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Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2011	Jun. 30, 2010	Jun. 30, 2011	Jun. 30, 2010
Condensed Consolidated Statements of Operations
Revenue	$ 750,942	$ 495,113	$ 1,369,433	$ 945,344
Costs of revenue, excluding depreciation and amortization	643,181	417,341	1,171,734	806,196
Gross profit	107,761	77,772	197,699	139,148
Depreciation and amortization	18,585	14,212	33,694	28,387
General and administrative expenses	37,560	30,983	70,059	58,655
Interest expense, net	8,254	7,269	16,166	14,645
Other (income) expense, net	(29,565)	588	(29,730)	291
Income before provision for income taxes	72,927	24,720	107,510	37,170
Provision for income taxes	(28,442)	(10,159)	(41,929)	(15,214)
Net income	44,485	14,561	65,581	21,956
Net loss attributable to non-controlling interests	(9)	(40)	(18)	(55)
Net income attributable to MasTec	$ 44,494	$ 14,601	$ 65,599	$ 22,011
Earnings per share - basic and diluted (See Note 2 - Earnings Per Share)
Basic net income per share attributable to MasTec	$ 0.54	$ 0.19	$ 0.81	$ 0.29
Basic weighted average common shares outstanding	82,753	76,073	80,575	76,046
Diluted net income per share attributable to MasTec	$ 0.51	$ 0.18	$ 0.77	$ 0.27
Diluted weighted average common shares outstanding	87,634	90,641	85,701	90,651
Supplemental disclosure (See Note 7 - Securities Available for Sale and Note 3 - Acquisitions and Other Investments)
Total other-than-temporary impairment losses on securities available for sale, net		$ 332		$ 266
Less: Unrealized losses on securities available for sale, recognized in other comprehensive income, net		(78)		(144)
Unrealized losses on securities available for sale, recognized in earnings		410		410
Gain on remeasurement of equity interest in acquiree	$ (29,041)		$ (29,041)
Other (income) expense, net	(524)	178	(689)	(119)
Total other (income) expense, net	$ (29,565)	$ 588	$ (29,730)	$ 291

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2011	Jun. 30, 2010
Cash flows from operating activities:
Net income	$ 65,581	$ 21,956
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	33,694	28,387
Stock-based compensation expense	1,818	1,958
Excess tax benefit from stock-based compensation	(3,415)
Amortization of deferred financing costs	1,608	1,612
Accretion of senior convertible note discount and investor fees	1,855
Provision for doubtful accounts	774	1,370
Provision for losses on construction projects, net	220	(525)
Provision for inventory obsolescence	150	150
Impairment of securities available for sale		410
Gain on disposal of assets	(414)	(440)
Gain on remeasurement of equity interest in acquiree	(29,041)
Earnings from equity method investments	(27)
Changes in assets and liabilities, net of assets acquired and liabilities assumed:
Accounts receivable, costs and earnings in excess of billings and retainage	(95,074)	(34,602)
Inventories	(28,031)	(16,048)
Deferred tax assets and liabilities, net	29,196	14,835
Other assets, current and non-current portion	822	1,468
Accounts payable and accrued expenses	91,683	9,374
Billings in excess of costs and earnings	(63,390)	(599)
Other liabilities, current and non-current portion	(2,615)	(1,045)
Net cash provided by operating activities	5,394	28,261
Cash flows used in investing activities:
Cash paid for acquisitions, net, including contingent consideration	(77,665)	(20,037)
Capital expenditures	(31,973)	(14,143)
Investments in life insurance policies	(284)	(194)
Proceeds from redemption of securities available for sale	4,600
Proceeds from sale of assets	2,516	3,204
Net cash used in investing activities	(102,806)	(31,170)
Cash flows used in financing activities:
Payments of other borrowings	(5,520)	(7,601)
Payments of capital lease obligations	(9,339)	(9,847)
Proceeds from stock option exercises	10,673	893
Excess tax benefit from stock-based compensation	3,415
Payments of financing costs	(1,000)	(69)
Net cash used in financing activities	(1,771)	(16,624)
Net decrease in cash and cash equivalents	(99,183)	(19,533)
Net effect of currency translation on cash	35	44
Cash and cash equivalents - beginning of period	177,604	88,521
Cash and cash equivalents - end of period	78,456	69,032
Supplemental cash flow information:
Interest paid	12,993	14,058
Income taxes paid	8,649	2,785
Supplemental disclosure of noncash information:
Equipment acquired under capital lease	2,012
Equipment acquired under financing arrangements	6,721
Conversion of leases from operating to capital	24,005
Shares issued in connection with business combinations	94,213
Exchange of senior convertible notes	202,322
Conversion of senior convertible notes to shares	$ 28

Acquisitions and Other Investments

6 Months Ended

Jun. 30, 2011

Acquisitions and Other Investments

Acquisitions and Other Investments

Note 3 - Acquisitions and Other Investments

Allocations of purchase price for acquisitions are based on estimates of the fair value of consideration paid and the net assets acquired and are subject to adjustment upon finalization of the purchase price allocation. Accounting for business combinations requires estimates and judgments as to expectations of future cash flows for acquired businesses and the allocation of those cash flows to identifiable intangible assets in determining the estimated fair values of assets acquired and liabilities assumed. The fair values assigned to tangible and intangible assets and liabilities, including contingent consideration, are based on management's estimates and assumptions, as well as other information compiled by management, including valuations that utilize customary valuation procedures and techniques. Contingent consideration is measured at its estimated fair value as of the date of acquisition, with subsequent changes in fair value recorded in earnings as a component of other (income) expense, net. If actual results differ from the estimates and judgments used in determining the estimated fair values of assets and liabilities recorded as of the date of acquisition, these differences could result in a possible impairment of recorded assets, including intangible assets and goodwill, or require acceleration of amortization expense of finite-lived intangible assets.

As of June 30, 2011, the purchase price, including the estimated fair value of contingent consideration and related allocations for businesses acquired by the Company during the second quarter of 2011 were preliminary. The preliminary allocations may be revised as a result of additional information relating to assets acquired and liabilities assumed or revisions to the preliminary estimates of fair value as of the date of purchase. For these acquisitions, the Company will recognize additional assets or liabilities if new information is obtained about the facts and circumstances existing as of the date of acquisition, that, if known, would have resulted in the recognition of those assets and liabilities as of that date. Adjustments to the initial allocation of purchase price during the measurement period requires the revision of comparative prior period financial information when reissued in subsequent financial statements. The effect of measurement period adjustments to the allocation of purchase price would be as if the adjustments had been taken into account on the date of acquisition. The effects of measurement period adjustments may cause changes in depreciation, amortization, or other income or expense recognized in prior periods. All changes that do not qualify as measurement period adjustments are included in current period earnings.

EC Source

In November 2010, MasTec entered into a membership interest purchase agreement and invested $10 million in exchange for a 33% voting interest in EC Source Services LLC ("EC Source") and a two-year option (the "EC Source Merger Option") that granted MasTec the right, but not the obligation, to acquire the entirety of EC Source's outstanding equity pursuant to the terms of a merger agreement. EC Source is a nationally recognized full-service engineering, procurement and construction program management entity, focused on deploying extra high voltage ("EHV") electrical transmission systems throughout North America. On April 29, 2011, the Company exercised its EC Source Merger Option and, effective May 2, 2011, acquired the remaining 67% membership interest in EC Source for an aggregate purchase price composed of 5,129,644 shares of MasTec common stock, the assumption of $8.6 million of debt and a five year earn-out, equal to 20% of the excess, if any, of EC Source's annual earnings before interest, taxes, depreciation and amortization ("EBITDA") over $15 million, payable annually at MasTec's election in common stock, cash or a combination thereof. The MasTec shares issued on the effective date are subject to transfer restrictions, which will lapse 25% on the first and second anniversaries of the closing and 50% on the third anniversary of the closing.

The following table summarizes the estimated fair value of consideration paid and the preliminary allocation of purchase price to the fair value of assets acquired and liabilities assumed as of date of acquisition (in millions). The fair value of the shares transferred was based on MasTec's quoted market price on the closing date, discounted by 10%, 15% and 20% for the estimated effect of the first, second and third year transfer restrictions, respectively, which is a Level 2 fair value input. See Note 6 - Fair Value of Financial Instruments. The fair value of the 33% equity investment in EC Source was estimated at $39.6 million immediately before the closing of the merger, resulting in a gain of $29.0 million, which was reflected as a component of other income within MasTec's results of operations during the second quarter of 2011. The fair value of the Company's 33% equity investment was determined based on the implied consideration transferred as of the date of the business combination, discounted for the Company's lack of control as a minority shareholder, which is a Level 2 fair value input. The allocation of purchase price to the fair value of tangible and intangible assets and liabilities, including the estimated value of the earn-out obligation and the estimated useful lives of acquired assets, is provisional and remains preliminary as management continues to assess the valuation of these items and any ultimate purchase price adjustments based on the final assets and net working capital, as prescribed by the purchase agreement.


Preliminary Purchase Price Consideration:
Shares transferred	$	94.2
Cash		0.3
Debt assumed		8.6
Fair value of contingent consideration (earn-out liability)		25.0

Total consideration	$	128.1

Fair value of equity investment		39.6

Amount to be allocated to net assets acquired	$	167.7

Preliminary Purchase Price Allocation:
Current assets	$	21.0
Property and equipment		10.1
Pre-qualifications		31.2
Non-compete agreements		1.3
Backlog		12.2
Goodwill		122.3

Total assets acquired	$	198.1

Current liabilities		(14.0	)
Debt		(8.6	)
Deferred income taxes		(17.0	)
Liability arising from contingent consideration arrangement		(25.0	)

Total liabilities assumed	$	(64.6	)

Net assets acquired	$	133.5

The intangible asset related to backlog will be amortized over the expected remaining 3 year term of these contracts, consistent with the pattern in which the related benefits are expected to be consumed. The intangible asset related to the non-compete agreements will be amortized over their 7 year term. The intangible asset related to EC Source's pre-qualifications with companies in the utilities industry has been assigned an indefinite life, due to the fact that the pre-qualifications do not expire or diminish in value, and the companies to which they relate have extremely long operating histories.

Goodwill of approximately $122.3 million arising from the acquisition represents the expected value of EC Source's geographic presence in key high growth markets, its assembled workforce, its management team's industry-specific project management expertise and synergies expected to be achieved from the combined operations of EC Source and MasTec. The estimated goodwill balance of $122.3 million is not tax deductible.

The fair value of the earn-out obligation of $25.0 million was estimated using an income approach and incorporates significant inputs not observable in the market, which are Level 3 fair value inputs. See Note 6 - Fair Value of Financial Instruments. Key assumptions in the estimated valuation included the discount rate and probability-adjusted EBITDA projections. The range of potential undiscounted payments that MasTec could be required to make under the earn-out arrangement was estimated to be between $0 and approximately $55 million; however, there is no maximum earn-out payment amount.

EC Source's earnings have been consolidated as of the effective date of the acquisition, May 2, 2011.

Fabcor

Effective April 1, 2011, MasTec acquired all of the issued and outstanding shares of Fabcor TargetCo Ltd. ("Fabcor Parent" and, together with its wholly-owned Canadian subsidiaries, Fabcor 2001, Inc. and Fabcor Pipelines B.C. Inc., ("Fabcor") for an aggregate purchase price composed of approximately $22.8 million in cash, the assumption of approximately $7.0 million of debt, which was repaid immediately, and a five year earn-out equal to 30% of the excess, if any, of Fabcor's annual EBITDA over 3.6 million Canadian dollars (approximately U.S. $3.7 million as of June 30, 2011), payable annually to the seller in cash in Canadian dollars. Fabcor is engaged in providing natural gas and petroleum pipeline infrastructure construction services in Alberta and British Columbia. Its services include: new pipeline construction; pipeline modification and replacement; river crossing construction and replacement; integrity excavation programs; well-site construction; compressor construction; gas plant construction; compressor and gas plant modifications; and plant commissioning support services. Fabcor provides MasTec the ability to expand its energy infrastructure services within the Canadian market and participate in the significant opportunities anticipated in that market in the future.

