Company: MTZ
Filing Date: 2025-02-28
Form Type: 10-K
Source: 0000015615-25-000021
Chunk: 1591

Company: MASTEC INC
Filing Date: 2025-02-28
Form: 10-K
Item: Item 1C
Chunk 1591
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 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.  Expenditures for repairs and maintenance are charged to expense as incurred.  Expenditures for betterments and major improvements that extend the life of the related assets are capitalized and depreciated over the remaining useful lives of the assets.  The carrying amounts of assets sold or retired and the related accumulated depreciation are eliminated in the year of disposal.  Gains or losses, net, from the sale of property and equipment are included within general and administrative expenses.  When the Company identifies assets to be sold, those assets are valued based on their estimated fair value less costs to sell and classified as held