Company: MTZ
Filing Date: 2025-07-31
Form Type: 10-Q
Source: 0000015615-25-000079
Chunk: 373

Company: MASTEC INC
Filing Date: 2025-07-31
Form: 10-Q
Item: Part I, Item 7
Chunk 373
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 $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-based compensation plans, under which shares of the Company’s common stock are reserved for issuance.  Under all stock-based compensation plans in effect as of June 30, 2025, there were approximately 4,012,000 shares available for future grants.  Non-cash stock-based compensation expense under all plans totaled approximately $9.4 million and $7.0 million for the three months ended June 30, 2025