The following table summarizes the estimated fair value of consideration paid and the preliminary allocation of the purchase price as of date of acquisition (in millions). The allocation of purchase price to the fair value of tangible and intangible assets and liabilities, including the estimated value of the earn-out obligation and the estimated useful lives of acquired assets, is provisional and remains preliminary as management continues to assess the valuation of these items and any ultimate purchase price adjustments based on the final assets, net working capital and tangible net worth, as prescribed by the purchase agreement.


Preliminary Purchase Price Consideration:
Cash	$	22.8
Debt assumed		7.0
Fair value of contingent consideration (earn-out liability)		16.9

Total consideration	$	46.7

Preliminary Purchase Price Allocation:
Current assets	$	24.5
Trade names		0.7
Non-compete agreements		0.1
Customer relationships and backlog		3.5
Goodwill		22.4
Property and equipment		12.8
Other assets		0.4

Total assets acquired	$	64.4

Current liabilities		(23.1	)
Deferred income taxes and other liabilities		(1.6	)
Liability arising from contingent consideration arrangement		(16.9	)

Total liabilities assumed	$	(41.6	)

Net assets acquired	$	22.8

Intangible assets will be amortized consistent with the pattern in which the related benefits are expected to be consumed. The intangible asset related to backlog will be amortized over the remainder of 2011. Customer relationships will be amortized over a 12 year life, and the non-compete agreements will be amortized over their 7 year terms. Goodwill of approximately $22.4 million arising from the acquisition represents the estimated value of Fabcor's geographic presence in key high growth Canadian markets, its assembled workforce, its management team's industry-specific project management expertise and synergies expected to be achieved from the combined operations of Fabcor and MasTec. The estimated goodwill balance of $22.4 million is not tax deductible.

The fair value of the earn-out obligation of $16.9 million was estimated using an income approach and incorporates significant inputs not observable in the market, which are Level 3 fair value inputs. See Note 6 - Fair Value of Financial Instruments. Key assumptions in the estimated valuation included the discount rate and probability-adjusted EBITDA projections. The range of potential undiscounted payments that MasTec could be required to make under the earn-out arrangement was estimated to be between $0 and $25 million; however, there is no maximum earn-out payment amount.

Fabcor's earnings have been consolidated as of the effective date of the acquisition, April 1, 2011.

Cam Com

Effective April 1, 2011, MasTec purchased 100% of the capital stock of Cam Communications Inc. ("Cam Com"), a Maryland company that provides telephone, cabling, engineering, construction, equipment integration, testing, wiring and computer network services to telecommunications carriers for approximately $4.4 million in cash, the assumption of $0.3 million of capital leases and a five year earn-out equal to 20% of the excess, if any, of Cam Com's annual EBITDA over $2.25 million, plus an additional one time cash payment of up to $1.5 million if Cam Com's EBITDA exceeds $1.5 million for the first twelve months following the acquisition.

The purchase price for Cam Com has been allocated to the estimated fair value of the assets acquired and liabilities assumed as of the date of acquisition, including net working capital of $1.8 million, property and equipment of $0.4 million and goodwill and intangible assets of $4.0 million. Estimated goodwill of $2.2 million represents the expected value of synergies between Cam Com and MasTec's existing telecommunications service offerings. The allocation of purchase price to the fair value of tangible and intangible assets and liabilities, and the useful lives of those assets, as well as the estimated fair value of the earn-out obligation, is provisional and remains preliminary as management continues to assess the valuation of these items and any ultimate purchase price adjustments based on the final net working capital and tangible net worth, as prescribed by the purchase agreement. The estimated goodwill balance of $2.2 million is fully tax deductible.

Halsted

Effective June 30, 2011, MasTec acquired all of the issued and outstanding capital stock of Halsted Communications, Ltd. ("Halsted"), an install-to-the-home contractor operating primarily in portions of New York, Pennsylvania and New England for $4.0 million in cash, plus $13.5 million of assumed net liabilities. Halsted's primary customer is DIRECTV^®.

The purchase price has been allocated to the estimated fair value of assets acquired and liabilities assumed as of the date of acquisition, including negative net working capital of $6.1 million, property and equipment of $0.4 million, intangible assets related to Halsted's relationship with DIRECTV^® and covenants not to compete of $2.3 million, debt of $7.9 million and residual goodwill of $15.2 million. Estimated goodwill of $15.2 million represents the expected value of synergies between Halsted and MasTec's existing install-to-the-home service offering. The allocation of purchase price to the fair value of tangible and intangible assets and liabilities, and the estimated useful lives of those assets, is provisional and remains preliminary as management continues to assess the valuation of these items and any ultimate purchase price adjustments based on the final net working capital and tangible net worth, as prescribed by the purchase agreement. The estimated goodwill balance of $15.2 million is fully tax deductible.

Optima

Effective June 1, 2011, MasTec acquired all of the issued and outstanding shares of Optima Network Services, Inc. ("Optima"), a wireless infrastructure services company headquartered in California, for $5.1 million in cash, plus the assumption of $2.2 million in debt, $0.8 million of which was repaid immediately. In addition, the purchase price for Optima includes a five year earn-out, equal to 20% of the excess, if any, of Optima's annual EBITDA over $3.0 million, plus an additional one-time payment of up to approximately $5.0 million if Optima's EBITDA exceeds $3.0 million in the first twelve months following the acquisition. The potential one-time payment is payable in cash, and the earn-out is payable, at MasTec's election, in common stock, cash, or a combination thereof.

The purchase price has been allocated to the estimated fair value of assets acquired and liabilities assumed as of the date of acquisition, including net working capital of $2.3 million, property and equipment of $2.1 million, goodwill and intangible assets of $9.3 million and debt of $2.2 million. Estimated goodwill of $8.7 million represents the value of Optima's geographic presence in key western U.S. markets, its assembled work force and its project management expertise. The fair value of the earn-out obligation is approximately $6.2 million as of the date of acquisition. The allocation of purchase price to the fair value of tangible and intangible assets and liabilities, including the estimated value of the earn-out obligation, and the estimated useful lives of acquired assets, is provisional and remains preliminary as management continues to assess the valuation of these items and any ultimate purchase price adjustments based on the final net working capital and tangible net worth, as prescribed by the purchase agreement. The estimated goodwill balance of $8.7 million is fully tax deductible.

Pro forma Information

The following unaudited supplemental pro forma results of operations include the results of operations of each of the acquired companies described above as if each had been consolidated as of January 1, 2010, and have been provided for illustrative purposes only and do not purport to be indicative of the actual results that would have been achieved by the combined companies for the periods presented or that may be achieved by the combined companies in the future (in millions). Future results may vary significantly from the results reflected in the following pro forma financial information because of future events and transactions, as well as other factors, many of which are beyond MasTec's control:

The pro forma combined results of operations for the six months ended June 30, 2011 and 2010 have been prepared by adjusting the historical results of MasTec to include the historical results of the acquisitions described above as if they occurred January 1, 2010. These pro forma combined historical results were then adjusted for an increase in amortization expense due to the incremental intangible assets recorded related to the acquisitions and the reduction of interest income as a result of the cash consideration paid. The pro forma results of operations do not include any adjustments to eliminate the impact of acquisition related costs or any cost savings or other synergies that may result from these acquisitions. As noted above, the pro forma results of operations do not purport to be indicative of the actual results that would have been achieved by the combined company for the periods presented or that may be achieved by the combined company in the future.


	Six Months Ended June 30,
	2010		2011
Revenue	$	1,035.0	$	1,476.0
Net income	$	21.3	$	64.2

Revenues of $37.8 million and net income of $2.0 million resulting from the Company's 2011 acquisitions are included in MasTec's consolidated results of operations for the three and six months ended June 30, 2011. Acquisition costs related to these acquisitions of $0.7 million and $1.2 million are included in general and administrative costs for the three and six months ended June 30, 2011, respectively.

DirectStar/Funraisers - Amendment of Purchase Option Agreement

In February 2011, the Company amended its purchase option agreement with Red Ventures LLC ("Red Ventures"), which sold to MasTec both DirectStar TV LLC ("DirectStar") and 100% of the membership interests of Funraisers PR, LLC ("Funraisers"). DirectStar, together with its subsidiaries, including Funraisers, is referred to as the "DirectStar Business." The amended and restated purchase option agreement grants to Red Ventures an option to purchase the DirectStar Business from MasTec at any time from March 1, 2012 to November 30, 2012 for an amount equal to the sum of: (i) the shareholders' equity of the DirectStar Business as of May 31, 2010, (ii) five percent (5%) of adjusted net income (generally, the net income (loss) before provision for income taxes) of the DirectStar Business from January 1, 2010 until the last day of the month immediately prior to the date of the sale, and (iii) $25,600,000. The purchase option also allows Red Ventures to pay up to 35% of the option purchase price in the form of a secured note with a one year term. In connection with the amendment to the purchase option, MasTec agreed to increase certain commissions that DirectStar presently pays to Red Ventures for managing the DirectStar Business. DirectStar, in support of the DIRECTV^® installation business, provides marketing and sales services on behalf of DIRECTV^®. Should Red Ventures execute its purchase option, the Company's revenues and profits from DIRECTV^® would be materially reduced.

As of June 30, 2011 and December 31, 2010, the estimated fair value of the purchase option was $0, determined using a probability-weighted market-based approach, including Level 3 inputs such as projected EBITDA and EBITDA multiples. (See Note 6 - Fair Value of Financial Instruments).

Other Investments

Through a 60%-owned consolidated subsidiary, MasTec has a 34% interest in a rock extraction business in Panama (for a net beneficial ownership interest of 20.4%), for which the Company invested $1.6 million. This investment is accounted for under the equity method of accounting. MasTec performed construction services for this investee and recognized revenue of approximately $0.9 million and $1.7 million during the three and six months ended June 30, 2011, respectively, and $0.8 million and $1.2 million during the three and six months ended June 30, 2010, respectively. As of June 30, 2011 and December 31, 2010, approximately $4.4 million and $2.2 million, respectively, is included in accounts receivable and costs and earnings in excess of billings related to this customer.

The Company has certain other cost and equity method investments, which are not material individually or in the aggregate as of June 30, 2011.

Stock-Based Compensation Plans

6 Months Ended

Jun. 30, 2011

Stock-Based Compensation Plans

Stock-Based Compensation Plans

Note 10 - Stock-Based Compensation Plans

The Company has three stock-based compensation plans with stock options and restricted share grants outstanding as of June 30, 2011: the 1994 Stock Option Plan for Non-Employee Directors; the 2003 Employee Stock Incentive Plan, as amended (the "2003 ESPP"); and the Amended and Restated 2003 Stock Incentive Plan for Non-Employees, as amended. Under these plans, there were a total of 3,575,132 options and/or restricted shares available for grant as of June 30, 2011. As of July 1, the MasTec, Inc. 2011 Employee Stock Purchase Plan (the "2011 ESPP") became effective. Under the 2011 ESPP, 1,000,000 shares of the Company's common stock will be available for purchase by eligible employees. The 2011 ESPP replaced the 2003 ESPP effective July 1, 2011.

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 exercise date fair value of a stock option, or the vesting date fair value of a restricted share award exceeds its grant date fair value, 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 exercise date fair value of a stock option, or the vesting date fair value of a restricted share award is less than its grant date fair value, the tax effect of this difference would reduce the APIC Pool. If the APIC Pool is reduced to zero, subsequent shortfalls would increase tax expense.

Restricted Share Awards

MasTec grants restricted share awards, which are valued based on the market price of MasTec common stock on the date of grant. Total unearned compensation related to restricted share awards as of June 30, 2011 was approximately $5.4 million, which is expected to be recognized over a weighted average period of less than 2 years. The total intrinsic value of restricted share awards that vested during the three months ended June 30, 2011 and 2010, which is based on the market price on the date of vesting, was $0.6 million and $0.7 million, respectively, and was $5.9 million and $0.8 million, respectively, for restricted share awards that vested during the six months ended June 30, 2011 and 2010.

