollars or Mexican pesos | $ 200,000,000 | $ 200,000,000 | ||
Line of credit facility, unused credit facility commitment fee (percentage) | 0.40% | |||
Line of credit facility, required consolidated leverage ratio (in multiple) | 3.50 | 3.50 | ||
Maximum [Member] | Eurocurrency Rate [Member] | ||||
Debt Instrument [Line Items] | ||||
Line of credit facility, variable interest rate, margin over base rate (percentage) | 2.00% | |||
Maximum [Member] | Base Rate [Member] | ||||
Debt Instrument [Line Items] | ||||
Line of credit facility, variable interest rate, margin over base rate (percentage) | 1.00% | |||
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 | ||
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 | ||
Minimum [Member] | Eurocurrency Rate [Member] | ||||
Debt Instrument [Line Items] | ||||
Line of credit facility, variable interest rate, margin over base rate (percentage) | 1.00% | |||
Minimum [Member] | Base Rate [Member] | ||||
Debt Instrument [Line Items] | ||||
Line of credit facility, variable interest rate, margin over base rate (percentage) | 0.00% | |||
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, maturity date | Oct. 29, 2018 | |||
Line of credit facility, amount of borrowings denominated in foreign currencies | 119,000,000 | $ 88,000,000 | $ 119,000,000 | |
Line of credit facility, remaining borrowing capacity | 405,900,000 | 498,700,000 | 405,900,000 | |
Line of credit facility, remaining borrowing capacity in Canadian dollars or Mexican pesos | $ 80,900,000 | $ 111,800,000 | $ 80,900,000 | |
Revolving Loans [Member] | Weighted Average [Member] | ||||
Debt Instrument [Line Items] | ||||
Line of credit facility, interest rate (percentage) | 3.71% | 2.95% | 3.71% | |
Term Loan [Member] | ||||
Debt Instrument [Line Items] | ||||
Line of credit facility, maximum borrowing capacity | $ 238,000,000 | $ 238,000,000 | ||
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, amount of quarterly principal installment payments | $ 3,100,000 | |||
Line of credit facility, interest rate (percentage) | 2.77% | 2.42% | 2.77% | |
Letters of Credit [Member] | ||||
Debt Instrument [Line Items] | ||||
Line of credit facility, capacity available for letters of credit | $ 335,700,000 | $ 157,200,000 | $ 335,700,000 | |
Letters of Credit [Member] | Commercial and/or Financial Standby [Member] | ||||
Debt Instrument [Line Items] | ||||
Line of credit facility, interest rate (percentage) | 2.00% | 2.00% | 2.00% | |
Letters of Credit [Member] | Performance Standby [Member] | ||||
Debt Instrument [Line Items] | ||||
Line of credit facility, interest rate (percentage) | 1.00% | 1.00% | 1.00% | |
Letters of Credit [Member] | Maximum [Member] | ||||
Debt Instrument [Line Items] | ||||
Line of credit facility, capacity available for letters of credit | $ 650,000,000 | $ 650,000,000 | $ 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 | ||
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% | ||
Letters of Credit [Member] | Maximum [Member] | Performance Standby [Member] | ||||
Debt Instrument [Line Items] | ||||
Line of credit facility, interest rate (percentage) | 1.00% | 1.00% | ||
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% | ||
Letters of Credit [Member] | Minimum [Member] | Performance Standby [Member] | ||||
Debt Instrument [Line Items] | ||||
Line of credit facility, interest rate (percentage) | 0.50% | 0.50% | ||
Swing Line Loans [Member] | Maximum [Member] | ||||
Debt Instrument [Line Items] | ||||
Line of credit facility, swing line loans sublimit | $ 75,000,000 | $ 75,000,000 | ||
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 F71
Debt (Senior Secured Credit Facility) (Terms, Guarantees and Covenants) (Narrative) (Details) - Credit Facility [Member] | 12 Months Ended |
Dec. 31, 2016 | |
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, covenant terms | The Credit Facility provides for a maximum Consolidated Leverage Ratio, as defined in the Credit Facility, of up to 3.50 (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 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. |
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. |
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, 2016USD ($) | Dec. 31, 2016CAD | Dec. 31, 2015USD ($) | Dec. 31, 2015CAD | |
Debt Instrument [Line Items] | ||||
Line of credit facility, maximum borrowing capacity (in dollars) | CAD | CAD 40 | CAD 40 | ||
Long-term debt obligations | $ 13.4 | $ 16.4 | ||
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% | 3.60% | 3.60% |
Canadian Dollars [Member] | ||||
Debt Instrument [Line Items] | ||||
Line of credit facility, maximum borrowing capacity (in dollars) | $ 29.8 | $ 28.9 | ||
Long-term debt obligations | $ 13.4 | $ 16.4 |
Debt (4.875% Senior Notes) (Nar
Debt (4.875% Senior Notes) (Narrative) (Details) - Senior Notes [Member] - 4.875% Senior Notes [Member] | 12 Months Ended |
Dec. 31, 2016USD ($) | |
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, Redemption, 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 |
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 |
Plan [Member] | Debt Instrument, Redemption, on or after March 15, 2018 [Member] | Maximum [Member] | |
Debt Instrument [Line Items] | |
Debt instrument, percentage of principal that may be redeemed | 100.00% |
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% |
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% |
Debt (Senior Convertible Notes)
Debt (Senior Convertible Notes) (Narrative) (Details) - USD ($) $ in Millions | 1 Months Ended | 12 Months Ended | |
Dec. 31, 2014 | Jun. 30, 2014 | Dec. 31, 2014 | |
Treasury Stock, Common [Member] | |||
Debt Instrument [Line Items] | |||
Share reissuances, treasury stock (in shares) | 6,590,975 | ||
4.25% Convertible Notes [Member] | |||
Debt Instrument [Line Items] | |||
Debt instrument, convertible, repayments (in dollars) | $ 97 | ||
4.0% Convertible Notes [Member] | |||
Debt Instrument [Line Items] | |||
Debt instrument, convertible, repayments (in dollars) | $ 105 | ||
Convertible Debt [Member] | Treasury Stock, Common [Member] | |||
Debt Instrument [Line Items] | |||
Share reissuances, treasury stock (in shares) | 6,600,000 | ||
Convertible Debt [Member] | 4.25% Convertible Notes [Member] | |||
Debt Instrument [Line Items] | |||
Debt instrument, convertible, interest rate (percentage) | 4.25% | 4.25% | |
Value of premium shares upon conversion, convertible notes (in dollars) | $ 41 | ||
Convertible Debt [Member] | 4.25% Convertible Notes [Member] | Treasury Stock, Common [Member] | |||
Debt Instrument [Line Items] | |||
Share reissuances, treasury stock (in shares) | 2,400,000 | ||
Convertible Debt [Member] | 4.0% Convertible Notes [Member] | |||
Debt Instrument [Line Items] | |||
Debt instrument, convertible, interest rate (percentage) | 4.00% | ||
Value of premium shares upon conversion, convertible notes (in dollars) | $ 114.8 | ||
Convertible Debt [Member] | 4.0% Convertible Notes [Member] | Treasury Stock, Common [Member] | |||
Debt Instrument [Line Items] | |||
Share reissuances, treasury stock (in shares) | 4,200,000 |
Debt (Schedule of Contractual M
Debt (Schedule of Contractual Maturities of Debt and Capital Lease Obligations) (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Contractual Maturities of Debt and Capital Lease Obligations | ||
Contractual maturities of debt and capital lease obligations, 2017 | $ 64.9 | |
Contractual maturities of debt and capital lease obligations, 2018 | 340.6 | |
Contractual maturities of debt and capital lease obligations, 2019 | 224.7 | |
Contractual maturities of debt and capital lease obligations, 2020 | 3.6 | |
Contractual maturities of debt and capital lease obligations, 2021 | 2 | |
Contractual maturities of debt and capital lease obligations, thereafter | 400 | |
Total long-term debt obligations | $ 1,035.8 | $ 1,023.2 |
Debt (Other) (Narrative) (Detai
Debt (Other) (Narrative) (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Other Accrued Expenses [Member] | ||
Debt Instrument [Line Items] | ||
Debt instruments, accrued interest payable | $ 8.5 | $ 7.7 |
Lease Obligations (Capital Leas
Lease Obligations (Capital Leases) (Narrative) (Details) - Property and Equipment [Member] - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Capital Leased Assets [Line Items] | ||
Assets held under capital lease, gross | $ 294.9 | $ 286.3 |
Assets held under capital lease, net | $ 177.5 | $ 193.3 |
Lease Obligations (Operating Le
Lease Obligations (Operating Leases) (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Lease Terms in Excess of One Year [Member] | |||
Operating Leases [Line Items] | |||
Operating leases, rent expense (in dollars) | $ 100.5 | $ 81.8 | $ 71.5 |
Lease Terms in Excess of One Year [Member] | Minimum [Member] | |||
Operating Leases [Line Items] | |||
Operating leases, term of contract (in years) | 1 year | 1 year | 1 year |
Lease Terms of One Year or Less [Member] | |||
Operating Leases [Line Items] | |||
Operating leases, rent expense (in dollars) | $ 298 | $ 196.2 | $ 191.7 |
Lease Terms of One Year or Less [Member] | Maximum [Member] | |||
Operating Leases [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, 2016 | Dec. 31, 2015 |
Capital Leases | ||
Future minimum lease commitments, 2017 | $ 50.9 | |
Future minimum lease commitments, 2018 | 33.6 | |
Future minimum lease commitments, 2019 | 12.9 | |
Future minimum lease commitments, 2020 | 3.8 | |
Future minimum lease commitments, 2021 | 2.1 | |
Future minimum lease commitments, thereafter | 0 | |
Total minimum lease payments | 103.3 | |
Less amounts representing interest | (4.7) | |
Total capital lease obligations, net of interest | 98.6 | $ 130.9 |
Less current portion | (48.6) | |
Long-term portion of capital lease obligations, net of interest | 50 | |
Operating Leases | ||
Future minimum lease commitments, 2017 | 93.8 | |
Future minimum lease commitments, 2018 | 75.4 | |
Future minimum lease commitments, 2019 | 47.4 | |
Future minimum lease commitments, 2020 | 27.1 | |
Future minimum lease commitments, 2021 | 13.7 | |
Future minimum lease commitments, thereafter | 33.9 | |
Total minimum lease payments | $ 291.3 |
Stock-Based Compensation and 80
Stock-Based Compensation and Other Employee Benefit Plans (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2016shares | |
Common Stock [Member] | |
Stock-Based Compensation and Other Employee Benefit Plans [Line Items] | |
Stock-based compensation, number of shares available for grant or issuance | 5,148,000 |
Employee Stock Purchase Plans [Member] | |
Stock-Based Compensation and Other Employee Benefit Plans [Line Items] | |
Stock-based compensation plan, description | The Company has certain employee stock purchase plans under which shares of the Company’s common stock are available for purchase by eligible employees. These plans allow qualified employees to purchase MasTec, Inc. common stock at 85% of its fair market value at the lower of (i) the date of commencement of the offering period or (ii) the last day of the exercise period, as defined in the plan documents. |
2013 Incentive Plan [Member] | Restricted Stock and Restricted Stock Units [Member] | |
Stock-Based Compensation and Other Employee Benefit Plans [Line Items] | |
Stock-based compensation plan, description | The 2013 Incentive Plan permits a total of approximately 7,391,000 shares of the Company’s common stock to be issued. |
2013 Incentive Plan [Member] | Restricted Stock and Restricted Stock Units [Member] | Common Stock [Member] | |
Stock-Based Compensation and Other Employee Benefit Plans [Line Items] | |
