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Revenue from Contracts with Customers (Tables)
12 Months Ended
Dec. 31, 2024
Revenue from Contract with Customer [Abstract]  
Performance Obligation Satisfied In Previous Period
Based on an evaluation of individual projects that were substantially complete in prior periods but had revisions to total estimated costs or anticipated contract value (inclusive of the settlement of previously outstanding change orders and claims) that resulted in an increase to profitability in excess of $1.0 million, we recognized revenue during the years ended December 31, 2024 and 2023, as summarized in the following table (in thousands):
 20242023
United States electrical construction and facilities services$14,006 $3,350 
United States mechanical construction and facilities services10,551 13,114 
Total impact$24,557 $16,464 
Cumulative Catch-Up Adjustment
Based on an evaluation of individual projects that had revisions to total estimated costs or anticipated contract value that resulted in a reduction of profitability in excess of $1.0 million, our operating results were negatively impacted during the years ended December 31, 2024, 2023, and 2022, as summarized in the following table (in thousands):
 202420232022
United States electrical construction and facilities services$27,977 $12,535 $33,463 
United States mechanical construction and facilities services38,342 10,864 13,679 
United States building services— 5,658 1,261 
Total impact$66,319 $29,057 $48,403 
Disaggregation of Revenues
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, except for percentages).
Refer to Note 18 - Segment Information of the notes to consolidated financial statements for additional information on how we disaggregate our revenues by reportable segment.
2024% of
Total
2023% of
Total
2022% of
Total
United States electrical construction and facilities services:
Network and communications market sector$1,442,877 43 %$934,455 34 %$801,052 33 %
Commercial market sector310,730 %402,886 14 %414,539 17 %
Manufacturing and industrial market sector439,450 13 %394,804 14 %301,606 12 %
Healthcare market sector242,458 %242,931 %178,348 %
High-tech manufacturing market sector190,992 %140,471 %88,544 %
Institutional market sector174,073 %147,375 %154,077 %
Transportation market sector210,835 %167,976 %166,563 %
Water and wastewater market sector27,751 %21,234 %21,251 %
Hospitality and entertainment market sector66,982 %81,815 %33,818 %
Short duration projects (1)
180,020 %186,722 %211,797 %
Service work62,947 %65,338 %65,709 %
3,349,115 2,786,007 2,437,304 
Less intersegment revenues(6,188)(2,284)(4,190)
Total segment revenues$3,342,927 $2,783,723 $2,433,114 
_________________
(1)Represents those projects which generally are completed within three months or less.
NOTE 3 - REVENUE FROM CONTRACTS WITH CUSTOMERS (Continued)
2024% of
Total
2023% of
Total
2022% of
Total
United States mechanical construction and facilities services:
Network and communications market sector$818,991 13 %$410,397 %$295,261 %
Commercial market sector989,012 15 %1,115,993 22 %1,079,872 25 %
Manufacturing and industrial market sector736,775 12 %698,993 14 %632,332 15 %
Healthcare market sector580,676 %489,485 10 %479,937 11 %
High-tech manufacturing market sector1,453,384 23 %845,251 16 %320,597 %
Institutional market sector455,940 %316,255 %331,727 %
Transportation market sector55,622 %42,789 %57,026 %
Water and wastewater market sector308,329 %286,912 %261,501 %
Hospitality and entertainment market sector70,707 %52,919 %44,615 %
Short duration projects (1)
335,900 %324,056 %333,066 %
Service work606,551 %500,853 10 %467,156 11 %
6,411,887 5,083,903 4,303,090 
Less intersegment revenues(6,230)(9,100)(10,882)
Total segment revenues$6,405,657 $5,074,803 $4,292,208 
_________________
(1)Represents those projects which generally are completed within three months or less.

2024% of
Total
2023% of
Total
2022% of
Total
United States building services:
Mechanical services$2,260,607 73 %$2,042,244 65 %$1,748,455 64 %
Commercial site-based services669,584 21 %865,232 28 %810,210 29 %
Government site-based services184,626 %212,658 %196,288 %
Total segment revenues$3,114,817 $3,120,134 $2,754,953 

2024% of
Total
2023% of
Total
2022% of
Total
United States industrial services:
Field services$1,113,613 87 %$991,466 85 %$972,894 87 %
Shop services163,577 13 %176,324 15 %145,873 13 %
Total segment revenues$1,277,190 $1,167,790 $1,118,767 
Total United States operations$14,140,591 $12,146,450 $10,599,042 

2024% of
Total
2023% of
Total
2022% of
Total
United Kingdom building services:
Service work$199,658 47 %$210,414 48 %$221,123 46 %
Project work225,867 53 %226,009 52 %255,955 54 %
Total segment revenues$425,525 $436,423 $477,078 
Consolidated revenues
$14,566,116 $12,582,873 $11,076,120 
Contract Assets and Contract Liabilities
Net contract liabilities in the accompanying Consolidated Balance Sheets consisted of the following amounts as of December 31, 2024 and 2023 (in thousands):
December 31, 2024December 31, 2023
Contract assets, current$284,791 $269,885 
Contract assets, non-current— — 
Contract liabilities, current(2,047,540)(1,595,109)
Contract liabilities, non-current(1,526)(1,812)
Net contract liabilities$(1,764,275)$(1,327,036)
Net Contract Liabilities on Uncompleted Construction Projects
Included within net contract liabilities were $1,691.0 million and $1,261.1 million of net contract liabilities on uncompleted construction projects as of December 31, 2024 and 2023, respectively, as follows (in thousands):
 December 31, 2024December 31, 2023
Costs incurred on uncompleted construction contracts$18,093,285 $15,100,829 
Estimated earnings, thereon3,562,012 2,381,049 
 21,655,297 17,481,878 
Less: billings to date23,346,291 18,742,934 
 $(1,690,994)$(1,261,056)
Remaining Performance Obligations
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 as of December 31, 2024 (in thousands, except for percentages):
December 31, 2024% of Total
Remaining performance obligations:
United States electrical construction and facilities services$3,068,396 31 %
United States mechanical construction and facilities services5,463,096 54 %
United States building services1,246,642 12 %
United States industrial services138,599 %
Total United States operations9,916,733 98 %
United Kingdom building services185,466 %
Total operations$10,102,199 100 %
Remaining Performance Obligations, 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$2,507,400 $560,996 
        United States mechanical construction and facilities services4,214,636 1,248,460 
        United States building services1,155,351 91,291 
        United States industrial services138,599 — 
        Total United States operations8,015,986 1,900,747 
        United Kingdom building services137,415 48,051 
        Total operations$8,153,401 $1,948,798