Company: MTZ
Filing Date: 2025-02-28
Form Type: 10-K
Source: 0000015615-25-000021
Chunk: 2034

Company: MASTEC INC
Filing Date: 2025-02-28
Form: 10-K
Item: Item 3
Chunk 2034
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 the years ended December 31, 2024, 2023 and 2022, rent expense for leases that have terms in excess of one year totaled approximately $195.8 million, $162.1 million and $134.1 million, respectively, of which $17.8 million, $15.8 million and $11.1 million, respectively, represented variable lease costs.  The Company also incurred rent expense for leases with terms of one year or less totaling approximately $547.0 million, $608.2 million and $377.8 million for the years ended December 31, 2024, 2023, and 2022, 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.

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Additional Lease InformationFuture minimum lease commitments as of December 31, 2024 were as follows (in millions): Finance LeasesOperating Leases2025$148.2 $161.4 202689.7 125.2 202749.8 74.5 202824.0 38.0 20296.6 15.1 Thereafter— 34.5 Total minimum lease payments$318.3 $448.7 Less amounts representing interest(20.4)(41.2)Total lease obligations, net of interest$297.9 $407.5 Less current portion137.6 146.2 Long-term portion of lease obligations, net of interest$160.3 $261.3 The following table presents weighted average remaining lease terms and discount rates for finance and non-cancelable operating leases as of the dates indicated:December 31,20242023Weighted average remaining lease term (in years):Finance leases2.72.6Operating leases3.73.8Weighted average discount rate:Finance leases4.8 %4.7 %Operating leases5.1 %4.8 %

Note 9 – Stock-Based Compensation and Other Employee Benefit Plans

The Company’s stock-based compensation plans, under which shares of the Company’s common stock are reserved for issuance, include: the MasTec, Inc. Amended and Restated 2013 Incentive Compensation Plan (as amended from time to time, the “2013 Incentive Plan”), the MasTec, Inc. Amended and Restated Bargaining Units Employee Stock