Company: MTZ
Filing Date: 2025-07-31
Form Type: 10-Q
Source: 0000015615-25-000079
Chunk: 202

Company: MASTEC INC
Filing Date: 2025-07-31
Form: 10-Q
Item: Part I, Item 4
Chunk 202
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 months ended June 30, 2025 and 2024, rent expense for leases that have terms in excess of one year totaled approximately $53.8 million and $48.9 million, respectively, of which $5.1 million and $4.6 million, respectively, represented variable lease costs.  For the six months ended June 30, 2025 and 2024, rent expense for such leases totaled approximately $105.1 million and $97.4 million, respectively, of which $10.1 million and $9.3 million, respectively, represented variable lease costs.  The Company also incurred rent expense for leases with terms of one year or less totaling approximately $148.2 million and $125.4 million for the three months ended June 30, 2025 and 2024, respectively, and totaling approximately $282.6 million and $261.0 million for the six months ended June 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.Additional Lease InformationFuture minimum lease commitments as of June 30, 2025 were as follows (in millions):FinanceLeasesOperatingLeases2025, remaining six months$81.1 $90.7 2026118.5 151.6 202778.6 100.7 202852.0 54.6 202924.0 22.4 Thereafter3.4 36.7 Total minimum lease payments$357.6 $456.7 Less amounts representing interest(24.4)(43.4)Total lease obligations, net of interest$333.2 $413.3 Less current portion139.7 157.0 Long-term portion of lease obligations, net of interest$193.5 $256.3 The following table presents weighted average remaining lease terms and discount rates for finance and non-cancelable operating leases as of the periods indicated:June 30,2025December 31,2024Weighted average remaining lease term (in years):Finance leases3.02.7Operating leases3.63.7Weighted average discount rate:Finance leases4.7 %4.8 %Operating leases5.3 %5.1 %

Note 8 – Stock-Based Compensation and Other Employee Benefit Plans

The Company has stock