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Segment Information | 6 Months Ended
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Jun. 30, 2025
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. The following tables present the revenues and operating income for each of our reportable segments for the three and six months ended June 30, 2025 and 2024 (in thousands):
| For the three months ended June 30,
| 2025 |  | 2024
Revenues from unrelated entities: |  |  |
United States electrical construction and facilities services | $ | 1,340,247 |  |  | $ | 799,994 |
United States mechanical construction and facilities services | 1,755,258 |  |  | 1,655,181 |
United States building services | 793,259 |  |  | 781,108 |
United States industrial services | 281,072 |  |  | 324,047 |
Total United States operations | 4,169,836 |  |  | 3,560,330 |
United Kingdom building services | 134,564 |  |  | 106,567 |
Consolidated revenues | $ | 4,304,400 |  |  | $ | 3,666,897 |
Total revenues: |  |  |
United States electrical construction and facilities services | $ | 1,364,158 |  |  | $ | 802,884 |
United States mechanical construction and facilities services | 1,779,871 |  |  | 1,669,887 |
United States building services | 805,703 |  |  | 792,277 |
United States industrial services | 287,411 |  |  | 326,312 |
Less intersegment revenues | (67,307) |  |  | (31,030) |
Total United States operations | 4,169,836 |  |  | 3,560,330 |
United Kingdom building services | 134,564 |  |  | 106,567 |
Consolidated revenues | $ | 4,304,400 |  |  | $ | 3,666,897 |
NOTE 14 - Segment Information (Continued)
| For the six months ended June 30,
| 2025 |  | 2024
Revenues from unrelated entities: |  |  |
United States electrical construction and facilities services | $ | 2,428,091 |  |  | $ | 1,564,705 |
United States mechanical construction and facilities services | 3,327,860 |  |  | 3,082,846 |
United States building services | 1,535,882 |  |  | 1,562,268 |
United States industrial services | 640,074 |  |  | 678,100 |
Total United States operations | 7,931,907 |  |  | 6,887,919 |
United Kingdom building services | 239,865 |  |  | 211,254 |
Consolidated revenues | $ | 8,171,772 |  |  | $ | 7,099,173 |
Total revenues: |  |  |
United States electrical construction and facilities services | $ | 2,478,353 |  |  | $ | 1,569,623 |
United States mechanical construction and facilities services | 3,364,985 |  |  | 3,106,715 |
United States building services | 1,557,587 |  |  | 1,596,150 |
United States industrial services | 651,743 |  |  | 684,487 |
Less intersegment revenues | (120,761) |  |  | (69,056) |
Total United States operations | 7,931,907 |  |  | 6,887,919 |
United Kingdom building services | 239,865 |  |  | 211,254 |
Consolidated revenues | $ | 8,171,772 |  |  | $ | 7,099,173 |
| For the three months ended June 30,
| 2025 |  | 2024
Operating income (loss): |  |  |
United States electrical construction and facilities services | $ | 157,644 |  |  | $ | 88,577 |
United States mechanical construction and facilities services | 238,737 |  |  | 213,440 |
United States building services | 50,045 |  |  | 46,839 |
United States industrial services | (419) |  |  | 12,746 |
Total United States operations | 446,007 |  |  | 361,602 |
United Kingdom building services | 8,425 |  |  | 5,777 |
Corporate administration | (39,220) |  |  | (34,571) |
Consolidated operating income | 415,212 |  |  | 332,808 |
Other items: |  |  |
Net periodic pension income | 55 |  |  | 221 |
Interest (expense) income, net | (3,240) |  |  | 6,106 |
Income before income taxes | $ | 412,027 |  |  | $ | 339,135 |
NOTE 14 - Segment Information (Continued)
| For the six months ended June 30,
| 2025 |  | 2024
Operating income (loss): |  |  |
United States electrical construction and facilities services | $ | 293,701 |  |  | $ | 180,166 |
United States mechanical construction and facilities services | 425,484 |  |  | 364,160 |
United States building services | 86,468 |  |  | 80,298 |
United States industrial services | 6,341 |  |  | 30,712 |
