Company: MTZ
Filing Date: 2025-05-01
Form Type: 10-Q
Source: 0000015615-25-000052
Chunk: 165

Company: MASTEC INC
Filing Date: 2025-05-01
Form: 10-Q
Item: Part I, Item 4
Chunk 165
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, maintenance or other expenses, which are generally referred to as non-lease components.  The Company’s lease agreements do not contain significant residual value guarantees or material restrictive covenants.Finance LeasesThe gross amount of assets held under finance leases as of March 31, 2025 and December 31, 2024 totaled $751.0 million and $713.9 million, respectively.  Assets held under finance leases, net of accumulated depreciation, totaled $505.3 million and $473.0 million as of March 31, 2025 and December 31, 2024, respectively.  Depreciation expense associated with finance leases totaled $19.2 million and $24.2 million for the three month periods ended March 31, 2025 and 2024, respectively.Operating LeasesOperating lease additions for the three month periods ended March 31, 2025 and 2024 totaled $48.9 million and $80.1 million, respectively.  For the three month periods ended March 31, 2025 and 2024, rent expense for leases that have terms in excess of one year totaled approximately $51.3 million and $48.5 million, respectively, of which $5.0 million and $4.7 million, respectively, represented variable lease costs.  The Company also incurred rent expense for leases with terms of one year or less totaling approximately $134.4 million and $135.6 million for the three month periods ended March 31, 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.Additional Lease InformationFuture minimum lease commitments as of March 31, 2025 were as follows (in millions): FinanceLeasesOperatingLeases2025, remaining nine months$117.2 $125.9 2026104.4 134.2 202764.5 83.6 202838.1 43.2 202914.7 17.7 Thereafter0.9 35.2 Total minimum lease payments$339.8 $439.8 Less amounts representing interest(23.6)(41.9)Total lease obligations, net of interest$316.2 $397.9 Less current portion137.9 149.1 Long-term portion of lease obligations, net of interest$