Stock-based compensation plan, number of shares authorized | 7,391,000 |
ESPPs [Member] | Employee Stock Purchase Plans [Member] | |
Stock-Based Compensation and Other Employee Benefit Plans [Line Items] | |
Stock-based compensation plan, description | Under the Company’s ESPPs, shares of the Company’s common stock are available for purchase by eligible employees, which collectively permit the issuance of up to 3,000,000 new shares of MasTec, Inc. common stock. |
ESPPs [Member] | Employee Stock Purchase Plans [Member] | Common Stock [Member] | |
Stock-Based Compensation and Other Employee Benefit Plans [Line Items] | |
Stock-based compensation plan, number of shares authorized | 3,000,000 |
Stock-Based Compensation and 81
Stock-Based Compensation and Other Employee Benefit Plans (Restricted Shares) (Narrative) (Details) - Restricted Stock and Restricted Stock Units [Member] - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Stock-Based Compensation and Other Employee Benefit Plans [Line Items] | ||||
Stock-based compensation awards, unearned compensation (in dollars) | $ 18.7 | $ 18.7 | ||
Stock-based compensation awards, unearned compensation, weighted average expected recognition period (in years) | 1 year 6 months | |||
Stock-based compensation, vested awards, intrinsic value (in dollars) | $ 3.5 | $ 8.1 | $ 17.5 | |
Common Stock [Member] | ||||
Stock-Based Compensation and Other Employee Benefit Plans [Line Items] | ||||
Stock-based compensation, restricted shares, granted (in shares) | 637,332 | 706,761 | ||
Stock-based compensation, restricted shares, vested in period (in shares) | 188,386 | 446,874 |
Stock-Based Compensation and 82
Stock-Based Compensation and Other Employee Benefit Plans (Schedule of Activity, Restricted Shares) (Details) - Common Stock [Member] - $ / shares | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | ||
Restricted Stock and Restricted Stock Units [Member] | |||
Restricted Shares | |||
Non-vested restricted shares, beginning balance (in shares) | [1] | 1,630,232 | 1,414,645 |
Granted (in shares) | 637,332 | 706,761 | |
Vested (in shares) | (188,386) | (446,874) | |
Canceled/forfeited (in shares) | (108,592) | (44,300) | |
Non-vested restricted shares, ending balance (in shares) | [1] | 1,970,586 | 1,630,232 |
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) | $ 22.94 | $ 25.32 | |
Granted (in dollars per share) | 17.69 | 17.27 | |
Vested (in dollars per share) | 20.42 | 21.24 | |
Canceled/forfeited (in dollars per share) | 20.71 | 26.11 | |
Non-vested restricted shares, per share weighted average grant date fair value, ending balance (in dollars per share) | $ 21.61 | $ 22.94 | |
Restricted Stock Units (RSUs) [Member] | |||
Restricted Shares | |||
Non-vested restricted shares, beginning balance (in shares) | 32,250 | 34,250 | |
Non-vested restricted shares, ending balance (in shares) | 43,300 | 32,250 | |
[1] | Includes 43,300, 32,250 and 34,250 restricted stock units as of December 31, 2016, 2015 and 2014, respectively. |
Stock-Based Compensation and 83
Stock-Based Compensation and Other Employee Benefit Plans (Stock Options) (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Stock-Based Compensation and Other Employee Benefit Plans [Line Items] | |||
Stock options exercised, intrinsic value | $ 1.8 | $ 0.8 | $ 6.5 |
Stock options exercised, proceeds | $ 2.1 | $ 0.5 | $ 0.8 |
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 84
Stock-Based Compensation and Other Employee Benefit Plans (Schedule of Activity, Stock Options) (Details) - USD ($) $ / shares in Units, $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Weighted Average Remaining Contractual Life and Aggregate Intrinsic Value | |||||||
Options outstanding, vested, weighted average remaining contractual life (in years) | 0 years | 6 months 18 days | 1 year 3 months 15 days | ||||
Options outstanding, vested, aggregate intrinsic value (in dollars) | [1] | $ 0 | $ 0.9 | $ 3 | $ 0 | $ 0.9 | $ 3 |
Options exercisable, weighted average remaining contractual life (in years) | 0 years | 6 months 18 days | 1 year 3 months 15 days | ||||
Options exercisable, aggregate intrinsic value (in dollars) | [1] | $ 0 | $ 0.9 | $ 3 | $ 0 | $ 0.9 | $ 3 |
Common Stock [Member] | |||||||
Stock Options | |||||||
Options outstanding, vested, beginning balance (in shares) | 202,700 | 284,671 | |||||
Options exercisable, beginning balance (in shares) | 202,700 | 284,671 | |||||
Exercised (in shares) | (202,700) | (81,971) | (210,900) | ||||
Canceled/forfeited (in shares) | 0 | 0 | |||||
Options outstanding, vested, ending balance (in shares) | 0 | 202,700 | 284,671 | 0 | 202,700 | 284,671 | |
Options exercisable, ending balance (in shares) | 0 | 202,700 | 284,671 | 0 | 202,700 | 284,671 | |
Per Share Weighted Average Exercise Price | |||||||
Options outstanding, vested, per share weighted average exercise price, beginning balance (in dollars per share) | $ 13.06 | $ 12.06 | |||||
Options exercisable, per share weighted average exercise price, beginning balance (in dollars per share) | 13.06 | 12.06 | |||||
Options outstanding, vested, per share weighted average exercise price, ending balance (in dollars per share) | $ 0 | $ 13.06 | $ 12.06 | 0 | 13.06 | $ 12.06 | |
Options exercisable, per share weighted average exercise price, ending balance (in dollars per share) | $ 0 | $ 13.06 | $ 12.06 | 0 | 13.06 | $ 12.06 | |
Common Stock [Member] | Stock Options [Member] | |||||||
Per Share Weighted Average Exercise Price | |||||||
Exercised (in dollars per share) | $ 13.06 | $ 9.60 | |||||
[1] | Amount represents the difference between the exercise price and the market 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 85
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, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Common Stock [Member] | |||
Stock-Based Compensation and Other Employee Benefit Plans [Line Items] | |||
Common shares issued (in shares) | 144,183 | 134,389 | 136,918 |
Employee Stock Purchase Plans [Member] | |||
Stock-Based Compensation and Other Employee Benefit Plans [Line Items] | |||
Cash proceeds (in dollars) | $ 2.7 | $ 2 | $ 3.3 |
Employee Stock Purchase Plans [Member] | Common Stock [Member] | |||
Stock-Based Compensation and Other Employee Benefit Plans [Line Items] | |||
Weighted average price per share (in dollars per share) | $ 18.55 | $ 14.67 | $ 24.33 |
Weighted average per share grant date fair value (in dollars per share) | $ 5 | $ 4.22 | $ 5.81 |
Stock-Based Compensation and 86
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, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||
Stock-Based Compensation and Other Employee Benefit Plans [Line Items] | ||||
Non-cash stock-based compensation expense | $ 15,072 | $ 12,395 | $ 15,950 | |
Income Tax Effects: | ||||
Income tax benefit from non-cash stock-based compensation | 5,600 | 4,200 | 8,700 | |
Excess tax benefit from non-cash stock-based compensation | [1] | 135 | 57 | 3,728 |
General and Administrative Expenses [Member] | ||||
Stock-Based Compensation and Other Employee Benefit Plans [Line Items] | ||||
Non-cash stock-based compensation expense | $ 15,100 | $ 12,400 | $ 15,900 | |
[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 87
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, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
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 payable in shares | 50.00% | ||
401(k) plan, discretionary employer matching contribution, percentage of matching contribution payable in cash | 50.00% | ||
401(k) plan, employer matching contribution (in dollars) | $ 11.1 | $ 10.2 | $ 7.9 |
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 88
Stock-Based Compensation and Other Employee Benefit Plans (Deferred Compensation Plans) (Narrative) (Details) - Deferred Compensation Plan Highly Compensated Employees [Member] - Other Postretirement Benefit Plan [Member] - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Stock-Based Compensation and Other Employee Benefit Plans [Line Items] | ||
Deferred compensation plans, 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 plans, assets | $ 7.7 | $ 7.6 |
Other Long-Term Liabilities [Member] | ||
Stock-Based Compensation and Other Employee Benefit Plans [Line Items] | ||
Deferred compensation plans, liabilities | $ 7.6 | $ 7.4 |
Other Retirement Plans (Narrati
Other Retirement Plans (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2016 | |
Multiemployer Plans [Line Items] | |
Multiemployer plans, general nature | certain of MasTec’s subsidiaries are party to various collective bargaining agreements with unions representing certain of their employees, which require the Company to pay specified wages, provide certain benefits to their union employees and contribute certain amounts to MEPPs. |
Pension [Member] | |
Multiemployer Plans [Line Items] | |
Multiemployer 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. |
Other Retirement Plans (Schedul
Other Retirement Plans (Schedule of Multiemployer Pension Plans) (Details) - USD ($) $ in Millions | 12 Months Ended | |||||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||||
Multiemployer Plans [Line Items] | ||||||
Multiemployer plans, contributions (in dollars) | $ 70 | $ 32.8 | $ 36.4 | |||
Multiemployer Plans, Pension [Member] | ||||||
Multiemployer Plans [Line Items] | ||||||
Multiemployer plans, contributions (in dollars) | $ 59.9 | 23.8 | 31.9 | |||
Multiemployer Plans, Pension [Member] | Central Pension Fund of the I.U.O.E and Participating Employers [Member] | ||||||
Multiemployer Plans [Line Items] | ||||||
Multiemployer plans, employer identification number | 366,052,390 | |||||
Multiemployer plans, plan number | 1 | |||||
Multiemployer plans, contributions (in dollars) | $ 19.3 | $ 5.7 | 6.5 | |||
Multiemployer plans, collective bargaining arrangement, expiration date | Jun. 1, 2017 | |||||
Multiemployer plans, pension protection act zone status | Green | Green | ||||
Multiemployer plans, pension protection act zone status, date | Jan. 31, 2016 | Jan. 31, 2015 | [1] | |||
Multiemployer plans, extended amortization provisions | true | |||||
Multiemployer plans, funding improvement plan and rehabilitation plan status | NA | |||||
Multiemployer plans, surcharge status | No | |||||
Multiemployer Plans, Pension [Member] | Pipeline Industry Pension Fund [Member] | ||||||
Multiemployer Plans [Line Items] | ||||||
Multiemployer plans, employer identification number | 736,146,433 | |||||
Multiemployer plans, plan number | 1 | |||||
Multiemployer plans, contributions (in dollars) | $ 15.9 | $ 2.5 | 4.8 | |||
Multiemployer plans, collective bargaining arrangement, expiration date | Jun. 2, 2017 | |||||
Multiemployer plans, pension protection act zone status | Green | Green | ||||
Multiemployer plans, pension protection act zone status, date | [2] | Dec. 31, 2015 | Dec. 31, 2014 | |||
Multiemployer plans, Company contributions greater than 5% of total plan contributions | true | true | ||||
Multiemployer plans, funding improvement plan and rehabilitation plan status | NA | |||||
Multiemployer plans, surcharge status | No | |||||
Multiemployer Plans, Pension [Member] | Teamsters National Pipe Line Pension Fund [Member] | ||||||
Multiemployer Plans [Line Items] | ||||||
Multiemployer plans, employer identification number | 461,102,851 | |||||
Multiemployer plans, plan number | 1 | |||||
Multiemployer plans, contributions (in dollars) | $ 3.6 | $ 1.4 | 1.7 | |||
Multiemployer plans, collective bargaining arrangement, expiration date | Jun. 1, 2017 | |||||
