Company: MTZ
Filing Date: 2025-02-28
Form Type: 10-K
Source: 0000015615-25-000021
Chunk: 1637

Company: MASTEC INC
Filing Date: 2025-02-28
Form: 10-K
Item: Item 1C
Chunk 1637
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 31, 2024 and 2023, respectively.  Depreciation expense associated with finance leases totaled $81.7 million, $103.0 million and $91.7 million for the years ended December 31, 2024, 2023 and 2022, respectively.Operating LeasesOperating lease additions for the years ended December 31, 2024, 2023 and 2022 totaled $166.8 million, $224.6 million and $119.1 million, respectively.  Acquisition-related additions totaled $32.4 million for the year ended December 31, 2022.For the years ended December 31, 2024, 2023 and 2022, rent expense for leases that have terms in excess of one year totaled approximately $195.8 million, $162.1 million and $134.1 million, respectively, of which $17.8 million, $15.8 million and $11.1 million, respectively, represented variable lease costs.  The Company also incurred rent expense for leases with terms of one year or less totaling approximately $547.0 million, $608.2 million and $377.8 million for the years ended December 31, 2024, 2023, and 2022, respectively.  Rent expense for operating leases is generally consistent with the amount of the related payments, which payments are included within operating activities in the consolidated statements of cash flows.

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Additional Lease InformationFuture minimum lease commitments as of December 31, 2024 were as follows (in millions): Finance LeasesOperating Leases2025$148.2 $161.4 202689.7 125.2 202749.8 74.5 202824.0 38.0 20296.6 15.1 Thereafter— 34.5 Total minimum lease payments$318.3 $448.7 Less amounts representing interest(20.4)(41.2)Total lease obligations, net of interest$297.9 $407.5 Less current portion137.6 146.2 Long-term portion of lease obligations, net of interest$160.3 $261.3 The following table presents weighted average remaining lease terms and discount rates for finance and non-cancelable operating leases as of the dates indicated:December 31,20242023Weighted average remaining lease term (in years):Finance leases2.72