Company: MTZ
Filing Date: 2025-10-30
Form Type: 10-Q
Source: 0000015615-25-000128
Chunk: 320

Company: MASTEC INC
Filing Date: 2025-10-30
Form: 10-Q
Item: Part I, Item 6
Chunk 320
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.2 million, respectively, and for the nine months ended September 30, 2025 and 2024, totaled $138.8 million and $136.0 million, respectively.  For the three months ended September 30, 2025 and 2024, rent expense for leases that have terms in excess of one year totaled approximately $57.3 million and $49.3 million, respectively, of which $5.4 million and $4.2 million, respectively, represented variable lease costs.  For the nine months ended September 30, 2025 and 2024, rent expense for such leases totaled approximately $162.4 million and $146.7 million, respectively, of which $15.5 million and $13.5 million, respectively, represented variable lease costs.  The Company also incurred rent expense for leases with terms of one year or less totaling approximately $186.0 million and $138.6 million for the three months ended September 30, 2025 and 2024, respectively, and totaling approximately $468.6 million and $399.6 million for the nine months ended September 30, 2025 and 2024, 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.

18

Additional Lease InformationFuture minimum lease commitments as of September 30, 2025 were as follows (in millions):FinanceLeasesOperatingLeases2025, remaining three months$41.4 $47.4 2026131.0 162.8 202791.3 112.5 202864.6 65.9 202933.9 28.3 Thereafter7.3 38.3 Total minimum lease payments$369.5 $455.2 Less amounts representing interest(27.0)(43.0)Total lease obligations, net of interest$342.5 $412.2 Less current portion135.1 157.0 Long-term portion of lease obligations, net of interest$207.4 $255.2 The following table presents weighted average remaining lease terms and discount rates for finance and non-cancelable operating leases as of the periods indicated:September 30,2025December 31,2024Weighted average remaining lease term (in years):Finance leases3.12.7Operating leases3.53.7Weighted