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Segment Information | 12 Months Ended
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Dec. 31, 2024
Segment Reporting [Abstract] |
Segment Information | SEGMENT INFORMATION We are one of the largest specialty contractors in the United States and a leading provider of electrical and mechanical construction and facilities services, building services, and industrial services. Our services are provided to a broad range of commercial, technology, manufacturing, industrial, healthcare, utility, and institutional customers through approximately 100 operating subsidiaries. Such operating subsidiaries are organized into the following reportable segments, which additionally reflect the nature of the services offered and their geographical location: •United States electrical construction and facilities services; •United States mechanical construction and facilities services; •United States building services; •United States industrial services; and •United Kingdom building services. Our chief operating decision maker (“CODM”) is our Chairman, President, and Chief Executive Officer. Our CODM is responsible for assessing performance of the Company and each of our reportable segments as well as allocating resources, including personnel and capital resources. The measure of segment profit or loss utilized by our CODM is operating income. Our CODM evaluates segment performance by comparing historical, actual, and forecasted operating income on a regular basis. The accounting policies of our reportable segments are the same as those applied at the consolidated financial statement level as described in Note 2 - Summary of Significant Accounting Policies of the notes to consolidated financial statements. NOTE 18 - SEGMENT INFORMATION (Continued) 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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