Multiemployer plans, pension protection act zone status | Green | Green | ||||
Multiemployer plans, pension protection act zone status, date | [2] | Dec. 31, 2015 | Dec. 31, 2014 | |||
Multiemployer plans, Company contributions greater than 5% of total plan contributions | true | true | ||||
Multiemployer plans, funding improvement plan and rehabilitation plan status | NA | |||||
Multiemployer plans, surcharge status | No | |||||
Multiemployer Plans, Pension [Member] | Laborers' National Pension Fund [Member] | ||||||
Multiemployer Plans [Line Items] | ||||||
Multiemployer plans, employer identification number | 751,280,827 | |||||
Multiemployer plans, plan number | 1 | |||||
Multiemployer plans, contributions (in dollars) | $ 3 | $ 0.8 | 0.8 | |||
Multiemployer plans, collective bargaining arrangement, expiration date | Jun. 1, 2017 | |||||
Multiemployer plans, pension protection act zone status | Green | Green | ||||
Multiemployer plans, pension protection act zone status, date | Dec. 31, 2015 | Dec. 31, 2014 | ||||
Multiemployer plans, funding improvement plan and rehabilitation plan status | NA | |||||
Multiemployer plans, surcharge status | No | |||||
Multiemployer Plans, Pension [Member] | Central Laborers' Pension Fund [Member] | ||||||
Multiemployer Plans [Line Items] | ||||||
Multiemployer plans, employer identification number | 376,052,379 | |||||
Multiemployer plans, plan number | 1 | |||||
Multiemployer plans, contributions (in dollars) | $ 2.6 | $ 0 | 0.1 | |||
Multiemployer plans, collective bargaining arrangement, expiration date | Jun. 1, 2017 | |||||
Multiemployer plans, pension protection act zone status | Red | Red | ||||
Multiemployer plans, pension protection act zone status, date | [1] | Dec. 31, 2015 | Dec. 31, 2014 | |||
Multiemployer plans, extended amortization provisions | true | true | ||||
Multiemployer plans, funding improvement plan and rehabilitation plan status | Implemented | |||||
Multiemployer plans, surcharge status | No | |||||
Multiemployer Plans, Pension [Member] | National Electrical Benefit Fund [Member] | ||||||
Multiemployer Plans [Line Items] | ||||||
Multiemployer plans, employer identification number | 530,181,657 | |||||
Multiemployer plans, plan number | 1 | |||||
Multiemployer plans, contributions (in dollars) | $ 1.7 | $ 1.4 | 1.3 | |||
Multiemployer plans, pension protection act zone status | Green | Green | ||||
Multiemployer plans, pension protection act zone status, date | Dec. 31, 2015 | Dec. 31, 2014 | ||||
Multiemployer plans, funding improvement plan and rehabilitation plan status | NA | |||||
Multiemployer plans, surcharge status | No | |||||
Multiemployer Plans, Pension [Member] | National Electrical Benefit Fund [Member] | Maximum [Member] | ||||||
Multiemployer Plans [Line Items] | ||||||
Multiemployer plans, collective bargaining arrangement, expiration date | Nov. 30, 2018 | |||||
Multiemployer Plans, Pension [Member] | Minnesota Laborers Pension Fund [Member] | ||||||
Multiemployer Plans [Line Items] | ||||||
Multiemployer plans, employer identification number | 416,159,599 | |||||
Multiemployer plans, plan number | 1 | |||||
Multiemployer plans, contributions (in dollars) | $ 1.6 | $ 0.3 | 0.2 | |||
Multiemployer plans, collective bargaining arrangement, expiration date | Jun. 1, 2017 | |||||
Multiemployer plans, pension protection act zone status | Green | Green | ||||
Multiemployer plans, pension protection act zone status, date | Dec. 31, 2015 | Dec. 31, 2014 | ||||
Multiemployer plans, funding improvement plan and rehabilitation plan status | NA | |||||
Multiemployer plans, surcharge status | No | |||||
Multiemployer Plans, Pension [Member] | I.B.E.W. Local 1249 Pension Plan [Member] | ||||||
Multiemployer Plans [Line Items] | ||||||
Multiemployer plans, employer identification number | 156,035,161 | |||||
Multiemployer plans, plan number | 1 | |||||
Multiemployer plans, contributions (in dollars) | $ 1.1 | $ 1 | 0.4 | |||
Multiemployer plans, collective bargaining arrangement, expiration date | Apr. 30, 2017 | |||||
Multiemployer plans, pension protection act zone status | Yellow | Yellow | ||||
Multiemployer plans, pension protection act zone status, date | Dec. 31, 2015 | Dec. 31, 2014 | ||||
Multiemployer plans, funding improvement plan and rehabilitation plan status | Implemented | |||||
Multiemployer plans, surcharge status | No | |||||
Multiemployer Plans, Pension [Member] | Minnesota Teamsters Construction Division Pension Plan [Member] | ||||||
Multiemployer Plans [Line Items] | ||||||
Multiemployer plans, employer identification number | 416,187,751 | |||||
Multiemployer plans, plan number | 1 | |||||
Multiemployer plans, contributions (in dollars) | $ 1.1 | $ 0.2 | 0 | |||
Multiemployer plans, collective bargaining arrangement, expiration date | Jun. 1, 2017 | |||||
Multiemployer plans, pension protection act zone status | Green | Green | ||||
Multiemployer plans, pension protection act zone status, date | [1] | Nov. 30, 2015 | Nov. 30, 2014 | |||
Multiemployer plans, extended amortization provisions | true | true | ||||
Multiemployer plans, funding improvement plan and rehabilitation plan status | NA | |||||
Multiemployer plans, surcharge status | No | |||||
Multiemployer Plans, Pension [Member] | Local Union No. 9 I.B.E.W. and Outside Contractors Pension Fund [Member] | ||||||
Multiemployer Plans [Line Items] | ||||||
Multiemployer plans, employer identification number | 516,077,720 | |||||
Multiemployer plans, plan number | 1 | |||||
Multiemployer plans, contributions (in dollars) | $ 1.1 | $ 0.3 | 0.4 | |||
Multiemployer plans, collective bargaining arrangement, expiration date | May 31, 2017 | |||||
Multiemployer plans, pension protection act zone status | Green | Green | ||||
Multiemployer plans, pension protection act zone status, date | Oct. 31, 2015 | Oct. 31, 2014 | ||||
Multiemployer plans, funding improvement plan and rehabilitation plan status | NA | |||||
Multiemployer plans, surcharge status | No | |||||
Multiemployer Plans, Pension [Member] | Michigan Laborers' Pension Fund [Member] | ||||||
Multiemployer Plans [Line Items] | ||||||
Multiemployer plans, employer identification number | 386,233,976 | |||||
Multiemployer plans, plan number | 1 | |||||
Multiemployer plans, contributions (in dollars) | $ 1.1 | $ 0.8 | 2.1 | |||
Multiemployer plans, collective bargaining arrangement, expiration date | Jun. 1, 2017 | |||||
Multiemployer plans, pension protection act zone status | Yellow | Yellow | ||||
Multiemployer plans, pension protection act zone status, date | Aug. 31, 2016 | Aug. 31, 2015 | [1] | |||
Multiemployer plans, extended amortization provisions | true | |||||
Multiemployer plans, funding improvement plan and rehabilitation plan status | Implemented | |||||
Multiemployer plans, surcharge status | No | |||||
Multiemployer Plans, Pension [Member] | West Virginia Laborers Pension Trust Fund [Member] | ||||||
Multiemployer Plans [Line Items] | ||||||
Multiemployer plans, employer identification number | 556,026,775 | |||||
Multiemployer plans, plan number | 1 | |||||
Multiemployer plans, contributions (in dollars) | $ 0.5 | $ 1.4 | 0.4 | |||
Multiemployer plans, collective bargaining arrangement, expiration date | Jun. 1, 2017 | |||||
Multiemployer plans, pension protection act zone status | Green | Green | ||||
Multiemployer plans, pension protection act zone status, date | Mar. 31, 2016 | [2] | Mar. 31, 2015 | |||
Multiemployer plans, Company contributions greater than 5% of total plan contributions | true | |||||
Multiemployer plans, funding improvement plan and rehabilitation plan status | NA | |||||
Multiemployer plans, surcharge status | No | |||||
Multiemployer Plans, Pension [Member] | Laborers' District Council of Western Pennsylvania Pension Fund [Member] | ||||||
Multiemployer Plans [Line Items] | ||||||
Multiemployer plans, employer identification number | 256,135,576 | |||||
Multiemployer plans, plan number | 1 | |||||
Multiemployer plans, contributions (in dollars) | $ 0.2 | $ 0.5 | 1.5 | |||
Multiemployer plans, collective bargaining arrangement, expiration date | Jun. 1, 2017 | |||||
Multiemployer plans, pension protection act zone status | Red | Red | ||||
Multiemployer plans, pension protection act zone status, date | Dec. 31, 2015 | Dec. 31, 2014 | ||||
Multiemployer plans, funding improvement plan and rehabilitation plan status | Implemented | |||||
Multiemployer plans, surcharge status | No | |||||
Multiemployer Plans, Pension [Member] | Operating Engineers' Local 324 Pension Fund [Member] | ||||||
Multiemployer Plans [Line Items] | ||||||
Multiemployer plans, employer identification number | 381,900,637 | |||||
Multiemployer plans, plan number | 1 | |||||
Multiemployer plans, contributions (in dollars) | $ 0 | $ 0 | 1.7 | |||
Multiemployer plans, collective bargaining arrangement, expiration date | Jun. 1, 2017 | |||||
Multiemployer plans, pension protection act zone status | Red | Red | ||||
Multiemployer plans, pension protection act zone status, date | Apr. 30, 2016 | Apr. 30, 2015 | ||||
Multiemployer plans, funding improvement plan and rehabilitation plan status | Implemented | |||||
Multiemployer plans, surcharge status | No | |||||
Multiemployer Plans, Pension [Member] | Other Funds [Member] | ||||||
Multiemployer Plans [Line Items] | ||||||
Multiemployer plans, contributions (in dollars) | $ 7.1 | [3] | $ 7.5 | [3] | 10 | |
Multiemployer Plans, Pension [Member] | Other Funds [Member] | Canadian Multiemployer Plans [Member] | Canadian Dollars [Member] | ||||||
Multiemployer Plans [Line Items] | ||||||
Multiemployer plans, contributions (in dollars) | $ 0.9 | $ 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 2016, 2015 and 2014 contributions include approximately $0.9 million, $1.4 million and $0.9 million U.S. dollars, respectively, for Canadian multiemployer pension plans. 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 (Sched91
Other Retirement Plans (Schedule of Covered Employees and Contributions, Multiemployer Plans) (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016USD ($)employee | Dec. 31, 2015USD ($)employee | Dec. 31, 2014USD ($)employee | |
Covered Employees and Contributions, Multiemployer Plans [Line Items] | |||
Multiemployer plans, contributions (in dollars) | $ 70 | $ 32.8 | $ 36.4 |
Multiemployer Plans, Pension [Member] | |||
Covered Employees and Contributions, Multiemployer Plans [Line Items] | |||
Multiemployer plans, contributions (in dollars) | 59.9 | 23.8 | 31.9 |
Multiemployer Plans, Other Multiemployer [Member] | |||
Covered Employees and Contributions, Multiemployer Plans [Line Items] | |||
Multiemployer plans, contributions (in dollars) | $ 10.1 | $ 9 | $ 4.5 |
Workforce Subject to Collective Bargaining Arrangements [Member] | Unionized Employees [Member] | Low [Member] | |||
Covered Employees and Contributions, Multiemployer Plans [Line Items] | |||
Multiemployer plans, covered employees (in number of employees) | employee | 550 | 590 | 590 |
Workforce Subject to Collective Bargaining Arrangements [Member] | Unionized Employees [Member] | High [Member] | |||
Covered Employees and Contributions, Multiemployer Plans [Line Items] | |||
Multiemployer plans, covered employees (in number of employees) | employee | 4,910 | 2,463 | 2,167 |
Equity (Narrative) (Details)
Equity (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Feb. 25, 2016 | |
Equity, Treasury Stock [Line Items] | ||||
Treasury stock acquired, value | $ 100,000 | |||
Share reissuances, treasury stock, value | $ 104,427 | |||
