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Segment Information (Tables) | 12 Months Ended
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Dec. 31, 2024
Segment Reporting [Abstract] |
Information About Reportable Segments | The following tables present the revenues and operating income for each of our reportable segments for the years ended December 31, 2024, 2023, and 2022 (in thousands):
| 2024 |  | 2023 |  | 2022
Revenues from unrelated entities: |  |  |  |  |
United States electrical construction and facilities services | $ | 3,342,927 |  |  | $ | 2,783,723 |  |  | $ | 2,433,114 |
United States mechanical construction and facilities services | 6,405,657 |  |  | 5,074,803 |  |  | 4,292,208 |
United States building services | 3,114,817 |  |  | 3,120,134 |  |  | 2,754,953 |
United States industrial services | 1,277,190 |  |  | 1,167,790 |  |  | 1,118,767 |
Total United States operations | 14,140,591 |  |  | 12,146,450 |  |  | 10,599,042 |
United Kingdom building services | 425,525 |  |  | 436,423 |  |  | 477,078 |
Consolidated revenues | $ | 14,566,116 |  |  | $ | 12,582,873 |  |  | $ | 11,076,120 |
| 2024 |  | 2023 |  | 2022
Total revenues: |  |  |  |  |
United States electrical construction and facilities services | $ | 3,370,506 |  |  | $ | 2,786,895 |  |  | $ | 2,438,916 |
United States mechanical construction and facilities services | 6,458,776 |  |  | 5,134,686 |  |  | 4,338,584 |
United States building services | 3,166,680 |  |  | 3,228,056 |  |  | 2,856,115 |
United States industrial services | 1,284,327 |  |  | 1,179,321 |  |  | 1,175,469 |
Less intersegment revenues | (139,698) |  |  | (182,508) |  |  | (210,042) |
Total United States operations | 14,140,591 |  |  | 12,146,450 |  |  | 10,599,042 |
United Kingdom building services | 425,525 |  |  | 436,423 |  |  | 477,078 |
Consolidated revenues | $ | 14,566,116 |  |  | $ | 12,582,873 |  |  | $ | 11,076,120 |
| 2024 |  | 2023 |  | 2022
Operating income (loss): |  |  |  |  |
United States electrical construction and facilities services | $ | 447,186 |  |  | $ | 230,640 |  |  | $ | 148,728 |
United States mechanical construction and facilities services | 799,613 |  |  | 530,644 |  |  | 330,325 |
United States building services | 176,720 |  |  | 182,995 |  |  | 146,639 |
United States industrial services | 44,213 |  |  | 35,375 |  |  | 19,787 |
Total United States operations | 1,467,732 |  |  | 979,654 |  |  | 645,479 |
United Kingdom building services | 21,485 |  |  | 25,681 |  |  | 29,838 |
Corporate administration | (144,354) |  |  | (127,229) |  |  | (110,440) |
Impairment loss on long-lived assets | — |  |  | (2,350) |  |  | — |
Consolidated operating income | 1,344,863 |  |  | 875,756 |  |  | 564,877 |
Other items: |  |  |  |  |
Net periodic pension income (cost) | 894 |  |  | (1,119) |  |  | 4,311 |
Interest expense | (3,779) |  |  | (17,199) |  |  | (13,199) |
Interest income | 35,404 |  |  | 15,415 |  |  | 2,761 |
Income before income taxes | $ | 1,377,382 |  |  | $ | 872,853 |  |  | $ | 558,750 |
NOTE 18 - SEGMENT INFORMATION (Continued) The following tables provide the significant expenses that are regularly provided to and reviewed by our CODM for each of our reportable segments for the years ended December 31, 2024, 2023, and 2022 (in thousands):
| 2024 |  | 2023 |  | 2022
Cost of sales: |  |  |  |  |
United States electrical construction and facilities services | $ | 2,673,491 |  |  | $ | 2,359,816 |  |  | $ | 2,129,405 |
United States mechanical construction and facilities services | 5,147,903 |  |  | 4,188,707 |  |  | 3,666,428 |
United States building services | 2,516,745 |  |  | 2,567,993 |  |  | 2,286,526 |
United States industrial services | 1,086,503 |  |  | 997,951 |  |  | 972,627 |
Total United States operations | 11,424,642 |  |  | 10,114,467 |  |  | 9,054,986 |
United Kingdom building services | 376,423 |  |  | 379,067 |  |  | 417,540 |
Consolidated cost of sales | $ | 11,801,065 |  |  | $ | 10,493,534 |  |  | 9,472,526 |
| 2024 |  | 2023 |  | 2022
Selling, general and administrative expenses: |  |  |  |  |
United States electrical construction and facilities services | $ | 222,250 |  |  | $ | 193,267 |  |  | $ | 154,981 |
United States mechanical construction and facilities services | 458,141 |  |  | 355,452 |  |  | 295,455 |
United States building services | 421,353 |  |  | 369,146 |  |  | 321,788 |
