Company: MTZ
Filing Date: 2025-02-28
Form Type: 10-K
Source: 0000015615-25-000021
Chunk: 2442

Company: MASTEC INC
Filing Date: 2025-02-28
Form: 10-K
Item: Item 7
Chunk 2442
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 which the investees operate.  Fair value measurements for the Company’s equity investments, which are recognized in other income or expense, as appropriate, were based on Level 3 inputs for the years ended December 31, 2024 and 2023.For further information pertaining to the Company’s equity investments, see Note 4 - Fair Value of Financial Instruments.

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Deferred Financing CostsDeferred financing costs relate to the Company’s debt instruments, the short and long-term portions of which are reflected as deductions from the carrying amounts of the related debt instrument, including the Company’s senior unsecured credit facility.  Deferred financing costs are amortized over the terms of the related debt instruments using the effective interest method.  Deferred financing costs, net of accumulated amortization, totaled $14.6 million and $13.5 million as of December 31, 2024 and 2023, respectively.  Amortization expense associated with deferred financing costs, which is included within interest expense, net, totaled $4.6 million, $4.1 million and $3.6 million for the years ended December 31, 2024, 2023 and 2022, respectively.  For the years ended December 31, 2024 and 2022, the Company deferred $6.1 million and $2.8 million, respectively, of financing costs in connection with its debt instruments, and no financing costs were deferred for the year ended December 31, 2023.  For further information pertaining to the Company’s debt instruments, see Note 7 - Debt.Other Long-Term AssetsOther long-term assets consist primarily of investments in unconsolidated entities, life insurance assets, deferred compensation plan assets and miscellaneous receivables.Long-Lived AssetsThe Company’s long-lived assets consist primarily of property and equipment, including finance lease assets, and finite-lived intangible assets.  Purchased property and equipment is recorded at cost, or, if acquired in a business combination, at the acquisition date fair value.  Finance lease assets are recognized based on the present value of minimum future lease payments.  Certain costs incurred in connection with developing or obtaining internal-use software are capitalized within office equipment, furniture and internal-use software.  Depreciation and amortization of property and equipment, including finance lease assets, is computed using the straight-line method over the estimated useful lives of the respective assets.  Leasehold improvements are depreciated over the shorter of the term of the lease or the estimated useful lives of the improvements.