XML 44 R29.htm IDEA: XBRL DOCUMENT v3.25.0.1
Segment Information
 12 Months Ended
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): 
 202420232022
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 services6,405,657 5,074,803 4,292,208 
United States building services3,114,817 3,120,134 2,754,953 
United States industrial services1,277,190 1,167,790 1,118,767 
Total United States operations14,140,591 12,146,450 10,599,042 
United Kingdom building services425,525 436,423 477,078 
Consolidated revenues
$14,566,116 $12,582,873 $11,076,120 
202420232022
Total revenues:
United States electrical construction and facilities services$3,370,506 $2,786,895 $2,438,916 
United States mechanical construction and facilities services6,458,776 5,134,686 4,338,584 
United States building services3,166,680 3,228,056 2,856,115 
United States industrial services1,284,327 1,179,321 1,175,469 
Less intersegment revenues(139,698)(182,508)(210,042)
Total United States operations14,140,591 12,146,450 10,599,042 
United Kingdom building services425,525 436,423 477,078 
Consolidated revenues
$14,566,116 $12,582,873 $11,076,120 

202420232022
Operating income (loss):
United States electrical construction and facilities services$447,186 $230,640 $148,728 
United States mechanical construction and facilities services799,613 530,644 330,325 
United States building services176,720 182,995 146,639 
United States industrial services44,213 35,375 19,787 
Total United States operations1,467,732 979,654 645,479 
United Kingdom building services21,485 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 income35,404 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):
 202420232022
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 services5,147,903 4,188,707 3,666,428 
United States building services2,516,745 2,567,993 2,286,526 
United States industrial services1,086,503 997,951 972,627 
Total United States operations11,424,642 10,114,467 9,054,986 
United Kingdom building services376,423 379,067 417,540 
Consolidated cost of sales
$11,801,065 $10,493,534 9,472,526 
 202420232022
Selling, general and administrative expenses:
United States electrical construction and facilities services$222,250 $193,267 $154,981 
United States mechanical construction and facilities services458,141 355,452 295,455 
United States building services421,353 369,146 321,788 
United States industrial services146,474 134,464 126,353 
Total United States operations1,248,218 1,052,329 898,577 
United Kingdom building services27,616 31,675 29,700 
Corporate administration144,354 127,229 110,440 
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):
202420232022
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 services16,133 12,503 11,492 
United States building services15,716 15,672 12,964 
United States industrial services12,265 11,146 10,888 
Total United States operations52,042 47,723 42,887 
United Kingdom building services3,750 3,116 2,752 
Corporate administration886 983 1,657 
Total depreciation and amortization of property, plant, and equipment
$56,678 $51,822 $47,296 

202420232022
Amortization of identifiable intangible assets:
   
United States electrical construction and facilities services$6,773 $9,583 $7,298 
United States mechanical construction and facilities services25,320 15,302 14,955 
United States building services21,606 19,621 16,008 
United States industrial services23,303 22,637 23,054 
Total United States operations77,002 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)
202420232022
Capital expenditures:   
United States electrical construction and facilities services$9,467 $6,929 $11,228 
United States mechanical construction and facilities services31,057 37,543 11,930 
United States building services18,314 19,843 13,303 
United States industrial services9,341 10,433 9,905 
Total United States operations68,179 74,748 46,366 
United Kingdom building services5,643 1,984 2,816 
Corporate administration1,128 1,672 107 
Total capital expenditures
$74,950 $78,404 49,289 

December 31, 2024December 31, 2023December 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 services2,659,184 2,242,833 1,835,001 
United States building services1,396,236 1,382,664 1,206,518 
United States industrial services606,861 571,658 552,545 
Total United States operations5,976,858 5,440,862 4,672,469 
United Kingdom building services283,897 277,066 255,547 
Corporate administration1,455,718 891,793 596,591 
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, 2024December 31, 2023December 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