Following is a summary of restricted share award activity during the six months ended June 30, 2011:


	Restricted Shares			Weighted Average Grant Date Fair Value
Non-vested restricted shares, December 31, 2010		1,052,220		$	9.43

Granted		171,886
Vested		(294,876	)

Non-vested restricted shares, June 30, 2011		929,230		$	11.64

For certain restricted share awards, the number of shares issued on the vesting date is net of the equivalent number of shares required to satisfy the recipient's minimum statutory tax withholding requirements. The Company then pays the corresponding withholding taxes to the appropriate taxing authorities in cash on behalf of the recipient. Although the withheld shares are not issued, they 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.

Stock Options

The Company has granted options to purchase its common stock to employees and members of the Board of Directors and affiliates under various stock option plans at no less than the fair market value of the underlying stock on the date of grant. No stock options have been granted since 2006.

The following is a summary of stock option activity during the six months ended June 30, 2011:


	Stock Options			Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (years)		Aggregate Intrinsic Value (1) (in millions)
Options outstanding December 31, 2010		2,588,170		$	10.27		3.87	$	11.2

Exercised		(983,276	)		10.42

Options outstanding June 30, 2011		1,604,894			10.17

Options exercisable June 30, 2011		1,599,894		$	10.16		3.55	$	15.3

(1)

Amount represents the difference between the exercise price and the market price of the Company's stock on the last trading day of the corresponding period, multiplied by the number of in-the-money options.

As of June 30, 2011, all outstanding stock options were fully vested. The total intrinsic value of options exercised during the three months ended June 30, 2011, which is based on the difference between the exercise price and the market price of the Company's stock at the date of exercise, was $2.8 million. The intrinsic value of options exercised during the three months ended June 30, 2010 was immaterial. For the six months ended June 30, 2011 and 2010, the total intrinsic value of options exercised was $9.4 million and $0.2 million, respectively. Proceeds received from options exercised during the three months ended June 30, 2011 and 2010 totaled $4.1 million and $0.2 million, respectively, and totaled $10.7 million and $1.0 million, respectively, during the six months ended June 30, 2011 and 2010.

Stock Based Compensation Expense and Related Tax Benefit

Stock based compensation expense and related tax benefits for the periods indicated are as follows (in millions):


	Three Months Ended June 30,				Six Months Ended June 30,
	2011		2010		2011		2010
Stock based compensation expense related to restricted share awards	$	0.9	$	1.0	$	1.8	$	2.0

Total stock based compensation expense	$	0.9	$	1.0	$	1.8	$	2.0


Total income tax benefit from restricted share awards	$	0.5	$	0.2	$	1.6	$	0.6
Total income tax benefit from stock options		0.5		—		2.5		—

Total income tax benefit from stock based compensation	$	1.0	$	0.2	$	4.1	$	0.6


Excess tax benefit from vested restricted shares (1)	$	0.1	$	—	$	1.0	$	—
Excess tax benefit from stock options exercised (1)		0.5		—		2.4		—

Total excess tax benefit related to vested restricted shares and stock options exercised	$	0.6	$	—	$	3.4	$	—

(1)

Excess tax benefits, which represent cash flows from tax deductions in excess of compensation expense recognized for stock options exercised and vested restricted shares, are classified as financing cash flows in the Company's condensed unaudited consolidated statements of cash flows.

- Definition

The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 123R
-Paragraph 64, 65, A240
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Statement of Position (SOP)
-Number 93-6
-Paragraph 53
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Staff Accounting Bulletin (SAB)
-Number Topic 14

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 50
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6406099&loc=d3e25284-112666

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5047-113901

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+ Details

Comprehensive Income

6 Months Ended

Jun. 30, 2011

Comprehensive Income

Comprehensive Income

Note 13 - Comprehensive Income

Comprehensive income is a measure of net income and all other changes in equity that result from transactions other than those with shareholders. Comprehensive income consists of net income, unrealized gains and losses from securities available for sale, foreign currency translation adjustments and losses from non-controlling interests.

Comprehensive income for periods indicated consisted of the following (in thousands):


	Three Months Ended June 30,						Six Months Ended June 30,
	2011			2010			2011			2010
Net income	$	44,485		$	14,561		$	65,581		$	21,956
Foreign currency translation gain (loss)		3			(39	)		35			46
Unrealized loss from securities available for sale, net of tax		(231	)		(167	)		(262	)		(295	)
Reclassification adjustment for impairment losses on securities available for sale, net of tax, previously recorded in other comprehensive income		—			251			—			251
Reversal of unrealized losses on redeemed security, net of tax		285			—			285			—

Comprehensive income	$	44,542		$	14,606		$	65,639		$	21,958
Comprehensive net loss attributable to non-controlling interests		(9	)		(40	)		(18	)		(55	)

Comprehensive income attributable to MasTec	$	44,551		$	14,646		$	65,657		$	22,013

Accumulated other comprehensive losses of $6.1 million and $6.2 million as of June 30, 2011 and December 31, 2010, respectively, are primarily attributable to unrealized losses and the corresponding income tax effects associated with the Company's investments in securities available for sale. See Note 7 – Securities Available for Sale.

- Definition

The entire disclosure for comprehensive income. Includes, but is not limited to, the following: 1) the amount of income tax expense or benefit allocated to each component of other comprehensive income, including reclassification adjustments, 2) the reclassification adjustments for each classification of other comprehensive income and 3) the ending accumulated balances for each component of comprehensive income. Components of comprehensive income include: (1) foreign currency translation adjustments; (2) gains (losses) on foreign currency transactions that are designated as, and are effective as, economic hedges of a net investment in a foreign entity; (3) gains (losses) on intercompany foreign currency transactions that are of a long-term-investment nature, when the entities to the transaction are consolidated, combined, or accounted for by the equity method in the reporting enterprise's financial statements; (4) change in the market value of a futures contract that qualifies as a hedge of an asset reported at fair value; (5) unrealized holding gains (losses) on available-for-sale securities and that resulting from transfers of debt securities from the held-to-maturity category to the available-for-sale category; (6) a net loss recognized as an additional pension liability not yet recognized as net periodic pension cost; and (7) the net gain (loss) and net prior service cost or credit for pension plans and other postretirement benefit plans.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 130
-Paragraph 14-26
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 9: http://www.xbrl.org/2003/role/presentationRef
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+ Details

Accounts Receivable, Costs and Earnings in Excess of Billings and Retainage, Net of Allowance

6 Months Ended

Jun. 30, 2011

Accounts Receivable, Costs and Earnings in Excess of Billings and Retainage, Net of Allowance

Accounts Receivable, Costs and Earnings in Excess of Billings and Retainage, Net of Allowance

Note 8 - Accounts Receivable, Costs and Earnings in Excess of Billings and Retainage, Net of Allowance

Accounts receivable, classified as current, consists of the following (in millions):


	June 30,			December 31,
	2011			2010
Contract billings	$	323.3		$	309.8
Retainage		33.3			32.7
Costs and earnings in excess of billings		235.0			110.4

	$	591.6		$	452.9
Less allowance for doubtful accounts		(8.5	)		(8.5	)

Accounts receivable, net	$	583.1		$	444.4

Retainage, which has been billed, but is not due until completion of performance and acceptance by customers, is expected to be collected within one year. Any receivables, including retainage, expected to be collected beyond one year are recorded in other long-term assets.

The Company maintains an allowance for doubtful accounts for estimated losses resulting from the inability of customers to make required payments. The allowance for doubtful accounts, both for specific customers and as a reserve against other past due balances, was $8.5 million as of both June 30, 2011 and December 31, 2010.

The Company has certain trade receivables for "pay-when-paid" projects, which provide for payment through June 2016. These receivables have been recorded at their net present value, with the non-current portion recorded within other long-term assets. Imputed interest is recognized as interest income as earned. As of June 30, 2011, $5.3 million was outstanding, with $3.8 million recorded in other long-term assets. As of December 31, 2010, $3.5 million was outstanding, with $2.7 million recorded in other long-term assets.

- Definition

The entire disclosure for claims held for amounts due a company. Examples include trade accounts receivables, notes receivables, loans receivables.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 3, 4
-Article 5

Reference 2: http://www.xbrl.org/2003/role/presentationRef
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-Name Regulation S-X (SX)
-Number 210
-Section 03
-Paragraph 7
-Article 9

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Statement of Position (SOP)
-Number 01-6
-Paragraph 13
-Subparagraph d
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef
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+ Details

Related Party Transactions	6 Months Ended
Related Party Transactions	Jun. 30, 2011
Related Party Transactions
Related Party Transactions	Note 16 - Related Party Transactions MasTec purchases, rents and leases equipment used in its business from a number of different vendors on a non-exclusive basis, including Neff Corp. ("Neff"). Juan Carlos Mas, who was the chairman of the Neff Board of Directors through September 30, 2010, is the brother of Jorge Mas, Chairman of MasTec's Board of Directors, and Jose Mas, MasTec's Chief Executive Officer. For the three months ended June 30, 2010, MasTec paid Neff approximately $359,000 and for the six months ended June 30, 2010, MasTec paid Neff approximately $564,000 for equipment purchases, rentals and leases. MasTec believes the amount paid to Neff is equivalent to the payments that would have been made between unrelated parties for similar transactions acting at arm's length. As of October 1, 2010, Juan Carlos Mas was no longer serving on the Neff Board of Directors. MasTec leases a property located in Florida from Irma S. Mas, the mother of Jorge Mas and Jose Mas. For both the three and six months ended June 30, 2011 and 2010, the Company paid lease payments of approximately $12,000 and $24,000, respectively, in connection with this property. MasTec has an arrangement with a customer whereby it leases employees to that customer. For the three months ended June 30, 2011 and 2010, MasTec charged approximately $108,000 and $103,000, respectively, to the customer, and charged $216,000 and $224,000, respectively, for the six month periods ended June 30, 2011 and 2010. As of June 30, 2011 and December 31, 2010, $837,000 and $887,000 respectively, is included as accounts receivable within other current assets from this customer. The Company also has an agreement with the same customer whereby the Company provides satellite communication services. For the three months ended June 30, 2011 and 2010, revenues relating to this customer were approximately $262,000 and $264,000, respectively, and for the six months ended June 30, 2011 and 2010, revenues relating to this customer were approximately $607,000 and $508,000, respectively. Jorge Mas and Jose Mas are minority owners of this customer. As of June 30, 2011 and December 31, 2010, approximately $692,000 and $599,000, respectively, is included as trade accounts receivable from this customer. The Company charters an aircraft from a third party that leases two of its aircraft from entities in which Jorge Mas and Jose Mas have an ownership interest. MasTec paid this unrelated chartering company approximately $13,000 and $36,000 for the three and six months ended June 30, 2011, respectively, and paid $100,000 and $129,000 for the three and six month periods ended June 30, 2010, respectively. On October 28, 2009, MasTec combined the three existing split dollar agreements it had entered into with Jorge Mas into a restated single split dollar agreement. Under the amended and restated split dollar agreement, MasTec is the sole owner and beneficiary of each of the policies subject to the agreement and upon the death of the insured or insureds under the applicable policy, MasTec is entitled to receive a portion of the death benefit under such policy equal to the greater of (i) the total premiums paid by MasTec on such policy, or (ii) the then cash value of such policy immediately before the death of the insured or insureds, excluding surrender charges. Upon termination of the agreement, Jorge Mas, or in the case of a second to die policy, the second to die of Jorge Mas and his wife have an option to purchase each policy subject to the agreement for a purchase price equal to the greater of the amounts referenced above. The total maximum face amount of the insurance for all policies subject to the split dollar agreement was capped at $200 million. MasTec will make the premium payments until the agreement is terminated, which occurs upon any of the following events: (i) bankruptcy or dissolution of MasTec, or (ii) a change in control of MasTec. In connection with the split dollar agreements for Jorge Mas, MasTec made no payments for the three months ended June 30, 2011. MasTec made payments of approximately $0.3 million for the six months ended June 30, 2011. No payments were made for the three and six month periods ended June 30, 2010. On October 28, 2009, MasTec amended and restated an existing deferred bonus agreement it had entered into with Jorge Mas. The deferred bonus under the new agreement is equal to the sum of the following amounts, determined with respect to each policy subject to the split dollar agreement: the greater of (i) the total premiums paid by MasTec under such policy, or (ii) the then cash value of such policy immediately prior to the change in control, excluding surrender charges. On October 28, 2009, the split dollar and deferred bonus agreements between Jose Mas and MasTec were amended and restated in their entirety. The amended and restated split dollar agreement provides that one or more life insurance policies may be subject to the agreement. At this time, however, the only policy subject to the agreement is the one acquired pursuant to the original agreement, which is in an aggregate face amount of $11 million. MasTec is the sole owner and beneficiary of any policy subject to the agreement, and upon the death of the insured, MasTec is entitled to receive a portion of the death benefit equal to the greater of (i) the total premiums paid by MasTec on such policy, or (ii) the then cash value of such policy immediately before the death of the insured, excluding surrender charges. Upon termination of the agreement, Jose Mas has an option to purchase each policy subject to the agreement for a purchase price equal to the greater of the amounts referenced above. MasTec will make the premium payments until the agreement is terminated, which occurs upon any of the following events: (i) bankruptcy or dissolution of MasTec, or (ii) a change in control of MasTec. In connection with the split dollar agreements for Jose Mas, MasTec made no payments for the three or six months ended June 30, 2011. For the three months ended June 30, 2010, no payments were made. For the six months ended June 30, 2010, MasTec paid approximately $115,000 in connection with the split dollar agreements for Jose Mas. The amount of the deferred bonus under the amended and restated deferred bonus agreement that is payable upon termination of the split dollar agreement is equal to the sum of the following amounts, determined with respect to each policy subject to the split dollar agreement: the greater of (i) the total premiums paid by MasTec under the terms of such policy, or (ii) the then cash value of such policy immediately prior to the change in control, excluding surrender charges. The Company adjusts the value of these life insurance policies each period based on their current cash surrender value. The estimated fair value of these life insurance policies of $8.5 million and $8.3 million as of June 30, 2011 and December 31, 2010, respectively, is included in other assets in the condensed unaudited consolidated balance sheets.

- Definition

The entire disclosure for related party transactions, including the nature of the relationship(s), a description of the transactions, the amount of the transactions, the effects of any change in the method of establishing the terms of the transaction from the previous period, stated interest rate, expiration date, terms and manner of settlement per the agreement with the related party, and amounts due to or from related parties. If the entity and one or more other entities are under common ownership or management control and this control affects the operating results or financial position, disclosure includes the nature of the control relationship even if there are no transactions between the entities. Disclosure may also include the aggregate amount of current and deferred tax expense for each statement of earnings presented where the entity is a member of a group that files a consolidated tax return, the amount of any tax related balances due to or from affiliates as of the date of each statement of financial position presented, the principal provisions of the method by which the consolidated amount of current and deferred tax expense is allocated to the members of the group and the nature and effect of any changes in that method. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Article 4
-Section 08
-Paragraph k

Reference 2: http://www.xbrl.org/2003/role/presentationRef
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-Name Regulation S-X (SX)
-Number 210
-Article 3A
-Section 04
-Paragraph b

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 57
-Paragraph 1-4
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

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+ Details

Debt

6 Months Ended

Jun. 30, 2011

Debt

Debt

Note 9 - Debt

The carrying value of debt is composed of the following as of June 30, 2011 and December 31, 2010 (in millions):


Description	Maturity Date	June 30, 2011			December 31, 2010

7.625% senior notes	February 2017	$	150.0		$	150.0
New 4.0% senior convertible notes, $105.3 million principal amount	June 2014		96.9			—
New 4.25% senior convertible notes, $97.0 million principal amount	December 2014		88.9			—
Original 4.0% senior convertible notes	June 2014		9.7			115.0
Original 4.25% senior convertible notes	December 2014		3.0			100.0
3.5276% equipment term loan, $13.5 million principal amount	In installments through 2013		10.7			12.9
Capital lease obligations, weighted average interest rate of 3.8%	In installments through 2017		42.2			24.5
Notes payable for equipment, weighted average interest rate of 4.2%	In installments through 2015		22.2			10.2

Total debt		$	423.6		$	412.6
Less current maturities			(23.6	)		(18.4	)

Long-term debt		$	400.0		$	394.2

Credit Facility

In May 2011, MasTec exercised the accordion option (the "Accordion Option") under its senior secured credit facility (the "Credit Facility"). In connection with the exercise of the Accordion Option, the Company entered into an amendment to its Credit Facility, pursuant to which the aggregate principal amount of revolving loans available to the Company under the Credit Facility was increased from $210 million to $260 million, subject to adjustment, as provided by the terms and conditions of the Credit Facility. The Company may amend its Credit Facility in the future to extend the maturity date and to provide additional borrowing capacity to accommodate future growth in its business.

Acquisition Debt

During the second quarter of 2011, the Company assumed approximately $20.9 million of debt and capital lease obligations in connection with certain acquisitions, of which $10.4 million was repaid immediately. As of June 30, 2011, approximately $10.4 million of related debt and capital lease obligations remained outstanding. Certain equipment debt related to these acquisitions is secured by the financed equipment. There are no financial covenants associated with this acquisition-related debt. See Note 3 – Acquisitions and Other Investments for a description of the acquisitions to which this debt is related.

Senior Convertible Note Exchange

During the first quarter of 2011, the Company exchanged $105.3 million of its original 4.0% senior convertible notes and $97 million of its original 4.25% senior convertible notes (together, the "Original Notes") for identical principal amounts of new 4.0% and 4.25% senior convertible notes (the "New Notes") for an exchange fee of approximately 50 basis points, or 0.5%. The terms of the New Notes are substantially identical to those of the Original Notes, except that the New Notes have an optional physical, cash or combination settlement feature and contain certain conditional conversion features. Exchange fees of approximately $1.0 million will be recognized over the remaining life of the New Notes as interest expense. Transaction costs of approximately $0.7 million have been recognized within general and administrative expenses, of which $0.5 million was recognized during the quarter ended December 31, 2010. Following the exchange, $12.7 million of the Original Notes remains outstanding.

In accordance with U.S GAAP, issuers of convertible debt instruments that may be settled in cash or other assets on conversion are required to separately account for the liability component of the instrument in a manner that reflects the entity's estimated market interest rate for a similar nonconvertible instrument as of the instrument's issuance date. As a result, the Company separated the principal balance of the New Notes between the fair value of the debt component and the fair value of the common stock conversion feature. Using an income approach, management discounted the values of the New Notes at an estimated rate of 6.73%, which represents the estimated market interest rate for a similar nonconvertible instrument as of the date of the exchange. The resulting total debt discount of $17.4 million for the New Notes will be accreted to interest expense over the remaining terms of the New Notes. This will increase interest expense during the term of the New Notes above their 4.0% and 4.25% cash coupon interest rates to an effective interest rate of 6.73%. The fair value of the common stock conversion feature is recorded as a component of shareholders' equity.

The carrying values of the debt and equity components of the New Notes as of June 30, 2011 are as follows (in millions):


	June 30, 2011
	New 4.0% Senior Convertible Notes			New 4.25% Senior Convertible Notes
Principal amount	$	105.3		$	97.0
Unamortized debt discount (1)		(7.9	)		(7.7	)
Unamortized balance of investor fees (2)		(0.5	)		(0.4	)

Net carrying amount of debt component	$	96.9		$	88.9

Carrying amount of equity component	$	8.9		$	8.5

(1)

Represents the unamortized portion of the discount created from separation of the debt portion of the New Notes from the equity portion. This discount will be accreted to interest expense over the term of the New Notes.

(2)

Represents the unamortized portion of exchange fees paid in connection with the debt exchange. These fees will be accreted to interest expense over the term of the New Notes.

The New Notes are guaranteed by the Company's subsidiaries that guarantee the Original Notes.

Other Debt Activity

In January 2011, the Company modified the terms of certain of its equipment operating leases. The modifications led to a change in classification of the corresponding leases from operating to capital as of the effective date of the lease modifications. Accordingly, $24.0 million of capital lease assets and corresponding capital lease obligations were recorded in the Company's condensed unaudited consolidated balance sheet as of January 1, 2011.

Debt Guarantees and Covenants

The subsidiary guarantees related to the Company's senior convertible notes and senior notes are full and unconditional and joint and several, and there are generally no contractual restrictions on the Company's ability to obtain funds from its subsidiaries. Also, MasTec, Inc. is a holding company with no independent assets or operations, and the Company's subsidiaries that do not guarantee the senior convertible notes and senior notes are minor, individually and in the aggregate, as such term is defined under the rules and regulations of the SEC. Accordingly, condensed unaudited consolidating financial information for MasTec, Inc. and its subsidiaries is not presented.

MasTec was in compliance with all debt covenants as of June 30, 2011 and December 31, 2010.

Interest Expense, Net

Interest expense for the three and six months ended June 30, 2011 includes $0.9 million and $1.9 million, respectively, of debt discount and investor fee accretion associated with the New Notes. Details of interest expense, net, for the periods indicated is as follows:


	Three Months Ended June 30,						Six Months Ended June 30,
	2011			2010			2011			2010
Interest expense:
Contractual interest payments and other interest expense	$	6.8		$	6.7		$	13.1		$	13.6
Senior convertible note discount and related investor fee accretion		0.9			—			1.9			—
Amortization of deferred financing costs		0.8			0.8			1.6			1.6

Total interest expense	$	8.5		$	7.5		$	16.6		$	15.2
Interest income		(0.2	)		(0.2	)		(0.4	)		(0.6	)

Interest expense, net	$	8.3		$	7.3		$	16.2		$	14.6

Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2011	Aug. 01, 2011
Document and Entity Information
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2011
Document Fiscal Year Focus	2011
Document Fiscal Period Focus	Q2
Entity Registrant Name	MASTEC INC
Entity Central Index Key	0000015615
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		84,700,611

Concentrations of Risk

6 Months Ended

Jun. 30, 2011

Concentrations of Risk

Concentrations of Risk

Note 15 - Concentrations of Risk

The Company had approximately 300 customers as of June 30, 2011, which included some of the largest and most prominent companies in the communications, utilities and government industries. MasTec's customers include public and private energy providers, pipeline operators, wireless service providers, satellite and broadband operators, incumbent local exchange carriers, long distance carriers and government entities. The industries served by MasTec's customers include, among others: utilities (including wind farms, solar farms and other renewable energy; natural gas and petroleum pipeline infrastructure; and industrial infrastructure), communications (including wireless, wireline and satellite communications) and government (including water, sewer and other utility and communications work on military bases).

Revenues for customers by industry for the periods indicated are as follows (in millions):


	Three Months Ended June 30,								Six Months Ended June 30,
	2011				2010				2011				2010
Communications	$	392.9	52	%	$	281.4	57	%	$	738.9	54	%	$	506.2	54	%
Utilities		346.8	46	%		202.2	41	%		611.1	45	%		416.4	44	%
Government		11.2	2	%		11.5	2	%		19.4	1	%		22.7	2	%

	$	750.9	100	%	$	495.1	100	%	$	1,369.4	100	%	$	945.3	100	%

Revenue concentration information, as a percent of total consolidated revenue, is as follows:


	Three Months Ended June 30,						Six Months Ended June 30,
	2011			2010			2011			2010
Revenue from top ten customers		72	%		73	%		75	%		75	%

Revenue from specific customers:
AT&T		24	%		20	%		25	%		18	%
DIRECTV^®		20	%		26	%		22	%		26	%

In addition, the Company derived 12% and 15%, respectively, of its revenues for the three and six months ended June 30, 2011 from El Paso Corporation.

Foreign Operations. In April 2011, the Company expanded its foreign operations through its acquisition of Fabcor, a Canadian natural gas and petroleum pipeline infrastructure construction company. See Note 3 – Acquisitions and Other Investments for details of the Fabcor acquisition. For the three months ended June 30, 2011 and 2010, revenues of $20.6 million and $1.2 million, respectively, were derived from foreign operations and for the six months ended June 30, 2011 and 2010, revenues of $22.6 million and $2.3 million, respectively, were derived from foreign operations, the majority of which were earned in Canada, Latin America and the Caribbean. In addition, the Company held property and equipment in foreign countries of $15.2 million and $1.4 million as of June 30, 2011 and December 31, 2010, respectively.