Total United States operations | 811,994 |  |  | 655,336 |
United Kingdom building services | 13,412 |  |  | 11,154 |
Corporate administration | (91,438) |  |  | (73,729) |
Consolidated operating income | 733,968 |  |  | 592,761 |
Other items: |  |  |
Net periodic pension income | 109 |  |  | 443 |
Interest income, net | 2,147 |  |  | 13,647 |
Income before income taxes | $ | 736,224 |  |  | $ | 606,851 |
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 and six months ended June 30, 2025 and 2024 (in thousands):
| For the three months ended June 30,
| 2025 |  | 2024
Cost of sales: |  |  |
United States electrical construction and facilities services | $ | 1,080,188 |  |  | $ | 653,166 |
United States mechanical construction and facilities services | 1,395,519 |  |  | 1,328,642 |
United States building services | 634,690 |  |  | 633,130 |
United States industrial services | 242,243 |  |  | 274,355 |
Total United States operations | 3,352,640 |  |  | 2,889,293 |
United Kingdom building services | 117,989 |  |  | 93,603 |
Consolidated cost of sales | $ | 3,470,629 |  |  | $ | 2,982,896 |
| For the six months ended June 30,
| 2025 |  | 2024
Cost of sales: |  |  |
United States electrical construction and facilities services | $ | 1,956,431 |  |  | $ | 1,280,035 |
United States mechanical construction and facilities services | 2,661,229 |  |  | 2,508,047 |
United States building services | 1,236,199 |  |  | 1,277,440 |
United States industrial services | 550,338 |  |  | 574,421 |
Total United States operations | 6,404,197 |  |  | 5,639,943 |
United Kingdom building services | 211,086 |  |  | 185,920 |
Consolidated cost of sales | $ | 6,615,283 |  |  | $ | 5,825,863 |
NOTE 14 - Segment Information (Continued)
| For the three months ended June 30,
| 2025 |  | 2024
Selling, general and administrative expenses: |  |  |
United States electrical construction and facilities services | $ | 102,415 |  |  | $ | 58,251 |
United States mechanical construction and facilities services | 121,002 |  |  | 113,099 |
United States building services | 108,524 |  |  | 101,139 |
United States industrial services | 39,248 |  |  | 36,946 |
Total United States operations | 371,189 |  |  | 309,435 |
United Kingdom building services | 8,150 |  |  | 7,187 |
Corporate administration | 39,220 |  |  | 34,571 |
Consolidated selling, general and administrative expenses | $ | 418,559 |  |  | $ | 351,193 |
| For the six months ended June 30,
| 2025 |  | 2024
Selling, general and administrative expenses: |  |  |
United States electrical construction and facilities services | $ | 177,959 |  |  | $ | 104,504 |
United States mechanical construction and facilities services | 241,147 |  |  | 210,639 |
United States building services | 213,215 |  |  | 204,530 |
United States industrial services | 83,395 |  |  | 72,967 |
Total United States operations | 715,716 |  |  | 592,640 |
United Kingdom building services | 15,367 |  |  | 14,180 |
Corporate administration | 91,438 |  |  | 73,729 |
Consolidated selling, general and administrative expenses | $ | 822,521 |  |  | $ | 680,549 |
The following tables present other financial information for each of our reportable segments for the three and six months ended June 30, 2025 and 2024 (in thousands):
| For the three months ended June 30,
| 2025 |  | 2024
Depreciation and amortization of property, plant, and equipment: |  |  |
United States electrical construction and facilities services | $ | 2,464 |  |  | $ | 1,960 |
United States mechanical construction and facilities services | 5,365 |  |  | 3,946 |
United States building services | 4,042 |  |  | 3,881 |
United States industrial services | 3,290 |  |  | 3,068 |
Total United States operations | 15,161 |  |  | 12,855 |
United Kingdom building services | 1,068 |  |  | 1,009 |
Corporate administration | 328 |  |  | 207 |
Total depreciation and amortization of property, plant, and equipment | $ | 16,557 |  |  | $ | 14,071 |
NOTE 14 - Segment Information (Continued)
| For the six months ended June 30,