United States industrial services | 146,474 |  |  | 134,464 |  |  | 126,353 |
Total United States operations | 1,248,218 |  |  | 1,052,329 |  |  | 898,577 |
United Kingdom building services | 27,616 |  |  | 31,675 |  |  | 29,700 |
Corporate administration | 144,354 |  |  | 127,229 |  |  | 110,440 |
Consolidated selling, general and administrative expenses | $ | 1,420,188 |  |  | $ | 1,211,233 |  |  | 1,038,717 |
The following tables present other financial information for each of our reportable segments as of or for the years ended December 31, 2024, 2023, and 2022 (in thousands):
| 2024 |  | 2023 |  | 2022
Depreciation and amortization of property, plant, and equipment: |  |  |  |  |
United States electrical construction and facilities services | $ | 7,928 |  |  | $ | 8,402 |  |  | $ | 7,543 |
United States mechanical construction and facilities services | 16,133 |  |  | 12,503 |  |  | 11,492 |
United States building services | 15,716 |  |  | 15,672 |  |  | 12,964 |
United States industrial services | 12,265 |  |  | 11,146 |  |  | 10,888 |
Total United States operations | 52,042 |  |  | 47,723 |  |  | 42,887 |
United Kingdom building services | 3,750 |  |  | 3,116 |  |  | 2,752 |
Corporate administration | 886 |  |  | 983 |  |  | 1,657 |
Total depreciation and amortization of property, plant, and equipment | $ | 56,678 |  |  | $ | 51,822 |  |  | $ | 47,296 |
| 2024 |  | 2023 |  | 2022
Amortization of identifiable intangible assets: |  |  |  |  |
United States electrical construction and facilities services | $ | 6,773 |  |  | $ | 9,583 |  |  | $ | 7,298 |
United States mechanical construction and facilities services | 25,320 |  |  | 15,302 |  |  | 14,955 |
United States building services | 21,606 |  |  | 19,621 |  |  | 16,008 |
United States industrial services | 23,303 |  |  | 22,637 |  |  | 23,054 |
Total United States operations | 77,002 |  |  | 67,143 |  |  | 61,315 |
United Kingdom building services | — |  |  | — |  |  | — |
Total amortization of identifiable intangible assets | $ | 77,002 |  |  | $ | 67,143 |  |  | $ | 61,315 |
NOTE 18 - SEGMENT INFORMATION (Continued)
| 2024 |  | 2023 |  | 2022
Capital expenditures: |  |  |  |  |
United States electrical construction and facilities services | $ | 9,467 |  |  | $ | 6,929 |  |  | $ | 11,228 |
United States mechanical construction and facilities services | 31,057 |  |  | 37,543 |  |  | 11,930 |
United States building services | 18,314 |  |  | 19,843 |  |  | 13,303 |
United States industrial services | 9,341 |  |  | 10,433 |  |  | 9,905 |
Total United States operations | 68,179 |  |  | 74,748 |  |  | 46,366 |
United Kingdom building services | 5,643 |  |  | 1,984 |  |  | 2,816 |
Corporate administration | 1,128 |  |  | 1,672 |  |  | 107 |
Total capital expenditures | $ | 74,950 |  |  | $ | 78,404 |  |  | 49,289 |
| December 31, 2024 |  | December 31, 2023 |  | December 31, 2022
Total assets: |  |  |  |  |
United States electrical construction and facilities services | $ | 1,314,577 |  |  | $ | 1,243,707 |  |  | $ | 1,078,405 |
United States mechanical construction and facilities services | 2,659,184 |  |  | 2,242,833 |  |  | 1,835,001 |
United States building services | 1,396,236 |  |  | 1,382,664 |  |  | 1,206,518 |
United States industrial services | 606,861 |  |  | 571,658 |  |  | 552,545 |
Total United States operations | 5,976,858 |  |  | 5,440,862 |  |  | 4,672,469 |
United Kingdom building services | 283,897 |  |  | 277,066 |  |  | 255,547 |
Corporate administration | 1,455,718 |  |  | 891,793 |  |  | 596,591 |
Total assets | $ | 7,716,473 |  |  | $ | 6,609,721 |  |  | $ | 5,524,607 |
The following table presents geographical information about certain tangible long-lived assets, including property, plant, and equipment and right-of-use lease assets as of December 31, 2024, 2023, and 2022 (in thousands):
| December 31, 2024 |  | December 31, 2023 |  | December 31, 2022
Long-lived assets: |  |  |  |  |
United States | $ | 509,181 |  |  | $ | 476,595 |  |  | $ | 411,581 |
United Kingdom | 14,436 |  |  | 13,281 |  |  | 14,301 |
Total long-lived assets | $ | 523,617 |  |  | $ | 489,876 |  |  | $ | 425,882 |

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- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-25 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-30 + Details
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