- Definition

The entire disclosure for any concentrations existing at the date of the financial statements that make an entity vulnerable to a reasonably possible, near-term, severe impact. This disclosure informs financial statement users about the general nature of the risk associated with the concentration, and may indicate the percentage of concentration risk as of the balance sheet date.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 107
-Paragraph 15A
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
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-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef
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-Paragraph 18
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+ Details

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2011	Dec. 31, 2010
Current assets:
Cash and cash equivalents, including restricted cash of $18,251 as of June 30, 2011 and $18,000 as of December 31, 2010	$ 78,456	$ 177,604
Accounts receivable, costs and earnings in excess of billings and retainage, net of allowance	583,062	444,363
Inventories	89,433	57,483
Deferred tax assets, net	6,328	11,990
Prepaid expenses and deposits	16,775	17,176
Other current assets	14,486	13,058
Total current assets	788,540	721,674
Property and equipment, net	240,636	180,786
Goodwill	794,949	613,369
Other intangible assets, net	126,101	78,190
Securities available for sale	14,436	18,997
Investments in unconsolidated entities	1,772	11,972
Other assets	29,885	30,840
Total assets	1,996,319	1,655,828
Current liabilities:
Current maturities of long-term debt	23,567	18,399
Accounts payable	294,775	196,363
Accrued salaries and wages	53,087	33,079
Accrued taxes payable	12,726	15,269
Accrued insurance	14,662	16,616
Other accrued expenses	25,023	13,329
Acquisition-related contingent consideration, current portion	25,754	35,639
Billings in excess of costs and earnings	81,073	136,070
Other current liabilities	22,531	21,780
Total current liabilities	553,198	486,544
Acquisition-related contingent consideration	67,985	34,695
Other liabilities	24,231	24,789
Deferred tax liabilities, net	111,190	62,487
Long-term debt	400,015	394,151
Total liabilities	1,156,619	1,002,666
Commitments and contingencies (See Note 14)
Shareholders' equity:
Preferred stock, $1.00 par value; authorized shares - 5,000,000; issued and outstanding shares - none
Common stock, $0.10 par value; authorized shares - 145,000,000; issued and outstanding shares - 84,655,474 and 78,215,189 as of June 30, 2011 and December 31, 2010, respectively	8,471	7,822
Capital surplus	784,177	663,927
Accumulated surplus (deficit)	53,087	(12,512)
Accumulated other comprehensive loss	(6,098)	(6,156)
Total MasTec shareholders' equity	839,637	653,081
Non-controlling interests	63	81
Total shareholders' equity	839,700	653,162
Total liabilities and shareholders' equity	$ 1,996,319	$ 1,655,828

Earnings Per Share

6 Months Ended

Jun. 30, 2011

Earnings Per Share

Earnings Per Share

Note 2 - Earnings Per Share

Basic earnings per share is computed by dividing earnings available to MasTec's common shareholders by the weighted average number of common shares outstanding for the period. Diluted earnings per share reflects the potential dilution that could occur if stock options and unvested restricted stock ("common stock equivalents"), convertible securities, or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the earnings of MasTec. Common stock equivalents are measured under the treasury stock method.

As described in Note 9 – Debt, the Company had convertible notes outstanding during both the three and six months ended June 30, 2011 and 2010. During the first quarter of 2011, the Company exchanged $105.3 million of its original 4.0% senior convertible notes and $97 million of its original 4.25% senior convertible notes for identical principal amounts of new 4.0% and 4.25% senior convertible notes (the "New 4.0% Notes" and the "New 4.25% Notes," respectively and, collectively, the "New Notes"). The terms of the New Notes are substantially identical to the original notes, except that the New Notes have an optional physical, cash or combination settlement feature and contain certain conditional conversion features. Due to the optional cash settlement feature and management's intent to settle the principal amount thereof in cash, the conversion shares underlying the principal amount of the New Notes are not required to be included in the Company's diluted share count. If, however, the Company's average stock price per share exceeds the $15.76 conversion price for the New 4.0% Notes or the $15.48 conversion price for the New 4.25% Notes, the resulting amount, in shares, of the premium over the principal amount is included in the Company's diluted share count ("premium shares").

The Company's original senior convertible notes are reflected in the calculation of diluted earnings per share for the corresponding periods by application of the "if-converted" method to the extent their effect is dilutive. Under the "if-converted" method, in computing the dilutive effect of the Company's convertible notes, net income is adjusted to add back the after-tax amount of interest recognized in the period associated with the convertible notes, and correspondingly, the convertible notes are assumed to have been converted with the resulting common shares added to weighted average shares outstanding. Premium shares associated with the New Notes are reflected in the calculation of diluted earnings per share to the extent that the Company's average stock price for the corresponding periods exceeds the respective conversion prices of the New Notes, beginning with the date of issuance, or the beginning of the period, as applicable.

The following table summarizes the principal amounts of the Company's outstanding convertible notes for the three and six months ended June 30, 2011 and 2010, including their respective classification within the computation of earnings per share for each period (in millions):


	Three Months Ended June 30,				Six Months Ended June 30,
	2011		2010		2011		2010
Dilutive:
New 4.0% senior convertible notes (1)	$	105.3	$	—	$	105.3	$	—
New 4.25% senior convertible notes (1)		97.0		—		97.0		—
Original 4.0% senior convertible notes (2)		9.7		115.0		9.7		115.0
Original 4.25% senior convertible notes (2)		3.0		100.0		3.0		100.0

Total principal value, outstanding convertible notes	$	215.0	$	215.0	$	215.0	$	215.0

(1)

Diluted shares associated with the New Notes are attributable to the premium feature.

(2)

Diluted shares associated with the original senior convertible notes are attributable to the underlying principal amounts.

The Company's average stock price for the three and six months ended June 30, 2011 exceeded the conversion prices of the New Notes. The number of premium shares included in the Company's diluted share count varies with fluctuations in the Company's actual share price for the related period. Higher actual share prices result in a greater number of equivalent premium shares. Premium shares included in the Company's diluted share count as of June 30, 2011 were as follows:


	Three Months Ended June 30, 2011				Six Months Ended June 30, 2011
	New 4.0% Senior Convertible Notes		New 4.25% Senior Convertible Notes		New 4.0% Senior Convertible Notes		New 4.25% Senior Convertible Notes
Conversion price	$	15.76	$	15.48	$	15.76	$	15.48
Weighted average share price	$	20.29	$	20.29	$	19.05	$	18.99
Weighted equivalent premium shares (in thousands)		1,491		1,486		1,062		1,090

The following table provides details of the Company's earnings per share calculations for the periods indicated (in thousands, except per share amounts):


	Three Months Ended June 30,				Six Months Ended June 30,
	2011		2010		2011		2010
Basic:
Net income attributable to MasTec	$	44,494	$	14,601	$	65,599	$	22,011
Weighted average shares outstanding		82,753		76,073		80,575		76,046


Basic earnings per share attributable to MasTec	$	0.54	$	0.19	$	0.81	$	0.29


Diluted:
Net income:
Basic net income attributable to MasTec	$	44,494	$	14,601	$	65,599	$	22,011
Interest expense on original 4.0% senior convertible notes, net of tax		59		677		213		1,360
Interest expense on original 4.25% senior convertible notes, net of tax		19		625		114		1,257


Diluted net income attributable to MasTec	$	44,572	$	15,903	$	65,926	$	24,628


Shares:
Basic weighted average shares outstanding		82,753		76,073		80,575		76,046
Dilutive common stock equivalents		1,098		809		1,284		846
Dilutive premium shares, new 4.0% senior convertible notes		1,491		—		1,062		—
Dilutive premium shares, new 4.25% senior convertible notes		1,486		—		1,090		—
Dilutive shares, original 4.0% senior convertible notes		612		7,297		1,115		7,297
Dilutive shares, original 4.25% senior convertible notes		194		6,462		575		6,462


Diluted weighted average shares outstanding		87,634		90,641		85,701		90,651


Diluted earnings per share attributable to MasTec	$	0.51	$	0.18	$	0.77	$	0.27

Income Taxes	6 Months Ended
Income Taxes	Jun. 30, 2011
Income Taxes
Income Taxes	Note 12 - Income Taxes The Company's consolidated tax rate for the three months ended June 30, 2011 and 2010 was 39.0% and 41.1%, respectively, and for the six months ended June 30, 2011 and 2010 was 39.0% and 40.9%, respectively. In determining the quarterly provision for income taxes, management uses an estimated annual effective tax rate based on forecasted annual pre-tax income, permanent tax differences, statutory tax rates and tax planning opportunities in the various jurisdictions in which the Company operates. The impact of significant discrete items is separately recognized in the quarter(s) in which they occur. The Company's subsidiaries file income tax returns in numerous tax jurisdictions, including U.S. federal, most U.S. states and certain foreign jurisdictions. The statute of limitations varies by the various jurisdictions in which the Company operates. The Company's U.S. federal income tax returns for years ending on or after 2007 still remain open for examination. 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.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 08
-Paragraph h
-Article 4

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 109
-Paragraph 136, 172
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 109
-Paragraph 43, 44, 45, 46, 47, 48, 49
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef
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-SubTopic 10
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-Paragraph 1
-Subparagraph (SX 210.4-08.(h))
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-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32559-109319

+ Details

Employee Benefit Plans

6 Months Ended

Jun. 30, 2011

Employee Benefit Plans

Employee Benefit Plans

Note 11 - Employee Benefit Plans

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. Effective January 1, 2011, MasTec increased its 100% match of employee contributions from 1% to 2.5% of the employee's salary, capped at $2,500. Effective January 1, 2011, matching contributions are payable annually, 50% in shares of MasTec common stock and 50% in cash. During the three months ended June 30, 2011 and 2010, matching contributions approximated $0.6 million and $0.2 million, respectively, and approximated $0.9 million and $0.4 million, respectively, during the six months ended June 30, 2011 and 2010.

Deferred Compensation Plan. MasTec offers a deferred compensation plan to its highly compensated employees. These employees are allowed to contribute a percentage of their pre-tax annual compensation to the deferred compensation plan. Effective January 1, 2011, MasTec increased its 100% match of employee contributions from 1% to 2.5% of the employee's salary, capped at $2,500. Effective January 1, 2011, matching contributions are payable annually, 50% in shares of MasTec common stock and 50% in cash. Deferred compensation plan assets and related liabilities of approximately $2.0 million and $1.8 million, respectively, are included in other long-term assets and other long-term liabilities in the condensed unaudited consolidated balance sheet as of June 30, 2011. As of December 31, 2010, deferred compensation plan assets and related liabilities totaled $1.5 million and $1.3 million, respectively.

Employee Stock Purchase Plan. The 2011 ESPP became effective on July 1, 2011. Under the 2011 ESPP, eligible employees can purchase MasTec, Inc. common stock at a 15% discount through after-tax payroll deductions, allocating from 1% to 15% of their compensation each pay period. Eligible employees can also make lump sum purchases. Stock purchases under the 2011 ESPP are subject to a quarterly maximum of 5,000 shares per employee, and on an annual basis, the value of stock purchased cannot exceed $25,000 per employee.

Multi-Employer Pension Plans. Certain of MasTec's subsidiaries contribute amounts to multi-employer pension plans and employee benefit trusts. During the three and six months ended June 30, 2011 and 2010, total contributions to these plans and the related number of employees covered by these plans, ranged as follows:


	Number of Employees				Contributions to Multi-Employer Plans (in millions)
	Low		High
Three Months Ended June 30,
2011		767		1,538	$	4.6
2010		254		826	$	2.7

Six Months Ended June 30,
2011		767		1,538	$	10.2
2010		254		1,409	$	6.9

Multi-employer pension plan contributions vary by period, depending upon the location and number of ongoing projects and the need for union resources in connection with those projects.

See Note 14 – Commitments and Contingencies for additional information.