Convertible Debt [Member] | ||||
Equity, Treasury Stock [Line Items] | ||||
Share reissuances, treasury stock, value | $ 104,400 | |||
Treasury Stock, Common [Member] | ||||
Equity, Treasury Stock [Line Items] | ||||
Treasury stock acquired (in shares) | 5,217,693 | |||
Treasury stock acquired, value | $ 100,000 | |||
Share reissuances, treasury stock (in shares) | 6,590,975 | |||
Share reissuances, treasury stock, value | $ 104,427 | |||
Treasury Stock, Common [Member] | Convertible Debt [Member] | ||||
Equity, Treasury Stock [Line Items] | ||||
Share reissuances, treasury stock (in shares) | 6,600,000 | |||
2016 Share Repurchase Program [Member] | ||||
Equity, Treasury Stock [Line Items] | ||||
Share repurchase program, amount authorized, value | $ 100,000 | |||
2016 Share Repurchase Program [Member] | Treasury Stock, Common [Member] | ||||
Equity, Treasury Stock [Line Items] | ||||
Treasury stock acquired (in shares) | 0 | |||
2014 Share Repurchase Program [Member] | ||||
Equity, Treasury Stock [Line Items] | ||||
Treasury stock acquired, value | $ 100,000 | |||
2014 Share Repurchase Program [Member] | Treasury Stock, Common [Member] | ||||
Equity, Treasury Stock [Line Items] | ||||
Treasury stock acquired (in shares) | 5,200,000 |
Equity (Schedule of Changes in
Equity (Schedule of Changes in Accumulated Other Comprehensive Loss) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Accumulated Other Comprehensive Loss [Line Items] | |||
Accumulated other comprehensive loss, beginning balance | $ (72,351) | $ (34,004) | $ (13,286) |
Unrealized gains (losses), net of tax | 6,537 | (38,347) | (20,718) |
Accumulated other comprehensive loss, ending balance | (65,814) | (72,351) | (34,004) |
Foreign Currency [Member] | |||
Accumulated Other Comprehensive Loss [Line Items] | |||
Accumulated other comprehensive loss, beginning balance | (67,063) | (28,716) | (7,998) |
Unrealized gains (losses), net of tax | 2,585 | (38,347) | (20,718) |
Accumulated other comprehensive loss, ending balance | (64,478) | (67,063) | (28,716) |
Other [Member] | |||
Accumulated Other Comprehensive Loss [Line Items] | |||
Accumulated other comprehensive loss, beginning balance | (5,288) | (5,288) | (5,288) |
Unrealized gains (losses), net of tax | 3,952 | 0 | 0 |
Accumulated other comprehensive loss, ending balance | $ (1,336) | $ (5,288) | $ (5,288) |
Income Taxes (Schedule of Compo
Income Taxes (Schedule of Components of Income (Loss) from Continuing Operations before Income Taxes) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Tax Disclosure [Abstract] | |||
Domestic | $ 202,400 | $ (26,500) | $ 171,400 |
Foreign | 23,400 | (41,200) | 27,000 |
Income (loss) from continuing operations before income taxes | $ 225,819 | $ (67,746) | $ 198,430 |
Income Taxes (Schedule of Provi
Income Taxes (Schedule of Provision for Income Taxes) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Current: | |||
Federal | $ 85,800 | $ (4,500) | $ 47,300 |
Foreign | 3,000 | 9,400 | 3,900 |
State and local | 6,700 | 3,300 | 6,600 |
Total current income tax expense | 95,500 | 8,200 | 57,800 |
Deferred: | |||
Federal | 6,100 | 25,700 | 14,900 |
Foreign | (6,800) | (19,900) | 2,700 |
State and local | (3,000) | (2,000) | 1,000 |
Total deferred income tax expense | (3,935) | 3,925 | 13,756 |
Provision for income taxes | 91,784 | 11,957 | 76,429 |
Continuing Operations [Member] | |||
Deferred: | |||
Total deferred income tax expense | $ (3,700) | $ 3,800 | $ 18,600 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2014 | Dec. 31, 2015 | |
Income Taxes [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 | $ 34,900,000 | $ 29,900,000 | |
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] | |||
Income Taxes [Line Items] | |||
Net operating loss carryforwards | $ 9,000,000 | 9,600,000 | |
State [Member] | Earliest Tax Year [Member] | |||
Income Taxes [Line Items] | |||
Net operating loss carryforwards, expiration date | Dec. 31, 2021 | ||
State [Member] | Latest Tax Year [Member] | |||
Income Taxes [Line Items] | |||
Net operating loss carryforwards, expiration date | Dec. 31, 2036 | ||
Foreign [Member] | |||
Income Taxes [Line Items] | |||
Net operating loss carryforwards | $ 22,700,000 | 16,500,000 | |
Foreign [Member] | Earliest Tax Year [Member] | Canada [Member] | |||
Income Taxes [Line Items] | |||
Net operating loss carryforwards, expiration date | Jan. 1, 2033 | ||
Federal [Member] | |||
Income Taxes [Line Items] | |||
Net operating loss carryforwards | $ 500,000 | $ 3,800,000 | |
Federal [Member] | Earliest Tax Year [Member] | |||
Income Taxes [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, 2016 | Dec. 31, 2015 | |
Deferred tax assets: | |||
Accrued insurance | $ 31.1 | $ 27.7 | |
Operating loss carryforwards and tax credits | 34.9 | 29.9 | |
Unrealized gains and losses | 26.3 | 10.3 | |
Compensation and benefits | 24.1 | 17.7 | |
Bad debt | 4.7 | 3.1 | |
Other | 12.4 | 13.1 | |
Valuation allowance | (21.4) | (10.6) | |
Total deferred tax assets | [1] | 112.1 | 91.2 |
Deferred tax liabilities: | |||
Property and equipment | 126.6 | 118.9 | |
Goodwill | 72.8 | 57.7 | |
Other intangible assets | 32.9 | 37.8 | |
Other | 15.3 | 16.4 | |
Total deferred tax liabilities | 278.7 | 260.8 | |
Net deferred tax liabilities | (166.6) | (169.6) | |
Gain on Remeasurement of Equity Investee | |||
Deferred tax liabilities: | |||
Deferred income | 10.9 | 11.2 | |
Long-Term Contracts [Member] | |||
Deferred tax liabilities: | |||
Deferred income | $ 20.2 | $ 18.8 | |
[1] | The table above presents the valuation allowances and related deferred tax assets on a gross basis as of both December 31, 2016 and 2015, whereas in 2015, a portion of the valuation allowances and related deferred tax assets were presented on a net basis. |
Income Taxes (Schedule of Total
Income Taxes (Schedule of Total Net Current and Long-Term Deferred Tax Balances) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Deferred Tax Liabilities, Net [Abstract] | ||
Current deferred tax assets, net (included within other current assets) | $ 11,800 | $ 19,200 |
Long-term deferred tax liabilities, net | (178,355) | (188,759) |
Net deferred tax liabilities | $ (166,600) | $ (169,600) |
Income Taxes (Schedule of Effec
Income Taxes (Schedule of Effective Tax Rate Reconciliation) (Details) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Tax Disclosure [Abstract] | |||
U.S. statutory federal rate applied to pretax income (loss) | 35.00% | 35.00% | 35.00% |
State and local income taxes, net of federal benefit | 2.60% | (1.00%) | 3.70% |
Foreign tax rate differential | (0.10%) | (14.40%) | (1.30%) |
Non-deductible expenses | 4.40% | (13.50%) | 3.40% |
Goodwill and intangible assets | (0.70%) | (17.70%) | (0.00%) |
Change in tax rate | (1.90%) | (3.60%) | (0.70%) |
Domestic production activities deduction | (2.90%) | (1.00%) | (1.60%) |
Other | (0.10%) | (1.40%) | (0.10%) |
Valuation allowance for deferred tax assets | 4.30% | 0.00% | 0.10% |
Effective income tax rate | 40.60% | (17.60%) | 38.50% |
Segments and Related Informa100
Segments and Related Information (Narrative) (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016USD ($) | Sep. 30, 2016USD ($) | Jun. 30, 2016USD ($) | Mar. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Sep. 30, 2015USD ($) | Jun. 30, 2015USD ($) | Mar. 31, 2015USD ($) | Dec. 31, 2016USD ($)segment | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Segment and Related Information [Line Items] | |||||||||||
Segment reporting information, factors used to identify entity's reportable segments | MasTec manages its 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 equity investees, the services of which vary from those provided by the Company’s four primary segments, as well as other small business units that perform construction and other services for a variety of international end-markets. | ||||||||||
Segment reporting, transactions between reportable segments | Intercompany revenue and costs among the reportable segments are de minimis 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. | ||||||||||
Restructuring charges | $ 1,400 | $ 4,700 | $ 5,100 | $ 4,100 | |||||||
Recognized unrealized loss, unconsolidated affiliates | $ (3,528) | $ 7,978 | $ 269 | ||||||||
Goodwill and intangible asset impairment | 0 | 78,625 | 0 | ||||||||
General and administrative expenses | $ 261,433 | 265,910 | 238,305 | ||||||||
Corporate [Member] | |||||||||||
Segment and Related Information [Line Items] | |||||||||||
Goodwill and intangible asset impairment | $ 78,600 | 78,600 | |||||||||
Corporate [Member] | Audit Committee Investigation [Member] | |||||||||||
Segment and Related Information [Line Items] | |||||||||||
General and administrative expenses | 2,800 | $ 4,100 | $ 7,500 | $ 3,000 | 16,500 | ||||||
Canadian Dollars [Member] | 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, maintenance and customer fulfillment activities related to communications infrastructure primarily for wireless and wireline/fiber communications and install-to-the-home customers, and, to a lesser extent, distribution infrastructure for electrical utilities, among others. | ||||||||||
Business combinations, acquisition integration costs (in dollars) | 1,200 | $ 7,800 | 8,800 | 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. | ||||||||||
Oil and Gas [Member] | Canadian Dollars [Member] | |||||||||||
Segment and Related Information [Line Items] | |||||||||||
Restructuring charges | $ 6,300 | ||||||||||
Oil and Gas [Member] | Canadian Dollars [Member] | Contracts Accounted for under Percentage-of-Completion [Member] | |||||||||||
Segment and Related Information [Line Items] | |||||||||||
Project losses | 13,500 | ||||||||||
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. | ||||||||||
Restructuring charges | $ 8,900 | ||||||||||
Electrical Transmission [Member] | Settled Litigation [Member] | |||||||||||
Segment and Related Information [Line Items] | |||||||||||
Court mandated mediation settlement charge | 12,200 | 12,200 | |||||||||
Electrical Transmission [Member] | Contracts Accounted for under Percentage-of-Completion [Member] | |||||||||||
Segment and Related Information [Line Items] | |||||||||||
Project losses | $ 15,100 | 14,000 | |||||||||
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] | Canadian Dollars [Member] | Contracts Accounted for under Percentage-of-Completion [Member] | |||||||||||
Segment and Related Information [Line Items] | |||||||||||
Project losses | 21,400 | ||||||||||
Other [Member] | Waha JVs [Member] | Interest Rate Swap [Member] | |||||||||||
Segment and Related Information [Line Items] | |||||||||||
Recognized unrealized loss, unconsolidated affiliates | 4,400 | 4,400 | |||||||||
Other [Member] | Canadian Dollars [Member] | Contracts Accounted for under Percentage-of-Completion [Member] | Pacer [Member] | Joint Venture [Member] | |||||||||||
Segment and Related Information [Line Items] | |||||||||||
Project losses | $ 5,100 | $ 8,000 | $ 2,800 | $ 5,500 | $ 5,100 | $ 16,300 |
Segments and Related Informa101
Segments and Related Information (Schedule of Financial Information by Reportable Segment - Revenue) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||
Revenue: | ||||||||||||
Revenue (in dollars) | $ 1,341,900 | $ 1,586,200 | $ 1,232,400 | $ 974,200 | $ 1,027,400 | $ 1,111,000 | $ 1,066,600 | $ 1,003,300 | $ 5,134,703 | $ 4,208,330 | $ 4,611,803 | |
Communications [Member] | Customer Concentration Risk [Member] | Revenue [Member] | Utilities [Member] | ||||||||||||
Revenue: | ||||||||||||