| 2025 |  | 2024
Depreciation and amortization of property, plant, and equipment: |  |  |
United States electrical construction and facilities services | $ | 4,769 |  |  | $ | 3,921 |
United States mechanical construction and facilities services | 10,241 |  |  | 7,424 |
United States building services | 8,083 |  |  | 7,808 |
United States industrial services | 6,469 |  |  | 5,900 |
Total United States operations | 29,562 |  |  | 25,053 |
United Kingdom building services | 2,000 |  |  | 1,902 |
Corporate administration | 577 |  |  | 453 |
Total depreciation and amortization of property, plant, and equipment | $ | 32,139 |  |  | $ | 27,408 |
| For the three months ended June 30,
| 2025 |  | 2024
Amortization of identifiable intangible assets: |  |  |
United States electrical construction and facilities services | $ | 12,950 |  |  | $ | 1,521 |
United States mechanical construction and facilities services | 5,978 |  |  | 7,164 |
United States building services | 5,240 |  |  | 5,652 |
United States industrial services | 5,921 |  |  | 5,824 |
Total United States operations | 30,089 |  |  | 20,161 |
United Kingdom building services | — |  |  | — |
Total amortization of identifiable intangible assets | $ | 30,089 |  |  | $ | 20,161 |
| For the six months ended June 30,
| 2025 |  | 2024
Amortization of identifiable intangible assets: |  |  |
United States electrical construction and facilities services | $ | 22,430 |  |  | $ | 3,333 |
United States mechanical construction and facilities services | 11,375 |  |  | 10,992 |
United States building services | 10,805 |  |  | 10,628 |
United States industrial services | 11,842 |  |  | 11,459 |
Total United States operations | 56,452 |  |  | 36,412 |
United Kingdom building services | — |  |  | — |
Total amortization of identifiable intangible assets | $ | 56,452 |  |  | $ | 36,412 |
NOTE 14 - Segment Information (Continued)
| For the three months ended June 30,
| 2025 |  | 2024
Capital expenditures: |  |  |
United States electrical construction and facilities services | $ | 4,187 |  |  | $ | 2,036 |
United States mechanical construction and facilities services | 12,367 |  |  | 8,415 |
United States building services | 4,770 |  |  | 4,944 |
United States industrial services | 3,221 |  |  | 1,771 |
Total United States operations | 24,545 |  |  | 17,166 |
United Kingdom building services | 1,928 |  |  | 1,905 |
Corporate administration | 1,570 |  |  | 180 |
Total capital expenditures | $ | 28,043 |  |  | $ | 19,251 |
| For the six months ended June 30,
| 2025 |  | 2024
Capital expenditures: |  |  |
United States electrical construction and facilities services | $ | 8,809 |  |  | $ | 3,104 |
United States mechanical construction and facilities services | 23,346 |  |  | 16,553 |
United States building services | 8,113 |  |  | 9,992 |
United States industrial services | 6,526 |  |  | 5,304 |
Total United States operations | 46,794 |  |  | 34,953 |
United Kingdom building services | 4,384 |  |  | 3,850 |
Corporate administration | 2,996 |  |  | 726 |
Total capital expenditures | $ | 54,174 |  |  | $ | 39,529 |
The following table presents the total assets for each of our reportable segments as of June 30, 2025 and December 31, 2024 (in thousands):
| June 30, 2025 |  | December 31, 2024
Total assets: |  |  |
United States electrical construction and facilities services | $ | 2,649,544 |  |  | $ | 1,314,577 |
United States mechanical construction and facilities services | 2,790,973 |  |  | 2,659,184 |
United States building services | 1,453,210 |  |  | 1,396,236 |
United States industrial services | 580,039 |  |  | 606,861 |
Total United States operations | 7,473,766 |  |  | 5,976,858 |
United Kingdom building services | 333,788 |  |  | 283,897 |
Corporate administration | 592,926 |  |  | 1,455,718 |
Total assets | $ | 8,400,480 |  |  | $ | 7,716,473 |

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-21 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name 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