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2011	Dec. 31, 2010
Condensed Consolidated Balance Sheets
Cash and cash equivalents, restricted cash	$ 18,251	$ 18,000
Preferred stock, par value	$ 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	$ 0.1	$ 0.1
Common stock, shares authorized	145,000,000	145,000,000
Common stock, shares issued	84,655,474	78,215,189
Common stock, shares outstanding	84,655,474	78,215,189

Commitments and Contingencies	6 Months Ended
Commitments and Contingencies	Jun. 30, 2011
Commitments and Contingencies
Commitments and Contingencies	Note 14 - Commitments and Contingencies *Legacy Litigation* MasTec is subject to litigation, some of which dates from the period 2001 through 2006. Outstanding Legacy Litigation. The Company is vigorously pursuing claims in excess of $5 million against Aon Risk Services, Inc. of Florida, an insurance broker, for breach of contract and breach of fiduciary duty for the losses arising from a denial of insurance coverage. Discovery is ongoing. MasTec provided telecommunication infrastructure services to Adesta Communications, Inc. ("Adesta") in 2000 and 2001. Adesta filed for bankruptcy in 2001. Adesta's bankruptcy trustee sold Adesta's assets in the bankruptcy trust, and MasTec is waiting for a distribution from that trust. Based on MasTec's current understanding of the expected distribution, MasTec has reduced its receivable to approximately $0.9 million, which is recorded in other current assets on its consolidated balance sheet as of June 30, 2011. The labor union representing the workers of Sistemas e Instalaciones de Telecomunicación S.A. ("Sintel"), a former MasTec subsidiary that was sold in 1998, filed a claim that initiated an investigative action with the Audiencia Nacional, a Spanish federal court, against Telefonica and dozens of other defendants including current and former officers and directors of MasTec (including Jorge Mas, Chairman of the Company's Board of Directors) relating to Sintel's 2000 bankruptcy. The union alleged Sintel and its creditors were damaged in the approximate amount of 300 million euros (approximately U.S. $435 million as of June 30, 2011). In June 2009, the Audiencia Nacional issued an order that the trial phase was commencing against the MasTec defendants and other defendants. In June 2010, the investigative court issued an order for letters rogatory to the United States for assistance in obtaining evidence from and seizing the assets of the MasTec defendants and MasTec. The U.S. government responded and provided publicly available records but declined to execute the request to seize assets. The investigative court could, however, issue another order in the future. MasTec and the MasTec defendants believe the claims are frivolous and are vigorously defending the matter. MasTec will vigorously defend against any potential liability. Neither MasTec nor Jorge Mas were directly involved in any of the transactions the Spanish prosecutor alleges led to Sintel's bankruptcy. MasTec's directors' and officers' insurance carrier has agreed to fund legal expenses under a reservation of rights. The amount of potential loss to MasTec, if any, relating to this matter cannot presently be determined, and, therefore, no loss accrual has been recorded. In addition to the matters discussed above, MasTec is subject to a variety of legal cases, claims and other disputes that arise from time to time in the ordinary course of its business. MasTec cannot provide assurance that it will be successful in recovering all or any of the potential damages it has claimed or in defending claims against it. Accrued aggregate liabilities related to the matters described above and other litigation matters amounted to $1.6 million as of June 30, 2011 and $2.4 million as of December 31, 2010. *Other Commitments and Contingencies* Leases. In the ordinary course of business, the Company enters into non-cancelable operating leases for certain of its facility, vehicle and equipment needs, including related party leases. These leases allow the Company to conserve cash by paying a monthly rental fee for use of the 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. Rent expense related to operating leases was approximately $44.8 million and $24.7 million for the three months ended June 30, 2011 and 2010, respectively, and was approximately $85.7 million and $52.3 million, respectively, for the six months ended June 30, 2011 and 2010. Letters of Credit. In the ordinary course of business, the Company is required to post letters of credit, primarily for its insurance carriers and surety bond providers. Letters of credit are also posted in support of performance under certain contracts. Such letters of credit are generally issued by a bank or similar financial institution. The letter of credit commits the issuer to pay specified amounts to the holder of the letter of credit if the holder claims that the Company has failed to perform specified actions. If this were to occur, the Company would be required to reimburse the issuer of the letter of credit. Depending on the circumstances of such a reimbursement, the Company may also have to record a charge to earnings for the reimbursement. As of June 30, 2011 and December 31, 2010, the Company had $101.0 million and $85.8 million, respectively, of standby letters of credit issued under its Credit Facility. The Company is not aware of any material claims relating to outstanding letters of credit as of June 30, 2011 or December 31, 2010. Performance and Payment Bonds. In the ordinary course of business, MasTec is required by certain customers to provide performance and payment bonds for some of the Company's contractual commitments related to projects in process. These bonds provide a guarantee to the customer that the Company will perform under the terms of a contract and that the Company will pay subcontractors and vendors. If the Company fails to perform under a contract or to pay subcontractors and vendors, the customer may demand that the surety make payments or provide services under the bond. The Company must reimburse the surety for any expenses or outlays it incurs. In August 2010, the Company increased its performance bonding capacity to accommodate growth in its businesses with bonding requirements. As of June 30, 2011, the estimated cost to complete projects secured by the Company's $526.1 million in performance and payment bonds was $108.8 million. As of December 31, 2010, the estimated cost to complete projects secured by the Company's $520.0 million in performance and payment bonds was $93.9 million. Included in the outstanding performance and payment bonds as of both June 30, 2011 and December 31, 2010 was approximately $3.0 million relating to the projects and assets of the state Department of Transportation business sold by the Company in 2007. In connection with the sale of these assets, MasTec remains contingently liable for certain obligations, including liabilities associated with claims on these performance and payment bonds. The buyer of the Department of Transportation related projects and assets filed for bankruptcy protection in October 2009, which increases the likelihood that MasTec will be required to assume certain obligations associated with these projects. As of June 30, 2011 and December 31, 2010, the remaining cost to complete the state Department of Transportation projects was immaterial. Self-Insurance. MasTec maintains insurance policies subject to per claim deductibles of $1 million for its workers' compensation policy, $2 million for its general liability policy and $2 million for its automobile liability policy. The Company has excess umbrella coverage up to $100 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. These insurance liabilities are difficult to assess and estimate due to unknown factors, including the severity of an injury, the determination of the Company's liability in proportion to other parties and the number of incidents not reported. Accruals are based upon known facts and historical trends and management believes such accruals to be adequate. As of June 30, 2011 and December 31, 2010, MasTec's liability for unpaid claims and associated expenses, including incurred but not reported losses related to its workers compensation, general liability and automobile liability insurance policies, was $35.8 million and $36.3 million, respectively, of which $21.6 million and $22.9 million, respectively, was reflected within non-current other liabilities. MasTec also maintains an insurance policy with respect to employee group health claims, which is subject to annual per employee maximum losses of $0.4 million. MasTec's liability for employee group claims as of both June 30, 2011 and December 31, 2010, which is based on statistical analysis of historical claims experience and specific knowledge of actual losses that have occurred, was $1.4 million. The Company is required to post letters of credit and provide cash collateral to its insurance carriers, or to obtain surety bonds in certain states in which the Company is self-insured. As of June 30, 2011 and December 31, 2010, these letters of credit amounted to $59.4 million and $59.5 million, respectively, a portion of which is collateralized by $18.0 million of restricted cash as of both June 30, 2011 and December 31, 2010. In addition, cash collateral deposited with insurance carriers, which is included in other long-term assets in the condensed unaudited consolidated balance sheets, amounted to $1.7 million and $2.2 million as of June 30, 2011 and December 31, 2010, respectively. Outstanding surety bonds related to self-insurance programs amounted to $7.5 million as of June 30, 2011 and $4.6 million as of December 31, 2010. 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 of control of the Company. Upon the occurrence of any of the defined events in the various employment agreements, the Company will pay certain amounts to the relevant employees, which vary with the level of the employees' respective responsibility. Collective Bargaining Agreements. Certain of MasTec's subsidiaries are party to various collective bargaining agreements with unions representing certain of their employees. The agreements require the subsidiaries party to the agreements to pay specified wages, provide certain benefits to their union employees and contribute certain amounts to multi-employer pension plans and employee benefit trusts. The multi-employer pension plan contribution rates are determined annually and assessed on a "pay-as-you-go" basis based on union employee payrolls. The required amount of future contributions 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 and the need for union resources in connection with those projects. The collective bargaining agreements expire at various times and have typically been renegotiated and renewed on terms similar to the ones contained in the expiring agreements. The Employee Retirement Income Security Act of 1974, as amended by the Multi-Employer Pension Plan Amendments Act of 1980, imposes certain liabilities upon employers who are contributors to a multi-employer plan in the event of the employer's withdrawal from, or upon termination of, such plan. In the event of a complete or partial withdrawal from any of these plans, or if the plans were to otherwise become underfunded, the subsidiaries (and potentially MasTec itself) could be assessed liabilities for the withdrawal or for additional contributions related to the underfunding of these plans. None of the subsidiaries party to the collective bargaining agreements have any current plans to withdraw from the plans. The Pension Protection Act of 2006 also added new funding rules generally applicable to plan years beginning after 2007 for multi-employer plans that are classified as "endangered," "seriously endangered," or "critical" status. For a plan in critical status, additional required contributions and benefit reductions may apply. The Company has been notified that certain plans to which a MasTec subsidiary contributes are in "critical" status and require additional contributions in the form of a surcharge on future benefit contributions required for future work performed by union employees covered by these plans. The amount of additional funds MasTec may be obligated to contribute in the future cannot be estimated, as such amounts will be based on future levels of work that require the specific use of those union employees covered by these plans. 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 June 30, 2011 and December 31, 2010, the Company was not aware of any 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 and certain investees, including obligations under certain contracts with customers, certain lease obligations and in some states, obligations in connection with obtaining contractors' licenses. MasTec also generally warrants the work it performs for a one to two year period following substantial completion of a project. MasTec has not historically accrued any reserves for potential warranty claims as they have been immaterial.

- Definition

The entire disclosure for commitments and contingencies.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name FASB Interpretation (FIN)
-Number 14
-Paragraph 3
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 5
-Paragraph 9, 10, 11, 12
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.25)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 450
-SubTopic 20
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=6952336&loc=d3e14435-108349

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 460
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=6398077&loc=d3e12565-110249

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 440
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6394976&loc=d3e25287-109308

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 20
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6449706&loc=d3e16207-108621

+ Details

Goodwill and Other Intangible Assets

6 Months Ended

Jun. 30, 2011

Goodwill and Other Intangible Assets

Goodwill and Other Intangible Assets

Note 4 - Goodwill and Other Intangible Assets

The following table sets forth information for MasTec's goodwill and intangible assets, including those associated with preliminary purchase price allocations, as of the dates indicated (in millions):


	June 30, 2011			December 31, 2010
Amortizing intangible assets: (1)
Gross carrying amount	$	97.8		$	75.2
Less: accumulated amortization		(44.7	)		(38.9	)

Amortizing intangible assets, net	$	53.1		$	36.3

Non-amortizing intangible assets:
Goodwill	$	794.9		$	613.4
Trade name		35.3			35.3
Pre-qualifications		31.2			—
Other		6.6			6.6

Non-amortizing intangible assets	$	868.0		$	655.3

Goodwill and other intangible assets	$	921.1		$	691.6

(1)

Consists principally of customer relationships, trade names and non-compete agreements with finite lives.