Utilities customers, percentage of Communications segment revenue | 11.10% | 10.60% | 6.80% | |||||||||
Reportable Segments [Member] | Communications [Member] | ||||||||||||
Revenue: | ||||||||||||
Revenue (in dollars) | [1] | $ 2,323,600 | $ 1,973,200 | $ 2,041,000 | ||||||||
Reportable Segments [Member] | Oil and Gas [Member] | ||||||||||||
Revenue: | ||||||||||||
Revenue (in dollars) | 2,024,400 | 1,495,100 | 1,731,400 | |||||||||
Reportable Segments [Member] | Electrical Transmission [Member] | ||||||||||||
Revenue: | ||||||||||||
Revenue (in dollars) | 383,800 | 341,500 | 471,900 | |||||||||
Reportable Segments [Member] | Power Generation and Industrial [Member] | ||||||||||||
Revenue: | ||||||||||||
Revenue (in dollars) | 405,700 | 381,600 | 357,000 | |||||||||
Reportable Segments [Member] | Other [Member] | ||||||||||||
Revenue: | ||||||||||||
Revenue (in dollars) | 15,900 | 24,100 | 14,700 | |||||||||
Eliminations [Member] | ||||||||||||
Revenue: | ||||||||||||
Revenue (in dollars) | $ (18,700) | $ (7,200) | $ (4,200) | |||||||||
[1] | Revenue generated primarily by utilities customers represented 11.1%, 10.6% and 6.8% of Communications segment revenue for the years ended December 31, 2016, 2015 and 2014, respectively. |
Segments and Related Informa102
Segments and Related Information (Schedule of Financial Information by Reportable Segment - EBITDA - Continuing Operations) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
EBITDA - Continuing Operations: | |||
EBITDA - Continuing operations | $ 441.5 | $ 150 | $ 403.7 |
Reportable Segments [Member] | Communications [Member] | |||
EBITDA - Continuing Operations: | |||
EBITDA - Continuing operations | 244.6 | 194.8 | 204 |
Reportable Segments [Member] | Oil and Gas [Member] | |||
EBITDA - Continuing Operations: | |||
EBITDA - Continuing operations | 297.3 | 157 | 195.1 |
Reportable Segments [Member] | Electrical Transmission [Member] | |||
EBITDA - Continuing Operations: | |||
EBITDA - Continuing operations | (42.9) | (71.3) | 45 |
Reportable Segments [Member] | Power Generation and Industrial [Member] | |||
EBITDA - Continuing Operations: | |||
EBITDA - Continuing operations | 18.3 | 8.8 | 14.2 |
Reportable Segments [Member] | Other [Member] | |||
EBITDA - Continuing Operations: | |||
EBITDA - Continuing operations | (2.6) | (18.8) | (1.2) |
Corporate [Member] | |||
EBITDA - Continuing Operations: | |||
EBITDA - Continuing operations | $ (73.1) | $ (120.5) | $ (53.4) |
Segments and Related Informa103
Segments and Related Information (Schedule of Financial Information by Reportable Segment - Depreciation and Amortization) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Depreciation and Amortization: | |||
Depreciation and amortization | $ 164,915 | $ 169,662 | $ 154,452 |
Reportable Segments [Member] | Communications [Member] | |||
Depreciation and Amortization: | |||
Depreciation and amortization | 50,300 | 50,600 | 42,600 |
Reportable Segments [Member] | Oil and Gas [Member] | |||
Depreciation and Amortization: | |||
Depreciation and amortization | 78,400 | 84,500 | 82,800 |
Reportable Segments [Member] | Electrical Transmission [Member] | |||
Depreciation and Amortization: | |||
Depreciation and amortization | 23,200 | 21,100 | 17,100 |
Reportable Segments [Member] | Power Generation and Industrial [Member] | |||
Depreciation and Amortization: | |||
Depreciation and amortization | 6,200 | 6,600 | 6,400 |
Reportable Segments [Member] | Other [Member] | |||
Depreciation and Amortization: | |||
Depreciation and amortization | 100 | 100 | 0 |
Corporate [Member] | |||
Depreciation and Amortization: | |||
Depreciation and amortization | $ 6,700 | $ 6,800 | $ 5,600 |
Segments and Related Informa104
Segments and Related Information (Schedule of Financial Information by Reportable Segment - Assets) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Assets: | ||||
Assets | $ 3,183,132 | $ 2,927,347 | $ 3,550,800 | |
Reportable Segments [Member] | Communications [Member] | ||||
Assets: | ||||
Assets | 1,156,900 | 1,032,200 | 1,197,400 | |
Reportable Segments [Member] | Oil and Gas [Member] | ||||
Assets: | ||||
Assets | 1,267,200 | 1,131,400 | 1,389,500 | |
Reportable Segments [Member] | Electrical Transmission [Member] | ||||
Assets: | ||||
Assets | 419,100 | 409,100 | 489,500 | |
Reportable Segments [Member] | Power Generation and Industrial [Member] | ||||
Assets: | ||||
Assets | 268,100 | 252,500 | 340,100 | |
Reportable Segments [Member] | Other [Member] | ||||
Assets: | ||||
Assets | 27,700 | 34,300 | 24,600 | |
Corporate [Member] | ||||
Assets: | ||||
Assets | [1] | $ 44,100 | $ 67,800 | $ 109,700 |
[1] | Corporate segment assets as of December 31, 2015 and 2014 have been recast to reflect the adoption of ASU 2015-03, as discussed in Note 7 - Debt. For the Years Ended December 31,Capital Expenditures:2016 2015 2014Communications$28.5 $25.8 $23.4Oil and Gas64.0 38.1 44.2Electrical Transmission19.8 13.0 25.8Power Generation and Industrial3.4 3.5 6.7Other0.3 0.2 —Corporate1.1 3.8 9.2Consolidated capital expenditures$117.1 $84.4 $109.3 |
Segments and Related Informa105
Segments and Related Information (Schedule of Financial Information by Reportable Segment - Capital Expenditures) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Capital Expenditures: | |||
Capital expenditures | $ 117,114 | $ 84,410 | $ 109,254 |
Reportable Segments [Member] | Communications [Member] | |||
Capital Expenditures: | |||
Capital expenditures | 28,500 | 25,800 | 23,400 |
Reportable Segments [Member] | Oil and Gas [Member] | |||
Capital Expenditures: | |||
Capital expenditures | 64,000 | 38,100 | 44,200 |
Reportable Segments [Member] | Electrical Transmission [Member] | |||
Capital Expenditures: | |||
Capital expenditures | 19,800 | 13,000 | 25,800 |
Reportable Segments [Member] | Power Generation and Industrial [Member] | |||
Capital Expenditures: | |||
Capital expenditures | 3,400 | 3,500 | 6,700 |
Reportable Segments [Member] | Other [Member] | |||
Capital Expenditures: | |||
Capital expenditures | 300 | 200 | 0 |
Corporate [Member] | |||
Capital Expenditures: | |||
Capital expenditures | $ 1,100 | $ 3,800 | $ 9,200 |
Segments and Related Informa106
Segments and Related Information (Reconciliation of Consolidated Income (Loss) from Continuing Operations before Income Taxes to EBITDA) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
EBITDA Reconciliation: | |||
Income (loss) from continuing operations before income taxes | $ 225,819 | $ (67,746) | $ 198,430 |
Interest expense, net | 50,734 | 48,055 | 50,769 |
Depreciation and amortization | 164,915 | 169,662 | 154,452 |
EBITDA - Continuing operations | $ 441,500 | $ 150,000 | $ 403,700 |
Segments and Related Informa107
Segments and Related Information (Foreign Operations) (Narrative) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Segment and Related Information [Line Items] | ||||||||||||||
Revenue | $ 1,341,900 | $ 1,586,200 | $ 1,232,400 | $ 974,200 | $ 1,027,400 | $ 1,111,000 | $ 1,066,600 | $ 1,003,300 | $ 5,134,703 | $ 4,208,330 | $ 4,611,803 | |||
Property and equipment, net | $ 549,084 | $ 558,667 | 549,084 | 558,667 | 549,084 | 558,667 | ||||||||
Intangible assets and goodwill, net | $ 1,175,600 | $ 1,187,900 | 1,175,600 | 1,187,900 | 1,175,600 | 1,187,900 | ||||||||
Accounts Receivable, Net, Less BIEC [Member] | Geographic Concentration Risk [Member] | Foreign Customers [Member] | ||||||||||||||
Segment and Related Information [Line Items] | ||||||||||||||
Concentration risk, percentage of total | 8.00% | 17.00% | 20.00% | |||||||||||
United States [Member] | ||||||||||||||
Segment and Related Information [Line Items] | ||||||||||||||
Revenue | 4,900,000 | 3,600,000 | 3,900,000 | |||||||||||
Property and equipment, net | $ 475,300 | $ 464,600 | $ 494,100 | 475,300 | 464,600 | 475,300 | 464,600 | 494,100 | ||||||
Intangible assets and goodwill, net | 1,100,000 | 1,100,000 | 1,100,000 | 1,100,000 | 1,100,000 | 1,100,000 | 1,100,000 | 1,100,000 | ||||||
Foreign Operations [Member] | ||||||||||||||
Segment and Related Information [Line Items] | ||||||||||||||
Revenue | 279,700 | 574,800 | 699,900 | |||||||||||
Property and equipment, net | 73,800 | 94,100 | 129,000 | 73,800 | 94,100 | 73,800 | 94,100 | 129,000 | ||||||
Intangible assets and goodwill, net | $ 107,800 | $ 107,300 | $ 227,700 | $ 107,800 | $ 107,300 | $ 107,800 | $ 107,300 | $ 227,700 |
Segments and Related Informa108
Segments and Related Information (Schedule of Significant Customers, Revenue Concentration Information) (Details) - Customer Concentration Risk [Member] - Revenue [Member] | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||
AT&T (including DIRECTV) [Member] | Communications [Member] | ||||
Revenue, Significant Customer [Line Items] | ||||
Significant customers, percentage of total consolidated revenue | [1] | 34.00% | 32.00% | 33.00% |
Energy Transfer Affiliates [Member] | Oil and Gas [Member] | ||||
Revenue, Significant Customer [Line Items] | ||||
Significant customers, percentage of total consolidated revenue | [2] | 27.00% | 7.00% | 6.00% |
[1] | 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 business; (ii) wireline/fiber business; and (iii) home security and automation businesses; and for DIRECTV® services, is based upon an agreement to provide installation and maintenance services. Revenue from AT&T is included in the Communications segment. | |||
[2] | The Company's relationship with Energy Transfer affiliates is based upon various construction contracts for pipeline activities with Energy Transfer Partners L.P., Sunoco Logistics Partners L.P., and their subsidiaries and affiliates, all of which are consolidated by Energy Transfer Equity, L.P. Revenue from Energy Transfer affiliates is included in the Oil and Gas segment. |
Commitments and Contingencies (
Commitments and Contingencies (Other Commitments and Contingencies) (Narrative) (Details) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Uninsured Risk [Member] | Workers Compensation, General and Automobile Policies [Member] | ||
Loss Contingencies [Line Items] | ||
Self insurance reserve | $ 85.8 | $ 76.1 |
Uninsured Risk [Member] | Workers Compensation, General and Automobile Policies [Member] | Other Long-Term Liabilities [Member] | ||
Loss Contingencies [Line Items] | ||
Self insurance reserve, non-current | 55.2 | 47.5 |
Uninsured Risk [Member] | Workers Compensation, General and Automobile Policies [Member] | Other Long-Term Assets [Member] | Cash [Member] | ||
Loss Contingencies [Line Items] | ||
Cash collateral held by insurance carriers | 1.5 | 1.3 |
Uninsured Risk [Member] | Employee Group Medical Claims Policy [Member] | ||
Loss Contingencies [Line Items] | ||
Self insurance reserve | 2.6 | 1.6 |
Performance and Payment Bonds [Member] | ||
Loss Contingencies [Line Items] | ||
Outstanding bonds, amount | 72.9 | 539.3 |
Performance and Payment Bonds [Member] | Estimate [Member] | ||
Loss Contingencies [Line Items] | ||
Bonded projects, costs to complete | 9.5 | 36 |
Surety Bond [Member] | Uninsured Risk [Member] | Workers Compensation [Member] | ||
Loss Contingencies [Line Items] | ||
Outstanding bonds, amount | 13.5 | 13.4 |
Credit Facility [Member] | ||
Loss Contingencies [Line Items] | ||
Letters of credit issued | 314.3 | 292.8 |
Credit Facility [Member] | Financial Guarantees [Member] | Uninsured Risk [Member] | Workers Compensation, General and Automobile Policies [Member] | ||
Loss Contingencies [Line Items] | ||
Letters of credit issued | $ 85.1 | $ 83.2 |
Commitments and Contingencie110
