XML 50 R38.htm IDEA: XBRL DOCUMENT v3.25.1
Segment Information (Tables)
 3 Months Ended
Mar. 31, 2025
Segment Reporting [Abstract]  
Financial Information by Reportable Segments
The following tables present the revenues and operating income for each of our reportable segments for the three months ended March 31, 2025 and 2024 (in thousands): 
 
For the three months ended
March 31,
 20252024
Revenues from unrelated entities:
United States electrical construction and facilities services$1,087,844 $764,711 
United States mechanical construction and facilities services1,572,602 1,427,665 
United States building services742,623 781,160 
United States industrial services359,002 354,053 
Total United States operations3,762,071 3,327,589 
United Kingdom building services105,301 104,687 
Consolidated revenues
$3,867,372 $3,432,276 
Total revenues:
United States electrical construction and facilities services$1,114,195 $766,739 
United States mechanical construction and facilities services1,585,114 1,436,828 
United States building services751,884 803,873 
United States industrial services364,332 358,175 
Less intersegment revenues(53,454)(38,026)
Total United States operations3,762,071 3,327,589 
United Kingdom building services105,301 104,687 
Consolidated revenues
$3,867,372 $3,432,276 
NOTE 14 - Segment Information (Continued)
For the three months ended
March 31,
20252024
Operating income (loss):
United States electrical construction and facilities services$136,057 $91,589 
United States mechanical construction and facilities services186,747 150,720 
United States building services36,423 33,459 
United States industrial services6,760 17,966 
Total United States operations365,987 293,734 
United Kingdom building services4,987 5,377 
Corporate administration(52,218)(39,158)
Consolidated operating income
318,756 259,953 
Other items:
Net periodic pension income
54 222 
Interest income, net
5,387 7,541 
Income before income taxes$324,197 $267,716 

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 three months ended March 31, 2025 and 2024 (in thousands): 
For the three months ended
March 31,
20252024
Cost of sales:
United States electrical construction and facilities services$876,243 $626,869 
United States mechanical construction and facilities services1,265,710 1,179,405 
United States building services601,509 644,310 
United States industrial services308,095 300,066 
Total United States operations3,051,557 2,750,650 
United Kingdom building services93,097 92,317 
Consolidated cost of sales
$3,144,654 $2,842,967 
For the three months ended
March 31,
20252024
Selling, general and administrative expenses:
United States electrical construction and facilities services$75,544 $46,253 
United States mechanical construction and facilities services120,145 97,540 
United States building services104,691 103,391 
United States industrial services44,147 36,021 
Total United States operations344,527 283,205 
United Kingdom building services7,217 6,993 
Corporate administration
52,218 39,158 
Consolidated selling, general and administrative expenses$403,962 $329,356 
NOTE 14 - Segment Information (Continued)
The following tables present other financial information for each of our reportable segments for the three months ended March 31, 2025 and 2024 (in thousands): 
For the three months ended
March 31,
20252024
Depreciation and amortization of property, plant, and equipment:
United States electrical construction and facilities services$2,305 $1,961 
United States mechanical construction and facilities services4,876 3,478 
United States building services4,041 3,927 
United States industrial services3,179 2,832 
Total United States operations14,401 12,198 
United Kingdom building services932 893 
Corporate administration
249 246 
Total depreciation and amortization of property, plant, and equipment$15,582 $13,337 

For the three months ended
March 31,
20252024
Amortization of identifiable intangible assets:
United States electrical construction and facilities services$9,480 $1,812 
United States mechanical construction and facilities services5,397 3,828 
United States building services5,565 4,976 
United States industrial services5,921 5,635 
Total United States operations26,363 16,251 
United Kingdom building services— — 
Total amortization of identifiable intangible assets$26,363 $16,251 

For the three months ended
March 31,
20252024
Capital expenditures:
United States electrical construction and facilities services$4,622 $1,068 
United States mechanical construction and facilities services10,979 7,395 
United States building services3,343 5,048 
United States industrial services3,305 2,998 
Total United States operations22,249 16,509 
United Kingdom building services2,456 1,945 
Corporate administration
1,426 1,824 
Total capital expenditures$26,131 $20,278 
NOTE 14 - Segment Information (Continued)
The following table presents the total assets for each of our reportable segments as of March 31, 2025 and December 31, 2024 (in thousands): 
March 31,
2025		December 31,
2024
Total assets:
United States electrical construction and facilities services$2,437,083 $1,314,577 
United States mechanical construction and facilities services2,617,568 2,659,184 
United States building services1,404,624 1,396,236 
United States industrial services648,209 606,861 
Total United States operations7,107,484 5,976,858 
United Kingdom building services299,103 283,897 
Corporate administration672,285 1,455,718 
Total assets$8,078,872 $7,716,473