XML 41 R29.htm IDEA: XBRL DOCUMENT v3.25.1
Revenue from Contracts with Customers (Tables)
 3 Months Ended
Mar. 31, 2025
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 three months ended March 31, 2025 and 2024, as summarized in the following table (in thousands):
 
For the three months ended
March 31,
 20252024
United States electrical construction and facilities services$— $6,564 
United States mechanical construction and facilities services3,118 2,446 
Total impact$3,118 $9,010 
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 three months ended March 31, 2025 and 2024, as summarized in the following table (in thousands):
 
For the three months ended
March 31,
 20252024
United States electrical construction and facilities services$7,783 $5,319 
United States mechanical construction and facilities services7,307 3,653 
Total impact$15,090 $8,972 
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, for the three months ended March 31, 2025 and 2024 (in thousands, except for percentages). Refer to Note 14 - Segment Information of the notes to consolidated financial statements for additional information on how we disaggregate our revenues by reportable segment.

For the three months ended March 31,
2025% of
Total		2024% of
Total
United States electrical construction and facilities services:
Network and communications market sector$516,337 47 %$309,540 40 %
Commercial market sector98,558 9 %93,448 12 %
Manufacturing and industrial market sector98,475 9 %100,551 13 %
Healthcare market sector107,736 10 %53,380 7 %
High-tech manufacturing market sector45,010 4 %35,243 4 %
Institutional market sector51,709 5 %38,070 5 %
Transportation market sector62,028 6 %43,624 6 %
Water and wastewater market sector12,759 1 %4,207 1 %
Hospitality and entertainment market sector23,224 2 %21,955 3 %
Short-duration projects (1)
54,977 5 %51,059 7 %
Service work19,137 2 %14,125 2 %
1,089,950 765,202 
Less intersegment revenues(2,106)(491)
Total segment revenues$1,087,844 $764,711 
 ________
(1)Represents those projects which generally are completed within three months or less.
NOTE 3 - Revenue from Contracts with Customers (Continued)
For the three months ended March 31,
2025% of
Total		2024% of
Total
United States mechanical construction and facilities services:
Network and communications market sector$330,361 21 %$131,081 9 %
Commercial market sector179,903 12 %259,770 18 %
Manufacturing and industrial market sector177,901 11 %187,726 13 %
Healthcare market sector143,563 9 %117,253 8 %
High-tech manufacturing market sector282,371 18 %310,930 22 %
Institutional market sector84,856 5 %98,354 7 %
Transportation market sector14,116 1 %14,012 1 %
Water and wastewater market sector76,448 5 %63,434 5 %
Hospitality and entertainment market sector29,205 2 %12,855 1 %
Short-duration projects (1)
108,526 7 %105,216 7 %
Service work146,371 9 %128,350 9 %
1,573,621 1,428,981 
Less intersegment revenues(1,019)(1,316)
Total segment revenues$1,572,602 $1,427,665 
 ________
(1)Represents those projects which generally are completed within three months or less.
For the three months ended March 31,
2025% of
Total		2024% of
Total
United States building services:
Mechanical services$558,486 75 %$514,148 66 %
Commercial site-based services143,309 19 %218,629 28 %
Government site-based services40,828 6 %48,383 6 %
Total segment revenues$742,623 $781,160 
For the three months ended March 31,
2025% of
Total		2024% of
Total
United States industrial services:
Field services$317,667 88 %$309,801 88 %
Shop services41,335 12 %44,252 12 %
Total segment revenues$359,002 $354,053 
Total United States operations$3,762,071 $3,327,589 
For the three months ended March 31,
2025% of
Total		2024% of
Total
United Kingdom building services:
Service work$48,031 46 %$49,844 48 %
Project work57,270 54 %54,843 52 %
Total segment revenues$105,301 $104,687 
Consolidated revenues
$3,867,372 $3,432,276 
Accounts Receivable, Allowance for Credit Losses
The change in the allowance for credit losses for the three months ended March 31, 2025 was as follows (in thousands):
Balance at December 31, 2024
$34,957 
Provision for credit losses4,718 
Amounts written off against the allowance, net of recoveries(14,674)
Balance at March 31, 2025
$25,001 
Contract Assets and Contract Liabilities
Net contract liabilities in the accompanying Consolidated Balance Sheets consisted of the following amounts as of March 31, 2025 and December 31, 2024 (in thousands):
March 31,
2025		December 31, 2024
Contract assets, current$329,343 $284,791 
Contract assets, non-current— — 
Contract liabilities, current(2,062,425)(2,047,540)
Contract liabilities, non-current(1,589)(1,526)
Net contract liabilities$(1,734,671)$(1,764,275)
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 March 31, 2025 (in thousands, except for percentages):
March 31,
2025		% of Total
Remaining performance obligations:
United States electrical construction and facilities services$4,284,106 36 %
United States mechanical construction and facilities services5,751,004 49 %
United States building services1,289,585 11 %
United States industrial services224,832 2 %
Total United States operations11,549,527 98 %
United Kingdom building services200,526 2 %
Total operations$11,750,053 100 %
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 yearGreater than one year
Remaining performance obligations:
United States electrical construction and facilities services$3,245,724 $1,038,382 
United States mechanical construction and facilities services4,493,219 1,257,785 
United States building services1,169,692 119,893 
United States industrial services224,832 — 
Total United States operations9,133,467 2,416,060 
United Kingdom building services157,945 42,581 
Total operations$9,291,412 $2,458,641