Commitments and Contingencies (Cost and Equity Investees and Other Entities) (Narrative) (Details) - Joint Venture [Member] | Dec. 31, 2016 | Sep. 30, 2016 |
Joint Ventures That Provide Electrical Transmission Infrastructure Services [Member] | ||
Other Commitments [Line Items] | ||
Number of joint ventures | 3 | |
Joint Venture A That Provides Electrical Transmission Infrastructure Services [Member] | ||
Other Commitments [Line Items] | ||
Proportionately consolidated non-controlled joint venture, ownership percentage | 85.00% | |
Joint Venture B That Provides Electrical Transmission Infrastructure Services [Member] | ||
Other Commitments [Line Items] | ||
Proportionately consolidated non-controlled joint venture, ownership percentage | 85.00% | |
Joint Venture C That Provides Electrical Transmission Infrastructure Services [Member] | ||
Other Commitments [Line Items] | ||
Proportionately consolidated non-controlled joint venture, ownership percentage | 90.00% | |
Pacer [Member] | ||
Other Commitments [Line Items] | ||
Proportionately consolidated non-controlled joint venture, ownership percentage | 35.00% | 35.00% |
Commitments and Contingencie111
Commitments and Contingencies (Collective Bargaining Agreements and Multiemployer Plans) (Narrative) (Details) - Central States [Member] - Multiemployer Plans, Pension [Member] - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2016 | Dec. 31, 2015 | Nov. 30, 2011 | |
Loss Contingencies [Line Items] | |||
Multiemployer plan, withdrawal obligation, payments | $ 3 | ||
Multiemployer plans, withdrawal liability | $ 3 | $ 6.4 |
Commitments and Contingencie112
Commitments and Contingencies (Other Guarantees) (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2016USD ($) | |
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 Contingencie113
Commitments and Contingencies (Concentrations of Risk) (Narrative) (Details) - customer | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Concentration Risk [Line Items] | |||||
Number of customers | 460 | ||||
Accounts Receivable, Net, Less BIEC [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 | 24.00% | 12.00% | |||
Accounts Receivable, Net, Less BIEC [Member] | Credit Concentration Risk [Member] | Customer With Second Highest Net Accounts Receivable Position [Member] | |||||
Concentration Risk [Line Items] | |||||
Concentration risk, percentage of total | 17.00% | ||||
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 | 76.00% | 61.00% | 66.00% |
Related Party Transactions (Con
Related Party Transactions (Contractual Joint Ventures) (Narrative) (Details) CAD in Millions | 12 Months Ended | |||||
Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2016CAD | Sep. 30, 2016 | Dec. 31, 2015CAD | |
Performance Guarantees [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Guarantees issued, related party | $ 72,900,000 | $ 539,300,000 | ||||
Joint Venture [Member] | Joint Venture A That Provides Electrical Transmission Infrastructure Services [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Proportionately consolidated non-controlled joint venture, ownership percentage | 85.00% | 85.00% | ||||
Joint Venture [Member] | Joint Venture B That Provides Electrical Transmission Infrastructure Services [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Proportionately consolidated non-controlled joint venture, ownership percentage | 85.00% | 85.00% | ||||
Joint Venture [Member] | Joint Venture C That Provides Electrical Transmission Infrastructure Services [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Proportionately consolidated non-controlled joint venture, ownership percentage | 90.00% | 90.00% | ||||
Joint Venture [Member] | Joint Ventures That Provide Electrical Transmission Infrastructure Services [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Number of joint ventures | 3 | 3 | ||||
Joint Venture [Member] | Pacer [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Proportionately consolidated non-controlled joint venture, ownership percentage | 35.00% | 35.00% | 35.00% | |||
Joint Venture [Member] | Pacer [Member] | Performance Guarantees [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Guarantees issued, related party | CAD | CAD 132.1 | CAD 132.1 | ||||
Construction projects, percentage complete | 80.00% | 80.00% | ||||
Joint Venture [Member] | Pacer [Member] | Canadian Dollars [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Revenue, related party | $ 1,000,000 | 2,100,000 | $ 1,700,000 | |||
Joint Venture [Member] | Pacer [Member] | Canadian Dollars [Member] | Financial Support [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Project-related financing provided, related party | 6,800,000 | |||||
Additional amounts committed, related party | 0 | |||||
Joint Venture [Member] | Pacer [Member] | Canadian Dollars [Member] | Performance Guarantees [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Guarantees issued, related party | 98,300,000 | 95,400,000 | ||||
Joint Venture [Member] | Pacer [Member] | Canadian Dollars [Member] | Trade Accounts Receivable [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Receivables, related party, unincorporated joint venture | $ 700,000 | $ 1,200,000 |
Related Party Transactions (CCP
Related Party Transactions (CCP) (Narrative) (Details) - CCP [Member] - Cost Method Investment [Member] - Equipment [Member] - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Related Party Transaction [Line Items] | |||
Payments for equipment, related party | $ 24.5 | $ 10.6 | $ 6.3 |
Rebates received, related party | 0.4 | ||
Payables, related party | $ 1.5 | $ 0.6 |
Related Party Transactions (Oth
Related Party Transactions (Other Related Party Transactions) (Narrative) (Details) | 12 Months Ended | ||
Dec. 31, 2016USD ($)employee | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Management [Member] | Subcontracting Arrangement, Construction Services [Member] | |||
Related Party Transaction [Line Items] | |||
Number of additional management employees, subcontracting arrangement | employee | 2 | ||
Payments, related party | $ 12,900,000 | ||
Payables, related party | $ 100,000 | ||
Management [Member] | Subcontracting Arrangement, Construction Services [Member] | Subsidiaries [Member] | |||
Related Party Transaction [Line Items] | |||
Number of subsidiaries, non-controlling interests, subcontracting arrangement | 1 | ||
Management [Member] | Equipment [Member] | |||
Related Party Transaction [Line Items] | |||
Proceeds from sale of equipment, related party | $ 300,000 | ||
Management [Member] | Services [Member] | |||
Related Party Transaction [Line Items] | |||
Payments, related party | 27,700,000 | $ 10,500,000 | $ 6,000,000 |
Payables, related party | 3,700,000 | 2,100,000 | |
Management [Member] | Lease Agreements [Member] | |||
Related Party Transaction [Line Items] | |||
Payments, related party | 43,300,000 | 22,100,000 | 12,200,000 |
Payables, related party | 300,000 | 100,000 | |
Executive Officers [Member] | Services [Member] | Related Customer [Member] | |||
Related Party Transaction [Line Items] | |||
Revenue, related party | 900,000 | 900,000 | 1,000,000 |
Accounts receivable, related party | 400,000 | 300,000 | |
Executive Officers [Member] | Employee Leasing Arrangements [Member] | Related Customer [Member] | |||
Related Party Transaction [Line Items] | |||
Charges, related party | 800,000 | 800,000 | 700,000 |
Receivables, related party | 200,000 | 100,000 | |
Immediate Family Member of Management [Member] | Property Lease [Member] | |||
Related Party Transaction [Line Items] | |||
Payments, related party | 48,000 | $ 48,000 | $ 48,000 |
Chairman, Board of Directors [Member] | Lease Agreements [Member] | Aircraft [Member] | |||
Related Party Transaction [Line Items] | |||
Payments, related party | $ 2,600,000 |
Related Party Transactions (Spl
Related Party Transactions (Split Dollar Agreements) (Narrative) (Details) - Split Dollar Life Insurance [Member] - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Chairman, Board of Directors [Member] | |||
Related Party Transaction [Line Items] | |||
Payments for life insurance policies | $ 1.1 | $ 1.1 | $ 1.1 |
Chairman, Board of Directors [Member] | Maximum [Member] | |||
Related Party Transaction [Line Items] | |||
Life insurance, face amount | 200 | ||
Chief Executive Officer [Member] | |||
Related Party Transaction [Line Items] | |||
Payments for life insurance policies | 0.7 | 0.7 | |
Proceeds from life insurance, net of premiums paid | $ 0.1 | ||
Chief Executive Officer [Member] | Maximum [Member] | |||
Related Party Transaction [Line Items] | |||
Life insurance, face amount | 75 | ||
Executive Officers [Member] | Other Long-Term Assets [Member] | |||
Related Party Transaction [Line Items] | |||
Life insurance assets, carrying amount | $ 14.8 | $ 13 |
Quarterly Information (Unaud118
Quarterly Information (Unaudited) (Schedule of Quarterly Financial Information (Unaudited)) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Selected Quarterly Financial Information [Abstract] | |||||||||||
Revenue | $ 1,341,900 | $ 1,586,200 | $ 1,232,400 | $ 974,200 | $ 1,027,400 | $ 1,111,000 | $ 1,066,600 | $ 1,003,300 | $ 5,134,703 | $ 4,208,330 | $ 4,611,803 |
Costs of revenue, excluding depreciation and amortization | 1,120,600 | 1,369,000 | 1,068,200 | 884,400 | 916,300 | 972,700 | 945,900 | 886,400 | 4,442,125 | 3,721,303 | 3,977,963 |
Net (loss) income | 55,900 | 56,500 | 24,400 | (2,900) | (76,900) | 7,400 | (3,800) | (6,400) | 134,035 | (79,703) | 122,001 |
Net (loss) income attributable to MasTec, Inc. | $ 53,600 | $ 56,300 | $ 24,100 | $ (2,700) | $ (76,700) | $ 7,600 | $ (3,700) | $ (6,300) | $ 131,263 | $ (79,110) | $ 115,923 |
(Loss) earnings per share from continuing operations: | |||||||||||
Basic (in dollars per share) | $ 0.67 | $ 0.70 | $ 0.30 | $ (0.03) | $ (0.96) | $ 0.10 | $ (0.05) | $ (0.08) | $ 1.63 | $ (0.98) | $ 1.53 |
Diluted (in dollars per share) | $ 0.66 | $ 0.69 | $ 0.30 | $ (0.03) | $ (0.96) | $ 0.09 | $ (0.05) | $ (0.08) | $ 1.61 | $ (0.98) | $ 1.42 |
Quarterly Information (Unaud119
Quarterly Information (Unaudited) (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Quarterly Financial Information [Line Items] | |||||||||||
Restructuring charges | $ 1,400 | $ 4,700 | $ 5,100 | $ 4,100 | |||||||
Goodwill and intangible asset impairment | $ 0 | $ 78,625 | $ 0 | ||||||||
General and administrative expenses | 261,433 | 265,910 | 238,305 | ||||||||
Recognized unrealized loss, unconsolidated affiliates | (3,528) | 7,978 | 269 | ||||||||
Foreign Tax Authority [Member] | Alberta [Member] | |||||||||||
Quarterly Financial Information [Line Items] | |||||||||||
Income tax expense, adjustment resulting from tax law change | $ 2,800 | ||||||||||
Corporate [Member] | |||||||||||
Quarterly Financial Information [Line Items] | |||||||||||
Goodwill and intangible asset impairment | $ 78,600 | 78,600 | |||||||||
Corporate [Member] | Audit Committee Investigation [Member] | |||||||||||
Quarterly Financial Information [Line Items] | |||||||||||
General and administrative expenses | 2,800 | $ 4,100 | 7,500 | $ 3,000 | 16,500 | ||||||
Canadian Dollars [Member] | Pacer [Member] | |||||||||||
Quarterly Financial Information [Line Items] | |||||||||||
Goodwill and intangible asset impairment | 78,600 | ||||||||||
Other [Member] | Waha JVs [Member] | Interest Rate Swap [Member] | |||||||||||
Quarterly Financial Information [Line Items] | |||||||||||
Recognized unrealized loss, unconsolidated affiliates | 4,400 | 4,400 | |||||||||
Other [Member] | Contracts Accounted for under Percentage-of-Completion [Member] | Canadian Dollars [Member] | Joint Venture [Member] | Pacer [Member] | |||||||||||
Quarterly Financial Information [Line Items] | |||||||||||
Project losses | $ 5,100 | $ 8,000 | 2,800 | 5,500 | 5,100 | 16,300 | |||||
Communications [Member] | |||||||||||
Quarterly Financial Information [Line Items] | |||||||||||
Business combinations, acquisition integration costs | 1,200 | $ 7,800 | $ 8,800 | 17,800 | $ 5,300 | ||||||
Electrical Transmission [Member] | |||||||||||
Quarterly Financial Information [Line Items] | |||||||||||
Restructuring charges | $ 8,900 | ||||||||||
Electrical Transmission [Member] | Settled Litigation [Member] | |||||||||||
Quarterly Financial Information [Line Items] | |||||||||||
Court mandated mediation settlement charge | $ 12,200 | 12,200 | |||||||||
Electrical Transmission [Member] | Contracts Accounted for under Percentage-of-Completion [Member] | |||||||||||
Quarterly Financial Information [Line Items] | |||||||||||
Project losses | $ 15,100 | $ 14,000 |
Supplemental Guarantor Finan120
Supplemental Guarantor Financial Information (Narrative) (Details) | Dec. 31, 2016 |
Senior Notes [Member] | 4.875% Senior Notes [Member] | |
Condensed Financial Statements, Captions [Line Items] | |
Debt instrument, interest rate (percentage) | 4.875% |
Supplemental Guarantor Finan121
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, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Condensed Consolidating Statements of Operations and Comprehensive Income (Loss) [Line Items] | |||||||||||
Revenue | $ 1,341,900 | $ 1,586,200 | $ 1,232,400 | $ 974,200 | $ 1,027,400 | $ 1,111,000 | $ 1,066,600 | $ 1,003,300 | $ 5,134,703 | $ 4,208,330 | $ 4,611,803 |
Costs of revenue, excluding depreciation and amortization | 1,120,600 | 1,369,000 | 1,068,200 | 884,400 | 916,300 | 972,700 | 945,900 | 886,400 | 4,442,125 | 3,721,303 | 3,977,963 |
Depreciation and amortization | 164,915 | 169,662 | 154,452 | ||||||||
Goodwill and intangible asset impairment | 0 | 78,625 | 0 | ||||||||
General and administrative expenses | 261,433 | 265,910 | 238,305 | ||||||||
Interest expense (income), net | 50,734 | 48,055 | 50,769 | ||||||||
Equity in (earnings) losses of unconsolidated affiliates | (3,528) | 7,978 | 269 | ||||||||
Other (income) expense, net | (6,795) | (15,457) | (8,385) | ||||||||
Income (loss) from continuing operations before income taxes | 225,819 | (67,746) | 198,430 | ||||||||
Benefit from (provision for) income taxes | (91,784) | (11,957) | (76,429) | ||||||||
Net income (loss) from continuing operations | 55,900 | 56,500 | 24,400 | (2,900) | (76,900) | 7,400 | (3,800) | (6,400) | 134,035 | (79,703) | 122,001 |
Net loss from discontinued operations | 0 | 0 | (6,452) | ||||||||
Equity in income (loss) from subsidiaries, net of tax | 0 | 0 | 0 | ||||||||
Net income (loss) | 134,035 | (79,703) | 115,549 | ||||||||
Net income (loss) attributable to non-controlling interests | 2,772 | (593) | (374) | ||||||||
Net income (loss) attributable to MasTec, Inc. | $ 53,600 | $ 56,300 | $ 24,100 | $ (2,700) | $ (76,700) | $ 7,600 | $ (3,700) | $ (6,300) | 131,263 | (79,110) | 115,923 |
Comprehensive income (loss) | 140,572 | (118,050) | 94,831 | ||||||||
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 | 2,400 | 2,100 | 2,500 | ||||||||
Interest expense (income), net | 0 | 0 | 0 | ||||||||
Equity in (earnings) losses of unconsolidated affiliates | 0 | 0 | 0 | ||||||||
Other (income) expense, net | 0 | 0 | 0 | ||||||||
Income (loss) from continuing operations before income taxes | (2,400) | (2,100) | (2,500) | ||||||||
Benefit from (provision for) income taxes | 900 | 1,100 | 1,000 | ||||||||
Net income (loss) from continuing operations | (1,500) | (1,000) | (1,500) | ||||||||
Net loss from discontinued operations | 0 | ||||||||||
Equity in income (loss) from subsidiaries, net of tax | 132,800 | (78,100) | 117,400 | ||||||||
Net income (loss) | 131,300 | (79,100) | 115,900 | ||||||||
Net income (loss) attributable to non-controlling interests | 0 | 0 | 0 | ||||||||
Net income (loss) attributable to MasTec, Inc. | 131,300 | (79,100) | 115,900 | ||||||||
Comprehensive income (loss) | 137,800 | (117,500) | 95,200 | ||||||||
Reportable Legal Entities [Member] | Guarantor Subsidiaries [Member] | |||||||||||
Condensed Consolidating Statements of Operations and Comprehensive Income (Loss) [Line Items] | |||||||||||
Revenue | 4,790,900 | 3,527,000 | 3,768,400 | ||||||||
Costs of revenue, excluding depreciation and amortization | 4,121,000 | 3,073,600 | 3,226,200 | ||||||||
Depreciation and amortization | 131,600 | 130,600 | 119,300 | ||||||||
Goodwill and intangible asset impairment | 0 | ||||||||||
General and administrative expenses | 234,000 | 235,400 | 208,500 | ||||||||
Interest expense (income), net | 111,900 | 111,000 | 47,800 | ||||||||
Equity in (earnings) losses of unconsolidated affiliates | 0 | 0 | 0 | ||||||||
Other (income) expense, net | 0 | (6,200) | (1,900) | ||||||||
Income (loss) from continuing operations before income taxes | 192,400 | (17,400) | 168,500 | ||||||||
Benefit from (provision for) income taxes | (66,800) | 9,300 | (70,600) | ||||||||
Net income (loss) from continuing operations | 125,600 | (8,100) | 97,900 | ||||||||
Net loss from discontinued operations | 0 | ||||||||||
Equity in income (loss) from subsidiaries, net of tax | 0 | 0 | 0 | ||||||||
Net income (loss) | 125,600 | (8,100) | 97,900 | ||||||||
Net income (loss) attributable to non-controlling interests | 0 | 0 | 0 | ||||||||
Net income (loss) attributable to MasTec, Inc. | 125,600 | (8,100) | 97,900 | ||||||||
Comprehensive income (loss) | 125,600 | (8,100) | 97,900 | ||||||||
Reportable Legal Entities [Member] | Non-Guarantor Subsidiaries [Member] | |||||||||||
Condensed Consolidating Statements of Operations and Comprehensive Income (Loss) [Line Items] | |||||||||||
Revenue | 407,000 | 689,700 | 847,700 | ||||||||
Costs of revenue, excluding depreciation and amortization | 384,300 | 656,100 | 756,100 | ||||||||
Depreciation and amortization | 33,300 | 39,100 | 35,200 | ||||||||
Goodwill and intangible asset impairment | 78,600 | ||||||||||
General and administrative expenses | 25,000 | 28,400 | 27,300 | ||||||||
Interest expense (income), net | (61,200) | (62,900) | 3,000 | ||||||||
Equity in (earnings) losses of unconsolidated affiliates | (3,500) | 8,000 | 300 | ||||||||
Other (income) expense, net | (6,800) | (9,300) | (6,600) | ||||||||
Income (loss) from continuing operations before income taxes | 35,900 | (48,300) | 32,400 | ||||||||
Benefit from (provision for) income taxes | (25,900) | (22,300) | (6,800) | ||||||||
Net income (loss) from continuing operations | 10,000 | (70,600) | 25,600 | ||||||||
Net loss from discontinued operations | (6,500) | ||||||||||
Equity in income (loss) from subsidiaries, net of tax | 0 | 0 | 0 | ||||||||
Net income (loss) | 10,000 | (70,600) | 19,100 | ||||||||
Net income (loss) attributable to non-controlling interests | 2,800 | (600) | (400) | ||||||||
Net income (loss) attributable to MasTec, Inc. | 7,200 | (70,000) | 19,500 | ||||||||
Comprehensive income (loss) | 16,500 | (109,000) | (1,600) | ||||||||
Eliminations [Member] | |||||||||||
Condensed Consolidating Statements of Operations and Comprehensive Income (Loss) [Line Items] | |||||||||||
Revenue | (63,200) | (8,400) | (4,300) | ||||||||
Costs of revenue, excluding depreciation and amortization | (63,200) | (8,400) | (4,300) | ||||||||
Depreciation and amortization | 0 | 0 | 0 | ||||||||
Goodwill and intangible asset impairment | 0 | ||||||||||
General and administrative expenses | 0 | 0 | 0 | ||||||||
Interest expense (income), net | 0 | 0 | 0 | ||||||||
Equity in (earnings) losses of unconsolidated affiliates | 0 | 0 | 0 | ||||||||
Other (income) expense, net | 0 | 0 | 0 | ||||||||
Income (loss) from continuing operations before income taxes | 0 | 0 | 0 | ||||||||
Benefit from (provision for) income taxes | 0 | 0 | 0 | ||||||||
Net income (loss) from continuing operations | 0 | 0 | 0 | ||||||||
Net loss from discontinued operations | 0 | ||||||||||
Equity in income (loss) from subsidiaries, net of tax | (132,800) | 78,100 | (117,400) | ||||||||
Net income (loss) | (132,800) | 78,100 | (117,400) | ||||||||
Net income (loss) attributable to non-controlling interests | 0 | 0 | 0 | ||||||||
Net income (loss) attributable to MasTec, Inc. | (132,800) | 78,100 | (117,400) | ||||||||
Comprehensive income (loss) | $ (139,300) | $ 116,500 | $ (96,700) |
Supplemental Guarantor Finan122
Supplemental Guarantor Financial Information (Condensed Consolidating Balance Sheets) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Assets | ||||
Total current assets | $ 1,402,486 | $ 1,129,758 | ||
Property and equipment, net | 549,084 | 558,667 | ||
Goodwill and other intangible assets, net | 1,175,600 | 1,187,900 | ||
Investments in and advances to consolidated affiliates, net | 0 | 0 | ||
Other long-term assets | 55,977 | 51,032 | ||
Total assets | 3,183,132 | 2,927,347 | $ 3,550,800 | |
Liabilities and equity | ||||
Total current liabilities | 839,990 | 752,535 | ||
Long-term debt | 961,379 | 932,868 | ||
Other long-term liabilities | 278,100 | 298,500 | ||
Total liabilities | 2,079,498 | 1,983,956 | ||
Total equity | 1,103,634 | 943,391 | $ 1,148,075 | $ 1,021,058 |
Total liabilities and equity | 3,183,132 | 2,927,347 | ||
Reportable Legal Entities [Member] | MasTec, Inc. [Member] | ||||
Assets | ||||
Total 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 | 1,083,900 | 930,300 | ||
Other long-term assets | 12,600 | 9,300 | ||
Total assets | 1,096,500 | 939,600 | ||
Liabilities and equity | ||||
Total current liabilities | 0 | 0 | ||
Long-term debt | 0 | 0 | ||
Other long-term liabilities | 0 | 0 | ||
Total liabilities | 0 | 0 | ||
Total equity | 1,096,500 | 939,600 | ||
Total liabilities and equity | 1,096,500 | 939,600 | ||
Reportable Legal Entities [Member] | Guarantor Subsidiaries [Member] | ||||
Assets | ||||
Total current assets | 1,256,300 | 927,400 | ||
Property and equipment, net | 456,600 | 448,200 | ||
Goodwill and other intangible assets, net | 1,037,400 | 1,047,500 | ||
Investments in and advances to consolidated affiliates, net | 625,900 | 527,200 | ||
Other long-term assets | 25,300 | 24,300 | ||
Total assets | 3,401,500 | 2,974,600 | ||
Liabilities and equity | ||||
Total current liabilities | 759,700 | 632,900 | ||
Long-term debt | 938,700 | 900,100 | ||
Other long-term liabilities | 256,200 | 275,600 | ||
Total liabilities | 1,954,600 | 1,808,600 | ||
Total equity | 1,446,900 | 1,166,000 | ||
Total liabilities and equity | 3,401,500 | 2,974,600 | ||
Reportable Legal Entities [Member] | Non-Guarantor Subsidiaries [Member] | ||||
Assets | ||||
Total current assets | 175,800 | 202,400 | ||
Property and equipment, net | 92,500 | 110,500 | ||
Goodwill and other intangible assets, net | 138,200 | 140,400 | ||
Investments in and advances to consolidated affiliates, net | 861,200 | 930,000 | ||
Other long-term assets | 18,000 | 17,300 | ||
Total assets | 1,285,700 | 1,400,600 | ||
Liabilities and equity | ||||
Total current liabilities | 109,900 | 119,600 | ||
Long-term debt | 22,700 | 32,800 | ||
Other long-term liabilities | 21,900 | 23,000 | ||
Total liabilities | 154,500 | 175,400 | ||
Total equity | 1,131,200 | 1,225,200 | ||
Total liabilities and equity | 1,285,700 | 1,400,600 | ||
Eliminations [Member] | ||||
Assets | ||||
Total current assets | (29,600) | 0 | ||
Property and equipment, net | 0 | 0 | ||
Goodwill and other intangible assets, net | 0 | 0 | ||
Investments in and advances to consolidated affiliates, net | (2,571,000) | (2,387,500) | ||
