Lease Obligations

9 Months Ended

Sep. 30, 2018

Leases [Abstract]

Lease Obligations

Note 8 – Lease Obligations

Capital Leases

MasTec enters into agreements that provide lease financing for machinery and equipment. The gross amount of assets held under capital leases as of September 30, 2018 and December 31, 2017, which are included within property and equipment, net, totaled $356.6 million and $418.0 million, respectively. Assets held under capital leases, net of accumulated depreciation, totaled $247.1 million and $277.3 million as of September 30, 2018 and December 31, 2017, respectively.

Operating Leases

In the ordinary course of business, the Company enters into non-cancelable operating leases for certain of its facility, vehicle and equipment needs, including related party leases. See Note 15 - Related Party Transactions. Rent and related expense for operating leases that have non-cancelable terms in excess of one year totaled approximately $33.1 million and $25.4 million for the three month periods ended September 30, 2018 and 2017, respectively, and totaled $85.4 million and $77.6 million for the nine month periods ended September 30, 2018 and 2017, respectively. The Company also incurred rent and related expense for facilities, vehicles and equipment having original terms of one year or less totaling approximately $142.7 million and $159.4 million for the three month periods ended September 30, 2018 and 2017, respectively, and totaling $339.4 million and $347.8 million for the nine month periods ended September 30, 2018 and 2017, respectively.