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Revenue from Contracts with Customers Revenue from Contracts with Customers (Tables)

3 Months Ended

Mar. 31, 2018

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue

The following tables provide further disaggregation of our revenues by categories we use to evaluate our financial performance within each of our reportable segments (in thousands):

	For the three months ended March 31, 2018				% of Total
United States electrical construction and facilities services:
Commercial market sector	$	184,382			40	%
Institutional market sector	28,008				6	%
Hospitality market sector	5,516				1	%
Manufacturing market sector	85,794				19	%
Healthcare market sector	38,507				8	%
Transportation market sector	71,264				16	%
Water and wastewater market sector	4,613				1	%
Short duration projects (1)	29,530				7	%
Service work	8,168				2	%
	455,782
Less intersegment revenues	(1,030		)
Total segment revenues	$	454,752

United States mechanical construction and facilities services:
Commercial market sector	$	231,851			33	%
Institutional market sector	65,627				9	%
Hospitality market sector	26,527				4	%
Manufacturing market sector	99,876				14	%
Healthcare market sector	66,114				10	%
Transportation market sector	5,206				1	%
Water and wastewater market sector	36,751				5	%
Short duration projects (1)	83,895				12	%
Service work	86,225				12	%
	702,072
Less intersegment revenues	(3,225		)
Total segment revenues	$	698,847

________

(1) Represents those projects which generally are completed within three months or less.

United States building services:
Commercial site-based services	$	146,761			32	%
Government site-based services	55,409				12	%
Mechanical services	227,342				50	%
Energy services	25,240				6	%
Total segment revenues	$	454,752

	For the three months ended March 31, 2018				% of Total
United States industrial services:
Field services	$	148,090			80	%
Shop services	37,057				20	%
Total segment revenues	$	185,147
Total United States operations	$	1,793,498

United Kingdom building services:
Service work	$	55,275			52	%
Projects & extras	51,615				48	%
Total segment revenues	$	106,890
Total worldwide operations	$	1,900,388

Contract Assets and Contract Liabilities

Net contract liabilities consisted of the following (in thousands):

	March 31, 2018				December 31, 2017
Contract assets, current	$	158,895			$	122,621
Contract assets, non-current	—				—
Contract liabilities, current	(556,306		)		(524,156		)
Contract liabilities, non-current	(4,785		)		—
Deferred revenue (1)	—				(47,328		)
Net contract liabilities	$	(402,196	)		$	(448,863	)

________

(1) Represents deferred revenue on service contracts, which was included in “Accrued expenses and other” and “Other long-term liabilities” in the Condensed Consolidated Balance Sheet as of December 31 2017. For the periods after December 31, 2017, these amounts are included within “Contract liabilities”.

Remaining Performance Obligation

The following table presents the transaction price allocated to remaining unsatisfied performance obligations (“remaining performance obligations”) for each of our reportable segments and their respective percentages of total remaining performance obligations (in thousands, except for percentages):

	March 31, 2018				% of Total
Remaining performance obligations:
United States electrical construction and facilities services	$	1,133,811			31	%
United States mechanical construction and facilities services	1,822,381				51	%
United States building services	424,196				12	%
United States industrial services	64,450				2	%
Total United States operations	3,444,838				96	%
United Kingdom building services	158,905				4	%
Total worldwide operations	$	3,603,743			100	%

Remaining Performance Obligation, Expected Timing of Satisfaction

Refer to the table below for additional information regarding our remaining performance obligations, including an estimate of when we expect to recognize such remaining performance obligations as revenue (in thousands):

	Within one year				Greater than one year
Remaining performance obligations:
United States electrical construction and facilities services	$	932,331			$	201,480
United States mechanical construction and facilities services	1,434,719				387,662
United States building services	402,065				22,131
United States industrial services	64,450				—
Total United States operations	2,833,565				611,273
United Kingdom building services	98,103				60,802
Total worldwide operations	$	2,931,668			$	672,075

Schedule of Changes in Accounting Principles

The following tables compare the differences between our reported and pro forma results under previous revenue guidance for each financial statement line item within our reported Condensed Consolidated Balance Sheet and Condensed Consolidated Statement of Operations, as of and for the three months ended March 31, 2018 (in thousands):

	As reported				Pro forma
	March 31, 2018 (Unaudited)
ASSETS
Current assets:
Cash and cash equivalents	$	352,443			$	352,443
Accounts receivable	1,572,919				1,568,739
Contract assets	158,895				159,053
Inventories	43,727				47,872
Prepaid expenses and other	41,793				40,874
Total current assets	2,169,777				2,168,981
Investments, notes and other long-term receivables	3,680				3,680
Property, plant and equipment, net	124,797				124,797
Goodwill	965,046				965,046
Identifiable intangible assets, net	484,368				484,368
Other assets	94,331				94,331
Total assets	$	3,841,999			$	3,841,203
LIABILITIES AND EQUITY
Current liabilities:
Current maturities of long-term debt and capital lease obligations	$	15,480			$	15,480
Accounts payable	487,333				487,333
Contract liabilities	556,306				503,418
Accrued payroll and benefits	259,875				259,875
Other accrued expenses and liabilities	193,303				246,425
Total current liabilities	1,512,297				1,512,531
Borrowings under revolving credit facility	25,000				25,000
Long-term debt and capital lease obligations	266,478				266,478
Other long-term obligations	346,558				345,667
Total liabilities	2,150,333				2,149,676
Total equity	1,691,666				1,691,527
Total liabilities and equity	$	3,841,999			$	3,841,203

	As reported				Pro forma
	For the three months ended March 31, 2018 (Unaudited)
Revenues	$	1,900,388			$	1,899,490
Cost of sales	1,631,269				1,631,732
Gross profit	269,119				267,758
Selling, general and administrative expenses	190,288				190,288
Restructuring expenses	90				90
Operating income	78,741				77,380
Interest expense	(2,996		)		(2,996		)
Interest income	544				544
Income from continuing operations before income taxes	76,289				74,928
Income tax provision	20,633				20,265
Income from continuing operations	55,656				54,663
Loss from discontinued operation, net of income taxes	(282		)		(282		)
Net income including noncontrolling interests	55,374				54,381
Less: Net loss attributable to noncontrolling interests	—				—
Net income attributable to EMCOR Group, Inc.	$	55,374			$	54,381
Basic earnings per common share:
From continuing operations attributable to EMCOR Group, Inc. common stockholders	$	0.95			$	0.93
Diluted earnings per common share:
From continuing operations attributable to EMCOR Group, Inc. common stockholders	$	0.94			$	0.93

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