Other long-term assets | 0 | 0 | ||
Total assets | (2,600,600) | (2,387,500) | ||
Liabilities and equity | ||||
Total current liabilities | (29,600) | 0 | ||
Long-term debt | 0 | 0 | ||
Other long-term liabilities | 0 | 0 | ||
Total liabilities | (29,600) | 0 | ||
Total equity | (2,571,000) | (2,387,500) | ||
Total liabilities and equity | $ (2,600,600) | $ (2,387,500) |
Supplemental Guarantor Finan123
Supplemental Guarantor Financial Information (Condensed Consolidating Statements of Cash Flows) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Condensed Consolidating Statements of Cash Flows [Line Items] | |||
Net cash provided by (used in) operating activities | $ 205,593 | $ 367,413 | $ 323,011 |
Cash flows (used in) provided by investing activities: | |||
Cash paid for acquisitions, net of cash acquired | (4,102) | (148) | (345,543) |
Capital expenditures | (117,114) | (84,410) | (109,254) |
Proceeds from sale of property and equipment | 11,239 | 13,932 | 16,655 |
Payments for investments, net | (31,000) | (58,100) | (1,100) |
Net cash used in investing activities | (141,021) | (128,700) | (439,262) |
Cash flows provided by (used in) financing activities: | |||
Proceeds from credit facilities | 1,681,424 | 1,702,431 | 2,385,971 |
Repayments of credit facilities | (1,627,129) | (1,742,077) | (1,939,612) |
Repayments of senior convertible notes | 0 | 0 | (202,325) |
Repayments of other borrowings and capital lease obligations | (68,700) | (70,900) | (67,300) |
Repurchase of common stock | 0 | (100,000) | 0 |
Proceeds from stock-based awards, net | 4,200 | 1,566 | 1,113 |
Excess tax benefit from stock-based compensation | 135 | 57 | 3,728 |
Payments of acquisition-related contingent consideration | (19,822) | (47,523) | (60,341) |
Other financing activities, net | 380 | (2,436) | (2,572) |
Net financing activities and advances (to) from consolidated affiliates | 0 | 0 | 0 |
Net cash (used in) provided by financing activities | (29,486) | (258,920) | 118,675 |
Effect of currency translation on cash | (1,303) | 1,132 | (1,292) |
Net increase (decrease) in cash and cash equivalents | 33,783 | (19,075) | 1,132 |
Cash and cash equivalents - beginning of period | 4,984 | 24,059 | 22,927 |
Cash and cash equivalents - end of period | 38,767 | 4,984 | 24,059 |
Reportable Legal Entities [Member] | MasTec, Inc. [Member] | |||
Condensed Consolidating Statements of Cash Flows [Line Items] | |||
Net cash provided by (used in) operating activities | 0 | 900 | (500) |
Cash flows (used in) provided by investing activities: | |||
Cash paid for acquisitions, net of cash acquired | 0 | 0 | 0 |
Capital expenditures | 0 | 0 | 0 |
Proceeds from sale of property and equipment | 0 | 0 | 0 |
Payments for investments, net | 0 | (1,900) | (1,000) |
Net cash used in investing activities | 0 | (1,900) | (1,000) |
Cash flows provided by (used in) financing activities: | |||
Proceeds from credit facilities | 0 | 0 | 0 |
Repayments of credit facilities | 0 | 0 | 0 |
Repayments of senior convertible notes | 0 | ||
Repayments of other borrowings and capital lease obligations | 0 | 0 | 0 |
Repurchase of common stock | (100,000) | ||
Proceeds from stock-based awards, net | 4,200 | 2,700 | 3,800 |
Excess tax benefit from stock-based compensation | 100 | 0 | 0 |
Payments of acquisition-related contingent consideration | 0 | 0 | 0 |
Other financing activities, net | 0 | 0 | 0 |
Net financing activities and advances (to) from consolidated affiliates | (4,300) | 98,300 | (2,300) |
Net cash (used in) provided by financing activities | 0 | 1,000 | 1,500 |
Effect of currency translation on cash | 0 | 0 | 0 |
Net increase (decrease) in cash and cash equivalents | 0 | 0 | 0 |
Cash and cash equivalents - beginning of period | 0 | 0 | 0 |
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 provided by (used in) operating activities | 130,400 | 358,500 | 251,900 |
Cash flows (used in) provided by investing activities: | |||
Cash paid for acquisitions, net of cash acquired | (4,100) | (100) | (222,700) |
Capital expenditures | (106,200) | (71,900) | (84,800) |
Proceeds from sale of property and equipment | 7,500 | 10,500 | 14,300 |
Payments for investments, net | (3,900) | 0 | (100) |
Net cash used in investing activities | (106,700) | (61,500) | (293,300) |
Cash flows provided by (used in) financing activities: | |||
Proceeds from credit facilities | 1,553,400 | 1,097,300 | 1,894,400 |
Repayments of credit facilities | (1,496,600) | (1,154,300) | (1,410,000) |
Repayments of senior convertible notes | (202,300) | ||
Repayments of other borrowings and capital lease obligations | (50,300) | (54,300) | (39,000) |
Repurchase of common stock | 0 | ||
Proceeds from stock-based awards, net | 0 | (1,100) | (2,700) |
Excess tax benefit from stock-based compensation | 0 | 100 | 3,700 |
Payments of acquisition-related contingent consideration | (16,600) | (37,300) | (60,300) |
Other financing activities, net | (100) | (2,400) | (2,600) |
Net financing activities and advances (to) from consolidated affiliates | 10,000 | (158,700) | (126,700) |
Net cash (used in) provided by financing activities | (200) | (310,700) | 54,500 |
Effect of currency translation on cash | 0 | 0 | 0 |
Net increase (decrease) in cash and cash equivalents | 23,500 | (13,700) | 13,100 |
Cash and cash equivalents - beginning of period | 4,800 | 18,500 | 5,400 |
Cash and cash equivalents - end of period | 28,300 | 4,800 | 18,500 |
Reportable Legal Entities [Member] | Non-Guarantor Subsidiaries [Member] | |||
Condensed Consolidating Statements of Cash Flows [Line Items] | |||
Net cash provided by (used in) operating activities | 75,200 | 8,000 | 71,600 |
Cash flows (used in) provided by investing activities: | |||
Cash paid for acquisitions, net of cash acquired | 0 | 0 | (122,900) |
Capital expenditures | (10,900) | (12,500) | (24,500) |
Proceeds from sale of property and equipment | 3,700 | 3,400 | 2,400 |
Payments for investments, net | (27,100) | (56,300) | 0 |
Net cash used in investing activities | (34,300) | (65,400) | (145,000) |
Cash flows provided by (used in) financing activities: | |||
Proceeds from credit facilities | 128,000 | 605,100 | 491,600 |
Repayments of credit facilities | (130,500) | (587,800) | (529,600) |
Repayments of senior convertible notes | 0 | ||
Repayments of other borrowings and capital lease obligations | (18,400) | (16,600) | (28,300) |
Repurchase of common stock | 0 | ||
Proceeds from stock-based awards, net | 0 | 0 | 0 |
Excess tax benefit from stock-based compensation | 0 | 0 | 0 |
Payments of acquisition-related contingent consideration | (3,200) | (10,200) | 0 |
Other financing activities, net | 500 | 0 | 0 |
Net financing activities and advances (to) from consolidated affiliates | (5,700) | 60,400 | 129,000 |
Net cash (used in) provided by financing activities | (29,300) | 50,900 | 62,700 |
Effect of currency translation on cash | (1,300) | 1,100 | (1,300) |
Net increase (decrease) in cash and cash equivalents | 10,300 | (5,400) | (12,000) |
Cash and cash equivalents - beginning of period | 200 | 5,600 | 17,600 |
Cash and cash equivalents - end of period | 10,500 | 200 | 5,600 |
Eliminations [Member] | |||
Condensed Consolidating Statements of Cash Flows [Line Items] | |||
Net cash provided by (used in) operating activities | 0 | 0 | 0 |
Cash flows (used in) provided by investing activities: | |||
Cash paid for acquisitions, net of cash acquired | 0 | 0 | 0 |
Capital expenditures | 0 | 0 | 0 |
Proceeds from sale of property and equipment | 0 | 0 | 0 |
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 senior convertible notes | 0 | ||
Repayments of other borrowings and capital lease obligations | 0 | 0 | 0 |
Repurchase of common stock | 0 | ||
Proceeds from stock-based awards, net | 0 | 0 | 0 |
Excess tax benefit from stock-based compensation | 0 | 0 | 0 |
Payments of acquisition-related contingent consideration | 0 | 0 | 0 |
Other financing activities, net | 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 |
Subsequent Events (Narrative) (
Subsequent Events (Narrative) (Details) - Credit Facility [Member] - USD ($) | Feb. 22, 2017 | Dec. 31, 2016 |
Subsequent Event [Line Items] | ||
Line of credit facility, maximum borrowing capacity | $ 1,240,000,000 | |
Term Loan [Member] | ||
Subsequent Event [Line Items] | ||
Line of credit facility, maximum borrowing capacity | 238,000,000 | |
Maximum [Member] | ||
Subsequent Event [Line Items] | ||
Line of credit facility, revolving loans sublimit, Canadian dollars or Mexican pesos | $ 200,000,000 | |
Subsequent Event [Member] | ||
Subsequent Event [Line Items] | ||
Line of credit facility, maximum borrowing capacity | $ 1,500,000,000 | |
Subsequent Event [Member] | Term Loan [Member] | ||
Subsequent Event [Line Items] | ||
Line of credit facility, maximum borrowing capacity | 400,000,000 | |
Line of credit facility, principal amount currently drawn | 250,000,000 | |
Line of credit facility, remaining borrowing capacity | 150,000,000 | |
Subsequent Event [Member] | Maximum [Member] | ||
Subsequent Event [Line Items] | ||
Line of credit facility, revolving loans sublimit, Canadian dollars or Mexican pesos | $ 300,000,000 |
Schedule II - Valuation and 125
Schedule II - Valuation and Qualifying Accounts (Details) - USD ($) $ in Millions | 12 Months Ended | |||||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||||
Valuation and Qualifying Accounts [Roll Forward] | ||||||
Balance at beginning of period | $ 28 | $ 33 | $ 28.8 | |||
Charges to cost and expense | 24.6 | 2.2 | 7.8 | |||
Other additions | 1 | 10.3 | 0 | |||
(Deductions) | (10.8) | (17.5) | (3.6) | |||
Balance at end of period | 42.8 | 28 | 33 | |||
Allowance for Doubtful Accounts [Member] | ||||||
Valuation and Qualifying Accounts [Roll Forward] | ||||||
Balance at beginning of period | 7.7 | 13.9 | 15.7 | |||
Charges to cost and expense | [1] | 2.9 | 2.1 | 1.8 | ||
Other additions | 0 | 0 | 0 | |||
(Deductions) | [2] | (2.2) | (8.3) | (3.6) | ||
Balance at end of period | 8.4 | 7.7 | 13.9 | |||
Costs and Earnings in Excess of Billings Allowance [Member] | ||||||
Valuation and Qualifying Accounts [Roll Forward] | ||||||
Balance at beginning of period | 6.9 | 12.5 | 10.4 | |||
Charges to cost and expense | [1] | 9.9 | 0 | 2.1 | ||
Other additions | 0 | 0 | 0 | |||
(Deductions) | [2] | (7.3) | (5.6) | 0 | ||
Balance at end of period | 9.5 | 6.9 | 12.5 | |||
Inventory Valuation Reserve [Member] | ||||||
Valuation and Qualifying Accounts [Roll Forward] | ||||||
Balance at beginning of period | 2.8 | 6.4 | 2.6 | |||
Charges to cost and expense | [3] | 2 | 0 | 3.8 | ||
Other additions | 0 | 0 | 0 | |||
(Deductions) | [4] | (1.3) | (3.6) | 0 | ||
Balance at end of period | 3.5 | 2.8 | 6.4 | |||
Valuation Allowance for Deferred Tax Assets [Member] | ||||||
Valuation and Qualifying Accounts [Roll Forward] | ||||||
Balance at beginning of period | 10.6 | 0.2 | 0.1 | |||
Charges to cost and expense | [5] | 9.8 | 0.1 | 0.1 | ||
Other additions | 1 | [6] | 10.3 | [6] | 0 | |
(Deductions) | 0 | 0 | 0 | |||
Balance at end of period | $ 21.4 | $ 10.6 | $ 0.2 | |||
[1] | Provisions for doubtful accounts and costs and earnings in excess of billings. | |||||
[2] | Write-offs and reversals of uncollectible accounts receivable and non-billable costs and earnings in excess of billings. | |||||
[3] | Provision for inventory obsolescence. | |||||
[4] | Inventory write-offs. | |||||
[5] | Increase in the foreign and state tax loss carryforwards. | |||||
[6] | Additions related to unrealized gains and losses. |