The following table provides a reconciliation of changes in goodwill and other intangible assets from December 31, 2010 to June 30, 2011 (in millions):


			Other Intangible Assets
	Goodwill		Non-amortizing		Amortizing			Total
Balance at December 31, 2010	$	613.4	$	41.9	$	36.3		$	691.6

Additions from new business combinations (See Note 3)		170.7		31.2		22.6			224.5
Accruals of acquisition-related contingent consideration		10.8		—		—			10.8
Amortization expense		—		—		(5.8	)		(5.8	)

Balance at June 30, 2011	$	794.9	$	73.1	$	53.1		$	921.1

Information about estimated expense associated with amortizing intangible assets in future periods for assets recorded as of June 30, 2011, including those associated with preliminary purchase price allocations, is summarized in the following table (in millions):


	Amortization Expense
Remainder of 2011	$	9.1
2012		11.2
2013		6.2
2014		4.6
2015		3.8
Thereafter		18.2

Total	$	53.1

- Definition

The entire disclosure for the aggregate amount of goodwill and a description of intangible assets, which may include (a) for amortizable intangible assets (also referred to as finite-lived intangible assets), the carrying amount, the amount of any significant residual value, and the weighted-average amortization period, (b) for intangible assets not subject to amortization (also referred to as indefinite-lived intangible assets), the carrying amount, and (c) the amount of research and development assets acquired and written off in the period, including the line item in the income statement in which the amounts written off are aggregated, if not readily apparent from the income statement. Also discloses (a) for amortizable intangibles assets in total and by major class, the gross carrying amount and accumulated amortization, the total amortization expense for the period, and the estimated aggregate amortization expense for each of the five succeeding fiscal years, (b) for intangible assets not subject to amortization the carrying amount in total and by major class, and (c) for goodwill, in total and for each reportable segment, the changes in the carrying amount of goodwill during the period (including the aggregate amount of goodwill acquired, the aggregate amount of impairment losses recognized, and the amount of goodwill included in the gain (loss) on disposal of a reporting unit). If any part of goodwill has not been allocated to a reportable segment, discloses the unallocated amount and the reasons for not allocating. For each impairment loss recognized related to an intangible asset (excluding goodwill), discloses: (a) a description of the impaired intangible asset and the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method for determining fair value, (c) the caption in the income statement or the statement of activities in which the impairment loss is aggregated, and (d) the segment in which the impaired intangible asset is reported. For each goodwill impairment loss recognized, discloses: (a) a description of the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method of determining the fair value of the associated reporting unit, and (c) if a recognized impairment loss is an estimate not finalized and the reasons why the estimate is not final. May also disclose the nature and amount of any significant adjustments made to a previous estimate of an impairment loss.

+ References + Details

Fair Value of Financial Instruments

6 Months Ended

Jun. 30, 2011

Fair Value of Financial Instruments

Fair Value of Financial Instruments

Note 6 - 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, cash surrender value of life insurance policies, auction rate securities, cost and equity method investments, deferred compensation plan assets and liabilities, accounts payable and other current liabilities, acquisition-related contingent consideration 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:


Level 1	-	Quoted market prices in active markets for identical assets or liabilities.

Level 2	-	Observable market based inputs or other observable inputs.

Level 3	-	Significant unobservable inputs that are not corroborated by observable market data. These values are generally determined using valuation models incorporating management's estimates of market participant assumptions.

Carrying amounts and estimated fair values of financial instruments for the periods indicated were as follows (in millions):


	June 30, 2011				December 31, 2010
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Assets:
Cash surrender value of life insurance policies	$	8.5	$	8.5	$	8.3	$	8.3
Auction rate securities		14.4		14.4		19.0		19.0

Liabilities:
Acquisition-related contingent consideration	$	82.4	$	82.4	$	45.0	$	45.0
7.625% senior notes		150.0		153.8		150.0		151.9
Original 4.0% senior convertible notes		9.7		13.9		115.0		139.2
New 4.0% senior convertible notes		96.9		97.7		—		—
Original 4.25% senior convertible notes		3.0		4.4		100.0		120.4
New 4.25% senior convertible notes		88.9		89.0		—		—

The following methods and assumptions were used to estimate the fair values of financial instruments:

Cash Surrender Value of Life Insurance Policies. Cash surrender values of life insurance policies are based on current cash surrender values as quoted by insurance carriers, a Level 1 input. Life insurance policies support the Company's split dollar agreements and deferred compensation plan assets.

Auction Rate Securities. The fair value of the Company's auction rate securities was estimated by an independent valuation firm, Houlihan Capital Advisors, LLC, using a probability weighted discounted cash flow model, which is a Level 3 input. See Note 7 - Securities Available for Sale.

Acquisition-Related Contingent Consideration. Acquisition-related contingent consideration in the table above represents the estimated fair value of additional future earn-outs payable for acquisitions of businesses that closed after December 15, 2008. The fair value of such acquisition-related contingent consideration is based on management's estimates and entity-specific assumptions, which are Level 3 inputs. The Company completed certain acquisitions during the second quarter of 2011, as described in Note 3 - Acquisitions and Other Investments, certain of which include earn-out agreements.

Debt. The estimated fair values of the Company's 7.625% senior notes and original 4.0% and 4.25% senior convertible notes are based on quoted market prices, Level 1 inputs. The estimated fair value of the debt component of the Company's New Notes is calculated using an income approach, based on a discounted cash flow model. This method is based on management's estimates of the market interest rate for a similar nonconvertible instrument, which is a Level 3 input. See Note 9 - Debt.

Assets and Liabilities Measured at Fair Value on a Recurring Basis

As of June 30, 2011, the Company held certain assets and liabilities required to be measured at fair value on a recurring basis. The fair values of financial assets and liabilities measured on a recurring basis were determined using the following inputs as of June 30, 2011 and December 31, 2010 (in millions):


			Fair Value Measurements Using Inputs Considered as Significant
	Fair Value as of June 30, 2011		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets:
Cash surrender value of life insurance policies	$	8.5	$	8.5		—		—
Auction rate securities	$	14.4		—		—	$	14.4
Liabilities:
Acquisition-related contingent consideration	$	82.4		—		—	$	82.4

			Fair Value Measurements Using Inputs Considered as Significant
	Fair Value as of December 31, 2010		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets:
Cash surrender value of life insurance policies	$	8.3	$	8.3		—		—
Auction rate securities	$	19.0		—		—	$	19.0
Liabilities:
Acquisition-related contingent consideration	$	45.0		—		—	$	45.0

The following tables provide a reconciliation between the beginning and ending balances of items measured at fair value on a recurring basis using significant unobservable inputs (Level 3 inputs) for the three and six months ended June 30, 2011 and 2010:


	Auction Rate Securities
Three Months Ended June 30, 2011	Student Loan			Structured Finance Securities			Total			Acquisition-Related Contingent Consideration

Balances at March 31, 2011	$	16.3		$	2.7		$	19.0		$	45.0
Additions from new business combinations		—			—			—			49.6
Redemption of security by issuer		(4.6	)		—			(4.6	)		—
Reversal of unrealized losses on redeemed security		0.4			—			0.4			—
Changes in unrealized (losses)/gains included in other comprehensive income		—			(0.4	)		(0.4	)		—
Payments of contingent consideration		—			—			—			(12.2	)

Balances at June 30, 2011	$	12.1		$	2.3		$	14.4		$	82.4


	Auction Rate Securities
Three Months Ended June 30, 2010	Student Loan			Structured Finance Securities			Total			Acquisition-Related Contingent Consideration

Balances at March 31, 2010	$	16.2		$	8.1		$	24.3		$	40.3
Changes in fair value recorded in earnings		—			(0.4	)		(0.4	)		—
Changes in unrealized (losses)/gains included in other comprehensive income		—			0.1			0.1			—
Payments of contingent consideration		—			—			—			(9.7	)

Balances at June 30, 2010	$	16.2		$	7.8		$	24.0		$	30.6


	Auction Rate Securities
Six Months Ended June 30, 2011	Student Loan			Structured Finance Securities			Total			Acquisition-Related Contingent Consideration

Balances at December 31, 2010	$	16.4		$	2.6		$	19.0		$	45.0
Additions from new business combinations		—			—			—			49.6
Redemption of security by issuer		(4.6	)		—			(4.6	)		—
Reversal of unrealized losses on redeemed security		0.4			—			0.4			—
Changes in unrealized (losses)/gains included in other comprehensive income		(0.1	)		(0.3	)		(0.4	)		—
Payments of contingent consideration		—			—			—			(12.2	)

Balances at June 30, 2011	$	12.1		$	2.3		$	14.4		$	82.4


	Auction Rate Securities
Six Months Ended June 30, 2010	Student Loan			Structured Finance Securities			Total			Acquisition-Related Contingent Consideration

Balances at December 31, 2009	$	16.4		$	8.1		$	24.5		$	40.3
Changes in fair value recorded in earnings		—			(0.4	)		(0.4	)		—
Changes in unrealized (losses)/gains included in other comprehensive income		(0.2	)		0.1			(0.1	)		—
Payments of contingent consideration		—			—			—			(9.7	)

Balances at June 30, 2010	$	16.2		$	7.8		$	24.0		$	30.6

Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis

Assets and liabilities recognized or disclosed at fair value in the financial statements on a nonrecurring basis include items such equity method investments, as goodwill and long lived assets, which are measured at fair value as a result of an impairment or other measurement event, if applicable. Except for the Company's 33% equity investment in EC Source, which was remeasured in connection with the Company's acquisition of the balance of EC Source's outstanding equity interests, the Company had no significant assets or liabilities required to be measured at fair value on a nonrecurring basis subsequent to their initial recognition during the three or six months ended June 30, 2011 and 2010. See Note 3 – Acquisitions and Other Investments for details.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 133
-Paragraph 44A, 44B
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 107
-Paragraph 15C, 15D
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 107
-Paragraph 15A
-Subparagraph a-d
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 107
-Paragraph 15B
-Subparagraph a, b
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 107
-Paragraph 3, 10, 14, 15
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 157
-Paragraph 32, 33, 34
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 7: http://www.xbrl.org/2003/role/presentationRef
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-Name Statement of Financial Accounting Standard (FAS)
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-Paragraph 17-22, 27, 28
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-Topic 820
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+ Details

Business, Basis of Presentation and Significant Accounting Policies	6 Months Ended
	Jun. 30, 2011
Business, Basis of Presentation and Significant Accounting Policies
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 activities include the engineering, building, installation, maintenance and upgrade of energy, communication and utility infrastructure, such as: electrical utility transmission and distribution; wind farms, solar farms and other renewable energy; natural gas and petroleum pipeline infrastructure; wireless, wireline and satellite communications; industrial infrastructure; and water and sewer systems. MasTec's customers are primarily in the utility, communications and government industries. *Basis of Presentation* The accompanying condensed unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States ("U.S. GAAP") for interim financial information and with the instructions for Form 10-Q and Rule 10-01 of Regulation S-X. Pursuant to these rules and regulations, certain information and footnote disclosures normally included in the annual consolidated financial statements prepared in accordance with U.S. GAAP have been condensed or omitted. The accompanying condensed consolidated balance sheet as of December 31, 2010 is derived from the Company's audited financial statements as of that date. Since certain information and footnote disclosures have been condensed or omitted, these condensed unaudited consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto as of and for the year ended December 31, 2010 contained in the Company's most recent Annual Report on Form 10-K. In management's opinion, all normal and recurring adjustments considered necessary for a fair presentation of the financial position, results of operations and cash flows for the periods presented have been included. Interim period operating results do not necessarily indicate the results that may be expected for any other interim period or for the full fiscal year. The Company believes that the disclosures made in these condensed unaudited consolidated financial statements are adequate to make the information not misleading. *Management Estimates* The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Key estimates include: the recognition of revenue, in particular, on long term construction contracts, including estimates to complete and provisions for contract losses; allowances for doubtful accounts; accrued self-insured claims; estimated fair values of goodwill, acquisition-related contingent consideration, investments in equity method investees, intangible assets, securities available for sale and certain convertible debt obligations; asset lives used in computing depreciation and amortization, including amortization of intangible assets; accounting for income taxes; and range of possible exposure associated with contingencies and ongoing litigation. While management believes that such estimates are fair when considered in conjunction with the consolidated financial position and results of operations taken as a whole, actual results could differ from those estimates and such differences may be material to the condensed unaudited financial statements. *Principles of Consolidation* The accompanying condensed unaudited consolidated financial statements include MasTec, Inc. and its subsidiaries and include the accounts of all majority-owned subsidiaries over which the Company exercises control and, when applicable, entities in which the Company has a controlling financial interest. Other parties' interests in companies for which MasTec exercises control and has a controlling financial interest are reported as non-controlling interests within shareholders' equity. Net income or loss attributable to non-controlling interests is reported as a separate line item below net income. The Company's investments in entities for which the Company does not have a controlling interest, but has the ability to exert significant influence, are accounted for using the equity method of accounting. Equity method investments are recorded as long-term assets in the condensed unaudited consolidated balance sheets. Income or loss from these investments is recorded in other (income) expense, net, in the condensed unaudited consolidated statements of operations. The cost method is used for investments in entities for which the Company does not have the ability to exert significant influence. All significant intercompany balances and transactions have been eliminated in consolidation. *Translation of Foreign Currencies* The assets and liabilities of foreign subsidiaries are translated into U.S. dollars at period end exchange rates, with resulting translation gains or losses accumulated as a separate component of shareholders' equity. Revenue and expenses are translated into U.S. dollars at average rates of exchange prevailing during the period. The Company does not currently have any subsidiaries that operate in highly inflationary environments. *Reclassifications* Certain prior year amounts have been reclassified to conform to the current period presentation. *Significant Accounting Policies* Except for adoption of the pronouncements discussed below, there have been no material changes to the significant accounting policies described in the Company's Annual Report on Form 10-K for the year ended December 31, 2010. *Recently Adopted Accounting Pronouncements* In December 2010, the Financial Accounting Standards Board ("FASB") issued ASU 2010-28, Intangibles – Goodwill and Other (Topic 350): When to Perform Step 2 of the Goodwill Impairment Test for Reporting Units with Zero or Negative Carrying Amounts ("ASU 2010-28"). ASU 2010-28 modifies Step 1 of the goodwill impairment test for reporting units with zero or negative carrying amounts. For those reporting units, an entity is required to perform Step 2 of the goodwill impairment test if it is more likely than not that a goodwill impairment exists. In determining whether it is more likely than not that a goodwill impairment exists, an entity should consider whether there are any adverse qualitative factors indicating that an impairment may exist. ASU 2010-28 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2010. The adoption of ASU 2010-28 effective January 1, 2011 did not have a material impact on the Company's condensed unaudited consolidated financial statements. In December 2010, the FASB issued ASU 2010-29, Business Combinations (Topic 805): Disclosure of Supplementary Pro Forma Information for Business Combinations, a consensus of the FASB Emerging Issues Task Force ("ASU 2010-29"). The objective of ASU 2010-29 is to address diversity in practice relating to the interpretation of pro forma revenue and earnings disclosure requirements for business combinations. Under ASU 2010-29, comparative financial statements should disclose revenue and earnings of the combined entity as if business combinations that occurred during the current year had been in effect as of the beginning of the comparable prior annual reporting period only. Additionally, ASU 2010-29 expands the supplemental pro forma disclosures under Topic 805 to include a description of the nature and amount of material, nonrecurring pro forma adjustments directly attributable to the business combinations included in reported pro forma revenue and earnings. ASU 2010-29 is effective prospectively for business combinations occurring on or after the beginning of the first annual reporting period beginning on or after December 15, 2010. See pro forma disclosures associated with acquired businesses in Note 3 – Acquisitions and Other Investments. *Recently Issued Accounting Standards Not Adopted as of June 30, 2011* In May 2011, the FASB issued ASU 2011-04, Fair Value Measurement (Topic 820): Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and International Financial Reporting Standards ("ASU 2011-04"). The objective of ASU 2011-04 is to converge guidance of the FASB and the International Accounting Standards Board on fair value measurement and disclosure. This update changes the wording used to describe many of the requirements in U.S. GAAP for measuring fair value and disclosing information about fair value measurements; clarifies the FASB's intent about the application of existing fair value measurement requirements; and changes particular principles or requirements for measuring fair value or for disclosing information about fair value measurements. ASU 2011-04 is effective prospectively for interim and annual periods beginning after December 15, 2011. The Company is currently evaluating the potential impact of this standard on the Company's consolidated financial statements. In June 2011, the FASB issued ASU 2011-05, Comprehensive Income (Topic 220): Presentation of Comprehensive Income ("ASU 2011-05"). The objective of ASU 2011-05 is to improve the comparability, consistency and transparency of financial reporting and to increase the prominence of items reported in other comprehensive income. ASU 2011-05 provides the option to present the total of comprehensive income, the components of net income and the components of other comprehensive income either in a single continuous statement of comprehensive income or in two separate, but consecutive, statements. ASU 2011-05 eliminates the option to present the components of other comprehensive income as part of the statement of changes in shareholders' equity. ASU 2011-05 is effective retrospectively for fiscal years, and for interim periods within those years, beginning after December 15, 2011. The Company is currently evaluating the potential impact of this standard on the Company's consolidated financial statements.

Property and Equipment, Net

6 Months Ended

Jun. 30, 2011

Property and Equipment, Net

Property and Equipment, Net

Note 5 - Property and Equipment, Net

Property and equipment, net, including property and equipment under capital leases, is comprised of the following as of June 30, 2011 and December 31, 2010 (in millions):


	June 30, 2011			December 31, 2010			Estimated Useful Lives (In Years)
Land	$	4.7		$	4.7
Buildings and leasehold improvements		11.6			11.1		5 - 40
Machinery and equipment		345.7			274.5		2 - 15
Office furniture and equipment		69.8			59.9		3 - 7

Total property and equipment	$	431.8		$	350.2
Less accumulated depreciation		(191.2	)		(169.4	)


Property and equipment, net	$	240.6		$	180.8

Property and equipment under capital leases are depreciated over their estimated useful lives. Depreciation expense for the three months ended June 30, 2011 and 2010 was $14.7 million and $11.1 million, respectively. Depreciation expense for the six months ended June 30, 2011 and 2010 was $27.8 million and $22.2 million, respectively.

Management reviews long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amounts may not be realizable. Based on the Company's analysis, there were no material impairment charges during the three or six months ended June 30, 2011 and 2010.

- Definition

The entire disclosure for long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale. Examples include land, buildings, machinery and equipment, and other types of furniture and equipment including, but not limited to, office equipment, furniture and fixtures, and computer equipment and software. This disclosure may include property plant and equipment accounting policies and methodology, a schedule of property, plant and equipment gross, additions, deletions, transfers and other changes, depreciation, depletion and amortization expense, net, accumulated depreciation, depletion and amortization expense and useful lives, income statement disclosures, assets held for sale and public utility disclosures.

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Securities Available for Sale

6 Months Ended

Jun. 30, 2011

Securities Available for Sale

Securities Available for Sale

Note 7 - Securities Available For Sale

The Company's securities available for sale consist of auction-rate securities, which represent interests in pools of student loans guaranteed by the U.S. government under the Federal Family Education Loan Program and a structured finance security. The structured finance security has an attached credit default swap under which the principal value would be partially or fully forfeited at net default rates on the underlying corporate debt obligations ranging from 8% to 9%. The actual net default rate as of June 30, 2011 was 4.89%. Both the structured finance security and the credit default swap are collateralized by investment grade credit-linked notes made up of floating rate international bank notes or credit card receivable notes.

In the second quarter of 2011, the issuer of one of the Company's student loan auction rate securities redeemed its security at par value of $4.6 million. In connection with the redemption, $0.4 million of cumulative unrealized losses, and the corresponding tax impact of $0.1 million, were eliminated from other comprehensive income.

Due to liquidity issues in the auction rate securities market, there was insufficient observable market data to determine the fair value of the Company's auction rate securities as of June 30, 2011 or December 31, 2010. Therefore, their fair value was estimated by an independent valuation firm, Houlihan Capital Advisors, LLC, using a probability-weighted discounted cash flow model. This valuation is sensitive to market conditions and management's judgment and can change significantly based on the assumptions used. The following tables set forth the fair value of the Company's auction rate securities by type of security and underlying credit rating as of June 30, 2011 and December 31, 2010 (in millions):


As of June 30, 2011	Underlying Credit Rating (1)
	AAA		CCC		Total
Student loans	$	12.1	$	—	$	12.1
Structured finance securities		—		2.3		2.3

Total auction rate securities	$	12.1	$	2.3	$	14.4


As of December 31, 2010	Underlying Credit Rating (1)
	A3/A-		CCC		Total
Student loans	$	16.4	$	—	$	16.4
Structured finance securities		—		2.6		2.6

Total auction rate securities	$	16.4	$	2.6	$	19.0

(1)

The Company's auction rate securities maintain split ratings. For purposes of this table, securities are categorized according to their lowest rating.

As of June 30, 2011, the yields on the Company's auction-rate securities ranged from 1.47% to 2.45%. These yields represent the predetermined "maximum" reset rates that occur upon auction failures according to the specific terms within each security's prospectus. The issuers have been making interest payments when due. As of June 30, 2011, the weighted average yield for the Company's auction rate securities was 1.86%.

Auction Rate Securities – Changes in Fair Value

Management evaluates whether unrealized losses on investments in securities are other-than-temporary, and if believed to be other-than-temporary, an impairment charge is recorded. There were no other-than-temporary impairment losses recognized for the three or six months ended June 30, 2011. For the three months and six months ended June 30, 2010, the Company recognized $0.4 million of other-than-temporary impairment losses in earnings, with a corresponding reduction in cost basis, associated with its investment in structured finance auction rate securities.

Structured Finance Auction Rate Securities

In the fourth quarter of 2009, the Company deemed its structured finance auction rate securities to be other-than-temporarily impaired due to ratings agency downgrades of the corresponding securities. During 2010, the Company sold two of its three structured finance auction rate securities. The Company's remaining structured finance security had a par value of $5.0 million and a cost basis of $2.3 million as of June 30, 2011. Cumulative credit and other losses of $2.7 million have been recognized in prior years in connection with this security. Following the sale of two of the Company's structured finance securities in the fourth quarter of 2010, management determined that the Company no longer met the criteria for intent to hold with respect to its remaining structured finance security. Accordingly, further declines in this security's cost basis will be recognized in earnings, whereas increases will be recorded in other comprehensive income, net of applicable taxes. As of June 30, 2011, this security's cost basis approximated its carrying value. As of December 31, 2010, cumulative gross unrealized gains in other comprehensive income associated with this security totaled $0.3 million, or $0.2 million, net of applicable income taxes.

Student Loan Auction Rate Securities

Cumulative gross unrealized losses on the Company's student loan auction rate securities, which are included as a component of other comprehensive income, total $0.8 million, or $0.5 million, net of applicable income taxes as of June 30, 2011, and $1.1 million, or $0.7 million, net of applicable income taxes as of December 31, 2010.

Auction Rate Securities – Reconciliation of Cost Basis to Fair Value

The cost basis, gross cumulative unrealized (losses) gains and estimated fair values of the Company's auction rate securities for the periods indicated are as follows (in millions):


	June 30, 2011
	Adjusted Cost Basis (1)		Gross Cumulative Unrealized (Losses)/Gains			Fair Value
Auction rate securities – student loans	$	12.9	$	(0.8	)	$	12.1
Auction rate securities – structured finance securities		2.3		—			2.3

Total auction rate securities	$	15.2	$	(0.8	)	$	14.4


	December 31, 2010
	Adjusted Cost Basis (1)		Gross Cumulative Unrealized (Losses)/Gains			Fair Value
Auction rate securities – student loans	$	17.5	$	(1.1	)	$	16.4
Auction rate securities – structured finance securities		2.3		0.3			2.6

Total auction rate securities	$	19.8	$	(0.8	)	$	19.0

(1)

Adjusted cost basis reflects adjustments for credit and other losses recognized in earnings. Cumulative adjustments to cost basis on securities held as of both June 30, 2011 and December 31, 2010 totaled $2.7 million. Par value of securities held as of June 30, 2011 was $17.9 million and as of December 31, 2010 was $22.5 million.

As of June 30, 2011, contractual maturities of the Company's student loan auction rate securities range from 17 to 36 years, and for the structured finance security, 6 years.

- Definition

Tabular disclosure of available-for-sale securities which consist of all investments in certain debt and equity securities neither classified as trading or held-to-maturity securities. A debt security represents a creditor relationship with an enterprise. Debt securities include, among other items, US Treasury securities, US government securities, municipal securities, corporate bonds, convertible debt, commercial paper, and all securitized debt instruments. An equity security represents an ownership interest in an enterprise or the right to acquire or dispose of an ownership interest in an enterprise at fixed or determinable prices. Equity securities include, among other things, common stock, certain preferred stock, warrant rights, call options, and put options, but do not include convertible debt.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Emerging Issues Task Force (EITF)
-Number 03-1
-Paragraph 21
-Subparagraph a, b
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef
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-Name FASB Staff Position (FSP)
-Number FAS115-1/124-1
-Paragraph 17
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-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
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-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef
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+ Details