XML 50 R38.htm IDEA: XBRL DOCUMENT
v3.25.2

Segment Information (Tables) | 6 Months Ended
--- | ---
Jun. 30, 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 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 |

X
- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-25 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-30 + Details
Name: | us-gaap_ScheduleOfSegmentReportingInformationBySegmentTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_SegmentReportingAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration